Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0052
2018
Open to Public Inspection
For calendar year 2018, or tax year beginning 01-01-2018 , and ending 12-31-2018
Name of foundation
GLENSTONE FOUNDATION
 
% C SCOTT BRANNAN
Number and street (or P.O. box number if mail is not delivered to street address)12100 GLEN ROAD
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
POTOMAC, MD20854
A Employer identification number

20-5938416
B Telephone number (see instructions)

(301) 983-5001
C bullet
G Check all that apply:

D 1. Foreign organizations, check here............. bullet
2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet
E bullet
H Check type of organization:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$1,802,445,216J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule) 119,755,142
2 Check bullet.............
3 Interest on savings and temporary cash investments 334 334 334
4 Dividends and interest from securities...      
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 128,629,391
b Gross sales price for all assets on line 6a 139,529,391
7 Capital gain net income (from Part IV, line 2)... 128,629,391
8 Net short-term capital gain.........  
9 Income modifications........... 900,000
10a Gross sales less returns and allowances 147,604
b Less: Cost of goods sold.... 224,028
c Gross profit or (loss) (attach schedule)..... Click to see attachment -76,424  
11 Other income (attach schedule)....... Click to see attachment 1,230    
12 Total. Add lines 1 through 11........ 248,309,673 128,629,725 900,334
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 708,751     708,751
14 Other employee salaries and wages...... 6,207,260     6,207,260
15 Pension plans, employee benefits....... 1,086,786     1,086,786
16a Legal fees (attach schedule)......... Click to see attachment 30,930 0 0 30,930
b Accounting fees (attach schedule)....... Click to see attachment 18,890 0 0 18,890
c Other professional fees (attach schedule).... Click to see attachment 2,325,988 0 0 2,325,988
17 Interest............... 409,147     409,147
18 Taxes (attach schedule) (see instructions)... Click to see attachment 1,534,404 0 0 1,534,404
19 Depreciation (attach schedule) and depletion... Click to see attachment 8,032,905    
20 Occupancy.............. 441,717     441,717
21 Travel, conferences, and meetings....... 230,938     230,938
22 Printing and publications.......... 322,884     322,884
23 Other expenses (attach schedule)....... Click to see attachment 5,325,802 0 0 5,325,802
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 26,676,402 0 0 18,643,497
25 Contributions, gifts, grants paid....... 543,100 543,100
26 Total expenses and disbursements. Add lines 24 and 25 27,219,502 0 0 19,186,597
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 221,090,171
b Net investment income (if negative, enter -0-) 128,629,725
c Adjusted net income (if negative, enter -0-)... 900,334
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2018)
Form 990-PF (2018)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 37,464,656 42,809 42,809
2 Savings and temporary cash investments......... 764 765 765
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use.............. 150,290 803,174 803,174
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule).......      
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........      
14 Land, buildings, and equipment: basis bullet388,500,290
Less: accumulated depreciation (attach schedule) bullet8,904,380 14,951,746 Click to see attachment379,595,910 379,595,910
15 Other assets (describe bullet) Click to see attachment1,623,108,643 Click to see attachment1,422,002,558 Click to see attachment1,422,002,558
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 1,675,676,099 1,802,445,216 1,802,445,216
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet) Click to see attachment1,154 Click to see attachment24,273,100
23 Total liabilities (add lines 17 through 22)......... 1,154 24,273,100
Net Assets or Fund Balances Foundations that follow SFAS 117, check here bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted..................    
25 Temporarily restricted...............    
26 Permanently restricted...............    
Foundations that do not follow SFAS 117, check here bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds........    
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds 1,675,674,945 1,778,172,116
30 Total net assets or fund balances (see instructions)..... 1,675,674,945 1,778,172,116
31 Total liabilities and net assets/fund balances (see instructions). 1,675,676,099 1,802,445,216
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree with end-of-year figure reported on prior year’s return) ...............
1
1,675,674,945
2
Enter amount from Part I, line 27a .....................
2
221,090,171
3
Other increases not included in line 2 (itemize) bullet
3
 
4
Add lines 1, 2, and 3 ..........................
4
1,896,765,116
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
118,593,000
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
1,778,172,116
Form 990-PF (2018)
Form 990-PF (2018)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a SALE OF 150,000 SH DANAHER COMMON STOCK D   2018-02-02
b SALE OF 200,000 SH DANAHER COMMON STOCK D   2018-07-26
c SALE OF 400,000 SH DANAHER COMMON STOCK D   2018-10-23
d SALE OF 200,000 SH DANAHER COMMON STOCK D   2018-10-29
e SALE OF 200,000 SH DANAHER COMMON STOCK D   2018-11-09
SALE OF MARDEN ARTWORK P 2010-12-10 2018-10-16
SALE OF KELLY ARTWORK D 2018-11-19 2018-11-19
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 15,323,196   0 15,323,196
b 20,706,819   0 20,706,819
c 40,236,717   0 40,236,717
d 19,637,569   0 19,637,569
e 20,790,090   0 20,790,090
20,000,000   10,000,000 10,000,000
2,835,000   900,000 1,935,000
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       15,323,196
b       20,706,819
c       40,236,717
d       19,637,569
e       20,790,090
      10,000,000
      1,935,000
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 128,629,391
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If "Yes," the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2017 242,906,585 0 0.0
2016 215,767,581 0 0.0
2015 202,173,191 0 0.0
2014 182,948,964 1,217,355 150.283988
2013 202,263,384 1,617,101 125.077768
2
Total of line 1, column (d) .....................
2
275.361756
3
Average distribution ratio for the 5-year base period—divide the total on line 2 by 5.0, or by the number of years the foundation has been in existence if less than 5 years ......
3
55.072351
4
Enter the net value of noncharitable-use assets for 2018 from Part X, line 5......
4
 
5
Multiply line 4 by line 3......................
5
 
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
1,286,297
7
Add lines 5 and 6........................
7
1,286,297
8
Enter qualifying distributions from Part XII, line 4,.............
8
153,971,750
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See the Part VI instructions.
Form 990-PF (2018)
Form 990-PF (2018)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here Bullet and enter “N/A" on line 1. Bracket includes lines 1a and 1b
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b Domestic foundations that meet the section 4940(e) requirements in Part V, check 1 1,286,297
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2  
3 Add lines 1 and 2........................... 3 1,286,297
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 1,286,297
6 Credits/Payments:
a 2018 estimated tax payments and 2017 overpayment credited to 2018 6a 1,531,940
b Exempt foreign organizations—tax withheld at source...... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c  
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 1,531,940
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 245,643
11 Enter the amount of line 10 to be: Credited to 2019 estimated taxBullet245,643 RefundedBullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? Click to see list of attachments....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? (see Instructions
for definition).................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changesClick to see list of attachments....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.Click to see list of attachments
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletDE, MD
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2018 or the taxable year beginning in 2018? See the instructions for Part XIV.
    If "Yes," complete Part XIV .............................
    9
    Yes
     
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
    Yes
     
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletwww.glenstone.org
    14
    The books are in care ofbulletC SCOTT BRANNAN Telephone no.bullet (301) 299-2225

    Located atbullet12100 GLEN ROADPOTOMACMD ZIP+4bullet20854
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2018, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16   No
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet  
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?......................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?...............
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).......
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ........
    1b
     
    No
    ........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2018?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2018, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2018?.............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?......................
    b
    If "Yes," did it have excess business holdings in 2018 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2018.)..................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2018?
    4b
     
    No
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?.............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?.....
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ......
    5b
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .................
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    MITCHELL P RALESClick to see attachment CHAIRMAN/DIRECTOR
    30.0     		0 0 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    EMILY W RALESClick to see attachment PRESIDENT
    50.0     		0 0 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    RACHEL L S PLUMLEYClick to see attachment SECRETARY / DIRECTOR
    10.0     		0 0 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    ANTHONY CERVENYClick to see attachment CHIEF OPERATING OFFICER
    50.0     		256,615 13,794 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    LAURA LINTONClick to see attachment CHIEF ADMINISTRATIVE OFFICER
    50.0     		242,248 12,210 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    MARY BETH TSIKALASClick to see attachment DIRECTOR OF FINANCE & HR
    50.0     		209,888 8,968 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    C SCOTT BRANNANClick to see attachment VICE PRES./TREASURER/DIRECTOR
    20.0     		0 0 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    PAUL TUKEY CHIEF SUSTAIN. OFF
    50.0     		201,465 18,185 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    ERIC LOVE LANDSCAPE SUPT.
    50.0     		157,970 10,187 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    MARTIN LOTZ DIR OF FACILITIES
    50.0     		154,868 15,959 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    STOCKTON TOLER DIR VISITOR EXPER.
    50.0     		146,504 11,271 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    MARIA MIZES HICKEY DIR OF REGISTRATION
    50.0     		145,109 11,375 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    Total number of other employees paid over $50,000...................bullet 46
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    HITT CONTRACTING INC CONSTRUCTION 5,217,461
    2900 FAIRVIEW PARK DRIVE
    FALLS CHURCH,VA22042
    MARK G ANDERSON CONSULTANTS CONSTRUCTION 2,052,413
    730 11TH STREET NW
    WASHINGTON,DC20001
    PETER WALKER LANDSCAPE LANDSCAPE ARCHITECT 885,470
    739 ALLSTON WAY
    BERCKLEY,CA94710
    POTOMAC CONSTRUCTION SERVICES CONSTRUCTION 1,914,966
    4927 Auburn Ave Ste 300
    BETHESDA,MD20814
    AQUATIC RESOURCE RESTORATION CO STREAM RESTORATION 4,076,716
    15073 BONNAIR RD
    GLEN ROCK,PA17327
    Total number of others receiving over $50,000 for professional services.............bullet75
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1 SEE ATTACHMENT 17 153,437,085
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1 NONE  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet  
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    0
    b
    Average of monthly cash balances.......................
    1b
    9,262,834
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    9,262,834
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    9,262,834
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    9,262,834
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    0
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    0
    Part XI
    Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
     
    2a
    Tax on investment income for 2018 from Part VI, line 5......
    2a
     
    b
    Income tax for 2018. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
     
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
     
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
     
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
     
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    19,186,597
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
    134,785,153
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    153,971,750
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b. See instructions.................
    5
    1,286,297
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    152,685,453
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2017     		(c)
    2017     		(d)
    2018
    1 Distributable amount for 2018 from Part XI, line 7  
    2 Undistributed income, if any, as of the end of 2018:
    a Enter amount for 2017 only.......  
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2018:
    a From 2013......  
    b From 2014......  
    c From 2015......  
    d From 2016......  
    e From 2017......  
    fTotal of lines 3a through e........  
    4Qualifying distributions for 2018 from Part
    XII, line 4: bullet$  
    a Applied to 2017, but not more than line 2a  
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		 
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		 
    d Applied to 2018 distributable amount.....  
    e Remaining amount distributed out of corpus  
    5 Excess distributions carryover applied to 2018.    
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5  
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		 
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		 
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		 
    e Undistributed income for 2017. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2018. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2019 ..........     		 
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		 
    8 Excess distributions carryover from 2013 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2019.
    Subtract lines 7 and 8 from line 6a ......     		 
    10 Analysis of line 9:
    a Excess from 2014....  
    b Excess from 2015....  
    c Excess from 2016....  
    d Excess from 2017....  
    e Excess from 2018....  
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2018, enter the date of the ruling....... bullet
    2007-07-31
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2018 (b) 2017 (c) 2016 (d) 2015
    0 0 0 0 0
    b 85% of line 2a ......... 0 0 0 0 0
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		153,971,750 245,284,945 217,731,621 204,712,922 821,701,238
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		543,100 631,600 866,550 852,098 2,893,348
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		153,428,650 244,653,345 216,865,071 203,860,824 818,807,890
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ...... 1,802,445,216 1,680,466,427 1,455,253,184 1,228,340,939 6,166,505,766
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		 1,802,445,216 1,680,466,427 1,455,253,184 1,228,340,939 6,166,505,766
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		        0
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		        0
    (3) Largest amount of support
    from an exempt organization    		         0
    (4) Gross investment income         0
    Part XV
    Supplementary Information (Complete this part only if the foundation had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    MITCHELL P RALES
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    NONE
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    VISUAL ARTS FOUNDATION
    209 E 23RD ST
    SUITE 609
    NEW YORK,NY10010     		  PC SUPPORT THE ARTS 25,000
    FOUNDATION FOR ART AND PRESERVATION IN EMBASSIES
    1725 I ST NW
    SUITE 300
    WASHINGTON,DC20006     		  PC SUPPORT THE ARTS 5,000
    MADISON SQUARE PARK CONSERVANCY
    11 MADISON AVE
    15TH FLOOR
    NEW YORK,NY10010     		  PC SUPPORT THE ARTS 50,000
    ASIA ART ARCHIVE IN AMERICA INC
    43 REMSEN STREET
    BROOKLYN,NY11201     		  PC SUPPORT THE ARTS 3,000
    VITAS COMMUNITY CONNECTION
    255 EAST FIFTH STREET
    SUITE 1200
    CINCINNATI,OH45202     		  PC GENERAL SUPPORT 100
    SMITHSONIAN AMERICAN ART MUSEUM
    MRC 970
    PO BOX 37012
    WASHINGTON,DC20013     		  PC SUPPORT THE ARTS 15,000
    WHITNEY MUSEUM
    99 GANSEVOORT ST
    NEW YORK,NY20005     		  PC SUPPORT THE ARTS 250,000
    ART INSTITUTE OF CHICAGO
    111 S MICHIGAN AVE
    CHICAGO,IL60603     		  PC SUPPORT THE ARTS 195,000
    Total .................................bullet 3a 543,100
    bApproved for future payment
    FOUNDATION FOR CONTEMPORARY ARTS
    820 GREENWICH STREET
    NEW YORK,NY10014     		  PC SUPPORT THE ARTS 5,000
    WHITNEY MUSEUM
    99 GANSEVOORT ST
    NEW YORK,NY20005     		  PC SUPPORT THE ARTS 250,000
    Total .................................bullet 3b 255,000
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3 Interest on savings and temporary cash
    investments ...........     		    14 334  
    4 Dividends and interest from securities....          
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6 Net rental income or (loss) from personal property          
    7 Other investment income.....          
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 128,629,391  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory         -76,424
    11 Other revenue:
    aMISCELLANEOUS     		        1,230
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   128,629,725 -75,194
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    128,554,531
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    10 THE MUSEUM BOOKSTORE MAKES AVAILABLE TO THE PUBLIC PUBLICATIONS RELATED TO THE MUSEUM'S ART EXHIBITIONS IN ORDER TO PROMOTE THE STUDY OF THE ARTS AND TO FOSTER ACADEMIC AND PROFESSIONAL RESEARCH OF ART. THE MUSEUM ALSO OPERATES TWO CAFES THAT SERVE ONLY VISITORS TO THE MUSEUM TO ENHANCE AND EXPAND THE VISITOR EXPERIENCE.
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below
    (see instr.)?
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's name SmallBullet
    		 Firm's EIN SmallBullet
    Firm's address SmallBullet


    		 Phone no.
    Form 990-PF (2018)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description
    Schedule B
    (Form 990, 990-EZ,
    or 990-PF)
    Department of the Treasury
    Internal Revenue Service
    Schedule of Contributors

    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    Arrow Bullet Go to www.irs.gov/Form990 for the latest information.
    OMB No. 1545-0047
    2018
    Name of the organization
    GLENSTONE FOUNDATION
     
    Employer identification number

    20-5938416
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ






    Form 990-PF




    Check if your organization is covered by the General Rule or a Special Rule.  
    Note. Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
    General Rule
    Special Rules
    ......... Arrow Bullet $  
    Caution. An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
    990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its
    Form 990-EZ or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
    990-EZ, or 990-PF).
    For Paperwork Reduction Act Notice, see the Instructions
    for Form 990, 990-EZ, or 990-PF.
    Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018) Page 2
    Name of organization
    GLENSTONE FOUNDATION
          		Employer identification number
    20-5938416
    Part I
    Contributors (See instructions). Use duplicate copies of Part I if additional space is needed.
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    1
    MITCHELL P RALES  
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 15,285,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    2
    MITCHELL P RALES  
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 20,709,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    3
    MITCHELL P RALES  
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 40,360,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    4
    MITCHELL P RALES  
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 19,517,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    5
    MITCHELL P RALES  
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 20,787,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    6
    MITCHELL P RALES  
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 250,000


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Name of organization
    GLENSTONE FOUNDATION
          		Employer identification number
    20-5938416
    Part I
    Contributors (See instructions). Use duplicate copies of Part I if additional space is needed.
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    7
    MITCHELL P RALES  
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 3,707


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    8
    MITCHELL P RALES  
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 2,835,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    9
    MITCHELL P RALES  
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 8,435


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Page 3
    Name of organization
    GLENSTONE FOUNDATION
          		Employer identification number

    20-5938416
    Part II
    Noncash Property (See instructions). Use duplicate copies of Part II if additional space is needed.
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    1
    		 150,000 shares of DHR common stock $ 15,285,000 2018-02-02
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    2
    		 200,000 shares of DHR common stock $ 20,709,000 2018-07-24
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    3
    		 400,000 shares of DHR common stock $ 40,360,000 2018-10-19
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    4
    		 200,000 shares of DHR common stock $ 19,517,000 2018-10-25
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    5
    		 200,000 shares of DHR common stock $ 20,787,000 2018-11-09
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    6
    		 8,036 shares of CFX common stock $ 250,000 2018-05-04
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Name of organization
    GLENSTONE FOUNDATION
          		Employer identification number

    20-5938416
    Part II
    Noncash Property (See instructions). Use duplicate copies of Part II if additional space is needed.
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    7
    		 CAFE SUPPLIES $ 3,707 2018-10-25
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    8
    		 Ellsworth Kelly art work $ 2,835,000 2018-11-19
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    9
    		 BOOKS $ 8,435 2018-05-24
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Page 4
    Name of organization
    GLENSTONE FOUNDATION
          		Employer identification number

    20-5938416
    Part III
    Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
    Use duplicate copies of Part III if additional space is needed.
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)

    Additional Data


    Software ID:  
    Software Version:  

    TY 2018 AccountingFeesSchedule
    Name:
    GLENSTONE FOUNDATION
    EIN:
    20-5938416
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    TAX REVIEW AND CONSULTATION 18,890 0 0 18,890

    TY 2018 CompensationExplanation
    Name:
    GLENSTONE FOUNDATION
    EIN:
    20-5938416
    Person Name Explanation
    C SCOTT BRANNAN .

    Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

    TY 2018 DepreciationSchedule
    Name:
    GLENSTONE FOUNDATION
    EIN:
    20-5938416
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
    EQUIPMENT 2015-11-01 62,596 33,906 SL 4 15,649      
    EQUIPMENT 2015-01-01 313,031 147,744 SL 6 52,172      
    EQUIPMENT 2015-01-01 68,463 5,132 SL 39 1,755      
    EQUIPMENT 2015-09-01 18,147 4,235 SL 10 1,815      
    MUSEUM RENOVATION 2015-08-14 6,405,606 396,928 SL 39 164,246      
    BUILDINGS 2016-01-01 2,042,390 90,041 SL 39 52,369      
    EQUIPMENT 2016-03-01 90,490 15,191 SL 10 9,049      
    EQUIPMENT 2016-05-01 42,351 23,528 SL 3 14,117      
    EQUIPMENT 2016-05-01 9,391 2,608 SL 6 1,565      
    EQUIPMENT 2016-09-01 5,465 187 SL 39 140      
    LAND 2016-01-01 1,098,546   L          
    MUSEUM RENOVATION 2016-01-01 35,723 1,832 SL 39 916      
    EQUIPMENT 2016-12-01 323,047 32,305 SL 10 32,305      
    MUSEUM RENOVATION 2016-12-01 55,826 1,431 SL 39 1,431      
    LAND 2017-01-01 1,838,170   L          
    BUILDING 2017-04-01 786,450 15,124 SL 39 20,165      
    EQUIPMENT 2017-04-01 889,099 66,682 SL 10 88,910      
    EQUIPMENT 2017-06-01 41,215 8,014 SL 3 13,738      
    BUILDING 2017-07-01 1,567,351 20,094 SL 39 40,188      
    EQUIPMENT 2017-07-01 129,864 6,493 SL 10 12,986      
    LAND IMPROVE 18.1 2018-09-01 39,506,393   SL 20 658,440      
    LAND IMPROVE 18.2 2018-10-01 506,226   SL 20 6,328      
    LAND IMPROVE 18.3 2018-11-01 329,507   SL 20 2,746      
    LAND IMPROVE 18.4 2018-10-01 100,649   SL 20 1,258      
    LAND 2018-10-01 54,610,138   L          
    BUILDING 18-1 2018-01-01 244,170,051   SL 39 6,260,771      
    BUILDING 18-2 2018-01-01 1,255,486   SL 39 32,192      
    BUILDING 18-3 2018-03-01 604,016   SL 39 12,906      
    BUILDING 18-4 2018-04-01 8,238,920   SL 39 158,441      
    BUILDING 18-5 2018-05-01 1,394,901   SL 39 23,844      
    BUILDING 18-6 2018-06-01 748,180   SL 39 11,191      
    BUILDING 18-7 2018-07-01 262,797   SL 39 3,369      
    BUILDING 18-8 2018-08-01 375,120   SL 39 4,008      
    BUILDING 18-9 2018-09-01 10,443,013   SL 39 89,257      
    BUILDING 18-10 2018-10-01 779,077   SL 39 4,994      
    BUILDING 18-11 2018-11-01 380,764   SL 39 1,627      
    BUILDING 18-12 2018-12-01 1,380,823   SL 39 2,950      
    EQUIPMENT - TOOLS 2018-01-01 2,812   SL 6 469      
    EQUIPMENT - WAP 2018-01-01 10,197   SL 6 1,700      
    EQUIPMENT - FURN. 2018-02-01 30,857   SL 10 2,829      
    EQUIPMENT - FURN. 2018-07-01 21,840   SL 10 1,092      
    EQUIPMENT -TECH 2018-01-01 269,543   SL 6 44,924      
    EQUIPMENT - TECH. 2018-01-01 17,565   SL 6 2,928      
    EQUIPMENT - LIFT 2018-01-01 1,950   SL 10 195      
    EQUIPMENT - TOOLS 2018-02-01 7,378   SL 6 1,127      
    EQUIPMENT - RADIOS 2018-02-01 77,012   SL 6 11,766      
    EQUIPMENT -FIXTURE 2018-02-01 5,092   SL 10 467      
    EQUIPMENT -FURNISH 2018-03-01 15,543   SL 10 1,295      
    EQUIPMENT - SCRUB 2018-03-01 5,143   SL 6 714      
    EQUIPMENT - SCRUB 2018-04-01 20,875   SL 6 2,609      
    EQUIPMENT - VIDEO 2018-04-01 31,385   SL 6 3,923      
    EQUIPMENT - TRUCK 2018-05-01 32,400   SL 4 5,400      
    EQUIPMENT - SAFE 2018-04-01 5,855   SL 10 439      
    EQUIPMENT - FURN 2018-04-01 10,193   SL 10 764      
    EQUIPMENT -DISPLAY 2018-04-01 608,203   SL 10 45,615      
    EQUIPMENT -DISPLAY 2018-09-01 31,885   SL 10 1,063      
    EQUIPMENT - LIFT 2018-04-01 11,319   SL 6 1,415      
    EQUPMENT - COMPR. 2018-05-01 24,328   SL 6 2,703      
    EQUIPMENT -MOVER 2018-05-01 39,109   SL 6 4,345      
    EQUIPMENT - MOWER 2018-05-01 8,550   SL 10 570      
    EQUIPMENT -K SYST. 2018-05-01 13,321   SL 6 1,480      
    EQUIPMENT - SHELVE 2018-05-01 25,572   SL 10 1,705      
    EQUIPMENT - LIFT 2018-06-01 15,496   SL 10 904      
    EQUIPMENT - SERVER 2018-06-01 18,895   SL 6 1,837      
    EQUIPMENT-ROTARY 2018-06-01 46,606   SL 10 2,719      
    EQUIPMENT - TORO 2018-07-01 21,926   SL 4 2,741      
    EQUIPMENT- TRIMBLE 2018-07-01 5,575   SL 6 465      
    EQUIPMENT - PROJEC 2018-08-01 41,097   SL 6 2,854      
    EQUIPMENT - FURNIS 2018-09-01 15,070   SL 10 502      
    EQUIPMENT -BENCHES 2018-09-01 247,996   SL 10 8,267      
    EQUIPMENT - CAFE C 2018-09-01 62,384   SL 10 2,079      
    EQUIPMENT - CAFE F 2018-09-01 51,756   SL 10 1,725      
    EQUIPMENT - EXHIB 2018-10-01 56,896   SL 10 1,422      
    EQUIPMENT -ICE MA. 2018-09-01 5,286   SL 6 294      
    EQUIPMENT - IMAC 2018-09-01 6,019   SL 6 334      
    EQUIPMENT - PFURN 2018-09-01 38,954   SL 10 1,298      
    EQUIPMENT-PFRIDGE 2018-09-01 10,713   SL 10 357      
    EQUIPMENT - SIGNS 2018-09-01 1,047,601   SL 10 34,920      
    EQUIPMENT-SIGNS 2018-09-01 47,014   SL 10 1,567      
    EQUIPMENT -CABINET 2018-09-01 8,992   SL 10 300      
    EQUIPMENT-COOLER 2018-09-01 16,474   SL 10 549      
    EQUIPMENT-COOLER 2018-09-01 5,286   SL 10 176      
    EQUIPMENT-SHELVING 2018-09-01 22,730   SL 10 758      
    EQUIPMENT-STOOLS 2018-10-01 1,186   SL 10 30      
    EQUIPMENT-BLOWER 2018-10-01 8,609   SL 10 215      
    EQUIPMENT-TABLE 2018-10-01 8,960   SL 10 224      
    EQUIPMENT-TABLE 2018-11-01 3,840   SL 10 64      
    EQUIPMENT-LIFT 2018-11-01 21,906   SL 10 365      
    EQUIPMENT-KOBOTA 2018-12-01 12,500   SL 4 260      
    EQUIPMENT - TORO 2018-12-01 28,795   SL 4 600      
    EQUIPMENT - POL. A 2018-09-01 119,840   SL 3 13,316      
    EQUIPMENT - POL. C 2018-09-01 14,678   SL 3 1,631      
    EQUIPMENT - POL. E 2018-11-01 35,440   SL 3 1,969      
    EQUIPMENT - CLUB 5 2018-11-01 112,705   SL 3 6,261      
    EQUIPMENT - CLUB 7 2018-11-01 21,605   SL 3 1,200      
    EQUIPMENT - SIGNS 2018-11-01 3,391   SL 10 57      
    EQUIPMENT - AHFURN 2018-09-01 38,105   SL 10 1,270      
    CIP   4,038,755              

    TY 2018 LandEtcSchedule2
    Name:
    GLENSTONE FOUNDATION
    EIN:
    20-5938416
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    EQUIPMENT 62,596 49,555 13,041  
    EQUIPMENT 313,031 199,916 113,115  
    EQUIPMENT 68,463 6,887 61,576  
    EQUIPMENT 18,147 6,050 12,097  
    MUSEUM RENOVATION 6,405,606 561,174 5,844,432  
    BUILDINGS 2,042,390 142,410 1,899,980  
    EQUIPMENT 90,490 24,240 66,250  
    EQUIPMENT 42,351 37,645 4,706  
    EQUIPMENT 9,391 4,173 5,218  
    EQUIPMENT 5,465 327 5,138  
    LAND 1,098,546   1,098,546  
    MUSEUM RENOVATION 35,723 2,748 32,975  
    EQUIPMENT 323,047 64,610 258,437  
    MUSEUM RENOVATION 55,826 2,862 52,964  
    LAND 1,838,170   1,838,170  
    BUILDING 786,450 35,289 751,161  
    EQUIPMENT 889,099 155,592 733,507  
    EQUIPMENT 41,215 21,752 19,463  
    BUILDING 1,567,351 60,282 1,507,069  
    EQUIPMENT 129,864 19,479 110,385  
    LAND IMPROVE 18.1 39,506,393 658,440 38,847,953  
    LAND IMPROVE 18.2 506,226 6,328 499,898  
    LAND IMPROVE 18.3 329,507 2,746 326,761  
    LAND IMPROVE 18.4 100,649 1,258 99,391  
    LAND 54,610,138   54,610,138  
    BUILDING 18-1 244,170,051 6,260,771 237,909,280  
    BUILDING 18-2 1,255,486 32,192 1,223,294  
    BUILDING 18-3 604,016 12,906 591,110  
    BUILDING 18-4 8,238,920 158,441 8,080,479  
    BUILDING 18-5 1,394,901 23,844 1,371,057  
    BUILDING 18-6 748,180 11,191 736,989  
    BUILDING 18-7 262,797 3,369 259,428  
    BUILDING 18-8 375,120 4,008 371,112  
    BUILDING 18-9 10,443,013 89,257 10,353,756  
    BUILDING 18-10 779,077 4,994 774,083  
    BUILDING 18-11 380,764 1,627 379,137  
    BUILDING 18-12 1,380,823 2,950 1,377,873  
    EQUIPMENT - TOOLS 2,812 469 2,343  
    EQUIPMENT - WAP 10,197 1,700 8,497  
    EQUIPMENT - FURN. 30,857 2,829 28,028  
    EQUIPMENT - FURN. 21,840 1,092 20,748  
    EQUIPMENT -TECH 269,543 44,924 224,619  
    EQUIPMENT - TECH. 17,565 2,928 14,637  
    EQUIPMENT - LIFT 1,950 195 1,755  
    EQUIPMENT - TOOLS 7,378 1,127 6,251  
    EQUIPMENT - RADIOS 77,012 11,766 65,246  
    EQUIPMENT -FIXTURE 5,092 467 4,625  
    EQUIPMENT -FURNISH 15,543 1,295 14,248  
    EQUIPMENT - SCRUB 5,143 714 4,429  
    EQUIPMENT - SCRUB 20,875 2,609 18,266  
    EQUIPMENT - VIDEO 31,385 3,923 27,462  
    EQUIPMENT - TRUCK 32,400 5,400 27,000  
    EQUIPMENT - SAFE 5,855 439 5,416  
    EQUIPMENT - FURN 10,193 764 9,429  
    EQUIPMENT -DISPLAY 608,203 45,615 562,588  
    EQUIPMENT -DISPLAY 31,885 1,063 30,822  
    EQUIPMENT - LIFT 11,319 1,415 9,904  
    EQUPMENT - COMPR. 24,328 2,703 21,625  
    EQUIPMENT -MOVER 39,109 4,345 34,764  
    EQUIPMENT - MOWER 8,550 570 7,980  
    EQUIPMENT -K SYST. 13,321 1,480 11,841  
    EQUIPMENT - SHELVE 25,572 1,705 23,867  
    EQUIPMENT - LIFT 15,496 904 14,592  
    EQUIPMENT - SERVER 18,895 1,837 17,058  
    EQUIPMENT-ROTARY 46,606 2,719 43,887  
    EQUIPMENT - TORO 21,926 2,741 19,185  
    EQUIPMENT- TRIMBLE 5,575 465 5,110  
    EQUIPMENT - PROJEC 41,097 2,854 38,243  
    EQUIPMENT - FURNIS 15,070 502 14,568  
    EQUIPMENT -BENCHES 247,996 8,267 239,729  
    EQUIPMENT - CAFE C 62,384 2,079 60,305  
    EQUIPMENT - CAFE F 51,756 1,725 50,031  
    EQUIPMENT - EXHIB 56,896 1,422 55,474  
    EQUIPMENT -ICE MA. 5,286 294 4,992  
    EQUIPMENT - IMAC 6,019 334 5,685  
    EQUIPMENT - PFURN 38,954 1,298 37,656  
    EQUIPMENT-PFRIDGE 10,713 357 10,356  
    EQUIPMENT - SIGNS 1,047,601 34,920 1,012,681  
    EQUIPMENT-SIGNS 47,014 1,567 45,447  
    EQUIPMENT -CABINET 8,992 300 8,692  
    EQUIPMENT-COOLER 16,474 549 15,925  
    EQUIPMENT-COOLER 5,286 176 5,110  
    EQUIPMENT-SHELVING 22,730 758 21,972  
    EQUIPMENT-STOOLS 1,186 30 1,156  
    EQUIPMENT-BLOWER 8,609 215 8,394  
    EQUIPMENT-TABLE 8,960 224 8,736  
    EQUIPMENT-TABLE 3,840 64 3,776  
    EQUIPMENT-LIFT 21,906 365 21,541  
    EQUIPMENT-KOBOTA 12,500 260 12,240  
    EQUIPMENT - TORO 28,795 600 28,195  
    EQUIPMENT - POL. A 119,840 13,316 106,524  
    EQUIPMENT - POL. C 14,678 1,631 13,047  
    EQUIPMENT - POL. E 35,440 1,969 33,471  
    EQUIPMENT - CLUB 5 112,705 6,261 106,444  
    EQUIPMENT - CLUB 7 21,605 1,200 20,405  
    EQUIPMENT - SIGNS 3,391 57 3,334  
    EQUIPMENT - AHFURN 38,105 1,270 36,835  
    CIP 4,038,755   4,038,755  


    TY 2018 LegalFeesSchedule
    Name:
    GLENSTONE FOUNDATION
    EIN:
    20-5938416
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    DOCUMENT PREPARATION & REVIEW 30,930   0 30,930


    TY 2018 OtherAssetsSchedule
    Name:
    GLENSTONE FOUNDATION
    EIN:
    20-5938416
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    ARTWORK 1,293,169,539 1,406,822,531 1,406,822,531
    MUSEUM EXPANSION 327,718,825 0 0
    BONDS AND OTHER 2,220,279 2,345,027 2,345,027
    INSTALLMENTS REC 0 12,835,000 12,835,000


    TY 2018 OtherDecreasesSchedule
    Name:
    GLENSTONE FOUNDATION
    EIN:
    20-5938416
    Description Amount
    ADJUST FOR DHR - FMV VS BASIS OF STOCK 116,658,000
    ADJUST FOR ARTWORK - FMV VS BASIS 1,935,000


    TY 2018 OtherExpensesSchedule
    Name:
    GLENSTONE FOUNDATION
    EIN:
    20-5938416
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ART STORAGE/SHIPPING/HANDLING 1,066,318 0 0 1,066,318
    ART SUPPLIES 318,097 0 0 318,097
    EQUIPMENT-MINOR AND RENTAL 825,023 0 0 825,023
    INFORMATION TECHNOLOGY 83,601   0 83,601
    INSURANCE 352,058 0 0 352,058
    LICENSES, FEES & MEMBERSHIPS 73,577 0 0 73,577
    MAINTENANCE & REPAIRS 432,730 0 0 432,730
    CONTRACT LABOR 1,044,944 0 0 1,044,944
    OFFICE EXPENSES 23,699 0 0 23,699
    SUPPLIES 416,520 0 0 416,520
    LANDSCAPE MATERIALS 180,663 0 0 180,663
    UNIFORMS 177,699 0 0 177,699
    OTHER 330,873 0 0 330,873


    TY 2018 OtherIncomeSchedule2
    Name:
    GLENSTONE FOUNDATION
    EIN:
    20-5938416
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    MISCELLANEOUS 1,230    


    TY 2018 OtherLiabilitiesSchedule
    Name:
    GLENSTONE FOUNDATION
    EIN:
    20-5938416
    Description Beginning of Year - Book Value End of Year - Book Value
    TOTAL    
    OTHER 1,154 2,426
    LOAN PAYABLE - MORGAN STANLEY SMITH BARNEY 0 24,270,674


    TY 2018 OtherProfessionalFeesSchedule
    Name:
    GLENSTONE FOUNDATION
    EIN:
    20-5938416
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ART CONSERVATION & CONSULTING 1,210,420 0 0 1,210,420
    ART PHOTOGRAPHY & VIDEOGRAPHY 187,691 0 0 187,691
    TALENT ACQUISITION 60,474 0 0 60,474
    TECHNOLOGY AND OTHER 867,403 0 0 867,403


    TY 2018 SalesOfInventoryList 
    Name:
    GLENSTONE FOUNDATION
    EIN:
    20-5938416

    Category Gross Sales Cost of Goods Sold Net (Gross Sales Minus
    Cost of Goods Sold)
    BOOKSTORE SALES 42,825 28,377 14,448
    CAFE SALES 104,779 195,651 -90,872

    TY 2018 TaxesSchedule
    Name:
    GLENSTONE FOUNDATION
    EIN:
    20-5938416
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXCISE TAXES 1,295,000 0 0 1,295,000
    OTHER TAXES 416 0 0 416
    REAL ESTATE TAXES 238,988 0 0 238,988