TY 2016 Form 990PF

- TIN:

Form990-PF
Click to see list of attachments

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Trust Treated as Private Foundation

Do not enter social security numbers on this form as it may be made public.
bullet

Go to www.irs.gov/Form990PF for instructions and the latest information.

OMB No. 1545-0052

2019

Open to Public Inspection

For calendar year 2019, or tax year beginning 01-01-2016 , and ending 12-31-2016

Name of foundation
The Cullen Foundation

Number and street (or P.O. box number if mail is not delivered to street address)2727 Allen Parkway Suite 1050
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
Houston, TX77019

A Employer identification number

76-0647361

B Telephone number (see instructions)

(713) 651-8837

C If exemption application is pending, check here bullet

G Check all that apply: Initial returnInitial return of a former public charity
Final returnAmended return
Address change Name change

D 1. Foreign organizations, check here............. bullet

2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet

E If private foundation status was terminated
under section 507(b)(1)(A), check here ....... bullet

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trust Other taxable private foundation

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here ....... bullet

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16) bullet

$283,344,779J Accounting method: Cash Accrual
Other (specify)Modified Cash
(Part I, column (d) must be on cash basis.)

	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	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .............
3	Interest on savings and temporary cash investments	5,804		5,804
4	Dividends and interest from securities...	4,176,074		4,176,074
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		4,396,853
b	Gross sales price for all assets on line 6a 55,969,451
7	Capital gain net income (from Part IV, line 2)...			3,922,211
8	Net short-term capital gain.........
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......		1,723,644	1,752,797
12	Total. Add lines 1 through 11........	10,302,375		9,856,886
13	Compensation of officers, directors, trustees, etc.	348,952		87,238	261,714
14	Other employee salaries and wages......	208,321		72,500	135,821
15	Pension plans, employee benefits.......	141,344		38,771	102,574
16a	Legal fees (attach schedule).........		13,664		13,664
b	Accounting fees (attach schedule).......		31,674	14,837	15,836
c	Other professional fees (attach schedule)....		1,021,317	948,088	73,229
17	Interest...............
18	Taxes (attach schedule) (see instructions)...		220,336	12,870
19	Depreciation (attach schedule) and depletion...		2,482
20	Occupancy..............	5,685		2,843	2,842
21	Travel, conferences, and meetings.......	3,774		1,561	1,887
22	Printing and publications..........
23	Other expenses (attach schedule).......		179,549	152,700	26,849
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	2,177,098		1,331,408	634,416
25	Contributions, gifts, grants paid.......	12,311,000			12,311,000
26	Total expenses and disbursements. Add lines 24 and 25	14,488,098		1,331,408	12,945,416
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-4,185,723
b	Net investment income (if negative, enter -0-)			8,525,478
c	Adjusted net income (if negative, enter -0-)...

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2019)

Form 990-PF (2019)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............	40,332	90,021	90,021
	2	Savings and temporary cash investments.........	7,097,029	4,462,427	4,462,427
	3	Accounts receivable
		Less: allowance for doubtful accounts	16
	4	Pledges receivable
		Less: allowance for doubtful accounts
	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)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........		5,684	5,684
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	194,902,232	196,508,564	237,566,513
	c	Investments—corporate bonds (attach schedule).......
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)			436,808
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	36,598,275	33,165,275	40,759,472
	14	Land, buildings, and equipment: basis 51,768
		Less: accumulated depreciation (attach schedule) 27,914	26,336	23,854	23,854
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	238,664,220	234,255,825	283,344,779
	17	Accounts payable and accrued expenses..........	162,361
	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 )	60,311
	23	Total liabilities (add lines 17 through 22).........	222,672	0
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........	5,367,756	5,367,756
	27	Paid-in or capital surplus, or land, bldg., and equipment fund
	28	Retained earnings, accumulated income, endowment, or other funds	233,073,792	228,888,069
	29	Total net assets or fund balances (see instructions).....	238,441,548	234,255,825
	30	Total liabilities and net assets/fund balances (see instructions).	238,664,220	234,255,825

Part III

Analysis of Changes in Net Assets or Fund Balances

Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............

238,441,548

Enter amount from Part I, line 27a .....................

-4,185,723

Other increases not included in line 2 (itemize) bullet

Add lines 1, 2, and 3 ..........................

234,255,825

Decreases not included in line 2 (itemize) bullet

Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .

234,255,825

Form 990-PF (2019)

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	Passthrough K-1 capital gain
b	Publicly traded securities
c	Arco Holdings	P	2010-01-01	2016-02-23
d	LSRC II Investor S.A.R.L.	P	2010-01-01	2016-01-01
e

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	1,542,368		-1,542,368
b	56,091,744	49,572,571	6,519,173
c	927,754	2,000,027	-1,072,273
d	17,679		17,679
e

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			-1,542,368
b			6,519,173
c			-1,072,273
d			17,679
e

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	3,922,211
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 ...................		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? Yes No

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))
2018	13,107,461	274,395,585	0.04777
2017	12,699,181	277,211,792	0.04581
2016	12,110,594	250,518,242	0.04834
2015	11,413,608	227,280,138	0.05022
2014	10,024,170	229,014,864	0.04377

Total of line 1, column (d) .....................

0.235909

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 ......

0.047182

Enter the net value of noncharitable-use assets for 2019 from Part X, line 5......

266,644,403

Multiply line 4 by line 3......................

12,580,816

Enter 1% of net investment income (1% of Part I, line 27b)...........

85,255

Add lines 5 and 6........................

12,666,071

Enter qualifying distributions from Part XII, line 4,.............

12,945,416

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 (2019)

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 and enter “N/A" on line 1.
	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	85,255
	hereand 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	85,255
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	85,255
6	Credits/Payments:

a	2019 estimated tax payments and 2018 overpayment credited to 2019	6a	130,550
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	82,578
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9	2,677
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2020 estimated tax	Refunded	11

Part VII-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes? (see Instructions

for definition).................................

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.

Did the foundation file Form 1120-POL for this year?.....................

Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:

(1) On the foundation. bullet

$ (2) On foundation managers. bullet

Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed

on foundation managers. bullet

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If "Yes," attach a detailed description of the activities.

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 changes....

Did the foundation have unrelated business gross income of $1,000 or more during the year?........

Yes

If "Yes," has it filed a tax return on Form 990-T for this year?...................

Yes

Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........

If "Yes," attach the statement required by General Instruction T.

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?................

Yes

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..................................

Yes

Enter the states to which the foundation reports or with which it is registered (see instructions)

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 .

Yes

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 2019 or the taxable year beginning in 2019? See the instructions for Part XIV.

If "Yes," complete Part XIV .............................

Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names

and addresses. ...............................

Form 990-PF (2019)

Page 5

Part VII-A

Statements Regarding Activities (continued)

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 Click to see list of attachments

.............

Yes

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.................

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website address bullet

www.cullenfdn.org

The books are in care of bullet

Peggy Reid Telephone no. bullet

(713) 651-8839

Located at bullet

2727 Allen Parkway Suite 1050HoustonTX ZIP+4 bullet

770192115

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

16 At any time during calendar year 2019, 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

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? YesNo

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person?......................YesNo

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? YesNo

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? YesNo

(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)?...............YesNo

(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.).......YesNo

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 ........

Organizations relying on a current notice regarding disaster assistance check here........ bullet

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 2019?.............

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)):

At the end of tax year 2019, did the foundation have any undistributed income (lines 6d

and 6e, Part XIII) for tax year(s) beginning before 2019?.............YesNo

If "Yes," list the years bullet

20, 20, 20, 20

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.) ..............

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at

any time during the year?......................YesNo

If "Yes," did it have excess business holdings in 2019 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 2019.)..................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

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 2019?

Form 990-PF (2019)

Page 6

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required (continued)

During the year did the foundation pay or incur any amount to:

Yes

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? YesNo

(2) Influence the outcome of any specific public election (see section 4955); or to carry

on, directly or indirectly, any voter registration drive?.............YesNo

(3) Provide a grant to an individual for travel, study, or other similar purposes? YesNo

(4) Provide a grant to an organization other than a charitable, etc., organization described

in section 4945(d)(4)(A)? See instructions................YesNo

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals?.....YesNo

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 ......

Organizations relying on a current notice regarding disaster assistance check here......... bullet

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?..........YesNo

If "Yes," attach the statement required by Regulations section 53.4945–5(d).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on

a personal benefit contract?.....................YesNo

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....

If "Yes" to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction? YesNo

If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? ....

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? .................YesNo

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
Isaac Arnold Jr	President/Dir 2.00	0
2727 Allen Parkway Suite 1050 Houston,TX770192115	President/Dir 2.00	0
Wilhelmina E Robertson	VP/Sec/A.T./Dir 2.00	0
2727 Allen Parkway Suite 1050 Houston,TX770192115	VP/Sec/A.T./Dir 2.00	0
Meredith T Cullen	VP/A.S./Dir 2.00	0
2727 Allen Parkway Suite 1050 Houston,TX770192115	VP/A.S./Dir 2.00	0
Bert L Campbell	Director 2.00	0
2727 Allen Parkway Suite 1050 Houston,TX770192115	Director 2.00	0
William H Drushel Jr	Director 2.00	0
2727 Allen Parkway Suite 1050 Houston,TX770192115	Director 2.00	0
Alan M Stewart	Exec Dir/Treas 40.00	348,952	48,046
2727 Allen Parkway Suite 1050 Houston,TX770192115	Exec Dir/Treas 40.00	348,952	48,046

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
Peggy Reid	Controller 40.00	145,000	36,708
2727 Allen Parkway Suite 1050 Houston,TX770192115	Controller 40.00	145,000	36,708
Gina McEvily	Grant admin 35.00	63,321	26,992
2727 Allen Parkway Suite 1050 Houston,TX770192115	Grant admin 35.00	63,321	26,992






Total number of other employees paid over $50,000...................

Form 990-PF (2019)

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
Northern Trust Company	Custody/Inv mgmt	137,091
50 South LaSalle Chicago,IL60603	Custody/Inv mgmt	137,091
LSV International Small Cap Equity Fund LP	Investment mgmt	108,098
155 North Wacker Drive Ste 4600 Chicago,IL60606	Investment mgmt	108,098
Goldman Sachs & Co	Investment mgmt	103,168
1000 Louisiana St Ste 550 Houston,TX77002	Investment mgmt	103,168
SSI US Inc dba Spencer Stuart	Executive search	100,046
PO Box 98991 Chicago,IL60693	Executive search	100,046
Fayez Sarofim & Co	Investment mgmt	131,459
909 Fannin Ste 2907 Houston,TX77002	Investment mgmt	131,459

Total number of others receiving over $50,000 for professional services............. bullet

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


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


2


All other program-related investments. See instructions.
3

Total. Add lines 1 through 3......................... bullet

Form 990-PF (2019)

Page 8

Part X

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

238,051,600

Average of monthly cash balances.......................

7,477,143

Fair market value of all other assets (see instructions)................

25,176,235

Total (add lines 1a, b, and c).........................

270,704,978

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) .............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d.........................

270,704,978

Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see

instructions) .............................

4,060,575

Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4

266,644,403

Minimum investment return. Enter 5% of line 5..................

13,332,220

Part XI

Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow

and do not complete this part.)

Minimum investment return from Part X, line 6....................

13,332,220

Tax on investment income for 2019 from Part VI, line 5......

85,255

Income tax for 2019. (This does not include the tax from Part VI.)...

140,885

Add lines 2a and 2b............................

226,140

Distributable amount before adjustments. Subtract line 2c from line 1............

13,106,080

Recoveries of amounts treated as qualifying distributions................

Add lines 3 and 4............................

13,106,080

Deduction from distributable amount (see instructions).................

Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...

13,106,080

Part XII

Qualifying Distributions (see instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........

12,945,416

Program-related investments—total from Part IX-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes...............................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4

12,945,416

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.................

85,255

Adjusted qualifying distributions. Subtract line 5 from line 4..............

12,860,161

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 (2019)

Page 9

Part XIII

Undistributed Income (see instructions)

	(a) Corpus	(c) 2018	(d) 2019
1 Distributable amount for 2019 from Part XI, line 7			13,106,080
2 Undistributed income, if any, as of the end of 2019:
a Enter amount for 2018 only.......		2,636,637
b Total for prior years:20, 20, 20
3 Excess distributions carryover, if any, to 2019:
a From 2014......
b From 2015......
c From 2016......
d From 2017......
e From 2018......
fTotal of lines 3a through e........
4Qualifying distributions for 2019 from Part
XII, line 4: $ 12,945,416
a Applied to 2018, but not more than line 2a		2,636,637
b Applied to undistributed income of prior years (Election required—see instructions).....
c Treated as distributions out of corpus (Election required—see instructions)........	0
d Applied to 2019 distributable amount.....			10,308,779
e Remaining amount distributed out of corpus
5 Excess distributions carryover applied to 2019.
(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 2018. Subtract line 4a from line 2a. Taxable amount—see instructions .............
f Undistributed income for 2019. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2020 ..........			2,797,301
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 2014 not applied on line 5 or line 7 (see instructions) ...
9Excess distributions carryover to 2020. Subtract lines 7 and 8 from line 6a ......
10 Analysis of line 9:
a Excess from 2015....
b Excess from 2016....
c Excess from 2017....
d Excess from 2018....
e Excess from 2019....

Form 990-PF (2019)

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 2019, enter the date of the ruling....... bullet

b Check box to indicate whether the organization is a private operating foundation described in section4942(j)(3) or4942(j)(5)

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) 2019	(b) 2018	(c) 2017	(d) 2016	(e) Total

b 85% of line 2a .........
c Qualifying distributions from Part XII, line 4 for each year listed .....
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)
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) ....
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....
(3) Largest amount of support from an exempt organization
(4) Gross investment income

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).)

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.

2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:

Check here bullet

if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, b, c, and d. See instructions

aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:

Gina McEvily
2727 Allen Parkway Suite 1050
Houston,TX770192115
(713) 651-8837
gina@cullenfdn.org

bThe form in which applications should be submitted and information and materials they should include:

See www.cullenfdn.org for online application and information.

cAny submission deadlines:

None

dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:

Restricted to Texas-based charitable organizations for programs in Texas, primarily in the Houston area.

Form 990-PF (2019)

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)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
See attachment State and zip code provided for efiling,TX77002	N/A		See attachment	12,311,000
Total ................................. 3a				12,311,000

bApproved for future payment
See attachment State and zip code provided for efiling,TX77002	N/A	See attachment	7,630,000
Total ................................. 3b			7,630,000

Form 990-PF (2019)

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	(e) Related or exempt function income (See instructions.)
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	5,804
4 Dividends and interest from securities....			14	4,176,074
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 ............	525990	636,086	18	3,760,767
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aCommission recapture			1	5,316
bOil & gas royalties			15	305,069
cPassthrough K-1 Income	525990	-11,993	14	1,425,252
d
e
12 Subtotal. Add columns (b), (d), and (e)..		624,093		9,678,282

13Total. Add line 12, columns (b), (d), and (e)..................

10,302,375

(See worksheet in line 13 instructions to verify calculations.)

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	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.)

Form 990-PF (2019)

Page 13

Part XVII

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations

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

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash...................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

(4) Reimbursement arrangements...........................

1b(4)

(5) Loans or loan guarantees.............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

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

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? ...........Yes No

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.
				May the IRS discuss this return with the preparer shown below (see instr.) Yes No
	Signature of officer or trustee	Date	Title

Paid Preparer Use Only	Print/Type preparer's name	Preparer's Signature	Date	Check if self- employed	PTIN
	Firm's name				Firm's EIN
	Firm's address				Phone no.

Form 990-PF (2019)

Additional Data

Software ID:	16000303
Software Version:	2016v3.0

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2016 AccountingFeesSchedule

Name:

The Cullen Foundation

EIN:

76-0647361

Software ID:

16000303

Software Version:

2016v3.0

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Financial statement audit fees	21,217	10,609	0	10,608
Tax planning and compliance	10,457	4,228	0	5,228

- TIN:

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

TY 2016 DepreciationSchedule

Name:

The Cullen Foundation

EIN:

76-0647361

Software ID:

16000303

Software Version:

2016v3.0

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
Leasehold improvements	2001-11-01	33,483	12,163	SL	39.5000	858
Equipment	2009-01-01	12,753	7,737	SL	5.0000	1,624

- TIN:

TY 2016 InvestmentsCorpStockSchedule

Name:

The Cullen Foundation

EIN:

76-0647361

Software ID:

16000303

Software Version:

2016v3.0

Name of Stock	End of Year Book Value	End of Year Fair Market Value
24786 shs Abbott Lab	688,444	952,030
16270 shs Abbvie Inc	382,768	1,018,827
4808 shs Advance Auto Pts Inc	822,192	813,129
4824 shs Allergan PLC	1,028,311	1,013,089
3925 shs Alphabet Inc Cl C	2,192,132	3,063,990
34220 shs Altria Group Inc	356,839	2,313,956
926 shs Amazon Inc	320,543	694,380
12500 shs American Express Co	1,101,710	926,000
3788 shs American Tower Corp	219,615	400,316
7100 shs Anheuser Busch Inbev SA/NV	780,930	748,624
10950 shs Aon PLC	541,667	1,221,254
34450 shs Apple Inc	1,624,339	3,989,999
9113 shs Aqua Amer Inc	260,856	273,755
4675 shs Aramark	175,875	166,991
5550 shs ASML Hldg	562,967	622,710
6203 shs Aspen Insurance Hldgs	305,506	341,165
2350 shs Automatic Data Processing Inc	84,856	241,533
8138 shs B & G Foods Inc	294,415	356,444
4112 shs Balchem Corp	253,721	345,079
48000 shs Bank Of America Corp	763,249	1,060,800
7050 shs Berry Global Group Inc	261,395	343,547
1520 shs Bio Rad Labs Inc Cl A	210,247	277,066
4689 shs Biotelemetry Inc	109,312	104,799
3200 shs Blackrock Inc	755,136	1,217,728
4475 shs Broidge Finl Solutions Inc	284,939	296,693
2539 shs Brown-Forman Inc Cl B	117,365	114,052
62300 shs Calpine Corp	758,559	712,089
3550 shs Canadian Pac Ry Ltd	449,071	506,834
8157 shs Cap Bk Finl Corp Cl A	256,946	320,162
2332 shs Carlislepanies Inc	264,968	257,196
6200 shs Celgene Corp	561,107	717,650
2036 shs Check Pt Software Technologies	172,321	171,961
7275 shs Chemical Finl Corp	262,945	394,087
30650 shs Cheniere Energy Inc	918,465	1,269,830
14010 shs Chevron Corp	573,543	1,648,977
216000 shs China Hongxing SPO HKD	24,895	17,194
11000 shs Chubb Ltd	1,128,625	1,453,320
4750 shs Cigna Corporation	620,882	633,603
70930 shs Citigroup Inc	2,857,377	3,567,982
42870 shs Coca Cola Co	1,069,438	1,777,390
24933 shs Comcast Corp Cl A	1,349,464	1,721,624
16310 shs Conocophillips	461,095	817,783
3150 shs Constellation Brands Inc	491,408	482,927
2346 shs Coresite Rlty Corp	90,009	186,202
4034 shs Costco Wholesale Corp	291,929	645,884
7740 shs CSX Corp	269,075	278,098
2052 shs Cullen / Frost Bankers Inc	176,834	181,048
16280 shs CVS Health Corp	967,186	1,284,655
15722 shs Cypress Semiconductor Corp	173,274	179,860
4548 shs Danaher Corp	334,968	354,016
1882 shs Diamondback Energy Inc	124,199	190,195
21350 shs Discover Finl Svcs	1,227,388	1,539,122
9700 shs Dow Chemical Co	565,913	555,034
4857 shs Dunkin Brands Group Inc	268,474	254,701
75013 shs Eclipse Res Corp	256,674	200,285
4200 shs Edison Intl	247,264	302,358
2041 shs Edwards Lifesciences Corp	195,914	191,242
2927 shs Electr Arts	198,223	230,531
5780 shs Eli Lilly & Co	428,348	425,119
22735 shs EQT Corp	1,390,899	1,486,869
1194 shs Equinix Inc Par $	238,265	426,748
5150 shs Estee Lauderpanies Inc Cl A	393,784	393,924
29010 shs Exxon Mobil Corp	1,991,040	2,618,443
3084 shs F5 Networks Inc	362,824	446,316
21593 shs Facebook Inc Cl A	2,053,275	2,484,275
1588 shs Factset Resh Sys Inc	263,287	259,527
2730 shs First Rep Bk San Francisco Cali	241,405	251,542
6210 shs Firstcash Inc	248,010	291,870
3065 shs Fleetcor Technologies Inc	440,922	433,759
11719 shs FNB Corp Pa	179,535	187,856
5336 shs Fortive Corp Mon Stock	260,638	286,170
32685 shs Gen Mtrs Co	949,782	1,138,745
22263 shs General Electric Co	570,623	703,511
6000 shs Gilead Sciences Inc	488,699	429,660
21700 shs Glaxosmithkline PLC	930,229	835,667
6949 shs HD Supply Hldgs Inc	254,878	295,402
7461 shs Healthcare Svcs Group Inc	267,061	292,247
4477 shs Heico Corp	250,966	345,401
2299 shs Heska Corp Restricted Stock	89,147	164,608
21570 shs Hess Corp	1,133,027	1,343,595
4337 shs Hill-Rom Hldgs Inc	257,036	243,479
3575 shs Honeywell Intl Inc	338,832	414,164
4119 shs Icon PLC	273,440	309,749
1513 shs Incyte Corp	157,919	151,709
35900 shs Ing Groep NV Sponsored	425,496	506,190
9950 shs Ingersoll-Rand PLC	266,957	746,648
3241 shs Insperity Inc	166,215	229,949
20260 shs Intercontinental Exchange Inc	914,225	1,143,069
27570 shs Interpublic Grouppanies Inc	480,746	645,414
2327 shs Intuit	229,913	266,697
775 shs Intuitive Surgical Inc	463,662	491,482
18435 shs Investors Bancorp Inc	218,772	257,168
2741 shs IPG Photonics Corp	262,160	270,564
81368 shs Jones Energy Inc Cl A	297,942	406,840
37508 shs JPMorgan Chase & Co	1,308,381	3,236,565
16194 shs Kapstone Paper & Packaging Cor	282,329	357,078
29000 shs Koninklijke Philips NV	808,785	886,530
2905 shs Lab Corp Amer Hldgs	400,574	372,944
9596 shs Lkq Corp Lkq Corp	256,695	294,117
6031 shs Lumentum Hldgs Inc	160,197	233,098
3881 shs Macom Technology Sol Hldgs Inc	175,765	179,613
21710 shs Macys Inc	771,288	777,435
5031 shs Mastercard Inc Cl A	457,770	519,451
8871 shs Mc Donalds Corp	663,030	1,079,778
17300 shs Metlife Inc	549,492	932,297
4425 shs MFC Spdr Ser Tr S&P Biotech ETF	263,712	261,916
1634519 shs MFO DFA Inst Dimensions Grou	32,012,618	39,244,794
276952 shs MFO GS Tr Grth Opp Fd	6,335,121	6,452,983
1252078 shs MFO Morgan Stanley Instl Fd	21,127,622	18,330,422
6261 shs Microsemi Corp	257,045	337,906
44540 shs Microsoft Corp	2,083,016	2,767,716
2127 shs Middleby Corp	276,014	273,979
2326 shs Molson Coors Brewing Cl B	238,628	226,343
15169 shs Nationstar Mtg Hldgs Inc	258,454	273,952
2906 shs Navigators Group Inc	247,681	342,182
23930 shs Nestle SA	980,352	1,716,738
4228 shs Newell Brands Inc	220,723	188,780
18934 shs Nike Inc Cl B	880,140	962,416
5831 shs Northern Tr Corp	473,512	519,251
8860 shs Novartis Ag	778,636	645,362
22800 shs Novo-Nordisk	309,056	817,608
261572 shs NTGI-QM Daily Russ 1000 Eqty	42,284,449	46,355,205
27340 shs Occidental Petroleum Corp	1,839,302	1,947,429
7200 shs Ollies Bargain Outlet Hldgs Inc	176,733	204,840
7064 shs Omnicell Inc	263,997	239,470
46821 shs Oracle Corp	1,673,962	1,800,267
11350 shs Paypal Hldgs Inc	356,619	447,985
9150 shs Pepsico Inc	517,314	957,365
23950 shs Pfizer Inc	526,735	777,896
37080 shs Philip Morris Intl NPV	917,741	3,392,450
6050 shs Phillips 66	426,051	522,781
5397 shs Pinnacle Foods Inc	264,321	288,470
5630 shs Pnc Financial Services Group	461,546	658,485
5700 shs Praxair Inc	386,017	667,983
6840 shs Procter & Gamble NPV	361,286	575,107
6900 shs Raytheon Co	244,089	979,800
4413 shs Resmed Inc	255,897	273,827
33660 shs Roche Hldg Ltd	688,435	960,320
9369 shs Rollins Inc	250,438	316,485
1402 shs Roper Technologies Inc	248,420	256,678
4735 shs Ross Stores Inc	265,608	310,616
3042 shs Salesforce Inc	218,911	208,255
6893 shs Sapiens International Corp	83,188	98,846
5017 shs Scripps Networks Interactive In	259,236	358,063
5128 shs Servicemaster Global Hldgs Inc	188,188	193,172
778 shs Sherwin-Williams Co	213,657	209,080
4069 shs Skyworks Solutions Inc	294,383	303,792
9083 shs Sodastream International Ltd	264,234	358,506
10950 shs State Str Corp	808,219	851,034
4267 shs Steris PLC Steris Ltd	311,942	287,553
27600 shs Suncor Energy Inc	818,595	902,244
24675 shs Sw Airl Co	948,489	1,229,802
36500 shs Symantec Corp	822,509	871,985
5457 shs Synchronoss Technologies Inc	257,983	209,003
35800 shs Synchrony Finl	952,948	1,298,466
16670 shs Target Corp	921,444	1,204,074
30850 shs Teradyne Inc	564,566	783,590
18707 shs Texas Instruments Inc	638,640	1,365,049
176 shs The Priceline Group Inc	198,371	258,027
4550 shs Time Warner Inc	301,026	439,212
9370 shs Total SA	554,686	477,589
15100 shs Twenty-First Century Fox Inc C	534,603	423,404
10750 shs Twenty-First Centy Fox Inc Cl	374,119	292,938
15401 shs Umpqua Hldgs Corp	270,141	289,231
13080 shs Union Pac Corp	634,347	1,356,134
10254 shs Unit Corp	94,830	275,525
3900 shs Unitedhealth Group Inc	548,917	624,156
33650 shs Unum Group	827,890	1,478,245
19843 shs USA Technologies Inc	92,559	85,325
3094 shs Vantiv Inc	167,468	184,464
4300 shs Verisign Inc	280,996	327,101
3525 shs Verisk Analytics Inc	267,764	286,124
2476 shs Vertex Pharmaceuticals Inc	276,407	182,407
28750 shs Viacom Inc Cl B	1,248,801	1,009,125
13300 shs Visa Inc Cl A	960,482	1,037,666
15730 shs Walgreens Boots Alliance Inc	718,528	1,301,815
14202 shs Walt Disney Co	1,413,733	1,480,132
3550 shs Waste Connections Inc	169,500	278,995
26320 shs Wells Fargo & Co	1,164,614	1,450,496
4684 shs Westlake Chem Corp	273,486	262,257
13500 shs XL Group Ltd	502,414	503,010
3949 shs XPO Logistics Inc	177,054	170,439
4506 shs Xylem Inc	236,629	223,137
4533 shs Yelp Inc Cl A	179,539	172,843
3985 shs Zoetis Inc Cl A	199,211	213,317

- TIN:

TY 2016 InvestmentsOtherSchedule2

Name:

The Cullen Foundation

EIN:

76-0647361

Software ID:

16000303

Software Version:

2016v3.0

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
BlackGold Opportunity Fund LP	AT COST	440,964	440,965
BlackGold Private Energy Partners LP	AT COST	6,305,610	6,497,637
Encap Flatrock Midstream Fund II-C LP	AT COST	2,898,585	3,411,920
Highland Cap Invs Corp Hldg (Red River)	AT COST	962,110	1
LSV International Small Cap Equity Fund	AT COST	11,019,750	11,563,103
Oaktree Mezzanine Fund III LP	AT COST	3,430	4,205
OCM Opportunities Fund IVB LP	AT COST	6,386	25,086
OCM Opportunities Fund VIIB LP	AT COST	1,098,357	705,707
OCM Principal Opportunities Fund III LP	AT COST	1,025,294	334,246
Peruvian and E. Euro Monetization Cl B	AT COST	46,922	28,377
Stonelake Opportunity Partners II LP	AT COST	2,746,080	8,567,281
Stonelake Opportunity Partners III LP	AT COST	6,846,105	9,220,336
Stonelake Opportunity Partners IV LP	AT COST	234,318	235,365
Accrued income	AT COST		195,973

- TIN:

TY 2016 LandEtcSchedule2

Name:

The Cullen Foundation

EIN:

76-0647361

Software ID:

16000303

Software Version:

2016v3.0

Category / Item	Cost / Other Basis	Accumulated Depreciation	Book Value	End of Year Fair Market Value
Furniture and Fixtures	5,532	5,532
Machinery and Equipment	12,753	9,361	3,392	3,392
Improvements	33,483	13,021	20,462	20,462

- TIN:

TY 2016 LegalFeesSchedule

Name:

The Cullen Foundation

EIN:

76-0647361

Software ID:

16000303

Software Version:

2016v3.0

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
General governance and counsel	13,664	0	0	13,664

- TIN:

TY 2016 OtherExpensesSchedule

Name:

The Cullen Foundation

EIN:

76-0647361

Software ID:

16000303

Software Version:

2016v3.0

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
Bank charges	2,801	1,401	1,400
Bank custodial fees	87,483	87,483
Dues and subscriptions	8,539	4,270	4,269
Insurance	27,373	13,686	13,687
Oil & gas other deductions	38,289	38,289
Other administrative expenses	7,156	3,578	3,578
Other investment fees	79	79
Repairs/maintenance	955	477	478
Supplies	3,442	1,721	1,721
Technology	3,432	1,716	1,716

- TIN:

TY 2016 OtherIncomeSchedule2

Name:

The Cullen Foundation

EIN:

76-0647361

Software ID:

16000303

Software Version:

2016v3.0

Description	Revenue And Expenses Per Books	Net Investment Income
Commission recapture	5,316	5,316
Oil & gas royalties	305,069	305,069
Passthrough K-1 Income	1,413,259	1,442,412

- TIN:

TY 2016 OtherProfessionalFeesSchedule

Name:

The Cullen Foundation

EIN:

76-0647361

Software ID:

16000303

Software Version:

2016v3.0

Category	Amount	Net Investment Income	Disbursements for Charitable Purposes
Executive search fees	100,046	30,014	70,032
Investment consulting fees	36,673	36,673	0
Investment management fees	878,205	878,205	0
Payroll services	6,393	3,196	3,197

- TIN:

TY 2016 TaxesSchedule

Name:

The Cullen Foundation

EIN:

76-0647361

Software ID:

16000303

Software Version:

2016v3.0

Category	Amount	Net Investment Income
Ad valorem taxes	8,265	8,265
Excise tax	130,558
Income tax	76,908
O & G production taxes	4,605	4,605

- TIN:

TY 2016 TransfersFrmControlledEntities

Name:

The Cullen Foundation

EIN:

76-0647361

Software ID:

16000303

Software Version:

2016v3.0

Name	US / Foreign Address	EIN	Description	Amount
BlackGold Private Equity Partners	109 N Post Oak Ln Ste 520 Houston,TX77024	81-1616295	Distribution from investment fund.	26,355
Total				26,355

- TIN:

TY 2016 TransfersToControlledEntities

Name:

The Cullen Foundation

EIN:

76-0647361

Software ID:

16000303

Software Version:

2016v3.0

Name	US / Foreign Address	EIN	Description	Amount
BlackGold Private Equity Partners	109 N Post Oak Ln Ste 520 Houston,TX77024	81-1616295	Contributions to investment fund.	6,119,542
Total				6,119,542