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
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
2019
Open to Public Inspection
For calendar year 2019, or tax year beginning 01-01-2017 , and ending 12-31-2017
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) 651-8839
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$320,399,712J Accounting method:
Modified Cash
(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)  
2 Check bullet.............
3 Interest on savings and temporary cash investments 71,318 71,318  
4 Dividends and interest from securities... 3,436,896 3,436,896  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 36,149,635
b Gross sales price for all assets on line 6a 151,774,667
7 Capital gain net income (from Part IV, line 2)... 35,839,920
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)....... Click to see attachment 3,120,411 3,171,607  
12 Total. Add lines 1 through 11........ 42,778,260 42,519,741  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 381,169 114,351   266,818
14 Other employee salaries and wages...... 508,815 149,312   359,503
15 Pension plans, employee benefits....... 167,438 48,725   118,713
16a Legal fees (attach schedule)......... Click to see attachment 5,909     5,909
b Accounting fees (attach schedule)....... Click to see attachment 18,655 9,328   9,327
c Other professional fees (attach schedule).... Click to see attachment 1,289,792 1,283,718   6,074
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 867,003 17,003    
19 Depreciation (attach schedule) and depletion... Click to see attachment 11,734 3,374  
20 Occupancy..............        
21 Travel, conferences, and meetings....... 37,709 8,955   28,644
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see list of attachments 242,427 173,542   68,885
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 3,530,651 1,808,308   863,873
25 Contributions, gifts, grants paid....... 14,520,000 14,520,000
26 Total expenses and disbursements. Add lines 24 and 25 18,050,651 1,808,308   15,383,873
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 24,727,609
b Net investment income (if negative, enter -0-) 40,711,433
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 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............. 90,021 206,483 206,483
2 Savings and temporary cash investments......... 4,462,427 16,278,282 16,278,282
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..............      
9 Prepaid expenses and deferred charges.......... 5,684 5,684 5,684
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 196,508,564 Click to see attachment110,618,224 152,050,972
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet       457,165
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 33,165,275 Click to see attachment131,698,466 151,224,831
14 Land, buildings, and equipment: basis bullet192,542
Less: accumulated depreciation (attach schedule) bullet16,247 23,854 Click to see attachment176,295 176,295
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 234,255,825 258,983,434 320,399,712
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)    
23 Total liabilities (add lines 17 through 22).........   0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here bullet
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 bullet
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 228,888,069 253,615,678
29 Total net assets or fund balances (see instructions)..... 234,255,825 258,983,434
30 Total liabilities and net assets/fund balances (see instructions). 234,255,825 258,983,434
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 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
234,255,825
2
Enter amount from Part I, line 27a .....................
2
24,727,609
3
Other increases not included in line 2 (itemize) bullet
3
 
4
Add lines 1, 2, and 3 ..........................
4
258,983,434
5
Decreases not included in line 2 (itemize) bullet
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
258,983,434
Form 990-PF (2019)
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 Publicly traded securities      
b Passthrough K-1 capital gain      
c Disposal Leasehold Improv-40th FL Office P 2001-11-01 2017-03-31
d
e
(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 149,916,012   115,914,500 34,001,512
b 1,858,655     1,858,655
c     20,247 -20,247
d
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       34,001,512
b       1,858,655
c       -20,247
d
e
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 35,839,920
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))
2018 12,860,161 266,644,403 0.04823
2017 13,107,461 274,395,585 0.04777
2016 12,699,181 277,211,792 0.04581
2015 12,110,594 250,518,242 0.04834
2014 11,413,608 227,280,138 0.05022
2
Total of line 1, column (d) .....................
2
0.240368
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
0.048074
4
Enter the net value of noncharitable-use assets for 2019 from Part X, line 5......
4
301,278,304
5
Multiply line 4 by line 3......................
5
14,483,653
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
407,114
7
Add lines 5 and 6........................
7
14,890,767
8
Enter qualifying distributions from Part XII, line 4,.............
8
15,513,761
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)
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 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 1 407,114
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........................... 3 407,114
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- ..... 5 407,114
6 Credits/Payments:
a 2019 estimated tax payments and 2018 overpayment credited to 2019 6a 447,972
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.............. 7 397,760
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 9,354
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2020 estimated taxBullet   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? ....................
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$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
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 changes....
3
Yes
 
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
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.
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)
    bulletTX
    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 2019 or the taxable year beginning in 2019? See the instructions for Part XIV.
    If "Yes," complete Part XIV .............................
    9
     
    No
    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 (2019)
    Form 990-PF (2019)
    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 Click to see list of attachments.............
    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.cullenfdn.org
    14
    The books are in care ofbulletPeggy Reid Telephone no.bullet (713) 651-8839

    Located atbullet2727 Allen Parkway Suite 1050HoustonTX ZIP+4bullet770192115
    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 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
    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 2019?.............
    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 2019, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2019?.............
    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
     
    No
    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 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.)..................
    3b
     
    No
    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 2019?
    4b
     
    No
    Form 990-PF (2019)
    Form 990-PF (2019)
    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
     
    No
    .........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
     
    No
    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
    Isaac Arnold Jr Chairman/Dir
    2.00     		0    
    2727 Allen Parkway Suite 1050
    Houston,TX770192115
    Wilhelmina E Robertson VC/Sec/A.T./Dir
    10.00     		0    
    2727 Allen Parkway Suite 1050
    Houston,TX770192115
    Meredith T Cullen VP/A.T/A.S./Dir
    2.00     		0    
    2727 Allen Parkway Suite 1050
    Houston,TX770192115
    Bert L Campbell Director
    2.00     		0    
    2727 Allen Parkway Suite 1050
    Houston,TX770192115
    William H Drushel Jr Dir to Apr 17
    2.00     		0    
    2727 Allen Parkway Suite 1050
    Houston,TX770192115
    Carla Knobloch Dir from Apr 17
    2.00     		0    
    2727 Allen Parkway Suite 1050
    Houston,TX770192115
    Scott W Wise President/Treas
    40.00     		381,169 48,366  
    2727 Allen Parkway Suite 1050
    Houston,TX770192115
    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
    Alan M Stewart Executive Dir
    40.00     		281,250 7,886  
    2727 Allen Parkway Suite 1050
    Houston,TX770192115
    Peggy Reid Controller
    40.00     		158,000 37,027  
    2727 Allen Parkway Suite 1050
    Houston,TX770192115
    Gina McEvily Grant admin
    40.00     		78,500 26,889  
    2727 Allen Parkway Suite 1050
    Houston,TX770192115
    Total number of other employees paid over $50,000...................bullet  
    Form 990-PF (2019)
    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 149,679
    50 South LaSalle
    Chicago,IL60603
    Fayez Sarofim & Co Investment mgmt 115,507
    909 Fannin Ste 2907
    Houston,TX77010
    NWQ Investment Management Company Investment mgmt 89,780
    2049 Century Park East 16th Fl
    Los Angeles,CA90067
    Goldman Sachs & Co Investment mgmt 78,961
    1000 Louisiana St Ste 550
    Houston,TX77002
    LSV International Small Cap Equity Fund LP Investment mgmt 128,050
    155 North Wacker Drive Ste 4600
    Chicago,IL60606
    Total number of others receiving over $50,000 for professional services.............bullet1
    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)
    Form 990-PF (2019)
    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
    191,347,976
    b
    Average of monthly cash balances.......................
    1b
    12,104,683
    c
    Fair market value of all other assets (see instructions)................
    1c
    102,413,639
    d
    Total (add lines 1a, b, and c).........................
    1d
    305,866,298
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
     
    3
    Subtract line 2 from line 1d.........................
    3
    305,866,298
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    4,587,994
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    301,278,304
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    15,063,915
    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.)
    1
    Minimum investment return from Part X, line 6....................
    1
    15,063,915
    2a
    Tax on investment income for 2019 from Part VI, line 5......
    2a
    407,114
    b
    Income tax for 2019. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    407,114
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    14,656,801
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    14,656,801
    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
    14,656,801
    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
    15,383,873
    b
    Program-related investments—total from Part IX-B..................
    1b
     
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
    129,888
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    15,513,761
    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
    407,114
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    15,106,647
    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)
    Form 990-PF (2019)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2018     		(c)
    2018     		(d)
    2019
    1 Distributable amount for 2019 from Part XI, line 7 14,656,801
    2 Undistributed income, if any, as of the end of 2019:
    a Enter amount for 2018 only....... 2,797,301
    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: bullet$ 15,513,761
    a Applied to 2018, but not more than line 2a 2,797,301
    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..... 12,716,460
    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 ..........     		1,940,341
    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)
    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 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) 2019 (b) 2018 (c) 2017 (d) 2016
             
    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
    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)
    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)
    aPaid during the year
    See attachment
    State and zip code provided
    for efiling,TX77002     		N/A   See attachment 14,520,000
    Total .................................bullet 3a 14,520,000
    bApproved for future payment
    See attachment
    State and zip code provided
    for efiling,TX77002     		N/A   See attachment 4,320,000
    Total .................................bullet 3b 4,320,000
    Form 990-PF (2019)
    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
    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 71,318  
    4 Dividends and interest from securities....     14 3,436,896  
    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 1,104,851 18 35,044,784  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aCommission recapture     		    1 19,589  
    bOil & gas royalties     15 257,784  
    cPassthrough K-1 Income 525990 -10,907 14 2,853,945  
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 1,093,944 41,684,316  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    42,778,260
    (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.)
    Form 990-PF (2019)
    Form 990-PF (2019)
    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 (2019)
    Additional Data


    Software ID: 17005038
    Software Version: 2017v2.2


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2017 AccountingFeesSchedule
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Software ID:
    17005038
    Software Version:
    2017v2.2
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Audit fees 18,655 9,328 0 9,327

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

    TY 2017 DepreciationSchedule
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Software ID:
    17005038
    Software Version:
    2017v2.2
    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 33,268 SL 39.5000 215 62    
    Equipment 2009-01-01 27,336 9,361 SL 5.0000 3,545 951    
    Leasehold improvements 2017-04-01 100,442   SL 15.0000 3,348 971    
    Furniture 2017-01-01 64,765   SL 7.0000 4,626 1,390    

    TY 2017 InvestmentsCorpStockSchedule
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Software ID:
    17005038
    Software Version:
    2017v2.2
    Name of Stock End of Year Book Value End of Year Fair Market Value
    5250 shs Anheuser Busch Inbev Sa 575,030 585,690
    2450 shs Canadian Pac Ry Ltd Com 309,923 447,762
    5052 shs Restaurant Brands Intl Inc Com 273,236 310,597
    16300 shs Novo-Nordisk A S 220,948 874,821
    6270 shs Total Sa 393,389 346,606
    4119 shs Icon Plc Com 273,440 461,946
    5859 shs Sodastream International Ltd 170,204 412,122
    3800 shs Asml Hldg 385,455 660,516
    216000 shs China Hongxing 1 1
    14380 shs Nestle S A 589,113 1,236,249
    7260 shs Novartis Ag 662,491 609,550
    22660 shs Roche Hldg Ltd Sponsored 463,634 715,603
    3461 shs Liberty Interactive 185,030 187,725
    1772679 shs 1st Horizon Natl Corp Com 256,946 354,359
    13110 shs Abbott Lab Com 336,492 748,188
    9870 shs Abbvie Inc Com 232,201 954,528
    1550 shs Alphabet Inc Cap Stk 1,155,781 1,621,920
    21220 shs Altria Group Inc Com 221,278 1,515,320
    8600 shs American Express Co 756,035 854,066
    14280 shs Apple Inc Com Stk 406,386 2,416,604
    4675 shs Aramark Com 175,875 199,810
    1600 shs Automatic Data Processing Inc 59,687 187,504
    7050 shs Berry Global Group Inc 261,395 413,624
    2350 shs Blackrock Inc Com Stk 613,042 1,207,219
    4475 shs Broadridge Finl Solutions Inc 284,939 405,346
    2811 shs Burlington Stores Inc Com 313,511 345,837
    8880 shs Carbonite Inc Com 205,392 222,888
    4806 shs CDW Corp Com 331,943 333,969
    1899 shs Centene Corp Del Com 145,875 191,571
    5913 shs Chemical Finl Corp Com 253,771 316,168
    9510 shs Chevron Corp Com 478,957 1,190,557
    7900 shs Chubb Ltd Ord 830,396 1,154,427
    2905 shs Church & Dwight Inc Com 148,400 145,744
    26620 shs Coca Cola Co Com 664,064 1,221,326
    26680 shs Comcast Corp New-Cl A 779,826 1,068,534
    11710 shs Conocophillips Com 331,050 642,762
    3550 shs Constellation Brands Inc Cl A 552,233 811,424
    2346 shs Coresite Rlty Corp Coresite Rea 90,009 267,209
    2052 shs Cullen / Frost Bankers Inc Com 176,834 194,222
    27302 shs Cypress Semiconductor Corp Com 355,719 416,082
    2955 shs Diamondback Energy Inc Com 298,537 373,069
    7694 shs E Trade Finl Corp 283,358 381,392
    1919 shs Eagle Matls Inc Com 191,109 217,423
    1814 shs Epam Sys Inc Com Stk 145,235 194,878
    4826 shs Essent Group Ltd Com Stk 182,901 209,545
    6650 shs Estee Lauder Companies Inc Cl A 547,210 846,146
    4791 shs Exelixis Inc Com Stk 93,241 145,646
    16160 shs Exxon Mobil Corp Com 1,109,108 1,351,622
    11750 shs Facebook Inc Com 1,287,785 2,073,405
    5976 shs Fcb Finl Hldgs Inc Cl A Cl A 295,957 303,581
    6050 shs First Solar Inc Com 289,091 408,496
    5230 shs Firstcash Inc Com 285,894 352,764
    1862 shs Fleetcor Technologies Inc Com 289,333 358,305
    2980 shs Global Pmts Inc Com 242,881 298,715
    4033 shs Healthcare Svcs Group Inc Com 140,346 212,620
    2155 shs Heico Corp New Com 93,634 203,324
    2624 shs Hill-Rom Hldgs Inc Com Stk 155,513 221,177
    3540 shs Insperity Inc Com 90,775 203,019
    8650 shs Intercontinental Exchange Inc C 408,115 610,344
    1975 shs Intuitive Surgical Inc Com New 397,419 720,757
    1528 shs John Bean Technologies Corp Com 130,944 169,302
    13108 shs JPMorgan Chase & Co Com 381,571 1,401,770
    6294 shs Kar Auction Svcs Inc Com Stk 299,931 317,910
    1754 shs KS Cy Southn 187,266 184,556
    2022 shs Lab Corp Amer Hldgs Com New 285,065 322,529
    9596 shs LKQ Corp Com Lkq Corp 256,695 390,269
    9653 shs M / I Homes Inc 256,215 332,063
    4120 shs Mc Donalds Corp Com 238,250 709,134
    25050 shs Microsoft Corp Com 1,362,476 2,142,777
    11022 shs Newfield Exploration 291,471 347,524
    8750 shs Nike Inc Cl B 489,915 547,313
    2540 shs Norwegian Cruise Line Hldgs Ltd 142,268 135,255
    3556 shs Nutri Sys Inc New Com 193,765 187,046
    1550 shs Old Dominion Fght Line Inc Com 137,093 203,903
    7200 shs Ollies Bargain Outlet Hldgs Inc 176,733 383,400
    6000 shs Pepsico Inc Com 339,222 719,520
    21030 shs Philip Morris Intl Com Stk Npv 596,888 2,221,820
    5397 shs Pinnacle Foods Inc Del Com 264,321 320,960
    3523 shs Polyone Corp Com 136,910 153,251
    2812 shs Pra Health Sciences Inc Com 182,673 256,089
    3900 shs Praxair Inc Com 288,007 603,252
    4540 shs Procter & Gamble Com 239,801 417,135
    2023 shs Proto Labs Inc Com 141,425 208,369
    3893 shs Qorvo Inc Com 301,379 259,274
    7928 shs Quanta Svcs Inc Com 288,738 310,064
    2381 shs Resmed Inc Com 136,767 201,647
    15442 shs Ring Energy Inc Com 210,868 214,644
    2295 shs Ryman Hospitality Pptys Inc Com 147,553 158,401
    1136 shs SBA Communications Corp 145,617 185,577
    8374 shs Skechers U S A Inc Cl A 263,574 316,872
    8700 shs State Str Corp Com 681,498 849,207
    4227 shs Steel Dynamics Inc Com 150,978 182,311
    5257 shs Stifel Finl Corp Com 314,133 313,107
    4398 shs Supernus Pharmaceuticals Inc Co 137,338 175,260
    1575 shs SVB Financial Group Common Stoc 307,271 368,188
    3952 shs Terex Corp New Com 142,340 190,565
    10940 shs Texas Instruments Inc Com 288,278 1,142,574
    3175 shs Tractor Supply Co Com 200,399 237,331
    4709 shs Transunion Com 180,656 258,807
    5849 shs Trupanion Inc Com 93,352 171,200
    8050 shs Twenty-First Century Fox Inc Cl 285,004 277,967
    7400 shs Twenty-First Centy Fox Inc Cl B 267,589 252,488
    15176 shs U M H Pptys Inc Com Stk 233,670 226,122
    7550 shs Union Pac Corp Com 742,952 1,012,455
    15399 shs Unit Corp Com 251,037 338,778
    1395 shs United Rentals Inc Com 150,336 239,814
    3350 shs Unitedhealth Group Inc Com 497,758 738,541
    19843 shs USA Technologies Inc Com No 92,559 193,469
    21873 shs Val Natl Bancorp Com 279,583 245,415
    1837 shs Verisk Analytics Inc Com 134,998 176,352
    10150 shs Visa Inc Com Cl A Stk 745,002 1,157,303
    6260 shs Walgreens Boots Alliance Inc Co 211,383 454,601
    6900 shs Walt Disney Co 699,396 741,819
    5325 shs Waste Connections Inc Com 169,500 377,756
    5644 shs Webster Fncl Corp Waterbury Con 299,267 316,967
    10570 shs Wells Fargo & Co New Com Stk 557,046 641,282
    5871 shs Western Alliance Bancorporation 288,921 332,416
    4684 shs Westlake Chem Corp Com Stk 273,486 498,987
    7334 shs XPO Logistics Inc Com 359,395 671,721
    6317 shs Zions Bancorporation N A 268,798 321,093
    261572 shs NTGI Russell 1000 Eqty Inde 44,038,720 55,317,173
    1325677 shs DFA U S Targeted Value Por 26,751,098 32,996,112
    4425 shs Spdr Ser Tr S&P Biotech ETF 263,709 375,541

    TY 2017 InvestmentsOtherSchedule2
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Software ID:
    17005038
    Software Version:
    2017v2.2
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    AKO European Long-Only Fund Ltd AT COST 20,000,000 20,704,000
    Blackgold Private Energy Partners LP AT COST 10,178,384 10,331,550
    Cedar Rock Capital Partners LLC AT COST 20,181,152 20,868,404
    CREA Partners II LP AT COST 63,660 71,715
    Eminence Fund Ltd AT COST 20,000,000 21,714,082
    Encap Flatrock Midstream Fund II-C LP AT COST 1,765,660 1,988,529
    Highland Cap Invs Corp Hldg (Red River) AT COST 962,110 1
    LSV International Small Cap Equity Fund AT COST 11,756,784 15,213,800
    Oaktree Mezzanine Fund III LP AT COST 8,495 6,387
    OCM Opportunities Fund IV-B LP AT COST 2,997 1,275
    OCM Opportunities Fund VIIB LP AT COST 773,792 530,997
    OCM Principal Opportunities Fund III LP AT COST 273,055 29,589
    Peruvian and E Euro Monetization Cl B AT COST 21,221 19,019
    Stelliam Offshore Long Fund Ltd AT COST 20,000,000 21,692,986
    Stelliam Opportunity Fund LP AT COST 762,514 763,808
    Stonelake Opportunity Partners II LP AT COST 1 5,302,378
    Stonelake Opportunity Partners III LP AT COST 7,515,530 13,339,223
    Stonelake Opportunity Partners IV LP AT COST 2,560,431 3,343,726
    Tremblant Long Fund Ltd AT COST 15,000,000 15,342,027
    Accrued income AT COST   104,765

    TY 2017 LandEtcSchedule2
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Software ID:
    17005038
    Software Version:
    2017v2.2
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    Furniture and Fixtures 64,764 4,626 60,138 60,138
    Machinery and Equipment 27,336 8,273 19,063 19,063
    Improvements 100,442 3,348 97,094 97,094


    TY 2017 LegalFeesSchedule
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Software ID:
    17005038
    Software Version:
    2017v2.2
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    General governance and counsel 5,909 0 0 5,909


    TY 2017 OtherExpensesSchedule
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Software ID:
    17005038
    Software Version:
    2017v2.2
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Bank charges 2,800 840   1,960
    Bank custodial fees 125,941 125,941    
    Dues and subscriptions 11,248 799   10,450
    Insurance 24,570 7,371   17,199
    Oil & gas other deductions 21,417 21,417    
    Other administrative expenses 14,495 4,348   10,146
    Other investment fees 341 341    
    Repairs/maintenance 6,242 1,873   4,369
    Supplies 24,950 7,485   17,465
    Technology 10,423 3,127   7,296


    TY 2017 OtherIncomeSchedule2
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Software ID:
    17005038
    Software Version:
    2017v2.2
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    Commission recapture 19,589 19,589  
    Oil & gas royalties 257,784 257,784  
    Passthrough K-1 Income 2,843,038 2,894,234  


    TY 2017 OtherProfessionalFeesSchedule
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Software ID:
    17005038
    Software Version:
    2017v2.2
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Investment consulting fees 65,430 65,430 0 0
    Investment management fees 1,215,684 1,215,684 0 0
    Other professional fees 1,915 575 0 1,340
    Payroll services 6,763 2,029 0 4,734


    TY 2017 TaxesSchedule
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Software ID:
    17005038
    Software Version:
    2017v2.2
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Ad valorem taxes 9,126 9,126    
    Excise tax 400,000      
    Income tax 450,000      
    O & G production taxes 7,877 7,877    


    TY 2017 TransfersFrmControlledEntities
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Software ID:
    17005038
    Software Version:
    2017v2.2
    Name US /
    Foreign Address    		 EIN Description Amount
    BlackGold Private Equity Partners 109 N Post Oak Ln Ste 500
    Houston,TX77024     		81-1616295 Distribution from investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B). 365,974
    Total     365,974

    TY 2017 TransfersToControlledEntities
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Software ID:
    17005038
    Software Version:
    2017v2.2
    Name US /
    Foreign Address    		 EIN Description Amount
    BlackGold Private Equity Partners 109 N Post Oak Ln Ste 500
    Houston,TX77024     		81-1616295 Contributions to investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B). 3,295,138
    Total     3,295,138