TY 2017 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 10-01-2017 , and ending 09-30-2018

Name of foundation
SEVEN BRIDGES FOUNDATION INC

Number and street (or P.O. box number if mail is not delivered to street address)114 JOHN STREET
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
GREENWICH, CT06831

A Employer identification number

06-1498953

B Telephone number (see instructions)

(203) 861-7527

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

$71,577,184J Accounting method: Cash Accrual
Other (specify)
(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	(c) Adjusted net 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	11		11	11
4	Dividends and interest from securities...	439,814		439,814	439,814
5a	Gross rents............	77,000		77,000	77,000
b	Net rental income or (loss) 76,700
6a	Net gain or (loss) from sale of assets not on line 10		-3,461,442
b	Gross sales price for all assets on line 6a 42,565,491
7	Capital gain net income (from Part IV, line 2)...
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).......		-42,582	-44,582	-44,582
12	Total. Add lines 1 through 11........	-2,987,199		472,243	472,243
13	Compensation of officers, directors, trustees, etc.	40,000				40,000
14	Other employee salaries and wages......	170,509				170,509
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......		16,950	8,475	8,475	8,475
c	Other professional fees (attach schedule)....		91,790	91,790	91,790
17	Interest...............	2,181		2,181	2,181
18	Taxes (attach schedule) (see instructions)...		232,259	73	73	232,186
19	Depreciation (attach schedule) and depletion...		437,779
20	Occupancy..............
21	Travel, conferences, and meetings.......	23,236				23,236
22	Printing and publications..........
23	Other expenses (attach schedule).......		359,175	16,342	16,342	342,833
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	1,373,879		118,861	118,861	817,239
25	Contributions, gifts, grants paid.......	0				0
26	Total expenses and disbursements. Add lines 24 and 25	1,373,879		118,861	118,861	817,239
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-4,361,078
b	Net investment income (if negative, enter -0-)			353,382
c	Adjusted net income (if negative, enter -0-)...				353,382

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.............
	2	Savings and temporary cash investments.........	868,784	1,938,826	1,939,703
	3	Accounts receivable
		Less: allowance for doubtful accounts
	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..........	17,233	17,060	17,060
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	5,030,866	319,758	291,488
	c	Investments—corporate bonds (attach schedule).......	7,356,070	7,519,251	7,190,526
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	763,165	128,751	94,100
	14	Land, buildings, and equipment: basis 27,964,118
		Less: accumulated depreciation (attach schedule) 3,875,137	24,488,615	24,088,981	24,088,981
	15	Other assets (describe )	37,619,298	37,955,326	37,955,326
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	76,144,031	71,967,953	71,577,184
	17	Accounts payable and accrued expenses..........	9,500	9,500
	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 )
	23	Total liabilities (add lines 17 through 22).........	9,500	9,500
		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........	17,210,649	17,210,649
	27	Paid-in or capital surplus, or land, bldg., and equipment fund
	28	Retained earnings, accumulated income, endowment, or other funds	58,923,882	54,747,804
	29	Total net assets or fund balances (see instructions).....	76,134,531	71,958,453
	30	Total liabilities and net assets/fund balances (see instructions).	76,144,031	71,967,953

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

76,134,531

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

-4,361,078

Other increases not included in line 2 (itemize) bullet

185,000

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

71,958,453

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 .

71,958,453

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	Flaherty & Crumrine Inc. - see attached	P	2018-01-01	2018-01-01
b	Flaherty & Crumrine Inc. - see attached	P	2000-01-01	2018-01-01
c	Flaherty & Crumrine Inc. - see attached	P	2000-01-01	2018-01-01
d	Flaherty & Crumrine Inc. - see attached	P	2000-01-01	2018-01-01
e	BTIG - See Attached	P	2018-01-01	2018-01-01
	BTIG - See Attached	P	2000-01-01	2018-01-01
	Imperial - See Attached	P	2018-01-01	2018-01-01
	Imperial - See Attached	P	2000-01-01	2018-01-01
	Imperial	P	2000-01-01	2018-01-01

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	65,657	65,620	37
b	271,890	269,529	2,361
c	96,929	101,656	-4,727
d	128,853	304,875	-176,022
e	21,334,058	22,469,984	-1,135,926
	1,462,831	2,165,463	-702,632
	18,794,584	19,794,010	-999,426
	410,689	754,353	-343,664
		101,443	-101,443

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			37
b			2,361
c			-4,727
d			-176,022
e			-1,135,926
			-702,632
			-999,426
			-343,664
			-101,443

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	-3,461,442
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	-2,135,315

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	1,750,750	17,646,044	0.09922
2017	1,950,754	19,253,504	0.10132
2016	2,476,968	21,061,936	0.11760
2015	1,921,330	29,297,209	0.06558
2014	2,991,246	43,412,205	0.06890

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

0.452622

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 ......

0.090524

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

10,850,610

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

982,241

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

3,534

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

985,775

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

1,153,268

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	3,534
	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	3,534
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	3,534
6	Credits/Payments:

a	2019 estimated tax payments and 2018 overpayment credited to 2019	6a	59,988
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	59,988
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
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	56,454
11	Enter the amount of line 10 to be: Credited to 2020 estimated tax56,454	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?........

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

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

Yes

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

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.SEVENBRIDGES.ORG

The books are in care of bullet

LINDA WILLIAMS Telephone no. bullet

(203) 861-7527

Located at bullet

114 JOHN STREETGREENWICHCT ZIP+4 bullet

06831

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-)
richard c mckenzie jr	President 15.00	0
118 john street greenwich,CT06831	President 15.00	0
james schantz	Director 0.50	0
3 elm street stockbridge,MA01262	Director 0.50	0
Karla Rosellen McKenzie	Director 15.00	40,000
1038 valle crest palm desert,CA92260	Director 15.00	40,000
Bryon W Harmon	Director 0.50	0
shipman one constitution plz hartford,CT06103	Director 0.50	0
stephen walker	Director 0.50	0
861 andreas canyon drive palm desert,CA92260	Director 0.50	0
john ryan	Director 0.50	0
115 central park west apt 24c new york,NY10023	Director 0.50	0
Jennifer McKenzie Glass	Director 0.50	0
3826 palo alto drive lafayette,CA94549	Director 0.50	0

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
linda williams	Bus. Manager 30.00	76,500
114 john street greenwich,CT06831	Bus. Manager 30.00	76,500








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
flaherty & crumrine	portfolio management	85,311
301 e colorado blvd suite 720 pasadena,CA91101	portfolio management	85,311

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	collection of contemporary and modern works of art - new acquisitions and improvements	336,029
2	development, maintenance, operation and exhibition of collection in gallery and sculpture gardens, and acquisition, maintenance and improvement of grounds and program facilities	817,239
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...................

9,594,948

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

1,403,753

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

17,147

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

11,015,848

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

11,015,848

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

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

165,238

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

10,850,610

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

542,531

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

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

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

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

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

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

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

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

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

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 ..........

817,239

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

336,029

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

1,153,268

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

3,534

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

1,149,734

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	(b) Years prior to 2018	(c) 2018	(d) 2019
1 Distributable amount for 2019 from Part XI, line 7
2 Undistributed income, if any, as of the end of 2019:
a Enter amount for 2018 only.......
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: $
a Applied to 2018, but not more than line 2a
b Applied to undistributed income of prior years (Election required—see instructions).....
c Treated as distributions out of corpus (Election required—see instructions)........
d Applied to 2019 distributable amount.....
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 ..........
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

1998-04-28

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
	353,382	409,328	962,675	599,696	2,325,081
b 85% of line 2a .........	300,375	347,929	818,274	509,742	1,976,320
c Qualifying distributions from Part XII, line 4 for each year listed .....	1,153,268	1,754,843	1,990,973	2,482,965	7,382,049
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 ....	1,153,268	1,754,843	1,990,973	2,482,965	7,382,049
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...	361,687	588,201	641,783	702,064	2,293,735
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).)

richard c mckenzie jr

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 email address of the person to whom applications should be addressed:

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

cAny submission deadlines:

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

Form 990-PF (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

Total ................................. 3a

bApproved for future payment

Total ................................. 3b

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	11
4 Dividends and interest from securities....			14	439,814
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....			16	76,700
6 Net rental income or (loss) from personal property
7 Other investment income.....
8 Gain or (loss) from sales of assets other than inventory ............			18	-3,461,442
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: acurrency gain/(loss)			18	-44,582
bprogram fee			6	2,000
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..				-2,987,499

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

-2,987,499

(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:	17005038
Software Version:	2017v2.2

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2017 AccountingFeesSchedule

Name:

SEVEN BRIDGES FOUNDATION INC

EIN:

06-1498953

Software ID:

17005038

Software Version:

2017v2.2

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
accounting	16,950	8,475	8,475	8,475

- TIN:

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

TY 2017 DepreciationSchedule

Name:

SEVEN BRIDGES FOUNDATION INC

EIN:

06-1498953

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
improvements	1999-04-01	11,836	10,952	SL	5.00 %	592
gates	1999-04-01	38,665	35,761	SL	5.00 %	1,933
shrubberies, landscaping	1999-04-01	25,107	23,218	SL	5.00 %	1,255
john st wall	1999-04-01	20,901	19,333	SL	5.00 %	1,045
waterfall	1999-04-01	6,999	6,475	SL	5.00 %	350
property improvements	2000-04-01	1,759	1,540	SL	5.00 %	88
gates	2000-04-01	12,292	10,762	SL	5.00 %	615
landscaping	2000-04-01	61,855	54,127	SL	5.00 %	3,093
john st wall	2000-04-01	77,818	68,092	SL	5.00 %	3,891
waterfall	2000-04-01	17,940	15,698	SL	5.00 %	897
john st wall	2001-04-01	67,324	55,539	SL	5.00 %	3,366
sunshields & window glaze	2001-02-07	16,256	13,550	SL	5.00 %	813
john st wall	2002-04-01	19,938	15,453	SL	5.00 %	997
waterfall	2002-08-21	4,025	3,032	SL	5.00 %	201
gallery lighting	2002-09-04	25,734	19,412	SL	5.00 %	1,287
carriage house	2002-04-01	46,556	36,084	SL	5.00 %	2,328
carriage house	2002-04-01	22,411	17,375	SL	5.00 %	1,121
john st wall	2003-04-01	32,439	23,519	SL	5.00 %	1,622
gallery improvements	2003-04-01	41,310	29,957	SL	5.00 %	2,066
property improvements	2003-04-01	30,409	22,040	SL	5.00 %	1,520
john st wall	2004-04-01	28,806	19,440	SL	5.00 %	1,440
Gallery Lighting	2004-04-01	47,450	32,035	SL	5.00 %	2,373
Bldg Impr. Gutters & Roof	2004-03-17	10,846	7,317	SL	5.00 %	542
Trellis Restoration	2004-03-09	17,215	11,695	SL	5.00 %	861
Bldg Impr. Kitchen	2004-07-14	22,437	14,866	SL	5.00 %	1,122
Wetlands Project	2004-04-01	111,409	75,195	SL	5.00 %	5,570
New drive gate	2005-03-01	4,594	2,894	SL	5.00 %	230
Gallery Lighting	2005-04-01	245,821	153,638	SL	5.00 %	12,291
Property Impr. Courtyard	2004-12-21	13,426	8,555	SL	5.00 %	671
Driveways	2004-12-21	64,024	40,813	SL	5.00 %	3,201
Stone walls/Pillars	2004-12-21	77,515	49,419	SL	5.00 %	3,876
Drainage & Sprinkler	2005-09-30	11,789	7,068	SL	5.00 %	589
Parking Area	2004-12-21	52,109	33,214	SL	5.00 %	2,605
Prprty Impr.-Wetlands	2004-11-10	7,182	4,637	SL	5.00 %	359
Bldg Impr.-Gallery Bldg	2005-07-01	59,073	36,186	SL	5.00 %	2,954
gallery imprvmnts-dimmers	2006-09-26	7,000	3,850	SL	5.00 %	350
Gallery Driveway	2005-11-22	22,000	13,017	SL	5.00 %	1,100
bldg. impr. drainline	2005-10-04	3,900	2,340	SL	5.00 %	195
bldg. impr. 117 John st	2006-05-31	349,190	197,880	SL	5.00 %	17,460
Building-117 John st	2006-05-31	530,552	300,651	SL	5.00 %	26,528
new boiler	2007-02-22	19,750	10,456	SL	5.00 %	988
stone walls	2007-03-01	63,735	33,729	SL	5.00 %	3,187
gates - gallery II	2007-03-01	65,959	34,904	SL	5.00 %	3,298
office lighting	2007-03-01	15,057	7,969	SL	5.00 %	753
roof & gutters at gllry I	2007-03-01	189,377	100,213	SL	5.00 %	9,469
stone walkways	2007-03-01	9,296	4,921	SL	5.00 %	465
turftrack parking area	2007-08-13	28,636	14,559	SL	5.00 %	1,432
irrigation system	2007-04-01	37,975	19,939	SL	5.00 %	1,899
carriage house imprvmnts	2007-04-01	13,871	7,287	SL	5.00 %	694
stone walls	2008-04-01	59,247	28,139	SL	5.00 %	2,962
security system	2008-09-11	240,432	109,200	SL	5.00 %	12,022
air cnd. unit-117 john st	2009-09-16	5,880	2,352	SL	5.00 %	294
security camera	2009-04-15	654	280	SL	5.00 %	33
security system upgrade	2009-09-16	23,269	9,304	SL	5.00 %	1,163
Painting carriage house	2009-07-29	5,991	3,267	SL	6.67 %	400
Renovations-Carriage hous	2009-08-17	39,121	21,089	SL	6.67 %	2,609
Landscaping-Carriage hous	2008-10-06	3,845	2,304	SL	6.67 %	256
Tileing-Carriage House	2009-09-16	4,054	2,160	SL	6.67 %	270
security system	2010-08-01	5,664	2,016	SL	5.00 %	283
security system upgrade	2011-02-01	19,075	6,201	SL	5.00 %	954
furniture & fixtures	2011-07-01	22,455	20,853	SL	7.14 %	1,602
improvements	2012-07-10	50,000	17,090	SL	6.67 %	3,335
furniture & fixtures	2012-02-01	38,321	30,794	SL	14.29 %	5,476
office equipment	2013-10-25	3,058	2,142	SL	20.00 %	612
office equipment	2014-03-10	3,510	2,457	SL	20.00 %	702
equipment	2014-04-08	1,168	819	SL	20.00 %	234
furniture & fixtures	2014-07-10	18,224	9,111	SL	14.29 %	2,604
automobile - dodge	2014-06-03	26,250	18,375	SL	20.00 %	5,250
BUILDING - GALLERY II	2013-10-01	9,758,377	990,769	SL	2.56 %	250,205
Boiler	2014-12-19	11,089	1,849	SL	6.67 %	740
Hot Water Heater	2014-12-19	3,636	607	SL	6.67 %	243
Office Equipment	2014-10-20	1,078	540	SL	20.00 %	216
Laptop	2015-02-16	890	445	SL	20.00 %	178
Landscaping	2014-10-20	8,110	1,352	SL	6.67 %	541
Computer Software	2014-11-13	1,180	983	SL	16.67 %	197
lenovo Laptop G2	2015-09-22	949	475	SL	20.00 %	190
Office Equipment - TV	2014-10-20	601	300	SL	20.00 %	120
Shed	2016-09-29	5,000	344	SL	5.00 %	250
Sonic Wall Server	2015-12-03	2,856	1,071	SL	20.00 %	571
HP Elite 8300	2016-07-12	1,974	444	SL	20.00 %	395
Lenovo M800	2016-08-09	2,032	457	SL	20.00 %	406
Server - Main	2016-09-23	5,543	1,248	SL	20.00 %	1,109
G2 Carpet - Gallery	2015-12-03	6,281	1,683	SL	14.28 %	897
Office Chairs	2015-12-15	968	259	SL	14.28 %	138
Gallery Rugs	2016-08-30	3,000	483	SL	14.28 %	428
Roof	2016-11-08	8,000	180	SL	2.56 %	205
Fan Coil & ACCU G1	2016-10-17	6,790	226	SL	6.67 %	453
HVAC 1st Floor Gallery	2017-09-21	3,437	114	SL	6.67 %	229
Software	2016-10-21	3,500	1,069	SL	3.0000	1,167
G2 Cameras	2017-01-12	1,820	182	SL	20.00 %	364
Computer/ipad	2017-06-15	2,798	280	SL	20.00 %	560
IPADS	2017-07-21	1,150	115	SL	20.00 %	230
Washer/Dryer	2017-05-11	1,370	98	SL	14.29 %	196
Lawnmower	2017-04-26	6,379	212	SL	6.67 %	425
bridge	2018-09-01	35,195		SL	0.63 %	220
equipment	2018-02-28	2,950		SL	8.93 %	263

- TIN:

TY 2017 InvestmentsCorpBondsSchedule

Name:

SEVEN BRIDGES FOUNDATION INC

EIN:

06-1498953

Software ID:

17005038

Software Version:

2017v2.2

Name of Bond	End of Year Book Value	End of Year Fair Market Value
bonds - flaherty	7,519,251	7,190,526

- TIN:

TY 2017 InvestmentsCorpStockSchedule

Name:

SEVEN BRIDGES FOUNDATION INC

EIN:

06-1498953

Software ID:

17005038

Software Version:

2017v2.2

Name of Stock	End of Year Book Value	End of Year Fair Market Value
equities - btig	319,758	291,488

- TIN:

TY 2017 InvestmentsOtherSchedule2

Name:

SEVEN BRIDGES FOUNDATION INC

EIN:

06-1498953

Software ID:

17005038

Software Version:

2017v2.2

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
options - imperial capital	AT COST	128,751	94,100

- TIN:

TY 2017 LandEtcSchedule2

Name:

SEVEN BRIDGES FOUNDATION INC

EIN:

06-1498953

Software ID:

17005038

Software Version:

2017v2.2

Category / Item	Cost / Other Basis	Accumulated Depreciation	Book Value	End of Year Fair Market Value
Auto./Transportation Equip.	26,250	23,625	2,625	2,625
Furniture and Fixtures	503,045	381,655	121,390	121,390
Machinery and Equipment	312,473	274,209	38,264	38,582
Buildings	10,288,929	1,568,153	8,720,776	8,720,776
Improvements	2,463,108	1,627,495	835,613	835,295
Land	14,370,313		14,370,313	14,370,313

- TIN:

TY 2017 OtherAssetsSchedule

Name:

SEVEN BRIDGES FOUNDATION INC

EIN:

06-1498953

Software ID:

17005038

Software Version:

2017v2.2

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
artwork, capitalized costs	37,619,298	37,955,326	37,955,326

- TIN:

TY 2017 OtherExpensesSchedule

Name:

SEVEN BRIDGES FOUNDATION INC

EIN:

06-1498953

Software ID:

17005038

Software Version:

2017v2.2

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
bank fees	4,529	2,265	2,265	2,264
computer support	15,397	7,699	7,699	7,698
Insurance	112,615			112,615
office expenses	12,156	6,078	6,078	6,078
program expenses	23,072			23,072
property management expenses	97,324			97,324
Rental Expenses	300	300	300
shipping, handling & Repair of art	21,348			21,348
utilities	72,434			72,434

- TIN:

TY 2017 OtherIncomeSchedule2

Name:

SEVEN BRIDGES FOUNDATION INC

EIN:

06-1498953

Software ID:

17005038

Software Version:

2017v2.2

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
currency gain/(loss)	-44,582	-44,582	-44,582
program fee	2,000

- TIN:

TY 2017 OtherIncreasesSchedule

Name:

SEVEN BRIDGES FOUNDATION INC

EIN:

06-1498953

Software ID:

17005038

Software Version:

2017v2.2

Description	Amount
prior period adjustmnet - book donation	185,000

- TIN:

TY 2017 OtherProfessionalFeesSchedule

Name:

SEVEN BRIDGES FOUNDATION INC

EIN:

06-1498953

Software ID:

17005038

Software Version:

2017v2.2

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
investment advisory fees	91,790	91,790	91,790	0

- TIN:

TY 2017 TaxesSchedule

Name:

SEVEN BRIDGES FOUNDATION INC

EIN:

06-1498953

Software ID:

17005038

Software Version:

2017v2.2

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Foreign Tax Withholding	73	73	73
payroll taxes	15,000			15,000
property taxes	217,186			217,186