Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0052
2019
Open to Public Inspection
For calendar year 2019, or tax year beginning 07-01-2017 , and ending 06-30-2018
Name of foundation
FUND FOR WISCONSIN SCHOLARS INC
 
Number and street (or P.O. box number if mail is not delivered to street address)1506 WOOD LANE
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
MADISON, WI53705
A Employer identification number

26-1412296
B Telephone number (see instructions)

(608) 238-2400
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$211,810,878J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule) 27,318,431
2 Check bullet.............
3 Interest on savings and temporary cash investments 54 54  
4 Dividends and interest from securities... 1,150,286 2,347,066  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 24,016,418
b Gross sales price for all assets on line 6a 86,820,133
7 Capital gain net income (from Part IV, line 2)... 25,316,257
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 367 -154,655  
12 Total. Add lines 1 through 11........ 52,485,556 27,508,722  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 229,589 72,280   157,309
14 Other employee salaries and wages......        
15 Pension plans, employee benefits....... 17,804 5,910   11,894
16a Legal fees (attach schedule)......... Click to see attachment 2,091 0   4,182
b Accounting fees (attach schedule)....... Click to see attachment 31,078 23,308   8,038
c Other professional fees (attach schedule).... Click to see attachment 1,532,189 780,483   194,712
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 512,517 36,990   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings....... 3,019 0   4,526
22 Printing and publications.......... 4,640 93   3,767
23 Other expenses (attach schedule)....... Click to see attachment 49,029 963,817   45,231
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 2,381,956 1,882,881   429,659
25 Contributions, gifts, grants paid....... 8,946,756 9,004,824
26 Total expenses and disbursements. Add lines 24 and 25 11,328,712 1,882,881   9,434,483
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 41,156,844
b Net investment income (if negative, enter -0-) 25,625,841
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............. 36,310 79,015 79,015
2 Savings and temporary cash investments......... 6,974,485 6,451,976 6,451,976
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet20,318,431
Less: allowance for doubtful accounts bullet     20,318,431 20,318,431
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.......... 10,072 10,099 10,099
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 9,734,144 Click to see attachment9,553,455 9,553,455
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 158,175,552 Click to see attachment166,723,611 166,723,611
14 Land, buildings, and equipment: basis bullet7,639
Less: accumulated depreciation (attach schedule) bullet6,479 0 Click to see attachment1,160 1,160
15 Other assets (describe bullet) Click to see attachment1,787,662 Click to see attachment8,673,131 Click to see attachment8,673,131
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 176,718,225 211,810,878 211,810,878
Liabilities 17 Accounts payable and accrued expenses.......... 82,760 88,867
18 Grants payable.................   12,875
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet) Click to see attachment143,345 Click to see attachment427,694
23 Total liabilities (add lines 17 through 22)......... 226,105 529,436
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........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds    
29 Total net assets or fund balances (see instructions)..... 176,492,120 211,281,442
30 Total liabilities and net assets/fund balances (see instructions). 176,718,225 211,810,878
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
176,492,120
2
Enter amount from Part I, line 27a .....................
2
41,156,844
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
217,648,964
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
6,367,522
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
211,281,442
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 PFIC ACTIVITY P   2017-06-30
b PUBLICLY TRADED SECURITIES     2017-06-30
c PRIVATE EQUITY INVESTMENTS P   2017-06-30
d K-1 ACTIVITY P   2017-06-30
e ACACIA INSL PRTNR LP - GLOBAL EQUITY P 2008-04-01 2018-06-30
ALVIZIA ASEAN TENDGA - GLOBAL EQUITY P 2014-10-29 2018-05-17
BARCA CAPITAL LLC - GLOBAL EQUITY P 2011-12-19 2017-12-14
CEDAR ROCK CAP PTNRS - GLOBAL EQUITY P 2008-03-03 2018-03-09
EMINENCE CAPITAL LLC - GLOBAL EQUITY P 2013-07-29 2018-06-05
HIGHCLERE INTL INV. - GLOBAL EQUITY P 2010-03-30 2018-01-18
HOUND PARTNERS - GLOBAL EQUITY P 2018-04-12 2018-06-30
LANCASTER IM LEE - GLOBAL EQUITY P 2014-02-01 2018-06-12
SANDERSON ASSET MGT. - GLOBAL EQUITY P 2009-12-01 2018-01-18
TARPON INVESTIMENTOS - GLOBAL EQUITY P 2014-09-30 2018-04-16
THE NOMAD INVEST CO - GLOBAL EQUITY P 2012-03-01 2018-01-18
XOF - GLOBAL EQUITY P 2015-03-31 2018-01-10
BHR OFFSHORE FUND - HEDGE FUNDS P 2012-09-27 2018-01-18
BROADWAY GATE OFF FD - HEDGE FUNDS P 2011-06-29 2018-01-18
FEDERAL ST ASIA EM - HEDGE FUNDS P 2012-02-01 2017-12-30
GREAT POINTS PRTNRS - HEDGE FUNDS P 2016-06-30 2018-01-05
NANTAHALA CAP MGT - HEDGE FUNDS P 2011-06-29 2018-01-18
STONEHILL CAP MGT - HEDGE FUNDS P 2012-12-28 2018-03-06
TENG YUE PARTNERS - HEDGE FUNDS P 2013-06-30 2018-06-30
VR GLOBAL OFFSHORE - HEDGE FUNDS P 2014-03-26 2018-04-20
COMPUTER & PERIPHERALS P    
(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 75,430     75,430
b 13,521,783   11,138,653 2,383,130
c 0     0
d 4,943,316     4,943,316
e 8,000,000   4,459,559 3,540,441
5,680,553   5,000,000 680,553
6,604,031   5,083,225 1,520,806
13,495,058   9,293,862 4,201,196
3,500,000   1,851,036 1,648,964
1   1 0
5,743,952   5,177,813 566,139
8,439,165   6,838,463 1,600,702
1   1 0
100,642   220,640 -119,998
14,071   14,071 0
4,093,230   4,999,955 -906,725
50,934   50,934 0
2   2 0
93,240   243,604 -150,364
6,378,797   4,000,000 2,378,797
15   15 0
351,375   199,699 151,676
3,171,019   1,811,080 1,359,939
3,863,357   2,421,102 1,442,255
  4,023 4,023 0
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       75,430
b       2,383,130
c       0
d       4,943,316
e       3,540,441
      680,553
      1,520,806
      4,201,196
      1,648,964
      0
      566,139
      1,600,702
      0
      -119,998
      0
      -906,725
      0
      0
      -150,364
      2,378,797
      0
      151,676
      1,359,939
      1,442,255
      0
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 25,316,257
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 8,952,760 163,840,802 0.054643
2017 9,626,179 161,523,257 0.059596
2016 8,909,686 178,619,119 0.049881
2015 8,308,698 173,265,251 0.047954
2014 7,907,041 144,376,114 0.054767
2
Total of line 1, column (d) .....................
2
0.266841
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
0.053368
4
Enter the net value of noncharitable-use assets for 2019 from Part X, line 5......
4
185,696,964
5
Multiply line 4 by line 3......................
5
9,910,276
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
256,258
7
Add lines 5 and 6........................
7
10,166,534
8
Enter qualifying distributions from Part XII, line 4,.............
8
9,434,483
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 1 512,517
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 0
3 Add lines 1 and 2........................... 3 512,517
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 512,517
6 Credits/Payments:
a 2019 estimated tax payments and 2018 overpayment credited to 2019 6a 422,111
b Exempt foreign organizations—tax withheld at source...... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 200,000
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 622,111
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 109,594
11 Enter the amount of line 10 to be: Credited to 2020 estimated taxBullet109,594 RefundedBullet 11 0
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$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
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)
    bulletWI
    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 .............
    11
     
    No
    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.FFWS.ORG
    14
    The books are in care ofbulletMARY GULBRANDSEN Telephone no.bullet (608) 238-2400

    Located atbullet1506 WOOD LANEMADISONWI ZIP+4bullet53705
    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
     
     
    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
     
     
    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
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .................
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    JOHN P MORGRIDGE CHAIRMAN
    5.00     		0 0 0
    1506 WOOD LANE
    MADISON,WI53705
    TASHIA F MORGRIDGE TRUSTEE
    5.00     		0 0 0
    1506 WOOD LANE
    MADISON,WI53705
    MARY W GULBRANDSEN EXECUTIVE DIRECTOR/SECRETA
    40.00     		178,589 0 0
    1506 WOOD LANE
    MADISON,WI53705
    TED KELLNER TREASURER
    2.00     		13,500 0 0
    1506 WOOD LANE
    MADISON,WI53705
    JOHN W DANIELS JR TRUSTEE
    2.00     		13,500 0 0
    1506 WOOD LANE
    MADISON,WI53705
    DAVID WARD VICE-CHAIR
    2.00     		12,000 0 0
    1506 WOOD LANE
    MADISON,WI53705
    REBECCA SPLITT TRUSTEE
    2.00     		12,000 0 0
    1506 WOOD LANE
    MADISON,WI53705
    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
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    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
    CORNERSTONE PARTNERS INVESTMENT MGMT 373,430
    675 PETER JEFFERSON PKWY 160
    CHARLOTTESVILLE,VA22911
    GENERAL ATLANTIC INVESTMENT PARTNERS 2017 LP INVESTMENT MGMT 317,425
    600 STEAMBOAT ROAD SUITE 105
    GREENWICH,CT06830
    MARQUETTE ASSOCIATES INC INVESTMENT MGMT 131,250
    180 NORTH LASALLE STREET SUITE 3500
    CHICAGO,IL60601
    UW MADISON OUTSIDE CONTRACT SERVICES 121,797
    333 EAST CAMPUS MALL 10501
    MADISON,WI53715
    BNY MELLON INVESTMENT MGMT 118,355
    225 LIBERTY STREET
    NEW YORK,NY10286
    Total number of others receiving over $50,000 for professional services.............bullet2
    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.........................bullet0
    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
    24,360,172
    b
    Average of monthly cash balances.......................
    1b
    7,889,047
    c
    Fair market value of all other assets (see instructions)................
    1c
    156,275,618
    d
    Total (add lines 1a, b, and c).........................
    1d
    188,524,837
    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
    0
    3
    Subtract line 2 from line 1d.........................
    3
    188,524,837
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    2,827,873
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    185,696,964
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    9,284,848
    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
    9,284,848
    2a
    Tax on investment income for 2019 from Part VI, line 5......
    2a
    512,517
    b
    Income tax for 2019. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    512,517
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    8,772,331
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    8,772,331
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    8,772,331
    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
    9,434,483
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    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
    9,434,483
    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
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    9,434,483
    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 8,772,331
    2 Undistributed income, if any, as of the end of 2019:
    a Enter amount for 2018 only....... 1,259,139
    b Total for prior years:20, 20, 20 0
    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........ 0
    4Qualifying distributions for 2019 from Part
    XII, line 4: bullet$ 9,434,483
    a Applied to 2018, but not more than line 2a 1,259,139
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		0
    d Applied to 2019 distributable amount..... 8,175,344
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2019. 0 0
    (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 0
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    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......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2018. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2019. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2020 ..........     		596,987
    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) .......     		0
    8 Excess distributions carryover from 2014 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9Excess distributions carryover to 2020.
    Subtract lines 7 and 8 from line 6a ......     		0
    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).)
    JOHN P MORGRIDGE
    TASHIA F MORGRIDGE
    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 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)
    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
    298 INDIVIDUAL GRANT RECIPIENTS
    VARIOUS
    MADISON,WI53705     		NONE N/A GRADUATION GIFTS ($500/EACH) 147,591
    UNIVERSITY OF WISCONSIN SYSTEM
    1860 VAN HISE HALL 1220 LINDEN
    DRIVE
    MADISON,WI53706     		NONE PUBLIC SCHOOLS STIPENDS AND NEED-BASED GRANTS 8,599,208
    WISCONSIN TECHNICAL COLLEGE SYSTEM
    4622 UNIVERSITY AVENUE
    MADISON,WI53705     		NONE PUBLIC SCHOOLS STIPENDS AND NEED-BASED GRANTS 258,025
    Total .................................bullet 3a 9,004,824
    bApproved for future payment
    84 INDIVIDUAL GRANT RECIPIENTS
    VARIOUS
    MADISON,WI53705     		NONE N/A GRADUATION GIFTS ($500/EACH) 42,000
    Total .................................bullet 3b 42,000
    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 54  
    4 Dividends and interest from securities....     14 1,150,286  
    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.....     01 367  
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 24,016,418  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 0 25,167,125 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    25,167,125
    (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:  
    Software Version:  


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

    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    Arrow Bullet Go to www.irs.gov/Form990 for the latest information.
    OMB No. 1545-0047
    2019
    Name of the organization
    FUND FOR WISCONSIN SCHOLARS INC
     
    Employer identification number

    26-1412296
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ






    Form 990-PF




    Check if your organization is covered by the General Rule or a Special Rule.  
    Note: Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
    General Rule
    Special Rules
    ......... Arrow Bullet $  
    Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
    990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
    or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
    990-EZ, or 990-PF).
    For Paperwork Reduction Act Notice, see the Instructions
    for Form 990, 990-EZ, or 990-PF.
    Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2019)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2019) Page 2
    Name of organization
    FUND FOR WISCONSIN SCHOLARS INC
          		Employer identification number
    26-1412296
    Part I
    Contributors
    Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    1
    JOHN AND TASHIA MORGRIDGE
    PO BOX 5506
     
    MADISON, WI537050506

    		$ 7,000,000


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

    		$  


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

    		$  


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

    		$  


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

    		$  


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

    		$  


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2019)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2019)
    Page 3
    Name of organization
    FUND FOR WISCONSIN SCHOLARS INC
          		Employer identification number

    26-1412296
    Part II
    Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    Schedule B (Form 990, 990-EZ, or 990-PF) (2019)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2019)
    Page 4
    Name of organization
    FUND FOR WISCONSIN SCHOLARS INC
          		Employer identification number

    26-1412296
    Part III
    Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
    Use duplicate copies of Part III if additional space is needed.
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    Schedule B (Form 990, 990-EZ, or 990-PF) (2019)

    Additional Data


    Software ID:  
    Software Version:  

    TY 2017 AccountingFeesSchedule
    Name:
    FUND FOR WISCONSIN SCHOLARS INC
    EIN:
    26-1412296
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 31,078 23,308   8,038

    TY 2017 InvestmentsCorpStockSchedule
    Name:
    FUND FOR WISCONSIN SCHOLARS INC
    EIN:
    26-1412296
    Name of Stock End of Year Book Value End of Year Fair Market Value
    AMC NETWORKS INC 211,480 211,480
    ALARM.COM HOLDINGS INC 700,593 700,593
    BWX TECHNOLOGIES INC 137,104 137,104
    BOX INC 920,032 920,032
    CAESARS ENTERTAINMENT CORP 175,480 175,480
    CATALENT INC 29,323 29,323
    CHANNELADVISOR CORP 144,293 144,293
    COLFAX CORP 549,922 549,922
    COMPASS MINERALS INTERNATIONAL 223,550 223,550
    COMSCORE INC 359,787 359,787
    DUN & BRADSTREET CORP 134,915 134,915
    ENTEGRIS INC 155,940 155,940
    FLIR SYSTEMS INC 36,379 36,379
    FIREEYE INC 200,070 200,070
    GENERAC HOLDINGS INC 41,384 41,384
    KNOWLES CORP 131,580 131,580
    LIONS GATE ENTERTAINMENT CORP 212,313 212,313
    LIVE NATION ENTERTAINMENT INC 114,140 114,140
    PATTERSON COS INC 95,214 95,214
    PLATFORM SPECIALTY PRODUCTS CO 1,063,326 1,063,326
    VALVOLINE INC 211,386 211,386
    VERSUM MATERIALS INC 159,745 159,745
    WPX ENERGY INC 157,763 157,763
    ACUSHNET HOLDINGS CORP 156,544 156,544
    AERCAP HOLDINGS CORP 49,276 49,276
    ALLIANCE DATA SYSTEMS CORP 23,320 23,320
    AMDOCS LTD 29,124 29,124
    AMETEK INC 19,483 19,483
    ANALOG DEVICES INC 15,347 15,347
    ARROW ELECTRONICS INC 42,157 42,157
    AXALTA COATING SYSTEMS LTD 205,805 205,805
    BALL CORP 40,171 40,171
    CARDINAL HEALTH 25,880 25,880
    CBRE GROUP INC 23,870 23,870
    CIENA CORP 216,056 216,056
    COMMERCE BANCSHARES INC/MO 26,531 26,531
    CROWN HOLDINGS 49,236 49,236
    DONALDSON CO INC 30,230 30,230
    EATON CORP PLC 29,896 29,896
    ELF BEAUTY INC 176,357 176,357
    FIDELITY NATIONAL FINANCIAL IN 45,520 45,520
    FIRSTCASH INC 44,925 44,925
    GENPACT LTD 30,955 30,955
    GILDAN ACTIVEWEAR INC 48,154 48,154
    HANESBRANDS INC 253,230 253,230
    HELEN OF TROY LTD 65,961 65,961
    IMAX CORP 146,190 146,190
    JOHNSON CONTROLS INTERNATIONAL 30,105 30,105
    LABORATORY CORP OF AMERICA HOL 26,930 26,930
    LIBERTY MEDIA CORP-LIBERTY BRA 51,420 51,420
    MARKEL CORP 27,109 27,109
    MAXAR TECHOLOGIES LET 211,881 211,881
    MEDNAX INC 21,640 21,640
    OMNICOM GROUP INC 40,423 40,423
    PAPA JOHN'S INTERNATIONAL INC 362,699 362,699
    PENSKE AUTOMOTIVE GROUP INC 13,587 13,587
    PERRIGO CO PLC 31,351 31,351
    PA GROUP HOLDINGS INC 72,000 72,000
    PRA GROUP INC 38,550 38,550
    PROGRESSIVE CORP/THE 22,477 22,477
    QUANEX BUIDLING PRODUCTS CORP 29,618 29,618
    RELIANCE STEEL & ALUMINUM CO 29,764 29,764
    RENAISSANCERE HOLDINGS LTD 32,486 32,486
    SCHWEITZER-MAUDUIT INTERNATIONAL 52,027 52,027
    SEMGROUP CORP 137,160 137,160
    SNAP-ON INC 33,751 33,751
    STATE STREET CORP 36,305 36,305
    STEELCASE INC 27,405 27,405
    SYNCHRONY FINANCIAL 25,703 25,703
    SYNEOS HEALTH INC 46,900 46,900
    TCF FINANCIAL CORP 44,316 44,316
    TE CONNECTIVITY LTD 21,614 21,614
    TORCHMARK CORP 6,513 6,513
    UNITED NATURAL FOODS INC 17,917 17,917
    WHIRLPOOL CORP 35,095 35,095
    WILLIAMS-SONOMA INC 18,414 18,414
    WOODWARD INC 33,050 33,050
    WORLD FUEL SERVICES CORP 15,308 15,308

    TY 2017 InvestmentsOtherSchedule2
    Name:
    FUND FOR WISCONSIN SCHOLARS INC
    EIN:
    26-1412296
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    ACACIA INST'L PARTNERS FMV 3,260,010 3,260,010
    ALPINE INVESTORS V FMV 4,953,134 4,953,134
    BLUESTEM PARTNERS FMV 9,548,970 9,548,970
    CEVIAN CAPITAL II FMV 8,512,950 8,512,950
    EMINENCE LONG FMV 4,199,514 4,199,514
    FEDERAL STREET ASIA E.M. FMV 31,001 31,001
    FEIN 46-0946768 FMV 7,972,035 7,972,035
    HOUND PARTNERS LONG (GLOBAL EQUITY) FMV 4,356,176 4,356,176
    HOUND PARTNERS LONG (HEDGE) FMV 2,932,944 2,932,944
    IR&M INTERMEDIATE FMV 8,006,450 8,006,450
    LEGACY VENTURE VI FMV 4,043,435 4,043,435
    LEGACY VENTURE VIII FMV 3,344,565 3,344,565
    MARBLE ARCH OFFSHORE PARTNERS FMV 5,977,747 5,977,747
    MERCED PARTNERS IV FMV 3,172,370 3,172,370
    MML CAPITAL PARTNERS V FMV 275,010 275,010
    PARK WEST FMV 8,025,485 8,025,485
    RCP SECONDARY OPPORTUNITY FMV 989,822 989,822
    REGIMENT SPECIAL SITUATIONS V FMV 406,029 406,029
    SAN FRANCISCO PARTNERS FMV 5,900,523 5,900,523
    SANKATY CREDIT OPPORTUNITIES V-A2 FMV 2,120,880 2,120,880
    SRS PARTNERS FMV 7,454,823 7,454,823
    STEPSTONE SECONDARY OPP. II FMV 2,531,583 2,531,583
    STONEHILL INST'L PARTNERS FMV 2,630,826 2,630,826
    TENG YUE PARTNERS OFFSHORE FMV 3,095,848 3,095,848
    TP PARTNERS FMV 2,108,514 2,108,514
    VR GLOBAL OFFSHORE FMV 3,796,741 3,796,741
    NINE TEN PARTNERS LP FMV 6,752,108 6,752,108
    VANGUARD M/C GROW INDX-ADM FMV 1,563,397 1,563,397
    VANGUARD INST INDEX-INST FMV 14,124,292 14,124,292
    GQG EMERGING MARKETS FMV 1,696,858 1,696,858
    HARDING LOEVNER GLOBAL EQUITY FMV 2,434,777 2,434,777
    WELLINGTON EMERGING MARKETS FMV 950,267 950,267
    VANGUARD TOTAL INTERNATIONAL STOCK INDEX FMV 7,712,902 7,712,902
    CAUSEWAY INTERNATIONAL VALUE FMV 2,393,181 2,393,181
    HARBOR INTERNATIONAL SMALL CAP FMV 2,405,394 2,405,394
    VANGUARD EMERGING MARKETS FMV 3,005,133 3,005,133
    CENTRE LANE PARTNERS IV, LP FMV 3,571,425 3,571,425
    GENERAL ATLANTIC 2017 LP FMV 3,662,431 3,662,431
    CLARION LION PROPERTIES FUND FMV 3,555,783 3,555,783
    NEUBERGER BERMAN FMV 3,248,278 3,248,278

    TY 2017 LandEtcSchedule2
    Name:
    FUND FOR WISCONSIN SCHOLARS INC
    EIN:
    26-1412296
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    FURNITURE 4,770 4,770 0  
    TABLE & (4) CHAIRS 1,709 1,709 0  
    COMPUTER 1,160 0 1,160  


    TY 2017 LegalFeesSchedule
    Name:
    FUND FOR WISCONSIN SCHOLARS INC
    EIN:
    26-1412296
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 2,091 0   4,182


    TY 2017 OtherAssetsSchedule
    Name:
    FUND FOR WISCONSIN SCHOLARS INC
    EIN:
    26-1412296
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    INTEREST & DIVIDENDS RECEIVABLE 3,152 9,198 9,198
    RECEIVABLE FROM BROKER FOR SECURITIES 1,520,467 8,574,851 8,574,851
    TAX RECEIVABLE 259,543 71,640 71,640
    GRANTS AND STIPENDS TO BE RETURNED 4,500 17,442 17,442


    TY 2017 OtherDecreasesSchedule
    Name:
    FUND FOR WISCONSIN SCHOLARS INC
    EIN:
    26-1412296
    Description Amount
    NET UNREALIZED LOSS 6,367,522


    TY 2017 OtherExpensesSchedule
    Name:
    FUND FOR WISCONSIN SCHOLARS INC
    EIN:
    26-1412296
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    OFFICE SUPPLIES AND EXPENSE 7,656 44   4,977
    TELECOMMUNICATIONS 3,548 177   3,111
    POSTAGE & SHIPPING 2,867 287   2,361
    INSURANCE 18,267 0   18,295
    MISCELLANEOUS 11,548 0   11,576
    DATABASE & SUBSCRIPTIONS 5,143 0   4,911
    PORTFOLIO EXPENSES FROM K-1'S 0 963,309   0


    TY 2017 OtherIncomeSchedule2
    Name:
    FUND FOR WISCONSIN SCHOLARS INC
    EIN:
    26-1412296
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    K-1 ACTIVITY   -155,022  
    MISCELLANEOUS INCOME 367 367 367


    TY 2017 OtherLiabilitiesSchedule
    Name:
    FUND FOR WISCONSIN SCHOLARS INC
    EIN:
    26-1412296
    Description Beginning of Year - Book Value End of Year - Book Value
    GRANT RECIPIENT GIFTS PAYABLE 100,000 42,000
    PAYABLE TO BROKER FOR SECURITIES 43,345 295,288
    TAXES PAYABLE 0 90,406


    TY 2017 OtherProfessionalFeesSchedule
    Name:
    FUND FOR WISCONSIN SCHOLARS INC
    EIN:
    26-1412296
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT COMPANY FEES 1,319,387 780,483   0
    OTHER PROFESSIONAL FEES 212,802 0   194,712


    TY 2017 TaxesSchedule
    Name:
    FUND FOR WISCONSIN SCHOLARS INC
    EIN:
    26-1412296
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FEDERAL EXCISE AND UBI TAX 512,517 0   0
    FOREIGN TAXES FROM K-1'S 0 36,990   0