Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0052
2018
Open to Public Inspection
For calendar year 2018, or tax year beginning 01-01-2018 , and ending 12-31-2018
Name of foundation
STEVEN C LEUTHOLD FAMILY FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)4912 EMERSON AVENUE SOUTH
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
MINNEAPOLIS, MN55419
A Employer identification number

41-1680986
B Telephone number (see instructions)

(612) 259-8696
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$22,523,064J 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)  
2 Check bullet.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 372,426 372,426  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 4,513,797
b Gross sales price for all assets on line 6a 17,045,709
7 Capital gain net income (from Part IV, line 2)... 4,513,797
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 23,927 23,927  
12 Total. Add lines 1 through 11........ 4,910,150 4,910,150  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 45,000 0   45,000
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment 232,315 36,512   195,803
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 9,804 6,385   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings....... 3,266 0   3,266
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 638,766 634,989   0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 929,151 677,886   244,069
25 Contributions, gifts, grants paid....... 1,995,000 1,995,000
26 Total expenses and disbursements. Add lines 24 and 25 2,924,151 677,886   2,239,069
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 1,985,999
b Net investment income (if negative, enter -0-) 4,232,264
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2018)
Form 990-PF (2018)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............   17,893 17,893
2 Savings and temporary cash investments.........      
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule).......      
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 19,979,229 Click to see attachment22,100,904 22,505,171
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 19,979,229 22,118,797 22,523,064
Liabilities 17 Accounts payable and accrued expenses.......... 630,569 784,138
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)......... 630,569 784,138
Net Assets or Fund Balances Foundations that follow SFAS 117, check here bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted..................    
25 Temporarily restricted...............    
26 Permanently restricted...............    
Foundations that do not follow SFAS 117, check here bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds........ 0 0
28 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
29 Retained earnings, accumulated income, endowment, or other funds 19,348,660 21,334,659
30 Total net assets or fund balances (see instructions)..... 19,348,660 21,334,659
31 Total liabilities and net assets/fund balances (see instructions). 19,979,229 22,118,797
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree with end-of-year figure reported on prior year’s return) ...............
1
19,348,660
2
Enter amount from Part I, line 27a .....................
2
1,985,999
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
21,334,659
5
Decreases not included in line 2 (itemize) bullet
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
21,334,659
Form 990-PF (2018)
Form 990-PF (2018)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a PUBLICLY TRADED SECURITIES P    
b PUBLICLY TRADED SECURITIES P    
c PUBLICLY TRADED PARTNERSHIP P    
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 11,894,245   7,507,488 4,386,757
b 5,151,464   4,985,494 165,970
c     38,930 -38,930
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       4,386,757
b       165,970
c       -38,930
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 4,513,797
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If "Yes," the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2017 2,188,296 24,610,530 0.088917
2016 2,181,254 20,731,075 0.105217
2015 11,658,816 23,088,070 0.504971
2014 9,507,340 38,430,827 0.247388
2013 5,174,777 39,178,429 0.132082
2
Total of line 1, column (d) .....................
2
1.078575
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
0.215715
4
Enter the net value of noncharitable-use assets for 2018 from Part X, line 5......
4
25,354,542
5
Multiply line 4 by line 3......................
5
5,469,355
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
42,323
7
Add lines 5 and 6........................
7
5,511,678
8
Enter qualifying distributions from Part XII, line 4,.............
8
2,239,069
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See the Part VI instructions.
Form 990-PF (2018)
Form 990-PF (2018)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here Bullet and enter “N/A" on line 1. Bracket includes lines 1a and 1b
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b Domestic foundations that meet the section 4940(e) requirements in Part V, check 1 84,645
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 84,645
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 84,645
6 Credits/Payments:
a 2018 estimated tax payments and 2017 overpayment credited to 2018 6a 16,000
b Exempt foreign organizations—tax withheld at source...... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 16,000
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 257
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 68,902
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2019 estimated taxBullet   RefundedBullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? (see Instructions
for definition).................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 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
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
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)
    bulletMN
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2018 or the taxable year beginning in 2018? See the instructions for Part XIV.
    If "Yes," complete Part XIV .............................
    9
     
    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 (2018)
    Form 990-PF (2018)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    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 addressbulletN/A
    14
    The books are in care ofbulletJENELLE WELLER Telephone no.bullet (612) 259-8696

    Located atbullet4912 EMERSON AVENUE SOUTHMINNEAPOLISMN ZIP+4bullet55419
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2018, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16   No
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet  
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?......................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?...............
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).......
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ........
    1b
     
    No
    ........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2018?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2018, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2018?.............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?......................
    b
    If "Yes," did it have excess business holdings in 2018 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2018.)..................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2018?
    4b
     
    No
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?.............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?.....
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ......
    5b
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .................
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    STEVEN C LEUTHOLD DIRECTOR
    1.00     		9,000 0 0
    PO BOX 58
    BAILEY ISLAND,ME04003
    DR LINDA LEUTHOLD DONERKIEL DIRECTOR
    1.00     		9,000 0 0
    750 COW HORSE DRIVE
    KUNA,ID83634
    MICHAEL LEUTHOLD DIRECTOR
    1.00     		9,000 0 0
    10201 E GLENN STREET
    TUCSON,AZ85749
    KURT LEUTHOLD DIRECTOR
    1.00     		9,000 0 0
    1810 OAKVIEW LANE N
    PLYMOUTH,MN55441
    RUSSELL LEUTHOLD DIRECTOR
    1.00     		9,000 0 0
    35102 VINTAGE TRAIL
    WAUKEE,IA50263
    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 (2018)
    Form 990-PF (2018)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    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 Click to see attachment 0
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    19,993,934
    b
    Average of monthly cash balances.......................
    1b
    5,746,718
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    25,740,652
    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
    25,740,652
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    386,110
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    25,354,542
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    1,267,727
    Part XI
    Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    1,267,727
    2a
    Tax on investment income for 2018 from Part VI, line 5......
    2a
    84,645
    b
    Income tax for 2018. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    84,645
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    1,183,082
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    1,183,082
    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
    1,183,082
    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
    2,239,069
    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
    2,239,069
    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
    2,239,069
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2017     		(c)
    2017     		(d)
    2018
    1 Distributable amount for 2018 from Part XI, line 7 1,183,082
    2 Undistributed income, if any, as of the end of 2018:
    a Enter amount for 2017 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2018:
    a From 2013...... 3,263,444
    b From 2014...... 7,599,445
    c From 2015...... 10,522,238
    d From 2016...... 1,144,700
    e From 2017...... 973,128
    fTotal of lines 3a through e........ 23,502,955
    4Qualifying distributions for 2018 from Part
    XII, line 4: bullet$ 2,239,069
    a Applied to 2017, but not more than line 2a 0
    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 2018 distributable amount..... 1,183,082
    e Remaining amount distributed out of corpus 1,055,987
    5 Excess distributions carryover applied to 2018. 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 24,558,942
    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 2017. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2018. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2019 ..........     		0
    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 2013 not
    applied on line 5 or line 7 (see instructions) ...     		3,263,444
    9Excess distributions carryover to 2019.
    Subtract lines 7 and 8 from line 6a ......     		21,295,498
    10 Analysis of line 9:
    a Excess from 2014.... 7,599,445
    b Excess from 2015.... 10,522,238
    c Excess from 2016.... 1,144,700
    d Excess from 2017.... 973,128
    e Excess from 2018.... 1,055,987
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2018, enter the date of the ruling....... bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2018 (b) 2017 (c) 2016 (d) 2015
             
    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).)
    STEVEN C LEUTHOLD
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
    STEVEN C LEUTHOLD
    4912 EMERSON AVENUE SOUTH
    MINNEAPOLIS,MN55419
    (612) 259-8696
    bThe form in which applications should be submitted and information and materials they should include:
    LETTER STATING PURPOSE FOR WHICH FUNDS ARE REQUESTED AND RELEVANT INFORMATION ON ACTIVITIES OF ORGANIZATION.
    cAny submission deadlines:
    NONE
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    NONE
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    30 DAYS FOUNDATION
    8014 OLSON HIGHWAY 195
    GOLDEN VALLEY,MN55427     		NONE   OPERATIONS 20,000
    ACADEMY OF WHOLE LEARNING
    3500 WILLISTON ROAD
    MINNETONKA,MN55435     		NONE   OPERATIONS 10,000
    ACLU
    PO BOX 17148
    PHOENIX,AZ85011     		NONE   OPERATIONS 20,000
    AKSHAYA TRUST
    17359 EAST CALEY PLACE
    AURORA,CO80016     		NONE   OPERATIONS 10,000
    ALBERT PAINE PAINSDALE UNITED METHODIST CHURCH
    PO BOX 92
    PAINSDALE,MI49930     		NONE   OPERATIONS 7,000
    ALBERTINI MELANOMA RESEARCH
    600 HIGHLAND AVENUE K6/530 CSC
    MADISON,WI53792     		NONE   OPERATIONS 10,000
    ALLIANCE FOR SUSTAINABILITY
    2801 21ST AVE S SUITE 100
    MINNEAPOLIS,MN55407     		NONE   OPERATIONS 5,000
    AMERICAN VET MED FOUNDATION
    1931 N MEACHAM RD STE 100
    SCHAUMBURG,IL60173     		NONE   OPERATIONS 10,000
    AMERICAN PRAIRIE RESERVE
    7 EAST BEALL ST SUITE 100
    BOZEMAN,MT59715     		NONE   OPERATIONS 10,000
    AMICUSVOA
    7625 METRO BLVD
    MINNEAPOLIS,MN55439     		NONE   OPERATIONS 5,000
    ANIMAL WELFARE INSTITUTE
    900 PENNSYLVANIA AVE SE
    WASHINGTON,DC20027     		NONE   OPERATIONS 5,000
    ANIMALS IN DISTRESS
    2201 WEST BOISE AVE
    BOISE,ID83706     		NONE   WATER PROJECT 5,000
    AQUABILITY
    3218 W OVERLAND ROAD
    BOISE,ID83705     		NONE   OPERATIONS 5,000
    ARIZONA OPEN LAND TRUST
    3127 N CHERRY AVENUE
    TUCSON,AZ85719     		NONE   OPERATIONS 10,000
    ARIZONAS CHILDREN'S ASSOCPARENT CONNECTION
    3716 E COLUMBIA STREET
    TUCSON,AZ85714     		NONE   OPERATIONS 10,000
    BIG BROTHERSBIG SISTERS OF SW IDAHO
    110 NORTH 27TH ST
    BOISE,ID83702     		NONE   OPERATIONS 7,000
    BIG BROTHERSBIG SISTERS OF TUCSON
    160 E ALAMEDA ST
    TUCSON,AZ85701     		NONE   OPERATIONS 2,000
    BORN FREE
    2300 WISCONSIN AVE NW 100 B
    WASHINGTON,DC20007     		NONE   IDAHO ANIMAL TRAPPING CAMPAIGN 15,000
    BOYS & GIRLS CLUB KUNA COUNTY
    610 EAST 42ND STREET
    GARDEN CITY,ID83714     		NONE   OPERATIONS 20,000
    BOYS & GIRLS CLUB OF TUCSON
    PO BOX 40217
    TUCSON,AZ85717     		NONE   OPERATIONS 10,000
    CAN DO CANINES
    9440 SCIENCE CENTER DRIVE
    NEW HOPE,MN55428     		NONE   OPERATIONS 20,000
    CATCH INC
    503 S AMERICANA BLVD
    BOISE,ID83702     		NONE   OPERATIONS 10,000
    CENTER FOR BIOLOGICAL DIVERSITY
    PO BOX 710
    TUCSON,AZ85702     		NONE   OPERATIONS 50,000
    CENTER FOR SCIENCE IN THE PUBLIC INTEREST
    1220 L STREET NW STE 300
    WASHINGTON,DC20005     		NONE   OPERATIONS 7,000
    CHILD LANGUAGE CENTER INC
    202 E SPEEDWAY
    TUCSON,AZ85705     		NONE   WINGS ON WORDS 10,000
    CHILDREN'S CHANCE
    1617 INDEPENDENCE AVE N
    GOLDEN VALLEY,MN55427     		NONE   OPERATIONS 25,000
    CHIMP HAVEN
    13600 CHIMPANZEE PLACE
    KEITHVILLE,LA71047     		NONE   OPERATIONS 10,000
    COALITION FOR SONORAN DESERT PROTECTION
    300 EAST UNIVERSITY BLVD SUITE 120
    TUCSON,AZ85705     		NONE   OPERATIONS 25,000
    COMMUNITY FOOD BANK TUCSON
    3003 SOUTH COUNTRY CLUB ROAD
    TUCSON,AZ85713     		NONE   OPERATIONS 35,000
    COMPATIBLE TECHNOLOGIES INTERNATIONAL
    800 TRANSFER ROAD SUITE 6
    ST PAUL,MN55114     		NONE   OPERATIONS 40,000
    CONSERVATION MINNESOTA
    1101 WEST RIVER PKWY STE 250
    MINNEAPOLIS,MN55415     		NONE   OPERATIONS 5,000
    COPPER COUNTRY AUDUBON SOCIETY
    PO BOX 124
    HOUGHTON,MI49931     		NONE   OPERATIONS 6,000
    COPPER COUNTRY HISTORY MUSEUM
    534 ISLE ROYALE STREET
    LAURIUM,MI49913     		NONE   OPERATIONS 2,000
    COPPER HARBOR TRAILS CLUB
    PO BOX 37
    COPPER HARBOR,MI49918     		NONE   OPERATIONS 5,000
    COPPER RANGE HISTORICAL SOCIETY
    44 TRIMOUNTAIN AVE PO BOX 148
    SOUTH RANGE,MI49963     		NONE   OPERATIONS 2,000
    DASSEL-COKATO HISTORICAL SOCIETY
    175 FOURTH STREET SW
    COKATO,MN55321     		NONE   OPERATIONS 2,000
    DEFENDER OF WILDLIFE
    1130 17TH STREET NW
    WASHINGTON,DC20036     		NONE   OPERATIONS 7,000
    DOWNEAST INSTITUTE
    39 WILDFLOWER LANE
    BEALS,ME04611     		NONE   OPERATIONS 5,000
    EARTH WORKS
    1612 K ST NW SUITE 808
    WASHINGTON,DC20006     		NONE   MINING REFORM 20,000
    EARTHJUSTICE
    50 CALIFORNIA STREET SUITE 500
    SAN FRANCISCO,CA94111     		NONE   GLOBAL WARMING 65,000
    EL RIO FOUNDATION
    839 W CONGRESS
    TUCSON,AZ85745     		NONE   OPERATIONS 35,000
    ELECTRONIC FRONTIER FOUNDATION
    815 EDDY STREET
    SAN FRANCISCO,CA94109     		NONE   OPERATIONS 15,000
    ENGLISH LEARNING CENTER
    2315 CHICAGO AVE S
    MINNEAPOLIS,MN55405     		NONE   OPERATIONS 10,000
    FAMILY CARE FOUNDATION
    PO BOX 1039
    SPRING VALLEY,CA91979     		NONE   ESPOIR CONGO 55,000
    FAMILY PLANNING ASSOCIATION OF MAINE
    PO BOX 587
    AUGUSTA,ME04332     		NONE   OPERATIONS 8,000
    FEED MY STARVING CHILDREN
    401 93RD AVE NW
    COON RAPIDS,MN55433     		NONE   OPERATIONS 30,000
    FREEBORN COUNTY HUMANE SOCIETY
    101 JAMES AVENUE
    ALBERT LEA,MN56007     		NONE   OPERATIONS 10,000
    FRESH ENERGY
    408 SAINT PETER STREET STE 220
    ST PAUL,MN55102     		NONE   OPERATIONS 6,000
    FRIENDS OF CASCO BAY
    43 SLOCUM DRIVE
    SOUTH PORTLAND,ME04106     		NONE   OPERATIONS 8,000
    FRIENDS OF CAVE CREEK CANYON
    PO BOX 16126
    PORTAL,AZ85362     		NONE   OPERATIONS 12,000
    FRIENDS OF CHILDREN PORTLAND
    44 NE MORRIS STREET
    PORTLAND,OR97212     		NONE   OPERATIONS 5,000
    FRIENDS OF SAX-ZIMM BOG
    PO BOX 3585
    DULUTH,MN55803     		NONE   OPERATIONS 53,000
    FRIENDS OF THE MISSISSIPPI
    101 EAST 5TH STREET SUITE 2000
    ST PAUL,MN55101     		NONE   OPERATIONS 28,000
    GLEN CANYON INSTITUTE
    429 EAST 100 SOUTH
    SALT LAKE CITY,UT84111     		NONE   OPERATIONS 36,000
    GRANDPARENTS AS PARENTS INC
    22048 SHERMAN WAY 217
    CANOGA PARK,CA91303     		NONE   OPERATIONS 14,000
    GRATIOT LAKE CONSERVANCY
    PO BOX 310
    MOHAWK,MI49950     		NONE   OPERATIONS 6,000
    GREENPEACE
    702 H STREET NW SUITE 300
    WASHINGTON,DC20001     		NONE   OPERATIONS 15,000
    GREYHOUND RESCUE OF IDAHO
    146 N MIDDLETON ROAD PMB 125
    NAMPA,ID83651     		NONE   OPERATIONS 3,000
    GUIDING EYES FOR THE BLIND
    611 GRANITE SPRINGS ROAD
    YORKTOWN HEIGHTS,NY10598     		NONE   OPERATIONS 5,000
    HARMONY AND HOPE HORSE HAVEN
    PO BOX 173
    RODEO,NM88056     		NONE   OPERATIONS 5,000
    HEARTGIFT LOUISIANA
    5500 PRYTANIA 306
    NEW ORLEANS,LA70461     		NONE   OPERATIONS 10,000
    HERITAGE RADIO SOCIETY INC
    219 COUSINS ST
    YARMOUTH,ME04096     		NONE   OPERATIONS 5,000
    HOUGHTON COUNTY HIS SOCIETY
    PO BOX 127
    LAKE LINDEN,MI49945     		NONE   OPERATIONS 5,000
    HUMANE FARMING ASSOCIATION
    36 WOODLAND AVENUE
    SAN RAFAEL,CA94901     		NONE   OPERATIONS 55,000
    HUMANE SOCIETY OF SOUTHERN ARIZONA
    3450 N KELVIN BLVD
    TUCSON,AZ85716     		NONE   OPERATIONS 5,000
    HUMANE SOCIETY OF THE UNITED STATES
    700 PROFESSIONAL DRIVE
    GAITHERSBURG,MD20879     		NONE   FACTORY FARMING AWARENESS 5,000
    HUMANE SOCIETY OF THE UNITED STATES
    700 PROFESSIONAL DRIVE
    GAITHERSBURG,MD20879     		NONE   ADOPT A CLASSROOM 20,000
    IDAHO FOODBANK WAREHOUSE
    3562 SOUTH TK AVENUE
    BOISE,ID83705     		NONE   BACKPACK PROGRAM 22,500
    IDAHO SUICIDE PREVENTION HOT LINE
    1607 W JEFFERSON STREET
    BOISE,ID83702     		NONE   OPERATIONS 5,000
    IDAHO YOUTH RANCH
    5465 WEST IRVING STREET
    BOISE,ID83706     		NONE   OPERATIONS 25,000
    INSTITUTE OF RANGE AND AMERICAN MUSTANG
    PO BOX 998
    HOT SPRINGS,SD57747     		NONE   OPERATIONS 9,000
    INTERCULTURAL CENTER FOR STUDY OF DESERTS & OCEANS
    PO BOX 44208
    TUCSON,AZ85733     		NONE   OPERATIONS 3,000
    IZAAK WALTON LEAGUE OF AMERICA MINNESOTA DIVISION
    2233 UNIVERSITY AVE W STE 339
    ST PAUL,MN55114     		NONE   OPERATIONS 7,000
    KATIE'S KROPS
    PO BOX 1841
    SUMMERVILLE,SC29484     		NONE   OPERATIONS 15,000
    KBEM RADIO
    1555 JAMES AVENUE N
    MINNEAPOLIS,MN55411     		NONE   OPERATIONS 5,000
    KEWEENAW COMMUNITY FOREST COMPANY
    13992 SMITH FISHERIES ROAD
    MOHAWK,MI49950     		NONE   OPERATIONS 77,000
    KEWEENAW COUNTY HISTORICAL SOCIETY
    670 LIGHTHOUSE ROAD
    EAGLE HARBOR,MI49950     		NONE   OPERATIONS 7,000
    KEWEENAW LAND TRUST
    801 NORTH LINCOLN DR STE 306
    HANCOCK,MI49930     		NONE   OPERATIONS 23,000
    KINSHIP UNITEDWARM BLANKETS
    5105 TOLLVIEW DR 155
    ROLLING MEADOWS,IL60008     		NONE   OPERATIONS 3,000
    LIVE THEATER WORKSHOP
    5317 SPEEDWAY BLVD
    TUCSON,AZ85712     		NONE   OPERATIONS 10,000
    LOVE ONE ANOTHER
    7220 YORK AVENUE S 610
    EDINA,MN55435     		NONE   OPERATIONS 20,000
    MAINE PBS
    1450 LISBON STREET
    LEWISTON,ME04240     		NONE   OPERATIONS 11,000
    MALPAI BORDERLANDS GROUP
    PO BOX 3536
    DOUGLAS,AZ85607     		NONE   OPERATIONS 5,000
    MCPAWS REGIONAL ANIMAL SHELTER
    PO BOX 1375
    MCCALL,ID83638     		NONE   OPERATIONS 10,000
    MEALS FROM THE HEARTLAND
    357 LINCOLN STREET
    DES MOINES,IA50265     		NONE   OPERATIONS 10,000
    MERRYSPRING
    30 CONWAY ROAD
    CAMDEN,ME04843     		NONE   OPERATIONS 5,000
    MINNESOTA CENTER FOR ENVIRONMENTAL ADVOCACY
    26 E EXCHANGE ST STE 206
    ST PAUL,MN55101     		NONE   OPERATIONS 22,000
    MINNESOTA ZOO
    13000 ZOO BOULEVARD
    APPLE VALLEY,MN55124     		NONE   OPERATIONS 4,000
    MINNESOTA LAND TRUST
    2356 UNIVERSITY AVE WEST STE 240
    ST PAUL,MN55114     		NONE   OPERATIONS 5,000
    MOBILE MEALS OF TUCSON
    4803 EAST 5TH STREET 209
    TUCSON,AZ85711     		NONE   OPERATIONS 11,000
    NATIONAL STUTTERING ASSOCIATION
    119 W 40TH STREET 14TH FL
    NEW YORK,NY10018     		NONE   OPERATIONS 10,000
    NATURAL RESOURCES DEFENSE COUNCIL
    40 W 20TH ST
    NEW YORK,NY10011     		NONE   OPERATIONS 60,000
    NATURE CONSERVANCY COSTA RICA
    245 NORTH FAIRFAX DRIVE SUITE 100
    ARLINGTON,VA22204     		NONE   OPERATIONS 5,000
    NATURE CONSERVANCY HAWAII
    923 NUUANU AVE
    HONOLULU,HI96816     		NONE   OPERATIONS 5,000
    NATURE CONSERVANCY IDAHO
    116 FIRST AVENUE NORTH
    HAILEY,ID83333     		NONE   OPERATIONS 5,000
    NATURE CONSERVANCY MAINE
    14 MAINE ST STE 401
    BRUNSWICK,ME04011     		NONE   OPERATIONS 10,000
    NATURE CONSERVANCY MINNESOTA
    1101 WEST RIVER PKWY STE 200
    MINNEAPOLIS,MN55415     		NONE   OPERATIONS 10,000
    NATURE CONSERVANCY UTAH
    559 EAST SOUTH TEMPLE
    SALT LAKE CITY,UT84102     		NONE   OPERATIONS 7,000
    NEPAL SOCIAL SERVICE FUND
    77461 297TH STREET
    CLARKS GROVE,MN56016     		NONE   OPERATIONS 10,000
    NORTHEAST WILDERNESS TRUST
    17 STATE STREET SUITE 302
    MONTPELIER,VT05602     		NONE   OPERATIONS 10,000
    NE SUSTAINABLE ELY
    PO BOX 625
    ELY,MN55731     		NONE   OPERATIONS 22,000
    NORTHERN JAGUAR PROJECT
    2114 WEST GRANT ROAD SUITE 121
    TUCSON,AZ85745     		NONE   OPERATIONS 7,000
    NORWEGIAN LUTHERAN CHURCH HISTORICAL SOCIETY
    608 ELM ST
    CALUMET,MI49913     		NONE   OPERATIONS 10,000
    PAINSDALE MINE & SHAFT
    PO BOX 332
    PAINSDALE,MI49955     		NONE   OPERATIONS 5,000
    PETS FOR THE ELDERLY FOUNDATION
    530 E HUNT HWY STE 103 PMB 472
    SAN TAN VALLEY,AZ85143     		NONE   OPERATIONS 25,000
    PLANNED PARENTHOOD ARIZONA
    4751 N 15TH STREET
    PHOENIX,AZ85014     		NONE   OPERATIONS 15,000
    PLANNED PARENTHOOD OF IDAHO
    2001 E MADISON STREET
    SEATTLE,WA98122     		NONE   OPERATIONS 10,000
    POPULATION MEDIA CENTER
    30 KIMBALL AVENUE SUITE 302
    SOUTH BURLINGTON,VT05403     		NONE   OPERATIONS 5,000
    PORTLAND CHILDREN'S MUSEUM
    4015 SOUTHWEST CANYON ROAD
    PORTLAND,OR97221     		NONE   OPERATIONS 5,000
    PRESERVATION ALLIANCE OF MINNESOTA
    416 LANDMARK CENTER 75 W 5TH STREET
    ST PAUL,MN55102     		NONE   OPERATIONS 6,000
    RED CROSS
    5380 FRANKLIN RD
    BOISE,ID83705     		NONE   OPERATIONS 20,000
    RIVER NETWORK
    PO BOX 21387
    BOULDER,CO80308     		NONE   OPERATIONS 6,000
    RIVERLAND COMMUNITY COLLEGE
    1900 8TH AVE NW
    AUSTIN,MN55912     		NONE   SCHOLARSHIPS 25,000
    RUFF START RESCUE
    PO BOX 129
    PRINCETON,MN55371     		NONE   OPERATIONS 12,000
    SALVATION ARMY OF NORTHERN NEW ENGLAND
    PO BOX 3647
    PORTLAND,ME04101     		NONE   OPERATIONS 33,000
    SAVE THE SCENIC SANTA RITAS
    8987 E TANQUE VERDE 309-157
    TUCSON,AZ85749     		NONE   OPERATIONS 5,000
    SEARCHNATIVE SEEDS
    3584 E RIVER ROAD
    TUCSON,AZ85718     		NONE   OPERATIONS 15,000
    SIMPLY CATS ADOPTION CENTER
    2833 S VICTORY VIEW WAY
    BOISE,ID83709     		NONE   OPERATIONS 13,000
    SMALL SUMSAT HOME GROUP
    1222 UNIVERSITY AVENUE WEST
    SAINT PAUL,MN55104     		NONE   OPERATIONS 8,000
    SOCIETY FOR COMPANION ANIMALS
    619 WOOLSEY DRIVE
    DALLAS,TX75224     		NONE   OPERATIONS 6,000
    SONORAN INSTITUTE
    44 E BROADWAY BLVD STE 350
    TUCSON,AZ85701     		NONE   OPERATIONS 5,000
    SPAY NEUTER IDAHO PETS INC
    1077 S GARDEN PL
    BOISE,ID83705     		NONE   OPERATIONS 5,000
    ST ANDREWS CLINIC
    PO BOX 67
    GREEN VALLEY,AZ85622     		NONE   OPERATIONS 22,000
    TEDFORD HOUSING
    PO BOX 958 14 MIDDLE STREET
    BRUNSWICK,ME04011     		NONE   OPERATIONS 5,000
    THE FOOD TRUST
    1617 JOHN F KENNEDY BLVDONE PENN
    CENTER 900
    PHILADELPHIA,PA19103     		NONE   OPERATIONS 5,000
    TLC HORSE MULE AND DONKEY RESCUE
    PO BOX 6915
    KINGMAN,AZ86402     		NONE   OPERATIONS 8,000
    TRUST FOR PUBLIC LAND
    2610 UNIVERSITY AVE WEST STE 300
    ST PAUL,MN55114     		NONE   RAVENWOOD/BRANDENBURG ENDOWMENT 5,000
    TRUTHOUT
    PO BOX 276414
    SACRAMENTO,CA95827     		NONE   OPERATIONS 5,000
    U OF IDAHO MCCALL OUTDOOR SCIENCE SCHOOL
    PO BOX 1025
    MCCALL,ID83638     		NONE   OPERATIONS 10,000
    UM CVM COLLEGE SCHOLARSHIP FUND
    1365 GORTNER AVE 459
    ST PAUL,MN55108     		NONE   OPERATIONS 15,000
    UNION FOR CONCERNED SCIENTISTS
    TWO BRATTLE SQUARE
    CAMBRIDGE,MA02138     		NONE   OPERATIONS 80,000
    VISION LOSS RESOURCES
    1936 LYNDALE AVENUE SOUTH
    MINNEAPOLIS,MN55403     		NONE   OPERATIONS 6,000
    WEST VET
    5019 N SAWYER
    GARDEN CITY,ID83714     		NONE   OPERATIONS 5,000
    WEST VALLEY HUMANE SOCIETY
    5801 GRAYE LANE
    CALDWELL,ID83607     		NONE   OPERATIONS 5,000
    WESTERN WATERSHED PROJECT
    PO BOX 1770
    HAILEY,ID83333     		NONE   OPERATIONS 36,000
    WILDEARTH GUARDIANS
    516 ALTO STREET
    SANTA FE,NM87501     		NONE   END TRAPPING CAMPAIGN 4,500
    WILDLIFE REHAB CENTER
    2530 DALE STREET
    ROSEVILLE,MN55113     		NONE   OPERATIONS 8,000
    WORLD FOOD PROGRAMME
    1725 I STREET SUITE 510
    WASHINGTON,DC20006     		NONE   OPERATIONS 20,000
    YELLOW DOG RIVER WATERSHED
    PO BOX 5
    BIG BAY,MI49808     		NONE   OPERATIONS 5,000
    GAMERS OUTREACH
    PO BOX 694
    SALINE,MI48176     		NONE   OPERATIONS 5,000
    EASTER SEALS
    401 NE 66TH AVE
    DES MOINES,IA50313     		NONE   OPERATIONS 15,000
    GOODWILL
    15810 INDIANOLA DRIVE
    ROCKVILLE,MD20855     		NONE   OPERATIONS 10,000
    Total .................................bullet 3a 1,995,000
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3 Interest on savings and temporary cash
    investments ...........     		         
    4 Dividends and interest from securities....     14 372,426  
    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.....     14 23,927  
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 4,513,797  
    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 4,910,150 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    4,910,150
    (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 (2018)
    Form 990-PF (2018)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

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

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


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


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2018 AllOthProgRltdInvestmentsSch
    Name:
    STEVEN C LEUTHOLD FAMILY FOUNDATION
    EIN:
    41-1680986
    Category Amount
    N/A 0

    TY 2018 InvestmentsOtherSchedule2
    Name:
    STEVEN C LEUTHOLD FAMILY FOUNDATION
    EIN:
    41-1680986
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    CASH/MUTUAL FUNDS AT COST 22,100,904 22,505,171

    TY 2018 OtherExpensesSchedule
    Name:
    STEVEN C LEUTHOLD FAMILY FOUNDATION
    EIN:
    41-1680986
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    MISCELLANEOUS 3,747 0   0
    BANK FEES 30 0   0
    PORTFOLIO DEDUCTIONS 634,989 634,989   0


    TY 2018 OtherIncomeSchedule2
    Name:
    STEVEN C LEUTHOLD FAMILY FOUNDATION
    EIN:
    41-1680986
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    MISCELLANEOUS INCOME 23,927 23,927 23,927


    TY 2018 OtherProfessionalFeesSchedule
    Name:
    STEVEN C LEUTHOLD FAMILY FOUNDATION
    EIN:
    41-1680986
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    MANAGEMENT FEES 232,315 36,512   195,803


    TY 2018 TaxesSchedule
    Name:
    STEVEN C LEUTHOLD FAMILY FOUNDATION
    EIN:
    41-1680986
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INCOME TAXES 3,419 0   0
    FOREIGN TAXES 6,385 6,385   0