Form990-PF
Click to see attachment

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
THE DEVONSHIRE FOUNDATION
C/O HOWLAND CAPITAL
Number and street (or P.O. box number if mail is not delivered to street address)75 FEDERAL ST NO 1100
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
BOSTON, MA021101911
A Employer identification number

04-6004808
B Telephone number (see instructions)

(617) 357-9110
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$47,525,071J 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... 953,571 1,011,372  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 3,898,242
b Gross sales price for all assets on line 6a 15,874,923
7 Capital gain net income (from Part IV, line 2)... 3,722,990
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 246,257 -10,249 0
12 Total. Add lines 1 through 11........ 5,098,070 4,724,113 0
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0 0 0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 6,400 6,400 0 0
c Other professional fees (attach schedule).... Click to see attachment 144,518 201,436 0 0
17 Interest...............   5,215    
18 Taxes (attach schedule) (see instructions)... Click to see attachment 77,053 45,216 0 0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 187,835 7 0 187,835
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 415,806 258,274 0 187,835
25 Contributions, gifts, grants paid....... 2,614,409 2,614,409
26 Total expenses and disbursements. Add lines 24 and 25 3,030,215 258,274 0 2,802,244
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 2,067,855
b Net investment income (if negative, enter -0-) 4,465,839
c Adjusted net income (if negative, enter -0-)... 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............. 566,714    
2 Savings and temporary cash investments......... 721,849 5,030,195 5,030,195
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)....... 26,820,498 Click to see attachment22,440,689 33,872,675
c Investments—corporate bonds (attach schedule)....... 3,413,669 Click to see attachment5,442,941 5,037,420
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........      
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment3,369,337 Click to see attachment4,046,097 Click to see attachment3,584,781
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 34,892,067 36,959,922 47,525,071
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)......... 0 0
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 34,892,067 36,959,922
30 Total net assets or fund balances (see instructions)..... 34,892,067 36,959,922
31 Total liabilities and net assets/fund balances (see instructions). 34,892,067 36,959,922
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
34,892,067
2
Enter amount from Part I, line 27a .....................
2
2,067,855
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
36,959,922
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
36,959,922
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 AGNICO EAGLE MINES   2018-05-04 2018-11-08
b AGNICO EAGLE MINES   2018-06-13 2018-11-08
c CELGENE   2017-03-22 2018-03-13
d CELGENE   2018-09-21 2018-11-08
e COLUMBIA ETF   2017-05-02 2018-03-13
GILEAD SCIENCES   2018-03-13 2018-09-21
MATTHEWS   2018-03-13 2018-12-07
TE CONNECTIVITY   2018-03-13 2018-11-08
SPDR GOLD TRUST   2000-01-01 2018-12-31
AKAMAI   2013-11-08 2018-08-24
AMERICAN TOWER   2015-03-13 2018-03-01
AMERICAN TOWER   2015-03-13 2018-09-21
CELGENE   2016-10-14 2018-03-13
CIMAREX ENERGY   2017-03-17 2018-11-08
CIMAREX ENERGY   2016-02-19 2018-12-13
COLLEGIUM PHARMA   2012-02-10 2018-05-22
COLLEGIUM PHARMA   2012-02-10 2018-05-22
COLLEGIUM PHARMA   2013-12-04 2018-12-07
COLUMBIA ETF   2012-05-24 2018-03-13
COLUMBIA ETF   2015-02-20 2018-03-13
COLUMBIA ETF   2017-03-27 2018-06-13
COLUMBIA ETF   2017-05-02 2018-06-13
COLUMBIA ETF   2017-03-27 2018-11-08
DICERNA   2012-02-10 2018-05-22
GE   2012-08-17 2018-10-02
GE   2013-10-29 2018-10-02
GE   2016-04-07 2018-10-02
GE   2016-11-14 2018-10-02
GILEAD SCIENCES   2011-03-14 2018-03-13
J&J   2012-01-27 2018-03-13
J&J   2016-03-04 2018-03-13
J&J   2012-01-27 2018-12-04
MCCORMICK & CO   2015-05-21 2018-01-26
REDTAIL SOLUTIONS   2017-03-29 2018-08-29
REDTAIL SOLUTIONS   2017-03-29 2018-08-29
THERMO ELECTRO   2016-04-07 2018-12-04
VANGUARD INTL   2015-02-27 2018-09-05
VISA   2015-05-21 2018-05-04
WELLS FARGO   2011-07-20 2018-03-13
MEDTRONIC   2015-01-27 2018-12-04
AT&T   2013-12-05 2018-11-27
AKAMAI   2009-10-19 2018-08-24
AKAMAI   2009-11-04 2018-08-24
AMPHENOL   2009-09-03 2018-05-04
AMPHENOL   2010-05-20 2018-05-04
DANAHER CORP   2009-05-08 2018-12-04
DANAHER CORP   2009-11-04 2018-12-04
DOWDUPONT   2009-02-03 2018-03-19
DOWDUPONT   2009-05-08 2018-03-19
DOWDUPONT   2010-05-20 2018-03-19
FEDERATED WORLD   2003-09-04 2018-06-26
FEDERATED WORLD   2009-05-08 2018-06-26
FEDERATED WORLD   2009-05-08 2018-06-26
FEDERATED WORLD   2010-12-23 2018-06-26
GILEAD SCIENCES   2004-01-30 2018-09-21
HARDING LOEVNER   2010-12-23 2018-06-13
IDEXX LABS   2009-05-08 2018-12-04
IDEXX LABS   2009-05-08 2018-12-04
J&J   2009-09-03 2018-12-04
VISA   2008-08-21 2018-05-04
VISA   2010-06-04 2018-05-04
VISA   2009-05-08 2018-08-07
VISA   2009-06-04 2018-08-07
WALGREENS   2009-05-08 2018-05-07
WALGREENS   2009-05-08 2018-05-07
CHUBB   2009-09-03 2018-01-26
CHUBB   2010-05-20 2018-01-26
SUNWEALTH   2017-11-20 2018-04-03
SUNWEALTH   2017-11-20 2018-07-02
SUNWEALTH   2017-11-20 2018-10-01
VECTOR CAPITAL   2009-05-08 2018-12-12
SUNWEALTH   2017-11-20 2018-12-28
SPDR S&P   2018-03-23 2018-12-04
SPDR GOLD TRUST   2000-01-01 2018-12-07
AMERICAN TOWER   2015-03-13 2018-02-23
AMERICAN TOWER   2015-03-13 2018-09-21
CELGENE   2017-03-22 2018-12-04
CIMAREX ENERGY   2016-02-19 2018-12-13
CIMAREX ENERGY   2016-11-14 2018-12-13
CIMAREX ENERGY   2017-03-17 2018-12-13
CLEAN HARBORS   2014-06-02 2018-08-01
COLUMBIA ETF   2015-02-27 2018-06-13
COLUMBIA ETF   2017-03-27 2018-06-13
COLUMBIA ETF   2017-05-02 2018-06-13
COLUMBIA ETF   2012-05-24 2018-12-03
COLUMBIA ETF   2017-03-27 2018-12-03
GE   2012-08-17 2018-10-02
GE   2012-11-26 2018-10-02
GE   2016-04-07 2018-10-02
GE   2016-06-09 2018-10-02
J&J   2012-01-27 2018-05-04
J&J   2012-01-27 2018-12-04
THERMO ELECTRO   2015-11-16 2018-12-04
THERMO ELECTRO   2016-04-07 2018-12-04
VANGUARD INTL   2015-02-27 2018-09-05
VISA   2015-05-21 2018-05-04
VISA   2015-05-21 2018-08-07
WELLS FARGO   2011-07-20 2018-03-23
YUM   2014-03-19 2018-06-13
MEDTRONIC   2015-01-27 2018-12-04
AT&T   2013-12-05 2018-11-27
AKAMAI   2009-10-19 2018-08-24
DANAHER CORP   2007-03-27 2018-12-04
FEDERATED WORLD   2003-09-04 2018-06-26
GILEAD SCIENCES   2004-01-30 2018-12-04
IDEXX LABS   2008-02-14 2018-12-04
J&J   2001-12-14 2018-12-04
MICROSOFT   2007-05-21 2018-08-27
WALGREENS   1993-08-20 2018-06-13
YUM   2017-01-10 2018-06-13
VISA   2008-11-17 2018-08-07
SPDR S&P   2018-03-23 2018-12-04
SPDR GOLD TRUST   2000-01-01 2018-12-07
AKAMAI   2014-06-02 2018-08-24
AMERICAN TOWER   2015-03-13 2018-02-23
AMERICAN TOWER   2015-03-13 2018-09-21
CVS   2015-01-27 1928-12-04
CELGENE   2017-03-22 2018-12-04
CELGENE   2017-07-26 2018-12-04
CIMAREX ENERGY   2016-02-19 2018-12-13
CIMAREX ENERGY   2017-11-14 2018-12-13
CIMAREX ENERGY   2017-03-17 2018-12-13
CLEAN HARBORS   2014-06-02 2018-08-01
COLUMBIA ETF   2015-02-27 2018-06-13
COLUMBIA ETF   2015-07-17 2018-06-13
COLUMBIA ETF   2017-03-27 2018-06-13
COLUMBIA ETF   2017-05-02 2018-06-13
COLUMBIA ETF   2017-05-24 2018-12-03
COLUMBIA ETF   2017-03-27 2018-12-03
FEDERATED WORLD   2015-02-19 2018-06-26
GE   2012-08-17 2018-10-02
GE   2014-06-02 2018-10-02
GE   2014-09-23 2018-10-02
GE   2016-04-07 2018-10-02
IDEXX LABS   2015-07-17 2018-12-04
J&J   2012-01-27 2018-12-04
THERMO ELECTRO   2016-04-07 2018-12-04
UPS   2014-06-02 2018-05-04
VANGUARD INTL   2015-02-27 2018-09-05
VANGUARD INTL   2015-07-17 2018-09-05
VISA   2015-05-21 2018-08-07
WELLS FARGO   2011-07-20 2018-03-23
YUM   2014-03-19 2018-06-13
YUM   2014-06-02 2018-06-13
YUM P 2017-01-10 2018-06-13
MEDTRONIC   2015-01-27 2018-12-04
AT&T   2013-12-05 2018-11-27
AKAMAI   2009-10-19 2018-08-24
FEDERATED WORLD   2003-09-04 2018-06-26
GILEAD SCIENCES   2004-01-30 2018-09-21
ISHARE   2000-01-01 2018-12-31
UPS   2009-12-08 2018-05-04
UPS   2010-03-22 2018-05-04
WALGREENS   1993-08-20 2018-05-07
CAPITAL GAINS DIVIDENDS 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 351,933   427,743 -75,810
b 175,967   226,595 -50,628
c 381,721   513,345 -131,624
d 374,973   438,264 -63,291
e 82,603   77,894 4,709
377,404   408,555 -31,151
17,652   20,015 -2,363
399,075   524,602 -125,527
1,941   14 1,927
365,324   225,278 140,046
61,737   51,169 10,568
296,715   224,920 71,795
457,699   496,861 -39,162
454,415   604,360 -149,945
213,283   256,287 -43,004
2,153   486 1,667
2,871   656 2,215
1,085   414 671
385,482   309,489 75,993
357,948   345,328 12,620
331,234   326,427 4,807
433,152   441,401 -8,249
565,924   677,963 -112,039
1,555   886 669
123,498   210,605 -87,107
123,498   262,500 -139,002
123,498   307,652 -184,154
123,498   306,207 -182,709
324,568   87,760 236,808
37,231   18,221 19,010
231,587   183,482 48,105
121,803   54,137 67,666
406,330   301,812 104,518
12,166   20,939 -8,773
1,928   3,319 -1,391
439,945   249,246 190,699
255,345   258,060 -2,715
358,954   195,564 163,390
403,630   202,650 200,980
147,958   113,505 34,453
10,000   10,000 0
365,324   110,773 254,551
73,065   22,591 50,474
119,719   24,164 95,555
171,028   41,585 129,443
216,284   46,196 170,088
216,284   53,013 163,271
101,317   26,703 74,614
675,449   212,717 462,732
168,836   68,919 99,917
53,996   26,998 26,998
316,954   193,440 123,514
79,239   48,360 30,879
396,193   384,415 11,778
226,442   20,507 205,935
347,533   297,835 49,698
58,633   6,334 52,299
345,732   37,351 308,381
22,200   8,937 13,263
102,558   14,794 87,764
76,919   10,836 66,083
223,908   26,794 197,114
755,687   97,523 658,164
255,526   127,715 127,811
373,941   186,900 187,041
186,597   61,810 124,787
77,749   25,539 52,210
1,831   1,831 0
1,859   1,859 0
1,887   1,887 0
27,490   1 27,489
1,916   1,916 0
5,643   6,216 -573
146   1 145
58   47 11
11,425   8,659 2,766
7,425   12,310 -4,885
3,555   4,271 -716
1,777   3,123 -1,346
7,109   12,087 -4,978
35,000   35,485 -485
5,096   5,307 -211
6,370   6,277 93
14,014   14,281 -267
8,644   8,842 -198
16,207   18,832 -2,625
2,470   4,212 -1,742
2,470   4,214 -1,744
3,087   7,691 -4,604
9,262   222,641 -213,379
11,037   5,854 5,183
5,328   2,368 2,960
2,513   1,340 1,173
12,570   7,121 5,449
6,273   6,339 -66
8,974   4,889 4,085
4,198   2,095 2,103
6,401   3,618 2,783
8,252   5,322 2,930
4,932   3,784 1,148
5,000   5,000 0
18,266   5,539 12,727
4,326   1,083 3,243
14,843   7,429 7,414
5,384   513 4,871
8,087   1,146 6,941
5,772   2,202 3,570
3,266   935 2,331
15,916   1,237 14,679
3,301   2,604 697
2,799   265 2,534
2,688   2,960 -272
72   1 71
1,827   1,358 469
99   80 19
4,154   3,149 1,005
3,990   5,050 -1,060
3,712   6,155 -2,443
1,856   3,441 -1,585
1,777   136 1,641
1,066   2,874 -1,808
4,266   7,252 -2,986
20,000   20,276 -276
2,548   2,654 -106
3,567   3,648 -81
2,166   2,134 32
6,370   6,491 -121
3,458   3,537 -79
7,347   8,537 -1,190
3,955   3,838 117
926   1,580 -654
2,161   4,701 -2,540
617   1,307 -690
1,544   3,846 -2,302
3,032   950 2,082
2,367   1,052 1,315
5,028   2,849 2,179
1,669   1,564 105
4,163   4,208 -45
666   671 -5
3,499   1,746 1,753
3,072   1,737 1,335
1,238   798 440
2,063   1,379 684
4,951   3,906 1,045
1,972   1,513 459
5,000   5,000 0
7,306   2,215 5,091
3,955   1,981 1,974
11,322   1,025 10,297
10   1 9
3,337   1,736 1,601
3,337   1,921 1,416
8,102   643 7,459
40,093     40,093
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       -75,810
b       -50,628
c       -131,624
d       -63,291
e       4,709
      -31,151
      -2,363
      -125,527
      1,927
      140,046
      10,568
      71,795
      -39,162
      -149,945
      -43,004
      1,667
      2,215
      671
      75,993
      12,620
      4,807
      -8,249
      -112,039
      669
      -87,107
      -139,002
      -184,154
      -182,709
      236,808
      19,010
      48,105
      67,666
      104,518
      -8,773
      -1,391
      190,699
      -2,715
      163,390
      200,980
      34,453
      0
      254,551
      50,474
      95,555
      129,443
      170,088
      163,271
      74,614
      462,732
      99,917
      26,998
      123,514
      30,879
      11,778
      205,935
      49,698
      52,299
      308,381
      13,263
      87,764
      66,083
      197,114
      658,164
      127,811
      187,041
      124,787
      52,210
      0
      0
      0
      27,489
      0
      -573
      145
      11
      2,766
      -4,885
      -716
      -1,346
      -4,978
      -485
      -211
      93
      -267
      -198
      -2,625
      -1,742
      -1,744
      -4,604
      -213,379
      5,183
      2,960
      1,173
      5,449
      -66
      4,085
      2,103
      2,783
      2,930
      1,148
      0
      12,727
      3,243
      7,414
      4,871
      6,941
      3,570
      2,331
      14,679
      697
      2,534
      -272
      71
      469
      19
      1,005
      -1,060
      -2,443
      -1,585
      1,641
      -1,808
      -2,986
      -276
      -106
      -81
      32
      -121
      -79
      -1,190
      117
      -654
      -2,540
      -690
      -2,302
      2,082
      1,315
      2,179
      105
      -45
      -5
      1,753
      1,335
      440
      684
      1,045
      459
      0
      5,091
      1,974
      10,297
      9
      1,601
      1,416
      7,459
      40,093
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 3,722,990
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 -475,663
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 2,600,713 50,170,519 0.051837
2016 2,322,274 47,141,663 0.049262
2015 2,295,937 48,397,386 0.047439
2014 1,167,885 48,052,118 0.024305
2013 878,693 43,058,780 0.020407
2
Total of line 1, column (d) .....................
2
0.193250
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
0.038650
4
Enter the net value of noncharitable-use assets for 2018 from Part X, line 5......
4
50,895,916
5
Multiply line 4 by line 3......................
5
1,967,127
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
44,658
7
Add lines 5 and 6........................
7
2,011,785
8
Enter qualifying distributions from Part XII, line 4,.............
8
3,002,244
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 44,658
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 44,658
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 44,658
6 Credits/Payments:
a 2018 estimated tax payments and 2017 overpayment credited to 2018 6a 33,000
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 33,000
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 43
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 11,701
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
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)
    bulletMA
    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
     
    No
    Website addressbulletN/A
    14
    The books are in care ofbulletWESTON HOWLAND III Telephone no.bullet (617) 357-9110

    Located atbullet75 FEDERAL ST STE 1100BOSTONMA ZIP+4bullet021101911
    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
     
     
    ........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
    WESTON HOWLAND III PRESIDENT
    0.00     		0 0 0
    C/O HOWLAND CAPITAL 75 FEDERAL
    STREET SUITE 1100
    BOSTON,MA021101911
    CHARLES E CLAPP III TREASURER
    0.00     		0 0 0
    C/O HOWLAND CAPITAL 75 FEDERAL
    STREET SUITE 1100
    BOSTON,MA021101911
    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
    HOWLAND CAPITAL TAX, GRANT & INVEST MGMT 324,472
    75 FEDERAL STREET SUITE 1100
    BOSTON,MA021101911
    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 200,000
    Total. Add lines 1 through 3.........................bullet200,000
    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
    48,110,550
    b
    Average of monthly cash balances.......................
    1b
    3,560,431
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    51,670,981
    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
    51,670,981
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    775,065
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    50,895,916
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    2,544,796
    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
    2,544,796
    2a
    Tax on investment income for 2018 from Part VI, line 5......
    2a
    44,658
    b
    Income tax for 2018. (This does not include the tax from Part VI.)...
    2b
    779
    c
    Add lines 2a and 2b............................
    2c
    45,437
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    2,499,359
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    2,499,359
    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
    2,499,359
    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
    2,802,244
    b
    Program-related investments—total from Part IX-B..................
    1b
    200,000
    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
    3,002,244
    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
    44,658
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    2,957,586
    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 2,499,359
    2 Undistributed income, if any, as of the end of 2018:
    a Enter amount for 2017 only....... 1,839,719
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2018:
    a From 2013......  
    b From 2014......  
    c From 2015......  
    d From 2016......  
    e From 2017......  
    fTotal of lines 3a through e........ 0
    4Qualifying distributions for 2018 from Part
    XII, line 4: bullet$ 3,002,244
    a Applied to 2017, but not more than line 2a 1,839,719
    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..... 1,162,525
    e Remaining amount distributed out of corpus 0
    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 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 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 ..........     		1,336,834
    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) ...     		0
    9Excess distributions carryover to 2019.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2014....  
    b Excess from 2015....  
    c Excess from 2016....  
    d Excess from 2017....  
    e Excess from 2018....  
    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).)
    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 (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
    BIKES NOT BOMBS INC
    284 AMORY STREET
    JAMAICA PLAIN,MA02130     		NONE PUBLIC UNRESTRICTED 10,000
    CARROLL CENTER FOR THE BLIND INC
    770 CENTRE STREET
    NEWTON,MA02458     		NONE PUBLIC UNRESTRICTED 10,000
    CATIE'S CLOSET INC
    19 SCHOOL STREET
    DRACUT,MA01826     		NONE PUBLIC STAFFING TO BUILD ORGANIZATIONAL CAPACITY 75,000
    CERES INC
    99 CHAUNCY STREET
    BOSTON,MA02111     		NONE PUBLIC UNRESTRICTED 5,000
    CHANGE IS SIMPLE INC
    8 ENON STREET
    BEVERLY,MA01915     		NONE PUBLIC UNRESTRICTED 10,000
    COLLEGE BOUND DORCHESTER INC
    18 SAMOSET STREET
    DORCHESTER,MA02124     		NONE PUBLIC BOSTON UNCORNERED INITIATIVE 100,000
    COLLEGE BOUND DORCHESTER INC
    18 SAMOSET STREET
    DORCHESTER,MA02124     		NONE PUBLIC BOSTON UNCORNERED INITIATIVE 105,000
    COMMONWEALTH KITCHEN INC
    196 QUINCY STREET
    DORCHESTER,MA02121     		NONE PUBLIC UNRESTRICTED 10,000
    COMPANY ONE INC
    539 TREMONT STREET STUDIO 202
    BOSTON,MA02116     		NONE PUBLIC UNRESTRICTED 10,000
    CONSERVATION LAW FOUNDATION INC
    62 SUMMER STREET
    BOSTON,MA02110     		NONE PUBLIC UNRESTRICTED 5,000
    CROSSROADS FOR KIDS INC
    119 MYRTLE STREET
    DUXBURY,MA02332     		NONE PUBLIC UNRESTRICTED 200,000
    DOC WAYNE YOUTH SERVICES
    418 COMMONWEALTH AVENUE
    BOSTON,MA02215     		NONE PUBLIC CAPACITY BUILDING DIRECTOR OF DEVELOPMENT 100,000
    ENVIRONMENTAL LEAGUE OF MASSACHUSETTS INC
    15 COURT SQUARE SUITE 1000
    BOSTON,MA02108     		NONE PUBLIC UNRESTRICTED 10,000
    EXPONENT PHILANTHROPY
    1720 N STREET NW
    WASHINGTON,DC20036     		NONE PUBLIC UNRESTRICTED 1,500
    FAMILY NURTURING CENTER OF MASSACHUSETTS INC
    200 BOWDOIN STREET
    DORCHESTER,MA02122     		NONE PUBLIC BUILDING CAPACITY FOR FAMILY NURTURING CENTER 200,000
    FRESH TRUCK INC
    69 SHIRLEY ST
    BOSTON,MA02119     		NONE PUBLIC UNRESTRICTED 10,000
    GREENROOTS
    227 MARGINAL STREET SUITE 1
    CHELSEA,MA02150     		NONE PUBLIC UNRESTRICTED 10,000
    HALE RESERVATION INC
    80 CARBY STREET
    WESTWOOD,MA02090     		NONE PUBLIC UNRESTRICTED 10,000
    HALEY HOUSE INC
    23 DARTMOUTH STREET
    BOSTON,MA02116     		NONE PUBLIC UNRESTRICTED 5,000
    INNERCITY WEIGHTLIFTING
    PO BOX 171313
    BOSTON,MA02117     		NONE PUBLIC DOUBLING DOWN ON BOSTON 250,000
    INSTITUTE FOR NONPROFIT PRACTICE
    144 GOULD STREET SUITE 205
    NEEDHAM,MA02494     		NONE PUBLIC THE INSTITUTE FOR NONPROFIT PRACTICE: GROWTH LAUNCHPAD 200,000
    INSTITUTE FOR SUSTAINABLE COMMUNITIES
    INSTITUTE FOR SUSTAINABLE COMMUNITI
    S
    MONTPELIER,VT05602     		NONE PUBLIC UNRESTRICTED 10,000
    LOUIS D BROWN PEACE INSTITUTE
    15 CHRISTOPHER STREET
    DORCHESTER,MA02122     		NONE PUBLIC UNRESTRICTED 5,000
    MEDICINE WHEEL PRODUCTIONS
    110 K STREET
    BOSTON,MA02127     		NONE PUBLIC UNRESTRICTED 10,000
    MERCK FAMILY FUND
    PO BOX 870245
    MILTON VILLAGE,MA02187     		NONE PUBLIC RGGI PROJECT SERIES 50,000
    NATIONAL CENTER FOR FAMILY PHILANTHROPY INC
    1667 K STREET NW
    WASHINGTON,DC20006     		NONE PUBLIC MEMBERSHIP RENEWAL 2,500
    NEW ENGLAND GRASSROOTS ENVIRONMENTAL FUND (BOSTON CLIMATE ACTION NETWORK)
    C/O NEW ENGLAND GRASSROOTS
    ENVIRONMENT FUND INC
    NEWMARKET,NH03857     		NONE PUBLIC UNRESTRICTED 5,000
    PACE WOMEN'S JUSTICE CENTER
    78 NORTH BROADWAY
    WHITE PLAINS,NY10603     		NONE PUBLIC LEGAL ASSISTANCE TO VICTIMS OF DOMESTIC VIOLENCE (LAV) 25,000
    PACE WOMEN'S JUSTICE CENTER
    78 NORTH BROADWAY
    WHITE PLAINS,NY10603     		NONE PUBLIC PACE WOMEN'S JUSTICE CENTER'S 2018 MATCHING GRANT OPPORTUNITY 25,000
    PHILANTHROPY MASSACHUSETTS
    133 FEDERAL STREET SUITE 802
    BOSTON,MA02110     		NONE PUBLIC CAPACITY BUILDING FOR IMPLEMENTATION OF STRATEGIC PLAN 50,000
    PHOENIX MULTISPORT INC
    2239 CHAMPA STREET
    DENVER,CO80205     		NONE PUBLIC UNRESTRICTED 10,000
    PIONEER INSTITUTE INC
    185 DEVONSHIRE ST STE 1101
    BOSTON,MA02110     		NONE PUBLIC UNRESTRICTED 5,000
    PLAYWORKS
    67 KEMBLE STREET SUITE 36 67
    BOSTON,MA02119     		NONE PUBLIC PLAYWORKS: EXPANSION OF EARNED REVENUE TO GROW IMPACT 210,000
    PRIME COALITION INC
    625 MASSACHUSETTS AVENUE
    CAMBRIDGE,MA02139     		NONE PUBLIC PRIME IMPACT FUND PRI 200,000
    RESILIENT CODERS
    50 MILK ST 17TH FLOOR
    BOSTON,MA02109     		NONE PUBLIC RESILIENT CODERS BOOTCAMP-TO-CAREER PATHWAY 65,000
    ROCA INC
    101 PARK STREET
    CHELSEA,MA02150     		NONE PUBLIC LAUNCHING THE YOUNG MOTHER'S PROGRAM 200,000
    SILVER LINING MENTORING
    727 ATLANTIC AVE
    BOSTON,MA02111     		NONE PUBLIC STAFFING TO BUILD DEVELOPMENT CAPACITY 96,000
    SOCIAL INNOVATION FORUM INC
    2 OLIVER STREET SUITE 802
    BOSTON,MA02109     		NONE PUBLIC SOCIAL INNOVATION FORUM - DEVELOPMENT CAPACITY BUILDING 10,000
    SOCIAL INNOVATION FORUM INC
    2 OLIVER STREET SUITE 802
    BOSTON,MA02109     		NONE PUBLIC SOCIAL INNOVATION FORUM - DEVELOPMENT CAPACITY BUILDING 147,000
    THE POSSIBLE PROJECT
    17 SELLERS STREET
    CAMBRIDGE,MA02139     		NONE PUBLIC UNRESTRICTED 5,000
    TRANSFORMATIVE CULTURE PROJECT
    100 WARREN STREET REAR
    BOSTON,MA02119     		NONE PUBLIC EARNED REVENUE BUSINESS PLAN 30,000
    TRUSTEES OF TUFTS COLLEGE
    TUFTS UNIVERSITY PACKARD HALL
    MEDFORD,MA02155     		NONE PUBLIC ANNUAL INCOME DISTRIBUTION 32,409
    TSNE MISSIONWORKS (FUTURE CHEFS)
    PO BOX 190478
    BOSTON,MA02119     		NONE PUBLIC FUNDING ORGANIZATIONAL CAPACITY FOR SUSTAINED PROGRAM GROWTH 75,000
    URBAN FARMING INSTITUTE OF BOSTON (UFIB)
    34 LINWOOD STREET
    ROXBURY,MA02119     		NONE PUBLIC UNRESTRICTED 10,000
    Total .................................bullet 3a 2,614,409
    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....     14 953,571  
    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.....     14 246,257  
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 3,722,990  
    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 4,922,818 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    4,922,818
    (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 AccountingFeesSchedule
    Name:
    THE DEVONSHIRE FOUNDATION
     
    C/O HOWLAND CAPITAL
    EIN:
    04-6004808
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    TAX RETURN PREPARATION 6,400 6,400 0 0

    TY 2018 AllOthProgRltdInvestmentsSch
    Name:
    THE DEVONSHIRE FOUNDATION
     
    C/O HOWLAND CAPITAL
    EIN:
    04-6004808
    Category Amount
    PRIME COALITION, 625 MASSACHUSETTS AVENUE, CAMBRIDGE, MA 02149, PRIME IMPACT FUND PRI 200,000

    TY 2018 GeneralExplanationAttachment
    Name:
    THE DEVONSHIRE FOUNDATION
     
    C/O HOWLAND CAPITAL
    EIN:
    04-6004808
    Identifier Return Reference Explanation
      FORM 990PF NONE

    TY 2018 InvestmentsCorpBondsSchedule
    Name:
    THE DEVONSHIRE FOUNDATION
     
    C/O HOWLAND CAPITAL
    EIN:
    04-6004808
    Name of Bond End of Year Book Value End of Year Fair Market Value
    INVESTMENTS-CORPORATE BONDS 5,442,941 5,037,420

    TY 2018 InvestmentsCorpStockSchedule
    Name:
    THE DEVONSHIRE FOUNDATION
     
    C/O HOWLAND CAPITAL
    EIN:
    04-6004808
    Name of Stock End of Year Book Value End of Year Fair Market Value
    INVESTMENT-CORPORATE STOCK 22,440,689 33,872,675

    TY 2018 OtherAssetsSchedule
    Name:
    THE DEVONSHIRE FOUNDATION
     
    C/O HOWLAND CAPITAL
    EIN:
    04-6004808
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    VENTURE CAPITAL PARTNERSHIPS 3,369,337 4,046,097 3,584,781


    TY 2018 OtherExpensesSchedule
    Name:
    THE DEVONSHIRE FOUNDATION
     
    C/O HOWLAND CAPITAL
    EIN:
    04-6004808
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    GRANTS MGMT EXPENSE 187,835 0 0 187,835
    THROUGH VENTURE FUNDS 0 7 0 0


    TY 2018 OtherIncomeSchedule2
    Name:
    THE DEVONSHIRE FOUNDATION
     
    C/O HOWLAND CAPITAL
    EIN:
    04-6004808
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    OTHER INCOME 2,533 2,065 0
    FROM VENTURE FUNDS 243,724 -12,314 0


    TY 2018 OtherProfessionalFeesSchedule
    Name:
    THE DEVONSHIRE FOUNDATION
     
    C/O HOWLAND CAPITAL
    EIN:
    04-6004808
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    HOWLAND CAPITAL - MGMT FEE 144,518 144,518 0 0
    THROUGH VENTURE FUNDS - MGMT FEES 0 56,918 0 0


    TY 2018 TaxesSchedule
    Name:
    THE DEVONSHIRE FOUNDATION
     
    C/O HOWLAND CAPITAL
    EIN:
    04-6004808
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES WITHHELD 43,421 43,421 0 0
    THROUGH HCM VENTURE FUNDS - FOREIGN TAXES 0 1,163 0 0
    FEDERAL EXCISE 33,000 0 0 0
    MA990T ESTIMATES AND PY EXTENSION 632 632 0 0