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
CLIFTON FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)4579 LAKE SHORE DRIVE
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
WACO, TX767101814
A Employer identification number

74-2832766
B Telephone number (see instructions)

(254) 741-6400
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$3,039,752J Accounting method:
Modified cash
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet.............
3 Interest on savings and temporary cash investments 90 90  
4 Dividends and interest from securities... 48,590 42,489  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 37,835
b Gross sales price for all assets on line 6a 1,008,038
7 Capital gain net income (from Part IV, line 2)... 37,835
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 57,792 143  
12 Total. Add lines 1 through 11........ 144,307 80,557  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 42,054 38,456   3,600
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 19,526 19,526   0
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 10,500 125   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 4,426 1,270   0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 76,506 59,377   3,600
25 Contributions, gifts, grants paid....... 171,680 171,680
26 Total expenses and disbursements. Add lines 24 and 25 248,186 59,377   175,280
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -103,879
b Net investment income (if negative, enter -0-) 21,180
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.............      
2 Savings and temporary cash investments......... 42,637 28,437 28,437
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)....... 251,265 0 0
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).......... 3,069,773 Click to see attachment3,011,315 3,011,315
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) 3,363,675 3,039,752 3,039,752
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 3,363,675 3,039,752
30 Total net assets or fund balances (see instructions)..... 3,363,675 3,039,752
31 Total liabilities and net assets/fund balances (see instructions). 3,363,675 3,039,752
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
3,363,675
2
Enter amount from Part I, line 27a .....................
2
-103,879
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
3,259,796
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
220,044
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
3,039,752
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 BLACKGOLD OPPORTUNITY FUND, L.P. P 2015-06-30 2018-12-30
b BREVET DIRECT LENDING-SHORT DURATION FUND, LTD. P 2017-10-25 2018-01-31
c BREVET DIRECT LENDING-SHORT DURATION FUND, LTD. P 2017-10-25 2018-05-01
d BREVET DIRECT LENDING-SHORT DURATION FUND, LTD. P 2017-10-25 2018-07-31
e BREVET DIRECT LENDING-SHORT DURATION FUND, LTD. P 2017-10-25 2018-10-30
APACHE CORPORATION P 2015-08-28 2018-03-01
APACHE CORPORATION P 2015-08-28 2018-03-15
APACHE CORPORATION P 2015-09-28 2018-03-15
APACHE CORPORATION P 2015-09-28 2018-04-10
APACHE CORPORATION P 2017-02-15 2018-04-10
ANADARKO PETROLEUM P 2014-10-20 2018-10-01
ANADARKO PETROLEUM P 2015-05-15 2018-10-01
ANADARKO PETROLEUM P 2015-09-28 2018-10-01
ANADARKO PETROLEUM P 2016-05-02 2018-10-01
CABOT OIL & GAS CORP. P 2016-09-26 2018-10-01
CABOT OIL & GAS CORP. P 2016-10-13 2018-10-01
DEVON ENERGY CORPORATION P 2013-01-03 2018-10-01
DEVON ENERGY CORPORATION P 2013-04-10 2018-10-01
DEVON ENERGY CORPORATION P 2015-08-28 2018-10-01
DEVON ENERGY CORPORATION P 2015-09-28 2018-10-01
DEVON ENERGY CORPORATION P 2016-05-02 2018-10-01
ENERGEN P 2013-02-12 2018-04-26
ENERGEN P 2013-02-12 2018-06-13
ENERGEN P 2013-02-12 2018-08-27
ENERGEN P 2015-09-28 2018-08-27
EQT CORP. P 2013-03-19 2018-10-01
EQT CORP. P 2015-03-16 2018-10-01
EQT CORP. P 2016-05-02 2018-10-01
EQT CORP. P 2017-06-30 2018-10-01
HALLIBURTON COMPANY P 2016-11-17 2018-10-01
HALLIBURTON COMPANY P 2017-01-19 2018-10-01
HALLIBURTON COMPANY P 2017-05-22 2018-10-01
HESS CORPORATION COMMON STOCK P 2013-01-03 2018-05-17
HESS CORPORATION COMMON STOCK P 2015-03-16 2018-05-17
HESS CORPORATION COMMON STOCK P 2015-03-16 2018-10-01
HESS CORPORATION COMMON STOCK P 2015-04-01 2018-10-01
KINDER MORGAN P 2016-10-19 2018-10-01
KINDER MORGAN P 2016-10-21 2018-10-01
MARATHON OIL P 2015-09-25 2018-02-22
MARATHON OIL P 2015-09-28 2018-02-22
MARATHON OIL P 2015-09-28 2018-10-01
MARATHON OIL P 2016-01-21 2018-10-01
MARATHON OIL P 2016-03-01 2018-10-01
NOBLE ENERGY, INC. P 2013-01-03 2018-10-01
NOBLE ENERGY, INC. P 2015-05-13 2018-10-01
NOBLE ENERGY, INC. P 2015-09-28 2018-10-01
NOBLE ENERGY, INC. P 2016-05-02 2018-10-01
NABORS INDUSTRIES LTD. P 2017-01-27 2018-02-28
NABORS INDUSTRIES LTD. P 2017-01-27 2018-10-01
NABORS INDUSTRIES LTD. P 2017-02-06 2018-10-01
NABORS INDUSTRIES LTD. P 2017-02-21 2018-10-01
NABORS INDUSTRIES LTD. P 2017-03-13 2018-10-01
NABORS INDUSTRIES LTD. P 2017-04-04 2018-10-01
NABORS INDUSTRIES LTD. P 2017-04-28 2018-10-01
NEWFIELD EXPLORATION P 2013-01-03 2018-10-01
NEWFIELD EXPLORATION P 2013-01-17 2018-10-01
NEWFIELD EXPLORATION P 2014-10-16 2018-10-01
NEWFIELD EXPLORATION P 2015-09-28 2018-10-01
NEWFIELD EXPLORATION P 2016-05-02 2018-10-01
OCCIDENTAL PETROLEUM CORPORATION P 2013-01-03 2018-02-12
OCCIDENTAL PETROLEUM CORPORATION P 2013-01-03 2018-10-01
OCCIDENTAL PETROLEUM CORPORATION P 2015-03-16 2018-10-01
OCCIDENTAL PETROLEUM CORPORATION P 2015-09-28 2018-10-01
PARSLEY ENERGY-A P 2017-08-02 2018-10-01
PARSLEY ENERGY-A P 2017-08-03 2018-10-01
PROPETRO HOLDING P 2017-03-17 2018-10-01
PROPETRO HOLDING P 2017-09-14 2018-10-01
PIONEER NATURAL RESOURCES CO. P 2013-04-22 2018-10-01
PIONEER NATURAL RESOURCES CO. P 2015-09-28 2018-10-01
ROYAL DUTCH SHELL CL A P 2013-01-03 2018-03-12
ROYAL DUTCH SHELL CL A P 2013-01-03 2018-10-01
ROYAL DUTCH SHELL CL A P 2013-02-27 2018-10-01
ROYAL DUTCH SHELL CL A P 2015-09-28 2018-10-01
RPC INC. P 2017-02-27 2018-06-07
RANGE RESOURCES CORP. P 2015-03-18 2018-10-01
RANGE RESOURCES CORP. P 2015-03-19 2018-10-01
RANGE RESOURCES CORP. P 2015-09-28 2018-10-01
RANGE RESOURCES CORP. P 2016-12-02 2018-10-01
RANGE RESOURCES CORP. P 2017-01-03 2018-10-01
SCHLUMBERGER LIMITED P 2013-01-03 2018-10-01
SCHLUMBERGER LIMITED P 2015-08-26 2018-10-01
SUPERIOR ENERGY SERVICES P 2016-04-21 2018-10-01
SUPERIOR ENERGY SERVICES P 2016-06-29 2018-10-01
SUPERIOR ENERGY SERVICES P 2016-07-27 2018-10-01
SUPERIOR ENERGY SERVICES P 2016-08-03 2018-10-01
SUPERIOR ENERGY SERVICES P 2016-08-31 2018-10-01
SUPERIOR ENERGY SERVICES P 2016-12-21 2018-10-01
SUPERIOR ENERGY SERVICES P 2017-03-15 2018-10-01
SUPERIOR ENERGY SERVICES P 2017-04-26 2018-10-01
WEATHERFORD INTERNATIONAL LTD. P 2015-08-25 2018-10-01
WEATHERFORD INTERNATIONAL LTD. P 2015-09-02 2018-10-01
WEATHERFORD INTERNATIONAL LTD. P 2015-09-21 2018-10-01
WEATHERFORD INTERNATIONAL LTD. P 2015-09-28 2018-10-01
WEATHERFORD INTERNATIONAL LTD. P 2016-03-08 2018-10-01
WEATHERFORD INTERNATIONAL LTD. P 2016-05-02 2018-10-01
WEATHERFORD INTERNATIONAL LTD. P 2016-05-05 2018-10-01
WEATHERFORD INTERNATIONAL LTD. P 2016-08-31 2018-10-01
WEATHERFORD INTERNATIONAL LTD. P 2016-11-10 2018-10-01
WPX ENERGY P 2016-06-29 2018-08-27
WPX ENERGY P 2016-06-29 2018-10-01
WPX ENERGY P 2017-06-09 2018-10-01
CIMAREX ENERGY CO P 2014-10-17 2018-10-01
CIMAREX ENERGY CO P 2016-05-02 2018-10-01
CIMAREX ENERGY CO P 2017-05-22 2018-10-01
DIAMONDBACK ENERGY P 2018-04-18 2018-10-01
FORUM ENERGY TECH P 2018-03-15 2018-10-01
FORUM ENERGY TECH P 2018-03-26 2018-10-01
TECHNIPFMC PLC P 2018-06-12 2018-10-01
TECHNIPFMC PLC P 2018-06-26 2018-10-01
NABORS INDUSTRIES LTD. P 2017-11-27 2018-10-01
PLAINS GP HLDGS P 2018-04-19 2018-10-01
PLAINS GP HLDGS P 2018-04-26 2018-10-01
PARSLEY ENERGY-A P 2018-01-24 2018-10-01
PARSLEY ENERGY-A P 2018-02-12 2018-10-01
PATTERSON ENERGY P 2018-02-26 2018-10-01
PATTERSON ENERGY P 2018-02-28 2018-10-01
TRANSOCEAN, INC. P 2018-05-17 2018-10-01
RSP PERMIAN INC P 2017-07-21 2018-04-18
RSP PERMIAN INC P 2017-08-04 2018-04-18
RSP PERMIAN INC P 2017-11-08 2018-04-18
VALERO ENERGY CORP. P 2018-08-31 2018-10-01
BBH CORE SELECT FUND CLASS N P 2015-02-13 2018-06-06
BBH CORE SELECT FUND CLASS N P 2015-02-13 2018-10-01
BBH CORE SELECT FUND CLASS N P 2015-12-15 2018-10-01
BBH CORE SELECT FUND CLASS N P 2015-12-15 2018-10-01
BBH CORE SELECT FUND CLASS N P 2016-12-01 2018-10-01
BBH CORE SELECT FUND CLASS N P 2016-12-15 2018-10-01
BBH CORE SELECT FUND CLASS N P 2016-12-15 2018-10-01
COHO RELATIVE VALUE EQUITY FUND P 2015-02-19 2018-04-25
COHO RELATIVE VALUE EQUITY FUND P 2015-02-19 2018-10-30
ISHARES S&P 500 GROWTH P 2017-02-16 2018-10-30
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2015-04-15 2018-04-25
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2015-04-15 2018-10-30
CARILLON REAMS UNCONSTRAINED BOND FD (FORMERLY SCOUT) P 2014-06-18 2018-04-25
CARILLON REAMS UNCONSTRAINED BOND FD (FORMERLY SCOUT) P 2014-06-30 2018-04-25
CARILLON REAMS UNCONSTRAINED BOND FD (FORMERLY SCOUT) P 2014-07-31 2018-04-25
CARILLON REAMS UNCONSTRAINED BOND FD (FORMERLY SCOUT) P 2014-08-29 2018-04-25
CARILLON REAMS UNCONSTRAINED BOND FD (FORMERLY SCOUT) P 2015-10-30 2018-04-25
CARILLON REAMS UNCONSTRAINED BOND FD (FORMERLY SCOUT) P 2015-11-30 2018-04-25
CARILLON REAMS UNCONSTRAINED BOND FD (FORMERLY SCOUT) P 2015-12-31 2018-04-25
CARILLON REAMS UNCONSTRAINED BOND FD (FORMERLY SCOUT) P 2016-03-31 2018-04-25
CARILLON REAMS UNCONSTRAINED BOND FD (FORMERLY SCOUT) P 2016-04-28 2018-04-25
CARILLON REAMS UNCONSTRAINED BOND FD (FORMERLY SCOUT) P 2016-04-28 2018-06-06
CARILLON REAMS UNCONSTRAINED BOND FD (FORMERLY SCOUT) P 2016-04-28 2018-10-30
WCM FOCUSED INTL GROWTH FD INST P 2012-12-27 2018-04-25
WCM FOCUSED INTL GROWTH FD INST P 2012-12-27 2018-06-06
WCM FOCUSED INTL GROWTH FD INST P 2012-12-27 2018-10-30
WCM FOCUSED INTL GROWTH FD INST P 2013-12-11 2018-10-30
WCM FOCUSED INTL GROWTH FD INST P 2013-12-11 2018-10-30
WCM FOCUSED INTL GROWTH FD INST P 2014-12-10 2018-10-30
WCM FOCUSED INTL GROWTH FD INST P 2014-12-10 2018-10-30
WCM FOCUSED INTL GROWTH FD INST P 2014-12-10 2018-10-30
WCM FOCUSED INTL GROWTH FD INST P 2015-12-10 2018-10-30
WCM FOCUSED INTL GROWTH FD INST P 2015-12-10 2018-10-30
WCM FOCUSED INTL GROWTH FD INST P 2016-04-28 2018-10-30
IVY SCIENCE & TECHNOLOGY FUND CLASS Y P 2015-06-25 2018-04-25
IVY SCIENCE & TECHNOLOGY FUND CLASS Y P 2015-12-10 2018-04-25
IVY SCIENCE & TECHNOLOGY FUND CLASS Y P 2016-12-01 2018-04-25
BBH CORE SELECT FUND CLASS N P 2017-12-15 2018-10-01
BBH CORE SELECT FUND CLASS N P 2017-12-15 2018-10-01
LT CAPITAL GAIN DISTRIB. PER FORMS 1099 P 2017-01-01 2018-12-31
LONG TERM CAPITAL GAINS ALLOCATED FROM CAPITAL SPRING 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 200,000   201,543 -1,543
b 1,217   1,211 6
c 1,616   1,593 23
d 2,168   2,116 52
e 1,713   1,653 60
1,721   2,249 -528
1,798   2,249 -451
719   732 -13
393   366 27
2,355   3,355 -1,000
6,881   8,972 -2,091
4,129   5,112 -983
2,064   1,794 270
3,441   2,603 838
5,129   5,816 -687
3,345   3,529 -184
2,008   2,681 -673
4,017   5,595 -1,578
2,410   2,555 -145
1,205   1,111 94
4,017   3,456 561
4,663   3,330 1,333
1,929   1,427 502
4,655   2,855 1,800
1,552   982 570
4,413   6,701 -2,288
1,765   3,096 -1,331
883   1,392 -509
1,324   1,787 -463
4,924   5,971 -1,047
3,693   4,967 -1,274
2,052   2,363 -311
1,965   1,641 324
1,310   1,389 -79
743   695 48
7,431   6,991 440
5,232   5,962 -730
2,706   3,142 -436
2,905   2,974 -69
153   149 4
1,191   745 446
2,382   872 1,510
4,764   1,541 3,223
6,400   10,380 -3,980
3,200   4,559 -1,359
960   897 63
1,280   1,469 -189
1,156   3,021 -1,865
1,147   3,021 -1,874
701   1,777 -1,076
701   1,726 -1,025
892   1,870 -978
1,020   2,117 -1,097
1,211   2,028 -817
1,156   1,105 51
2,889   2,849 40
2,889   2,727 162
867   954 -87
1,156   1,496 -340
2,098   2,294 -196
4,137   3,823 314
1,655   1,463 192
2,482   1,917 565
3,899   3,607 292
1,799   1,514 285
4,730   4,216 514
1,689   1,219 470
3,548   2,234 1,314
5,322   3,535 1,787
1,883   2,080 -197
4,839   4,854 -15
6,913   6,515 398
1,383   926 457
3,499   4,551 -1,052
1,707   4,922 -3,215
1,707   4,726 -3,019
512   968 -456
1,537   3,260 -1,723
1,024   1,941 -917
4,341   5,021 -680
2,480   2,806 -326
3,047   4,605 -1,558
914   1,606 -692
1,117   1,809 -692
914   1,380 -466
813   1,346 -533
914   1,520 -606
1,117   1,508 -391
1,321   1,667 -346
1,406   3,976 -2,570
563   1,936 -1,373
281   892 -611
281   826 -545
844   1,862 -1,018
281   824 -543
563   1,203 -640
1,069   2,070 -1,001
647   1,098 -451
2,283   1,121 1,162
9,667   4,484 5,183
2,417   1,212 1,205
6,719   7,723 -1,004
1,920   2,219 -299
1,920   2,336 -416
9,644   8,945 699
3,157   3,648 -491
842   897 -55
4,646   4,911 -265
1,858   1,894 -36
1,083   966 117
4,974   4,863 111
2,984   2,898 86
3,599   3,503 96
2,099   1,608 491
4,224   4,634 -410
3,168   3,324 -156
5,613   5,521 92
5,353   3,684 1,669
2,433   1,533 900
3,893   2,930 963
5,766   5,922 -156
14,981   16,837 -1,856
88,394   93,941 -5,547
1,616   1,534 82
20,756   19,700 1,056
62,860   63,000 -140
26,637   25,430 1,207
2,264   2,161 103
19,981   17,556 2,425
29,981   25,280 4,701
30,040   24,580 5,460
9,981   10,182 -201
14,981   15,378 -397
489   493 -4
65   65 0
99   99 0
113   112 1
1   1 0
1   1 0
      0
1   1 0
9,210   9,285 -75
14,981   15,132 -151
14,981   15,317 -336
4,981   3,093 1,888
9,981   5,855 4,126
4,932   3,254 1,678
525   406 119
1,316   1,020 296
134   105 29
467   366 101
451   353 98
901   741 160
324   266 58
5,932   4,946 986
1,111   1,000 111
26   21 5
18,862   14,514 4,348
35,583   34,283 1,300
1,286   1,239 47
46,669     46,669
      -101
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       -1,543
b       6
c       23
d       52
e       60
      -528
      -451
      -13
      27
      -1,000
      -2,091
      -983
      270
      838
      -687
      -184
      -673
      -1,578
      -145
      94
      561
      1,333
      502
      1,800
      570
      -2,288
      -1,331
      -509
      -463
      -1,047
      -1,274
      -311
      324
      -79
      48
      440
      -730
      -436
      -69
      4
      446
      1,510
      3,223
      -3,980
      -1,359
      63
      -189
      -1,865
      -1,874
      -1,076
      -1,025
      -978
      -1,097
      -817
      51
      40
      162
      -87
      -340
      -196
      314
      192
      565
      292
      285
      514
      470
      1,314
      1,787
      -197
      -15
      398
      457
      -1,052
      -3,215
      -3,019
      -456
      -1,723
      -917
      -680
      -326
      -1,558
      -692
      -692
      -466
      -533
      -606
      -391
      -346
      -2,570
      -1,373
      -611
      -545
      -1,018
      -543
      -640
      -1,001
      -451
      1,162
      5,183
      1,205
      -1,004
      -299
      -416
      699
      -491
      -55
      -265
      -36
      117
      111
      86
      96
      491
      -410
      -156
      92
      1,669
      900
      963
      -156
      -1,856
      -5,547
      82
      1,056
      -140
      1,207
      103
      2,425
      4,701
      5,460
      -201
      -397
      -4
      0
      0
      1
      0
      0
      0
      0
      -75
      -151
      -336
      1,888
      4,126
      1,678
      119
      296
      29
      101
      98
      160
      58
      986
      111
      5
      4,348
      1,300
      47
      46,669
      -101
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 37,835
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 166,266 3,271,123 0.050828
2016 164,085 3,160,846 0.051912
2015 163,634 3,223,305 0.050766
2014 151,016 2,919,672 0.051724
2013 136,057 2,752,582 0.049429
2
Total of line 1, column (d) .....................
2
0.254659
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
0.050932
4
Enter the net value of noncharitable-use assets for 2018 from Part X, line 5......
4
3,280,139
5
Multiply line 4 by line 3......................
5
167,064
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
212
7
Add lines 5 and 6........................
7
167,276
8
Enter qualifying distributions from Part XII, line 4,.............
8
175,280
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 1 212
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........................... 3 212
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- ..... 5 212
6 Credits/Payments:
a 2018 estimated tax payments and 2017 overpayment credited to 2018 6a 1,040
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 1,040
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 828
11 Enter the amount of line 10 to be: Credited to 2019 estimated taxBullet828 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? (see Instructions
for definition).................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletTX
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 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 instructionsClick to see attachment.................
    12
    Yes
     
    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 ofbulletJAMES R CLIFTON Telephone no.bullet (254) 741-6400

    Located atbullet4579 LAKE SHORE DRIVEWACOTX ZIP+4bullet767101814
    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
    JAMES R CLIFTON PRESIDENT
    5.00     		14,018 0 0
    4579 LAKE SHORE DR
    WACO,TX76710
    WILLIAM L CLIFTON JR V/P
    5.00     		14,018 0 0
    4579 LAKE SHORE DR
    WACO,TX76710
    DAVID NEMEC SEC/TREAS
    5.00     		14,018 0 0
    4579 LAKE SHORE DR
    WACO,TX76710
    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 N/A 0
    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 N/A 0
    2  
    All other program-related investments. See instructions.
    3  
    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
    3,264,674
    b
    Average of monthly cash balances.......................
    1b
    65,416
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    3,330,090
    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
    3,330,090
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    49,951
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    3,280,139
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    164,007
    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
    164,007
    2a
    Tax on investment income for 2018 from Part VI, line 5......
    2a
    212
    b
    Income tax for 2018. (This does not include the tax from Part VI.)...
    2b
    11,826
    c
    Add lines 2a and 2b............................
    2c
    12,038
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    151,969
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    151,969
    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
    151,969
    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
    175,280
    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
    175,280
    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
    212
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    175,068
    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 7 151,969
    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......  
    b From 2014......  
    c From 2015......  
    d From 2016......  
    e From 2017...... 7,762
    fTotal of lines 3a through e........ 7,762
    4Qualifying distributions for 2018 from Part
    XII, line 4: bullet$ 175,280
    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..... 151,969
    e Remaining amount distributed out of corpus 23,311
    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 31,073
    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) ...     		0
    9Excess distributions carryover to 2019.
    Subtract lines 7 and 8 from line 6a ......     		31,073
    10 Analysis of line 9:
    a Excess from 2014....  
    b Excess from 2015....  
    c Excess from 2016....  
    d Excess from 2017.... 7,762
    e Excess from 2018.... 23,311
    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).)
    JAMES R CLIFTON
    WILLIAM L CLIFTON JR
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
    JAMES R CLIFTON THE CLIFTON FOUNDAT
    4579 LAKE SHORE DR
    WACO,TX76710
    (254) 741-6400
    bThe form in which applications should be submitted and information and materials they should include:
    OUTLINE OF CHARITABLE ACTIVITIES/PROGRAMS INCLUDING IRS TAX EXEMPTION LTR
    cAny submission deadlines:
    SEPTEMBER 1
    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
    ASSOCIATION FOR RETARDED CITIZENS TEXAS
    PO BOX 3367
    WACO,TX76707     		  PC GENERAL USE 500
    BRAZOS VALLEY PUBLIC BROADCASTING FOUNDATION--KWBU-FM
    ONE BEAR PLACE 97296
    WACO,TX76798     		  PC GENERAL USE 1,000
    CARE NET PREGNANCY CENTER
    4700 W WACO DRIVE
    WACO,TX76710     		  PC CAPITAL PROJECTS 1,000
    CARITAS OF WACO
    300 SOUTH 15TH STREET
    WACO,TX76701     		  PC GENERAL USE 21,000
    CEDAR CREEK VETERANS FOUNDATION
    PO BOX 489
    MABANK,TX75147     		  PC SPONSOR EVENT 500
    CENTRAL TEXAS SENIOR MINISTRIES
    PO BOX 85
    WACO,TX76703     		  PC MEALS ON WHEELS 5,000
    COMPASSION MINISTIES OF WACO INC
    1421 AUSTIN AVENUE
    WACO,TX76701     		  PC SPONSOR EVENT 1,500
    CULVER EDUCATIONAL FOUNDATION
    1300 ACADEMY ROAD
    CULVER,IN46544     		  PC GENERAL USE 10,000
    DR PEPPER MUSEUM AND FREE ENTERPRISE INSTITUTE
    300 SOUTH 5TH STREET
    WACO,TX76701     		  PC GENERAL USE 16,000
    DR PEPPER MUSEUM AND FREE ENTERPRISE INSTITUTE
    300 SOUTH 5TH STREET
    WACO,TX76701     		  PC CAPITAL CAMPAIGN--ARTESIAN BUILDING 1,000
    DUGIT MESSIANIC OUTREACH CENTER
    PO BOX 60099
    JACKSONVILLE,FL32236     		  PC GENERAL USE 500
    DUKE UNIVERSITY
    PO BOX 90581
    DURHAM,NC27708     		  PC TRINITY COLLEGE 1,000
    EDUCATIONAL FOUNDATION INC
    PO BOX 309
    CHAPEL HILL,NC27514     		  PC GENERAL USE 1,000
    EPISCOPAL CHURCH OF THE GOOD SHEPHERD--SCHOOL
    PO BOX 5250
    AUSTIN,TX78763     		  PC GENERAL USE 1,000
    FAMILY ABUSE CENTER
    PO BOX 20395
    WACO,TX76702     		  PC GENERAL USE 1,000
    FUZZY FRIENDS RESCUE
    PO BOX 20966
    WACO,TX76702     		  PC SPONSOR EVENT 1,000
    HISTORIC WACO FOUNDATION INC
    810 SOUTH 4TH STREET
    WACO,TX76706     		  PC GENERAL USE 1,500
    HOPE PRESERVED MINISTRIES
    509 SHADY PARK TRAIL
    HEWITT,TX76643     		  PC GENERAL USE 500
    JUNIOR LEAGUE OF WACO
    2600 AUSTIN AVENUE
    WACO,TX76710     		  PC ENDOWMENT 1,000
    KEEP WACO BEAUTIFUL INC
    PO BOX 1493
    WACO,TX76703     		  PC GENERAL USE 50
    MASSACHUSETTS INSTITUTE OF TECHNOLOGY
    600 MEMORIAL DRIVE W98--2ND FLOOR
    CAMBRIDGE,MA02139     		  PC SLOAN SCHOOL OF MANAGEMENT 1,000
    MCLENNAN COMMUNITY COLLEGE FOUNDATION
    1400 COLLEGE DRIVE
    WACO,TX76708     		  PC GENERAL USE 1,000
    MISSSION WACOMISSION WORLD INC
    1315 N 15TH STREET
    WACO,TX76707     		  PC GENERAL USE 1,000
    MUSEUM OF THE BIBLE
    7707 SW 44TH
    OKLAHOMA CITY,OK73179     		  PC CAPITAL CAMPAIGN 1,000
    NATIONAL PARK FOUNDATION
    1110 VERMONT AVENUE NW SUITE 200
    WASHINGTON,DC02005     		  PC GENERAL USE 2,500
    PROVIDENCE FOUNDATION
    6901 MEDICAL PARKWAY
    WACO,TX76712     		  PC GENERAL USE 1,000
    SOUTHERN METHODIST UNIVERSITY
    PO BOX 750356
    DALLAS,TX75275     		  PC TEMERLIN ADVERTISING INSTITUTE 1,000
    STORYBOOK CHRISTMAS
    PO BOX 6088
    WACO,TX76706     		  PC GENERAL USE 250
    THE GREATER WACO INTERFAITH CONFERENCE
    PO BOX 21902
    WACO,TX76702     		  PC GENERAL USE 250
    THE GREATER WACO UNITED FUND FOUNDATION
    4224 COBBS DRIVE
    WACO,TX76710     		  SO I ENDOWMENT 6,365
    THE WACO FOUNDATION
    1105 WOODED ACRES SUITE 701
    WACO,TX76710     		  PC CITY OF WACO ANIMAL SHELTER FUND 25,000
    THE WACO FOUNDATION
    1105 WOODED ACRES SUITE 701
    WACO,TX76710     		  PC GENERAL USE 5,000
    THE WACO FOUNDATION
    1105 WOODED ACRES SUITE 701
    WACO,TX76710     		  PC MAC SCHOLARSHIP FUND 5,000
    TSTC FOUNDATION
    3801 CAMPUS DRIVE
    WACO,TX76705     		  PC SCHOLARSHIP FUND 2,500
    UNITED SERVICE ORGANIZATIONS INC
    PO BOX 96860
    WASHINGTON,DC20077     		  PC GENERAL USE 2,500
    UNITED WAY OF WACO-MCLENNAN COUNTY
    4224 COBBS DRIVE
    WACO,TX76710     		  PC GENERAL USE 6,365
    UNIVERSITY OF SOUTH CAROLINA
    1600 HAMPTON STREET
    COLUMBIA,SC29208     		  PC JOURNALISM--MISC SCHOLARSHIPS 1,000
    UNIVERSITY OF SOUTHERN CALIFORNIA
    PO BOX 80354
    LOS ANGELES,CA90080     		  PC USC ENGINEERING INNOVATION FUND 1,000
    UNIVERSITY OF TEXAS--MD ANDERSON CANCER CENTER
    PO BOX 4486
    HOUSTON,TX77210     		  PC GENERAL USE 1,000
    VIRGINIA EPISCOPAL SCHOOL
    PO BOX 408
    LYNCHBURG,VA24505     		  PC GENERAL USE 1,000
    WACO CHAMBER COMMUNITY DEVELOPMENT FND
    PO BOX 1220
    WACO,TX76703     		  PC THE MOMENTUM FUND 9,000
    WACO COMMUNITY DEVELOPMENT CORPORATION
    1624 COLCORD
    WACO,TX76707     		  PC GENERAL USE 1,000
    WACO FAMILY PRACTICE FOUNDATION
    1600 PROVIDENCE DRIVE
    WACO,TX76707     		  SO I SPONSOR EVENT 7,500
    WISD EDUCATION FOUNDATION
    501 FRANKLIN AVENUE
    WACO,TX76701     		  PC GREATER WACO ADVANCED MFG ACADEMY 5,000
    WORLD HUNGER RELIEF INC
    PO BOX 639
    ELM MOTT,TX76640     		  PC GENERAL USE 1,100
    WORLD MINISTRY FELLOWSHIP
    PO BOX 860157
    PLANO,TX75086     		  PC GOOD NEWS OUTREACH 500
    HILLSDALE COLLEGE
    33 EAST COLLEGE STREET
    HILLSDALE,MI49242     		  PC GENERAL USE 500
    PROSPER WACO
    1516 AUSTIN AVENUE
    WACO,TX76701     		  PC INSPIRATION 300
    SALVATION ARMY
    PO BOX 268
    WACO,TX76703     		  PC GENERAL USE 3,000
    TALITHA KOURN INSTITUTE
    PO BOX 2202
    WACO,TX76703     		  PC GENERAL USE 1,500
    VOICE
    1101 WOODED ACRES DRIVE
    WACO,TX76710     		  PC GENERAL USE 500
    WACO CULTURAL ARTS FESTIVAL
    814 ELM AVENUE
    WACO,TX76704     		  PC DORIS MILLER PROJECT 10,000
    Total .................................bullet 3a 171,680
    bApproved for future payment
    THE GREATER WACO UNITED FUND FOUNDATION
    4224 COBBS DRIVE
    WACO,TX76710     		  SO I ENDOWMENT 6,365
    UNITED WAY OF WACO-MCLENNAN COUNTY
    4224 COBBS DRIVE
    WACO,TX76710     		  PC GENERAL USE 6,365
    WACO CHAMBER COMMUNITY DEVELOPMENT FND
    PO BOX 1220
    WACO,TX76703     		  PC THE MOMENTUM FUND 18,000
    WACO FAMILY PRACTICE FOUNDATION
    1600 PROVIDENCE DRIVE
    WACO,TX76707     		  SO I SPONSOR EVENT 7,500
    CULVER EDUCATIONAL FOUNDATION
    1300 ACADEMY ROAD
    CULVER,IN46511     		  PC GENERAL USE 20,000
    Total .................................bullet 3b 58,230
    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 ...........     		    14 90  
    4 Dividends and interest from securities....     14 48,590  
    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.....     14 143  
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 37,835  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aCENTRABANC-SUB S INCOME     		522100 57,759      
    bCENTRABANC-SUB S INCOME 522100 -110      
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 57,649 86,658 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    144,307
    (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 InvestmentsOtherSchedule2
    Name:
    CLIFTON FOUNDATION
    EIN:
    74-2832766
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    CAPITAL SPRINGS LP FMV 173,023 173,023
    CAPITAL CENTRABANC FMV 410,355 410,355
    BLACKGOLD OPPORTUNITY OFFSHORE FUND, LTD. FMV 344,260 344,260
    COHO RELATIVE VALUE EQUITY FUND FMV 244,653 244,653
    FIRST EAGLE GOLD FUND FMV 159,774 159,774
    FPA CRESCENT FMV 105,742 105,742
    FIRST EAGLE GLOBAL FUND CLASS 1 FMV 344,489 344,489
    WCM FOCUSED INTL GROWTH FD INST FMV 132,746 132,746
    IVY SCIENCE & TECHNOLOGY FUND CLASS Y FMV 26,781 26,781
    JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS FMV 26,352 26,352
    BREVET DIRECT LENDING-SHORT TERM DURATION FUND, LTD. FMV 297,564 297,564
    ISHARES S&P 500 GROWTH FMV 150,691 150,691
    SPDR S&P BANK ETF FMV 69,690 69,690
    SPDR S&P REGIONAL BANKING ETF FMV 68,518 68,518
    CARILLON REAMS UNCONSTRAINED BOND FD (FORMERLY SCOUT) FMV 106,768 106,768
    STELLUS CREDIT MASTER FUND II, LLC FMV 108,878 108,878
    SALIENT MLP & ENERGY INFRASTRUCTURE II FMV 241,031 241,031

    TY 2018 OtherDecreasesSchedule
    Name:
    CLIFTON FOUNDATION
    EIN:
    74-2832766
    Description Amount
    UNREALIZED GAIN ON INVESTMENTS 219,363
    TIMING DIFFERENCES 681


    TY 2018 OtherExpensesSchedule
    Name:
    CLIFTON FOUNDATION
    EIN:
    74-2832766
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FEES 147 147   0
    OTHER PORTFOLIO DEDUCTIONS-CAPITALSPRING 439 439   0
    OTHER PORTFOLIO DEDUCTIONS-STELLUS CREDIT 684 684   0
    NONDEDUCTIBLE EXPENSES ALLOCATED FROM CENTRABANC 2,120 0   0
    CHARITABLE DEDUCTION FROM CENTRACBANC 336 0   0
    PENALTY & INTEREST 0 0   0
    DUES 700 0   0


    TY 2018 OtherIncomeSchedule2
    Name:
    CLIFTON FOUNDATION
    EIN:
    74-2832766
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    CAPITALSPRING DIRECT 49 49 49
    MISCELLANEOUS INCOME 94 94 94
    CENTRABANC-SUB S INCOME 57,759   57,759
    CENTRABANC-SUB S INCOME -110   -110


    TY 2018 OtherProfessionalFeesSchedule
    Name:
    CLIFTON FOUNDATION
    EIN:
    74-2832766
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT AND MANAGEMENT FEES 19,526 19,526   0


    TY 2018 TaxesSchedule
    Name:
    CLIFTON FOUNDATION
    EIN:
    74-2832766
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 125 125   0
    EXCISE TAX & UBTI TAX 10,375 0   0