Form990-PF
Click to see list of attachments

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
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 Cullen Foundation
 
Number and street (or P.O. box number if mail is not delivered to street address)2727 Allen Parkway Suite 1050
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Houston, TX77019
A Employer identification number

76-0647361
B Telephone number (see instructions)

(713) 651-8839
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$288,851,390J 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 239,741 239,741  
4 Dividends and interest from securities... 2,255,971 2,255,971  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 Click to see attachment 19,215,031
b Gross sales price for all assets on line 6a 53,173,497
7 Capital gain net income (from Part IV, line 2)... 16,804,064
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 2,441,396 2,626,892  
12 Total. Add lines 1 through 11........ 24,152,139 21,926,668  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 473,804 142,141   331,663
14 Other employee salaries and wages...... 232,148 83,500   148,648
15 Pension plans, employee benefits....... 160,926 48,451   112,475
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 33,691 14,846   16,845
c Other professional fees (attach schedule).... Click to see attachment 1,406,094 1,401,211   4,883
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 677,989 15,004    
19 Depreciation (attach schedule) and depletion... Click to see attachment 21,199 6,205  
20 Occupancy.............. 28,673 8,392   20,281
21 Travel, conferences, and meetings....... 10,773 5,344   5,332
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see list of attachments 246,420 180,642   65,779
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 3,291,717 1,905,736   705,906
25 Contributions, gifts, grants paid....... 11,775,000 11,775,000
26 Total expenses and disbursements. Add lines 24 and 25 15,066,717 1,905,736   12,480,906
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 9,085,422
b Net investment income (if negative, enter -0-) 20,020,932
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............. 206,483 386,599 386,599
2 Savings and temporary cash investments......... 16,278,282 10,052,016 10,052,016
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.......... 5,684    
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 110,618,224 Click to see attachment94,334,465 110,830,622
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet       424,767
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 131,698,466 Click to see attachment163,140,680 167,002,290
14 Land, buildings, and equipment: basis bullet192,542
Less: accumulated depreciation (attach schedule) bullet37,446 176,295 Click to see attachment155,096 155,096
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 258,983,434 268,068,856 288,851,390
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
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........ 5,367,756 5,367,756
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds 253,615,678 262,701,100
30 Total net assets or fund balances (see instructions)..... 258,983,434 268,068,856
31 Total liabilities and net assets/fund balances (see instructions). 258,983,434 268,068,856
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
258,983,434
2
Enter amount from Part I, line 27a .....................
2
9,085,422
3
Other increases not included in line 2 (itemize) bullet
3
 
4
Add lines 1, 2, and 3 ..........................
4
268,068,856
5
Decreases not included in line 2 (itemize) bullet
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
268,068,856
Form 990-PF (2018)
Form 990-PF (2018)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a Publicly traded securities      
b Passthrough K-1 capital gain      
c Loss on redemption of Gramercy Dist. P 2018-01-01 2018-01-21
d Loss on redemption of OCM IVb P 2018-01-01 2018-12-01
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 49,170,994   33,955,494 15,215,500
b 1,575,652     1,575,652
c 15,884     15,884
d     2,972 -2,972
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       15,215,500
b       1,575,652
c       15,884
d       -2,972
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 16,804,064
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 15,106,647 301,278,304 0.05014
2016 12,860,161 266,644,403 0.04823
2015 13,107,461 274,395,585 0.04777
2014 12,699,181 277,211,792 0.04581
2013 12,110,594 250,518,242 0.04834
2
Total of line 1, column (d) .....................
2
0.240292
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
0.048058
4
Enter the net value of noncharitable-use assets for 2018 from Part X, line 5......
4
304,928,482
5
Multiply line 4 by line 3......................
5
14,654,253
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
200,209
7
Add lines 5 and 6........................
7
14,854,462
8
Enter qualifying distributions from Part XII, line 4,.............
8
12,480,906
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 1 400,419
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  
3 Add lines 1 and 2........................... 3 400,419
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 400,419
6 Credits/Payments:
a 2018 estimated tax payments and 2017 overpayment credited to 2018 6a 550,212
b Exempt foreign organizations—tax withheld at source...... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c  
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 550,212
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8  
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 10 149,793
11 Enter the amount of line 10 to be: Credited to 2019 estimated taxBullet149,793 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$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
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 Click to see attachment.............
    11
    Yes
     
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletwww.cullenfdn.org
    14
    The books are in care ofbulletPeggy Reid Telephone no.bullet (713) 651-8839

    Located atbullet2727 Allen Parkway Suite 1050HoustonTX ZIP+4bullet770192115
    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
     
    No
    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
     
    No
    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
     
    No
    .........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
     
    No
    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
    Isaac Arnold Jr Chairman/Dir
    2.00     		0    
    2727 Allen Parkway Suite 1050
    Houston,TX770192115
    Wilhelmina E Robertson VC/Sec/A.T./Dir
    10.00     		0    
    2727 Allen Parkway Suite 1050
    Houston,TX770192115
    Meredith T Cullen A. Sec/A.T./Dir
    2.00     		0    
    2727 Allen Parkway Suite 1050
    Houston,TX770192115
    Bert L Campbell Director
    2.00     		0    
    2727 Allen Parkway Suite 1050
    Houston,TX770192115
    Carla Knobloch Director
    2.00     		0    
    2727 Allen Parkway Suite 1050
    Houston,TX770192115
    Scott W Wise President/Treas
    40.00     		403,624 53,513  
    2727 Allen Parkway Suite 1050
    Houston,TX770192115
    Laura Chapman VP from Sept 18
    40.00     		70,179 911  
    2727 Allen Parkway Suite 1050
    Houston,TX770192115
    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
    Peggy Reid Controller
    40.00     		167,000 42,372  
    2727 Allen Parkway Suite 1050
    Houston,TX770192115
    Gina McEvily Grant admin
    40.00     		81,500 28,507  
    2727 Allen Parkway Suite 1050
    Houston,TX770192115
    Total number of other employees paid over $50,000...................bullet  
    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
    Northern Trust Company Custody/Inv mgmt 153,172
    50 South LaSalle
    Chicago,IL60603
    Albourne America LLC Investment advisor 120,000
    655 Montgomery St Ste 1910
    San Francisco,CA94111
    Fayez Sarofim & Co Investment mgmt 93,592
    909 Fannin Ste 2907
    Houston,TX77010
    Avalon Advisors LLC Investment mgmt 69,849
    2929 Allen Pkwy Ste 3000
    Houston,TX77019
    LSV International Small Cap Equity Fund LP Investment mgmt 148,489
    155 North Wacker Drive Ste 4600
    Chicago,IL60606
    Total number of others receiving over $50,000 for professional services.............bullet  
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1  
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet  
    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
    135,986,005
    b
    Average of monthly cash balances.......................
    1b
    15,506,714
    c
    Fair market value of all other assets (see instructions)................
    1c
    158,079,344
    d
    Total (add lines 1a, b, and c).........................
    1d
    309,572,063
    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
     
    3
    Subtract line 2 from line 1d.........................
    3
    309,572,063
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    4,643,581
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    304,928,482
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    15,246,424
    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
    15,246,424
    2a
    Tax on investment income for 2018 from Part VI, line 5......
    2a
    400,419
    b
    Income tax for 2018. (This does not include the tax from Part VI.)...
    2b
    430,279
    c
    Add lines 2a and 2b............................
    2c
    830,698
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    14,415,726
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    14,415,726
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    14,415,726
    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
    12,480,906
    b
    Program-related investments—total from Part IX-B..................
    1b
     
    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
    12,480,906
    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
     
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    12,480,906
    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 14,415,726
    2 Undistributed income, if any, as of the end of 2018:
    a Enter amount for 2017 only....... 1,940,341
    b Total for prior years:20, 20, 20  
    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........  
    4Qualifying distributions for 2018 from Part
    XII, line 4: bullet$ 12,480,906
    a Applied to 2017, but not more than line 2a 1,940,341
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		 
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		0
    d Applied to 2018 distributable amount..... 10,540,565
    e Remaining amount distributed out of corpus  
    5 Excess distributions carryover applied to 2018.    
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5  
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		 
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		 
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		 
    e Undistributed income for 2017. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2018. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2019 ..........     		3,875,161
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		 
    8 Excess distributions carryover from 2013 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2019.
    Subtract lines 7 and 8 from line 6a ......     		 
    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 e-mail address of the person to whom applications should be addressed:
    Gina McEvily
    2727 Allen Parkway Suite 1050
    Houston,TX770192115
    (713) 651-8837
    gina@cullenfdn.org
    bThe form in which applications should be submitted and information and materials they should include:
    See www.cullenfdn.org for online application and information.
    cAny submission deadlines:
    None
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Restricted to Texas-based charitable organizations for programs in Texas, primarily in the Houston area.
    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
    See attachment
    State and zip code provided
    for efiling,TX77002     		N/A   See attachment 11,775,000
    Total .................................bullet 3a 11,775,000
    bApproved for future payment
    See attachment
    State and zip code provided
    for efiling,TX77002     		N/A   See attachment 2,760,000
    Total .................................bullet 3b 2,760,000
    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 ...........     		    14 239,741  
    4 Dividends and interest from securities....     14 2,255,971  
    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.....          
    8 Gain or (loss) from sales of assets other than
    inventory ............     		525990 2,410,967 18 16,804,064  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aCommission recapture     		    1 4,390  
    bOil & gas royalties     15 202,342  
    cPassthrough K-1 Income 525990 -135,667 14 2,370,331  
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 2,275,300 21,876,839  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    24,152,139
    (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: 18007218
    Software Version: 2018v3.1


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2018 AccountingFeesSchedule
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Software ID:
    18007218
    Software Version:
    2018v3.1
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Audit fees 19,035 9,518 0 9,517
    Tax compliance 14,656 5,328 0 7,328

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

    TY 2018 DepreciationSchedule
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Software ID:
    18007218
    Software Version:
    2018v3.1
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
    Equipment 2009-01-01 27,336 12,906 SL 5.0000 5,251 1,483    
    Leasehold improvements 2017-04-01 100,442 3,348 SL 15.0000 6,696 1,942    
    Furniture 2017-01-01 64,765 4,626 SL 7.0000 9,252 2,780    

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

    TY 2018 GainLossSaleOtherAssetsSch
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Software ID:
    18007218
    Software Version:
    2018v3.1
    Name Date Acquired How Acquired Date Sold Purchaser Name Gross Sales Price Basis Basis Method Sales Expenses Total (net) Accumulated Depreciation
    Passthrough - ST capital gain UBI         5,755   Cost   5,755  
    Passthrough - LT capital gain UBI         46,512   Cost   46,512  
    Passthrough 1231 capital gain -UBI         2,358,700   Cost   2,358,700  

    TY 2018 InvestmentsCorpStockSchedule
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Software ID:
    18007218
    Software Version:
    2018v3.1
    Name of Stock End of Year Book Value End of Year Fair Market Value
    10510 shs Abbott Lab Com 280,086 760,188
    8270 shs Abbvie Inc Com Usd0.01 194,560 762,411
    1400 shs Air Prod & Chem Inc Com 219,352 224,070
    1300 shs Alphabet Inc Cap Stk 984,451 1,346,293
    17820 shs Altria Group Inc Com 185,823 880,130
    715 shs Amazon Com Inc Com 1,205,396 1,073,909
    7200 shs American Express Co 632,287 686,304
    3200 shs Anheuser Busch Inbev Sa/Nv Spon 350,638 210,592
    11980 shs Apple Inc 339,459 1,889,725
    3200 shs Asml Hldg Nv Ny Reg 324,594 497,984
    1350 shs Automatic Data Processing 50,850 177,012
    1950 shs Blackrock Inc 546,330 765,999
    2050 shs Canadian Pac Ry Ltd Com 259,323 364,121
    7710 shs Chevron Corp Com 411,703 838,771
    6650 shs Chubb Ltd Ord 703,121 859,047
    22370 shs Coca Cola Co Com 558,043 1,059,220
    22380 shs Comcast Corp New-Cl A 684,102 762,039
    9810 shs Conocophillips Com 277,335 611,654
    1350 shs Constellation Brands 211,612 217,107
    5600 shs Estee Lauder Companies 466,924 728,560
    13560 shs Exxon Mobil Corp 930,662 924,656
    11200 shs Facebook Inc 1,375,747 1,468,208
    16500 shs Infineon Tech Ag Spons 405,969 329,753
    5450 shs Intercontl Exchange 256,812 410,549
    1675 shs Intuitive Surgical Inc 340,638 802,191
    11008 shs Jpmorgan Chase & Co 333,491 1,074,601
    1200 shs Mastercard Inc Cl A 266,999 226,380
    3470 shs Mc Donalds Corp 201,737 616,168
    20750 shs Microsoft Corp Com 1,154,667 2,107,578
    7430 shs Nestle S A Sponsored 304,389 601,533
    7350 shs Nike Inc Cl B 411,369 544,929
    13700 shs Novo-Nordisk A S Adr 185,705 631,159
    5050 shs Pepsico Inc Com 285,512 557,924
    15680 shs Philip Morris Intl Npv 468,720 1,046,797
    6700 shs Twenty-First Mandatory 243,946 320,126
    7450 shs Twenty-First Mandatory Ex 263,761 358,494
    19010 shs Roche Hldg Ltd Sponsored 389,042 590,831
    850 shs Sherwin-Williams Co Com 387,234 334,441
    8900 shs State Str Corp Com 715,408 561,323
    9190 shs Texas Instruments Inc 241,867 868,455
    5070 shs Total Sa 324,121 264,553
    6350 shs Union Pac Corp Com 635,420 877,761
    2800 shs Unitedhealth Group Inc 420,346 697,536
    3550 shs Verisk Analytics Inc 351,175 387,092
    8500 shs Visa Inc Com Cl A Stk 632,132 1,121,490
    3300 shs Walt Disney Co 343,980 361,845
    6970 shs Wells Fargo & Co New 374,562 321,178
    1200 shs Advance Auto Pts Inc Com 216,330 188,952
    19250 shs Aes Corp Com 226,114 278,355
    2063 shs Akamai Technologies Inc 129,033 126,008
    4277 shs Aramark Com 166,867 123,905
    2024 shs Broadridge Finl Solutions 128,875 194,810
    813 shs Burlington Stores Inc Com 90,674 132,251
    11352 shs Caretrust Reit Inc Com 219,607 209,558
    1996 shs Cboe Global Markets Inc 218,297 195,269
    3258 shs Cdw Corp Com 224,733 264,061
    1108 shs Centene Corp Del Com 98,931 127,752
    11129 shs Centerpoint Energy 315,949 314,172
    4069 shs Church & Dwight Inc Com 203,634 267,577
    4052 shs Ciena Corp Com New 133,968 137,403
    2296 shs Coresite Rlty Corp 88,035 200,280
    1877 shs Cyber-Ark Software Ltd 134,147 139,161
    2003 shs Diamondback Energy Inc 202,357 185,678
    1227 shs Epam Sys Inc 98,238 142,344
    3376 shs Euronet Worldwide 317,522 345,635
    3542 shs Firstcash Inc Com 188,147 256,264
    1828 shs Fleetcor Technologies 283,878 339,496
    1951 shs Global Pmts Inc Com 158,982 201,207
    2128 shs Green Dot Corp 154,435 169,219
    3768 shs Healthcare Svcs Group Inc 131,125 151,398
    2282 shs Heico Corp New 63,457 176,809
    2479 shs Iberiabank Corp 204,297 159,350
    1669 shs Icon Plc Com 88,358 215,651
    4262 shs Kar Auction Svcs Inc 203,044 203,383
    1371 shs Lab Corp Amer Hldgs 187,691 173,240
    632 shs Lennox Intl Inc Com 137,310 138,320
    5251 shs Lkq Corp Com Lkq Corp 140,139 124,606
    201 shs Markel Corp Holding Co 228,757 208,648
    6213 shs Mosaic Co/The 226,464 181,482
    7521 shs National Storage Affil 218,024 199,006
    12256 shs Nomad Foods Limited 236,086 204,920
    1576 shs Old Dominion Freight Ln 198,632 194,620
    2121 shs Ollies Bargain Outlet 52,062 141,068
    10912 shs Parsley Energy Inc Cl A Cl A 255,761 174,374
    2787 shs Perkinelmer Inc Com 240,592 218,919
    2205 shs Post Hldgs Inc 206,686 196,532
    3345 shs Pra Health Sciences 260,323 307,606
    5382 shs Premier Inc Cl A Cl A 205,444 201,018
    4007 shs Chemical Name And Cusip 146,729 146,696
    1612 shs Resmed Inc Com 91,975 183,558
    2502 shs Restaurant Brands Intl 135,320 130,855
    3206 shs Ryman Hospitality Pptys 218,337 213,808
    4617 shs Sensata Technologies 215,615 207,026
    5801 shs Servicemaster Global 238,827 213,129
    2206 Spdr Ser Tr S&P Biotech Etf 131,469 158,281
    5359 shs Ss&C Technologies Hldgs 269,290 241,744
    2428 shs Tractor Supply Co Com 210,172 202,592
    3178 shs Transunion Com 121,921 180,510
    973 shs Ulta Beauty Inc 255,939 238,229
    1262 shs United Rentals Inc Com 128,293 129,393
    1814 shs Unvl Health Services 240,818 211,440
    7306 shs Upland Software Inc Com 221,345 198,577
    2459 shs Verisk Analytics Inc 223,506 268,129
    2540 shs Waste Connections 79,012 188,595
    3824 shs Webster Fncl Corp Waterbury Con 202,506 188,485
    253 shs White Mountains Insurance 243,185 216,996
    4288 shs Zions Bancorporation N A 176,019 174,688
    216000 shs China Hongxing Spo 1 1
    995243.36 shs DFA US Targeted Value 20,664,762 19,735,676
    233795.43 shs NTGI Russell 1000 41,505,019 46,169,220

    TY 2018 InvestmentsOtherSchedule2
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Software ID:
    18007218
    Software Version:
    2018v3.1
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    AKO European Long-Only Fund Ltd AT COST 20,000,000 20,044,000
    Blackgold Private Energy Partners AT COST 10,038,283 9,172,989
    Cedar Rock Capital Partners LLC AT COST 20,999,850 18,741,568
    Cevian Capital II Ltd AT COST 12,000,000 10,296,120
    Coatue Offshore Fund Ltd AT COST 15,000,000 13,468,856
    CREA Partners II LP AT COST 1,935,389 1,699,791
    Eminence Fund Ltd AT COST 20,000,000 19,992,426
    Encap Flatrock Midstream Fund II-C LP AT COST 1,571,372 1,422,710
    GSR 2017 Opportunities Fund LP AT COST 97,631 97,072
    GSR Ventures VI LP AT COST 192,365 192,816
    Highland Cap Invs Corp Hldg AT COST 870,035 1
    LSV Internatnl Small Cap Equity AT COST 12,466,812 11,987,462
    Oaktree Mezzanine Fund III LP AT COST 11,772 12,027
    OCM Opportunities Fund IV-B LP AT COST 153 1
    OCM Opportunities Fund VIIB LP AT COST 388,301 214,212
    OCM Principal Opport Fund III LP AT COST 1 60,998
    SCF-IX LP AT COST 288,947 287,782
    Stelliam Offshore Long Fund Ltd AT COST 20,000,000 18,807,406
    Stelliam Opportunity Fund LP AT COST 2,116,846 1,695,176
    Stonelake Opport Partners II LP AT COST 24,904 6,210,718
    Stonelake Opport Partners III LP AT COST 4,637,299 11,429,603
    Stonelake Opport Partners IV LP AT COST 5,334,120 7,444,781
    Stonelake Opportunity Partners V, LP AT COST 166,600 157,294
    Tremblant Long Fund Ltd AT COST 15,000,000 13,459,234
    Accrued Income AT COST   107,247

    TY 2018 LandEtcSchedule2
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Software ID:
    18007218
    Software Version:
    2018v3.1
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    Furniture and Fixtures 64,764 13,878 50,886 50,886
    Machinery and Equipment 27,336 13,524 13,812 13,812
    Improvements 100,442 10,044 90,398 90,398


    TY 2018 OtherExpensesSchedule
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Software ID:
    18007218
    Software Version:
    2018v3.1
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Bank charges 2,767 858   1,909
    Bank custodial fees 136,120 136,120    
    Dues and subscriptions 6,802 63   6,739
    Insurance 28,268 8,763   19,505
    Oil & gas other deductions 16,873 16,873    
    Other administrative expenses 17,787 5,514   12,273
    Other investment fees 1,060 1,060    
    Repairs/maintenance 2,018 626   1,392
    Supplies 16,765 5,197   11,568
    Technology 17,960 5,568   12,393


    TY 2018 OtherIncomeSchedule2
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Software ID:
    18007218
    Software Version:
    2018v3.1
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    Commission recapture 4,390 4,390  
    Oil & gas royalties 202,342 202,342  
    Passthrough K-1 Income 2,234,664 2,420,160  


    TY 2018 OtherProfessionalFeesSchedule
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Software ID:
    18007218
    Software Version:
    2018v3.1
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Investment consulting fees 120,000 120,000 0 0
    Investment management fees 1,279,017 1,279,017 0 0
    Payroll services 7,077 2,194 0 4,883


    TY 2018 TaxesSchedule
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Software ID:
    18007218
    Software Version:
    2018v3.1
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Ad valorem taxes 8,129 8,129    
    Excise tax 500,000      
    Income tax 162,985      
    O & G production taxes 6,875 6,875    


    TY 2018 TransfersFrmControlledEntities
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Software ID:
    18007218
    Software Version:
    2018v3.1
    Name US /
    Foreign Address    		 EIN Description Amount
    BlackGold Private Equity Partners 109 N Post Oak Ln Ste 500
    Houston,TX77024     		81-1616295 Distribution from investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B). 979,345
    Total     979,345