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TIN:
Form
990-PF
Department of the Treasury
Internal Revenue Service
Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
Do not enter social security numbers on this form as it may be made public.
Go to
www.irs.gov/Form990PF
for instructions and the latest information.
OMB No. 1545-0052
20
19
Open to Public Inspection
For calendar year 2019, or tax year beginning
01-01-2019
, and ending
12-31-2019
Name of foundation
The Forman S Acton Educational
Foundation Inc
Number and street (or P.O. box number if mail is not delivered to street address)
PO Box 181
Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Salem
,
NJ
08079
A Employer identification number
47-1997891
B
Telephone number (see instructions)
(844) 436-7626
C
If exemption application is pending, check here
G
Check all that apply:
Initial return
Initial return of a former public charity
Final return
Amended return
Address change
Name change
D 1.
Foreign organizations, check here.............
2
. Foreign organizations meeting the 85%
test, check here and attach computation ...
E
If private foundation status was terminated
under section 507(b)(1)(A), check here .......
H
Check type of organization:
Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trust
Other taxable private foundation
F
If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here .......
I
Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)
$
36,570,364
J
Accounting method:
Cash
Accrual
Other (specify)
(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)
1
Contributions, gifts, grants, etc., received (attach schedule)
2
Check
.............
3
Interest on savings and temporary cash investments
106
106
4
Dividends and interest from securities
...
861,162
861,162
5a
Gross rents
............
b
Net rental income or (loss)
6a
Net gain or (loss) from sale of assets not on line 10
5,783,826
b
Gross sales price for all assets on line 6a
17,339,670
7
Capital gain net income (from Part IV, line 2)
...
1,528,627
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)
.......
12
Total.
Add lines 1 through 11
........
6,645,094
2,389,895
13
Compensation of officers, directors, trustees, etc.
374,631
24,317
350,314
14
Other employee salaries and wages
......
164,999
0
164,999
15
Pension plans, employee benefits
.......
32,779
0
32,779
16a
Legal fees (attach schedule)
.........
90,088
0
90,088
b
Accounting fees (attach schedule)
.......
24,890
6,223
18,668
c
Other professional fees (attach schedule)
....
257,470
205,971
51,449
17
Interest
...............
18
Taxes (attach schedule) (see instructions)
...
64,570
1,831
45,154
19
Depreciation (attach schedule) and depletion
...
20
Occupancy
..............
21
Travel, conferences, and meetings
.......
38,322
0
38,322
22
Printing and publications
..........
23
Other expenses (attach schedule)
.......
155,093
4,627
150,466
24
Total operating and administrative expenses.
Add lines 13 through 23
..........
1,202,842
242,969
942,239
25
Contributions, gifts, grants paid
.......
1,018,426
1,018,426
26
Total expenses and disbursements.
Add lines 24 and 25
2,221,268
242,969
1,960,665
27
Subtract line 26 from line 12:
a
Excess of revenue over expenses and disbursements
4,423,826
b
Net investment income
(if negative, enter -0-)
2,146,926
c
Adjusted net income
(if negative, enter -0-)
...
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X
Form
990-PF
(2019)
Form 990-PF (2019)
Page
2
Part II
Balance Sheets
Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)
Beginning of year
End of year
(a)
Book Value
(b)
Book Value
(c)
Fair Market Value
1
Cash—non-interest-bearing
.............
2
Savings and temporary cash investments
.........
891,427
1,258,922
1,258,922
3
Accounts receivable
Less: allowance for doubtful accounts
4
Pledges receivable
Less: allowance for doubtful accounts
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)
Less: allowance for doubtful accounts
8
Inventories for sale or use
..............
9
Prepaid expenses and deferred charges
..........
10a
Investments—U.S. and state government obligations (attach schedule)
905,102
1,456,540
1,456,540
b
Investments—corporate stock (attach schedule)
.......
22,462,649
25,991,200
25,991,200
c
Investments—corporate bonds (attach schedule)
.......
7,917,872
7,863,702
7,863,702
11
Investments—land, buildings, and equipment: basis
Less: accumulated depreciation (attach schedule)
12
Investments—mortgage loans
.............
13
Investments—other (attach schedule)
..........
14
Land, buildings, and equipment: basis
Less: accumulated depreciation (attach schedule)
15
Other assets (describe
)
16
Total assets
(to be completed by all filers—see the
instructions. Also, see page 1, item I)
32,177,050
36,570,364
36,570,364
17
Accounts payable and accrued expenses
..........
39,879
9,367
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
)
23
Total liabilities
(add lines 17 through 22)
.........
39,879
9,367
Foundations that follow FASB ASC 958, check here
and complete lines 24, 25, 29 and 30.
24
Net assets without donor restrictions
...........
32,137,171
36,560,997
25
Net assets with donor restrictions
............
Foundations that do not follow FASB ASC 958, check here
and complete lines 26 through 30.
26
Capital stock, trust principal, or current funds
........
27
Paid-in or capital surplus, or land, bldg., and equipment fund
28
Retained earnings, accumulated income, endowment, or other funds
29
Total net assets or fund balances
(see instructions)
.....
32,137,171
36,560,997
30
Total liabilities and net assets/fund balances
(see instructions)
.
32,177,050
36,570,364
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return)
...............
1
32,137,171
2
Enter amount from Part I, line 27a
.....................
2
4,423,826
3
Other increases not included in line 2 (itemize)
3
0
4
Add lines 1, 2, and 3
..........................
4
36,560,997
5
Decreases not included in line 2 (itemize)
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29
.
6
36,560,997
Form
990-PF
(2019)
Form 990-PF (2019)
Page
3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a)
List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)
(b)
How acquired
P—Purchase
D—Donation
(c)
Date acquired
(mo., day, yr.)
(d)
Date sold
(mo., day, yr.)
1 a
ADOBE INC
P
2019-09-23
2019-12-23
b
ALLERGAN PLC
P
2016-07-14
2019-09-23
c
AMC NETWORKS
P
2017-07-13
2019-12-23
d
AMC NETWORKS INC CL A
P
2016-07-14
2019-09-23
e
AMDOCS LTD
P
2019-01-16
2019-12-23
AMERICAN INTL
P
2018-10-26
2019-03-19
AMERICAN INTL
P
2017-08-30
2019-03-19
ANADARK PETROLEUM CORP
P
2016-07-14
2019-08-09
ANALOG DEVICES INC
P
2016-07-14
2019-12-23
ANHEUSER BUSCH
P
2018-11-01
2019-03-19
ANHEUSER BUSCH
P
2018-11-06
2019-02-11
APPLE INC
P
2016-07-14
2019-12-23
AT&T INC
P
2018-10-26
2019-10-22
AT&T INC
P
2018-04-19
2019-10-22
AUTODESK INC
P
2016-07-14
2019-09-23
AUTONATION IN
P
2017-12-07
2019-07-29
BAXTER INTL INC
P
2016-07-14
2019-05-02
BIOGEN INC (S)
P
2018-08-18
2019-04-22
BIOGEN INC (L)
P
2016-07-14
2019-09-23
BLACKROCK INC
P
2019-09-23
2019-12-13
BOOZ ALLEN HAMILTON A
P
2018-03-28
2019-12-23
BOSTON SCIENTIFIC CORP
P
2018-01-04
2019-12-23
BROADCOM INC
P
2019-05-22
2019-09-23
BROADCOM INC
P
2016-07-14
2019-09-23
BWX TECHS INC
P
2016-07-14
2019-12-23
CAT MTN
P
2016-07-29
2019-12-02
CCO HLDGS
P
2019-01-29
2019-10-18
CELGENE CORP
P
2016-08-01
2019-04-22
CENTRAL
P
2018-10-29
2019-01-25
CENTRAL
P
2017-12-12
2019-01-25
CHIPOTLE MEXICAN GRILL
P
2019-09-23
2019-10-02
CHUBB LTD
P
2016-07-14
2019-12-23
CITI NOTE
P
2017-12-05
2019-12-23
CITRIX SYSTEMS INC
P
2016-07-14
2019-09-23
CNSTLN BR
P
2018-10-29
2019-08-28
CNSTLN BR
P
2018-05-10
2019-08-28
COMCAST CORP
P
2018-10-26
2019-05-16
COMCAST CORP
P
2016-07-14
2019-09-23
COMCAST CORP A NEW
P
2016-07-14
2019-12-23
CONAGRA BRAND
P
2018-10-25
2019-12-23
CONDUENT INC
P
2018-01-30
2019-05-17
CONS DSCR SEL
P
2016-12-06
2019-12-23
CONS DSCR SEL SPDR
P
2016-07-14
2019-12-23
CONS STPLS SEL SPDR
P
2016-07-14
2019-12-23
CONS STPLS SPDR
P
2019-07-18
2019-12-23
CORTEVA INC
P
2016-07-14
2019-06-07
CREE INC
P
2019-08-23
2019-09-23
CREE INC
P
2016-07-14
2019-09-23
CROWN CASTLE
P
2017-08-28
2019-02-08
CVS BOND
P
2018-10-26
2019-06-26
CVS BOND
P
2018-05-18
2019-06-26
CVS CORP
P
2019-06-26
2019-10-16
DIAMONDBACK
P
2017-10-18
2019-11-20
DISCOVERY INC A
P
2016-07-14
2019-09-23
DOLBY LABS INC CL A
P
2016-07-14
2019-09-23
DOLLAR GENL CORP
P
2019-09-04
2019-12-23
DOLLAR GENL CORP NEW
P
2017-04-21
2019-09-25
DOW INC (S)
P
2018-12-17
2019-04-08
DOW INC (L)
P
2016-07-14
2019-07-10
DUKE ENERGY
P
2018-10-26
2019-08-21
DUKE ENERGY
P
2019-11-07
2019-08-21
DUPONT DE NEMOURS INC (S)
P
2018-12-17
2019-06-05
DUPONT DE NEMOURS INC (L)
P
2016-07-14
2019-06-05
EATON CORP PLC
P
2016-07-14
2019-12-23
EBAY INC
P
2016-07-14
2019-12-23
EDION INTL
P
2018-06-25
2019-01-29
ENTERPRISE
P
2018-02-07
2019-02-15
EVEREST REINSURANCE GRP
P
2018-06-26
2019-12-23
FACEBOOK INC A
P
2019-09-23
2019-12-23
FEDERATED HERMES INC
P
2018-12-17
2019-04-22
FEDERATED HERMES INC
P
2017-04-26
2019-04-22
FHLMC G08631
P
2018-10-29
2019-07-22
FHLMC G08631
P
2016-07-28
2019-07-22
FHLMC G08677
P
2016-07-28
2019-07-10
FHLMC Q29916
P
2016-07-28
2019-07-29
FIREEYE INC
P
2019-05-29
2019-09-23
FIRST AMERN FINL CORP
P
2018-12-21
2019-12-23
FIRST HAWAIIAN INC
P
2018-09-27
2019-12-23
FISERV INC
P
2019-07-25
2019-12-23
FLUOR CORP NEW
P
2015-06-05
2019-09-23
FNMA AB5424
P
2016-07-28
2019-07-22
FNMA MA3155
P
2018-10-01
2019-07-10
FNMA MA3155
P
2017-10-25
2019-07-10
FNMA MA3383
P
2019-03-19
2019-12-23
FORD MOTOR
P
2018-07-18
2019-04-03
FREEPORT MCMORAN INC
P
2016-07-14
2019-09-23
FT SENIOR LOAD FD
P
2017-01-04
2019-03-08
FT UTILS ALPHADX
P
2019-07-18
2019-09-04
GCI LIBERTY INC A
P
2016-07-14
2019-09-23
GENL MILLS
P
2016-07-29
2019-07-02
GENL MOTORS
P
2018-10-26
2019-10-02
GENL MOTORS
P
2017-01-17
2019-10-02
GLAXOSMITHKLINE PLC ADR
P
2016-07-14
2019-10-31
GLBL US INFRA DEV
P
2018-11-14
2019-01-10
GLBL US INFRA DEV
P
2018-11-14
2019-12-23
GM FINL SR
P
2018-11-06
2019-10-04
GRAINGER W W INC
P
2019-09-23
2019-12-23
GRUBHUB INC
P
2019-09-23
2019-11-01
GS ACTIVEBETA LGCP
P
2016-08-12
2019-12-23
GS NT
P
2018-10-29
2019-02-01
HASBRO INC
P
2019-11-20
2019-12-23
HCA INC
P
2018-10-26
2019-07-05
HCA INC
P
2016-07-21
2019-07-05
HEXCEL CORP
P
2018-12-13
2019-12-23
HLTHCR SEL SECT SPDR
P
2017-07-20
2019-12-23
HLTHCR SEL SECT SPDR
P
2016-07-14
2019-12-23
HUNTINGTON
P
2018-10-26
2019-06-04
HUNTINGTON
P
2016-07-28
2019-06-04
HUNTINGTON BANCHS INC
P
2017-06-30
2019-12-23
HUNTSMAN CORP
P
2018-12-27
2019-12-23
IAA INC
P
2019-04-22
2019-12-23
IMMUNOGEN INC
P
2016-07-14
2019-09-23
INTEL CORP
P
2016-07-29
2019-12-24
INV AEROSP & DEF
P
2019-07-18
2019-12-23
INV EXCHG FTSE RAFI
P
2018-10-22
2019-05-31
INV EXCHG S&P 500
P
2018-11-21
2019-01-10
INV EXCHG S&P 500
P
2018-11-21
2019-12-23
INV QQQ
P
2016-08-12
2019-12-23
INVESCO RUSL 100
P
2019-03-08
2019-12-23
IONIS PHARMA INC
P
2019-04-18
2019-09-23
IONIS PHARMA INC
P
2016-07-14
2019-09-23
ISHS 20+ TRSY
P
2017-11-29
2019-12-23
ISHS 7-10Y TRSY
P
2018-11-14
2019-08-16
ISHS AC ASIA EX JPN
P
2018-10-22
2019-05-31
ISHS AC ASIA EX JPN
P
2018-09-27
2019-03-13
ISHS AC ASIA EX JPN
P
2018-09-27
2019-10-15
ISHS CORE MSCI E/MKT
P
2018-10-22
2019-08-16
ISHS CORE MSCI E/MKT
P
2018-10-22
2019-12-23
ISHS CORE MSCI EAFE
P
2017-04-26
2019-12-23
ISHS CORE MSCI EUR
P
2016-07-14
2019-12-23
ISHS CORE S&P 500
P
2018-08-16
2019-12-23
ISHS CORE S&P SMCP
P
2019-01-24
2019-09-04
ISHS EXPANDED TECH
P
2019-09-04
2019-12-23
ISHS MSCI AUSTRALIA
P
2018-10-22
2019-01-10
ISHS MSCI AUSTRALIA
P
2018-10-22
2019-11-15
ISHS MSCI CANADA
P
2018-10-22
2019-01-10
ISHS MSCI CANADA
P
2018-10-22
2019-12-23
ISHS MSCI EAFE GRW
P
2018-10-22
2019-01-10
ISHS MSCI EAFE GRW
P
2018-10-22
2019-12-23
ISHS US FINL SVCS
P
2016-11-15
2019-12-23
ISHS US FINL SVCS
P
2017-01-11
2019-06-24
ISHS US MED DVCS
P
2018-11-14
2019-01-10
ISHS US MED DVCS
P
2018-11-14
2019-12-23
ISHS US TECH
P
2018-12-18
2019-01-10
ISHS US TECH
P
2018-12-18
2019-12-23
JOHNSON & JOHNSON
P
2016-07-14
2019-12-23
JOHNSON CTLS INTL PLC
P
2016-07-14
2019-09-23
JPM BETABLDR JAPAN
P
2018-08-09
2019-01-10
JPM BETABLDR JAPAN
P
2018-08-09
2019-12-23
JPM DIVS RET INTL EQ
P
2019-03-08
2019-12-23
JPM NT
P
2018-10-29
2019-01-16
JPM NT
P
2017-03-15
2019-01-16
KAR AUCTION SVCS INC
P
2019-04-22
2019-07-15
L3HARRIS TECHS INC
P
2016-07-14
2019-09-23
LAMAR ADVERTISING NEW A
P
2018-12-20
2019-12-23
LBRTY MEDIA A SIRIUS XM
P
2016-07-14
2019-09-23
LIBERTY BROADBAND CORP A
P
2016-07-14
2019-09-23
LIBERTY BROADBAND CORP C
P
2006-07-14
2019-09-23
LIBERTY FORMULA ONE C
P
2016-07-14
2019-09-23
LIBERTY MEDIA A FORMLA ONE
P
2016-07-14
2019-09-23
LIBERTY MEDIA CORP C
P
2016-07-14
2019-09-23
LIONS GATE ENTMNT CORP B
P
2016-12-12
2019-09-23
LOGMEIN INC
P
2016-07-14
2019-09-23
LOWES COMPANIES INC
P
2019-07-15
2019-12-23
M&T BANK CORP
P
2016-07-04
2019-12-23
MARATHON PETROLEUM CORP
P
2019-07-15
2019-12-23
MEDTRONIC PLC
P
2016-07-14
2019-12-23
MEDTRONIC PLC
P
2016-07-14
2019-09-23
MICROSOFT CORP
P
2016-07-14
2019-12-23
MICROSOFT CORP
P
2019-09-23
2019-12-23
NATIONAL OILWELL VARCO
P
2016-07-14
2019-09-23
NOW INC
P
2016-07-14
2019-09-23
NUANCE COMMUNICATION INC
P
2016-07-14
2019-09-23
NUCOR CORP
P
2016-07-14
2019-09-23
NUVASIVE INC
P
2018-04-10
2019-02-20
NUVASIVE INC
P
2016-07-14
2019-12-23
NVIDIA CORP
P
2019-09-23
2019-12-23
OCCIDENTAL PETRO CORP
P
2018-12-17
2019-10-03
OCCIDENTAL PETRO CORP
P
2016-07-14
2019-05-22
OCCIDENTAL PETRO CORP
P
2019-08-09
2019-09-23
PARKER HANNIFIN CORP
P
2019-01-24
2019-10-03
PAYPAL HLDGS INC
P
2016-07-14
2019-04-17
PENTAIR PLC
P
2016-07-14
2019-09-23
PFIZER INC
P
2016-07-14
2019-06-26
PIMCO 15+Y US TIPS
P
2017-07-12
2019-03-20
PIMCO ENH SHIRT MATY
P
2018-10-22
2019-03-20
PIMCO INVT GRP CORP
P
2018-10-22
2019-08-16
PIMCO INVT GRP CORP
P
2016-12-28
2019-08-16
PIONEER NATURAL RES CO
P
2019-09-23
2019-12-23
PPL CORP
P
2016-09-16
2019-12-23
PROCTER & GAMBLE CO
P
2016-07-14
2019-12-23
PROLOGIS INC
P
2019-09-04
2019-12-23
QUALCOMM INC
P
2019-09-23
2019-11-18
QURATE RETAIL INC A
P
2016-07-14
2019-09-23
REGIONS FINL
P
2018-10-26
2019-08-07
REGIONS FINL
P
2019-08-15
2019-03-27
ROYAL CARRIBBN
P
2018-10-26
2019-05-16
ROYAL CARRIBBN
P
2017-05-23
2019-05-16
SABRA HEALTH CARE REIT
P
2018-12-17
2019-03-01
SABRA HEALTH CARE REIT
P
2017-02-09
2019-03-01
SCHWAB CHARLES CORP
P
2019-09-23
2019-12-23
SEAGATE TECHNOLOGY PLC
P
2016-07-14
2019-09-23
SELECT COMMN SVC SEL
P
2018-09-20
2019-12-23
SMITH AO
P
2019-02-13
2019-10-03
SOUTHERN CO
P
2016-07-21
2019-05-16
SPDR BLACKSTONE GSO
P
2018-10-22
2019-03-08
SPDR BLACKSTONE GSO
P
2017-01-04
2019-03-08
SPDR BLOOMBERG INVT
P
2017-11-29
2019-11-15
SPLUNK INC
P
2019-09-23
2019-12-23
SS&C TECHS HOLDING INC
P
2019-09-12
2019-12-23
STARBUCKS CORP
P
2019-09-04
2019-12-23
STORE CAPITAL CORP
P
2018-02-09
2019-12-23
SUNTRUST BANKS INC
P
2019-01-24
2019-07-25
SYSCO CORP
P
2016-07-14
2019-12-23
TANGER PPTYS3
P
2018-10-26
2019-08-21
TANGER PPTYS3
P
2018-02-14
2019-08-21
TE CONNECTIVITY LTD
P
2016-07-14
2019-09-23
TECH SEL SECT SPDR
P
2016-07-14
2019-12-23
TESORO LOGIST
P
2018-10-29
2019-08-29
TESORO LOGIST
P
2017-09-06
2019-08-29
TEXAS INSTRUMENTS
P
2019-09-23
2019-10-02
THERMO FISHER SCIENTIFIC
P
2019-09-23
2019-12-23
THOMSON REUTE
P
2016-08-15
2019-06-11
TIME WARNER
P
2016-08-01
2019-06-05
TRUIST FINL CORP
P
2016-07-14
2019-12-23
TWITTER INC
P
2019-02-07
2019-09-23
TWITTER INC
P
2016-07-14
2019-09-23
ULTA BEAUTY INC
P
2019-10-31
2019-12-23
UNITED HEALTH
P
2016-07-29
2019-12-16
UNITED RENT
P
2018-10-26
2019-02-14
UNITED RENT
P
2018-01-12
2019-02-14
UNITEDHEALTH GROUP INC
P
2016-07-14
2019-12-23
UPS INC B
P
2018-12-17
2019-02-27
UPS INC B
P
2016-07-14
2019-02-27
UPS INC B
P
2019-09-04
2019-12-23
US TIPS .125
P
2017-01-24
2019-01-29
UST BOND
P
2018-09-25
2019-07-24
UST BOND 3.0
P
2017-10-06
2019-12-23
UST NOTE
P
2018-12-18
2019-04-02
UST NOTE 1.5
P
2019-08-29
2019-12-02
UST NOTE 1.503319
P
2018-04-19
2019-01-18
UST NOTE 2.875
P
2019-02-27
2019-11-25
UST TIPS
P
2018-10-25
2019-01-29
UST TIPS .125
P
2018-02-07
2019-01-29
UST TIPS .25
P
2019-08-07
2019-10-21
UST TIPS 0.5
P
2019-01-29
2019-03-07
UTILS SEL SECT SPDR
P
2019-03-13
2019-12-23
VANECK JPM E/MKT
P
2019-01-10
2019-11-15
VERTEX PHARMS INC
P
2019-04-18
2019-09-23
VERTEX PHARMS INC
P
2016-11-01
2019-09-23
VISA INC CL A
P
2019-09-23
2019-12-23
VNGRD FTSE ALL WORLD
P
2016-07-14
2019-12-23
VNGRD FTSE PACIFIC
P
2016-07-14
2019-12-23
VNGRD INFO TECH
P
2018-10-22
2019-01-10
VNGRD INFO TECH
P
2018-10-22
2019-12-23
VNGRD INTRM TERM
P
2018-06-27
2019-01-10
VNGRD SHRT TRM CORP
P
2019-08-16
2019-12-03
VNGRD TTL BD MKT
P
2018-11-14
2019-01-10
VNGRD TTL BD MKT
P
2018-11-14
2019-12-23
VNGRS INTRM TERM
P
2018-10-22
2019-12-23
WALMART INC
P
2016-07-14
2019-12-23
WATERS CORP
P
2019-07-02
2019-12-23
WEATHERFORD INTL PLC
P
2016-07-14
2019-05-15
WELLS FARGO & CO NEW
P
2018-12-17
2019-01-24
WELLS FARGO & CO NEW
P
2017-10-23
2019-01-24
WELLTOWER INC
P
2016-07-14
2019-01-10
WESTERN DIGITAL CORP
P
2016-07-14
2019-09-23
WOODWARD INC
P
2018-02-21
2019-12-23
WSDMTR LGCP DIV
P
2016-07-18
2019-12-23
WSDMTR SMCP DIV
P
2018-06-05
2019-03-08
ZIMMER BIOMET HLDGS INC
P
2016-07-14
2019-12-23
3M Company
P
2016-07-14
2019-12-23
ABBOTT LABORATORIES
P
2016-12-26
2019-12-23
ACTAVIS FDG
P
2016-07-29
2019-11-04
(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
25,665
21,599
4,066
b
305,132
350,750
-45,618
c
5,109
5,073
36
d
56,372
64,985
-8,613
e
7,102
5,841
1,261
14,879
14,505
374
29,758
30,944
-1,186
310,021
243,048
66,973
4,661
2,342
2,319
41,832
40,374
1,458
133,572
131,367
2,205
65,506
22,795
42,711
23,387
19,262
4,125
29,234
25,990
3,244
230,582
87,693
142,889
5,027
4,974
53
100,102
60,216
39,886
62,079
94,950
-32,871
277,604
274,503
3,101
29,297
26,420
2,877
27,275
15,791
11,484
13,543
8,118
5,425
143,664
134,451
9,213
294,217
164,069
130,148
74,050
44,746
29,304
151,000
151,000
0
40,779
40,558
221
150,226
152,636
-2,410
27,825
28,167
-342
13,913
15,066
-1,153
95,577
100,135
-4,558
6,759
5,720
1,039
13,902
12,984
918
129,425
91,629
37,796
10,031
10,016
15
25,090
25,066
24
42,560
39,704
2,856
433,270
314,227
119,043
8,475
6,431
2,044
6,125
4,879
1,246
45,607
85,441
-39,834
3,906
2,799
1,107
240,105
174,955
65,150
40,200
35,632
4,568
7,121
6,676
445
18
18
570
510
60
114,327
61,634
52,693
5,296
5,433
-137
15,057
14,982
75
30,113
29,987
126
26,708
26,284
424
46,665
44,990
1,675
86,023
84,716
1,307
166,085
124,187
41,898
1,706
1,730
-24
28,396
12,551
15,845
27,878
32,569
-4,691
23,796
26,499
-2,703
15,904
14,938
966
31,808
31,069
739
19
28
-9
31
43
-12
19,415
11,207
8,208
7,528
5,415
2,113
100,998
115,135
-14,137
14,254
14,780
-526
10,379
8,743
1,636
19,371
17,594
1,777
5,151
3,991
1,160
104,947
90,181
14,766
22,079
20,644
1,435
43,655
44,445
-790
39,016
42,198
-3,182
58,452
63,127
-4,675
79,558
80,243
-685
19,307
15,455
3,852
6,830
6,402
428
6,998
5,739
1,259
70,974
188,211
-117,237
39,676
41,972
-2,296
39,805
38,301
1,504
59,708
60,270
-562
22,920
22,447
473
104,677
112,920
-8,243
114,266
129,256
-14,990
166,723
171,432
-4,709
62,951
58,775
4,176
35,729
20,913
14,816
150,775
151,339
-564
21,515
19,763
1,752
26,893
26,224
669
73,574
74,036
-462
2,204
2,387
-183
5,009
4,356
653
134,000
134,000
0
14,176
12,305
1,871
36,687
60,779
-24,092
47,206
35,408
11,798
45,210
45,396
-186
6,510
5,854
656
20,468
20,324
144
25,585
25,516
69
1,796
1,434
362
9,573
8,002
1,571
281,832
224,815
57,017
20,203
19,874
329
25,254
25,437
-183
2,814
2,508
306
12,135
9,304
2,831
13,102
9,540
3,562
34,899
27,942
6,957
148,169
149,362
-1,193
7,651
4,673
2,978
60,589
59,582
1,007
1,302
1,388
-86
3,624
3,908
-284
179,066
120,429
58,637
5,843
4,826
1,017
85,226
97,032
-11,806
251,626
85,904
165,722
4,509
4,257
252
220,741
196,202
24,539
62,643
61,659
984
8,575
8,753
-178
162,680
169,727
-7,047
90,714
92,474
-1,760
9,610
8,701
909
26,034
25,443
591
14,538
11,844
2,694
386,961
413,516
-26,555
224,365
223,493
872
4,448
4,112
336
1,935
1,988
-53
58,760
53,349
5,411
2,202
2,331
-129
2,487
2,277
210
13,347
13,806
-459
40,015
34,257
5,758
13,419
10,145
3,274
667,038
569,727
97,311
3,037
3,075
-38
4,517
3,485
1,032
2,130
2,127
3
3,716
2,618
1,098
10,979
9,230
1,749
220,497
221,959
-1,462
2,428
2,662
-234
6,707
6,558
149
220,878
227,938
-7,060
20,050
20,334
-284
25,062
25,388
-326
41,180
36,533
4,647
314,947
171,901
143,046
12,310
9,251
3,059
36,142
29,013
7,129
13,248
7,864
5,384
25,935
15,391
10,544
14,294
6,767
7,527
9,054
4,529
4,525
74,144
58,150
15,994
10,480
30,980
-20,500
16,633
23,551
-6,918
4,076
3,663
413
673
478
195
5,732
5,123
609
39,621
34,659
4,962
139,625
103,399
36,226
39,943
14,770
25,173
16,864
14,924
1,940
71,310
109,043
-37,733
34,679
58,937
-24,258
111,646
99,202
12,444
130,406
142,270
-11,864
25,458
24,879
579
29,687
20,798
8,889
14,632
10,709
3,923
6,033
9,206
-3,173
75,420
119,449
-44,029
56,840
58,032
-1,192
65,040
59,777
5,263
21,820
8,076
13,744
59,192
64,899
-5,707
50,473
43,056
7,417
78,130
78,944
-814
96,053
96,149
-96
79,458
71,840
7,618
295,066
276,792
18,274
21,916
19,586
2,330
38,155
37,600
555
9,410
6,448
2,962
875
853
22
17,217
14,897
2,320
64,051
142,737
-78,686
20,277
19,915
362
25,321
25,368
-47
21,488
20,864
624
26,860
26,745
115
11,842
12,230
-388
70,571
84,986
-14,415
10,738
9,409
1,329
326,502
185,730
140,772
23,662
21,411
2,251
112,905
126,483
-13,578
19,933
20,459
-526
49,368
50,656
-1,288
116,667
120,511
-3,844
118,221
118,507
-286
14,441
11,838
2,603
10,732
9,174
1,558
1,240
1,330
-90
6,783
4,394
2,389
94,018
87,179
6,839
16,010
10,234
5,776
19,790
18,105
1,685
24,737
23,275
1,462
314,661
208,540
106,121
59,918
29,553
30,365
18,985
18,367
618
28,477
28,236
241
8,527
8,582
-55
12,814
11,376
1,438
154,769
158,818
-4,049
114,710
117,646
-2,936
11,471
7,466
4,005
111,240
80,391
30,849
280,148
103,945
176,203
4,031
3,735
296
151,000
151,000
0
20,325
19,565
760
25,406
26,525
-1,119
228,420
137,037
91,383
8,871
7,881
990
55,666
56,432
-766
1,904
1,913
-9
3,979
4,125
-146
13,028
11,794
1,234
66,293
59,952
6,341
49,809
49,723
86
109,901
109,897
4
164,688
164,688
0
197,500
186,738
10,762
24,002
25,088
-1,086
39,795
40,098
-303
49,446
50,232
-786
114,749
113,035
1,714
7,667
7,007
660
124,466
122,689
1,777
36,773
34,993
1,780
154,129
66,029
88,100
9,569
8,929
640
78,034
65,355
12,679
14,268
11,908
2,360
1,536
1,699
-163
2,929
2,266
663
147,097
145,196
1,901
7,432
7,455
-23
1,506
1,478
28
21,244
19,761
1,483
19,850
18,651
1,199
20,420
12,599
7,821
2,337
2,178
159
2,617
280,936
-278,319
6,434
6,021
413
85,395
93,275
-7,880
112,423
114,468
-2,045
173,647
159,485
14,162
8,590
5,327
3,263
5,101
4,057
1,044
227,512
258,862
-31,350
20,666
18,686
1,980
12,769
13,205
-436
35,311
18,839
16,472
158,570
155,828
2,742
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69
(l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-)
or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69
(j)
Adjusted basis
as of 12/31/69
(k)
Excess of col. (i)
over col. (j), if any
a
4,066
b
-45,618
c
36
d
-8,613
e
1,261
374
-1,186
66,973
2,319
1,458
2,205
42,711
4,125
3,244
142,889
53
39,886
-32,871
3,101
2,877
11,484
5,425
9,213
130,148
29,304
0
221
-2,410
-342
-1,153
-4,558
1,039
918
37,796
15
24
2,856
119,043
2,044
1,246
-39,834
1,107
65,150
4,568
445
18
60
52,693
-137
75
126
424
1,675
1,307
41,898
-24
15,845
-4,691
-2,703
966
739
-9
-12
8,208
2,113
-14,137
-526
1,636
1,777
1,160
14,766
1,435
-790
-3,182
-4,675
-685
3,852
428
1,259
-117,237
-2,296
1,504
-562
473
-8,243
-14,990
-4,709
4,176
14,816
-564
1,752
669
-462
-183
653
0
1,871
-24,092
11,798
-186
656
144
69
362
1,571
57,017
329
-183
306
2,831
3,562
6,957
-1,193
2,978
1,007
-86
-284
58,637
1,017
-11,806
165,722
252
24,539
984
-178
-7,047
-1,760
909
591
2,694
-26,555
872
336
-53
5,411
-129
210
-459
5,758
3,274
97,311
-38
1,032
3
1,098
1,749
-1,462
-234
149
-7,060
-284
-326
4,647
143,046
3,059
7,129
5,384
10,544
7,527
4,525
15,994
-20,500
-6,918
413
195
609
4,962
36,226
25,173
1,940
-37,733
-24,258
12,444
-11,864
579
8,889
3,923
-3,173
-44,029
-1,192
5,263
13,744
-5,707
7,417
-814
-96
7,618
18,274
2,330
555
2,962
22
2,320
-78,686
362
-47
624
115
-388
-14,415
1,329
140,772
2,251
-13,578
-526
-1,288
-3,844
-286
2,603
1,558
-90
2,389
6,839
5,776
1,685
1,462
106,121
30,365
618
241
-55
1,438
-4,049
-2,936
4,005
30,849
176,203
296
0
760
-1,119
91,383
990
-766
-9
-146
1,234
6,341
86
4
0
10,762
-1,086
-303
-786
1,714
660
1,777
1,780
88,100
640
12,679
2,360
-163
663
1,901
-23
28
1,483
1,199
7,821
159
-278,319
413
-7,880
-2,045
14,162
3,263
1,044
-31,350
1,980
-436
16,472
2,742
2
Capital gain net income or (net capital loss)
If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7
2
1,528,627
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
...................
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?
Yes
No
If "Yes," the foundation does not qualify under section 4940(e). Do not complete this part.
1
Enter the appropriate amount in each column for each year; see instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in)
(b)
Adjusted qualifying distributions
(c)
Net value of noncharitable-use assets
(d)
Distribution ratio
(col. (b) divided by col. (c))
2018
1,635,600
34,920,689
0.046838
2017
1,429,411
33,801,226
0.042289
2016
1,220,347
24,734,482
0.049338
2015
1,036,560
5,977,223
0.173418
2014
90,925
105,741
0.859884
2
Total
of line 1, column (d)
.....................
2
1.171767
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
0.234353
4
Enter the net value of noncharitable-use assets for 2019 from Part X, line 5
......
4
34,606,609
5
Multiply line 4 by line 3
......................
5
8,110,163
6
Enter 1% of net investment income (1% of Part I, line 27b)
...........
6
21,469
7
Add lines 5 and 6
........................
7
8,131,632
8
Enter qualifying distributions from Part XII, line 4
,.............
8
1,960,665
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See the Part VI instructions.
Form
990-PF
(2019)
Form 990-PF (2019)
Page
4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a
Exempt operating foundations described in section 4940(d)(2), check here
and enter “N/A" on line 1.
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
42,939
here
and 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
42,939
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
42,939
6
Credits/Payments:
a
2019 estimated tax payments and 2018 overpayment credited to 2019
6a
10,029
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
10,029
8
Enter any
penalty
for underpayment of estimated tax.
Check here
if Form 2220 is attached.
8
1,001
9
Tax due.
If the total of lines 5 and 8 is more than line 7, enter
amount owed
.......
9
33,911
10
Overpayment.
If line 7 is more than the total of lines 5 and 8, enter the
amount overpaid
...
10
11
Enter the amount of line 10 to be:
Credited to 2020 estimated tax
Refunded
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.
$
0
(2)
On foundation managers.
$
0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.
$
0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?
.......
2
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments?
If "Yes," attach a conformed copy of the changes
....
3
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?
........
4a
No
b
If "Yes," has it filed a tax return on
Form 990-T
for this year?
...................
4b
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?
.........
5
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
By language in the governing instrument, or
By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument?
................
6
Yes
7
Did the foundation have at least $5,000 in assets at any time during the year?
If "Yes," complete Part II, col. (c),
and Part XV.
.................................
7
Yes
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
NJ
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G?
If "No," attach explanation
.
8b
Yes
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2019 or the taxable year beginning in 2019? See the instructions for Part XIV.
If "Yes," complete Part XIV
.............................
9
No
10
Did any persons become substantial contributors during the tax year?
If "Yes," attach a schedule listing their names
and addresses.
...............................
10
No
Form
990-PF
(2019)
Form 990-PF (2019)
Page
5
Part VII-A
Statements Regarding Activities
(continued)
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions
.............
11
No
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions
.................
12
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
Website address
www.formanscholars.org
14
The books are in care of
The Forman S Acton Educational Foundation
Telephone no.
(844) 436-7626
Located at
205 E Broadway
Salem
NJ
ZIP+4
08079
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of
Form 1041
—check here
.........
and enter the amount of tax-exempt interest received or accrued during the year
........
15
16
At any time during calendar year 2019, did the foundation have an interest in or a signature or other authority over
Yes
No
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
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?
Yes
No
(2)
Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person?
......................
Yes
No
(3)
Furnish goods, services, or facilities to (or accept them from) a disqualified person?
Yes
No
(4)
Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
Yes
No
(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)?
...............
Yes
No
(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.)
.......
Yes
No
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
Organizations relying on a current notice regarding disaster assistance check here
........
c
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2019?
.............
1c
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2019, did the foundation have any undistributed income (lines 6d
and 6e, Part XIII) for tax year(s) beginning before 2019?
.............
Yes
No
If "Yes," list the years
20
,
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.
20
,
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?
......................
Yes
No
b
If "Yes," did it have excess business holdings in 2019 as a result of
(1)
any purchase by the foundation
or disqualified persons after May 26, 1969;
(2)
the lapse of the 5-year period (or longer period approved
by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or
(3)
the lapse of the 10-, 15-, or 20-year first phase holding period?
(Use Schedule C, Form 4720, to determine
if the foundation had excess business holdings in 2019.)
..................
3b
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2019?
4b
No
Form
990-PF
(2019)
Form 990-PF (2019)
Page
6
Part VII-B
Statements Regarding Activities for Which Form 4720 May Be Required
(continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1)
Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
Yes
No
(2)
Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive?
.............
Yes
No
(3)
Provide a grant to an individual for travel, study, or other similar purposes?
Yes
No
(4)
Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions
................
Yes
No
(5)
Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals?
.....
Yes
No
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
Organizations relying on a current notice regarding disaster assistance check here
.........
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?
..........
Yes
No
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?
.....................
Yes
No
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?
Yes
No
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?
.................
Yes
No
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
Laurence Van Meter
President & CEO
40.00
112,906
16,516
1,370
205 E Broadway
Salem
,
NJ
08079
Jean Blauvelt
Chairperson
4.00
0
0
0
205 E Broadway
Salem
,
NJ
08079
Helen Reinhart
Secretary & Trustee
2.00
0
0
0
205 E Broadway
Salem
,
NJ
08079
Ken Aldridge
Trustee
2.00
0
0
0
205 E Broadway
Salem
,
NJ
08079
Darrell Edmonds
Trustee
2.00
0
0
0
205 E Broadway
salem
,
NJ
08079
Kathryn Markovchick
President/CEO until Jan 2019 & Trustee
2.00
18,782
677
0
205 E Broadway
Salem
,
NJ
08079
Najwa Tatum
Trustee
2.00
0
0
0
205 E Broadway
salem
,
NJ
08079
Steve Waddington
Trustee
2.00
0
0
0
205 E Broadway
salem
,
NJ
08079
Karen Washington
Trustee
2.00
0
0
0
205 E Broadway
salem
,
NJ
08079
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
Kortney Swanson Davis
COO
40.00
130,000
17,200
90
205 E Broadway
Salem
,
NJ
08079
William Wilson
Scholarship Director
40.00
99,999
16,000
0
205 E Broadway
Salem
,
NJ
08079
Joyce Elwell
Acorn Fund Coordinat
40.00
65,000
14,600
90
205 E Broadway
Salem
,
NJ
08079
Kim Smith
Administrative/Finan
40.00
65,000
12,000
90
205 E Broadway
Salem
,
NJ
08079
Total
number of other employees paid over $50,000
...................
0
Form
990-PF
(2019)
Form 990-PF (2019)
Page
7
Part VIII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
(continued)
3
Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a)
Name and address of each person paid more than $50,000
(b)
Type of service
(c)
Compensation
Janney Montgomery Scott LLC
CONSULTANTS
205,971
1717 Arch Street
Philadelphia
,
PA
19103
Total
number of others receiving over $50,000 for professional services
.............
0
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
Grants to support students living in or attending public school in Salem City, NJ and related programmatic expenses, providing educational enhancing activities to preschool, elementary, middle and high school students.
1,134,097
2
Scholarships awarded to high school seniors and early scholarship account funding for Salem City students.
826,558
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
.........................
0
Form
990-PF
(2019)
Form 990-PF (2019)
Page
8
Part X
Minimum Investment Return
(All domestic foundations must complete this part. Foreign foundations, see instructions.)
1
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:
a
Average monthly fair market value of securities
...................
1a
34,958,725
b
Average of monthly cash balances
.......................
1b
174,888
c
Fair market value of all other assets (see instructions)
................
1c
0
d
Total
(add lines 1a, b, and c)
.........................
1d
35,133,613
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
35,133,613
4
Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
instructions)
.............................
4
527,004
5
Net value of noncharitable-use assets.
Subtract line 4 from line 3. Enter here and on Part V, line 4
5
34,606,609
6
Minimum investment return.
Enter 5% of line 5
..................
6
1,730,330
Part XI
Distributable Amount
(see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here
and do not complete this part.)
1
Minimum investment return from Part X, line 6
....................
1
1,730,330
2a
Tax on investment income for 2019 from Part VI, line 5
......
2a
42,939
b
Income tax for 2019. (This does not include the tax from Part VI.)
...
2b
c
Add lines 2a and 2b
............................
2c
42,939
3
Distributable amount before adjustments. Subtract line 2c from line 1
............
3
1,687,391
4
Recoveries of amounts treated as qualifying distributions
................
4
0
5
Add lines 3 and 4
............................
5
1,687,391
6
Deduction from distributable amount (see instructions)
.................
6
0
7
Distributable amount
as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1
...
7
1,687,391
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
1,960,665
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
1,960,665
5
Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
income. Enter 1% of Part I, line 27b. See instructions
.................
5
0
6
Adjusted qualifying distributions.
Subtract line 5 from line 4
..............
6
1,960,665
Note:
The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
the section 4940(e) reduction of tax in those years.
Form
990-PF
(2019)
Form 990-PF (2019)
Page
9
Part XIII
Undistributed Income
(see instructions)
(a)
Corpus
(b)
Years prior to 2018
(c)
2018
(d)
2019
1
Distributable amount for 2019 from Part XI, line 7
1,687,391
2
Undistributed income, if any, as of the end of 2019:
a
Enter amount for 2018 only
.......
0
b
Total for prior years:
20
,
20
,
20
0
3
Excess distributions carryover, if any, to 2019:
a
From 2014
......
b
From 2015
......
520,396
c
From 2016
......
30,636
d
From 2017
......
e
From 2018
......
f
Total
of lines 3a through e
........
551,032
4
Qualifying distributions for 2019 from Part
XII, line 4:
$
1,960,665
a
Applied to 2018, 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 2019 distributable amount
.....
1,687,391
e
Remaining amount distributed out of corpus
273,274
5
Excess distributions carryover applied to 2019.
0
0
(If an amount appears in column (d), the
same amount must be shown in column (a).)
6
Enter the net total of each column as
indicated below:
a
Corpus. Add lines 3f, 4c, and 4e. Subtract line 5
824,306
b
Prior years’ undistributed income. Subtract
line 4b from line 2b
..........
0
c
Enter the amount of prior years’ undistributed
income for which a notice of deficiency has
been issued, or on which the section 4942(a)
tax has been previously assessed
......
0
d
Subtract line 6c from line 6b. Taxable amount
—see instructions
...........
0
e
Undistributed income for 2018. Subtract line
4a from line 2a. Taxable amount—see
instructions
.............
0
f
Undistributed income for 2019. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2020
..........
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 2014 not
applied on line 5 or line 7 (see instructions)
...
0
9
Excess distributions carryover to 2020.
Subtract lines 7 and 8 from line 6a
......
824,306
10
Analysis of line 9:
a
Excess from 2015
....
520,396
b
Excess from 2016
....
30,636
c
Excess from 2017
....
d
Excess from 2018
....
e
Excess from 2019
....
273,274
Form
990-PF
(2019)
Form 990-PF (2019)
Page
10
Part XIV
Private Operating Foundations
(see instructions and Part VII-A, question 9)
1a
If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2019, enter the date of the ruling
.......
b
Check box to indicate whether the organization is a private operating foundation described in section
4942(j)(3)
or
4942(j)(5)
2a
Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part X for each
year listed
..........
Tax year
Prior 3 years
(e) Total
(a)
2019
(b)
2018
(c)
2017
(d)
2016
b
85% of line 2a
.........
c
Qualifying distributions from Part XII,
line 4 for each year listed
.....
d
Amounts included in line 2c not used directly
for active conduct of exempt activities
..........
e
Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c
....
3
Complete 3a, b, or c for the
alternative test relied upon:
a
“Assets" alternative test—enter:
(1)
Value of all assets
......
(2)
Value of assets qualifying
under section 4942(j)(3)(B)(i)
b
“Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part X, line 6 for each year listed
...
c
“Support" alternative test—enter:
(1)
Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties)
....
(2)
Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii)
....
(3)
Largest amount of support
from an exempt organization
(4)
Gross investment income
Part XV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1
Information Regarding Foundation Managers:
a
List 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).)
b
List 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.
2
Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here
if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, b, c, and d. See instructions
a
The name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
Kortney Swanson-Davis
via Email
Salem
,
NJ
08079
(844) 436-7626
kortney@formanscholars.org
b
The form in which applications should be submitted and information and materials they should include:
The Foundation requires the grantee to complete a grant application on a form provided by the Foundation. The grant application requires the grantee to identify the purposes of the grant, the problem it is meant to address, the research suggesting the grant will be successful in addressing the problem and the indicators to be studied to demonstrate success. The application can be submitted to grants@formanscholars.org.
c
Any submission deadlines:
Submission deadlines may be established.
d
Any restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
All scholarships are paid directly to the college to the account of the student to be used only for the cost of attendance as established by the college and are required to be the last dollars that do not replace other grant assistance provided to the student.
a
The name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
Rick Wilson
via email
Salem
,
NJ
08079
(844) 436-7626
rick@formanscholars.org
b
The form in which applications should be submitted and information and materials they should include:
Scholarship applicants can apply online at our portal at https://formanscholars.communityforce.com/Login.aspx
c
Any submission deadlines:
Scholarship deadlines are dependent on the type of scholarship. See portal referenced above.
d
Any restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
All scholarships are paid directly to the college to the account of the Student and are required to be last dollars that do not replace other grant assistance provided to the Student.
Form
990-PF
(2019)
Form 990-PF (2019)
Page
11
Part XV
Supplementary Information
(continued)
3
Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient
If recipient is an individual,
show any relationship to
any foundation manager
or substantial contributor
Foundation
status of
recipient
Purpose of grant or
contribution
Amount
Name and address (home or business)
a
Paid during the year
Boston University
One Silber Way
Boston
,
MA
02215
PC
The scholarship is awarded to a student via the university to pursue higher education.
10,244
Bucknell University
1 Dent Drive
Lewisburg
,
PA
17837
PC
The scholarship is awarded to a student via the university to pursue higher education.
8,733
Cairn University
200 Manor Avenue
Langhorne
,
PA
19047
PC
The scholarship is awarded to a student via the university to pursue higher education.
6,283
Community Foundation of South Jersey
14 Kings Highway Suite 102
Haddonfield
,
NJ
08033
PC
This grant is awarded to a public charity to fund college costs via a Section 529 college savings account/early scholarship available to all children living in or attending public school in Salem City, NJ.
250,000
Community Foundation of South Jersey
14 Kings Highway Suite 102
Haddonfield
,
NJ
08033
PC
This grant is awarded to create a scholarship fund to be used for college tuition and other related expenses for graduates of Salem City High School
250,000
Delaware State University
1200 N Dupont Highway
Dover
,
DE
19901
PC
The scholarship is awarded to a student via the university to pursue higher education.
2,500
Drew University
36 Madison Avenue
Madison
,
NJ
07940
PC
The scholarship is awarded to a student via the university to pursue higher education.
13,690
East Stroudsburg University
200 Prospect St
East Stroudsburg
,
PA
18301
PC
The scholarship is awarded to a student via the university to pursue higher education.
10,000
George Washington University
2121 I Street NW
Washington
,
DC
20052
PC
The scholarship is awarded to a student via the university to pursue higher education.
985
Georgia Tech University
North Ave NW
Atlanta
,
GA
30332
PC
The scholarship is awarded to a student via the university to pursue higher education.
10,000
Kutztown University
15200 Kutztown Road
Kutztown
,
PA
19530
PC
The scholarship is awarded to a student via the university to pursue higher education.
7,529
Lafayette College
PO Box 36479
Newark
,
NJ
07188
PC
The scholarship is awarded to a student via the university to pursue higher education.
10,000
Messiah College
One College Ave suite 4516
Mechanicsburg
,
PA
17055
PC
The scholarship is awarded to a student via the university to pursue higher education.
5,000
One Village Alliance
75 Westside court
Salem
,
NJ
08079
PC
Grant to provide funding for One Village Alliance who fosters a community-based, people-fueled approach with a mission to uplift children and their families on a holistic journey toward excellence through education, entrepreneurship and the arts.
75,000
Penn State University
Office of the Bursar 103 Shields
Building
State College
,
PA
16801
PC
The scholarship is awarded to a student via the university to pursue higher education.
9,554
Rowan University (STEAM Academy)
40 N Academy Street Shpeen Hall
Glassboro
,
NJ
08028
PC
STEAM Summer Program
52,118
Rowan University
201 Mullica Hill Road
Glassboro
,
NJ
08028
PC
The scholarship is awarded to a student via the university to pursue higher education.
32,562
Rutgers University- New Brunswick
10 Seminary Place
New Brunswick
,
NJ
08901
PC
The scholarship is awarded to a student via the university to pursue higher education.
28,802
Salem Community College
460 Hollywood Avenue
Carneys Point
,
NJ
08069
PC
The scholarship is awarded to a student via the university to pursue higher education.
880
Senator Walter Rand Institute for Public Affairs
411 Cooper Street
Camden
,
NJ
08102
PC
Grant for research purpose
160,050
Seton Hall University
400 S orange avenue
South Orange
,
NJ
07079
pc
The scholarship is awarded to a student via the university to pursue higher education.
67
South Jersey Robotics - It's a Girls World
PO Box 584
Alloway
,
NJ
08001
PC
This grant is awarded to a public charity to provide funding for the STEM summer program.
6,500
St Joseph's University
5600 City Avenue
Philadelphia
,
PA
19131
PC
The scholarship is awarded to a student via the university to pursue higher education.
5,000
Stockton University
101 Vera King Paris Dr
Galloway
,
NJ
08205
PC
The scholarship is awarded to a student via the university to pursue higher education.
18,904
The Huddle
42 Eakin Street
Salem
,
NJ
08079
PC
Grant for an after-school program
25,000
University of Massachusetts
120 Tillson Farm Road
Amherst
,
MA
01003
PC
The scholarship is awarded to a student via the university to pursue higher education.
5,000
University of Scranton
800 Linden Street
Scranton
,
PA
18510
PC
The scholarship is awarded to a student via the university to pursue higher education.
5,000
University of Tampa
401 W Kennedy Blvd Box L
Tampa
,
FL
33606
PC
The scholarship is awarded to a student via the university to pursue higher education.
9,025
Total
.................................
3a
1,018,426
b
Approved for future payment
Total
.................................
3b
0
Form
990-PF
(2019)
Form 990-PF (2019)
Page
12
Part XVI-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated.
Unrelated business income
Excluded by section 512, 513, or 514
(e)
Related or exempt
function income
(See instructions.)
1
Program service revenue:
(a)
Business code
(b)
Amount
(c)
Exclusion code
(d)
Amount
a
b
c
d
e
f
g
Fees and contracts from government agencies
2
Membership dues and assessments
....
3
Interest on savings and temporary cash
investments
...........
14
106
4
Dividends and interest from securities
....
14
861,162
5
Net rental income or (loss) from real estate:
a
Debt-financed property
......
b
Not 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
............
18
5,783,826
9
Net income or (loss) from special events:
10
Gross profit or (loss) from sales of inventory
11
Other revenue:
a
b
c
d
e
12
Subtotal. Add columns (b), (d), and (e)
..
0
6,645,094
0
13
Total.
Add line 12, columns (b), (d), and (e)
..................
13
6,645,094
(See worksheet in line 13 instructions to verify calculations.)
Part XVI-B
Relationship of Activities to the Accomplishment of Exempt Purposes
Line No.
Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
instructions.)
Form
990-PF
(2019)
Form 990-PF (2019)
Page
13
Part XVII
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
1
Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
Yes
No
a
Transfers from the reporting foundation to a noncharitable exempt organization of:
(1)
Cash
...................................
1a(1)
No
(2)
Other assets
.................................
1a(2)
No
b
Other transactions:
(1)
Sales of assets to a noncharitable exempt organization
....................
1b(1)
No
(2)
Purchases of assets from a noncharitable exempt organization
..................
1b(2)
No
(3)
Rental of facilities, equipment, or other assets
.......................
1b(3)
No
(4)
Reimbursement arrangements
...........................
1b(4)
No
(5)
Loans or loan guarantees
.............................
1b(5)
No
(6)
Performance of services or membership or fundraising solicitations
................
1b(6)
No
c
Sharing of facilities, equipment, mailing lists, other assets, or paid employees
..............
1c
No
d
If the answer to any of the above is "Yes," complete the following schedule. Column
(b)
should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column
(d)
the value of the goods, other assets, or services received.
(a)
Line No.
(b)
Amount involved
(c)
Name of noncharitable exempt organization
(d)
Description of transfers, transactions, and sharing arrangements
2a
Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527?
...........
Yes
No
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.
May the IRS discuss this return
with the preparer shown below
(see instr.)
Yes
No
Signature of officer or trustee
Date
Title
Paid Preparer Use Only
Print/Type preparer's name
Preparer's Signature
Date
Check if self-
employed
PTIN
Firm's name
Firm's EIN
Firm's address
Phone no.
Form
990-PF
(2019)
Additional Data
Software ID:
Software Version:
Form 990PF - Special Condition Description:
Special Condition Description