Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0052
2018
Open to Public Inspection
For calendar year 2018, or tax year beginning 09-01-2018 , and ending 08-31-2019
Name of foundation
THE LEE AND JULIET FOLGER FUND
 
Number and street (or P.O. box number if mail is not delivered to street address)1320 OLD CHAIN BRIDGE RD
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
MCLEAN, VA22101
A Employer identification number

52-0794388
B Telephone number (see instructions)

(703) 847-1350
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$27,001,807J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet.............
3 Interest on savings and temporary cash investments 101,085 101,085  
4 Dividends and interest from securities... 466,726 466,726  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 3,972,486
b Gross sales price for all assets on line 6a 5,757,674
7 Capital gain net income (from Part IV, line 2)... 3,972,486
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 -615 -615  
12 Total. Add lines 1 through 11........ 4,539,682 4,539,682  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0   0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment 259 0   0
b Accounting fees (attach schedule)....... Click to see attachment 17,923 0   0
c Other professional fees (attach schedule).... Click to see attachment 139,910 13,991   125,919
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 109,089 4,089   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 14,628 13,127   0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 281,809 31,207   125,919
25 Contributions, gifts, grants paid....... 5,712,250 5,712,250
26 Total expenses and disbursements. Add lines 24 and 25 5,994,059 31,207   5,838,169
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -1,454,377
b Net investment income (if negative, enter -0-) 4,508,475
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2018)
Form 990-PF (2018)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 5,652,592 5,948,486 5,973,452
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 9,844,494 Click to see attachment8,142,020 20,685,216
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 283,939 Click to see attachment236,142 343,139
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 15,781,025 14,326,648 27,001,807
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)......... 0 0
Net Assets or Fund Balances Foundations that follow SFAS 117, check here bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted..................    
25 Temporarily restricted...............    
26 Permanently restricted...............    
Foundations that do not follow SFAS 117, check here bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds........ 0 0
28 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
29 Retained earnings, accumulated income, endowment, or other funds 15,781,025 14,326,648
30 Total net assets or fund balances (see instructions)..... 15,781,025 14,326,648
31 Total liabilities and net assets/fund balances (see instructions). 15,781,025 14,326,648
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
15,781,025
2
Enter amount from Part I, line 27a .....................
2
-1,454,377
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
14,326,648
5
Decreases not included in line 2 (itemize) bullet
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
14,326,648
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 TOTAL CAPITAL GAIN DISTRIBUTIONS FROM MUTUAL FUNDS AND ETF'S P    
c OTHER CAPITAL GAIN DISTRIBUTIONS P    
d TOTAL LONG-TERM COMMON TRUST FUND, PARTNERSHIP, S CORP GAIN OR LOSS P    
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 5,757,674   1,843,584 3,914,090
b       37,292
c       5,577
d       15,527
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       3,914,090
b       37,292
c       5,577
d       15,527
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 3,972,486
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 5,379,567 31,741,197 0.169482
2016 9,994,478 33,108,001 0.301875
2015 8,952,262 40,758,565 0.219641
2014 8,636,194 52,326,390 0.165045
2013 6,263,831 50,303,323 0.124521
2
Total of line 1, column (d) .....................
2
0.980564
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
0.196113
4
Enter the net value of noncharitable-use assets for 2018 from Part X, line 5......
4
27,849,213
5
Multiply line 4 by line 3......................
5
5,461,593
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
45,085
7
Add lines 5 and 6........................
7
5,506,678
8
Enter qualifying distributions from Part XII, line 4,.............
8
5,838,169
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 45,085
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 45,085
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 45,085
6 Credits/Payments:
a 2018 estimated tax payments and 2017 overpayment credited to 2018 6a 159,230
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.............. 7 159,230
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 114,145
11 Enter the amount of line 10 to be: Credited to 2019 estimated taxBullet114,145 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? (see Instructions
for definition).................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
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)
    bulletDC, VA
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2018 or the taxable year beginning in 2018? See the instructions for Part XIV.
    If "Yes," complete Part XIV .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletANNE L STONE & ASSOCIATES LLC Telephone no.bullet (703) 847-1350

    Located atbullet1320 OLD CHAIN BRIDGE RD SUITE 425MCLEANVA ZIP+4bullet22101
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2018, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16   No
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet  
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?......................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?...............
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).......
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ........
    1b
     
    No
    ........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2018?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2018, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2018?.............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?......................
    b
    If "Yes," did it have excess business holdings in 2018 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2018.)..................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2018?
    4b
     
    No
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?.............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?.....
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ......
    5b
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .................
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    LEE M FOLGER PRESIDENT
    2.00     		0 0 0
    1320 OLD CHAIN BRIDGE RD 425
    MCLEAN,VA22101
    JULIET C FOLGER TREASURER, SECRETARY, V. PRES.
    2.00     		0 0 0
    1320 OLD CHAIN BRIDGE RD 425
    MCLEAN,VA22101
    CECILY C COLBURN VICE PRESIDENT
    1.00     		0 0 0
    1320 OLD CHAIN BRIDGE RD 425
    MCLEAN,VA22101
    LEITER C COLBURN VICE PRESIDENT
    1.00     		0 0 0
    1320 OLD CHAIN BRIDGE RD 425
    MCLEAN,VA22101
    KATHRINE D FOLGER DECEASED 9297 LEE M. FOLGER, REP
    0.00     		0 0 0
    1320 OLD CHAIN BRIDGE RD 425
    MCLEAN,VA22101
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    MOLLY MANDERFIELD GRANT ADMINISTRATION 139,910
    725 FIFTEENTH ST NW 3RD FLOOR
    WASHINGTON,DC20005
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1  
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    22,207,266
    b
    Average of monthly cash balances.......................
    1b
    5,696,657
    c
    Fair market value of all other assets (see instructions)................
    1c
    369,390
    d
    Total (add lines 1a, b, and c).........................
    1d
    28,273,313
    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
    28,273,313
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    424,100
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    27,849,213
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    1,392,461
    Part XI
    Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    1,392,461
    2a
    Tax on investment income for 2018 from Part VI, line 5......
    2a
    45,085
    b
    Income tax for 2018. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    45,085
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    1,347,376
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    1,347,376
    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
    1,347,376
    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
    5,838,169
    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
    5,838,169
    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
    45,085
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    5,793,084
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2017     		(c)
    2017     		(d)
    2018
    1 Distributable amount for 2018 from Part XI, line 7 1,347,376
    2 Undistributed income, if any, as of the end of 2018:
    a Enter amount for 2017 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2018:
    a From 2013...... 3,869,179
    b From 2014...... 6,139,662
    c From 2015...... 7,171,930
    d From 2016...... 8,350,424
    e From 2017...... 3,887,347
    fTotal of lines 3a through e........ 29,418,542
    4Qualifying distributions for 2018 from Part
    XII, line 4: bullet$ 5,838,169
    a Applied to 2017, but not more than line 2a 0
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		0
    d Applied to 2018 distributable amount..... 1,347,376
    e Remaining amount distributed out of corpus 4,490,793
    5 Excess distributions carryover applied to 2018. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 33,909,335
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2017. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2018. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2019 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8 Excess distributions carryover from 2013 not
    applied on line 5 or line 7 (see instructions) ...     		3,869,179
    9Excess distributions carryover to 2019.
    Subtract lines 7 and 8 from line 6a ......     		30,040,156
    10 Analysis of line 9:
    a Excess from 2014.... 6,139,662
    b Excess from 2015.... 7,171,930
    c Excess from 2016.... 8,350,424
    d Excess from 2017.... 3,887,347
    e Excess from 2018.... 4,490,793
    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).)
    KATHRINE D FOLGER DECEASED 9297
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    ALZHEIMER'S ASSOCIATION OF THE NATIONAL CAPITAL AREA
    8180 GREENSBORO DR 400
    MCLEAN,VA22102     		NONE PUBLIC CHARITY IN MEMORY OF CAROL C FOLEY 1,000
    AMERICAN FOREIGN POLICY COUNCIL
    509 C STREET NE
    WASHINGTON,DC20002     		NONE PUBLIC CHARITY CENTRAL ASIA-CAUCASUS INSTITUTE 5,000
    AMERICAN RED CROSS NATIONAL CAPITAL CHAPTER
    8550 ARLINGTON BOULEVARD
    FAIRFAX,VA22031     		NONE PUBLIC CHARITY GENERAL OPERATING EXPENSES 20,000
    AMHERST COLLEGE FOLGER SHAKESPEARE LIBRARY
    201 EAST CAPITOL STREET SE
    WASHINGTON,DC20003     		NONE PUBLIC CHARITY DIRECTOR'S CIRCLE 10,000
    AMHERST COLLEGE FOLGER SHAKESPEARE LIBRARY
    201 EAST CAPITOL STREET SE
    WASHINGTON,DC20003     		NONE PUBLIC CHARITY GALA PROJECT 10,000
    BATH & TENNIS CLUB HISTORIC BUILDING PRES
    1170 SOUTH OCEAN BOULEVARD
    PALM BEACH,FL33480     		NONE PUBLIC CHARITY GENERAL OPERATING EXPENSES 1,000
    BERKELEY EARTH
    2831 GARBER STREET
    BERKELEY,CA94705     		NONE PUBLIC CHARITY CLIMATE CHANGE AND AIR POLUTION PROGRAM 5,000
    BHUTAN FOUNDATION (THE)
    3121 SOUTH STREET NW
    WASHINGTON,DC20007     		NONE PUBLIC CHARITY GENERAL OPERATING EXPENSES 10,000
    BIG BROTHERS BIG SISTERS OF MASSACHUSETTS BAY
    75 FEDERAL STREET 8TH FLOOR
    BOSTON,MA02110     		NONE PUBLIC CHARITY BOSTON MENTORING PROGRAM 5,000
    BROOKINGS INSTITUTION
    1775 MASSACHUSETTD AVE NW
    WASHINGTON,DC20036     		NONE PUBLIC CHARITY FOLGER IMPACT FUND - THORNTON CHINA CENTER 50,000
    CENTER FOR STRATEGIC & INTERNATIONAL STUDIES
    1616 RHODE ISLAND AVENUE NW
    WASHINGTON,DC20036     		NONE PUBLIC CHARITY NATIONAL RESEARCH PROGRAMS AND GENERAL OPERATING EXPENSE 30,000
    DC PREPARATORY ACADEMY
    707 EDGEWOOD STREET NE
    WASHINGTON,DC20017     		NONE PUBLIC CHARITY GENERAL OPERATING EXPENSES 2,500
    DIPLOMATIC RECEPTION ROOMS DEPT OF STATE - FUND FOR ENDOWMENT
    2201 C STREET NW
    WASHINGTON,DC20006     		NONE PUBLIC CHARITY THE ENDOWMENT OF THE DIPLOMATIC RECEPTION ROOMS 1,000
    ESPALNADE ASSOCIATION
    376 BOYLSTON STREET SUITE 503
    BOSTON,MA02116     		NONE PUBLIC CHARITY PROJECT FOR CARE AND MAINTENANCE OF TREES ON THE CHARLES RIVER ESPLANADE 5,000
    FEDERAL CITY COUNCIL
    1156 FIFTEENTH STREET NW SUITE 600
    WASHINGTON,DC20005     		NONE PUBLIC CHARITY GENERAL OPERATING EXPENSES 15,000
    FIX GEORGIA PETS
    6300 POWERS FERRY ROAD SUITE
    600-205
    ATLANTA,GA30339     		NONE PUBLIC CHARITY GENERAL OPERATING EXPENSES 2,000
    GEORGETOWN UNIVERSITY MEDICAL CENTER (MEDSTAR)
    37TH AND O STREETS NW
    WASHINGTON,DC20007     		NONE PUBLIC CHARITY MEDSTAR HEART AND VASCULAR INSTITUTE FOR THE CARDIAC CT/MR FELLOWSHIP 50,000
    GROTON SCHOOL
    282 FARMERS ROW PO BOX 991
    GROTON,MA01450     		NONE PUBLIC CHARITY ANNUAL FUND 10,000
    HARVARD UNIVERSITY
    1730 CAMBRIDGE STREET
    CAMBRIDGE,MA02138     		NONE PUBLIC CHARITY DEPT OF HISTORY RESEARCH EFFORTS OF DR. ANDEW GORDON 20,000
    HARVARD UNIVERSITY
    1730 CAMBRIDGE STREET
    CAMBRIDGE,MA02138     		NONE PUBLIC CHARITY FAIRBANKS CENTER (ASIA CENTER), CRITICAL ISSUES CONFRONTING CHINA 10,000
    HILLWOOD MUSEUM & GARDEN FOUNDATION
    4155 LINNEAN AVENUE NW
    WASHINGTON,DC20008     		NONE PUBLIC CHARITY GENERAL OPERATING EXPENSES 9,500
    HOLTON ARMS SCHOOL
    7303 RIVER ROAD
    BETHESDA,MD20817     		NONE PUBLIC CHARITY SCHOLARSHIP FUND 1,000
    HOLTON ARMS SCHOOL
    7303 RIVER ROAD
    BETHESDA,MD20817     		NONE PUBLIC CHARITY ANNUAL FUND 10,000
    ICIVICS INC
    1035 CAMBRIDGE STREET SUITE 21B
    CAMBRIDGE,MD02141     		NONE PUBLIC CHARITY GENERAL OPERATING EXPENSES 20,000
    INNISFREE VILLAGE
    5505 WALNUT LEVEL ROAD
    CROZET,VA22932     		NONE PUBLIC CHARITY GENERAL OPERATING EXPENSES 2,000
    JOHN F KENNEDY CENTER FOR THE PERFORMING ARTS
    2700 F STREET NW
    WASHINGTON,DC20566     		NONE PUBLIC CHARITY ABT BALLET PROGRAM 10,000
    JOSEPH ROBERT SHAW FOUNDATION JOEY'S FOUNDATION
    5117 52ND STREET NW
    WASHINGTON,DC20016     		NONE PUBLIC CHARITY GENERAL OPERATING EXPENSES 750
    MADISON HOUSE AUTISM FOUNDATION
    820 W DIAMOND AVE 120
    GAITHERSBURG,MD20878     		NONE PUBLIC CHARITY THERAPEUTIC RIDING PROGRAM 1,000
    MASSACHUSETTS GENERAL HOSPITAL
    125 NASHUA STREET SUITE 540
    BOSTON,MA02114     		NONE PUBLIC CHARITY WORK OF DR. LEE SCHWAMM, IN MEMORY OF HENRY R. GUILD 1,000
    METROPOLITAN CLUB PRESERVATION FOUNDATION
    1700 H STREET NW
    WASHINGTON,DC20006     		NONE PUBLIC CHARITY INFRASTRUCTURE REPAIR FUND 2,500
    NATIONAL GALLERY OF ART
    20000B SOUTH CLUB DRIVE
    LANDOVER,MD20785     		NONE PUBLIC CHARITY PAINTING, "DEPARTURE FOR THE HUNT" BY PHILIPS WOUWERMAN 3,000,000
    NATIONAL GALLERY OF ART
    20000B SOUTH CLUB DRIVE
    LANDOVER,MD20785     		NONE PUBLIC CHARITY PAINTING, "STILL LIFE WITH STONEWARE JUG AND SMOKER'S REQUISITES" BY JAN JANSZ VAN DE VELDE III 1,200,000
    NATIONAL GALLERY OF ART
    20000B SOUTH CLUB DRIVE
    LANDOVER,MD20785     		NONE PUBLIC CHARITY PAINTING, "STILL LIFE WITH FLOWERS IN A GLASS VASE - SURROUNDED BY INSECTS AND A SNAIL" 6.5" X 5.25" BY CLARA PEETERS 826,000
    NATIONAL GALLERY OF ART
    20000B SOUTH CLUB DRIVE
    LANDOVER,MD20785     		NONE PUBLIC CHARITY EXHIBITION CIRCLES PROGRAM 20,000
    PEABODY ESSEX MUSEUM
    EAST INDIA SQUARE
    SALEM,MA01970     		NONE PUBLIC CHARITY STRATHALLAN CASTLE WALLPAPER INSTALLATION 110,000
    PEABODY ESSEX MUSEUM
    EAST INDIA SQUARE
    SALEM,MA01970     		NONE PUBLIC CHARITY ASIAN EXPORT ART VISITING CMTE 5,000
    PETERSON INST FOR INT'L ECONOMICS
    1750 MASSACHUSETTS AVENUE NW
    WASHINGTON,DC20036     		NONE PUBLIC CHARITY ECONOMIC ANALYSIS AND REVIEW OF WORLD ECONOMICS 30,000
    PLEASANT GROVE FRIENDS OF
    8700 LEWINSVILLE ROAD
    MCLEAN,VA22102     		NONE PUBLIC CHARITY GENERAL OPERATING EXPENSES 3,000
    PRESERVATION FOUNDATION OF PALM BEACH
    311 PERUVIAN AVENUE
    PALM BEACH,FL33480     		NONE PUBLIC CHARITY DIRECTOR PROGRAM 10,000
    ROBERT E LEE MEMORIAL ASSOCIATION
    483 GREAT HOUSE ROAD
    STRATFORD,VA22558     		NONE PUBLIC CHARITY STRATFORD HALL GENERAL OPERATING EXPENSE 1,000
    SOCIETY OF THE FOUR ARTS
    2 FOUR ARTS PLAZA
    PALM BEACH,FL33480     		NONE PUBLIC CHARITY PROGRAM AND THE HULITAR GARDEN 10,000
    ST ALBANS SCHOOL
    MOUNT ST ALBAN
    WASHINGTON,DC20016     		NONE PUBLIC CHARITY ANNUAL GIVING 15,000
    ST JOHN'S CHURCH DC
    1525 H STREET NW
    WASHINGTON,DC20005     		NONE PUBLIC CHARITY ANNUAL FUND 15,000
    ST PAUL'S ROCK CREEK PARISH
    ROCK CREEK CHURCH RD WEBSTER ST
    WASHINGTON,DC20011     		NONE PUBLIC CHARITY ROCK CREEK CEMETARY INFRASTRUCTURE REPAIRS 15,000
    TOWN OF PALM BEACH UNITED WAY
    44 COCOANUT ROW
    PALM BEACH,FL33480     		NONE PUBLIC CHARITY IN MEMORY OF ROBIN BRADLEY MARTIN 1,000
    TRUSTEE OF RESERVATIONS
    200 HIGH STREET 4TH FLOOR
    BOSTON,MA02110     		NONE PUBLIC CHARITY ESSEX RIVER ESTUARY PRESERVATION 5,000
    UNIVERSITY OF VIRGINIA
    PO BOX 400127
    CHARLOTTESVILLE,VA22904     		NONE PUBLIC CHARITY PROVOST'S FUND FOR ACADEMIC EXCELLENCE 5,000
    UNIVERSITY OF VIRGINIA
    PO BOX 400127
    CHARLOTTESVILLE,VA22904     		NONE PUBLIC CHARITY MCINTIRE SCHOOL OF COMMERCE 1,000
    WASHINGTON NATIONAL CATHEDRAL
    3101 WISCONSIN AVENUE NW
    WASHINGTON,DC20016     		NONE PUBLIC CHARITY ANNUAL FUND AND DEAN'S PROGRAM 30,000
    WASHINGTON NATIONAL CATHEDRAL
    3101 WISCONSIN AVENUE NW
    WASHINGTON,DC20016     		NONE PUBLIC CHARITY GENERAL OPERATING EXPENSES 10,000
    WASHINGTON NATIONAL CATHEDRAL
    3101 WISCONSIN AVENUE NW
    WASHINGTON,DC20016     		NONE PUBLIC CHARITY IN MEMORY OF NAN IGNATIUS 3,000
    WILD ENTRUST INTERNATIONAL
    1919 E LAKE SAMMAMISH PLACE SE
    SAMMAMISH,WA98075     		NONE PUBLIC CHARITY BOTSWANA PREDATOR STUDY 75,000
    WOODLEY HOUSE
    6856 EASTERN AVENUE NW SUITE 300
    WASHINGTON,DC20012     		NONE PUBLIC CHARITY MOVIE BENEFIT PROGRAM 2,000
    Total .................................bullet 3a 5,712,250
    bApproved for future payment
    AMERICAN RED CROSS NATIONAL CAPITAL CHAPTER
    8550 ARLINGTON BOULEVARD
    FAIRFAX,VA22031     		NONE PUBLIC CHARITY GENERAL OPERATING EXPENSES 25,000
    BROOKINGS INSTITUTION
    1775 MASSACHUSETTD AVE NW
    WASHINGTON,DC20006     		NONE PUBLIC CHARITY NORTHEAST ASIA PROJECT 50,000
    CENTER FOR STRATEGIC & INTERNATIONAL STUDIES
    1899 K STREET NW
    WASHINGTON,DC20006     		NONE PUBLIC CHARITY GENERAL OPERATING EXPENSES 30,000
    AMHERST COLLEGE FOLGER SHAKESPEARE LIBRARY
    201 EAST CAPITOL STREET SE
    WASHINGTON,DC20003     		NONE PUBLIC CHARITY GENERAL OPERATING EXPENSES 50,000
    GEORGETOWN UNIVERSITY MEDICAL CENTER (MEDSTAR)
    37TH AND O STREETS NW
    WASHINGTON,DC20007     		NONE PUBLIC CHARITY MEDICAL CENTER SUPPORT 50,000
    HARVARD UNIVERSITY
    1737 CAMBRIDGE STREET
    CAMBRIDGE,MA01238     		NONE PUBLIC CHARITY ASIA CENTER 50,000
    JOHN F KENNEDY CENTER FOR THE PERFORMING ARTS
    2700 F STREET NW
    WASHINGTON,DC20566     		NONE PUBLIC CHARITY GENERAL OPERATING EXPENSES 30,000
    NATIONAL GALLERY OF ART
    20000B SOUTH CLUB DRIVE
    LANDOVER,MD20785     		NONE PUBLIC CHARITY EXHIBIT SUPPORT 1,500,000
    PEABODY ESSEX MUSEUM
    EAST INDIA SQUARE
    SALEM,MA01970     		NONE PUBLIC CHARITY WORKS ON PAPER PROJECT 50,000
    ST ALBANS SCHOOL
    MOUNT ST ALBAN
    WASHINGTON,DC20016     		NONE PUBLIC CHARITY PROTESTANT EPISCOPAL CATHEDRAL FOUNDATION 50,000
    ST ALBANS SCHOOL
    MOUNT ST ALBAN
    WASHINGTON,DC20016     		NONE PUBLIC CHARITY GENERAL OPERATING EXPENSES 25,000
    SIBLEY MEMORIAL HOSPITAL
    5255 N LOUGHBORO ROAD NW
    WASHINGTON,DC20016     		NONE PUBLIC CHARITY GENERAL OPERATING EXPENSES 25,000
    SMITHSONIAN INSTITUTION
    1000 JEFFERSON DRIVE NW
    WASHINGTON,DC20007     		NONE PUBLIC CHARITY EXHIBIT SUPPORT 25,000
    WASHINGTON HOSPITAL CENTER
    110 IRVING STREET NW
    WASHINGTON,DC20010     		NONE PUBLIC CHARITY GENERAL OPERATING EXPENSES 50,000
    Total .................................bullet 3b 2,010,000
    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 ...........     		    14 101,085  
    4 Dividends and interest from securities....     14 466,726  
    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 ............     		    18 3,972,486  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aOTHER INCOME FROM PASSTHROUGH ENTITY INVESTMENTS     		    14 -615  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 0 4,539,682 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    4,539,682
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

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

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


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


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2018 AccountingFeesSchedule
    Name:
    THE LEE AND JULIET FOLGER FUND
    EIN:
    52-0794388
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ANNE L STONE & ASSOC. LLC 14,439 0   0
    C. DAY 1,500 0   0
    CST GROUP 1,984 0   0

    TY 2018 InvestmentsCorpStockSchedule
    Name:
    THE LEE AND JULIET FOLGER FUND
    EIN:
    52-0794388
    Name of Stock End of Year Book Value End of Year Fair Market Value
    2810, ABBOTT LABS (ABT) 56,597 239,749
    3005, ABBVIE INC (ABBV) 65,205 197,549
    1050, ACCENTURE PLC IRELAND (CAN) 40,256 208,079
    1045, ADOBE SYSTEMS (ADBE) 28,408 297,313
    265, ALLERGAN PLC (AGN) 80,825 42,326
    105, ALPHABET INC CLASS C (VOTING) (GOOGL) 23,397 125,006
    100, ALPHABET INC CLASS A (NON-VOTING) (GOOG) 22,221 118,810
    3600, ALTABA INC (AABA) 34,005 250,164
    290, AMAZON COM INC (AMZN) 9,020 515,124
    5000, AMERICAN MOVIL SAB (AMX) 132,005 73,100
    74, AMERICAN WTS (AIGWS) 1,205 824
    1740, AMERICAN EXPRESS COMPANY (AXP) 211 209,444
    1105, AMERICAN TOWER CORP (AMT) 33,125 254,360
    2580, APPLE INC (APPL) 19,291 538,549
    2943, AT&T (T) 96,454 103,770
    100, BAIDU INC (BIDU) 15,695 10,447
    7824, BANK OF AMERICA CORP (BAC) 305,034 215,238
    1800, BAXTER INTERNATIONAL INC (BAX) 53,518 158,310
    1500, BCE INC (BCE) 53,253 70,980
    645, BECTON DICKINSON & CO (BDX) 48,492 163,778
    3330, BHO BILLITON (BHP) 109,316 163,703
    275, BLACKROCK INC (BLK) 55,977 116,204
    715, BOEING CO (BA) 50,517 260,324
    80, BOOKING HOLDINGS (BKNG) 46,431 157,313
    1090, BOSTON PROPERTIES (BXP) 29,189 139,978
    1755, CAPITAL ONE HOLDINGS (COF) 74,004 152,018
    150, CAPRI HOLDINGS (CPRI) 10,706 3,957
    950, CATERPILLAR INC (CAT) 74,988 113,050
    366, CIGNA CORP (CI) 58,999 56,353
    5295, CISCO SYSTEMS INC (CSCO) 6,869 247,859
    950, CITIGORUP INC (C) 237,058 61,133
    100, CITRIX SYSTEMS (CTXS) 5,748 9,298
    2000, COCA-COLA COMPANY (KO) 66,087 110,080
    2590, COLGATE-PALMOLIVE CO (CL) 68,598 192,049
    4555, COMCAST CORP NEW CL A (CMCSA) 40,636 201,604
    3080, CONOCOPHILLIPS (COP) 61,437 160,714
    1700, CORNING INC (GLW) 20,192 47,345
    735, COSTCO WHSL CORP (COST) 30,498 216,649
    600, CROWN CASTLE (CCI) 33,127 87,102
    2670, CVS HEALTH CORP (CVS) 32,108 162,656
    1110, DANAHER CORP (DHR) 31,601 157,720
    3553, DISNEY WALT CO (DIS) 94,355 487,685
    4970, EBAY INC (EBAY) 63,370 200,241
    2680, EMERSON ELECTRIC CO (EMR) 103,569 159,701
    4010, EXXON MOBIL CORP (XOM) 28,683 274,605
    890, FACEBOOK INC (FB) 22,648 165,246
    1130, FEDEX CORPORATION (FDX) 41,037 179,229
    5155, FISERV INC (FISV) 44,524 551,276
    250, FORTIVE CORP (FTV) 4,424 17,725
    1941, FOX CORP CL A (FOX A) 79,135 64,383
    5975, FRANKLIN RECOURCES INC (BEN) 66,318 157,023
    3000, GAP INC (GPS) 60,460 47,370
    16100, GENERAL ELECTRIC COMPANY (GE) 18,683 132,825
    1900, GLAXOSMITHKLINE PLC (GSK) 96,921 79,002
    275, GOLDMAN SACHS GROUP INC (GSK) 46,701 56,075
    1500, HEWLETT PACKARD ENTERPRISE CO (HPE) 20,260 20,730
    845, HOME DEPOT INC (HD) 32,974 192,584
    1180, HONEYWELL INTERNATIONAL (HON) 43,813 194,252
    1500, HP INC (HPQ) 30,886 27,435
    3100, HSBC HOLDINGS PLC (HSBC) 217,770 111,290
    495, ILLUMINA INC (ILMN) 27,322 139,263
    10825, INFOSYS LTD (INFY) 55,811 124,379
    3990, INTEL CORP (INTC) 36,973 189,166
    1880, INTERNATIONAL BUSINESS MACHINE CORP (IBM) 157,732 254,796
    295, INTUITIVE SURGICAL INC (ISRG) 30,298 150,845
    5170, ISHARES CHINA LARG CAP (FXI) 114,143 202,250
    200, ISHARES RUSSELL 2000 (IWM) 11,924 29,768
    200, ISHARES FORE S&P MID CAP (IJH) 12,304 37,634
    1800, ISHARES EUROPE (IEV) 67,241 75,906
    3120, ISHARES INC MSCI JAPAN ETF (EWJ) 152,590 168,230
    5560, ISHARES MSCI EMERGING MARKETS ETF (EEM) 140,681 223,456
    1950, ISHARES MSCI BRAZIL (EWZ) 139,463 79,931
    2975, ISHARES MSCI PACIFIC (EPP) 93,547 131,138
    1915, ISHARES NASDAQ BIO-TECH (IBB) 40,318 197,111
    1000, ISHARES RUSSELL MIDCAP (IWR) 18,737 55,070
    770, JBG SMITH PROPERTIES (JBGS) 12,541 29,460
    1070, JOHNSON & JOHNSON (JNJ) 58,056 137,345
    1680, JPMORGAN CHASE & CO (JPM) 81,186 184,565
    400, KIMBERLYC-CLARK CORP (KMB) 25,374 56,444
    500, LOCKHEED MARTIN CORP (LMT) 38,279 192,055
    4540, LOWES COMPANIES INC (LOW) 48,839 509,388
    1500, MACY'S INC (M) 62,284 22,140
    835, MCDONALDS CORP (MCD) 48,560 182,005
    1760, MEDTRONIC PLC (MDT) 133,176 189,886
    1970, MERCK & CO INC (MRK) 110,646 170,346
    290, METTLER-TOLEDO INTL (MTD) 15,040 190,469
    2620, MICROSOFT CORP (MSFT) 9,317 361,193
    2875, NEWS CORP NEW CL A (NWSA) 16,351 39,531
    4580, NIKE INC CLASS B (NKE) 46,105 387,010
    16000, NOKIA CORP (NOK) 284,047 82,336
    1460, NOVARTIS AG (NVS) 68,486 131,561
    3035, ORACLE CORP (ORCL) 40,936 158,002
    2250, PAYPAL HOLDINGS INC (PYPL) 39,175 245,363
    1655, PEPSICO INC (PEP) 59,429 226,288
    4190, PFIZER INC (PFE) 98,378 148,955
    1465, PHILLIPS 66 (PXS) 17,528 144,493
    3170, PROCTER & GAMBLE CO (PG) 6,757 381,129
    1750, QUEST DIAGNOSTICS INC (DG) 98,111 179,148
    1785, RALPH LAUREN CORP (RL) 111,243 157,687
    970, S&P GLOBAL INC (SPGI) 10,096 252,384
    1255, SAP SE-SPONSORED (SAP) 54,833 149,533
    3800, SAUL CENTERS INC (BFS) 45,852 190,874
    200, SBA COMMUNICATIONS CORP (SBAC) 15,261 52,486
    2100, SCHLUMBERGER LTD (SLB) 189,204 68,103
    595, SIMON PROPERTIES GROUP (SPG) 14,774 88,619
    500, SINA CORP (SINA) 35,790 20,585
    350, SKYWORKS SOLUTIONS INC (SWKS) 12,731 26,345
    800, STARBUCKS CORP (SBUX) 32,622 77,248
    2560, STATE STR CORP (STT) 845 131,354
    830, STRYKER CORP (SYK) 37,678 183,148
    875, TAPESTRY INC (TPR) 30,109 18,069
    1855, TARGET CORP (TGT) 48,148 198,559
    445, THERMO FISHER SCIENTIFIC INC (TMO) 33,274 127,742
    1410, UNION PACIFIC CORP (UNP) 29,594 228,364
    1275, UNITED PARCEL SERVICES (UPS) 72,483 151,292
    1300, UNITED TECHNOLOGIES CORP (UTX) 37,825 169,312
    1365, VF CORP (VFC) 59,893 111,862
    11540, VALE SA (VALE) 126,444 126,940
    2025, VALERO ENERGY CORP (VLO) 76,167 152,442
    150, VANGUARD MID CAP (VO) 14,936 24,702
    150, VANGUARD SMALL CAP (VB) 14,545 22,838
    2285, VERIZON COMMUNICATIONS (VZ) 13,350 132,896
    1045, VISA INC CLASS A (V) 26,857 188,957
    1465, VORNADO REALTY (VNO) 49,728 88,589
    2050, WALMART INC (WMT) 82,781 234,233
    3225, WELLS FARGO & CO (WFC) 207,231 150,188
    6550, WILLIAMS COMPANIES (WMB) 146,597 154,580
    5232, WIPRO LTD (WIT) 15,546 19,986
    1210, YUM BRANDS INC (YUM) 52,437 141,304
    1500, YUM CHINA HOLDINGS (YUMC) 27,059 68,145
    1520, ZIMMER BIOMET HOLDINGS (ZBH) 114,568 211,584
    945, 3M CO (MMM) 61,898 152,825
    6469.032, TEMPLETON CHINA WORLD (TACWX) 82,902 117,607
    2777, THE CHINA FUND INC (CHN) 63,627 53,679
    5725, MORGAN STANLEY INDIA (IIF) 196,573 103,394

    TY 2018 InvestmentsOtherSchedule2
    Name:
    THE LEE AND JULIET FOLGER FUND
    EIN:
    52-0794388
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    DFJ GOTHAM VENTURE FUND II LP AT COST 68,590 77,270
    DFJ DRAGON FUND CHINA II LP AT COST 116,742 194,027
    DFJ FRONTIER FUND II LP AT COST 50,810 71,842

    TY 2018 LegalFeesSchedule
    Name:
    THE LEE AND JULIET FOLGER FUND
    EIN:
    52-0794388
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 259 0   0


    TY 2018 OtherExpensesSchedule
    Name:
    THE LEE AND JULIET FOLGER FUND
    EIN:
    52-0794388
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    BANK FEES 1,048 0   0
    LICENSES 393 0   0
    WIRE TRANSFER FEES 60 0   0
    INVESTMENT EXPENSE VIA PTE 13,127 13,127   0


    TY 2018 OtherIncomeSchedule2
    Name:
    THE LEE AND JULIET FOLGER FUND
    EIN:
    52-0794388
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    OTHER INCOME FROM PASSTHROUGH ENTITY INVESTMENTS -615 -615 0


    TY 2018 OtherProfessionalFeesSchedule
    Name:
    THE LEE AND JULIET FOLGER FUND
    EIN:
    52-0794388
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    M MANDERFIELD, GRANT ADMIN. 139,910 13,991   125,919


    TY 2018 TaxesSchedule
    Name:
    THE LEE AND JULIET FOLGER FUND
    EIN:
    52-0794388
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FEDERAL ESTIMATED EXCISE TAXES 105,000 0   0
    FOREIGN TAXES PAID ON DIVIDENDS 4,089 4,089   0