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
WILLIAM F WELCH &
LORENE W WELCH FOUNDATION
Number and street (or P.O. box number if mail is not delivered to street address)PO BOX J
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
SHERIDAN, WY82801
A Employer identification number

83-6033434
B Telephone number (see instructions)

(307) 674-1770
C bullet
G Check all that apply:

D 1. Foreign organizations, check here............. bullet
2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet
E bullet
H Check type of organization:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$3,636,528J 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 23 23  
4 Dividends and interest from securities... 90,538 90,538  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 49,961
b Gross sales price for all assets on line 6a 2,801,198
7 Capital gain net income (from Part IV, line 2)... 49,961
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 10,296 10,296  
12 Total. Add lines 1 through 11........ 150,818 150,818  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 22,500 11,250   11,250
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 2,275 1,138   1,137
c Other professional fees (attach schedule).... Click to see attachment 31,868 31,868    
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 1,590      
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 277 277    
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 58,510 44,533   12,387
25 Contributions, gifts, grants paid....... 174,600 174,600
26 Total expenses and disbursements. Add lines 24 and 25 233,110 44,533   186,987
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -82,292
b Net investment income (if negative, enter -0-) 106,285
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......... 189,530 261,071 261,071
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)....... 2,634,651 Click to see attachment2,480,818 3,130,109
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)..........      
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment40,975 Click to see attachment40,975 Click to see attachment245,348
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 2,865,156 2,782,864 3,636,528
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22).........   0
Net Assets or Fund Balances Foundations that follow SFAS 117, check here bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted..................    
25 Temporarily restricted...............    
26 Permanently restricted...............    
Foundations that do not follow SFAS 117, check here bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds........    
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds 2,865,156 2,782,864
30 Total net assets or fund balances (see instructions)..... 2,865,156 2,782,864
31 Total liabilities and net assets/fund balances (see instructions). 2,865,156 2,782,864
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
2,865,156
2
Enter amount from Part I, line 27a .....................
2
-82,292
3
Other increases not included in line 2 (itemize) bullet
3
 
4
Add lines 1, 2, and 3 ..........................
4
2,782,864
5
Decreases not included in line 2 (itemize) bullet
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
2,782,864
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 CLOVE SECURITIES LITIGATION PROCEEDS P   2019-08-02
b EW-EDWARDS LIFESCIENCES P 2018-09-13 2019-08-07
c BBT+E-BB&T CORP 5.625% PFDPFD P 2017-10-10 2019-06-04
d WFC+N-WELLS FARGO & 5.2% PFDPFD P 2017-04-25 2019-05-21
e XLF-SELECT STR FINANCIAL SELECT SPDR P 2018-05-08 2019-03-28
INTC-INTEL CORP P 2018-06-21 2019-01-09
SCHX-SCHWAB US LARGE CAP ETF P 2018-01-19 2018-12-07
NLY+H-ANNALY CAPIT 8.125% PFDPFD SER P 2016-01-12 2018-12-04
NLY+H-ANNALY CAPIT 8.125% PFDPFD SER P 2016-10-07 2018-12-04
MTZ-MASTEC INC P 2017-10-10 2018-10-12
MO-ALTRIA GROUP INC P 2016-01-07 2018-09-13
COAL P   2019-02-21
EW-EDWARDS LIFESCIENCES P 2018-04-27 2019-08-07
RF+A-REGIONS FINL 6.375% PFDPFD P 2018-12-04 2019-06-04
WFC+N-WELLS FARGO & 5.2% PFDPFD P 2016-10-07 2019-05-21
XLF-SELECT STR FINANCIAL SELECT SPDR P 2018-06-28 2019-03-28
INTC-INTEL CORP P 2018-06-28 2019-01-09
SCHX-SCHWAB US LARGE CAP ETF P 2018-02-06 2018-12-07
NLY+H-ANNALY CAPIT 8.125% PFDPFD SER P 2016-01-12 2018-12-04
AHT+D-ASHFORD HOSPI 8.45% PFDPFD SER P 2017-03-29 2018-12-04
BCC-BOISE CASCADE CO P 2018-01-29 2018-10-12
MTZ-MASTEC INC P 2017-09-15 2018-09-13
AVGO-BROADCOM INC P 2019-03-29 2019-08-27
EW-EDWARDS LIFESCIENCES P 2018-05-08 2019-08-07
RF+A-REGIONS FINL 6.375% PFDPFD P 2019-01-04 2019-06-04
WFC+N-WELLS FARGO & 5.2% PFDPFD P 2016-10-07 2019-05-21
XLF-SELECT STR FINANCIAL SELECT SPDR P 2016-06-15 2019-03-28
XLB-SPDR FUND MATERIALS SELECT SECTR P 2017-09-15 2018-12-27
SCHX-SCHWAB US LARGE CAP ETF P 2018-09-13 2018-12-07
COF+G-CAPITAL ONE FI 5.2% PFDPFD SER P 2017-03-29 2018-12-04
NLY+H-ANNALY CAPIT 8.125% PFDPFD SER P 2016-01-12 2018-12-04
BCC-BOISE CASCADE CO P 2018-02-09 2018-10-12
MTZ-MASTEC INC P 2017-10-10 2018-09-13
STL-STERLING BANCORP P 2019-06-19 2019-08-15
USO-UNITED STATES OIL ETF P 2019-06-06 2019-08-05
TLT-ISHARES 20 PLS YEAR TREASURY BND P 2019-01-17 2019-05-31
DE-DEERE & CO P 2019-02-27 2019-05-09
XLF-SELECT STR FINANCIAL SELECT SPDR P 2017-10-10 2019-03-28
BOX-BOX INC CLASS A P 2018-06-21 2018-12-27
SCHV-SCHWAB US LARGE CAP VALUE ETF P 2018-01-19 2018-12-07
COF+G-CAPITAL ONE FI 5.2% PFDPFD SER P 2017-03-29 2018-12-04
NLY+H-ANNALY CAPIT 8.125% PFDPFD SER P 2016-01-12 2018-12-04
BCC-BOISE CASCADE CO P 2018-02-26 2018-10-12
ARCC-ARES CAPITAL CORP P 2019-01-29 2019-08-13
NLY+C-ANNALY CAPIT 7.625% PFDPFD SER P 2018-12-04 2019-07-22
NKE-NIKE INC CLASS B P 2014-01-22 2019-05-29
XOP-SPDR S&P OIL & GAS EXPL & PROD E P 2019-02-12 2019-05-01
XLF-SELECT STR FINANCIAL SELECT SPDR P 2018-02-06 2019-03-28
FLIR-FLIR SYSTEMS INC P 2018-09-13 2018-12-27
SCHV-SCHWAB US LARGE CAP VALUE ETF P 2018-06-28 2018-12-07
COF+G-CAPITAL ONE FI 5.2% PFDPFD SER P 2017-03-29 2018-12-04
NLY+H-ANNALY CAPIT 8.125% PFDPFD SER P 2016-05-19 2018-12-04
BCC-BOISE CASCADE CO P 2018-05-08 2018-10-12
ARCC-ARES CAPITAL CORP P 2019-05-20 2019-08-13
NLY+C-ANNALY CAPIT 7.625% PFDPFD SER P 2019-01-04 2019-07-22
NKE-NIKE INC CLASS B P 2015-12-22 2019-05-29
BBT+E-BB&T CORP 5.625% PFDPFD P 2017-05-11 2019-04-24
ALL-ALLSTATE CORP P 2018-06-28 2019-03-01
NVDA-NVIDIA CORP P 2016-10-06 2018-12-12
SCHG-SCHWAB US LARGE CAP GROWTH ETF P 2018-05-08 2018-12-07
COF+G-CAPITAL ONE FI 5.2% PFDPFD SER P 2017-03-29 2018-12-04
NLY+H-ANNALY CAPIT 8.125% PFDPFD SER P 2016-01-12 2018-12-04
SFIX-STITCH FIX INC P 2018-07-12 2018-10-12
ARCC-ARES CAPITAL CORP P 2019-06-06 2019-08-13
NLY+C-ANNALY CAPIT 7.625% PFDPFD SER P 2017-09-15 2019-07-22
WFC+N-WELLS FARGO & 5.2% PFDPFD P 2016-10-07 2019-05-21
BBT+E-BB&T CORP 5.625% PFDPFD P 2017-09-15 2019-04-24
ALL-ALLSTATE CORP P 2018-02-09 2019-03-01
NVDA-NVIDIA CORP P 2017-02-23 2018-12-12
SCHG-SCHWAB US LARGE CAP GROWTH ETF P 2018-05-08 2018-12-07
COF+G-CAPITAL ONE FI 5.2% PFDPFD SER P 2017-03-29 2018-12-04
LLNW-LIMELIGHT NETWORKS P 2018-02-05 2018-11-30
BTI-BRIT AMER TOBACCO FSPONSORED ADR P 2017-07-27 2018-10-12
ARCC-ARES CAPITAL CORP P 2017-10-10 2019-08-13
NLY+C-ANNALY CAPIT 7.625% PFDPFD SER P 2017-10-10 2019-07-22
WFC+N-WELLS FARGO & 5.2% PFDPFD P 2016-10-07 2019-05-21
BBT+E-BB&T CORP 5.625% PFDPFD P 2017-10-10 2019-04-24
M-MACYS INC P 2018-09-13 2019-03-01
NVDA-NVIDIA CORP P 2017-06-14 2018-12-12
SCHG-SCHWAB US LARGE CAP GROWTH ETF P 2018-06-28 2018-12-07
COF+G-CAPITAL ONE FI 5.2% PFDPFD SER P 2017-03-29 2018-12-04
LLNW-LIMELIGHT NETWORKS P 2018-02-09 2018-11-30
VGR-VECTOR GROUP LTD P 2011-06-09 2018-10-05
MO-ALTRIA GROUP INC P 2016-01-07 2019-08-13
CSX-CSX CORP P 2019-05-08 2019-07-17
WFC+N-WELLS FARGO & 5.2% PFDPFD P 2016-10-07 2019-05-21
RF+A-REGIONS FINL 6.375% PFDPFD P 2018-12-04 2019-04-24
NVDA-NVIDIA CORP P 2018-03-01 2019-01-09
NVDA-NVIDIA CORP P 2017-09-27 2018-12-12
SCHA-SCHWAB US SMALL CAP ETF P 2018-01-19 2018-12-07
COF+G-CAPITAL ONE FI 5.2% PFDPFD SER P 2017-03-29 2018-12-04
SOXX-ISHARES PHLX SEMICONDUCTOR ETF P 2018-05-08 2018-11-30
VGR-VECTOR GROUP LTD P 2011-06-09 2018-10-01
MO-ALTRIA GROUP INC P 2016-05-19 2019-08-13
IIPR-INNOVATIVE INDUSTRIAL PR P 2019-06-04 2019-06-18
WFC+N-WELLS FARGO & 5.2% PFDPFD P 2017-03-29 2019-05-21
FCX-FREEPORT MCMORAN INC P 2019-01-28 2019-04-18
NVDA-NVIDIA CORP P 2017-09-27 2019-01-09
MU-MICRON TECHNOLOGY P 2017-10-12 2018-12-12
SCHA-SCHWAB US SMALL CAP ETF P 2018-06-28 2018-12-07
COF+G-CAPITAL ONE FI 5.2% PFDPFD SER P 2017-03-29 2018-12-04
SOXX-ISHARES PHLX SEMICONDUCTOR ETF P 2018-06-21 2018-11-30
GUSH-DIREXION DAILY S&P OIL &GAS EXP P 2018-05-23 2018-09-25
EEM-ISHARES MSCI EMERGING MARKETS ET P 2019-05-01 2019-08-13
BXP+B-BOSTON PROPER 5.25% PFDPFD P 2018-12-04 2019-06-06
WFC+N-WELLS FARGO & 5.2% PFDPFD P 2017-03-29 2019-05-21
MRK-MERCK & CO. INC. P 2008-12-22 2019-04-17
NVDA-NVIDIA CORP P 2017-12-01 2019-01-09
MU-MICRON TECHNOLOGY P 2017-12-01 2018-12-12
AHT+G-ASHFORD HOSP 7.375% PFDPFD SER P 2017-11-10 2018-12-04
COF+G-CAPITAL ONE FI 5.2% PFDPFD SER P 2017-03-29 2018-12-04
GBCI-GLACIER BANCORP INC P 2018-01-25 2018-11-30
MU-MICRON TECHNOLOGY P 2017-10-10 2018-09-20
GUSH-DIREXION DAILY S&P OIL &GAS EXP P 2019-06-24 2019-08-13
BXP+B-BOSTON PROPER 5.25% PFDPFD P 2018-12-06 2019-06-06
WFC+N-WELLS FARGO & 5.2% PFDPFD P 2017-03-29 2019-05-21
MRK-MERCK & CO. INC. P 2016-01-07 2019-04-17
XLK-TECHNOLOGY SELECT SECTORSPDR ETF P 2016-01-07 2019-01-09
MU-MICRON TECHNOLOGY P 2018-06-21 2018-12-12
AGNCB-AGNC INVESTME 7.75% PFDPFD SER P 2016-04-26 2018-12-04
COF+G-CAPITAL ONE FI 5.2% PFDPFD SER P 2017-03-29 2018-12-04
TER-TERADYNE INCORPORATE P 2017-04-25 2018-10-12
MU-MICRON TECHNOLOGY P 2017-10-12 2018-09-20
FXI-ISHARES CHINA LARGE CAP ETF P 2019-05-01 2019-08-13
BXP+B-BOSTON PROPER 5.25% PFDPFD P 2016-01-12 2019-06-06
WFC+N-WELLS FARGO & 5.2% PFDPFD P 2017-03-29 2019-05-21
CELG-CELGENE CORP P 2016-08-05 2019-04-12
XLK-TECHNOLOGY SELECT SECTORSPDR ETF P 2016-04-26 2019-01-09
SCHD-SCHWAB US DIVIDEND EQUITY ETF P 2018-01-19 2018-12-07
NLY+H-ANNALY CAPIT 8.125% PFDPFD SER P 2016-01-12 2018-12-04
NLY+H-ANNALY CAPIT 8.125% PFDPFD SER P 2016-01-12 2018-12-04
MTZ-MASTEC INC P 2017-12-01 2018-10-12
SFIX-STITCH FIX INC P 2018-07-12 2018-09-14
SM-SM ENERGY CO P 2018-11-02 2019-08-13
COF+G-CAPITAL ONE FI 5.2% PFDPFD SER P 2019-02-13 2019-06-06
WFC+N-WELLS FARGO & 5.2% PFDPFD P 2017-03-29 2019-05-21
CELG-CELGENE CORP P 2017-04-27 2019-04-12
INTC-INTEL CORP P 2018-02-06 2019-01-09
SCHD-SCHWAB US DIVIDEND EQUITY ETF P 2016-10-07 2018-12-07
NLY+H-ANNALY CAPIT 8.125% PFDPFD SER P 2016-01-12 2018-12-04
NLY+H-ANNALY CAPIT 8.125% PFDPFD SER P 2016-05-19 2018-12-04
MTZ-MASTEC INC P 2018-01-29 2018-10-12
CC-CHEMOURS CO P 2017-12-01 2018-09-13
CRZO-CARRIZO OIL & GAS P 2018-11-02 2019-08-13
BBT+E-BB&T CORP 5.625% PFDPFD P 2018-12-04 2019-06-04
WFC+N-WELLS FARGO & 5.2% PFDPFD P 2017-03-29 2019-05-21
USO-UNITED STATES OIL ETF P 2019-02-12 2019-04-08
INTC-INTEL CORP P 2018-05-08 2019-01-09
SCHX-SCHWAB US LARGE CAP ETF P 2018-01-19 2018-12-07
NLY+H-ANNALY CAPIT 8.125% PFDPFD SER P 2016-01-12 2018-12-04
NLY+H-ANNALY CAPIT 8.125% PFDPFD SER P 2016-05-19 2018-12-04
MTZ-MASTEC INC P 2018-03-01 2018-10-12
MO-ALTRIA GROUP INC P 2013-06-12 2018-09-13
(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 4,168     4,168
b 6,311   4,385 1,926
c 24,321   24,333 -12
d 8,138   8,041 97
e 7,667   8,293 -626
14,377   15,714 -1,337
19,230   20,085 -855
5,070   4,843 227
25,268   25,403 -135
2,070   2,211 -141
12,249   11,841 408
40,000     40,000
31,556   19,438 12,118
36,232   35,826 406
2,504   2,520 -16
12,779   13,258 -479
9,585   9,774 -189
19,230   18,969 261
2,535   2,421 114
6,363   5,724 639
13,239   17,935 -4,696
21,561   21,565 -4
31,004   33,276 -2,272
31,556   20,217 11,339
25,284   25,038 246
2,504   2,520 -16
12,779   11,449 1,330
39,093   44,917 -5,824
17,948   19,504 -1,556
5,890   6,275 -385
5,066   4,843 223
6,619   8,151 -1,532
10,780   11,057 -277
45,482   49,496 -4,014
52,570   50,873 1,697
66,416   60,833 5,583
60,824   64,615 -3,791
12,779   13,180 -401
8,298   14,229 -5,931
25,514   27,218 -1,704
2,151   2,290 -139
5,060   4,843 217
3,972   5,031 -1,059
18,460   16,131 2,329
66,075   66,855 -780
7,949   3,681 4,268
61,017   58,861 2,156
5,111   5,570 -459
20,870   31,555 -10,685
17,009   16,914 95
22   23 -1
5,060   4,952 108
9,267   12,080 -2,813
18,460   17,914 546
25,000   25,216 -216
31,796   26,109 5,687
25,291   25,217 74
9,478   9,088 390
29,921   13,467 16,454
7,389   7,349 40
4,313   4,580 -267
2,530   2,421 109
7,583   9,779 -2,196
18,460   17,885 575
14,587   14,767 -180
2,504   2,520 -16
25,291   25,365 -74
18,955   17,788 1,167
22,441   15,031 7,410
29,556   29,396 160
2,151   2,290 -139
9,690   12,840 -3,150
8,610   13,982 -5,372
18,460   16,538 1,922
14,588   14,786 -198
2,504   2,520 -16
860   856 4
7,395   10,712 -3,317
22,441   22,664 -223
29,557   30,101 -544
2,151   2,290 -139
6,460   8,060 -1,600
42,994   59,258 -16,264
13,991   17,762 -3,771
30,952   33,653 -2,701
15,024   15,120 -96
61,888   60,852 1,036
21,354   34,908 -13,554
11,220   13,021 -1,801
25,336   27,533 -2,197
1,784   1,901 -117
66,465   71,164 -4,699
45,052   27,931 17,121
9,327   12,610 -3,283
35,203   24,620 10,583
2,504   2,455 49
34,747   27,552 7,195
17,795   21,701 -3,906
9,032   10,153 -1,121
14,668   16,086 -1,418
365   389 -24
33,232   37,754 -4,522
10,299   10,240 59
30,797   33,664 -2,867
8,557   7,646 911
2,504   2,455 49
60,355   23,480 36,875
42,708   58,817 -16,109
7,226   8,235 -1,009
21,960   23,156 -1,196
2,151   2,290 -139
28,159   23,444 4,715
27,603   24,722 2,881
5,485   9,575 -4,090
52,118   47,007 5,111
2,504   2,455 49
15,089   10,430 4,659
25,315   16,494 8,821
10,839   18,147 -7,308
12,255   11,897 358
538   573 -35
16,500   16,824 -324
6,901   6,092 809
29,427   33,683 -4,256
12,474   12,650 -176
2,504   2,455 49
18,926   23,130 -4,204
37,973   26,042 11,931
29,955   32,025 -2,070
2,535   2,421 114
5,066   4,843 223
8,281   8,817 -536
14,631   9,779 4,852
10,472   23,545 -13,073
66,841   64,184 2,657
2,504   2,455 49
28,390   37,240 -8,850
9,585   8,854 731
1,997   1,672 325
5,066   4,843 223
17,688   17,332 356
10,352   13,470 -3,118
20,003   24,881 -4,878
9,535   18,251 -8,716
26,914   25,413 1,501
12,520   12,310 210
53,139   44,305 8,834
14,377   15,964 -1,587
7,692   8,034 -342
5,066   4,843 223
2,530   2,476 54
8,281   9,961 -1,680
18,374   10,706 7,668
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       4,168
b       1,926
c       -12
d       97
e       -626
      -1,337
      -855
      227
      -135
      -141
      408
      40,000
      12,118
      406
      -16
      -479
      -189
      261
      114
      639
      -4,696
      -4
      -2,272
      11,339
      246
      -16
      1,330
      -5,824
      -1,556
      -385
      223
      -1,532
      -277
      -4,014
      1,697
      5,583
      -3,791
      -401
      -5,931
      -1,704
      -139
      217
      -1,059
      2,329
      -780
      4,268
      2,156
      -459
      -10,685
      95
      -1
      108
      -2,813
      546
      -216
      5,687
      74
      390
      16,454
      40
      -267
      109
      -2,196
      575
      -180
      -16
      -74
      1,167
      7,410
      160
      -139
      -3,150
      -5,372
      1,922
      -198
      -16
      4
      -3,317
      -223
      -544
      -139
      -1,600
      -16,264
      -3,771
      -2,701
      -96
      1,036
      -13,554
      -1,801
      -2,197
      -117
      -4,699
      17,121
      -3,283
      10,583
      49
      7,195
      -3,906
      -1,121
      -1,418
      -24
      -4,522
      59
      -2,867
      911
      49
      36,875
      -16,109
      -1,009
      -1,196
      -139
      4,715
      2,881
      -4,090
      5,111
      49
      4,659
      8,821
      -7,308
      358
      -35
      -324
      809
      -4,256
      -176
      49
      -4,204
      11,931
      -2,070
      114
      223
      -536
      4,852
      -13,073
      2,657
      49
      -8,850
      731
      325
      223
      356
      -3,118
      -4,878
      -8,716
      1,501
      210
      8,834
      -1,587
      -342
      223
      54
      -1,680
      7,668
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 49,961
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 -70,950
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 180,233 3,766,125 0.047856
2016 169,488 3,740,355 0.045313
2015 213,013 3,770,297 0.056498
2014 125,600 4,049,037 0.031020
2013 141,250 3,912,411 0.036103
2
Total of line 1, column (d) .....................
2
0.216790
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
0.043358
4
Enter the net value of noncharitable-use assets for 2018 from Part X, line 5......
4
3,573,324
5
Multiply line 4 by line 3......................
5
154,932
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
1,063
7
Add lines 5 and 6........................
7
155,995
8
Enter qualifying distributions from Part XII, line 4,.............
8
186,987
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 1,063
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2  
3 Add lines 1 and 2........................... 3 1,063
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 1,063
6 Credits/Payments:
a 2018 estimated tax payments and 2017 overpayment credited to 2018 6a  
b Exempt foreign organizations—tax withheld at source...... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 2,000
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 2,000
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 42
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 10 895
11 Enter the amount of line 10 to be: Credited to 2019 estimated taxBullet895 RefundedBullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? (see Instructions
for definition).................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
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)
    bulletWY
    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 ofbulletCYPRESS CAPITAL MANAGEMENT Telephone no.bullet (307) 674-1770

    Located atbullet312 WHITNEY LN 1SHERIDANWY ZIP+4bullet82801
    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
     
     
    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
    FRANK ROTELLINI CO-TRUSTEE
    3.00     		7,500 0 0
    PO BOX J
    SHERIDAN,WY82801
    WILLIAM B EBZERY CO-TRUSTEE
    3.00     		7,500 0 0
    PO BOX J
    SHERIDAN,WY82801
    RICHARD M DAVIS JR CO-TRUSTEE
    3.00     		7,500 0 0
    PO BOX J
    SHERIDAN,WY82801
    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  
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet  
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1  
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1 N/A  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet  
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    3,147,303
    b
    Average of monthly cash balances.......................
    1b
    225,132
    c
    Fair market value of all other assets (see instructions)................
    1c
    255,305
    d
    Total (add lines 1a, b, and c).........................
    1d
    3,627,740
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
     
    3
    Subtract line 2 from line 1d.........................
    3
    3,627,740
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    54,416
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    3,573,324
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    178,666
    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
    178,666
    2a
    Tax on investment income for 2018 from Part VI, line 5......
    2a
    1,063
    b
    Income tax for 2018. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    1,063
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    177,603
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    177,603
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    177,603
    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
    186,987
    b
    Program-related investments—total from Part IX-B..................
    1b
     
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    186,987
    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
    1,063
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    185,924
    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 7 177,603
    2 Undistributed income, if any, as of the end of 2018:
    a Enter amount for 2017 only....... 168,218
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2018:
    a From 2013......  
    b From 2014......  
    c From 2015......  
    d From 2016......  
    e From 2017......  
    fTotal of lines 3a through e........  
    4Qualifying distributions for 2018 from Part
    XII, line 4: bullet$ 186,987
    a Applied to 2017, but not more than line 2a 168,218
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		 
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		 
    d Applied to 2018 distributable amount..... 18,769
    e Remaining amount distributed out of corpus  
    5 Excess distributions carryover applied to 2018.    
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5  
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		 
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		 
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		 
    e Undistributed income for 2017. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2018. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2019 ..........     		158,834
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		 
    8 Excess distributions carryover from 2013 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2019.
    Subtract lines 7 and 8 from line 6a ......     		 
    10 Analysis of line 9:
    a Excess from 2014....  
    b Excess from 2015....  
    c Excess from 2016....  
    d Excess from 2017....  
    e Excess from 2018....  
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2018, enter the date of the ruling....... bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2018 (b) 2017 (c) 2016 (d) 2015
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the foundation had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
    WELCH FOUNDATION
    PO BOX J
    SHERIDAN,WY82801
    (307) 674-1770
    bThe form in which applications should be submitted and information and materials they should include:
    WRITTEN REQUEST
    cAny submission deadlines:
    NONE
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    NONE
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    CASA
    PO BOX 6022
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 1,000
    CENTER FOR A VITAL COMMUNITY
    PO BOX 1500
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 5,000
    CHAPS
    1590 SUGARLAND DR STE B
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 1,000
    CHILD DEVELOPMENT CENTER
    345 LINDEN AVE
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 1,000
    COMMUNITY HOLIDAY FESTIVAL
    PO BOX 707
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 1,000
    DOWNTOWN SHERIDAN ASSOCIATION
    39 N SCOTT ST
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 1,000
    HABITAT FOR HUMANITY
    PO BOX 6196
    SHERIDAN,WY82801     		NONE PUBLIC CHARTIABLE 1,500
    HOLY NAME CATHOLIC CHURCH
    9 SOUTH CONNOR
    SHERIDAN,WY82801     		NONE CHURCH CHARITABLE 2,500
    JOEY'S FOUNDATION INC
    109 S MAIN ST SUITE B
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 500
    PEOPLES ASSISTANCE FOOD BANK
    2560 NORTH MAIN STREET
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 3,000
    REPROD HEALTHCARE OF THE BIG HORNS
    128 SOUTH THURMOND
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 1,000
    SENIOR CITIZENS COUNCIL
    211 SMITH STREET
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 5,000
    SHERIDAN AMERICAN LEGION BASEBALL
    PO BOX 12
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 1,000
    SHERIDAN CO LIBRARY FND
    335 W ALGER ST
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 5,000
    SHERIDAN COLLEGE
    FOUNDATION
    SHERIDAN,WY82801     		NONE PUBLIC EDUCATIONAL 76,000
    SHERIDAN COUNTY MEMORIAL
    HOSPITAL FOUNDATION
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 51,000
    SHERIDAN COUNTY MUSEUM
    850 SIBLEY CIRCLE
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 3,600
    SHERIDAN PUBLIC ARTS
    PO BOX 848
    SHERIDAN,WY82801     		NONE PUBLIC CHARTIABLE 1,000
    VOLUNTEERS OF AMERICA
    1876 S SHERIDAN AVE
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 500
    WYO SCOTTISH RITE
    109 S GOULD ST
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 2,000
    WYO THEATRE INC
    42 N MAIN STREET
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 10,000
    WYOMING PUBLIC RADIO
    UNIV OF WY
    LARAMIE,WY82801     		NONE PUBLIC CHARITABLE 1,000
    Total .................................bullet 3a 174,600
    bApproved for future payment
    Total .................................bullet 3b  
    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 23  
    4 Dividends and interest from securities....     14 90,538  
    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 49,961  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aPTP DISTRIBUTIONS     		    14 10,296  
    bPTP UBTI LOSS CARRYFORWARD 900003 3,612      
    cBUCKEYE PARTNERS LP 900003 -2,316      
    dENBRIDGE ENERGY PARTNERS LP 900003 -1,296      
    e
    12 Subtotal. Add columns (b), (d), and (e)..   150,818  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    150,818
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

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

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


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


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2018 AccountingFeesSchedule
    Name:
    WILLIAM F WELCH &
     
    LORENE W WELCH FOUNDATION
    EIN:
    83-6033434
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    TAX PREPARATION 2,275 1,138   1,137

    TY 2018 InvestmentsCorpStockSchedule
    Name:
    WILLIAM F WELCH &
     
    LORENE W WELCH FOUNDATION
    EIN:
    83-6033434
    Name of Stock End of Year Book Value End of Year Fair Market Value
    AGNC INVES 7.75% PFD 229,150 230,306
    ALLSTATE CORP    
    ALPS ALERIAN MLP ETF 44,232 41,023
    ALTRIA GROUP INC.    
    AMAZON COM INC 15,697 35,526
    AMPIO PHARMACEUTICAL 35,939 11,938
    AMPLIFY SEYMOUR CANNABIS 22,334 18,534
    ANNALY CAPIT 7.625% PFD    
    APOLLO COML REAL EST 92,742 92,750
    APPLE INC 88,425 219,177
    ARBOR REALTY 7.75% PFD 64,944 66,280
    ARBOR REALTY TR 65,829 75,388
    ARES CAPITAL CORP    
    ASHFORD HOSP 7.375 PFD    
    ASHFORD HOSPI 8.45% PFD    
    BB&T CORPORA 5.625%    
    BOISE CASCADE CO    
    BOSTON PROPER 5.25% PFD    
    BOX INC    
    BRIT AMER TOBACCO    
    BUCKEYE PARTNERS LP 42,472 41,030
    CABOT OIL & GAS CORP 85,458 65,004
    CANOPY GROWTH CORP 19,911 9,432
    CAPITAL ONE FINANCIAL    
    CARA THERAPEUTICS 130,794 165,791
    CEDAR REALTY 7.25% PFD 143,057 149,837
    CELGENE CORP    
    CHEMOURS CO    
    COLGATE PALMOLIVE 18,345 74,150
    COMCAST CORPORATION 46,807 53,112
    CONSTELLATION BRANDS INC 84,691 94,614
    COSTCO WHOLESALE CORP 138,119 265,284
    DIREXION DAILY S&P OIL 11,195 7,930
    EDWARDS LIFESCIENCES 109,440 148,633
    ENERGY TRANSFER LP 71,172 68,050
    GLACIER BANCORP INC    
    GREEN ORGANIC DUTCHMAN 17,425 17,882
    HEICO CORP 68,010 69,297
    INNOVATIVE INDUSTRIAL PR 24,620 25,767
    INTEL CORP    
    ISHARES PHLX    
    JOHNSON & JOHNSON 39,511 128,360
    LIMELIGHT NETWORKS    
    MASTEC INC    
    MERCK & CO    
    MICRON TECHNOLOGY    
    MTGE INVE 8.125%    
    NIKE INC    
    NUSTAR ENERGY 7.625% PFD 41,662 41,280
    NUSTAR ENERGY 8.5% PFD 91,278 98,852
    NVIDIA CORPORATION    
    PATRIOT ONE TECHNOLOGY 63,042 51,881
    PAYLOCITY HLDG CORP 65,990 81,041
    QUEST DIAGNOSTICS INC. 32,580 102,370
    SCHWAB US DIVIDEND    
    SCHWAB US LARGE CAP    
    SCHWAB US LARGE CAP    
    SCHWAB US LARGE CAP ETF    
    SCHWAB US SMALL CAP EFT 51,024 49,077
    SELECT SECTOR HEALTH 119,330 181,200
    SELECT STR FINANCIAL    
    SOUTHERN CO 33,569 38,044
    SPDR FUND MATERIALS    
    SPDR S&P SEMICONDUCTOR 49,629 53,282
    STITCH FIX INC    
    TECHNOLOGY SELECT SECTOR    
    TERADYNE INCORPORATE    
    UNITED TECHNOLOGIES 37,357 39,072
    VECTOR GROUP LTD    
    VERIZON COMMUNICATIONS 55,666 59,963
    VISA INC 80,481 108,492
    WELLS FARGO 48,891 50,460

    TY 2018 OtherAssetsSchedule
    Name:
    WILLIAM F WELCH &
     
    LORENE W WELCH FOUNDATION
    EIN:
    83-6033434
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    COINS & BULLION 32,251 32,251 55,287
    MINERALS 8,724 8,724 8,724
    COAL     181,337


    TY 2018 OtherExpensesSchedule
    Name:
    WILLIAM F WELCH &
     
    LORENE W WELCH FOUNDATION
    EIN:
    83-6033434
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXPENSES        
    BANK CHARGES 112 112    
    SAFE DEPOSIT BOX 165 165    


    TY 2018 OtherIncomeSchedule2
    Name:
    WILLIAM F WELCH &
     
    LORENE W WELCH FOUNDATION
    EIN:
    83-6033434
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    PTP DISTRIBUTIONS 10,296 10,296  
    PTP UBTI LOSS CARRYFORWARD 3,612    
    BUCKEYE PARTNERS LP -2,316    
    ENBRIDGE ENERGY PARTNERS LP -1,296    


    TY 2018 OtherProfessionalFeesSchedule
    Name:
    WILLIAM F WELCH &
     
    LORENE W WELCH FOUNDATION
    EIN:
    83-6033434
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT MGMT. - CYPRESS CAPIT 31,867 31,867    
    ACCOUNT FEES 1 1    


    TY 2018 TaxesSchedule
    Name:
    WILLIAM F WELCH &
     
    LORENE W WELCH FOUNDATION
    EIN:
    83-6033434
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXCISE TAXES 1,590