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
2020
Open to Public Inspection
For calendar year 2020, or tax year beginning 01-01-2020 , and ending 12-31-2020
Name of foundation
GENERATION FUND INC
C/O DINSE PC
Number and street (or P.O. box number if mail is not delivered to street address)209 BATTERY STREET PO BOX 988
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
BURLINGTON, VT05402
A Employer identification number

27-2993973
B Telephone number (see instructions)

(802) 864-5751
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$48,417,367J Accounting method:
modified cash
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet.............
3 Interest on savings and temporary cash investments 2,495 2,495  
4 Dividends and interest from securities... 317,248 317,248  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 2,512,955
b Gross sales price for all assets on line 6a 11,455,978
7 Capital gain net income (from Part IV, line 2)... 2,512,955
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 33,429 33,429  
12 Total. Add lines 1 through 11........ 2,866,127 2,866,127  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 37,500 10,000   27,500
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment 2,344 0   2,344
b Accounting fees (attach schedule)....... Click to see attachment 18,838 1,083   17,755
c Other professional fees (attach schedule).... Click to see attachment 210,859 210,859   0
17 Interest............... 166 166   0
18 Taxes (attach schedule) (see instructions)... Click to see attachment 10,950 4,950   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings....... 2,466 0   2,466
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 97,557 95,259   2,298
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 380,680 322,317   52,363
25 Contributions, gifts, grants paid....... 1,275,000 1,275,000
26 Total expenses and disbursements. Add lines 24 and 25 1,655,680 322,317   1,327,363
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 1,210,447
b Net investment income (if negative, enter -0-) 2,543,810
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2020)
Form 990-PF (2020)
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......... 658,031 5,782,539 5,782,539
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)....... 11,322,331 Click to see attachment8,484,567 8,484,567
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).......... 30,082,380 Click to see attachment34,136,752 34,136,752
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment4,844 Click to see attachment13,509 Click to see attachment13,509
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 42,067,586 48,417,367 48,417,367
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 FASB ASC 958, check here bullet
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions........... 42,067,586 48,417,367
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds    
29 Total net assets or fund balances (see instructions)..... 42,067,586 48,417,367
30 Total liabilities and net assets/fund balances (see instructions). 42,067,586 48,417,367
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
42,067,586
2
Enter amount from Part I, line 27a .....................
2
1,210,447
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
5,139,334
4
Add lines 1, 2, and 3 ..........................
4
48,417,367
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 29 .
6
48,417,367
Form 990-PF (2020)
Form 990-PF (2020)
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 P    
b 13379.77 SH. RADCLIFFE INTERNATIONAL ULTRA SHORT DURATION FUND, LTD. P    
c 113.21 SH. GENERATION IM GLOBAL EQUITY A SHARES P    
d 900.08 SH. GENERATION IM GLOBAL EQUITY A SHARES P    
e THROUGH HIGHCLERE INT'L INVESTORS K-1 D    
THROUGH LEGACY VENTURE IX K-1 P    
THROUGH JMF LIQUIDATING CO. LLC K-1 D    
CAPITAL GAINS DIVIDENDS P    
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 9,508,386   7,515,250 1,993,136
b 1,303,163   1,100,000 203,163
c 60,360   23,837 36,523
d 500,000   189,520 310,480
e       -108,312
      -632
      -5,472
84,069     84,069
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       1,993,136
b       203,163
c       36,523
d       310,480
e       -108,312
      -632
      -5,472
      84,069
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 2,512,955
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
SECTION 4940(e) REPEALED ON DECEMBER 20, 2019 - DO NOT COMPLETE
1 Reserved
(a)
Reserved 		(b)
Reserved 		(c)
Reserved 		(d)
Reserved
2
Reserved...........................
2
3
Reserved...........................
3
4
Reserved...........................
4
5
Reserved...........................
5
6
Reserved...........................
6
7
Reserved...........................
7
8
Reserved,..........................
8
Form 990-PF (2020)
Form 990-PF (2020)
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 for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b Reserved................................ 1 35,359
c All other domestic foundations enter 1.39% 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 35,359
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 35,359
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 24,268
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 10,000
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 34,268
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 1,091
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet   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 the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletVT
    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 2020 or the taxable year beginning in 2020? 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 (2020)
    Form 990-PF (2020)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructionsClick to see attachment.................
    12
    Yes
     
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletE RUSSELL PEACH IV CO DKM PC Telephone no.bullet (617) 234-2515

    Located atbullet209 BATTERY ST PO BOX 988BURLINGTONVT ZIP+4bullet05402
    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 2020, 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 2020?.............
    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 2020, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2020?.............
    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 2020 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 2020.)..................
    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 2020?
    4b
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    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
    AUSTIN HART CO DINSE PC PRESIDENT
    2.00     		12,500 0 0
    209 BATTERY ST PO BOX 988
    BURLINGTON,VT05402
    WALLACE TAPIA CO DINSE PC TREASURER
    2.50     		12,500 0 0
    209 BATTERY ST PO BOX 988
    BURLINGTON,VT05402
    PETER BROWN CO DINSE PC SECRETARY
    1.00     		12,500 0 0
    209 BATTERY ST PO BOX 988
    BURLINGTON,VT05402
    E RUSSELL PEACH IV CO DINSE PC ASSISTANT TREASURER
    1.00     		0 0 0
    209 BATTERY ST PO BOX 988
    BURLINGTON,VT05402
    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 (2020)
    Form 990-PF (2020)
    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
    GENERATION IM FUND PLC INVESTMENT MANAGEMENT 60,360
    GEORGES COURT 54-62 TOWNSEND STREET
    DUBLIN    
    EI
    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 (2020)
    Form 990-PF (2020)
    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
    26,827,765
    b
    Average of monthly cash balances.......................
    1b
    1,668,367
    c
    Fair market value of all other assets (see instructions)................
    1c
    13,588,844
    d
    Total (add lines 1a, b, and c).........................
    1d
    42,084,976
    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
    42,084,976
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    631,275
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    41,453,701
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    2,072,685
    Part XI
    Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    2,072,685
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    35,359
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    35,359
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    2,037,326
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    2,037,326
    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
    2,037,326
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    1,327,363
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    1,327,363
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b. See instructions.................
    5
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    1,327,363
    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 (2020)
    Form 990-PF (2020)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2019     		(c)
    2019     		(d)
    2020
    1 Distributable amount for 2020 from Part XI, line 7 2,037,326
    2 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2020:
    a From 2015......  
    b From 2016......  
    c From 2017......  
    d From 2018...... 25,985
    e From 2019...... 642,658
    fTotal of lines 3a through e........ 668,643
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$ 1,327,363
    a Applied to 2019, 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 2020 distributable amount..... 1,327,363
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2020. 668,643 668,643
    (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 0
    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 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2020. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2021 ..........     		41,320
    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 2015 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9Excess distributions carryover to 2021.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2016....  
    b Excess from 2017....  
    c Excess from 2018....  
    d Excess from 2019....  
    e Excess from 2020....  
    Form 990-PF (2020)
    Form 990-PF (2020)
    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 2020, 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) 2020 (b) 2019 (c) 2018 (d) 2017
             
    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 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 (2020)
    Form 990-PF (2020)
    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
    FIDELITY CHARITABLE GIFT FUND
    BOX 77001
    CINCINNATI,OH45277     		N/A PC CHARITABLE (UNRESTRICTED) 1,075,000
    VANGUARD CHARITABLE
    PO BOX 55766
    BOSTON,MA02205     		N/A PC CHARITABLE (UNRESTRICTED) 200,000
    Total .................................bullet 3a 1,275,000
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2020)
    Form 990-PF (2020)
    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 2,495  
    4 Dividends and interest from securities....     14 317,248  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6 Net rental income or (loss) from personal property          
    7 Other investment income.....     14 33,429  
    8 Gain or (loss) from sales of assets other than
    inventory ............     		525990   18 2,512,955  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 0 2,866,127 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    2,866,127
    (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 (2020)
    Form 990-PF (2020)
    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 instructions.
    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 (2020)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2020 AccountingFeesSchedule
    Name:
    GENERATION FUND INC
     
    C/O DINSE PC
    EIN:
    27-2993973
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    PKF O'CONNOR DAVIES, LLP 17,755 0   17,755
    OTHER ACCOUNTING FEES 1,083 1,083   0

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    GENERATION FUND INC
     
    C/O DINSE PC
    EIN:
    27-2993973
    Name of Stock End of Year Book Value End of Year Fair Market Value
    8413 SHARES OF ACCO BRANDS CORP 71,080 71,080
    550 SHARES OF AMERICAN FINANCIAL GROUP INC/OH 48,191 48,191
    1160 SHARES OF AMERISAFE INC 66,619 66,619
    4810 SHARES OF AXT INC 46,032 46,032
    1082 SHARES OF BMC STOCK HOLDINGS INC 58,082 58,082
    4880 SHARES OF BRAEMAR HOTELS & RESORTS INC 22,497 22,497
    810 SHARES OF CASELLA WASTE SYSTEMS INC CL A 50,180 50,180
    3440 SHARES OF CATCHMARK TIMBER TRUST INC CL A 32,198 32,198
    1140 SHARES OF COHU INC 43,525 43,525
    1210 SHARES OF COLUMBIA BANKING SYSTEM INC 43,439 43,439
    1930 SHARES OF COLUMBUS MCKINNON CORP/NY 74,189 74,189
    856 SHARES OF COMMUNITY BANK SYSTEM INC 53,337 53,337
    1050 SHARES OF COMMUNITY HEALTHCARE TRUST INC 49,466 49,466
    1380 SHARES OF CUBESMART 46,382 46,382
    3330 SHARES OF DANA INC 65,002 65,002
    2890 SHARES OF DELEK US HOLDINGS INC 46,442 46,442
    3770 SHARES OF DIAMONDROCK HOSPITALITY CO 31,103 31,103
    1432 SHARES OF DUCOMMUN INC 76,898 76,898
    370 SHARES OF EASTGROUP PROPERTIES INC 51,082 51,082
    860 SHARES OF EMERGENT BIOSOLUTIONS INC 77,056 77,056
    770 SHARES OF ENERSYS 63,956 63,956
    1910 SHARES OF FIRST BUSEY CORP 41,161 41,161
    3060 SHARES OF FUTUREFUEL CORP 38,862 38,862
    2180 SHARES OF G-III APPAREL GROUP LTD 51,753 51,753
    1050 SHARES OF GLOBUS MEDICAL INC 68,481 68,481
    700 SHARES OF GRAND CANYON EDUCATION INC 65,177 65,177
    2997 SHARES OF GRAY TELEVISION INC CL B 53,259 53,259
    1912 SHARES OF GREENBRIER COS INC/THE 69,559 69,559
    1250 SHARES OF HERITAGE FINANCIAL CORP 29,238 29,238
    1250 SHARES OF HILLTOP HOLDINGS INC 34,388 34,388
    4760 SHARES OF HOSTESS BRANDS INC 69,686 69,686
    940 SHARES OF INDEPENDENT BANK GROUP INC 58,769 58,769
    4570 SHARES OF INVACARE CORP 40,902 40,902
    620 SHARES OF JOHN B SANFILIPPO & SON INC 48,893 48,893
    560 SHARES OF KAISER ALUMINUM CORP 55,384 55,384
    1590 SHARES OF KOPPERS HOLDINGS INC 49,544 49,544
    2820 SHARES OF LANTHEUS HOLDINGS INC 38,042 38,042
    5510 SHARES OF MAGNOLIA OIL & GAS CORP 38,901 38,901
    3635 SHARES OF MARTEN TRANSPORT LTD 62,631 62,631
    1760 SHARES OF MERCANTILE BANK CORP 47,819 47,819
    1030 SHARES OF MODEL N INC 36,750 36,750
    850 SHARES OF NATIONAL STORAGE AFFILIATES TRUST 30,626 30,626
    700 SHARES OF NEXSTAR MEDIA GROUP INC CL A 76,433 76,433
    554 SHARES OF NORTHRIM BANCORP INC 18,808 18,808
    330 SHARES OF NOVANTA INC 39,013 39,013
    1143 SHARES OF PACIFIC PREMIER BANCORP INC 35,810 35,810
    1800 SHARES OF PAR PACIFIC HOLDINGS INC 25,164 25,164
    1060 SHARES OF PATRICK INDUSTRIES INC 72,451 72,451
    554 SHARES OF PC CONNECTION INC 26,199 26,199
    2110 SHARES OF PHYSICIANS REALTY TRUST 37,558 37,558
    310 SHARES OF REINSURANCE GROUP OF AMERICA INC 35,929 35,929
    530 SHARES OF RELIANCE STEEL & ALUMINUM CO 63,468 63,468
    950 SHARES OF SAPIENS INTERNATIONAL CORP NV 29,080 29,080
    1240 SHARES OF SOUTHWEST GAS HOLDINGS INC 75,330 75,330
    1460 SHARES OF SPIRE INC 93,498 93,498
    1570 SHARES OF STAG INDUSTRIAL INC 49,172 49,172
    1440 SHARES OF STEVEN MADDEN LTD 50,861 50,861
    650 SHARES OF STOCK YARDS BANCORP INC 26,312 26,312
    3460 SHARES OF TAYLOR MORRISON HOME CORP 88,749 88,749
    470 SHARES OF TERRENO REALTY CORP 27,500 27,500
    4530 SHARES OF TILLYS INC CL A 36,965 36,965
    1340 SHARES OF TRICO BANCSHARES 47,275 47,275
    3360 SHARES OF UMH PROPERTIES INC 49,762 49,762
    2990 SHARES OF UNITED COMMUNITY BANKS INC/GA 85,036 85,036
    1020 SHARES OF UNIVERSAL ELECTRONICS INC 53,509 53,509
    4300 SHARES OF VIAVI SOLUTIONS INC 64,393 64,393
    980 SHARES OF WSFS FINANCIAL CORP 43,982 43,982
    570 SHARES OF ADVANCED ENERGY INDUSTRIES INC 55,273 55,273
    1410 SHARES OF AERIE PHARMACEUTICALS INC 19,049 19,049
    625 SHARES OF AEROVIRONMENT INC 54,313 54,313
    1130 SHARES OF AMBARELLA INC 103,757 103,757
    1170 SHARES OF ATARA BIOTHERAPEUTICS INC 22,967 22,967
    2890 SHARES OF BOYD GAMING CORP 124,039 124,039
    1950 SHARES OF CAE INC 54,093 54,093
    820 SHARES OF CARA THERAPEUTICS 12,407 12,407
    1740 SHARES OF CLOVIS ONCOLOGY INC 8,352 8,352
    1620 SHARES OF COGNEX CORP 130,062 130,062
    1045 SHARES OF CUBIC CORP 64,832 64,832
    276 SHARES OF CUMMINS INC 62,680 62,680
    880 SHARES OF CYRUSONE INC 64,372 64,372
    830 SHARES OF CYTOKINETICS INC 17,247 17,247
    1778 SHARES OF DISCOVERY INC CL C 46,566 46,566
    680 SHARES OF ESPERION THERAPEUTICS INC 17,680 17,680
    2210 SHARES OF EVOQUA WATER TECHNOLOGIES CORP 59,626 59,626
    1030 SHARES OF EW SCRIPPS CO/THE CL A 15,749 15,749
    960 SHARES OF FARO TECHNOLOGIES INC 67,805 67,805
    450 SHARES OF FIBROGEN INC 16,691 16,691
    2300 SHARES OF FIREEYE INC 53,038 53,038
    1590 SHARES OF FORMFACTOR INC 68,402 68,402
    426 SHARES OF HELMERICH & PAYNE INC 9,866 9,866
    666 SHARES OF HEXCEL CORP NEW 32,294 32,294
    363 SHARES OF IAC/INTERACTIVECORP COMMON STOCK 68,734 68,734
    1551 SHARES OF II-VI INC 117,814 117,814
    2200 SHARES OF IMMUNOGEN INC 14,190 14,190
    310 SHARES OF INTERCEPT PHARMACEUTICALS INC 7,657 7,657
    913 SHARES OF IONIS PHARMACEUTICALS INC 51,621 51,621
    2510 SHARES OF IRIDIUM COMMUNICATIONS INC 98,706 98,706
    373 SHARES OF KANSAS CITY SOUTHERN 76,140 76,140
    361 SHARES OF LAM RESEARCH CORP 170,489 170,489
    850 SHARES OF LAS VEGAS SANDS CORP 50,660 50,660
    5660 SHARES OF LEXICON PHARMACEUTICALS INC 19,357 19,357
    139 SHARES OF LIBERTY MEDIA CORP-LIBERTY SIRIUSXM 6,047 6,047
    743 SHARES OF LIBERTY SIRIUSXM GROUP 32,090 32,090
    1300 SHARES OF LUMENTUM HOLDINGS INC 123,240 123,240
    980 SHARES OF MACROGENICS INC 22,403 22,403
    210 SHARES OF MADISON SQUARE GARDEN SPORTS CORP CL A 38,661 38,661
    1590 SHARES OF NLIGHT INC 51,914 51,914
    6767 SHARES OF PLUG POWER INC 229,469 229,469
    700 SHARES OF PROTHENA CORP PLC 8,407 8,407
    260 SHARES OF PTC THERAPEUTICS INC 15,868 15,868
    2600 SHARES OF QEP RESOURCES INC 6,214 6,214
    1078 SHARES OF QORVO INC 179,239 179,239
    498 SHARES OF RAYMOND JAMES FINANCIAL INC 47,644 47,644
    160 SHARES OF REGENERON PHARMACEUTICALS INC 77,298 77,298
    603 SHARES OF ROBERT HALF INTERNATIONAL INC 37,675 37,675
    1050 SHARES OF ROYAL CARIBBEAN GROUP 78,425 78,425
    170 SHARES OF SAREPTA THERAPEUTICS INC 28,983 28,983
    2250 SHARES OF SEAWORLD ENTERTAINMENT INC 71,078 71,078
    2583 SHARES OF TEGNA INC 36,033 36,033
    1290 SHARES OF TENABLE HOLDINGS 67,415 67,415
    1742 SHARES OF TRIMBLE INC 116,313 116,313
    1040 SHARES OF TUTOR PERINI CORP 13,468 13,468
    550 SHARES OF ULTRA CLEAN HOLDINGS INC 17,133 17,133
    300 SHARES OF ULTRAGENYX PHARMACEUTICAL INC 41,529 41,529
    566 SHARES OF UNIFI INC 10,041 10,041
    3190 SHARES OF VIAVI SOLUTIONS INC 47,770 47,770
    1566 SHARES OF VISHAY INTERTECHNOLOGY INC 32,433 32,433
    960 SHARES OF WERNER ENTERPRISES 37,651 37,651
    310 SHARES OF WORLD WRESTLING ENTERTAINMENT INC 14,896 14,896
    1780 SHARES OF ALDER BIOPHARMACEUTICALS 1,566 1,566
    6735 SHARES OF MERCK & CO INC 550,923 550,923
    1650 SHARES OF APPLE HOSPITALITY REIT INC 21,302 21,302
    550 SHARES OF ARCOSA INC 30,212 30,212
    410 SHARES OF BARRETT BUSINESS SERVICES INC 27,966 27,966
    360 SHARES OF CARTERS INC 33,865 33,865
    2070 SHARES OF HARSCO CORP 37,219 37,219
    140 SHARES OF HELEN OF TROY LTD 31,107 31,107
    220 SHARES OF BIOTELEMETRY INC 15,858 15,858
    620 SHARES OF INGEVITY CORP 46,953 46,953
    890 SHARES OF MALIBU BOATS INC CL A 55,572 55,572
    530 SHARES OF MKS INSTRUMENTS INC 79,739 79,739
    1040 SHARES OF NORTHWEST PIPE CO 29,432 29,432
    1610 SHARES OF ONTO INNOVATION INC 76,556 76,556
    1630 SHARES OF PERDOCEO EDUCATION CORP 20,587 20,587
    770 SHARES OF PINNACLE FINANCIAL PARTNERS INC 49,588 49,588
    1140 SHARES OF RUTHS HOSPITALITY GROUP INC 20,212 20,212
    837 SHARES OF SOUTH STATE CORP 60,515 60,515
    2330 SHARES OF VERITEX HOLDINGS INC 59,788 59,788
    2400 SHARES OF AMYRIS INC 14,820 14,820
    680 SHARES OF COMMVAULT SYSTEMS INC 37,652 37,652
    2510 SHARES OF CORBUS PHARMACEUTICALS HOLDINGS INC 3,138 3,138
    740 SHARES OF DIGITAL REALTY TRUST INC 103,377 103,377
    560 SHARES OF INTRA-CELLULAR THERAPIES INC 17,808 17,808
    2300 SHARES OF LIMELIGHT NETWORKS INC 9,177 9,177
    1 SHARE OF MADISON SQUARE GARDEN ENTERTAINMENT CORP 105 105
    779 SHARES OF MATCH GROUP INC 117,777 117,777
    240 SHARES OF ROGERS CORP 37,270 37,270
    180 SHARES OF SAGE THERAPEUTICS INC 15,572 15,572
    610 SHARES OF SEAGEN INC 106,835 106,835
    830 SHARES OF TELOS CORP 27,373 27,373

    TY 2020 InvestmentsOtherSchedule2
    Name:
    GENERATION FUND INC
     
    C/O DINSE PC
    EIN:
    27-2993973
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    106912.3110 SHARES OF ARTISAN INTERNATIONAL VALUE FUND - INV FMV 4,249,764 4,249,764
    92846.271 SHARES OF BROWN ADVISORY SUSTAINABLE GROWTH FUND FMV 3,640,502 3,640,502
    68992.671 SHARES OF DELAWARE EMERGING MARKETS FUND FMV 1,777,251 1,777,251
    44260.955 SHARES OF JOHCM INTERNATIONL SMALL CAP EQUITY FUND FMV 574,507 574,507
    123602.435 SHARES OF RBC EMERGING MARKETS EQUITY FUND CL I FMV 1,788,527 1,788,527
    12350 SHARES OF VANGUARD S&P 500 ETF FMV 4,244,573 4,244,573
    144922.099 SHARES OF WCM FOCUSED INTERNATIONAL GROWTH FUND FMV 3,586,822 3,586,822
    333.33 SHARES OF SUMMIT PARTNERS SUSTAINABLE OPPORTUNITIES L/S FUND LIMITED FMV 1,502,529 1,502,529
    12314.322 SHARES OF GENERATION IM GLOBAL EQUITY FUND FMV 8,330,095 8,330,095
    83077.8566 SHARES OF HIGHCLERE INTERNATIONAL INVESTORS FMV 3,067,167 3,067,167
    JMF LIQUIDATING LLC FMV 150,968 150,968
    LEGACY VENTURE IX LLC FMV 1,224,047 1,224,047

    TY 2020 LegalFeesSchedule
    Name:
    GENERATION FUND INC
     
    C/O DINSE PC
    EIN:
    27-2993973
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    DINSE, KNAPP & MCANDREW, P.C. 2,344 0   2,344


    TY 2020 OtherAssetsSchedule
    Name:
    GENERATION FUND INC
     
    C/O DINSE PC
    EIN:
    27-2993973
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    RECEIVABLE FROM BROKER 4,844 13,509 13,509


    TY 2020 OtherExpensesSchedule
    Name:
    GENERATION FUND INC
     
    C/O DINSE PC
    EIN:
    27-2993973
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    OTHER EXPENSES THROUGH K-1S 95,128 95,128   0
    FILING FEES 131 131   0
    INSURANCE 1,525 0   1,525
    OFFICE EXPENSES 8 0   8
    MEMBERSHIP DUES 765 0   765


    TY 2020 OtherIncomeSchedule2
    Name:
    GENERATION FUND INC
     
    C/O DINSE PC
    EIN:
    27-2993973
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    OTHER INCOME THROUGH K-1S 18,015 18,015 18,015
    OTHER INVESTMENT INCOME -2,852 -2,852 -2,852
    ROYALTIES 18,266 18,266 18,266


    TY 2020 OtherIncreasesSchedule
    Name:
    GENERATION FUND INC
     
    C/O DINSE PC
    EIN:
    27-2993973
    Description Amount
    UNREALIZED GAIN ON INVESTMENTS 5,139,334


    TY 2020 OtherProfessionalFeesSchedule
    Name:
    GENERATION FUND INC
     
    C/O DINSE PC
    EIN:
    27-2993973
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    PATHSTONE 50,000 50,000   0
    OTHER INVESTMENT MANAGEMENT FEES 64,016 64,016   0
    FIDUCIARY TRUST CUSTODIAL FEES 36,483 36,483   0
    GENERATION INVESTMENT MANAGEMENT FEE 60,360 60,360   0


    TY 2020 TaxesSchedule
    Name:
    GENERATION FUND INC
     
    C/O DINSE PC
    EIN:
    27-2993973
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES WITHHELD 4,950 4,950   0
    FEDERAL EXCISE TAX PAID 6,000 0   0