TY 2020 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Trust Treated as Private Foundation

Do not enter social security numbers on this form as it may be made public.
bullet

Go 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
The Picard Family Foundation

% Foundation Source

Number and street (or P.O. box number if mail is not delivered to street address)Foundation Source 501 Silverside Rd
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
Wilmington, DE198091377

A Employer identification number

81-4548446

B Telephone number (see instructions)

(800) 839-1754

C If exemption application is pending, check here bullet

G Check all that apply: Initial returnInitial return of a former public charity
Final returnAmended return
Address change Name change

D 1. Foreign organizations, check here............. bullet

2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet

E If private foundation status was terminated
under section 507(b)(1)(A), check here ....... bullet

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trust Other taxable private foundation

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here ....... bullet

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16) bullet

$4,560,290J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

	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	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)	0
2	Check .............
3	Interest on savings and temporary cash investments	138		138
4	Dividends and interest from securities...	95,809		95,809
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		325,257
b	Gross sales price for all assets on line 6a 1,653,882
7	Capital gain net income (from Part IV, line 2)...			325,257
8	Net short-term capital gain.........
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......
12	Total. Add lines 1 through 11........	421,204		421,204
13	Compensation of officers, directors, trustees, etc.	0
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......
c	Other professional fees (attach schedule)....		63,700	63,700
17	Interest...............
18	Taxes (attach schedule) (see instructions)...		3,348	2,348
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......		19,726	611	19,115
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	86,774		66,659	19,115
25	Contributions, gifts, grants paid.......	355,000			355,000
26	Total expenses and disbursements. Add lines 24 and 25	441,774		66,659	374,115
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-20,570
b	Net investment income (if negative, enter -0-)			354,545
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	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............
	2	Savings and temporary cash investments.........	112,769	91,872	91,872
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)	110,321	120,194	139,812
	b	Investments—corporate stock (attach schedule).......	2,683,156	2,668,492	3,707,678
	c	Investments—corporate bonds (attach schedule).......	365,222	353,452	384,266
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	210,164	227,052	236,662
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	3,481,632	3,461,062	4,560,290
	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 )
	23	Total liabilities (add lines 17 through 22).........	0	0
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........
	27	Paid-in or capital surplus, or land, bldg., and equipment fund
	28	Retained earnings, accumulated income, endowment, or other funds	3,481,632	3,461,062
	29	Total net assets or fund balances (see instructions).....	3,481,632	3,461,062
	30	Total liabilities and net assets/fund balances (see instructions).	3,481,632	3,461,062

Part III

Analysis of Changes in Net Assets or Fund Balances

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) ...............

3,481,632

Enter amount from Part I, line 27a .....................

-20,570

Other increases not included in line 2 (itemize) bullet

Add lines 1, 2, and 3 ..........................

3,461,062

Decreases not included in line 2 (itemize) bullet

Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .

3,461,062

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
b
c
d
e

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	1,653,882	1,328,625	325,257
b
c
d
e

Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69			(l) Gains (Col. (h) gain minus col. (k), but not less than -0-) or Losses (from col.(h))
(i) F.M.V. as of 12/31/69	(j) Adjusted basis as of 12/31/69	(k) Excess of col. (i) over col. (j), if any
a			325,257
b
c
d
e

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	325,257
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3

Part V

Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income

SECTION 4940(e) REPEALED ON DECEMBER 20, 2019 - DO NOT COMPLETE

1 Reserved

(a) Reserved	(b) Reserved	(c) Reserved	(d) Reserved

Reserved...........................

Reserved,..........................

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 and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Reserved................................	1	4,928
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
3	Add lines 1 and 2...........................	3	4,928
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	4,928
6	Credits/Payments:

a	2020 estimated tax payments and 2019 overpayment credited to 2020	6a	3,816
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	1,220
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	5,036
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	108
11	Enter the amount of line 10 to be: Credited to 2021 estimated tax108	Refunded	11

Part VII-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions

for the definition.................................

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.

Did the foundation file Form 1120-POL for this year?.....................

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

Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed

on foundation managers. bullet

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If "Yes," attach a detailed description of the activities.

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....

Did the foundation have unrelated business gross income of $1,000 or more during the year?........

If "Yes," has it filed a tax return on Form 990-T for this year?...................

Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........

If "Yes," attach the statement required by General Instruction T.

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?................

Yes

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..................................

Yes

Enter the states to which the foundation reports or with which it is registered (see instructions)

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 .

Yes

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 .............................

Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names

and addresses. ...............................

Form 990-PF (2020)

Page 5

Part VII-A

Statements Regarding Activities (continued)

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 .............

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.................

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website address bullet

The books are in care of bullet

Foundation Source Telephone no. bullet

(800) 839-1754

Located at bullet

501 Silverside Road Suite 123WilmingtonDE ZIP+4 bullet

198091377

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

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

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? YesNo

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person?......................YesNo

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? YesNo

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? YesNo

(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)?...............YesNo

(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.).......YesNo

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 ........

Organizations relying on a current notice regarding disaster assistance check here........ bullet

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?.............

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)):

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?.............YesNo

If "Yes," list the years bullet

20, 20, 20, 20

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.) ..............

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at

any time during the year?......................YesNo

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.)..................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

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?

Form 990-PF (2020)

Page 6

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required (continued)

During the year did the foundation pay or incur any amount to:

Yes

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? YesNo

(2) Influence the outcome of any specific public election (see section 4955); or to carry

on, directly or indirectly, any voter registration drive?.............YesNo

(3) Provide a grant to an individual for travel, study, or other similar purposes? YesNo

(4) Provide a grant to an organization other than a charitable, etc., organization described

in section 4945(d)(4)(A)? See instructions................YesNo

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals?.....YesNo

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 ......

Organizations relying on a current notice regarding disaster assistance check here......... bullet

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?..........YesNo

If "Yes," attach the statement required by Regulations section 53.4945–5(d).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on

a personal benefit contract?.....................YesNo

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....

If "Yes" to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction? YesNo

If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? ....

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? .................YesNo

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
Alexandra Picard	Dir, Pres, Treas 1.0	0	0	0
Foundation Source 501 Silverside Rd Wilmington,DE198091377	Dir, Pres, Treas 1.0	0	0	0
Caroline Picard	Dir, Sec 1.0	0	0	0
Foundation Source 501 Silverside Rd Wilmington,DE198091377	Dir, Sec 1.0	0	0	0
Peter Picard	Dir, VP 1.0	0	0	0
Foundation Source 501 Silverside Rd Wilmington,DE198091377	Dir, VP 1.0	0	0	0

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










Total number of other employees paid over $50,000...................

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
UBS Financial Services	Investment MGMT	63,700
1285 Ave of the Americas15-18th Fl NEW YORK,NY100196301	Investment MGMT	63,700

Total number of others receiving over $50,000 for professional services............. bullet

Part IX-A

Summary of Direct Charitable Activities

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.	Expenses
1


2


3


4

Part IX-B

Summary of Program-Related Investments (see instructions)

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.	Amount
1


2


All other program-related investments. See instructions.
3

Total. Add lines 1 through 3......................... bullet

Form 990-PF (2020)

Page 8

Part X

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

3,779,593

Average of monthly cash balances.......................

131,741

Fair market value of all other assets (see instructions)................

219,820

Total (add lines 1a, b, and c).........................

4,131,154

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) .............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d.........................

4,131,154

Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see

instructions) .............................

61,967

Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4

4,069,187

Minimum investment return. Enter 5% of line 5..................

203,459

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.)

Minimum investment return from Part X, line 6....................

203,459

Tax on investment income for 2020 from Part VI, line 5......

4,928

Income tax for 2020. (This does not include the tax from Part VI.)...

Add lines 2a and 2b............................

4,928

Distributable amount before adjustments. Subtract line 2c from line 1............

198,531

Recoveries of amounts treated as qualifying distributions................

Add lines 3 and 4............................

198,531

Deduction from distributable amount (see instructions).................

Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...

198,531

Part XII

Qualifying Distributions (see instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........

374,115

Program-related investments—total from Part IX-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes...............................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4

374,115

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.................

Adjusted qualifying distributions. Subtract line 5 from line 4..............

374,115

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)

Page 9

Part XIII

Undistributed Income (see instructions)

		(a) Corpus	(d) 2020
1 Distributable amount for 2020 from Part XI, line 7			198,531
2 Undistributed income, if any, as of the end of 2020:
a Enter amount for 2019 only.......
b Total for prior years:2018, 2017, 2016
3 Excess distributions carryover, if any, to 2020:
a From 2015......
b From 2016......
c From 2017......
d From 2018......	41,590
e From 2019......	173,811
fTotal of lines 3a through e........		215,401
4Qualifying distributions for 2020 from Part
XII, line 4: $ 374,115
a Applied to 2019, but not more than line 2a
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 2020 distributable amount.....			198,531
e Remaining amount distributed out of corpus		175,584
5 Excess distributions carryover applied to 2020.
(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		390,985
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 2019. Subtract line 4a from line 2a. Taxable amount—see instructions .............
f Undistributed income for 2020. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2021 ..........			0
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......
8 Excess distributions carryover from 2015 not applied on line 5 or line 7 (see instructions) ...
9Excess distributions carryover to 2021. Subtract lines 7 and 8 from line 6a ......		390,985
10 Analysis of line 9:
a Excess from 2016....
b Excess from 2017....
c Excess from 2018....	41,590
d Excess from 2019....	173,811
e Excess from 2020....	175,584

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 section4942(j)(3) or4942(j)(5)

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part X for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2020	(b) 2019	(c) 2018	(d) 2017	(e) Total

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).)

Alexandra Picard

Caroline Picard

Peter Picard

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

if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, b, c, and d. See instructions

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)

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)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
516 ARTS PO BOX 4570 ALBUQUERQUE,NM87196	N/A	PC	General & Unrestricted	8,000
AMARA 5907 MARTIN LUTHER KING JR WAY S SEATTLE,WA98118	N/A	PC	General & Unrestricted	10,000
AMERICAN INSTITUTE OF MUSICAL STUDIES 28 E 68TH ST KANSAS CITY,MO64113	N/A	PC	General & Unrestricted	10,000
BEARGRASS WRITERS WORKSHOP PO BOX 7741 MISSOULA,MT59807	N/A	PC	General & Unrestricted	25,000
BOYS AND GIRLS CLUBS OF KING COUNTY 603 STEWART ST STE 300 SEATTLE,WA98101	N/A	PC	General & Unrestricted	15,000
CITY LIGHTS FOUNDATION 261 COLUMBUS AVE SAN FRANCISCO,CA94133	N/A	PC	General & Unrestricted	10,000
COFFEE HOUSE PRESS INC 79 13TH AVE NE STE 110 MINNEAPOLIS,MN55413	N/A	PC	General & Unrestricted	10,000
EVERY HOUSE HAS A DOOR NFP 1144 N HOYNE AVE CHICAGO,IL60622	N/A	PC	General & Unrestricted	2,000
FACILITY 1839 W THOMAS ST CHICAGO,IL60622	N/A	PC	General & Unrestricted	10,000
GROTON SCHOOL 282 FARMERS ROW GROTON,MA01450	N/A	PC	General & Unrestricted	2,250
HEARTLAND ALLIANCE FOR HUMAN NEEDS & HUMAN RIGHTS 208 S LASALLE ST STE 1300 CHICAGO,IL60604	N/A	PC	General & Unrestricted	10,000
INSTITUTE OF AMERICAN INDIAN ARTS FOUNDATION 83 AVAN NU PO RD SANTA FE,NM87508	N/A	PC	General & Unrestricted	10,000
KENNING EDITIONS NFP 834 COLUMBIAN AVE OAK PARK,IL60302	N/A	PC	General & Unrestricted	10,000
LINKS HALL INCORPORATED 3111 N WESTERN AVE CHICAGO,IL60618	N/A	PC	General & Unrestricted	5,000
MAKE LITERARY PRODUCTIONS NFP 2712 W MEDILL AVE CHICAGO,IL60647	N/A	PC	General & Unrestricted	5,000
NORTHWEST SYMPHONY ORCHESTRA PO BOX 16231 SEATTLE,WA98116	N/A	PC	General & Unrestricted	8,000
ODEA HIGH SCHOOL 802 TERRY AVE SEATTLE,WA98104	N/A	PC	General & Unrestricted	50,000
PIVOT FOR HUMANITY INC 189 ROWAYTON AVE NORWALK,CT06853	N/A	PC	General & Unrestricted	78,950
ROCKHOUSE FOUNDATION 2 CORNELIA ST STE 12C NEW YORK,NY10014	N/A	PC	General & Unrestricted	10,600
RUSSIAN CHILDRENS WELFARE SOCIETY INC 16 W 32ND ST 405 NEW YORK,NY10001	N/A	PC	General & Unrestricted	3,200
SIXTY INCHES FROM CENTER 436 E 47TH ST CHICAGO,IL60653	N/A	PC	General & Unrestricted	10,000
SMALL PRESS DISTRIBUTION INC 1341 7TH ST BERKELEY,CA94710	N/A	PC	General & Unrestricted	15,000
THE HEALING CENTER 6409 1/2 ROOSEVELT WAY NE SEATTLE,WA98115	N/A	PC	General & Unrestricted	5,000
TIBETAN ASSOCIATION OF SANTA FE INC 915 HICKOX ST SANTA FE,NM87505	N/A	PC	General & Unrestricted	5,000
VERGE BOOKS NFP 1324 N WICKER PARK AVE CHICAGO,IL60622	N/A	PC	General & Unrestricted	5,000
VILLA ACADEMY 5001 NE 50TH ST SEATTLE,WA98105	N/A	PC	General & Unrestricted	17,000
WOODLAND PATTERN INC 720 E LOCUST ST MILWAUKEE,WI53212	N/A	PC	General & Unrestricted	5,000
Total ................................. 3a				355,000

bApproved for future payment

Total ................................. 3b

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	(e) Related or exempt function income (See instructions.)
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	138
4 Dividends and interest from securities....			14	95,809
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	325,257
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)..				421,204

13Total. Add line 12, columns (b), (d), and (e)..................

421,204

(See worksheet in line 13 instructions to verify calculations.)

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See instructions.)

Form 990-PF (2020)

Page 13

Part XVII

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations

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

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash...................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

(4) Reimbursement arrangements...........................

1b(4)

(5) Loans or loan guarantees.............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

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

Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........Yes No

If "Yes," complete the following schedule.

(a) Name of organization	(b) Type of organization	(c) Description of relationship

Sign Here

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
				May the IRS discuss this return with the preparer shown below? See instructions. Yes No
	Signature of officer or trustee	Date	Title

Paid Preparer Use Only	Print/Type preparer's name	Preparer's Signature	Date	Check if self- employed	PTIN
	Firm's name				Firm's EIN
	Firm's address				Phone no.

Form 990-PF (2020)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

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

TY 2020 DepreciationSchedule

Name:

The Picard Family Foundation

EIN:

81-4548446

Description of Property	Date Acquired	Cost or Other Basis	Prior Years' Depreciation	Computation Method	Rate / Life (# of years)	Current Year's Depreciation Expense	Net Investment Income	Adjusted Net Income	Cost of Goods Sold Not Included

- TIN:

TY 2020 InvestmentsCorpBondsSchedule

Name:

The Picard Family Foundation

EIN:

81-4548446

Name of Bond	End of Year Book Value	End of Year Fair Market Value
ABBVIE INC - 3.600% - 05/14/20	6,710	7,803
AMAZON COM INC - 3.875% - 08/2	8,072	8,732
AMERICAN EXPRESS - 3.400% - 02	5,236	5,312
AMERICAN INTERNATIONAL GROUP,	7,815	8,021
AMGEN INC NOTE - 2.650% - 05/1	6,755	7,210
ANHEUSER BUSCH INBEVFIN INC -	6,374	7,525
ANTHEM INC NOTE - 4.101% - 03/	7,044	8,275
APPLE INC - 2.500% - 02/09/202	6,594	7,553
BANK NEW YORK - 3.650% - 02/04	6,064	6,579
BANK OF MONTREAL MTN - 1.900%	7,929	8,088
BANK OF NOVA SCOTIA - 3.400% -	2,127	2,176
BLACKROCK INC - 2.400% - 04/30	8,236	8,747
BNP PARIBAS - 3.250% - 03/03/2	6,796	7,439
BP CAPITAL MKTS - 3.814% - 02/	6,381	6,590
CAPITAL ONE FINANCIAL CO NOTE	6,999	7,662
CITIGROUP INC NOTE - 4.600% -	5,999	7,031
COMCAST CORP - 3.000% - 02/01/	6,001	6,458
COOPERATIEVE RABOBANK - 3.875%	8,323	8,319
CSX CORP - 0.000% - 11/01/2026	7,872	8,747
CVS CAREMARK CORP NOTE - 4.300	4,331	4,760
DEERE JOHN CAP CORP S BE MTN -	5,973	6,146
DEUTSCHE BK - 3.375% - 05/12/2	3,879	4,036
DUKE ENERGY CORP - 3.750% - 04	7,971	8,808
ENERGY TRANSFER PARTNERS DTD -	5,849	6,582
ENTERGY CORP - 0.900% - 09/15/	8,029	7,997
EXPRESS SCRIPTS NOTE - 4.500%	8,463	9,277
EXXON MOBIL CORP - 2.992% - 03	6,336	6,567
GENERAL MTRS FINL COINC NOTE -	7,667	9,107
GOLDMAN SACHS GROUP INC NOTE -	7,331	7,859
INTEL CORP - 2.450% - 11/15/20	8,176	8,678
INTERCONTINENTAL EXCHANGE INC	8,078	8,499
INTERNATIONAL BUSINESS MACHINE	6,393	8,675
JOHNSON &JOHNSON - 1.300% - 09	8,058	8,060
JP MORGAN CHASE NOTE - 0.000%	8,088	8,627
KEYCORP - 2.550% - 10/01/2029	8,565	8,665
KINDER MORGAN EP - 4.150% - 02	6,042	6,569
MCKESSON CORP NEW NOTE - 3.950	6,015	6,994
MORGAN STANLEY - 3.875% - 04/2	7,132	7,747
NISOURCE - 0.950% - 08/15/2025	8,044	8,048
NVIDIA CORP - 2.850% - 04/01/1	7,703	7,875
ORACLE CORP - 2.950% - 05/15/2	5,743	6,590
ORIX CORPORATION - 2.900% - 07	8,068	8,291
SANTANDER HLDGS USA INC - 3.50	8,222	8,642
SHELL INTL FIN NT - 6.375% - 1	6,599	7,777
STARBUCKS CORP 2.25% 03/12/203	8,326	8,468
SUNTRUST BK - 2.800% - 05/17/2	8,126	8,263
UNITEDHEALTH GROUP INC - 5.800	5,616	7,474
VERIZON COMMUNICATIONS INC - 0	7,942	8,215
VODAFONE GROUP PLC - 6.150% -	5,971	8,650
WELLS FARGO - 3.000% - 02/19/2	7,032	7,610
WESTPAC BKG CORP NOTE - 2.350%	6,357	6,443

- TIN:

TY 2020 InvestmentsCorpStockSchedule

Name:

The Picard Family Foundation

EIN:

81-4548446

Name of Stock	End of Year Book Value	End of Year Fair Market Value
ACADIA RLTY TR	2,574	1,447
ADIDAS AG	8,833	15,371
AGILENT TECHNOLOGIES INC	12,063	20,380
AIA GROUP LTD ADR	7,879	18,178
AIRBUS GROUP	17,269	17,703
ALAMO GP INC	5,526	6,622
ALEXANDRIA REAL ESTATE EQUITIE	4,267	4,990
ALIBABA GROUP HOLDING LTD	28,900	62,604
ALPHABET INC CL A	4,812	24,537
ALPHABET INC CL C	33,958	75,331
AMAZON COM	12,229	61,882
AMER INTERNATIONAL GROUP INC	24,366	17,605
AMERICAN HOMES 4 RENT	2,562	3,210
AMERICOLD REALTY TRUST	5,335	6,197
AMN HEALTHCARE SERVICES INC	2,806	4,300
ARAMARK	11,621	20,625
ASGN INC	7,032	8,687
ASML HOLDING NV NY REG SHS	5,042	21,460
ASTRAZENECA	17,313	18,996
AUTODESK, INC	4,840	46,106
AUTOMATIC DATA PROCESSING INC	23,759	34,007
AVALONBAY CMNTYS INC	4,520	4,171
AXALTA COATING SYSTEMS LTD	11,285	13,818
BANK OF AMERICA CORP	19,527	27,491
BAYER A G SPONSORED ADR	14,158	10,536
BERKSHIRE HATHAWAY INC. CLASS	35,493	40,114
BLACKROCK INC	5,770	10,102
BOEING CO	26,998	37,246
BOOKING HOLDINGS INC	25,267	31,182
BOSTON PPTYS INC	4,904	3,781
BRADY CP CL A	5,793	6,919
BRIXMOR PPTY GROUP INC COM	4,389	4,783
BUILDERS FIRST SOURCE INC	7,861	13,386
BUNGE LTD	17,674	26,494
CACI INTL INC	5,947	8,228
CAESARS ENTERTAINMENT INC	4,221	6,907
CAMECO CORPORATION	13,261	11,913
CANADIAN PACIFIC RAILWAY LTD	8,508	19,761
CAPRI HOLDINGS LTD.SHS	5,222	7,518
CARLISLE COS INC	18,754	26,082
CATERPILLAR INC	3,661	10,011
CDK GLOBAL INC	22,748	24,982
CERNER CORPORATION	10,523	14,676
CHAMPIONX CORP	4,541	4,804
CHARLES SCHWAB CORP	25,785	30,816
CHARMING SHOPPES, INC. - COMMO	4,551	4,449
CHARTER COMMUNICATIONS, INC	11,045	23,154
CHR HANSEN HOLDINGS	9,142	10,360
CISCO SYSTEMS INC	6,339	15,215
CITIGROUP INC	16,359	20,779
CMC MATERIALS INC	10,335	13,163
COLGATE-PALMOLIVE COMPANY	11,617	13,938
COMCAST CORP	14,873	24,785
CONSTELLATION BRANDS INC	12,074	15,334
COUSINS PROPERTIES INC	1,855	1,608
CREDIT SUISSE GROUP ADR	28,094	22,246
CSL LTD	6,049	12,447
CUSHMAN & WAKEFIELD PLC	6,102	6,570
CYBERARK SOFTWARE LTD	7,047	14,220
DEERE CO	12,332	32,824
DIAGEO PLC ADS	9,265	12,864
DIAMONDROCK HOSP CO	1,051	1,782
DIGITAL RLTY TR INC	3,452	4,325
DXC TECHNOLOGY COMPANY	24,224	15,553
EASTGROUP PROPERTIES INC	4,818	5,108
ELEMENT SOLUTIONS INC	8,168	13,670
EMERGENT BIOSOLUTIONS INC	8,486	9,587
EMPIRE STATE REALTY TRUST	2,253	2,134
EQUIFAX INC	14,231	23,334
EQUINIX, INC	12,310	14,998
EQUITY LIFESTYLE PRP	2,325	3,421
ERICSSON L M TEL CO	15,472	21,116
ESSEX PRTY TR INC	6,823	6,885
ESSILOR INTL ADR	8,647	10,031
EXPEDITORS INTL WASH INC	9,737	20,258
EXTRA SPACE STORAGE	4,110	5,214
FABRINET INC	5,939	9,544
FACEBOOK INC	29,251	81,948
FACTSET RESH SYST INC	4,206	13,633
FEDERAL RLTY INVT TR	2,931	1,873
FEDERAL SIGNAL CORP	8,987	9,951
FIRST AMERICAN CORP	12,048	13,062
FISERV INC	17,925	19,584
FTI CONSULTING INC	5,923	5,698
GATX CORP INC	7,152	8,983
GEN DYNAMICS CP	17,247	18,751
GENERAL ELECTRIC CO	10,310	7,160
GENERAL MOTORS	19,238	24,568
GENMAB A/S SPON	5,371	13,906
GRIFOLS SA REP 1/2 CL B	12,444	13,129
GROUP 1 AUTOMOTIVE INC	2,471	5,377
HALLIBURTON COMPANY	12,775	8,675
HCA INC	17,391	30,918
HDFC BANK LTD ADR	13,355	26,230
HEALTHCARE TRUST OF AMERICA IN	1,542	1,570
HEALTHPEAK PROPERTIES INC	3,320	3,839
HILTON WORLDWIDE HOLDINGS, INC	17,648	25,367
HOST HOTELS & RESORTS INC	5,324	4,565
HUMANA INC	13,989	20,924
ILLUMINA INC COM	14,021	18,870
INDEPENDENCE REALTY TR	1,012	1,383
INFINEON TECH ADS	7,875	12,567
INSIGHT ENTERPRISES, INC	13,376	16,512
INTERNATIONAL GAME TECHNOLOGY	8,505	9,453
INTUITIVE SURGICAL	7,257	11,453
INVITATION HOMES INC.	3,898	4,455
KERRY GROUP PLC	10,393	13,471
KEURIG DR PEPPER INC	29,961	32,320
KION GROUP AG GERMANY	8,310	12,777
KKR & CO INC	9,618	10,284
L'AIR LIQUIDE ADR OTC	8,216	10,788
LEAR CORP	22,892	21,151
LIFE STORAGE, INC	3,195	3,462
LONDON STK EXCHANGE GROUP	4,281	10,535
LOOMIS SAYLES HIGH INCOME OPPO	117,745	117,686
LOOMIS SAYLES SECURITIZED ASSE	312,867	288,693
LPL FINANCIAL HOLDINGS INC	12,849	17,509
LVMH MOET HENN UNSP	7,278	20,705
MACQUARIE GROUP LTD ADR	10,531	14,902
MANULIFE FIN CORP	24,211	26,677
MATERION CORP	6,524	7,137
MGIC INVESTMENT CORP	5,643	5,974
MGM RESORTS INTERNATIONAL	16,595	20,418
MICROSOFT CORP	7,827	35,810
MKS INSTRUMENTS, INC	8,078	11,133
MOELIS AND COMPANY	2,997	4,489
MONSTER BEVERAGE CORP	7,910	30,981
MOODYS CORP	3,967	10,739
MOTOROLA MOBILITY HOLDINGS INC	3,649	4,952
NASDAQ OMX GROUP	13,922	19,380
NATL OILWELL VARCO	12,947	5,602
NESTLE S.A	7,615	11,544
NETFLIX INC	7,589	22,711
NIDEC CORPORATION ADR	3,838	14,328
NINTENDO CO LTD ADR UNSPON	8,168	15,460
NOVA MEASURING INSTRUMENTS LTD	1,937	4,730
NOVARTIS AG ADR	40,516	45,704
NOVO NORDISK A S	4,406	7,753
NVIDIA CORP	11,451	40,209
NXP SEMICONDUCTORS	14,781	24,488
OLD REP INTL CORP	13,391	13,403
ONTO INNOVATION	6,592	9,415
ORACLE CORP	29,337	42,889
PAGSEGURO DIGITAL LTD.	13,272	21,444
PARSLEY ENERGY INCORPORATED CL	6,746	7,725
PERFORMANCE FOOD GROUP COMPANY	4,716	7,808
PHILIP MORRIS INTL	7,985	7,120
PING AN INSURANCE GROUP ADR	14,955	31,434
POST HOLDINGS INC	21,206	23,535
PRA HEALTH SCIENCES INC COM	9,074	12,544
PROLOGIS	8,840	12,258
PRUDENTIAL PLC SC	23,773	24,448
QTS REALTY TRUST	1,857	1,733
QUALCOMM INC	8,992	24,527
REGENERON PHARMACEUTICALS INC	14,652	22,223
REINSURANCE GROUP AMER INC	13,138	16,806
RITCHIE BROS AUCTIONEERS	4,942	7,025
ROCHE HOLDING LTD ADR	19,123	22,183
ROYAL DUTCH SHEL PLC SPONS ADR	18,170	14,553
RUSH ENTERPRISES, INC	5,254	7,828
SAIA, INC	5,176	10,306
SALESFORCE.COM	21,204	32,712
SAP AKTIENGESELL ADS	8,599	10,692
SBA COMMUNICATIONS CORP	2,864	2,821
SCHLUMBERGER LTD	23,477	9,562
SCIENTIFIC GAMES CORP	3,499	6,182
SEI INVESTMENTS	4,487	13,276
SEVEN & I HOLDINGS C	15,756	14,616
SHISEIDO CO LTD	8,191	9,563
SIEMENS AG	14,881	19,024
SIMPSON MANUFACTURING CO INC	4,062	4,486
SINCLARI BROADCAST GROUP INC	6,169	7,835
SONY CORP ADR	11,722	19,007
SOUTHERN COPPER CORP	9,965	20,187
SPIRIT REALTY CAPITAL, INC	4,331	4,780
SPX CORPORATION	5,161	6,218
STARBUCKS CORP COM	13,508	22,252
SUN COMMUNITIES INC	4,321	4,559
SUNSTONE HOTEL INVESTORS, INC	7,888	9,517
SWITCH INC	5,474	6,221
SYMRISE AG UNSPONSORED	7,597	10,813
T-MOBILE US INC	16,477	21,306
TAIWAN SEMICONDUCTOR MFG CO LT	9,651	27,478
TAL EDUCATION GROUP	6,477	13,229
TEGNA	8,477	9,123
TENCENT HOLDINGS LIMITED	16,776	29,619
TERRENO RLTY CORPCOM	2,194	2,282
THOR INDS INC	18,128	26,037
TORAY INDUSTRIES INC	15,280	12,496
TOWER SEMICONDCTOR LTD	9,217	10,689
TOYOTA MTR CORP	11,761	12,984
TREASURY WINE ESTATES ADR	20,736	18,431
TRINITY INDUSTRIES, INC	7,941	10,002
UDR INC	6,292	5,226
UNIFIRST CP	5,959	7,833
UNIVAR INC	13,344	14,162
VENTAS INC	2,098	2,109
VEREIT INC COM	6,153	5,336
VICI PROPERTIES INC	6,193	7,115
VISA INC	13,721	59,932
WAL-MART DE MEX V SP/ADR	15,563	17,165
WALT DISNEY HOLDINGS CO	33,095	50,187
WELBILT INC	7,623	9,280
WELLS FARGO & CO	23,806	21,337
WELLTOWER INC.	7,547	7,819
WORKDAY INC	21,947	36,181
YUM BRANDS INC	5,288	11,073
YUM CHINA HOLDINGS INC	3,981	7,936

- TIN:

TY 2020 InvestmentsGovtObligationsSch

Name:

The Picard Family Foundation

EIN:

81-4548446

US Government Securities - End of Year Book Value:

112,155

US Government Securities - End of Year Fair Market Value:

130,942

State & Local Government Securities - End of Year Book Value:

8,039

State & Local Government Securities - End of Year Fair Market Value:

8,870

- TIN:

TY 2020 InvestmentsOtherSchedule2

Name:

The Picard Family Foundation

EIN:

81-4548446

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
A&Q MULTI-STRATEGY FUND		227,052	236,662

- TIN:

TY 2020 OtherExpensesSchedule

Name:

The Picard Family Foundation

EIN:

81-4548446

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
Administrative Fees	19,090		19,090
Bank Charges	611	611
State or Local Filing Fees	25		25

- TIN:

TY 2020 OtherProfessionalFeesSchedule

Name:

The Picard Family Foundation

EIN:

81-4548446

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Investment Management Services	63,700	63,700

- TIN:

TY 2020 TaxesSchedule

Name:

The Picard Family Foundation

EIN:

81-4548446

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
990-PF Estimated Tax for 2020	1,000
Foreign Tax Paid	2,348	2,348