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
THE SELZ FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)121 EAST 73RD STREET
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
NEW YORK, NY10021
A Employer identification number

13-3180806
B Telephone number (see instructions)

(212) 476-5817
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$169,494,154J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule) 2,301,709
2 Check bullet.............
3 Interest on savings and temporary cash investments 309,307 309,307  
4 Dividends and interest from securities... 971,539 971,539  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 948,018
b Gross sales price for all assets on line 6a 14,664,472
7 Capital gain net income (from Part IV, line 2)... 948,018
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 50,746 50,746  
12 Total. Add lines 1 through 11........ 4,581,319 2,279,610  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0   0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 15,400 7,700   7,700
c Other professional fees (attach schedule).... Click to see attachment 677,817 677,817   0
17 Interest............... 39,232 39,232   0
18 Taxes (attach schedule) (see instructions)... Click to see attachment 31,693 31,443   250
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings....... 6,900 0   6,900
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 46,415 0   46,415
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 817,457 756,192   61,265
25 Contributions, gifts, grants paid....... 8,473,111 8,473,111
26 Total expenses and disbursements. Add lines 24 and 25 9,290,568 756,192   8,534,376
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -4,709,249
b Net investment income (if negative, enter -0-) 1,523,418
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......... 20,929,598 26,505,264 26,505,264
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) bullet30,000
Less: allowance for doubtful accounts bullet0 30,000 30,000 30,000
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)....... 14,343,125 Click to see attachment81,769,344 128,179,906
c Investments—corporate bonds (attach schedule)....... 2,332,250 Click to see attachment2,332,250 400
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 123,899,936 Click to see attachment14,720,455 14,778,584
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 161,534,909 125,357,313 169,494,154
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...........    
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........ 137,955,409 161,534,909
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 23,579,500 -36,177,596
29 Total net assets or fund balances (see instructions)..... 161,534,909 125,357,313
30 Total liabilities and net assets/fund balances (see instructions). 161,534,909 125,357,313
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
161,534,909
2
Enter amount from Part I, line 27a .....................
2
-4,709,249
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
156,825,660
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
31,468,347
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
125,357,313
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 FROM KARNAK PARTNERS LP K-1 P    
b FROM KARNAK PARTNERS LP K-1 P    
c FROM OXFORD GATE LLC K-1 P    
d FROM OXFORD GATE LLC K-1 P    
e FROM MW JAPAN FUND PLC P    
FROM AP ALTERNATIVE ASSETS LP K-1 P    
CROWDSTRIKE HLDGS      
MONGODB INC CL A      
RINGCENTRAL INC CL A      
RINGCENTRAL INC CL A      
MICROCHIP TECHNOLOGY      
MICROCHIP TECHNOLOGY      
MICROCHIP TECHNOLOGY      
RINGCENTRAL INC CL A      
AMAZON COM INC      
BERKSHIRE HATHAWAY INC COM      
CITIGROUP INC      
ISHARES SILVER TR      
NCINO INC      
TRONOX HOLDINGS PLC COM      
VANECK VECTORS ETF      
ATHENE HOLDING LTD      
HEALTH DISCOVERY CORP COM      
ISHARES SILVER TR      
OCEAN YIELD      
OXFORD SQUARE CAP CORP      
SPX CORP COM      
TETRAGON FINANCIAL GROUP      
TRILOGY METALS INC      
ATHENE HOLDING LTD      
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a       -4,242,973
b       2,100,802
c       121,367
d       40,176
e       12,752
      65,646
524,389   482,204 42,185
111,510   103,568 7,942
182,406   160,515 21,891
182,135   160,515 21,620
217,157   216,522 635
415,361   411,391 3,970
437,222   431,697 5,525
383,332   321,030 62,302
1,178,028   901,172 276,856
434,373   569,800 -135,427
913,143   715,480 197,663
215,026   259,465 -44,439
7,100   3,100 4,000
364,962   551,965 -187,003
2,114,233   1,818,992 295,241
260,168   309,960 -49,792
6,932   7,082 -150
1,358   1,001 357
171,864   234,946 -63,082
501,299   866,243 -364,944
1,684,086   804,137 879,949
1,698,391   2,137,398 -439,007
200,687   109,840 90,847
2,459,310   236,201 2,223,109
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       -4,242,973
b       2,100,802
c       121,367
d       40,176
e       12,752
      65,646
      42,185
      7,942
      21,891
      21,620
      635
      3,970
      5,525
      62,302
      276,856
      -135,427
      197,663
      -44,439
      4,000
      -187,003
      295,241
      -49,792
      -150
      357
      -63,082
      -364,944
      879,949
      -439,007
      90,847
      2,223,109
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 2 948,018
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 21,176
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 21,176
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 21,176
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 181,430
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 181,430
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  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 160,254
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet160,254 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See 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
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
     
    No
    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)
    bulletNY
    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 instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletBERNARD T SELZ Telephone no.bullet (212) 476-5817

    Located atbulletSELZ CAPITAL 121 EAST 73RD STREETNEW YORKNY ZIP+4bullet10021
    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? .................
    16Yes  
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bulletJA
    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
     
     
    ........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
    BERNARD T SELZ PRES/DIR
    7.00     		0 0 0
    121 EAST 73RD STREET
    NEW YORK,NY10021
    LISA SELZ SECY/TRES
    30.00     		0 0 0
    121 EAST 73RD STREET
    NEW YORK,NY10021
    ARNOLD SYROP VP/DIR
    7.00     		0 0 0
    19 EAST 88TH STREET
    NEW YORK,NY10028
    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
    NONE
    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
    73,955,368
    b
    Average of monthly cash balances.......................
    1b
    23,717,431
    c
    Fair market value of all other assets (see instructions)................
    1c
    69,437,540
    d
    Total (add lines 1a, b, and c).........................
    1d
    167,110,339
    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
    167,110,339
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    2,506,655
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    164,603,684
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    8,230,184
    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
    8,230,184
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    21,176
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    21,176
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    8,209,008
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    8,209,008
    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
    8,209,008
    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
    8,534,376
    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
    8,534,376
    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
    8,534,376
    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 8,209,008
    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...... 800,599
    b From 2016...... 5,365,638
    c From 2017...... 2,048,321
    d From 2018...... 5,661,990
    e From 2019...... 8,060,485
    fTotal of lines 3a through e........ 21,937,033
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$ 8,534,376
    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..... 8,209,008
    e Remaining amount distributed out of corpus 325,368
    5 Excess distributions carryover applied to 2020. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 22,262,401
    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 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8 Excess distributions carryover from 2015 not
    applied on line 5 or line 7 (see instructions) ...     		800,599
    9Excess distributions carryover to 2021.
    Subtract lines 7 and 8 from line 6a ......     		21,461,802
    10 Analysis of line 9:
    a Excess from 2016.... 5,365,638
    b Excess from 2017.... 2,048,321
    c Excess from 2018.... 5,661,990
    d Excess from 2019.... 8,060,485
    e Excess from 2020.... 325,368
    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
    PAID THROUGH KARNAK PARTNERS LP
    1370 AVE OF THE AMERICAS
    NEW YORK,NY10019     		NONE PC GENERAL PURPOSES-UNKNOWN 177
    ACKERMAN INSTITUTE FOR THE FAMILY
    149 EAST 78TH STREET
    NEW YORK,NY10075     		NONE PC GENERAL PURPOSE-COMMUNITY SERVICES 73,000
    AMERICAN CLASSICAL ORCHESTRA
    133 WEST 70TH STREET
    NEW YORK,NY100234498     		NONE PC GENERAL PURPOSE-ARTS 27,000
    AMERICAN FRIENDS OF LES ARTS DECORATIFS
    40 EAST 78TH STREET
    NEW YORK,NY10075     		NONE PC GENERAL PURPOSE-ARTS 484,000
    AMERICAN FRIENDS OF THE LOUVERE
    12 EAST 49TH STREET
    NEW YORK,NY10017     		NONE PC GENERAL PURPOSE-ARTS 43,500
    AMERICAN FRIENDS OF THE V & A
    61 LONDONDERRY DRIVE
    GREENWICH,CT06830     		NONE PC GENERAL PURPOSE-MUSEUM 25,000
    AMERICAN MUSEUM OF NATURAL HISTORY
    CENTRAL PARK W AT 79TH STREET
    NEW YORK,NY100245192     		NONE PC GENERAL PURPOSE-MUSEUM 300,000
    AMERICAN UNIVERSITY IN CAIRO
    2 MIDAN SIMON BOLIVAR
    CAIRO   11461
    EG     		NONE PC GENERAL PURPOSE-EDUCATION 200,000
    AMPLE TABLE FOR EVERYONE
    174 EAST 74TH STREET
    NEW YORK,NY10021     		NONE PC GENERAL PURPOSE-COMMUNITY SERVICES 33,000
    ATLANTIC THEATRE COMPANY
    PO BOX 4302
    CLIFTON,NJ07012     		NONE PC GENERAL PURPOSE-ARTS 3,700
    BAHAMA NATIONAL TRUST FUND
    BAY STREET EAST
    NASSAU    
    BF     		NONE PC GENERAL PURPOSE-EDUCATION 37,000
    BARD GRADUATE CENTER
    18 WEST 86TH STREET
    NEW YORK,NY10024     		NONE PC GENERAL PURPOSE-EDUCATION 27,000
    CAVARAN TO CLASS
    1001 BRIDGEWAY 730
    SAUSALITO,CA94965     		NONE PC GENERAL PURPOSE-EDUCATION 20,000
    CATO INSTITUTE
    1000 MASSACHUSETTS AVE NW
    WASHINGTON,DC200015403     		NONE PC GENERAL PURPOSE-COMMUNITY SERVICES 212,719
    CENTRAL PARK CONSERVANCY
    14 EAST 60TH STREET
    NEW YORK,NY10022     		NONE PC GENERAL PURPOSE-ENVIROMENTAL 25,000
    CYCLE FOR SURVIVAL
    885 SECOND AVNEU
    NEW YORK,NY10017     		NONE PC GENERAL PURPOSE-MEDICAL 3,000
    DRUG POLICY ALLIANCE
    70 WEST 36TH STREET 16TH FL
    NEW YORK,NY10018     		NONE PC GENERAL PURPOSE-COMMUNITY SERVICES 337,000
    EAST TENNESSEE STATE UNIVERSITY
    PO BOX 70719
    JOHNSON CITY,TN37614     		NONE PC GENERAL PURPOSE-EDUCATION 5,346
    EMPIRE CENTER
    100 STATE STREET 600
    ALBANY,NY12207     		NONE PC GENERAL PURPOSE-PUBLIC POLICY 7,000
    ETHEL WALKER SCHOOL
    230 BUSHY HILL RD
    SIMSBURY,CT06070     		NONE PC GENERAL PUROSE-EDUCATION 100,000
    FIRE
    510 WALNUT STREET
    PHILADELPHIA,PA19106     		NONE PC GENERAL PURPOSE-EDUCATION 73,000
    FRIENDS OF THE MUSEE DES ARTS
    60 RUE REAUMUR
    PARIS   75003
    FR     		NONE PC GENERAL PURPOSE-ARTS 25,000
    GOUCHER COLLLEGE
    1021 DULANEY VALLEY ROAD
    BALTIMORE,MD21204     		NONE PC GENERAL PURPOSE-EDUCATION 60,000
    GREATER LIFE
    272 CHANCELLOR AVENUE
    NEWARK,NJ07112     		NONE PC GENERAL PURPOSE-COMMUNITY SERVICES 47,000
    GULLOTTA HOUSE
    72 NORTH STATE ROAD
    BRIARCLIFF MANOR,NY10510     		NONE PC GENERAL PURPOSE-COMMUNITY SERVICES 10,000
    HOPE WELL CANCER SUPPORT
    10628 FALLS ROAD
    LUTHERVILLETIMONIUM,MD21093     		NONE PC GENERAL PURPOSE-MEDICAL 5,000
    INSTITUTE OF FINE ARTS
    1 EAST 78TH STREET
    NEW YORK,NY10075     		NONE PC GENERAL PURPOSE-ARTS 33,000
    IKG CULTURAL CENTER
    1816 12TH STREET NW
    WASHINGTON,DC20009     		NONE PC GENERAL PURPOSE-ARTS 12,500
    INSTITUTE FOR JUSTICE
    901 N GLEBE ROAD
    ARLINGTON,VA22203     		NONE PC GENERAL PURPOSE-PUBLIC POLICY 320,000
    ISAW
    15 EAST 84TH STREET
    NEW YORK,NY10028     		NONE PC GENERAL PURPOSE-COMMUNITY SERVICES 27,000
    KATONAH MUSEUM OF ART
    134 JAY STREET
    KATONAH,NY10536     		NONE PC GENERAL PURPOSE-MUSEUM 3,000
    LA GUARDIA COMMUNITY COLLEGE
    31-10 THOMSON AVENUE
    LONG ISLAND CITY,NY11101     		NONE PC GENERAL PURPOSE-EDUCATION 1,030,000
    LEUKEMIA & LYMPHOMA SOCIETY
    3 INTERNATIONAL DRIVE
    RYE BROOK,NY10573     		NONE PC GENERAL PURPOSE-MEDICAL 5,000
    LIVINGSTON CENTER FOR ARTS & CULTURE
    119 SOUTH MAIN STREET
    LIVINGSTON,MT59047     		NONE PC GENERAL PURPOSE-ARTS 1,000
    MANHATTAN INSTITUTE FOR POLICY RESEARCH
    52 VANDERBILT AVENUE
    NEW YORK,NY10017     		NONE PC GENERAL PURPOSE-PUBLIC POLICY 7,000
    MARYMOUNT MANHATTAN COLLEGE
    221 EAST 71ST STREET
    NEW YORK,NY10021     		NONE PC GENERAL PURPOSE-EDUCATION 37,000
    MIDDLE PATENT RURAL CEMETARY
    MIDDLE PATENT ROAD
    BEDFORD,NY10506     		NONE PC GENERAL PURPOSE-COMMUNITY SERVICES 3,000
    MILLBROOK SCHOOL ANNUAL FUND
    131 MILLBROOK SCHOOL ROAD
    MILLBROOK,NY12545     		NONE PC GENERAL PURPOSE-EDUCATION 104,020
    MONTANA FOOD BANK
    5625 EXPRESSWAY
    MISSOULA,MT59808     		NONE PC GENERAL PURPOSE-COMMUNITY SERVICES 4,000
    MOUNT KISCO INTERFAITH FOOD PANTRY
    300 MAIN STREET
    MOUNT KISCO,NY10549     		NONE PC GENERAL PURPOSE-COMMUNITY SERVICES 5,000
    MY SISTERS CIRLCE
    PO BOX 84
    TIMONIUM,MD21094     		NONE PC GENERAL PURPOSE-EDUCATION 5,000
    NAT KING COLE GENERATION HOPE
    4710 NW 2ND AVENUE
    BOCA RATON,FL33431     		NONE PC GENERAL PURPOSE-ARTS 10,000
    NATIONAL DISABLED VETERANS WINTER SPORTS
    810 VERMONT AVENUE
    WASHINGTON,DC20420     		NONE PC GENERAL PURPOSE-VETERAN SERVICES 40,000
    NATIONAL PARKS OF NY HARBOR CONSERVANCY
    26 WALL STREET
    NEW YORK,NY10005     		NONE PC GENERAL PURPOSE-ENVIROMENTAL 10,000
    NATURE CONSERVANCY OF MONTANA
    32 SOUTH EWING
    HELENA,MT59601     		NONE PC GENERAL PURPOSE-ENVIROMENTAL 1,010,000
    NEIGHBORS LINK
    27 COLUMBUS AVENUE
    MOUNT KISCO,NY10549     		NONE PC GENERAL PURPOSE-COMMUNITY SERVICES 5,000
    NEW YORK PUBLIC RADIO
    160 VARICK STREET
    NEW YORK,NY10013     		NONE PC GENERAL PURPOSE-ARTS 17,000
    NY UNIVERSITY
    50 WEST 4TH STREET
    NEW YORK,NY10012     		NONE PC GENERAL PURPOSE-EDUCATION 37,472
    PALS PROGRAM
    PO BOX 843
    CRANFORD,NJ07016     		NONE PC GENERAL PURPOSE-EDUCATION 23,000
    PAPER CONSERVATION STUDIO
    134 WEST 26TH STREET
    NEW YORK,NY10001     		NONE PC GENERAL PURPOSE-ARTS 181
    PARK COUNTY ENVIROMENTAL COUNCIL
    215 EAST LEWIS STREET
    LIVINGSTON,MT59047     		NONE PC GENERAL PURPOSE-ENVIROMENTAL 2,500
    PENN MUSEUM
    3260 SOUTH STREET
    PHILADELPHIA,PA19104     		NONE PC GENERAL PURPOSE-MUSEUM 300,000
    PEOPLE FOR ANIMALS
    401 HILLSIDE AVENUE
    HILLSIDE,NJ07205     		NONE PC GENERAL PURPOSE-ANIMAL WELFARE 5,000
    PRO PUBLICA
    55 BROADWAY
    NEW YORK,NY10006     		NONE PC GENERAL PURPOSE-ARTS 73,000
    RIPPOWAM CISQUA SCHOOL
    PO BOX 488
    BEDFORD,NY10546     		NONE PC GENERAL PURPOSE-EDUCATION 50,000
    SCHOOL FOR CHILDREN WITH HIDDEN INTELLIGENCE
    1001 6TH AVENUE
    NEW YORK,NY10018     		NONE PC GENERAL PURPOSE-EDUCATION 25,000
    SEVEN BRIDGES FIELD CLUB
    160 SEVEN BRIDGES ROAD
    CHAPPAQUA,NY10514     		NONE PC GENERAL PURPOSE-COMMUNITY SERVICES 5,210
    SHE'S THE FIRST
    590 AVENUE OF THE AMERICAS
    NEW YORK,NY10011     		NONE PC GENERAL PURPOSE-COMMUNITY SERVICES 3,000
    SMILING GOAT RANCH
    271 WILLOW LANE
    CARBONDALE,CO81623     		NONE PC GENERAL PURPOSE-MENTAL HEALTH 6,000
    ST FRANCIS DE SALES CATHOLIC CHURCH
    135 EAST 96TH STREET
    NEW YORK,NY10128     		NONE PC GENERAL PURPOSE-RELIGIOUS 5,000
    STAFFORD ANIMAL SHELTER
    3 BOULDER BUSINESS PARK ROAD
    LIVINGSTON,MT59047     		NONE PC GENERAL PURPOSE-ANIMAL WELFARE 2,500
    ALLEN STEVENSON SCHOOL
    132 EAST 78TH STREET
    NEW YORK,NY100750381     		NONE PC GENERAL PURPOSE-EDUCATION 102,000
    STRIVE INTERNATIONAL
    205 EAST 122ND STREET
    NEW YORK,NY10035     		NONE PC GENERAL PURPOSE-COMMUNITY SERVICES 73,000
    SUSTAINABLE PRESERVATION INITIATIVE
    357 NORTH BONHILL ROAD
    LOS ANGELES,CA90049     		NONE PC GENERAL PURPOSE-COMMUNITY SERVICES 3,000
    TEXTILE MUSEUM
    701 21ST STREET NW
    WASHINGTON,DC20052     		NONE PC GENERAL PURPOSE-MUSEUM 1,130,000
    THE BRIDGE FUND OF NEW YORK
    271 MADISON AVENUE
    NEW YORK,NY10016     		NONE PC GENERAL PURPOSE-COMMUNITY SERVICES 73,000
    THE CENTER FOR INVESTIGATIVE REPORTING
    1400 65TH STREET
    EMERYVILLE,CA94608     		NONE PC GENERAL PURPOSE-COMMUNITY SERVICES 137
    THE FRICK COLLECTION
    1 EAST 70TH STREET
    NEW YORK,NY10021     		NONE PC GENERAL PURPOSE-ART 1,023,000
    THE LAND INSTITUTE
    2440 EAST WATER WELL ROAD
    SALINA,KS67401     		NONE PC GENERAL PURPOSE-ENVIROMENTAL 10,000
    THE MORGAN LIBRARY
    225 MADISON AVENUE
    NEW YORK,NY10016     		NONE PC GENERAL PURPOSE-LIBRARY 2,000
    TOP HONORS INC
    154 WEST 93RD STREET
    NEW YORK,NY10025     		NONE PC GENERAL PURPOSE-EDUCATION 10,000
    TOUCH A LIFE
    400 EAST ROYAL LANE
    IRVING,TX75039     		NONE PC GENERAL PURPOSE-MENTAL HEALTH 23,000
    TWENTY PAWS RESCUE
    PO BOX 245007
    BROOKLYN,NY11224     		NONE PC GENERAL PURPOSE-ANIMAL WELFARE 5,000
    UNITED IN LIGHT
    101 BILLMAN LANE
    LIVINGSTON,MT59047     		NONE PC GENERAL PURPOSE-ANIMAL WELFARE 5,000
    UNIVERSITY OF PENNSLYVANIA
    3101 WALNUT STREET
    PHILADELPHIA,PA19104     		NONE PC GENERAL PURPOSE-EDUCATION 332,049
    WILDLIFE CONSERVATION SOCIETY
    2300 SOUTHERN BLVD
    BRONX,NY10460     		NONE PC GENERAL PURPOSE-ANIMAL WELFARE 100,000
    WIKIMEDIA FOUNDATION
    149 NEW MONTGOMERY STREET
    SAN FRANCISCO,CA94105     		NONE PC GENERAL PURPOSE-EDUCATION 7,000
    WORLD MONUMENT FUND
    95 MADISON AVENUE
    NEW YORK,NY10016     		NONE PC GENERAL PURPOSE-CULTURAL PRESERVATION 160,100
    WORLD WILDLIFE FUND
    1250 24TH STREET NW
    WASHINGTON,DC20090     		NONE PC GENERAL PURPOSE-ANIMAL WELFARE 5,000
    Total .................................bullet 3a 8,473,111
    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 ...........     		    14 309,307  
    4 Dividends and interest from securities....     14 971,539  
    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.....         50,746
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 948,018  
    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 2,228,864 50,746
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    2,279,610
    (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.)
    7 OTHER PARTNERSHIP NET ROYALTY AND NET INVESTMENT INCOME
    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
    Schedule B
    (Form 990, 990-EZ,
    or 990-PF)
    Department of the Treasury
    Internal Revenue Service
    Schedule of Contributors

    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    Arrow Bullet Go to www.irs.gov/Form990 for the latest information.
    OMB No. 1545-0047
    2020
    Name of the organization
    THE SELZ FOUNDATION
     
    Employer identification number

    13-3180806
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ






    Form 990-PF




    Check if your organization is covered by the General Rule or a Special Rule.  
    Note: Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
    General Rule
    Special Rules
    ......... Arrow Bullet $  
    Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
    990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
    or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
    990-EZ, or 990-PF).
    For Paperwork Reduction Act Notice, see the Instructions
    for Form 990, 990-EZ, or 990-PF.
    Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020) Page 2
    Name of organization
    THE SELZ FOUNDATION
          		Employer identification number
    13-3180806
    Part I
    Contributors
    Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    1
    CHARITABLE LEAD ANNUITY TRUST (BERNARD SELZ)
     
    1370 AVENUE OF THE AMERICAS
     
    NEW YORK, NY10019

    		$ 1,026,968


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    2
    CHARITABLE LEAD ANNUITY TRUST (BERNARD SELZ)
     
    1370 AVENUE OF THE AMERICAS
     
    NEW YORK, NY10019

    		$ 1,274,741


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Page 3
    Name of organization
    THE SELZ FOUNDATION
          		Employer identification number

    13-3180806
    Part II
    Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Page 4
    Name of organization
    THE SELZ FOUNDATION
          		Employer identification number

    13-3180806
    Part III
    Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
    Use duplicate copies of Part III if additional space is needed.
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Additional Data


    Software ID:  
    Software Version:  

    TY 2020 AccountingFeesSchedule
    Name:
    THE SELZ FOUNDATION
    EIN:
    13-3180806
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING/TAX PREPARATION FEES 15,400 7,700   7,700

    TY 2020 InvestmentsCorpBondsSchedule
    Name:
    THE SELZ FOUNDATION
    EIN:
    13-3180806
    Name of Bond End of Year Book Value End of Year Fair Market Value
    HORNBECK OFFSHORE SVC INC 2,332,250 400

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    THE SELZ FOUNDATION
    EIN:
    13-3180806
    Name of Stock End of Year Book Value End of Year Fair Market Value
    ISHARES SILVER 5,729,211 8,722,350
    AIR LEASE CORP 2,006,651 3,997,800
    AKAMAI TECHNOLOGIES COM 1,432,353 1,574,850
    AP ALTERNATIVE ASSETS LP 75,905 2,820
    ASTON MARTIN LAGONDA 1,241,140 2,059,652
    ATHENE HOLDINGS LTD 317,235 2,316,618
    AXIS CAP HLDGS 1,008,973 1,259,750
    BRISTOL MYERS SQUIBB CO 2,297,641 2,295,110
    CEL-SCI CORP COM 1,348,757 1,224,300
    CELLNEX TELECOM 4,056,773 9,015,115
    CITIGROUP INC 715,481 924,900
    CONSTELLIUM SE 791,540 1,399,000
    CROWN HOLDINGS INC 273,583 501,000
    ECN CAPITAL CORP 1,224,062 2,463,068
    EHEALTH INC 881,817 847,320
    ELEMENT FLEET MANAGEMENT CORP 4,611,416 5,671,269
    ENERGY TRANSFER LP 1,427,514 1,143,300
    EVEREST RE GROUP 2,255,110 4,681,800
    GODADDY INC 1,135,797 1,244,250
    GREAT BEAR RESOURCES 749,305 1,063,736
    GREEN THUMB INDUSTRIES INC 1,165,530 1,835,557
    HDFC BANK LTD 549,981 1,083,900
    IAC INTERACTIVECORP 1,265,624 1,893,500
    KKR & CO INC 831,684 1,417,150
    LIBERTY BROADBAND CORP SER A 318,497 1,181,850
    LIBERTY BROADBAND CORP SER C 716,837 2,692,290
    LIBERTY MEDIA CORP DEL COM A SIRIUSXM 789,662 1,295,700
    LIBERTY MEDIA CORP DEL COM C SIRIUSXM 1,446,453 2,480,070
    LUNDIN GOLD INC 1,636,450 1,587,165
    MOTOROLA SOLUTIONS INC 1,763,378 2,210,780
    NEW RELIC INC 1,125,428 1,308,000
    NEXSTAR MEDIA GROUP CL A 831,324 1,091,900
    OSISKO GOLD ROYALTIES 1,716,730 2,282,400
    PRETIUM RES INC 2,730,253 3,731,000
    SCIENTIFIC GAMES CORP 2,004,304 5,601,150
    SINCLAIR BROADCAST GROUP 4,889,736 3,758,300
    SPX CORP COM 2,155,675 4,581,360
    TRILOGY METALS INC 2,280,131 5,000,000
    TRULIEVE CANNABIS CORP 6,848,844 8,992,936
    WESTPORT FUEL SYSTEMS 743,960 2,185,300
    WHEATON PRECIOUS METALS CORP 842,976 1,252,200
    WILLSCOTT MOBIL MINI HLDNG 3,798,444 9,268,000
    WPX ENERGY INC OCM 2,531,544 1,854,190
    3D SYSTEMS INC 1,385,582 2,305,600
    VANECK VECTORS ETF 3,820,053 4,881,600

    TY 2020 InvestmentsOtherSchedule2
    Name:
    THE SELZ FOUNDATION
    EIN:
    13-3180806
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    INVESTMENT IN M W JAPAN PLC AT COST 1,678,420 1,736,549
    INVESTMENT IN OXFORD GATE LLC AT COST 6,781,298 6,781,298
    KARNAK PARTNERS LP ESCROW A/C AT COST 6,260,737 6,260,737

    TY 2020 OtherDecreasesSchedule
    Name:
    THE SELZ FOUNDATION
    EIN:
    13-3180806
    Description Amount
    UNREALIZED AND OTHER BOOK/TAX DIFFERENCES FROM INVESTMENTS IN PARTNERSHIPS 31,468,347


    TY 2020 OtherExpensesSchedule
    Name:
    THE SELZ FOUNDATION
    EIN:
    13-3180806
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    BANK CHARGES 2,087 0   2,087
    OTHER OPERATING EXPENSES 44,328 0   44,328


    TY 2020 OtherIncomeSchedule2
    Name:
    THE SELZ FOUNDATION
    EIN:
    13-3180806
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    ORDINARY LOSS KARNAK PARTNERS LP -254,677 -254,677 -254,677
    ORDINARY INCOME MW JAPAN FUND PLC 5,501 5,501 5,501
    ORDINARY INCOME OXFORD GATE LLC 291,435 291,435 291,435
    SUBPART F INCOME-OXFORD GATE LLC 8,487 8,487 8,487


    TY 2020 OtherProfessionalFeesSchedule
    Name:
    THE SELZ FOUNDATION
    EIN:
    13-3180806
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    OTHER PROFESSIONAL FEES-NEUBERGER BERMAN 57,350 57,350   0
    OTHER PROFESSIONAL FEES-OXFORD GATE LLC 84,676 84,676   0
    OTHER PROFESSIONAL FEES-AP ALTERNATIVE ASSETS 66,866 66,866   0
    OTHER PROFESSIONAL FEES-KARNAK 468,925 468,925   0


    TY 2020 TaxesSchedule
    Name:
    THE SELZ FOUNDATION
    EIN:
    13-3180806
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    NYS TAXES 250 0   250
    FOREIGN TAXES PAID THROUGH PARTNERSHIP INVESTMENTS 31,443 31,443   0