Form990-PF
Click to see attachment

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
Adams Family Foundation of Nora Springs Iowa
 
% 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

25-5100130
B Telephone number (see instructions)

(800) 839-1754
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$22,794,651J 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) 0
2 Check bullet.............
3 Interest on savings and temporary cash investments 9,172 9,172  
4 Dividends and interest from securities... 358,587 358,587  
5a Gross rents............ 181,358 181,358  
b Net rental income or (loss) 140,342
6a Net gain or (loss) from sale of assets not on line 10 255,732
b Gross sales price for all assets on line 6a 4,536,273
7 Capital gain net income (from Part IV, line 2)... 255,732
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 994 994  
12 Total. Add lines 1 through 11........ 805,843 805,843  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 55,000     55,000
14 Other employee salaries and wages......        
15 Pension plans, employee benefits....... 3,060     3,060
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 121 0 0 121
c Other professional fees (attach schedule).... Click to see attachment 126,892 110,892   16,000
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 27,424 19,724    
19 Depreciation (attach schedule) and depletion... Click to see attachment 1,247 1,247 424
20 Occupancy..............        
21 Travel, conferences, and meetings....... 162     162
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 79,915 32,452   47,463
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 293,821 164,315 424 121,806
25 Contributions, gifts, grants paid....... 770,500 770,500
26 Total expenses and disbursements. Add lines 24 and 25 1,064,321 164,315 424 892,306
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -258,478
b Net investment income (if negative, enter -0-) 641,528
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......... 1,996,158 1,210,281 1,210,281
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 10,118,050 Click to see attachment10,397,672 13,169,186
c Investments—corporate bonds (attach schedule)....... 1,690,334 Click to see attachment1,462,657 1,489,135
11 Investments—land, buildings, and equipment: basis bullet9,030,894
Less: accumulated depreciation (attach schedule) bullet5,986 9,026,155 Click to see attachment9,024,908 6,409,716
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........   Click to see attachment516,701 516,333
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) 22,830,697 22,612,219 22,794,651
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........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds 22,830,697 22,612,219
29 Total net assets or fund balances (see instructions)..... 22,830,697 22,612,219
30 Total liabilities and net assets/fund balances (see instructions). 22,830,697 22,612,219
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
22,830,697
2
Enter amount from Part I, line 27a .....................
2
-258,478
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
40,000
4
Add lines 1, 2, and 3 ..........................
4
22,612,219
5
Decreases not included in line 2 (itemize) bullet
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
22,612,219
Form 990-PF (2020)
Form 990-PF (2020)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a Publicly-traded Securities      
b
c
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 4,536,273   4,280,541 255,732
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       255,732
b
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 255,732
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 8,917
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 8,917
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 8,917
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 8,932
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 190
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 9,122
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8  
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 10 205
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet205 RefundedBullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletIA
    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 addressbullet  
    14
    The books are in care ofbulletFoundation Source Telephone no.bullet (800) 839-1754

    Located atbullet501 Silverside Road Suite 123WilmingtonDE ZIP+4bullet198091377
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2020, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16   No
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?......................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?...............
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).......
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ........
    1b
     
    No
    ........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2020?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2020, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2020?.............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?......................
    b
    If "Yes," did it have excess business holdings in 2020 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2020.)..................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2020?
    4b
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?.............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?.....
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ......
    5b
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .................
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    Lori M Jost Dir, Sec
    3.0     		8,000 0 0
    Foundation Source 501 Silverside Rd
    Wilmington,DE198091377
    Kenneth Kirk Dir
    3.0     		3,000 0 0
    Foundation Source 501 Silverside Rd
    Wilmington,DE198091377
    Michael Marth Dir, VP
    3.0     		3,000 0 0
    Foundation Source 501 Silverside Rd
    Wilmington,DE198091377
    Debra O'Banion Treas, Dir
    10.0     		18,000 0 0
    Foundation Source 501 Silverside Rd
    Wilmington,DE198091377
    Angie L Pippert Dir, Pres
    10.0     		23,000 0 0
    Foundation Source 501 Silverside Rd
    Wilmington,DE198091377
    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...................bullet  
    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
    Morgan Stanley Investment Mgmt 99,104
    13625 california st ste 400
    OMAHA,NE681549716
    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)
    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
    12,870,070
    b
    Average of monthly cash balances.......................
    1b
    1,749,863
    c
    Fair market value of all other assets (see instructions)................
    1c
    6,673,403
    d
    Total (add lines 1a, b, and c).........................
    1d
    21,293,336
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    21,293,336
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    319,400
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    20,973,936
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    1,048,697
    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
    1,048,697
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    8,917
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    8,917
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    1,039,780
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    40,000
    5
    Add lines 3 and 4............................
    5
    1,079,780
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    1,079,780
    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
    892,306
    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
    0
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    892,306
    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
    892,306
    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 1,079,780
    2 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only....... 769,291
    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......  
    e From 2019......  
    fTotal of lines 3a through e........  
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$ 892,306
    a Applied to 2019, but not more than line 2a 769,291
    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..... 123,015
    e Remaining amount distributed out of corpus 0
    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 0
    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 ..........     		956,765
    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 ......     		0
    10 Analysis of line 9:
    a Excess from 2016....  
    b Excess from 2017....  
    c Excess from 2018....  
    d Excess from 2019....  
    e Excess from 2020.... 0
    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).)
    NONE
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
    Angie Pippert
    po box 236
    nora springs,IA504580236
    apippert@hotmail.com
    bThe form in which applications should be submitted and information and materials they should include:
    FSREQUESTS.COM/ADAMSFAMILYNORASPRINGS
    cAny submission deadlines:
    FSREQUESTS.COM/ADAMSFAMILYNORASPRINGS
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    FSREQUESTS.COM/ADAMSFAMILYNORASPRINGS
    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
    CENTRAL SPRINGS COMMUNITY SCHOOL DISTRICT
    PO BOX 190
    MANLY,IA50456     		N/A GOV Wee Soar Preschool 24,689
    CENTRAL SPRINGS COMMUNITY SCHOOL DISTRICT
    PO BOX 190
    MANLY,IA50456     		N/A GOV to purchase Digital Sign for Middle School 18,000
    CERRO GORDO COUNTY BOARD OF HEALTH
    2570 4TH ST SW STE 1
    MASON CITY,IA50401     		N/A GOV Cerro Gordo County Board of Health fund 6,000
    CITY OF NORA SPRINGS
    PO BOX 336
    NORA SPRINGS,IA50458     		N/A GOV Parks & Rec Projects: Shell Rock River city park phase 2, campground feasibility study, trail development sharrows 176,000
    CITY OF NORA SPRINGS
    PO BOX 336
    NORA SPRINGS,IA50458     		N/A GOV Shell Rock River City Park Improvements fund 11,168
    CITY OF NORA SPRINGS
    PO BOX 336
    NORA SPRINGS,IA50458     		N/A GOV Nora Springs Public Library - Local & Guest Speakers/presenters/programs 3,000
    CITY OF NORA SPRINGS
    PO BOX 336
    NORA SPRINGS,IA50458     		N/A GOV Parks & Rec Projects: Shell Rock River City park property acquisition, old mill pond park improvements 14,000
    CITY OF NORA SPRINGS
    PO BOX 336
    NORA SPRINGS,IA50458     		N/A GOV Old Mill Pond Park Improvements fund 15,885
    CITY OF NORA SPRINGS
    PO BOX 336
    NORA SPRINGS,IA50458     		N/A GOV Shell Rock River City Park Improvements fund 10,758
    CITY OF NORA SPRINGS
    PO BOX 336
    NORA SPRINGS,IA50458     		N/A GOV Trail Feasibility Engineering Costs fund 23,000
    FIRST CHURCH OF CHRIST SCIENTIST
    210 MASSACHUSETTS AVE
    BOSTON,MA02115     		N/A PC General & Unrestricted 1,000
    FLOYD COUNTY FAIR SOCIETY
    PO BOX 301
    CHARLES CITY,IA50616     		N/A PC Floyd County Fair Commons Center 10,000
    NORA SPRINGS HISTORICAL SOCIETY WEST CONGRESS
    PO BOX 722
    NORA SPRINGS,IA50458     		N/A PC General & Unrestricted 5,000
    NORA SPRINGS IMPACT GROUP
    112 N SEMINARY AVE
    NORA SPRINGS,IA50458     		N/A PC Panther Village fund 50,000
    NORTH IOWA AREA COMMUNITY COLLEGE FOUNDATION
    500 COLLEGE DR
    MASON CITY,IA50401     		N/A SO I Adams Family Foundation of Nora Springs, Iowa Scholarship fund 290,000
    NORTH IOWA AREA COMMUNITY COLLEGE FOUNDATION
    500 COLLEGE DR
    MASON CITY,IA50401     		N/A SO I Emergency Book Fund for NIACC Students 2,000
    ROCK FALLS AREA BETTERMENT INC
    3 S NOTTINGHAM
    ROCK FALLS,IA50467     		N/A PC Historic Rock Falls Community Center Renovation fund 110,000
    Total .................................bullet 3a 770,500
    bApproved for future payment
    Total .................................bullet 3b  
    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 9,172  
    4 Dividends and interest from securities....     14 358,587  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....     16 140,342  
    6 Net rental income or (loss) from personal property          
    7 Other investment income.....          
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 255,732  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aK-1 Inc/Loss     		    14 994  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   764,827  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    764,827
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

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


    		 Phone no.
    Form 990-PF (2020)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2020 AccountingFeesSchedule
    Name:
    Adams Family Foundation of Nora Springs Iowa
    EIN:
    25-5100130
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    TAX FORMS PREPARATION/REVIEW 121     121

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    TY 2020 DepreciationSchedule
    Name:
    Adams Family Foundation of Nora Springs Iowa
    EIN:
    25-5100130
    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
    FARMLAND - SEC 31   1,951,625   L       0  
    FARMLAND - SEC 4 R   533,797   L       0  
    FARMLAND - SEC 8 R   2,603,668   L       0  
    FARMLAND - SEC 9 R   3,677,567   L       0  
    LAND IMPROVEMENTS 2015-06-22 3,109 933 SL 15 207 207 0  
    LAND IMPROVEMENTS 2015-12-22 9,238 2,464 SL 15 616 616 0  
    TIMBERLAND - SEC 8   245,535   L       0  
    LAND IMPROV-SEC 31 2016-10-13 6,355 1,342 SL 15 424 424 424  

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    TY 2020 ExpenditureResponsibilityStmt
    Name:
    Adams Family Foundation of Nora Springs Iowa
    EIN:
    25-5100130
    Grantee's Name Grantee's Address Grant Date Grant Amount Grant Purpose Amount Expended By Grantee Any Diversion By Grantee? Dates of Reports By Grantee Date of Verification Results of Verification
    PARK CEMETERY ASSOCIATION
          		1055 135TH STREET
    NORA SPRINGS,IA50458     		2013-12-18 21,840 TO FUND THE PRESERVATION OF HISTORICAL INFORMATION AND SUBSIDIZE BURIALS OF LOW INCOME INDIVIDUALS 0 NO See General Explanation for dates of reports   NO VERIFICATION WAS NECESSARY
    PARK CEMETERY ASSOCIATION
          		1055 135TH STREET
    NORA SPRINGS,IA50458     		2013-10-07 5,000 TO FUND THE PRESERVATION OF HISTORICAL INFORMATION AND SUBSIDIZE BURIALS OF LOW INCOME INDIVIDUALS 0 NO See General Explanation for dates of reports   NO VERIFICATION WAS NECESSARY
    NORA SPRINGS VOLUNTEER AMBULANCE SERVICE
          		PO BOX 625
    NORA SPRINGS,IA50458     		2013-10-03 42,500 PROMOTE HEALTH OF COMMUNITY BY FUNDING CONSTRUCTION OF HOUSING FOR ON CALL AMBULANCE CREW 42,500 NO See General Explanation for dates of reports   NO VERIFICATION WAS NECESSARY

    TY 2020 GeneralExplanationAttachment
    Name:
    Adams Family Foundation of Nora Springs Iowa
    EIN:
    25-5100130
    Identifier Return Reference Explanation
    PART VII-B, LINE 5C-EXPENDITURE RESPONSIBILITY STATEMENT (CONT'D) PART VII-B, LINE 5C-EXPENDITURE RESPONSIBILITY STATEMENT (CONT'D) GRANTEE'S NAME: PARK CEMETERY ASSOCIATION GRANT DATE: 12/18/2013 DATES OF ANNUAL REPORTS: 10/22/2014, 4/15/2015, 4/7/2016, 4/4/2017, 4/4/2018, 3/27/2019, 4/1/2020, and 4/12/2021
    PART VII-B, LINE 5C-EXPENDITURE RESPONSIBILITY STATEMENT (CONT'D) PART VII-B, LINE 5C-EXPENDITURE RESPONSIBILITY STATEMENT (CONT'D) GRANTEE'S NAME: PARK CEMETERY ASSOCIATION GRANT DATE: 10/07/2013 DATES OF ANNUAL REPORTS: 10/22/2014, 4/15/2015, 4/7/2016, 4/4/2017, 4/4/2018, 3/27/19, 4/1/2020, and 4/12/2021
    PART VII-B, LINE 5C-EXPENDITURE RESPONSIBILITY STATEMENT (CONT'D) PART VII-B, LINE 5C-EXPENDITURE RESPONSIBILITY STATEMENT (CONT'D) GRANTEE'S NAME: NORA SPRINGS VOLUNTEER AMBULANCE SERVICE GRANT DATE: 10/03/2013 DATES OF ANNUAL REPORTS: 3/4/2014, 6/7/2014, 11/21/2014, 4/20/2015, 4/7/2016, 4/3/2017, 4/4/2018, 3/27/2019, 4/3/2020, and 4/12/2021

    TY 2020 InvestmentsCorpBondsSchedule
    Name:
    Adams Family Foundation of Nora Springs Iowa
    EIN:
    25-5100130
    Name of Bond End of Year Book Value End of Year Fair Market Value
    BANK OF AMERICA CORP - PERPETU 140,256 141,631
    GENERAL MTRS FINL COINC BOND P 191,409 187,200
    JPMORGAN CHASE & CO BOND PERPE 137,069 136,250
    KINDER MORGAN EP - 4.150% - 02 130,292 136,858
    M & T BK CORP - 6.450% - 12/31 223,006 221,500
    MORGAN STANLEY FXD - 5.875% - 215,448 224,000
    TIME WARNER - 4.050% - 12/15/2 209,171 214,946
    WELLS FARGO & CO NEW DEPOSITAR 216,006 226,750

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    Adams Family Foundation of Nora Springs Iowa
    EIN:
    25-5100130
    Name of Stock End of Year Book Value End of Year Fair Market Value
    ABBOTT LABS 84,503 114,089
    ABBVIE INC 13,959 19,180
    ACCENTURE PLC 9,674 16,195
    ADIDAS AG 10,644 14,639
    ADOBE SYSTEMS, INC 50,633 90,022
    ADTALEM GLOBAL EDUCATION INC 5,180 4,991
    ADVANCE AUTO PARTS INC 17,318 18,271
    ADYEN N.V. 16,267 43,802
    AFLAC INC 14,742 14,053
    AGILENT TECHNOLOGIES INC 1,255 1,303
    AIA GROUP LTD ADR 8,876 12,528
    AIR PRODS & CHEM INC 46,234 54,371
    AIRBUS GROUP 8,026 7,704
    AKAMAI TECH COM STK 17,383 22,048
    ALCON INC 47,523 55,885
    ALEXANDRIA REAL ESTATE EQUITIE 5,905 8,555
    ALEXION PHARMACEUTICALS, INC 19,470 25,780
    ALIBABA GROUP HOLDING LTD 26,740 29,091
    ALLEGION PLC 40,999 47,599
    ALPHABET INC CL C 45,143 68,323
    ALTRIA GROUP INC 15,775 15,457
    AMADEUS IT HLDS SA 10,986 12,323
    AMAZON COM 103,377 166,102
    AMEDISYS INC - COMMON STOCK 8,039 8,213
    AMERICAN EXPRESS CO 23,256 33,250
    AMERICAN TOWER REIT INC 34,599 33,445
    AMERICAN WATER WORKS COMPANY I 10,516 15,961
    AMERIPRISE FINANCIAL INC 22,409 23,320
    AMERISOURCEBERGEN CORP 16,507 17,792
    AMGEN INC 70,275 77,023
    AMKOR TECHNOLOGY, INC 8,556 13,059
    AMPHASTAR PHARMACEUTICALS INC 2,753 2,715
    AMPHENOL CORPORATION 56,189 86,570
    ANALOG DEVICES INC 34,270 49,933
    ANHEUSER BUSCH COS INC 13,419 20,623
    ANSYS INC 30,889 62,574
    AON PLC CL A 4,348 4,859
    APPLE HOSPITALITY REIT INC 4,166 5,642
    APPLE INC 59,860 148,480
    APPLIED IDNS TECH 4,857 8,033
    APTIV PLC 67,342 111,919
    ARCH CAPITAL GROUP LTD 8,958 10,857
    ASML HOLDING NV NY REG SHS 18,944 29,263
    ATLAS COPCO AB A SHS ADR 6,653 6,487
    ATLASSIAN CORP PLC 17,388 22,919
    AUTODESK, INC 9,184 19,542
    AUTOMATIC DATA PROCESSING INC 69,470 79,114
    AVALONBAY CMNTYS INC 16,724 14,439
    AVIENT 2,529 3,786
    AVNET INC 4,518 5,688
    BANCORPSOUTH BANK 4,132 5,241
    BANK OF AMERICA CORP 40,959 46,314
    BANK OF HAWAII CORP 8,382 11,723
    BECTON DICKINSON & CO 20,510 22,770
    BEST BUY INC 21,085 21,555
    BIO RAD LABS INC CL A 11,195 25,066
    BIOMARIN PHARMACEUTICAL INC 11,629 12,364
    BLACK KNIGHT, INC 9,970 16,787
    BLACKROCK INC 47,191 78,648
    BLUCORA, INC. 1,529 1,830
    BMC STOCK HOLDINGS 7,867 20,506
    BOSTON PPTYS INC 8,136 6,239
    BRIGHT HORIZONS FAMILY SOLUTIO 2,971 3,806
    BRISTOL-MYERS SQUIBB CO 43,057 50,803
    BROADCOM INC 13,748 21,017
    BROOKFIELD ASSET MANAGEMENT CL 20,320 28,311
    BROOKFIELD INFRASTRUCTURE ORD 9,208 9,182
    BROOKFIELD PROPERTY REIT INC 1,830 1,838
    BROOKFIELD RENEWABLE CORP CL A 1,146 1,981
    BROWN & BROWN INC 5,425 9,198
    BROWN FORMAN CORP CL B 2,721 4,289
    BRUKER CORPORATION 23,867 33,128
    BURBERRY GROUP PLC 10,383 10,684
    CABOT OIL & GAS CORP 19,173 17,175
    CANNAE HOLDINGS INC 1,196 1,461
    CAPITAL ONE FINANCIAL CORP 27,119 33,609
    CARMAX INC 13,616 18,798
    CBRE GROUP 8,486 12,607
    CDW CORP 65,617 74,198
    CELLNEX TELECOM ADR 5,011 5,114
    CHARLES SCHWAB CORP 88,761 115,839
    CHEMED CORP 2,235 2,663
    CHEMICAL AND MINING CO OF CHIL 2,785 4,516
    CHEVRON CORP 59,703 42,563
    CHUBB LIMITED 34,716 38,942
    CIENA CORP 11,602 15,644
    CIMAREX ENERGY CO 897 1,650
    CINCINNATI FINANCIAL CORP 14,415 18,610
    CISCO SYSTEMS INC 20,758 17,945
    CITIGROUP INC 11,636 12,024
    CITY OFFICE REIT 4,256 4,875
    CLEAN HARBORS, INC 1,009 1,370
    CME GROUP, INC 40,972 44,966
    CMS ENERGY CP 15,381 18,730
    COGNEX CORPORATION 863 1,445
    COHEN & STEERS LOW DURATION PR 589,339 607,019
    COLFAX CORPORATION 1,901 2,639
    COLUMBIA PROPERTY TRUST INC 2,277 2,653
    COMCAST CORP 75,034 96,573
    COMFORT SYSTEMS USA INC 3,419 5,424
    COMMERCE BANCSHARES, INC 13,118 12,877
    COMMERCIAL METALS 7,559 9,243
    CONCENTRIX CORP 5,347 11,054
    CONOCOPHILLIPS 42,872 32,952
    COPART INC 7,885 19,851
    CORE-MARK HOLDING COMPANY, INC 6,318 6,197
    CORTEVA INC 18,957 28,420
    COSTAMARE INC 905 1,499
    COSTAR GROUP, INC 11,331 15,713
    COSTCO WHOLESALE CORPORATION 24,841 25,244
    CRA INTERNATIONAL INC 1,026 1,477
    CREDIT ACCEPTANCE CORPORATION 9,903 9,346
    CROWN CASTLE INTL 16,921 19,103
    CSG SYST INTL INC. 11,141 10,546
    CULLEN FROST BANKERS INC 14,995 14,480
    CVS CAREMARK CORP 18,131 19,056
    DANAHER CORP 28,535 53,536
    DECKERS OUTDOOR CORPORATION 8,085 7,743
    DEERE CO 17,398 28,250
    DELUXE CORPORATION 4,141 4,380
    DIAGEO PLC ADS 11,355 11,434
    DOCUSIGN INC 12,041 12,449
    DOLLAR GENERAL CORP 2,523 2,524
    DOMINOS PIZZA INC 5,747 8,436
    DOVER CORP 29,946 43,556
    DYNATRACE 11,352 11,120
    EAST WEST BANCORP, INC 13,275 17,343
    EATON CORP PLC 34,871 47,215
    ECOLAB INC 24,174 28,560
    EDP-ELECTRICIDADE DE PORTUGAL 8,468 12,209
    ELANCO ANIMAL HEALTH INCORPORA 14,437 22,450
    ELASTIC NV 4,759 11,544
    ELI LILLY & CO 28,738 42,041
    EMCOR GROUP INC 15,356 22,042
    EMERGENT BIOSOLUTIONS INC 4,732 3,763
    ENTERGY CORP 12,880 10,783
    EOG RESOURCES INC 11,714 11,570
    EQUINIX, INC 21,179 32,852
    EQUITY LIFESTYLE PRP 9,370 10,708
    ERSTE BK DER OEST SP 4,033 3,578
    EVERCORE PARTNERS INC 4,233 5,043
    EVERSOURCE ENERGYINC 2,802 3,028
    EVERTEC INC 12,117 11,717
    EXPERIAN GROUP LTD S/ADR 8,434 10,743
    EXTENDED STAY AMERICA INC 3,974 4,088
    F.N.B CORPORATION 9,439 9,415
    FACEBOOK INC 105,155 157,885
    FANUC LIMITED UNSPONSORED 9,762 13,110
    FARFETCH LIMITED 6,247 6,891
    FARMERS NATIONAL BANC CORP 1,211 1,407
    FASTENAL COMPANY 6,186 9,131
    FEDERAL AGRICULTURAL MORTGAGE 1,005 1,337
    FERRARI NV 16,711 16,984
    FIDELITY NATIONAL FINANCIAL IN 9,341 10,320
    FIDELITY NATIONAL INFORMATION 45,801 51,916
    FINANCIAL INSTITUTIONS, INC 1,292 1,688
    FIRST CITIZENS BANCSHARES INC 8,141 8,040
    FIRST COMMONWEALTH FINANCIAL C 1,251 1,553
    FIRST FINANCIAL CORPORATION 1,034 1,243
    FIRST REPUBLIC BANK 3,731 5,583
    FIRST TRUST STRAT H/I FUND 8,679 10,400
    FLEXTRONICS INTERNATIONAL 11,704 21,288
    FORMFACTOR INC. 1,981 3,270
    FT-PREFERRED SECUR & INC ETF 584,892 626,717
    FTI CONSULTING INC 6,000 5,251
    FULTON FIN CORP 3,875 4,528
    GALLAGHER ARTHUR J & CO 10,669 17,938
    GARTNER INC 10,316 12,335
    GEN DYNAMICS CP 50,682 42,711
    GENERAC HOLDING INC 1,164 1,137
    GIVAUDAN SA UNSP/ADR 15,110 21,215
    GRAINGER W W INC 17,913 26,950
    GRAPHIC PACKAGING CORP COM STK 3,699 4,015
    GUIDEWIRE SOFTWARE INC 7,985 10,427
    H&R BLOCK INC 10,174 9,738
    HANOVER INS GROUP 9,959 11,458
    HARTFORD FINANCIALSERVICES GRO 17,754 17,339
    HASBRO INC 19,433 19,363
    HEICO CP CL A 6,254 8,897
    HELEN OF TROY LIMITED 6,709 10,887
    HERMES INTL 10 ADR 8,166 11,136
    HILTON WORLDWIDE HOLDINGS, INC 12,151 17,245
    HOME DEPOT INC 78,452 106,248
    HONEYWELL INTL 27,869 36,372
    HORIZON PHARMA PLC 572 1,244
    HOWARD HUGHES CORPORATION 7,507 5,446
    HOYA CORP SPONS ADR 4,519 9,438
    HUB GROUP, INC 2,488 2,736
    HYATT HOTELS CORP 5,161 5,420
    ICON PLC - AMERICAN DEPOSITARY 17,980 23,593
    IDEXX CORP 4,343 9,997
    IHS MARKIT LTD 23,372 37,369
    ILLINOIS TOOL WORKS 8,199 11,213
    INDUSTRIA DE DISENO 7,163 7,683
    INDUSTRIAL LOGISTICS PROPERTIE 3,296 4,355
    INSIGHT ENTERPRISES, INC 1,044 1,674
    INT'L FLAVORS & FRAGRANCES INC 49,949 42,665
    INTEGER HOLDINGS CORP 9,265 9,905
    INTEGRA LIFESCIENCES HOLDINGS 3,246 3,895
    INTERCONTINENTAL EXCHANGE, INC 14,335 19,369
    INTERNATIONAL BUSINESS MACHINE 21,225 19,134
    IQVIA HOLDINGS INC 90,899 134,915
    J2 GLOBAL INC 15,946 20,906
    JABIL CIRCUIT INC 16,456 24,838
    JAMES RIVER GROUP HOLDINGS LTD 1,296 1,376
    JOHNSON & JOHNSON 45,956 53,509
    JOHNSON CONTROLS INTERNATIONAL 15,321 20,872
    JOHNSON OUTDOORS INC 844 1,577
    JP MORGAN CHASE 42,926 52,353
    JUST EAT TAKEAWAY COM NV 8,327 9,185
    KAO CORP 9,050 9,249
    KBC GROUP SA UNSP ADR 5,812 6,420
    KEMPER CORP 17,912 20,206
    KENNEDY WILSON HOLDINGS INC 3,894 3,650
    KERING UNSPON ADR EA REPR 0.1 7,927 8,187
    KEYSIGHT TECHNOLOGIES INC 7,172 11,360
    KFORCE INC 970 1,473
    KKR & CO INC 12,902 21,257
    KONINKLIJKE PHILIPS ELECTRONIC 16,193 18,797
    L'OREAL ADR 16,261 23,454
    LABORATORY CORP AMER HLDGS 9,668 15,063
    LAKELAND BANCORP INC 1,205 1,461
    LAKELAND FINANCIAL CORPORATION 1,701 2,518
    LANDSTAR SYSTEM 8,869 11,177
    LEGRAND INC 7,920 11,444
    LENNAR CORP 20,396 33,694
    LIBERTY BROADBAND CORPORATION 2,693 4,570
    LIBERTY BROADBAND CORPORATION 10,450 17,737
    LIBERTY MEDIA CORPORATION - SE 1,354 1,710
    LIBERTY MEDIA CORPORATION - SE 4,514 5,453
    LIBERTY SIRIUS XM CORP - SER C 4,096 4,612
    LIBERTY SIRIUS XM GROUP - SER 1,386 1,468
    LINDE PLC COM 8,660 11,331
    LIVE NATION INC COM 5,607 8,744
    LOCKHEED MARTIN CORP 21,777 20,589
    LONDON STK EXCHANGE GROUP 15,007 15,474
    LULULEMON ATHLETICA INC 15,237 24,014
    LUMENTUM HOLDINGS INC 9,799 14,978
    LVMH MOET HENN UNSP 21,088 35,922
    LYONDELLBASELL INDUSTRIES NV 2,201 2,750
    M&T BANK CORP 3,088 2,546
    MANTECH INTERNATIONAL CORP 3,469 4,002
    MARINEMAX INC 1,239 2,557
    MARKEL CORP 16,018 15,500
    MARSH AND MCLENNAN COMPANIES I 19,532 22,230
    MARTIN MARIETTA MATLS INC 22,609 31,521
    MASONITE INTERNATIONAL CORPORA 5,131 7,474
    MASTEC INC 8,169 15,750
    MASTERCARD INC 86,142 131,354
    MATCH GROUP INC 13,605 17,840
    MAXIMUS INC 10,649 10,686
    MCDONALD'S CORP 46,721 49,568
    MDU RESOURCES GROUP 9,906 11,221
    MEDPACE HOLDINGS, INC 13,335 13,363
    MEDTRONIC PLC 66,758 84,927
    MEITUAN DIANPING UNSPONSORED A 8,731 9,059
    MERCADOLIBRE, INC 14,246 35,180
    MERCK & CO INC 41,040 40,982
    MERIDIAN BIOSCIENCE INC 4,736 5,065
    MERITAGE CORPORATION 9,990 8,862
    METLIFE INC 15,469 16,573
    METTLER-TOLEDO INTL 5,945 10,257
    MICHELIN CIE GEN UNSP/ADR 19,346 21,013
    MICROCHIP TECHNOLOGY INC 22,855 38,671
    MICROSOFT CORP 215,876 348,976
    MITSUBISHI UFJ FINANCIAL GROUP 12,056 10,973
    MONDELEZ INTERNATIONAL INC 46,655 53,208
    MONMOUTH REAL ESTATE INVESTMEN 987 1,386
    MONOLITHIC POWER SYSTEMS, INC 2,805 7,691
    MONOTARO CO., LTD 2,413 5,420
    MONSTER BEVERAGE CORP 15,105 22,103
    MOODYS CORP 6,394 6,676
    MORGAN STANLEY 21,952 37,417
    MOTOROLA MOBILITY HOLDINGS INC 1,156 1,452
    MOTOROLA SOLUTIONS INC 5,311 7,313
    MSCI INC 10,835 25,006
    MURPHY USA INC 3,386 3,926
    NESTLE S.A 16,629 19,790
    NETFLIX INC 17,415 17,844
    NETGEAR INC 3,386 4,307
    NEXTERA ENERGY, INC 65,831 99,369
    NIDEC CORPORATION ADR 3,990 7,798
    NIKE INC-CL B 73,451 107,376
    NINTENDO CO LTD ADR UNSPON 10,196 19,888
    NORFOLK SOUTHERN CORP 21,088 29,701
    NORTHERN TRUST CORPORATION 10,304 10,618
    NORTHROP GRUMMAN CORP 17,129 17,064
    NOVARTIS AG ADR 29,150 32,956
    NOVO NORDISK A S 6,246 9,081
    NUTANIX INC 8,447 11,505
    NVIDIA CORP 19,568 58,486
    NXP SEMICONDUCTORS 24,333 32,597
    O'REILLY AUTOMOTIVE INC 9,021 15,840
    OCADO GROUP PLC 3,637 3,483
    OFFICE PROPERTIES INCOME TRUST 3,268 2,817
    ONE GAS INC 5,212 4,529
    OTIS WORLDWIDE CORP 6,713 8,579
    OTTER TAIL CORP 2,735 2,642
    OUTFRONT MEDIA INC 1,170 1,447
    PALO ALTO NETWORKS INC 14,263 30,208
    PARKER HANNIFIN CP 40,528 68,920
    PAYCHEX 15,580 17,518
    PAYPAL HOLDINGS, INC 19,413 41,688
    PELOTON INTERACTIVE, INC. 9,714 21,089
    PEPSICO INC 45,368 53,388
    PERDOCEO EDUCATION 7,197 5,684
    PERNOD-RECARD SA 5,342 6,673
    PERSPECTA INC 6,530 7,874
    PFIZER INC 12,143 13,730
    PHILIP MORRIS INTL 42,957 43,134
    PHILLIPS 66 28,017 22,940
    PIEDMONT OFFICE REALTY TRUST I 5,578 5,210
    PING AN INSURANCE GROUP ADR 9,303 10,927
    PIONEER NAT RES CO 11,948 9,567
    PNC FINANCIAL GROUP INC 72,795 86,122
    PORTLAND GEN ELEC 8,718 7,613
    PPG INDUSTRIES INC 26,593 34,469
    PRA HEALTH SCIENCES INC 7,386 10,161
    PRIMERICA, INC 7,513 8,973
    PRIMORIS SERVICES CORP 5,114 7,151
    PROCTER GAMBLE CO 58,043 69,987
    PROGRESS SOFTWARE CORP 7,001 8,315
    PROGRESSIVE CORP OHIO 17,177 22,742
    PROLOGIS 19,798 21,327
    PROOFPOINT INC 12,348 15,142
    PUBLIC SVC ENTERPRISE GROUP IN 11,890 12,826
    QUALCOMM INC 46,607 86,986
    QURATE RETAIL INC QVC GROUP 1,194 1,711
    RAVEN INDUSTRIES, INC 1,027 1,588
    RAYTHEON TECHNOLOGIES CORP 55,120 59,282
    REALPAGE, INC 7,206 10,469
    REALTY INCOME CORP 11,541 10,445
    REGAL BELOITE CP 6,958 7,860
    REMY COINTREAU 5,492 9,053
    RENT A CTR INC 8,534 13,899
    RENTOKIL INITIAL PLC SPON ADR 10,573 10,787
    REPUBLIC SVCS INC 15,381 19,356
    RESTAURANT BRANDS INTL 10,648 11,061
    RINGCENTRAL INC 16,146 15,538
    RMR GROUP 1,027 1,313
    ROCHE HOLDING LTD ADR 9,972 12,407
    ROCKWELL AUTOMATION INC 14,122 20,065
    ROPER INDUSTRIES 7,770 12,071
    ROSS STORES, INC 3,332 4,912
    RPM INTERNATIONAL INC 16,752 24,511
    S&P GLOBAL INC COM 2,306 3,616
    SALESFORCE.COM 45,178 58,970
    SANMINA-SCI CORPORATION 10,668 12,533
    SBA COMMUNICATIONS CORP 25,490 30,470
    SCIENCE APPLICATIONS INTERNATI 3,263 3,691
    SELECT MEDICAL 6,982 9,875
    SELECT SECTOR SPDR UTILITIES 946,805 1,061,134
    SEMPRA ENERGY COM 13,738 12,741
    SHISEIDO CO LTD 9,143 9,286
    SHOPIFY INC 14,262 33,959
    SIMPLICITY BANCORP INC 1,013 1,693
    SLACK TECHNOLOGIES CLASS A ORD 4,144 5,660
    SLEEP NUMBER 3,917 7,777
    SNOWFLAKE INC 9,370 7,879
    SOLAREDGE TECHNOLOGIES INC 6,377 6,382
    SONY CORP ADR 19,777 36,902
    SOUTHWEST GAS CP 7,626 6,500
    SP PLUS CORPORATION 1,338 1,874
    SPLUNK INC 23,239 28,372
    SPOTIFY TECHNOLOGY SA 4,991 11,328
    SQUARE INC 4,930 16,976
    STANLEY BLACK & DECKER INC 16,745 19,642
    STARBUCKS CORP COM 31,974 37,764
    STEELECASE INC 2,442 2,859
    STEPAN CO 1,088 1,193
    STERICYCLE INC 48,444 70,439
    STERIS PLC 13,413 15,921
    STEWART INFORMATION SVCS CORP 3,794 4,352
    STONECO LTD 3,349 10,238
    STRIDE ORD SHS 3,010 2,675
    SUMMIT MATERIALS INC 2,706 3,554
    SUN COMMUNITIES INC 10,538 10,788
    SUNSTONE HOTEL INVESTORS, INC 2,120 2,617
    SUPERNUS PHARMACEUTICALS INC 4,572 5,284
    SVB FINANCIAL GROUP 14,095 15,513
    SYNEOS HEALTH INC 1,143 1,499
    SYNNEX CORP 5,481 9,121
    SYSCO CORP 28,114 32,526
    T. ROWE PRICE GROUP 13,388 21,043
    TAIWAN SEMICONDUCTOR MFG CO LT 5,587 14,829
    TEAMVIEWER AG 8,080 11,711
    TELADOC INC 6,300 6,799
    TELEPERFORMANCE SA 5,603 11,318
    TEMENOS GROUP AG 9,324 9,630
    TENCENT HOLDINGS LIMITED 14,939 18,548
    TESLA MOTORS INC 25,455 27,521
    TETRA TECH INC 8,904 9,378
    TEXAS INSTRUMENTS INC 65,503 96,837
    THE COCA-COLA CO 45,825 51,659
    THE TRADE DESK INC 12,127 10,413
    THERMO FISHER SCIENTIFIC INC 21,309 43,783
    THOMSON REUTERS CORPORATION 8,798 10,236
    TJX COMPANIES INC 70,956 94,923
    TOKYO ELECTRON LTD 8,074 13,009
    TOPBUILD CORP 13,227 15,463
    TOWNEBANK 1,225 1,573
    TRANE TECHNOLOGIES PLC 8,524 13,210
    TRANSDIGM GRP INC 15,550 29,705
    TRANSUNION COM USD0.01 6,538 9,724
    TREX CO INC 9,426 16,242
    TRISTATE CAPITAL HOLDINGS 1,038 1,479
    TRUIST FINANCIAL CORPORATION 40,462 41,747
    TWILIO INC 16,692 20,987
    TWITTER INC 18,868 31,461
    TYLER TECHNOLOGIES, INC 5,186 6,548
    TYSON FOODS INC CL A 20,477 16,754
    UBER 22,441 32,130
    ULTA SALON, COSMETICS & FRAGRA 31,315 41,064
    UMICORE SA 6,118 7,449
    UNITED PARCEL SERVICE 26,151 40,921
    UNITED THERAPEUTICS CORP 2,563 2,580
    UNITEDHEALTH GROUP INC 71,604 106,256
    US BANCORP 34,978 32,939
    V F CORP 13,018 12,982
    VAIL RESORTS INC 8,653 11,995
    VALERO ENERGY CORP 9,189 6,732
    VALVOLINE INC 2,969 4,050
    VENTAS INC 11,449 8,974
    VERISIGN INC 8,044 11,902
    VERISK ANALYTICS, INC 53,800 84,904
    VERIZON COMMUNICATIONS 44,818 48,645
    VESTAS WIND SYS UNSP/ADR 12,868 29,336
    VICTORY INVESTMENT GRADE CONVE 740,346 817,512
    VISA INC 50,078 82,242
    VISHAY PRECISION GROUP INC 1,036 1,511
    VMWARE INC 19,009 20,899
    VORNADO RLTY TR 4,518 3,659
    VULCAN MATERIALS CO 12,734 17,204
    WAL-MART STORES INC 23,789 32,145
    WALGREENS BOOTS ALLIANCE 12,401 9,212
    WALT DISNEY HOLDINGS CO 22,766 33,699
    WASHINGTON FED INC 5,271 5,302
    WASTE MANAGEMENT INC 14,009 16,392
    WEC ENERGY GROUP, INC 13,592 13,897
    WESCO INTL INC 2,808 8,086
    WEST PHARMA SVCS INC 4,779 9,633
    WIX COM LTD 6,351 14,998
    WORKDAY INC 7,676 8,147
    WORLDLINE 7,787 8,332
    WUXI BIOLOGICS INC ADR 14,985 16,812
    XCEL ENERGY INC 17,892 24,135
    XYLEM INC 35,846 46,925
    ZENDESK INC 9,014 14,598
    ZOETIS INC 80,280 126,277
    ZOOM VIDEO COMMUNICATIONS INC 5,679 3,711

    TY 2020 InvestmentsLandSchedule2
    Name:
    Adams Family Foundation of Nora Springs Iowa
    EIN:
    25-5100130
    Category/ Item Cost/Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    FARMLAND - SEC 31 1,951,625   1,951,625 1,340,000
    FARMLAND - SEC 4 R 533,797   533,797 350,000
    FARMLAND - SEC 8 R 2,603,668   2,603,668 1,900,000
    FARMLAND - SEC 9 R 3,677,567   3,677,567 2,570,000
    LAND IMPROVEMENTS 3,109 1,140 1,969 1,969
    LAND IMPROVEMENTS 9,238 3,080 6,158 6,158
    TIMBERLAND - SEC 8 245,535   245,535 237,000
    LAND IMPROV-SEC 31 6,355 1,766 4,589 4,589

    TY 2020 InvestmentsOtherSchedule2
    Name:
    Adams Family Foundation of Nora Springs Iowa
    EIN:
    25-5100130
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    BLACKSTONE REAL ESTATE INCOME   250,000 251,126
    FORTRESS LENDING FUND 2 A   88,469 87,500
    MS DIRECT LENDING FUND   52,478 52,763
    OAK STREET RE CAPITAL FD V LP   125,754 124,944

    TY 2020 OtherExpensesSchedule
    Name:
    Adams Family Foundation of Nora Springs Iowa
    EIN:
    25-5100130
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Administrative Fees 45,000     45,000
    Bank Charges 47 47    
    Indemnification Insurance 2,250     2,250
    K-1 Exp FORTRESS LENDING FUND 25 25    
    K-1 Exp OAK STREET RE CAPITAL 145 145    
    PLACEMENT FEES 23,365 23,365    
    Office Supplies 70     70
    Postage/Delivery Service 143     143
    Property insurance 1,865 1,865    
    Property Maintenance 7,005 7,005    


    TY 2020 OtherIncomeSchedule2
    Name:
    Adams Family Foundation of Nora Springs Iowa
    EIN:
    25-5100130
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    K-1 Inc/Loss FORTRESS LENDING FUND 2 A 994 994  


    TY 2020 OtherIncreasesSchedule
    Name:
    Adams Family Foundation of Nora Springs Iowa
    EIN:
    25-5100130
    Description Amount
    RETURNED GRANT 40,000


    TY 2020 OtherProfessionalFeesSchedule
    Name:
    Adams Family Foundation of Nora Springs Iowa
    EIN:
    25-5100130
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Investment Management Services 99,104 99,104    
    SCHOLARSHIP ADMIN SERVICES 16,000     16,000
    PROPERTY MANAGEMENT SERVICES 11,788 11,788    


    TY 2020 TaxesSchedule
    Name:
    Adams Family Foundation of Nora Springs Iowa
    EIN:
    25-5100130
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    990-PF Estimated Tax for 2020 7,700      
    Foreign Tax Paid 614 614    
    Property Taxes 19,110 19,110