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
CUMMING FOUNDATION
 
% CATHY HANDLEY
Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 4902
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
JACKSON, WY83001
A Employer identification number

87-0440091
B Telephone number (see instructions)

(307) 734-0708
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$89,856,623J 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) 55,814,631
2 Check bullet.............
3 Interest on savings and temporary cash investments 29,428 29,428 0
4 Dividends and interest from securities... 1,011,364 1,011,317 0
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 2,227,908
b Gross sales price for all assets on line 6a 12,855,529
7 Capital gain net income (from Part IV, line 2)... 2,163,684
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 -1,390,571 -594,050 0
12 Total. Add lines 1 through 11........ 57,692,760 2,610,379 0
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0      
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment 2,054 0 0 2,054
b Accounting fees (attach schedule)....... Click to see attachment 15,450 7,725 0 7,725
c Other professional fees (attach schedule).... Click to see attachment 100,675 17,750 0 82,925
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 1,116,211 976 0 0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings....... 5,519 0 0 5,519
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 16,018 943 0 15,075
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 1,255,927 27,394 0 113,298
25 Contributions, gifts, grants paid....... 3,479,867 3,479,868
26 Total expenses and disbursements. Add lines 24 and 25 4,735,794 27,394 0 3,593,166
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 52,956,966
b Net investment income (if negative, enter -0-) 2,582,985
c Adjusted net income (if negative, enter -0-)... 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............. 2,777,045 136,560 123,797
2 Savings and temporary cash investments......... 16,305,570 5,643,020 5,643,441
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet   3,903,722    
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.......... 0    
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 53,881 Click to see attachment1,207,760 1,261,507
c Investments—corporate bonds (attach schedule)....... 58,628 Click to see attachment10,464,883 10,534,160
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 6,477,647 Click to see attachment66,921,086 72,293,718
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) 29,576,493 84,373,309 89,856,623
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........ 185,930 185,930
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds 29,390,563 84,187,379
29 Total net assets or fund balances (see instructions)..... 29,576,493 84,373,309
30 Total liabilities and net assets/fund balances (see instructions). 29,576,493 84,373,309
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
29,576,493
2
Enter amount from Part I, line 27a .....................
2
52,956,966
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
1,839,850
4
Add lines 1, 2, and 3 ..........................
4
84,373,309
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
84,373,309
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 FOREIGN CURRENCY EXCHANGE GAIN P    
c CENTERBRIDGE STRATEGIC AIV I NET GAIN P    
d CENTERBRIDGE STRATEGIC AIV II NET GAIN P    
e CENTERBRIDGE STRATEGIC AIV V NET GAIN P    
CENTERBRIDGE STRATEGIC LP NET GAIN P    
RA CAPITAL NET GAIN P    
RA CAPITAL NET SECTION 1256 GAIN P    
KEYSTONE PRIVATE MARKET OPP IX NET GAIN P    
KEYSTONE PRIVATE MARKET OPP IX 1231 GAIN P    
CEN STRAT AIV II DIST IN EXCESS OF BASIS P    
CEN STRAT AIV V DIST IN EXCESS OF BASIS P    
RCG KENNEDY HOUSE, LLC NET 1231 GAIN P    
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 12,844,285   12,828,183 16,102
b 11,244     11,244
c     42,597 -42,597
d 296     296
e     9,235 -9,235
218     218
2,238,705     2,238,705
    121,039 -121,039
58,752     58,752
21     21
1,744     1,744
1,221     1,221
8,252     8,252
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       16,102
b       11,244
c       -42,597
d       296
e       -9,235
      218
      2,238,705
      -121,039
      58,752
      21
      1,744
      1,221
      8,252
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 2,163,684
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
SECTION 4940(e) REPEALED ON DECEMBER 20, 2019 - DO NOT COMPLETE
1 Reserved
(a)
Reserved 		(b)
Reserved 		(c)
Reserved 		(d)
Reserved
2
Reserved...........................
2
3
Reserved...........................
3
4
Reserved...........................
4
5
Reserved...........................
5
6
Reserved...........................
6
7
Reserved...........................
7
8
Reserved,..........................
8
Form 990-PF (2020)
Form 990-PF (2020)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here Bullet and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b Reserved................................ 1 35,903
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 35,903
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 35,903
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 42,039
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 5,000
d Backup withholding erroneously withheld ........... 6d 1,115,235
7 Total credits and payments. Add lines 6a through 6d.............. 7 1,162,274
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 1,126,371
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet11,129 RefundedBullet 11 1,115,242
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? Click to see list of attachments....................
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 changesClick to see list of attachments....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.Click to see list of attachments
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)
    bulletUT, WY
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2020 or the taxable year beginning in 2020? See the instructions for Part XIV.
    If "Yes," complete Part XIV .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructionsClick to see attachment.................
    12
    Yes
     
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletCATHY HANDLEY Telephone no.bullet (307) 734-0708

    Located atbullet148 SOUTH REDMONDJACKSONWY ZIP+4bullet83001
    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
    ANNETTE P CUMMING VP/TRUSTEE/EXECUTIVE DIRECTOR
    0.25     		0 0 0
    PO BOX 4902
    Jackson,WY83001
    JOHN D CUMMING TRUSTEE
    0.1     		0 0 0
    PO BOX 4902
    JACKSON,WY83001
    DAVID E CUMMING trustee/president
    0.1     		0 0 0
    PO BOX 4902
    JACKSON,WY83001
    Cathy Handley Treasurer
    1.0     		0 0 0
    PO BOX 4902
    JACKSON,WY83001
    Jessica Grant Secretary
    1.0     		0 0 0
    PO BOX 4902
    JACKSON,WY83001
    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
    Dr Henry McFarland CONSULTING 82,925
    10 White Oak Drive Apt 220
    EXETER,NH03833
    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 NOT APPLICABLE  
    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
    2,226,928
    b
    Average of monthly cash balances.......................
    1b
    14,946,219
    c
    Fair market value of all other assets (see instructions)................
    1c
    34,356,402
    d
    Total (add lines 1a, b, and c).........................
    1d
    51,529,549
    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
    51,529,549
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    772,943
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    50,756,606
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    2,537,830
    Part XI
    Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    2,537,830
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    35,903
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    35,903
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    2,501,927
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    2,501,927
    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
    2,501,927
    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
    3,593,166
    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
    3,593,166
    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
    3,593,166
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2019     		(c)
    2019     		(d)
    2020
    1 Distributable amount for 2020 from Part XI, line 7 2,501,927
    2 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only....... 0
    b Total for prior years:2018, 2017, 2016 0
    3 Excess distributions carryover, if any, to 2020:
    a From 2015...... 8,855,486
    b From 2016...... 1,350,719
    c From 2017...... 1,055,537
    d From 2018...... 197,524
    e From 2019...... 783,212
    fTotal of lines 3a through e........ 12,242,478
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$ 3,593,166
    a Applied to 2019, but not more than line 2a 0
    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..... 2,501,927
    e Remaining amount distributed out of corpus 1,091,239
    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 13,333,717
    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......     		 
    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) .......     		 
    8 Excess distributions carryover from 2015 not
    applied on line 5 or line 7 (see instructions) ...     		8,855,486
    9Excess distributions carryover to 2021.
    Subtract lines 7 and 8 from line 6a ......     		4,478,231
    10 Analysis of line 9:
    a Excess from 2016.... 1,350,719
    b Excess from 2017.... 1,055,537
    c Excess from 2018.... 197,524
    d Excess from 2019.... 783,212
    e Excess from 2020.... 1,091,239
    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).)
    DAVID E CUMMING JOHN D CUMMING
    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.
    NA
    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
    UNIVERSITY OF UTAH
    200 S Central Campus Dr Room 162
    Salt Lake City,UT84112     		  PC Poulson Family Endowed Scholarship Fund - Benefits a student that is blind, low vision or has a physical disability 1,000
    The River Fund of New York
    89-11 Lefferts Blvd
    Richmond Hill,NY11418     		  PC GENERAL OPERATING SUPPORT 100,000
    Park City Community Foundation
    PO Box 681499
    Park City,UT84068     		  PC THE KTC DONOR ADVISED FUND 250,000
    Kappa Alpha Order Educational Foundation
    115 Liberty Hall Road
    Lexington,VA24450     		  PC KA COVID-19 Brotherhood Relief Fund 1,000
    The Grauer School
    1500 S El Camino Real
    Encinitas,CA92024     		  PC THE SCHOLARSHIP FUND 60,000
    The Winston School
    215 9th Street
    Del Mar,CA92014     		  PC DISTANCE LEARNING PROGRAM 60,000
    Rowland Hall
    720 S Guardsman Way
    Salt Lake City,UT84108     		  PC Climate Science Class (1st of 3 Pledge Payments) 30,000
    St George's School
    PO Box 1910
    Newport,RI02840     		  PC St. George's Fund 10,000
    The Desert Community Foundation
    75-105 Merle Dr Suite 300
    Palm Desert,CA92211     		  PC Thunderbird Country Club Scholarship Fund 2,000
    Be United Inc
    2825 S Highway 89 Suite 5
    Bringham City,UT84302     		  PC Box Elder United Football Club 4,000
    Care For Life Inc
    3850 E Baseline Road Suite 114
    Mesa,AZ85206     		  SO III FI GENERAL OPERATING SUPPORT 4,000
    Christian Center of Park City
    PO Box 683480
    Park City,UT84068     		  PC Back 2 School Basics 4,000
    Feeding America
    161 North Clarke Street Suite 700
    Chicago,IL60601     		  PC GENERAL OPERATING SUPPORT 4,000
    Gary Sinise Foundation
    PO Box 368
    Woodland Hills,CA91365     		  PC GENERAL OPERATING SUPPORT 4,000
    Gates Philanthropy Partners
    PO Box 23350
    Seattle,WA98102     		  PC GENERAL OPERATING SUPPORT 4,000
    Teton Youth and Family Services
    PO Box 2631
    Jackson,WY83001     		  PC Hirschfield Center for Children 4,000
    Judge Memorial Catholic High School
    650 South 1100 East
    Salt Lake City,UT84102     		  PC ANNUAL FUND 4,000
    Khan Academy
    PO Box 1630
    Mountain View,CA94042     		  PC GENERAL OPERATING SUPPORT 4,000
    Maliheh Free Clinic
    941 East 3300 South
    Salt Lake City,UT84103     		  PC GENERAL OPERATING SUPPORT 4,000
    Now I Can Foundation
    1675 N Freedom Blvd Suite 10B
    Provo,UT84614     		  PC GENERAL OPERATING SUPPORT 4,000
    One22
    PO Box 1232
    Jackson,WY83001     		  PC GENERAL OPERATING SUPPORT 4,000
    Potters House Association International
    PO Box 106 Dept A
    Pewaukee,WI83072     		  PC GENERAL OPERATING SUPPORT 4,000
    Intermountain Healthcare Foundation
    Department 2672223 PO Box 26722
    Salt Lake City,UT84126     		  PC Primary Children's Hospital Foundation 4,000
    Skating Club of Jackson Hole
    PO Box 1165
    Jackson,WY83001     		  PC Financial Assistance for Skaters in Need 4,000
    Spina Bifida Resource Network
    84 Park Avenue Suite G-106
    Flemington,NJ08822     		  PC GENERAL OPERATING SUPPORT 4,000
    St John's Hospital Foundation
    PO Box 428
    Jackson,WY83001     		  PC Stroke & Cardiac Care Fund 4,000
    The Utah Refugee Connection
    6440 S Wasatch Boulevard Suite 10
    Salt Lake City,UT84121     		  PC GENERAL OPERATING SUPPORT 4,000
    United Angels Foundation
    1411 West 1250 South Suite 310
    Ogden,UT84058     		  PC ANGELS AMONG US 4,000
    Utah Domestic Violence Coalition
    124 South 400 East Suite 430
    Salt Lake City,UT841112178     		  PC GENERAL OPERATING SUPPORT 4,000
    Utah Glory Soccer Club
    PO Box 95534
    South Jordan,UT84095     		  PC GENERAL OPERATING SUPPORT 4,000
    Yellowstone Forever
    222 East Main Street Suite 301
    Bozeman,MT59715     		  PC GENERAL OPERATING SUPPORT 4,000
    Intermountain Healthcare Foundation
    Department 2672223 PO Box 26722
    Salt Lake City,UT84126     		  PC Primary Children's Hospital Foundation 4,000
    The Utah Refugee Connection
    6440 S Wasatch Boulevard Suite 10
    Salt Lake City,UT84121     		  PC GENERAL OPERATING SUPPORT 4,000
    Tahoe Truckee Community Foundation
    PO Box 366
    Truckee,CA96160     		  PC Boreal Play It Forward Fund 112,852
    Community Foundation Boulder County
    1123 Spruce Street
    Boulder,CO80302     		  PC Eldora Play It Forward Fund 212,852
    Vermont Community Foundation
    3 Court Street
    Middlebury,VT05753     		  PC Killington Play It Forward Fund 312,852
    Nevada Community Foundation
    1980 Festival Plaza Drive Suite 3
    Las Vegas,NV89135     		  PC Lee Canyon Play It Forward Fund 62,852
    Oregon Community Foundation
    1221 SW Yamhill Street Suite 100
    Portland,OR97205     		  PC Mt. Bachelor Play It Forward Fund 212,852
    Friends of Vancouver FOUNDATION
    200-475 West Georgia Street
    Vancouver,BCV6B 4M9
    CA     		  PC Community Foundation of the North Okanagan - SilverStar Play It Forward Fund 112,852
    Park City Community Foundation
    PO Box 681499
    Park City,UT84068     		  PC Snowbird Play It Forward Fund 162,852
    Park City Community Foundation
    PO Box 681499
    Park City,UT84068     		  PC Woodward Play It Forward Fund 162,852
    The Summit Foundation
    PO Box 4000
    Breckenridge,CO80424     		  PC Copper Mountain Play It Forward Fund 312,852
    UNIVERSITY OF UTAH
    PO Box 410481
    Salt Lake City,UT841410481     		  PC David Eccles School of Business - Cumming Family Scholars 10,000
    Community Foundation of Utah
    2257 South 1100 East Suite 205
    Salt Lake City,UT84106     		  PC Utah Savory Relief Pack Fund 5,000
    Community Safety Network
    PO Box 1328
    Jackson,WY83001     		  PC GENERAL OPERATING SUPPORT 10,000
    Fourth Street Clinic
    409 West 400 South
    Salt Lake City,UT84101     		  PC GENERAL OPERATING SUPPORT 20,000
    Hole Food Rescue
    PO Box 2955
    Jackson,WY83001     		  PC GENERAL OPERATING SUPPORT 5,000
    One22
    PO Box 1232
    Jackson,WY83001     		  PC GENERAL OPERATING SUPPORT 10,000
    Springs Food Pantry
    5 Old Stone Highway
    East Hampton,NY11937     		  PC GENERAL OPERATING SUPPORT 5,000
    St John's Episcopal Church
    PO Box 1690
    Jackson,WY83001     		  PC Wind River Fund 10,000
    The Children's Center
    350 South 400 East
    Salt Lake City,UT84111     		  PC GENERAL OPERATING SUPPORT 10,000
    United Way of Salt Lake
    257 East 200 South 300
    Salt Lake City,UT84111     		  PC COVID-19 Community Response Fund 5,000
    Salt Lake Tribune
    90 South 400 West Suite 700
    Salt Lake City,UT94101     		  PC GENERAL OPERATING SUPPORT 10,000
    Park City Community Foundation
    PO Box 681499
    Park City,UT84068     		  PC Snowbird Play It Forward Fund 5,000
    American Civil Liberties Union Foundation
    125 Broad Street 18th Floor
    New York,NY10004     		  PC GENERAL OPERATING SUPPORT 50,000
    Feeding America
    161 North Clarke Street Suite 700
    Chicago,IL60601     		  PC GENERAL OPERATING SUPPORT 10,000
    Friends of UNFPA
    605 Third Avenue 4th Floor
    New York,NY10158     		  PC GENERAL OPERATING SUPPORT 20,000
    Grand Canyon Trust
    2601 North Fort Valley Road
    Flagstaff,AZ86001     		  PC Support Tribal Communities Facing COVID-19 5,000
    International Planned Parenthood Federation
    125 Maiden Lane 9th Floor
    New York,NY10038     		  PC Western Hemisphere Region 20,000
    Pastor France A Davis Scholarship fund
    1912 Meadow Drive
    Salt Lake City,UT84121     		  PC GENERAL OPERATING SUPPORT 10,000
    PATH
    PO Box 900922
    Seattle,WA98109     		  PC GENERAL OPERATING SUPPORT 10,000
    Planned Parenthood Federation of America
    123 William Street 10th Floor
    New York,NY10038     		  PC GENERAL OPERATING SUPPORT 50,000
    Planned Parenthood Association of Utah
    654 South 900 East
    Salt Lake City,UT84102     		  PC GENERAL OPERATING SUPPORT 50,000
    Planned Parenthood of the Rocky Mountains
    7155 East 38th Avenue
    Denver,CO80207     		  PC GENERAL OPERATING SUPPORT 50,000
    Planned Parenthood Hudson Peconic
    570 Taxter Road Suite 250
    Elmsford,NY10523     		  PC GENERAL OPERATING SUPPORT 20,000
    Salt Lake Tribune
    90 South 400 West Suite 700
    Salt Lake City,UT94101     		  PC General suppport 20,000
    Utah Community Action
    1307 South 900 West
    Salt Lake City,UT84104     		  PC Rent and Food Assistance 5,000
    YWCA Utah
    322 East 300 South
    Salt Lake City,UT84111     		  PC Domestic Violence Support 10,000
    Neuroworx
    90 West Albion Village Way
    Sandy,UT84070     		  PC GENERAL OPERATING SUPPORT 4,000
    Community Foundation of Jackson Hole Old Bill's F
    PO Box 574
    Jackson,WY83001     		  PC Old Bill's Fun Run, Community Emergency Response Fund 10,000
    The Retreat
    13 Goodfriend Drive
    East Hampton,NY11937     		  PC Women's Shelter 5,000
    Park City Community Foundation
    PO Box 681499
    Park City,UT84068     		  PC Park City Climate Fund 5,000
    Quincy Asian Resources Inc
    1509 Hancock Street Suite 209
    Quincy,MA02169     		  PC GENERAL OPERATING SUPPORT 10,000
    Perlman Music Program
    19 West 69th Street Suite 1101
    New York,NY10023     		  PC GENERAL OPERATING SUPPORT 10,000
    Better Utah Institute
    PO Box 521847
    Salt Lake City,UT84152     		  PC GENERAL OPERATING SUPPORT 2,500
    Friends of UNFPA
    605 Third Avenue 4th Floor
    New York,NY10158     		  PC In Memory of Mary Lindsay GENERAL OPERATING SUPPORT 500
    Rocky Mountain Innocence Center
    358 South 700 East B235
    Salt Lake City,UT84102     		  PC GENERAL OPERATING SUPPORT 10,000
    Bridgercare
    1288 North 14th Avenue Suite 201
    Bozeman,MT59715     		  PC In Honor of Suzy and Sarah Day GENERAL OPERATING SUPPORT 5,000
    Community Safety Network
    PO Box 1328
    Jackson,WY83001     		  PC GENERAL OPERATING SUPPORT 10,000
    East Hampton Healthcare Foundation
    200 Pantigo Place Suite M
    East Hampton,NY11937     		  PC GENERAL OPERATING SUPPORT 25,000
    Fourth Street Clinic
    409 West 400 South
    Salt Lake City,UT84101     		  PC IUD and other birth control effoRts and FOR expansion into other areas 30,000
    Grand Canyon Trust
    2601 North Fort Valley Road
    Flagstaff,AZ86001     		  PC Support Tribal Communities Facing COVID-19 5,000
    Guttmacher Institute
    125 Maiden Lane 7th Floor
    New York,NY10038     		  PC GENERAL OPERATING SUPPORT 5,000
    Healthy Environment Alliance of Utah
    824 South 400 West Suite B-111
    Salt Lake City,UT84101     		  PC GENERAL OPERATING SUPPORT 2,000
    Teton Youth and Family Services
    PO Box 2631
    Jackson,WY83001     		  PC Hirschfield Center for Children 5,000
    House of Hope
    857 East 200 South
    Salt Lake City,UT84102     		  PC GENERAL OPERATING SUPPORT 15,000
    Planned Parenthood Federation of America
    123 William Street 10th Floor
    New York,NY10038     		  PC GENERAL OPERATING SUPPORT 5,000
    Planned Parenthood of the Rocky Mountains
    7155 East 38th Avenue
    Denver,CO80207     		  PC GENERAL OPERATING SUPPORT 5,000
    Rurual Utah Project Education Fund
    323 South 600 East Suite 130
    Salt Lake City,UT84102     		  PC GENERAL OPERATING SUPPORT 25,000
    The Nature Conservancy Utah
    559 East South Temple
    Salt Lake City,UT84102     		  PC Efforts to assist reservations 50,000
    The Other Side Academy
    667 East 100 South
    Salt Lake City,UT84102     		  PC General OPERATING SUPPORT 5,000
    University of Utah College of Nursing
    10 South 2000 East
    Salt Lake City,UT841125880     		  PC Family Caregiving Initiative 500,000
    Utah Domestic Violence Coalition
    124 South 400 East Suite 430
    Salt Lake City,UT841112178     		  PC GENERAL OPERATING SUPPORT 5,000
    Utah Food Bank
    3150 South 900 West
    Salt Lake City,UT84119     		  PC GENERAL OPERATING SUPPORT 5,000
    YWCA Utah
    322 East 300 South
    Salt Lake City,UT84111     		  PC DOMESTIC VIOLENCE SUPPORT 5,000
    Sunrise Movement Education Fund
    50 F Street NW Suite 700
    Washington,DC20001     		  PC THRIVE AGENDA 5,200
    Total .................................bullet 3a 3,479,868
    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 29,428  
    4 Dividends and interest from securities.... 523000 47 14 1,011,317  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6 Net rental income or (loss) from personal property          
    7 Other investment income.....          
    8 Gain or (loss) from sales of assets other than
    inventory ............     		523000 67,189 18 2,160,719  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aRETIREMENT PLAN LIQUIDATION PROCEEDS     		    01 1,743,461  
    bFEDERAL AND STATE TAX REFUNDS     01 200  
    cNET INCOME FROM PARTNERSHIP INVESTMENTS 523000 62,114 01 -594,072  
    dBOOK - TAX DIFFERENCES FROM PASS THROUGH     01 -2,602,274  
    e
    12 Subtotal. Add columns (b), (d), and (e).. 129,350 1,748,779  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    1,878,129
    (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
    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
    CUMMING FOUNDATION
     
    Employer identification number

    87-0440091
    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
    CUMMING FOUNDATION
          		Employer identification number
    87-0440091
    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
    Ian M Cumming CLAT
    PO BOX 4902
     
    JACKSON, WY83001

    		$ 55,735,622


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    2
    Ernest L and Helen L Poulson Trus
    PO BOX 4902
     
    JACKSON, WY83001

    		$ 79,009


    (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
    CUMMING FOUNDATION
          		Employer identification number

    87-0440091
    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
    1
    		 Partnership interest $ 55,735,622 2020-09-01
    (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
    CUMMING FOUNDATION
          		Employer identification number

    87-0440091
    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:
    CUMMING FOUNDATION
    EIN:
    87-0440091
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 15,450 7,725 0 7,725

    TY 2020 AllOthProgRltdInvestmentsSch
    Name:
    CUMMING FOUNDATION
    EIN:
    87-0440091
    Category Amount
    NONE  

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

    TY 2020 DepreciationSchedule
    Name:
    CUMMING FOUNDATION
    EIN:
    87-0440091
    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

    TY 2020 InvestmentsCorpBondsSchedule
    Name:
    CUMMING FOUNDATION
    EIN:
    87-0440091
    Name of Bond End of Year Book Value End of Year Fair Market Value
    BURLINGTON NORTH SF 9902 TR 8,684 2,131
    TOBACCO SETTLEMENT AUTH IOWA 44,355 45,666
    LORD ABBETT (LOLDX) 10,411,844 10,486,363

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    CUMMING FOUNDATION
    EIN:
    87-0440091
    Name of Stock End of Year Book Value End of Year Fair Market Value
    CRIMSON WINE GROUP STOCK 53,881 147,050
    KIRKLAND LAKE GOLD 125,483 139,221
    EVOLUTION MINING 126,108 151,919
    NEWCREST MINING 128,761 135,154
    REGIS RESOURCES 125,379 135,384
    AGNICO EAGLE MINES 129,717 125,508
    NEWMONT CORP 129,689 114,390
    BARRICK GOLD CORP 130,221 102,433
    KINROSS GOLD CORP 129,770 109,602
    FRANCO-NEVADA CORP 128,751 100,846

    TY 2020 InvestmentsOtherSchedule2
    Name:
    CUMMING FOUNDATION
    EIN:
    87-0440091
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    RAMIUS MULTI STRATEGY FUND LTD   0 340,986
    JZ EQUITY PARTNERS PLC   478,347 266,984
    CEDAR STREET TETON FUND LP   1,153,968 1,083,974
    RCG KENNEDY HOUSE LLC   9,267 0
    RA CAPITAL BIOTECH FUND LP   6,544,017 8,482,942
    CENTERBRIDGE CAPITAL PARTNERS   106,401 101,081
    KEYSTONE PRIVATE MARKET OPP IX   2,893,463 3,190,534
    GLADE LLC   55,735,623 58,827,217

    TY 2020 LegalFeesSchedule
    Name:
    CUMMING FOUNDATION
    EIN:
    87-0440091
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL SERVICES 2,054 0 0 2,054


    TY 2020 OtherExpensesSchedule
    Name:
    CUMMING FOUNDATION
    EIN:
    87-0440091
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    BANK FEES 943 943 0 0
    FILING FEES 25 0 0 25
    DUES & MEMBERSHIPS 15,050 0 0 15,050


    TY 2020 OtherIncomeSchedule2
    Name:
    CUMMING FOUNDATION
    EIN:
    87-0440091
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    RETIREMENT PLAN LIQUIDATION PROCEEDS 1,743,461 0 0
    NET INCOME FROM PARTNERSHIP INVESTMENTS -531,958 -594,050 0
    BOOK - TAX DIFFERENCES FROM PASS-THROUGH -2,602,274 0 0
    Federal tax refund 200 0 0


    TY 2020 OtherIncreasesSchedule
    Name:
    CUMMING FOUNDATION
    EIN:
    87-0440091
    Description Amount
    PRIOR PERIOD PSHIP TRUE-UP FOR BOOK 1,839,850


    TY 2020 OtherProfessionalFeesSchedule
    Name:
    CUMMING FOUNDATION
    EIN:
    87-0440091
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    PROFESSIONAL FEES 82,925 0 0 82,925
    ASSET MANAGEMENT FEES 17,750 17,750 0 0


    TY 2020 TaxesSchedule
    Name:
    CUMMING FOUNDATION
    EIN:
    87-0440091
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FEDERAL INCOME TAX WITHHELD 1,115,235 0 0 0
    FOREIGN TAXES PAID 976 976 0 0