TY 2020 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

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

Do not enter social security numbers on this form as it may be made public.
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Go to www.irs.gov/Form990PF for instructions and the latest information.

OMB No. 1545-0052

2020

Open to Public Inspection

For calendar year 2020, or tax year beginning 01-01-2020 , and ending 12-31-2020

Name of foundation
SHEPHERD FOUNDATION

Number and street (or P.O. box number if mail is not delivered to street address)300 TICE BOULEVARD NO 315
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
WOODCLIFF LAKE, NJ076779907

A Employer identification number

22-6460210

B Telephone number (see instructions)

(201) 490-3788

C If exemption application is pending, check here bullet

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

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

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

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

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

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

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

$412,405J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

	Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).)	(a) Revenue and expenses per books		(b) Net investment income	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .............
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	263,659		263,659
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		327,607
b	Gross sales price for all assets on line 6a 10,231,186
7	Capital gain net income (from Part IV, line 2)...			327,607
8	Net short-term capital gain.........
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......
12	Total. Add lines 1 through 11........	591,266		591,266
13	Compensation of officers, directors, trustees, etc.	95,389		0	95,389
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......		1,900	1,900	0
c	Other professional fees (attach schedule)....		60,719	60,719	0
17	Interest...............	2,833		2,833	0
18	Taxes (attach schedule) (see instructions)...		831	831	0
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......		9,030	0	9,030
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	170,702		66,283	104,419
25	Contributions, gifts, grants paid.......	798,000			798,000
26	Total expenses and disbursements. Add lines 24 and 25	968,702		66,283	902,419
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-377,436
b	Net investment income (if negative, enter -0-)			524,983
c	Adjusted net income (if negative, enter -0-)...

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2020)

Form 990-PF (2020)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............
	2	Savings and temporary cash investments.........
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	16,181,619	412,405	412,405
	c	Investments—corporate bonds (attach schedule).......	2,195,409	0	0
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	4,337,644	0	0
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	22,714,672	412,405	412,405
	17	Accounts payable and accrued expenses..........
	18	Grants payable.................
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22).........	0	0
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........	22,714,672	412,405
	27	Paid-in or capital surplus, or land, bldg., and equipment fund	0	0
	28	Retained earnings, accumulated income, endowment, or other funds	0	0
	29	Total net assets or fund balances (see instructions).....	22,714,672	412,405
	30	Total liabilities and net assets/fund balances (see instructions).	22,714,672	412,405

Part III

Analysis of Changes in Net Assets or Fund Balances

Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............

22,714,672

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

-377,436

Other increases not included in line 2 (itemize) bullet

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

22,337,236

Decreases not included in line 2 (itemize) bullet

21,924,831

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

412,405

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	CITIGROUP INC.	P	2019-06-14	2020-05-13
b	JPMORGAN CHASE & CO	P	2020-02-19	2020-05-13
c	JP MORGAN CAHSE & CO	P	2020-04-01	2020-05-13
d	PRUDENTIAL FINANCIAL INC.	P	2019-06-14	2020-05-13
e	ACE INA HLDGS INC.	P	2016-04-26	2020-05-13
	BOEING CO	P	2011-01-13	2020-02-15
	CATERPILLAR INC.	P	2018-02-16	2020-05-13
	CITIGROUP INC.	P	2017-06-07	2020-05-13
	CITIGROUP INC.	P	2016-02-23	2020-02-18
	FLORIDA PWR & LT CO	P	2018-02-20	2020-05-13
	GENERAL ELEC CAP CORP	P	2016-06-16	2020-04-23
	GOLDMAN SACHS GROUP INC.	P	2016-01-26	2020-05-13
	GOLDMAN SACHS GROUP INC.	P	2016-08-02	2020-05-13
	JP MORGAN CHASE & CO	P	2011-01-13	2020-05-13
	PIMCO INTERNATIONAL BOND FUND UNHEDGED	P	2008-05-29	2020-05-13
	PUTNAM SHORT DURATION INCOME FUND	P	2017-01-27	2020-05-13
	UNITED PARCEL SVC INC.	P	2018-02-16	2020-05-13
	VANGUARD SHORT-TERM CORPORATE BIND ETF	P	2014-06-24	2020-05-13
	VIRTUS SEIX HIGH TIELD FUND	P	2016-03-28	2020-05-13
	WELLS FARGO & CO	P	2015-04-15	2020-05-13
	WELLS FARGO & CO NEW	P	2018-02-16	2020-05-13
	WAL-MART STORES INC.	P	2011-01-13	2020-05-13
	ALIBABA GROUP	P	2020-06-30	2020-12-31
	ALLEGHENY TECHNOLOGIES INC	P	2020-06-30	2020-12-31
	AON PLC (IE) COM	P	2020-06-30	2020-12-31
	CHARLES RIV LABRATORIES	P	2020-06-30	2020-12-31
	CORNING INC.	P	2020-06-30	2020-12-31
	CRITEO S.A. ADS EACH REPR	P	2020-06-30	2020-12-31
	DELTA AIR LINES INC.	P	2020-06-30	2020-12-31
	EXPEDIA GROUP INC.	P	2020-06-30	2020-12-31
	GTT COMMUNICATIONS INC.	P	2020-06-30	2020-12-31
	INOVALON HLDGS INC.	P	2020-06-30	2020-12-31
	PERRIGO CO PLC	P	2020-06-30	2020-12-31
	SCHOLASTIC CORP	P	2020-06-30	2020-12-31
	STERICYCLE INC.	P	2020-06-30	2020-12-31
	TE CONNECTIVITY LTD	P	2020-06-30	2020-12-31
	TETRA TECH INC.	P	2020-06-30	2020-12-31
	WESTERN DIGITAL CORP	P	2020-06-30	2020-12-31
	ALIBABA GROUP	P	2019-01-01	2020-12-31
	ALLEGHENY TECHNOLOGIES INC	P	2019-01-01	2020-12-31
	ALPHABET INC. CAP	P	2019-01-01	2020-12-31
	ALPHABET INC. CAP	P	2019-01-01	2020-12-31
	AMDOCS LTD	P	2019-01-01	2020-12-31
	AON PLC (IE) COM	P	2019-01-01	2020-12-31
	AON PLC	P	2019-01-01	2020-12-31
	CAMPBELL SOUP CO	P	2019-01-01	2020-12-31
	CORNING INC.	P	2019-01-01	2020-12-31
	DELTA AIR LINES INC.	P	2019-01-01	2020-12-31
	EXPEDIA GROUP INC.	P	2019-01-01	2020-12-31
	GTT COMMUNICATIONS INC.	P	2019-01-01	2020-12-31
	INOVALON HLDGS INC.	P	2019-01-01	2020-12-31
	NICE LTD ADR-EACH	P	2019-01-01	2020-12-31
	NORTONLIFELOCK INC.	P	2019-01-01	2020-12-31
	PAYPAL HLDGS INC.	P	2019-01-01	2020-12-31
	PERRIGO CO PLC	P	2019-01-01	2020-12-31
	PETS AT HOME GROUP PLC	P	2019-01-01	2020-12-31
	PROVIDENCE SVC CORP	P	2019-01-01	2020-12-31
	QUANTA SERVICES COM	P	2019-01-01	2020-12-31
	REINSURANCE GRP OF AMERICA	P	2019-01-01	2020-12-31
	SCHOLASTIC CORP	P	2019-01-01	2020-12-31
	STARWOOD PPTY	P	2019-01-01	2020-12-31
	STERICYCLE INC.	P	2019-01-01	2020-12-31
	TE CONNECTIVITY LTD	P	2019-01-01	2020-12-31
	TETRA TECH INC.	P	2019-01-01	2020-12-31
	TEXAS INSTRUMENTS INC.	P	2019-01-01	2020-12-31
	WESTERN DIGITAL CORP	P	2019-01-01	2020-12-31
	ATT INC	P	2020-06-30	2020-12-31
	DUKE ENERGY FLORIDA LLC	P	2020-06-30	2020-12-31
	QVC INC	P	2020-06-30	2020-12-31
	SALESFORCE.COM	P	2020-06-30	2020-12-31
	ATT INC	P	2019-01-01	2020-12-31
	ACE INA HLDGS INC.	P	2019-01-01	2020-12-31
	APPLE INC	P	2019-01-01	2020-12-31
	APPLE INC.	P	2019-01-01	2020-12-31
	BANK OF AMERICA CORP	P	2019-01-01	2020-12-31
	BK OF NY MELLON CORP	P	2019-01-01	2020-12-31
	CHARTER COMM OPT	P	2019-01-01	2020-12-31
	CHARTER COMM OPT	P	2019-01-01	2020-12-31
	COMMONWEALTH EDISON CO	P	2019-01-01	2020-12-31
	DISCOVERY COMM INC.	P	2019-01-01	2020-12-31
	EXXON MOBIL CORP	P	2019-01-01	2020-12-31
	FORD MOTOR CRDT CO LLC	P	2019-01-01	2020-12-31
	INTEL CORP	P	2019-01-01	2020-12-31
	MASCO CORP B/E	P	2019-01-01	2020-12-31
	ACE INA HLDGS INC.	P	2019-01-01	2020-12-31
	AMERICAN EXPRESS CREDIT	P	2019-01-01	2020-12-31
	BK OF NY MELLON CORP	P	2019-01-01	2020-12-31
	COMCAST CORP	P	2019-01-01	2020-12-31
	FORD MOR	P	2019-01-01	2020-12-31
	JP MORGAN CHASE & CO	P	2019-01-01	2020-12-31
	JPMORGAN CHASE & CO	P	2019-01-01	2020-12-31
	PNC BK	P	2019-01-01	2020-12-31
	PNC BK	P	2019-01-01	2020-12-31
	SOUTHERN CALIF GAS CO	P	2019-01-01	2020-12-31
	STATE STREET CORP	P	2019-01-01	2020-12-31
	TOLL BROS FINANCE CORP	P	2019-01-01	2020-12-31
	AMER AIRLN INC	P	2019-01-01	2020-12-31
	HAWAIIAN AIRLINES INC.	P	2019-01-01	2020-12-31
	SPIRIT AIR 2015-1	P	2019-01-01	2020-12-31
	UNITE 2014-2	P	2019-01-01	2020-12-31
	NSTAR ELEC CO	P	2019-01-01	2020-12-31
	PEPSICO INC.	P	2019-01-01	2020-12-31
	PRAXAIR INC.	P	2019-01-01	2020-12-31
	QVC INC	P	2019-01-01	2020-12-31
	TOLL BROS FINANCE CORP	P	2019-01-01	2020-12-31
	US BANCORP	P	2019-01-01	2020-12-31
	AGNC INVT CORP CUM	P	2020-06-30	2020-12-31
	AGNC INVT CORP	P	2020-06-30	2020-12-31
	AGNC INVT CORP	P	2020-06-30	2020-12-31
	AGNC INVT CORP	P	2020-06-30	2020-12-31
	AT&T INC.	P	2020-06-30	2020-12-31
	AEGON FUNDING COMPANY	P	2020-06-30	2020-12-31
	AIR LEASE CORP	P	2020-06-30	2020-12-31
	ALGONQUIN PWR UTILS	P	2020-06-30	2020-12-31
	ALGONQUIN PWR UTILS	P	2020-06-30	2020-12-31
	ALLSTATE CORP	P	2020-06-30	2020-12-31
	AMERICAN EQTY INVT	P	2020-06-30	2020-12-31
	AMERICAN HOMES 4 RENT RED	P	2020-06-30	2020-12-31
	ANNALY CAPITAL MANAGEMENT INC.	P	2020-06-30	2020-12-31
	ANNALY CAPITAL MANAGEMENT INC.	P	2020-06-30	2020-12-31
	ATHENE HOLDING LTD	P	2020-06-30	2020-12-31
	BK OF AMERICA CORP	P	2020-06-30	2020-12-31
	BERKLEY WR CORP CAL SUB DEB	P	2020-06-30	2020-12-31
	CHS INC	P	2020-06-30	2020-12-31
	CAPITAL ONE FINL CORP	P	2020-06-30	2020-12-31
	CAPITAL ONE FINL CORP	P	2020-06-30	2020-12-31
	CITIGROUP INC.	P	2020-06-30	2020-12-31
	DIGITAL RLTY TR INC.	P	2020-06-30	2020-12-31
	ENBRIDGE INC.	P	2020-06-30	2020-12-31
	ENSTAR GROUP LTD	P	2020-06-30	2020-12-31
	EQUITABLE HLDGS INC	P	2020-06-30	2020-12-31
	GMAC CAP TR	P	2020-06-30	2020-12-31
	JPMORGAN CHASE & CO	P	2020-06-30	2020-12-31
	PS BUSINESS PKS INC.	P	2020-06-30	2020-12-31
	SOUTH JERSEY INDS INC.	P	2020-06-30	2020-12-31
	SOUTHERN CO NT	P	2020-06-30	2020-12-31
	SPIRE INC.	P	2020-06-30	2020-12-31
	SYNOVUS FINL CORP	P	2020-06-30	2020-12-31
	TWO HBRS INVT	P	2020-06-30	2020-12-31
	WELLS FARGO & CO	P	2020-06-30	2020-12-31
	WELLS FARGO & CO	P	2020-06-30	2020-12-31
	WELLS FARGO & CO	P	2020-06-30	2020-12-31
	WINTRUST FINL CORP	P	2020-06-30	2020-12-31
	WINTRUST FINL CORP	P	2020-06-30	2020-12-31
	ASPEN INSURANCE HOLDINGS LTD	P	2020-06-30	2020-12-31
	ATHENE HOLDING LTD	P	2020-06-30	2020-12-31
	AGNC INVT CORP	P	2019-01-01	2020-12-31
	AT&T INC.	P	2019-01-01	2020-12-31
	AFFILIATED MANAGERS GROUP INC.	P	2019-01-01	2020-12-31
	AIR LEASE CORP	P	2019-01-01	2020-12-31
	ALGONQUIN PWR UTILS	P	2019-01-01	2020-12-31
	ALLSTATE CORP	P	2019-01-01	2020-12-31
	AMERICAN HOMES 4 RENT RED	P	2019-01-01	2020-12-31
	ANNALY CAPITAL MANAGEMENT INC.	P	2019-01-01	2020-12-31
	AXIS CAP HLDGS	P	2019-01-01	2020-12-31
	BANCO SANTANDER S A	P	2019-01-01	2020-12-31
	BK OF AMERICA CORP	P	2019-01-01	2020-12-31
	BK OF AMERICA CORP	P	2019-01-01	2020-12-31
	BANK OF AMERICA CORP	P	2019-01-01	2020-12-31
	BANK OF AMERICA CORP	P	2019-01-01	2020-12-31
	CHS INC. PFD	P	2019-01-01	2020-12-31
	CHS INC	P	2019-01-01	2020-12-31
	CHS INC	P	2019-01-01	2020-12-31
	CHS INC CLASS B	P	2019-01-01	2020-12-31
	CMS ENERGY CORP	P	2019-01-01	2020-12-31
	CAPITAL ONE FINL CORP	P	2019-01-01	2020-12-31
	CAPITAL ONE FINL CORP	P	2019-01-01	2020-12-31
	CITIGROUP INC.	P	2019-01-01	2020-12-31
	CITIGROUP INC.	P	2019-01-01	2020-12-31
	CITIGROUP CAP XIII TR	P	2019-01-01	2020-12-31
	CITIZENS FINL GROUP INC.	P	2019-01-01	2020-12-31
	COLONY CAP INC.	P	2019-01-01	2020-12-31
	COLONY CAP INC.	P	2019-01-01	2020-12-31
	DIGITAL RLTY TR INC.	P	2019-01-01	2020-12-31
	DIGITAL RLTY TR INC.	P	2019-01-01	2020-12-31
	DUKE ENERGY CORP	P	2019-01-01	2020-12-31
	ENBRIDGE INC.	P	2019-01-01	2020-12-31
	ENSTAR GROUP LTD	P	2019-01-01	2020-12-31
	F N B CORP FLA DEP	P	2019-01-01	2020-12-31
	FARMLAND PARTNERS INC.	P	2019-01-01	2020-12-31
	FIFTH THIRD BANCORP DEP	P	2019-01-01	2020-12-31
	FIFTH THIRD BANCORP DEP	P	2019-01-01	2020-12-31
	GMAC CAP TR	P	2019-01-01	2020-12-31
	GLOBAL NET LEASE INC.	P	2019-01-01	2020-12-31
	GLOBE LIFE INC. JR SUB DEB	P	2019-01-01	2020-12-31
	GOLDMAN SACHS GROUP INC.	P	2019-01-01	2020-12-31
	GOLDMAN SACHS GROUP INC.	P	2019-01-01	2020-12-31
	HARTFORD FINL SVCS GROUP INC.	P	2019-01-01	2020-12-31
	HARTFORD FINL SVCS GROUP INC.	P	2019-01-01	2020-12-31
	HUNTINGTON BANCSHARES INC.	P	2019-01-01	2020-12-31
	IBERIABANK CORP	P	2019-01-01	2020-12-31
	ING GROEP N.V. PERP DBT	P	2019-01-01	2020-12-31
	INVESCO MORTGAGE CAPITAL INC.	P	2019-01-01	2020-12-31
	JP MORGAN CHASE & CO	P	2019-01-01	2020-12-31
	JP MORGAN CAHSE & CO	P	2019-01-01	2020-12-31
	JP MORGAN CAHSE & CO	P	2019-01-01	2020-12-31
	KEYCORP DEP SHS	P	2019-01-01	2020-12-31
	MORGAN STANLEY DEP	P	2019-01-01	2020-12-31
	MORGAN STANLEY DEP	P	2019-01-01	2020-12-31
	MORGAN STANLEY DEP	P	2019-01-01	2020-12-31
	MORGAN STANLEY DEP	P	2019-01-01	2020-12-31
	NATIONAL RURAL UTILS COOP FIN	P	2019-01-01	2020-12-31
	NEW YORK CMNTY BANCORP	P	2019-01-01	2020-12-31
	NEXTERA ENERGY CAP HLDS	P	2019-01-01	2020-12-31
	NISOURCE INC	P	2019-01-01	2020-12-31
	PNC FINL SVCS GROUP INC	P	2019-01-01	2020-12-31
	POEPLES UNITED FINANCIAL	P	2019-01-01	2020-12-31
	PRUDENTIAL FINANCIAL INC.	P	2019-01-01	2020-12-31
	QWEST CORP NT	P	2019-01-01	2020-12-31
	REGIONS FINANCIAL CORP	P	2019-01-01	2020-12-31
	REGIONS FINANCIAL CORP	P	2019-01-01	2020-12-31
	REINSURANCE GRP OF AMERICA	P	2019-01-01	2020-12-31
	REINSURANCE GRP OF AMERICA	P	2019-01-01	2020-12-31
	SCE TRUST IV PFD	P	2019-01-01	2020-12-31
	SCE TR V PFD	P	2019-01-01	2020-12-31
	SCHWAB CHARLES CORP DEP	P	2019-01-01	2020-12-31
	STATE STR CORP DEP	P	2019-01-01	2020-12-31
	STATE STR CORP DEP	P	2019-01-01	2020-12-31
	STIFEL FINL CORP	P	2019-01-01	2020-12-31
	SYNOVUS FINL CORP	P	2019-01-01	2020-12-31
	TCF FINL CORP	P	2019-01-01	2020-12-31
	TAUBMAN CENTERS INC	P	2019-01-01	2020-12-31
	TWO HBRS INVT CORP	P	2019-01-01	2020-12-31
	US BANCORP DEL DEP	P	2019-01-01	2020-12-31
	US BANCORP DEL DEP	P	2019-01-01	2020-12-31
	URSTADT BIDDLE PPRYS	P	2019-01-01	2020-12-31
	VALLEY NATL BANCORP	P	2019-01-01	2020-12-31
	VALLEY NATL BANCORP	P	2019-01-01	2020-12-31
	WELLS FARGO & CO	P	2019-01-01	2020-12-31
	WELLS FARGO & CO	P	2019-01-01	2020-12-31
	WELLS FARGO & CO	P	2019-01-01	2020-12-31
	WELLS FARGO & CO	P	2019-01-01	2020-12-31
	WINTRUST FINL CORP	P	2019-01-01	2020-12-31
	ZIONS BANCORORATION	P	2019-01-01	2020-12-31
	ASPEN INSURANCE HOLDINGS LTD	P	2019-01-01	2020-12-31
	PARTNERRE LTD	P	2019-01-01	2020-12-31
	PARTNERRE LTD	P	2019-01-01	2020-12-31
	ASPEN INSURANCE HOLDINGS LTD	P	2019-01-01	2020-12-31
	ALLSTATE CORP	P	2019-01-01	2020-12-31
	CHS INC PFD B	P	2019-01-01	2020-12-31
	CMS ENERGY CORP	P	2019-01-01	2020-12-31
	CITIGROUP CAP XIII TR	P	2019-01-01	2020-12-31
	DUKE ENERGY CORP	P	2019-01-01	2020-12-31
	ENBRIDGE INC.	P	2019-01-01	2020-12-31
	GMAC CAP TR I	P	2019-01-01	2020-12-31
	GLOBE LIFE INC. JR SUB DEB	P	2019-01-01	2020-12-31
	HARTFORD FINL SVCS GROUP INC.	P	2019-01-01	2020-12-31
	PRUDENTIAL FINANCIAL INC.	P	2019-01-01	2020-12-31
	REINSURANCE GRP OF AMERICA	P	2019-01-01	2020-12-31
	REINSURANCE GRP OF AMERICA	P	2019-01-01	2020-12-31
	COLONY CAP INC.	P	2019-01-01	2020-12-31
	FLOW THROUGH - FOURTHSTONE	P	2020-06-30	2020-12-31
	FLOW THROUGH - FOURTHSTONE	P	2019-01-01	2020-12-31
	FLOW THROUGH - FOURTHSTONE	P	2019-01-01	2020-12-31
	NEUBERGER 1968	P	2019-01-01	2020-12-31
	UBS STONEBRIDGE 0245	P	2019-01-01	2020-12-31

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	26,409	27,810	-1,401
b	155,764	153,930	1,834
c	105,278	99,949	5,329
d	104,962	105,448	-486
e	100,528	102,055	-1,527
	125,000	134,471	-9,471
	103,201	99,309	3,892
	79,228	87,755	-8,527
	100,000	100,000	0
	108,523	100,600	7,923
	101,000	111,472	-10,472
	100,392	99,641	751
	101,302	101,740	-438
	125,873	124,920	953
	110,504	128,253	-17,749
	99,503	100,000	-497
	104,349	98,560	5,789
	179,710	177,572	2,138
	49,951	49,810	141
	87,342	94,909	-7,567
	101,217	98,803	2,414
	125,578	124,937	641
	48,893	39,360	9,533
	77,183	149,531	-72,348
	21,019	19,617	1,402
	215,995	134,980	81,015
	81,760	108,214	-26,454
	125,194	216,196	-91,002
	62,370	107,991	-45,621
	99,419	132,668	-33,249
	189,226	253,665	-64,439
	14,068	12,906	1,162
	169,414	151,404	18,010
	47,627	64,851	-17,224
	29,217	26,013	3,204
	13,838	13,485	353
	21,270	22,039	-769
	122,159	96,239	25,920
	250,133	199,763	50,370
	69,432	190,184	-120,752
	226,366	52,572	173,794
	68,721	14,955	53,766
	292,974	176,489	116,485
	216,497	83,743	132,754
	30,720	10,178	20,542
	192,000	192,000	0
	145,001	108,065	36,936
	80,231	181,372	-101,141
	118,002	223,487	-105,485
	100,841	332,632	-231,791
	364,396	266,425	97,971
	265,823	51,578	214,245
	221,415	251,672	-30,257
	203,024	57,362	145,662
	165,485	149,285	16,200
	363,344	289,083	74,261
	121,661	99,447	22,214
	239,867	264,765	-24,898
	137,979	139,250	-1,271
	153,319	238,317	-84,998
	40,450	49,819	-9,369
	187,892	234,892	-47,000
	138,036	134,099	3,937
	159,859	57,347	102,512
	132,565	32,901	99,664
	173,480	153,652	19,828
	27,451	27,229	222
	31,428	29,984	1,444
	4,527	5,109	-582
	34,006	32,227	1,779
	21,960	19,902	2,058
	16,436	14,689	1,747
	16,006	14,957	1,049
	33,062	30,305	2,757
	48,191	45,044	3,147
	16,201	15,305	896
	28,077	26,009	2,068
	21,731	19,340	2,391
	33,768	29,614	4,154
	46,356	44,222	2,134
	21,507	20,628	879
	13,353	15,386	-2,033
	49,529	44,898	4,631
	19,814	18,725	1,089
	10,958	10,042	916
	16,308	14,928	1,380
	33,272	30,028	3,244
	22,071	19,987	2,084
	9,220	10,019	-799
	31,965	29,987	1,978
	16,081	14,996	1,085
	10,776	9,975	801
	37,741	34,858	2,883
	15,763	14,971	792
	16,640	14,980	1,660
	30,600	30,000	600
	5,864	5,864	0
	16,533	16,533	0
	12,429	12,429	0
	29,449	29,449	0
	43,440	39,986	3,454
	43,870	39,227	4,643
	27,369	25,323	2,046
	40,747	44,842	-4,095
	15,300	14,813	487
	47,829	44,555	3,274
	1,980	2,211	-231
	1,620	1,842	-222
	1,763	2,033	-270
	3,556	4,162	-606
	5,252	5,535	-283
	5,943	5,802	141
	1,589	1,580	9
	1,218	1,170	48
	7,622	7,292	330
	3,793	3,730	63
	6,809	7,641	-832
	1,784	1,753	31
	7,171	8,184	-1,013
	2,092	2,416	-324
	5,495	5,886	-391
	3,709	3,721	-12
	1,757	1,879	-122
	1,840	1,828	12
	1,775	1,793	-18
	6,914	7,555	-641
	2,690	2,646	44
	3,929	3,828	101
	1,431	1,374	57
	346	347	-1
	3,541	3,757	-216
	6,109	6,573	-464
	1,898	1,906	-8
	1,829	1,917	-88
	1,836	1,867	-31
	3,741	3,815	-74
	1,778	1,713	65
	1,522	1,824	-302
	831	1,854	-1,023
	6,905	6,949	-44
	1,784	1,942	-158
	5,416	5,514	-98
	687	697	-10
	5,352	5,352	0
	1,734	1,841	-107
	5,407	5,457	-50
	1,566	1,703	-137
	3,702	3,431	271
	3,611	3,544	67
	3,891	5,505	-1,614
	3,442	3,390	52
	880	876	4
	1,826	1,812	14
	1,482	1,694	-212
	7,038	7,002	36
	3,164	3,069	95
	1,805	1,710	95
	3,597	3,351	246
	6,241	6,313	-72
	5,100	5,388	-288
	1,709	1,761	-52
	15,639	16,105	-466
	8,642	8,686	-44
	9,947	10,674	-727
	3,678	3,443	235
	1,700	1,723	-23
	3,424	3,498	-74
	21,120	21,418	-298
	12,237	12,173	64
	54	53	1
	5,800	5,790	10
	1,725	1,813	-88
	2,012	3,530	-1,518
	3,754	3,524	230
	3,476	3,481	-5
	5,832	5,359	473
	235	233	2
	6,865	7,061	-196
	9,997	10,733	-736
	3,408	3,798	-390
	10,750	10,701	49
	1,819	1,763	56
	133	156	-23
	931	1,022	-91
	182	182	0
	17,603	17,430	173
	12,187	12,308	-121
	836	934	-98
	1,750	1,682	68
	6,959	6,970	-11
	1,527	1,763	-236
	3,425	3,498	-73
	736	1,548	-812
	5,157	5,261	-104
	1,816	1,685	131
	1,826	1,725	101
	9,795	9,119	676
	13,789	13,932	-143
	6,546	6,829	-283
	1,745	1,727	18
	18,437	19,033	-596
	1,889	1,786	103
	13,611	14,057	-446
	3,816	3,557	259
	5,479	5,096	383
	11,353	12,127	-774
	14,488	14,569	-81
	26	25	1
	3,343	3,298	45
	5,244	5,257	-13
	8,492	8,972	-480
	1,962	2,111	-149
	3,932	4,094	-162
	1,788	1,978	-190
	9,065	9,197	-132
	6,930	6,995	-65
	5,187	5,420	-233
	13,078	12,647	431
	5,061	5,329	-268
	1,473	1,717	-244
	1,713	1,761	-48
	1,487	1,758	-271
	819	1,811	-992
	1,800	1,703	97
	2,520	2,688	-168
	848	1,056	-208
	5,510	5,709	-199
	1,504	1,855	-351
	16,900	17,992	-1,092
	9,184	9,671	-487
	1,734	1,718	16
	2,074	2,126	-52
	9,256	9,695	-439
	8,336	8,397	-61
	1,748	1,620	128
	1,690	1,755	-65
	22,063	22,771	-708
	20,723	21,107	-384
	8,569	9,152	-583
	1,405	1,390	15
	1,810	1,693	117
	6,785	6,590	195
	1,865	1,700	165
	9,102	9,831	-729
	17,749	20,350	-2,601
	2,241	2,150	91
	2,581	2,969	-388
	1,792	1,684	108
	5,963	6,598	-635
	14,348	14,761	-413
	23	23	0
		79,484	-79,484
		11,879	-11,879
	19		19
	102		102
	303		303

Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69			(l) Gains (Col. (h) gain minus col. (k), but not less than -0-) or Losses (from col.(h))
(i) F.M.V. as of 12/31/69	(j) Adjusted basis as of 12/31/69	(k) Excess of col. (i) over col. (j), if any
a			-1,401
b			1,834
c			5,329
d			-486
e			-1,527
			-9,471
			3,892
			-8,527
			0
			7,923
			-10,472
			751
			-438
			953
			-17,749
			-497
			5,789
			2,138
			141
			-7,567
			2,414
			641
			9,533
			-72,348
			1,402
			81,015
			-26,454
			-91,002
			-45,621
			-33,249
			-64,439
			1,162
			18,010
			-17,224
			3,204
			353
			-769
			25,920
			50,370
			-120,752
			173,794
			53,766
			116,485
			132,754
			20,542
			0
			36,936
			-101,141
			-105,485
			-231,791
			97,971
			214,245
			-30,257
			145,662
			16,200
			74,261
			22,214
			-24,898
			-1,271
			-84,998
			-9,369
			-47,000
			3,937
			102,512
			99,664
			19,828
			222
			1,444
			-582
			1,779
			2,058
			1,747
			1,049
			2,757
			3,147
			896
			2,068
			2,391
			4,154
			2,134
			879
			-2,033
			4,631
			1,089
			916
			1,380
			3,244
			2,084
			-799
			1,978
			1,085
			801
			2,883
			792
			1,660
			600
			0
			0
			0
			0
			3,454
			4,643
			2,046
			-4,095
			487
			3,274
			-231
			-222
			-270
			-606
			-283
			141
			9
			48
			330
			63
			-832
			31
			-1,013
			-324
			-391
			-12
			-122
			12
			-18
			-641
			44
			101
			57
			-1
			-216
			-464
			-8
			-88
			-31
			-74
			65
			-302
			-1,023
			-44
			-158
			-98
			-10
			0
			-107
			-50
			-137
			271
			67
			-1,614
			52
			4
			14
			-212
			36
			95
			95
			246
			-72
			-288
			-52
			-466
			-44
			-727
			235
			-23
			-74
			-298
			64
			1
			10
			-88
			-1,518
			230
			-5
			473
			2
			-196
			-736
			-390
			49
			56
			-23
			-91
			0
			173
			-121
			-98
			68
			-11
			-236
			-73
			-812
			-104
			131
			101
			676
			-143
			-283
			18
			-596
			103
			-446
			259
			383
			-774
			-81
			1
			45
			-13
			-480
			-149
			-162
			-190
			-132
			-65
			-233
			431
			-268
			-244
			-48
			-271
			-992
			97
			-168
			-208
			-199
			-351
			-1,092
			-487
			16
			-52
			-439
			-61
			128
			-65
			-708
			-384
			-583
			15
			117
			195
			165
			-729
			-2,601
			91
			-388
			108
			-635
			-413
			0
			-79,484
			-11,879
			19
			102
			303

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	327,607
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3

Part V

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

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

1 Reserved

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

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

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

Form 990-PF (2020)

Page 4

Part VI

Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Reserved................................	1	7,297
c	All other domestic foundations enter 1.39% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2	0
3	Add lines 1 and 2...........................	3	7,297
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4	0
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	7,297
6	Credits/Payments:

a	2020 estimated tax payments and 2019 overpayment credited to 2020	6a	0
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	7,300
d	Backup withholding erroneously withheld ...........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............		7	7,300
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8	150
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9	147
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2021 estimated tax	Refunded	11

Part VII-A

Statements Regarding Activities

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

Yes

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

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

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

If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials

published or distributed by the foundation in connection with the activities.

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

Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:

(1) On the foundation. bullet

$ 0(2) On foundation managers. bullet

$ 0

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

on foundation managers. bullet

$ 0

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

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

Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles

of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....

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

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

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

Yes

If "Yes," attach the statement required by General Instruction T. Click to see list of attachments

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

Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),

and Part XV..................................

Yes

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

If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney

General (or designate) of each state as required by General Instruction G? If "No," attach explanation .

Yes

Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)

or 4942(j)(5) for calendar year 2020 or the taxable year beginning in 2020? See the instructions for Part XIV.

If "Yes," complete Part XIV .............................

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

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

Form 990-PF (2020)

Page 5

Part VII-A

Statements Regarding Activities (continued)

At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the

meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............

Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had

advisory privileges? If "Yes," attach statement. See instructions Click to see attachment

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

Yes

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

Yes

Website address bullet

NONE

The books are in care of bullet

MARK BOVENIZER Telephone no. bullet

(201) 712-9800

Located at bullet

300 TICE BOULEVARD SUITE 315WOODCLIFF LAKENJ ZIP+4 bullet

07677

Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here ......... bullet

and enter the amount of tax-exempt interest received or accrued during the year ........ bullet

16 At any time during calendar year 2020, did the foundation have an interest in or a signature or other authority over YesNo

a bank, securities, or other financial account in a foreign country? .................

16 No

See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country bullet

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required

File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.

Yes

During the year did the foundation (either directly or indirectly):

(1) Engage in the sale or exchange, or leasing of property with a disqualified person? YesNo

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

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

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

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

(5) Transfer any income or assets to a disqualified person (or make any of either available

for the benefit or use of a disqualified person)?...............YesNo

(6) Agree to pay money or property to a government official? (Exception. Check "No"

if the foundation agreed to make a grant to or to employ the official for a period

after termination of government service, if terminating within 90 days.).......YesNo

If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations

section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ........

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

Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,

that were not corrected before the first day of the tax year beginning in 2020?.............

Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private

operating foundation defined in section 4942(j)(3) or 4942(j)(5)):

At the end of tax year 2020, did the foundation have any undistributed income (lines 6d

and 6e, Part XIII) for tax year(s) beginning before 2020?.............YesNo

If "Yes," list the years bullet

20, 20, 20, 20

Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)

(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)

to all years listed, answer "No" and attach statement—see instructions.) ..............

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

20, 20, 20, 20

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

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

If "Yes," did it have excess business holdings in 2020 as a result of (1) any purchase by the foundation

or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved

by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)

the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine

if the foundation had excess business holdings in 2020.)..................

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

Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its

charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2020?

Form 990-PF (2020)

Page 6

Part VII-B

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

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

Yes

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

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

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

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

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

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

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

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

If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in

Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ......

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

If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the

tax because it maintained expenditure responsibility for the grant?..........YesNo

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

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

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

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

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

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

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

Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or

excess parachute payment during the year? .................YesNo

Part VIII

Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors

1 List all officers, directors, trustees, foundation managers and their compensation. See instructions

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)
RICHARD PASSEN	TRUSTEE, ADVISOR 10.00	70,389
4878-401 S HARBOR DR VERO BEACH,FL32967	TRUSTEE, ADVISOR 10.00	70,389
CHARLES V SCHAEFER III	TRUSTEE 0.00	0
927 SCIOTO DR FRANKLIN LAKES,NJ07417	TRUSTEE 0.00	0
LYNN S BOVENIZER	TRUSTEE 0.00	0
103 WEOMI LANE JUPITER,FL33458	TRUSTEE 0.00	0
GEORGE BOVENIZER	TRUSTEE 0.00	0
103 WEOMI LANE JUPITER,FL33458	TRUSTEE 0.00	0
CAROL SCHAEFER	TRUSTEE 0.00	0
927 SCIOTO DR FRANKLIN LAKES,NJ07417	TRUSTEE 0.00	0
MARK BOVENIZER	ADVISOR 10.00	25,000
103 WEOMI LANE JUPITER,FL33458	ADVISOR 10.00	25,000

2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."


(a) Name and address of each employee paid more than $50,000	(b) Title, and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
NONE









Total number of other employees paid over $50,000...................				0

Form 990-PF (2020)

Page 7

Part VIII

Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)

3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
NONE

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

Part IX-A

Summary of Direct Charitable Activities

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


2


3


4

Part IX-B

Summary of Program-Related Investments (see instructions)

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


2


All other program-related investments. See instructions.
3

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

Form 990-PF (2020)

Page 8

Part X

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

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

purposes:

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

11,563,538

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

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

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

11,563,538

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

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

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

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

11,563,538

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

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

173,453

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

11,390,085

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

569,504

Part XI

Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow

and do not complete this part.)

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

569,504

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

7,297

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

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

7,297

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

562,207

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

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

562,207

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

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

562,207

Part XII

Qualifying Distributions (see instructions)

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

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

902,419

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

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

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

Amounts set aside for specific charitable projects that satisfy the:

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

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

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

902,419

Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment

income. Enter 1% of Part I, line 27b. See instructions.................

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

902,419

Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
the section 4940(e) reduction of tax in those years.

Form 990-PF (2020)

Page 9

Part XIII

Undistributed Income (see instructions)

	(a) Corpus	(b) Years prior to 2019	(c) 2019	(d) 2020
1 Distributable amount for 2020 from Part XI, line 7				562,207
2 Undistributed income, if any, as of the end of 2020:
a Enter amount for 2019 only.......			570,279
b Total for prior years:20, 20, 20		0
3 Excess distributions carryover, if any, to 2020:
a From 2015......
b From 2016......
c From 2017......
d From 2018......
e From 2019......
fTotal of lines 3a through e........	0
4Qualifying distributions for 2020 from Part
XII, line 4: $ 902,419
a Applied to 2019, but not more than line 2a			570,279
b Applied to undistributed income of prior years (Election required—see instructions).....		0
c Treated as distributions out of corpus (Election required—see instructions)........	0
d Applied to 2020 distributable amount.....				332,140
e Remaining amount distributed out of corpus	0
5 Excess distributions carryover applied to 2020.	0			0
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5	0
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........		0
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......		0
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........		0
e Undistributed income for 2019. Subtract line 4a from line 2a. Taxable amount—see instructions .............			0
f Undistributed income for 2020. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2021 ..........				230,067
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......	0
8 Excess distributions carryover from 2015 not applied on line 5 or line 7 (see instructions) ...	0
9Excess distributions carryover to 2021. Subtract lines 7 and 8 from line 6a ......	0
10 Analysis of line 9:
a Excess from 2016....
b Excess from 2017....
c Excess from 2018....
d Excess from 2019....
e Excess from 2020....

Form 990-PF (2020)

Page 10

Part XIV

Private Operating Foundations (see instructions and Part VII-A, question 9)

1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2020, enter the date of the ruling....... bullet

b Check box to indicate whether the organization is a private operating foundation described in section4942(j)(3) or4942(j)(5)

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

b 85% of line 2a .........
c Qualifying distributions from Part XII, line 4 for each year listed .....
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part X, line 6 for each year listed...
c “Support" alternative test—enter:
(1) Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) ....
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....
(3) Largest amount of support from an exempt organization
(4) Gross investment income

Part XV

Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)

1Information Regarding Foundation Managers:

aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)

bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.

2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:

Check here bullet

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

aThe name, address, and telephone number or email address of the person to whom applications should be addressed:

bThe form in which applications should be submitted and information and materials they should include:

cAny submission deadlines:

dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:

Form 990-PF (2020)

Page 11

Part XV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
HACKENSACK UNIVERSITY MEDICAL CENTER FOUNDATION 160 ESSEX STREET SUITE 101 LODI,NJ07644	TRUSTEE	PC	VARIOUS MEDICAL, CIVIC & ARTS CAUSES	100,000
HACKENSACK UNIVERSITY MEDICAL CENTER FOUNDATION 160 ESSEX STREET SUITE 101 LODI,NJ07644	TRUSTEE	PC	VARIOUS MEDICAL, CIVIC & ARTS CAUSES	50,000
PER DEV 441 WEST END AVE NEW YORK,NY10024	NONE	PC	VARIOUS MEDICAL, CIVIC & ARTS CAUSES	30,000
RAMAPO COLLEGE FOUNDATION 505 RAMAPO VALLEY ROAD MAHWAH,NJ07430	NONE	PC	VARIOUS MEDICAL, CIVIC & ARTS CAUSES	30,000
KRIPALU CENTER FOR YOGA & H 57 INTERLAKEN ROAD STOCKBRIDGE,MA01262	NONE	PC	VARIOUS MEDICAL, CIVIC & ARTS CAUSES	5,200
WOLF TRAP FOUNDATION 1551 TRAP RD VIENNA,VA22182	NONE	PC	VARIOUS MEDICAL, CIVIC & ARTS CAUSES	4,000
KENNEDY CENTER 3196 JOHN F KENNEDY BLVD UNION CITY,NJ07087	NONE	PC	VARIOUS MEDICAL, CIVIC & ARTS CAUSES	1,800
FRIENDS OF THE MONTCLAIR AN PO BOX 3141 MONTCLAIR,NJ07043	NONE	PC	VARIOUS MEDICAL, CIVIC & ARTS CAUSES	2,000
CHILDRENS HOSP OF PHIL PO BOX 781352 PHILADELPHIA,PA19178	NONE	PC	VARIOUS MEDICAL, CIVIC & ARTS CAUSES	109,000
MALTZ THEATER 1001 E INDIANTOWN ROAD JUPITER,FL33477	NONE	PC	VARIOUS MEDICAL, CIVIC & ARTS CAUSES	40,000
JUPITER MED CTR FDN 1210 SOUTH OLD DIXIE HIGHWAY JUPITER,FL33477	NONE	PC	VARIOUS MEDICAL, CIVIC & ARTS CAUSES	200,000
LOGGERHEAD MARINE LIFE 14200 US-1 JUNO BEACH,FL33408	NONE	PC	VARIOUS MEDICAL, CIVIC & ARTS CAUSES	50,000
STECHER AND HOROWITZ FOUNDA 119 W 57TH ST STE 1401 NEW YORK,NY10019	NONE	PC	VARIOUS MEDICAL, CIVIC & ARTS CAUSES	17,000
NEW YORK PHILHARMONIC 10 LINCOLN CENTER NEW YORKR,NY10023	NONE	PC	VARIOUS MEDICAL, CIVIC & ARTS CAUSES	100,000
CUSHING ACADEMY 39 SCHOOL STREET ASHBURNHAM,MA01430	BOARD MEMBER	PC	VARIOUS MEDICAL, CIVIC & ARTS CAUSES	50,000
FUTURES WITHOUIT VIOLENCE 1320 19TH STREET NW SUITE 401 WASHINGTON,DC20036	NONE	PC	VARIOUS MEDICAL, CIVIC & ARTS CAUSES	9,000
Total ................................. 3a				798,000

bApproved for future payment

Total ................................. 3b				0

Form 990-PF (2020)

Page 12

Part XVI-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments....
3 Interest on savings and temporary cash investments ...........
4 Dividends and interest from securities....			14	263,659
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....
6 Net rental income or (loss) from personal property
7 Other investment income.....
8 Gain or (loss) from sales of assets other than inventory ............			18	327,607
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..		0		591,266	0

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

591,266

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

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

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

Form 990-PF (2020)

Page 13

Part XVII

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

Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?

Yes

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

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

1a(1)

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

1a(2)

Other transactions:

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

1b(1)

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

1b(2)

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

1b(3)

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

1b(4)

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

1b(5)

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

1b(6)

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

If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

(a) Line No.	(b) Amount involved	(c) Name of noncharitable exempt organization	(d) Description of transfers, transactions, and sharing arrangements

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

If "Yes," complete the following schedule.

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

Sign Here

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

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

Form 990-PF (2020)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2020 AccountingFeesSchedule

Name:

SHEPHERD FOUNDATION

EIN:

22-6460210

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ACCOUNTING FEES	1,900	1,900		0

- TIN:

TY 2020 DissolutionStmt

Name:

SHEPHERD FOUNDATION

EIN:

22-6460210

Dissolution Name	Dissolution Address	Explanation	Dissolution Amount
THE BOV FOUNDATION INC	114 WEST PROSPECT STREET HOPEWELL,NJ08525	THE ASSETS OF THE FOUNDATION ARE BEING DISTRIBUTED TO THE BOV. FOUNDATION, INC. DUE TO THE DISSOLUTION OF THE FOUNDATION.	9,141,873
BESSEMER GIVING FUND	1271 AVENUE OF THE AMERICAS NEW YORK,NY10020	THE ASSETS OF THE FOUNDATION ARE BEING DISTRIBUTED TO THE BESSEMER GIVING FUND DUE TO THE DISSOLUTION OF THE FOUNDATION.	9,141,873

- TIN:

TY 2020 InvestmentsCorpStockSchedule

Name:

SHEPHERD FOUNDATION

EIN:

22-6460210

Name of Stock	End of Year Book Value	End of Year Fair Market Value
GABELLI	59,480	59,480
UBS FINANCIAL 0243	352,925	352,925

- TIN:

TY 2020 LiquidationExplanationStmt

Name:

SHEPHERD FOUNDATION

EIN:

22-6460210

Statement:

THE FOUNDATION IS IN THE PROCESS OF DISSOLUTION. THE ASSETS OF THE FOUNDATION BEING DISTRIBUTED TO ANOTHER FOUNDATION AND A DONOR ADVISED FUND.

- TIN:

TY 2020 OtherDecreasesSchedule

Name:

SHEPHERD FOUNDATION

EIN:

22-6460210

Description	Amount
PRIOR UNREALIZED GAIN ON ASSETS	3,641,085
DISTRIBUTIONS IN DISSOLUTION	18,283,746

- TIN:

TY 2020 OtherExpensesSchedule

Name:

SHEPHERD FOUNDATION

EIN:

22-6460210

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ADMINISTRATIVE FEE/RIDGE EQUIPMENT	9,030	0		9,030

- TIN:

TY 2020 OtherProfessionalFeesSchedule

Name:

SHEPHERD FOUNDATION

EIN:

22-6460210

Category	Amount	Net Investment Income
NUEBERGER	25,239	25,239
GABELLI	24,835	24,835
UBS FINANCIAL - 0244	3,772	3,772
UBS FINANCIAL - 0245	2,670	2,670
BANK OF AMERICA/US TRUST	4,203	4,203

- TIN:

TY 2020 TaxesSchedule

Name:

SHEPHERD FOUNDATION

EIN:

22-6460210

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
FOREIGN TAXES PAID	831	831		0