Form990-PF
Click to see attachment

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0052
2020
Open to Public Inspection
For calendar year 2020, or tax year beginning 01-01-2020 , and ending 12-31-2020
Name of foundation
Glenstone Foundation
 
Number and street (or P.O. box number if mail is not delivered to street address)12100 Glen Road
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Potomac, MD20854
A Employer identification number

20-5938416
B Telephone number (see instructions)

(301) 983-5001
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$2,365,207,220J 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) 285,918,149
2 Check bullet.............
3 Interest on savings and temporary cash investments 735,417 735,417 735,417
4 Dividends and interest from securities... 531,250 531,250 531,250
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 309,558,276
b Gross sales price for all assets on line 6a 398,876,751
7 Capital gain net income (from Part IV, line 2)... 309,558,276
8 Net short-term capital gain......... 31,964,634
9 Income modifications...........  
10a Gross sales less returns and allowances 188,877
b Less: Cost of goods sold.... 264,459
c Gross profit or (loss) (attach schedule)..... Click to see attachment -75,582 -75,582
11 Other income (attach schedule)....... Click to see attachment 0 5,093 5,093
12 Total. Add lines 1 through 11........ 596,667,510 310,830,036 33,160,812
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 754,171 0 0 754,171
14 Other employee salaries and wages...... 7,145,671 0 0 7,145,671
15 Pension plans, employee benefits....... 1,292,474 0 0 1,292,474
16a Legal fees (attach schedule)......... Click to see attachment 6,261,315 0 0 6,261,315
b Accounting fees (attach schedule)....... Click to see attachment 17,515 0 0 17,515
c Other professional fees (attach schedule).... Click to see attachment 5,360,072 0 0 5,360,072
17 Interest............... 328,371 0 0 328,371
18 Taxes (attach schedule) (see instructions)... Click to see attachment 4,519,319 0 0 4,519,319
19 Depreciation (attach schedule) and depletion... Click to see attachment 10,219,308 0 0
20 Occupancy.............. 582,702 0 0 582,702
21 Travel, conferences, and meetings....... 58,781 0 0 58,781
22 Printing and publications.......... 73,349 0 0 73,349
23 Other expenses (attach schedule)....... Click to see attachment 3,472,728 0 0 3,472,728
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 40,085,776 0 0 29,866,468
25 Contributions, gifts, grants paid....... 5,280,455 5,280,455
26 Total expenses and disbursements. Add lines 24 and 25 45,366,231 0 0 35,146,923
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 551,301,279
b Net investment income (if negative, enter -0-) 310,830,036
c Adjusted net income (if negative, enter -0-)... 33,160,812
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............. 2,589,410 153,411 153,411
2 Savings and temporary cash investments......... 656 195,322,715 195,322,715
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use.............. 666,303 602,343 602,343
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 0 Click to see attachment30,408,520 40,175,500
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 0 Click to see attachment35,104,357 42,904,056
14 Land, buildings, and equipment: basis bullet400,138,815
Less: accumulated depreciation (attach schedule) bullet29,265,820 375,077,883 Click to see attachment370,872,995 370,872,995
15 Other assets (describe bullet) Click to see attachment1,556,989,022 Click to see attachment1,715,176,200 Click to see attachment1,715,176,200
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 1,935,323,274 2,347,640,541 2,365,207,220
Liabilities 17 Accounts payable and accrued expenses..........   139,698
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......   Click to see attachment141,095,847
22 Other liabilities (describe bullet) Click to see attachment5,847 Click to see attachment0
23 Total liabilities (add lines 17 through 22)......... 5,847 141,235,545
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........ 0 0
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 1,935,317,427 2,206,404,996
29 Total net assets or fund balances (see instructions)..... 1,935,317,427 2,206,404,996
30 Total liabilities and net assets/fund balances (see instructions). 1,935,323,274 2,347,640,541
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
1,935,317,427
2
Enter amount from Part I, line 27a .....................
2
551,301,279
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
2,486,618,706
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
280,213,710
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
2,206,404,996
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 75,000 Shares Colfax Common Stock   2003-05-28 2020-01-21
b 100,000 Shares Colfax Common Stock   2003-05-28 2020-01-22
c 400,000 Shares Colfax Common Stock   2003-05-28 2020-01-23
d 175,000 Shares Colfax Common Stock   2003-05-28 2020-01-24
e 100,000 Shares Colfax Common Stock   2003-05-28 2020-01-27
150,000 Shares Colfax Common Stock   2003-05-28 2020-01-28
100,000 Shares Colfax Common Stock   2003-05-28 2020-01-30
125,000 Shares Fortive Common Stock   1988-06-30 2020-02-19
225,000 Shares Fortive Common Stock   1988-06-30 2020-02-20
135,000 Shares Fortive Common Stock   1988-06-30 2020-02-21
1,000,000 Shares Fortive Common Stock   1988-06-30 2020-05-04
625,000 Shares Fortive Common Stock   1988-06-30 2020-07-30
375,000 Shares Fortive Common Stock   1984-09-24 2020-07-31
610,684 Shares Fortive Common Stock   1984-09-24 2020-08-05
389,316 Shares Fortive Common Stock   1984-09-24 2020-08-06
180,000 Shares Snowflake Common Stock   2020-09-21 2020-09-21
151,800 Shares Thermo Fisher Common Stock   2020-11-30 2020-12-03
Sale of Artwork Lucas-Fried Egg P 2019-12-16 2020-12-15
(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 2,805,879   3,387 2,802,492
b 3,694,253   4,524 3,689,729
c 14,801,333   18,012 14,783,321
d 6,484,841   7,887 6,476,954
e 3,635,525   4,512 3,631,013
5,491,611   6,762 5,484,849
3,647,974   4,512 3,643,462
9,680,886   12 9,680,874
17,297,168   12 17,297,156
10,259,652   12 10,259,640
58,060,000     58,060,000
45,121,565   3,189 45,118,376
26,419,854   8,199 26,411,655
42,846,536   13,344 42,833,192
27,443,641   8,511 27,435,130
49,991,992   21,600,000 28,391,992
70,796,426   67,223,784 3,572,642
397,615   411,816 -14,201
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       2,802,492
b       3,689,729
c       14,783,321
d       6,476,954
e       3,631,013
      5,484,849
      3,643,462
      9,680,874
      17,297,156
      10,259,640
      58,060,000
      45,118,376
      26,411,655
      42,833,192
      27,435,130
      28,391,992
      3,572,642
      -14,201
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 2 309,558,276
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 31,964,634
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 4,320,538
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 4,320,538
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 4,320,538
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 4,594,884
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 4,594,884
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 274,346
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet274,346 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    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)
    bulletDE, MD
    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
    Yes
     
    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
    Yes
     
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletwww.Glenstone.org
    14
    The books are in care ofbulletC Scott Brannan Telephone no.bullet (301) 299-2225

    Located atbullet12100 Glen RoadPotomacMD ZIP+4bullet20854
    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
    MITCHELL P RALES CHAIRMAN/DIRECTOR
    30.00     		0 0 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    EMILY W RALES PRESIDENT
    50.00     		0 0 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    C SCOTT BRANNAN VICE PRES./TREASURER/DIRECTOR
    20.00     		0 0 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    RACHEL L S PLUMLEY SECRETARY/DIRECTOR
    20.00     		0 0 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    ANTHONY CERVENY CHIEF OPERATING OFFICER
    50.00     		261,613 16,233 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    HEATHER F NOLAN DIRECTOR OF FINANCE
    50.00     		114,205 4,611 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    MARY BETH TSIKALAS DIRECTOR OF FINANCE & HR
    50.00     		116,406 5,294 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    LAURA LINTON CHIEF ADMINISTRATIVE OFFICER
    50.00     		261,947 14,757 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    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
    MARTIN LOTZ DIR OF FACILITIES
    50.00     		204,373 19,307 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    PAUL TUKEY CHIEF SUSTAIN OFF
    50.00     		152,004 14,992 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    STOCKTON TOLER DIR VISITOR EXPER
    50.00     		144,578 11,140 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    STEPHEN CARRICK DIR ENG & MAINT
    50.00     		126,953 16,182 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    MARIA MIZES HICKEY DIR REGISTRATION
    50.00     		132,141 9,806 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    Total number of other employees paid over $50,000...................bullet 49
    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
    Katten Muchin LLP Legal services 5,830,277
    2900 K St NW
    Washington,DC20007
    Tanenholz & Associates PLLC Document services 1,432,536
    1100 H St NW 440
    Washington,DC20005
    Vidaris Architecture consulting services 635,810
    360 Park Avenue South 15th Floor
    New York,NY10010
    United Expert Holdings LLC Expert witness services 507,091
    909 W Euclid Avenue Unit 1687
    Arlington Heights,IL60006
    Construction Systems Group Inc Professional services 415,574
    1451 Dolly Madison Blvd Suite 300
    McLean,VA22101
    Total number of others receiving over $50,000 for professional services.............bullet17
    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 Glenstone Foundation was created as a non-profit corporation to support public and educational exhibitions of art, to promote the study, improvement and advancement of the arts, and to foster research of art.The Foundation, which includes a museum of contemporary art and outdoor sculptures, is located in Montgomery County, MD, near Washington, DC and provides a contemplative, intimate setting for experiencing works of art, architecture, and nature. Open to the public four days weekly, the museum presents selections from an art collection of significant depth and breadth, as well as monumental outdoor sculptures within its landscape. Admission is free to all visitors and its school program also provides transportation for local students. An active loan program makes its artwork available to museums around the world. The Foundation does not accept grant applications. 188,251,691
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    33,636,205
    b
    Average of monthly cash balances.......................
    1b
    110,862,399
    c
    Fair market value of all other assets (see instructions)................
    1c
    4,436,450
    d
    Total (add lines 1a, b, and c).........................
    1d
    148,935,054
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    148,935,054
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    2,234,026
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    146,701,028
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    7,335,051
    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
     
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
     
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
     
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
     
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
     
    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
     
    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
    35,146,923
    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
    158,385,223
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    193,532,146
    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
    193,532,146
    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 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only.......  
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2020:
    a From 2015......  
    b From 2016......  
    c From 2017......  
    d From 2018......  
    e From 2019......  
    fTotal of lines 3a through e........  
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$  
    a Applied to 2019, but not more than line 2a  
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		 
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		 
    d Applied to 2020 distributable amount.....  
    e Remaining amount distributed out of corpus  
    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  
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		 
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		 
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		 
    e Undistributed income for 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2020. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2021 ..........     		 
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		 
    8 Excess distributions carryover from 2015 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2021.
    Subtract lines 7 and 8 from line 6a ......     		 
    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)
    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
    2007-07-31
    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
    7,335,051 0 0 0 7,335,051
    b 85% of line 2a ......... 6,234,793 0 0 0 6,234,793
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		193,532,146 162,849,474 153,971,750 245,284,945 755,638,315
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		5,280,455 544,607 543,100 631,600 6,999,762
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		188,251,691 162,304,867 153,428,650 244,653,345 748,638,553
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ...... 2,365,207,220 1,935,323,274 1,802,445,216 1,680,466,427 7,783,442,137
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		 2,086,651,538 1,935,323,274 1,802,445,216 1,680,466,427 7,504,886,455
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		        0
    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) ....     		        0
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		        0
    (3) Largest amount of support
    from an exempt organization    		         0
    (4) Gross investment income         0
    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).)
    MITCHELL P RALES
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    Foundation for Contemporary Arts
    820 Greenwich St
    NY,NY10014     		N/A PUBLIC CHARITY SUPPORT THE ARTS 75,000
    Manna Food Center
    12301 Old Columbia Pike Suite 200
    Silver Spring,MD20904     		N/A PUBLIC CHARITY FEED THE HUNGRY 3,184
    Mount Desert 365
    6 Old Firehouse Lane
    Northeast Harbor,ME04662     		N/A PUBLIC CHARITY GENERAL SUPPORT 490,497
    United Way of National Capital Area
    1101 15th St NW Suite 1000
    Washington,DC20005     		N/A PUBLIC CHARITY GENERAL SUPPORT 4,730
    Anyone Can Fly Foundation Inc
    127 Jones Rd
    Englewood,NJ07631     		N/A PUBLIC CHARITY SUPPORT THE ARTS 5,000
    National Gallery of Art
    Constitution Ave NW
    Washington,DC20565     		N/A PUBLIC CHARITY SUPPORT THE ARTS 4,547,044
    United States Artists
    200 W Madison St Floor 3
    Chicago,IL60606     		N/A PUBLIC CHARITY SUPPORT THE ARTS 100,000
    Washington Project for the Arts
    2124 8th St NW
    Washington,DC20001     		N/A PUBLIC CHARITY SUPPORT THE ARTS 25,000
    Alliance for Global Justice Corp
    225 E 26th Street Suite 1
    Tucson,AZ85713     		N/A PUBLIC CHARITY GENERAL SUPPORT 15,000
    Museum of Contemporary Art
    220 E Chicago Ave
    Chicago,IL60611     		N/A PUBLIC CHARITY SUPPORT THE ARTS 15,000
    Total .................................bullet 3a 5,280,455
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3 Interest on savings and temporary cash
    investments ...........     		    14 735,417  
    4 Dividends and interest from securities....     14 531,250  
    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 ............     		    18 309,558,276  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory         -75,582
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 0 310,824,943 -75,582
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    310,749,361
    (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.)
    10 Bookstore items related to exhibits and 2 cafes serve only visitors
    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
    Glenstone Foundation
     
    Employer identification number

    20-5938416
    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
    Glenstone Foundation
          		Employer identification number
    20-5938416
    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
    MITCHELL P RALES
     
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 2,808,375


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    2
    MITCHELL P RALES
     
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 3,712,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    3
    MITCHELL P RALES
     
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 14,668,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    4
    MITCHELL P RALES
     
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 6,490,750


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    5
    MITCHELL P RALES
     
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 3,624,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    6
    MITCHELL P RALES
     
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 5,481,000


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Name of organization
    Glenstone Foundation
          		Employer identification number
    20-5938416
    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
    7
    MITCHELL P RALES
     
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 3,635,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    8
    MITCHELL P RALES
     
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 9,669,375


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    9
    MITCHELL P RALES
     
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 17,278,875


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    10
    MITCHELL P RALES
     
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 10,272,150


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    11
    MITCHELL P RALES
     
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 60,185,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    12
    MITCHELL P RALES
     
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 490,497


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Name of organization
    Glenstone Foundation
          		Employer identification number
    20-5938416
    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
    13
    MITCHELL P RALES
     
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 45,115,625


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    14
    MITCHELL P RALES
     
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 26,553,750


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    15
    MITCHELL P RALES
     
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 42,778,414


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    16
    MITCHELL P RALES
     
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 27,400,060


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    17
    MITCHELL P RALES
     
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 5,278


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    18
    MITCHELL P RALES
     
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 5,000,000


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Name of organization
    Glenstone Foundation
          		Employer identification number
    20-5938416
    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
    19
    The George Washington University
     
    2121 I Street NW
     
    Washington, DC20052

    		$ 750,000


    (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.)
    (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
    Glenstone Foundation
          		Employer identification number

    20-5938416
    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
    		 75,000 SHARES OF COLFAX CORP COMMON STOCK $ 2,808,375 2020-01-21
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    2
    		 100,000 SHARES OF COLFAX CORP COMMON STOCK $ 3,712,000 2020-01-22
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    3
    		 400,000 SHARES OF COLFAX CORP COMMON STOCK $ 14,668,000 2020-01-23
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    4
    		 175,000 SHARES OF COLFAX CORP COMMON STOCK $ 6,490,750 2020-01-24
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    5
    		 100,000 SHARES OF COLFAX CORP COMMON STOCK $ 3,624,000 2020-01-27
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    6
    		 150,000 SHARES OF COLFAX CORP COMMON STOCK $ 5,481,000 2020-01-28
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Name of organization
    Glenstone Foundation
          		Employer identification number

    20-5938416
    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
    7
    		 100,000 SHARES OF COLFAX CORP COMMON STOCK $ 3,635,000 2020-01-30
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    8
    		 125,000 SHARES OF FORTIVE CORP COMMON STOCK $ 9,669,375 2020-02-19
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    9
    		 225,000 SHARES OF FORTIVE CORP COMMON STOCK $ 17,278,875 2020-02-20
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    10
    		 135,000 SHARES OF FORTIVE CORP COMMON STOCK $ 10,272,150 2020-02-21
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    11
    		 1,000,000 SHARES OF FORTIVE CORP COMMON STOCK $ 60,185,000 2020-05-04
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    12
    		 6,795 SHARES OF FORTIVE CORP COMMON STOCK $ 490,497 2020-07-30
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Name of organization
    Glenstone Foundation
          		Employer identification number

    20-5938416
    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
    13
    		 625,000 SHARES OF FORTIVE CORP COMMON STOCK $ 45,115,625 2020-07-30
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    14
    		 375,000 SHARES OF FORTIVE CORP COMMON STOCK $ 26,553,750 2020-07-31
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    15
    		 610,684 SHARES OF FORTIVE CORP COMMON STOCK $ 42,778,414 2020-08-05
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    16
    		 389,316 SHARES OF FORTIVE CORP COMMON STOCK $ 27,400,060 2020-08-06
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    17
    		 Beef for cafe' $ 5,278 2020-12-22
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    18
    		 Marden Propitious Garden $ 5,000,000 2020-06-12
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Name of organization
    Glenstone Foundation
          		Employer identification number

    20-5938416
    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
    19
    		 Cardiff & Miller Paradise Institute $ 750,000 2020-11-12
    (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
    Glenstone Foundation
          		Employer identification number

    20-5938416
    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:
    Glenstone Foundation
    EIN:
    20-5938416
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Audit and consulting fees 17,515 0 0 17,515

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

    TY 2020 DepreciationSchedule
    Name:
    Glenstone Foundation
    EIN:
    20-5938416
    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
    Equipment 2015-11-01 62,596 62,596 SL 4.000000000000 0 0 0  
    Equipment 2015-06-01 313,031 252,088 SL 6.000000000000 52,172 0 0  
    Building imp. - equip 2015-02-01 68,463 8,642 SL 39.000000000000 1,755 0 0  
    Equipment 2015-09-01 18,147 7,865 SL 10.000000000000 1,815 0 0  
    Museum renovation 2015-08-14 6,405,606 725,420 SL 39.000000000000 164,246 0 0  
    Buildings 2016-08-01 2,042,390 194,779 SL 39.000000000000 52,369 0 0  
    Equipment 2016-08-01 90,490 33,289 SL 10.000000000000 9,049 0 0  
    M 2500 Van 2016-05-01 42,351 42,351 SL 3.000000000000 0 0 0  
    Equipment 2016-05-01 9,391 5,738 SL 6.000000000000 1,565 0 0  
    Equipment 2016-09-01 5,465 467 SL 39.000000000000 140 0 0  
    Land 2016-08-01 1,098,546   L   0 0 0  
    Museum renovation 2016-01-01 35,723 3,664 SL 39.000000000000 916 0 0  
    Equipment 2017-01-01 323,047 96,915 SL 10.000000000000 32,305 0 0  
    Museum renovation 2017-01-01 55,826 4,293 SL 39.000000000000 1,431 0 0  
    Land 2017-01-01 1,838,170   L   0 0 0  
    Building 2017-04-01 786,450 55,454 SL 39.000000000000 20,165 0 0  
    Equipment 2017-04-01 889,099 244,502 SL 10.000000000000 88,910 0 0  
    DR 2500 Truck 2017-06-01 41,215 35,490 SL 3.000000000000 5,725 0 0  
    Building 2017-07-01 1,567,351 100,470 SL 39.000000000000 40,188 0 0  
    Equipment 2017-07-01 129,864 32,465 SL 10.000000000000 12,986 0 0  
    Land improvement 18.1 2018-09-01 39,506,393 2,633,760 SL 20.000000000000 1,975,320 0 0  
    Land improvement 18.2 2018-10-01 506,226 31,639 SL 20.000000000000 25,311 0 0  
    Land improvement 18.3 2018-11-01 329,507 19,221 SL 20.000000000000 16,475 0 0  
    Land improvement 18.4 2018-10-01 100,649 6,290 SL 20.000000000000 5,032 0 0  
    Land 2018-09-01 40,978,991   L   0 0 0  
    Building 18.1 2018-01-01 244,170,051 12,521,542 SL 39.000000000000 6,260,771 0 0  
    Building 18.2 2018-02-01 1,255,486 64,384 SL 39.000000000000 32,192 0 0  
    Building 18.3 2018-03-01 604,016 28,394 SL 39.000000000000 15,488 0 0  
    Building 18.4 2018-04-01 8,238,920 369,695 SL 39.000000000000 211,254 0 0  
    Building 18.5 2018-05-01 1,394,901 59,611 SL 39.000000000000 35,767 0 0  
    Building 18.6 2018-06-01 748,180 30,375 SL 39.000000000000 19,184 0 0  
    Building 18.7 2018-07-01 262,797 10,107 SL 39.000000000000 6,738 0 0  
    Building 18.8 2018-08-01 375,120 13,626 SL 39.000000000000 9,618 0 0  
    Building 18.9 2018-09-01 10,443,013 357,027 SL 39.000000000000 267,770 0 0  
    Building 18.10 2018-10-01 779,077 24,970 SL 39.000000000000 19,976 0 0  
    Building 18.11 2018-11-01 380,764 11,390 SL 39.000000000000 9,763 0 0  
    Building 18.12 2018-12-01 1,000 28 SL 39.000000000000 26 0 0  
    Equipment - Tools 2018-01-01 2,812 938 SL 6.000000000000 469 0 0  
    Equipment - WAP 2018-01-01 10,197 3,400 SL 6.000000000000 1,700 0 0  
    Equipment - furnishings 2018-02-01 30,857 5,915 SL 10.000000000000 3,086 0 0  
    Equipment - furnishings 2018-07-01 21,840 3,276 SL 10.000000000000 2,184 0 0  
    Equipment - technology 2018-01-01 269,543 89,848 SL 6.000000000000 44,924 0 0  
    Equipment - IT equipment 2018-01-01 17,565 5,856 SL 6.000000000000 2,928 0 0  
    Equipment - lift 2018-01-01 1,950 520 SL 6.000000000000 325 0 0  
    Equipment - tools 2018-02-01 7,378 2,357 SL 6.000000000000 1,230 0 0  
    Equipment - radios 2018-02-01 77,012 24,601 SL 6.000000000000 12,835 0 0  
    Equipment - fixtures 2018-02-01 5,092 976 SL 10.000000000000 509 0 0  
    Equipment - furnishings 2018-03-01 15,543 2,849 SL 10.000000000000 1,554 0 0  
    Equipment - scrubber 2018-03-01 5,143 1,571 SL 6.000000000000 857 0 0  
    Equipment - scrubber 2018-04-01 20,875 6,088 SL 6.000000000000 3,479 0 0  
    Equipment - video 2018-04-01 31,385 9,154 SL 6.000000000000 5,231 0 0  
    Equipment - truck 2018-04-01 32,400 13,500 SL 4.000000000000 8,100 0 0  
    Equipment - safe 2018-04-01 5,855 1,025 SL 10.000000000000 586 0 0  
    Equipment - furnishings 2018-04-01 10,193 1,783 SL 10.000000000000 1,019 0 0  
    Equipment - display cases 2018-04-01 608,203 106,435 SL 10.000000000000 60,820 0 0  
    Equipment - display cases 2018-09-01 31,885 4,252 SL 10.000000000000 3,189 0 0  
    Equipment - lift 2018-04-01 11,319 3,302 SL 6.000000000000 1,887 0 0  
    Equipment - compressor 2018-05-01 24,328 6,758 SL 6.000000000000 4,055 0 0  
    Equipment - load mover 2018-05-01 39,109 10,863 SL 6.000000000000 6,518 0 0  
    Equipment - mower 2018-05-01 8,550 1,425 SL 10.000000000000 855 0 0  
    Equipment - K systems 2018-05-01 13,321 3,700 SL 6.000000000000 2,220 0 0  
    Equipment - shelving 2018-05-01 25,572 4,262 SL 10.000000000000 2,557 0 0  
    Equipment - lift 2018-06-01 15,496 2,454 SL 10.000000000000 1,550 0 0  
    Equipment - server 2018-06-01 18,895 4,986 SL 6.000000000000 3,149 0 0  
    Equipment - rotary files 2018-06-01 46,606 7,380 SL 10.000000000000 4,661 0 0  
    Equipment - Toro 2018-07-01 21,926 8,223 SL 4.000000000000 5,482 0 0  
    Equipment - Trimble 2018-07-01 5,575 1,394 SL 6.000000000000 929 0 0  
    Equipment - projector 2018-08-01 41,097 9,704 SL 6.000000000000 6,850 0 0  
    Equipment - furnishings 2018-08-01 15,070 2,009 SL 10.000000000000 1,507 0 0  
    Equipment - benches 2018-09-01 247,996 33,067 SL 10.000000000000 24,800 0 0  
    Equipment - cafe chairs 2018-09-01 62,384 8,317 SL 10.000000000000 6,238 0 0  
    Equipment - cafe furnishings 2018-09-01 51,756 6,901 SL 10.000000000000 5,176 0 0  
    Equipment - exhibition EC 2018-09-01 56,896 7,112 SL 10.000000000000 5,690 0 0  
    Equipment - ice machine 2018-09-01 5,286 1,175 SL 6.000000000000 881 0 0  
    Equipment - iMac Pro 2018-09-01 6,019 1,337 SL 6.000000000000 1,003 0 0  
    Equipment - patio furnishings 2018-09-01 38,954 5,193 SL 10.000000000000 3,895 0 0  
    Equipment - patio fridge 2018-09-01 10,713 1,428 SL 10.000000000000 1,071 0 0  
    Equipment - signs 2018-09-01 1,047,601 139,680 SL 10.000000000000 104,760 0 0  
    Equipment - signs 2018-10-01 47,014 6,268 SL 10.000000000000 4,701 0 0  
    Equipment - cabinet 2018-09-01 8,992 1,199 SL 10.000000000000 899 0 0  
    Equipment - cooler 2018-09-01 16,474 2,196 SL 10.000000000000 1,647 0 0  
    Equipment - cooler 2018-10-01 5,286 705 SL 10.000000000000 529 0 0  
    Equipment - shelving 2018-09-01 22,730 3,031 SL 10.000000000000 2,273 0 0  
    Equipment - stools 2018-10-01 1,186 149 SL 10.000000000000 119 0 0  
    Equipment - blower 2018-10-01 8,609 1,076 SL 10.000000000000 861 0 0  
    Equipment - table 2018-10-01 8,960 1,120 SL 10.000000000000 896 0 0  
    Equipment - table 2018-11-01 3,840 448 SL 10.000000000000 384 0 0  
    Equipment - lift 2018-11-01 21,906 2,556 SL 10.000000000000 2,191 0 0  
    Equipment - Kobota 2018-12-01 12,500 3,385 SL 4.000000000000 3,125 0 0  
    Equipment - Toro 2018-12-01 28,795 7,799 SL 4.000000000000 7,199 0 0  
    Equipment - Pol. A 2018-09-01 119,840 53,263 SL 3.000000000000 39,947 0 0  
    Equipment - Pol. C 2018-09-01 14,678 6,524 SL 3.000000000000 4,893 0 0  
    Equipment - Pol. E 2018-11-01 35,440 13,782 SL 3.000000000000 11,813 0 0  
    Equipment - Club 5 2018-11-01 112,705 43,829 SL 3.000000000000 37,568 0 0  
    Equipment - Club 7 2018-11-01 21,605 8,402 SL 3.000000000000 7,202 0 0  
    Equipment - signs 2018-11-01 3,391 396 SL 10.000000000000 339 0 0  
    Equipment - AH furnishings 2018-09-01 38,105 5,081 SL 10.000000000000 3,811 0 0  
    CIP   10,947,540     0 % 0 0 0  
    ADA Cart 2019-04-01 36,487 6,841 SL 4.000000000000 9,122 0 0  
    Security cameras 2019-04-01 137,125 17,141 SL 6.000000000000 22,854 0 0  
    Display cases - art storage 2019-01-01 47,827 4,783 SL 10.000000000000 4,783 0 0  
    Forklift - indoor 2019-04-01 26,627 4,993 SL 4.000000000000 6,657 0 0  
    Forklift - outdoor 2019-01-01 18,453 4,613 SL 4.000000000000 4,613 0 0  
    Fuel tank 2019-01-01 4,199 420 SL 10.000000000000 420 0 0  
    Polaris GEM cart 2019-04-01 20,836 3,907 SL 4.000000000000 5,209 0 0  
    IT server upgrade 2019-05-01 190,681 21,187 SL 6.000000000000 31,780 0 0  
    Models 2019-10-01 18,726 468 SL 10.000000000000 1,873 0 0  
    Security system 2019-01-01 30,031 5,005 SL 6.000000000000 5,005 0 0  
    Signage 2019-05-01 16,435 1,096 SL 10.000000000000 1,644 0 0  
    ST Trailer 2019-05-01 7,515 835 SL 6.000000000000 1,253 0 0  
    Toro 2019-01-01 33,449 8,362 SL 4.000000000000 8,362 0 0  
    Walk-in refrigerator 2019-04-01 8,544 641 SL 10.000000000000 854 0 0  
    Workstation - admin 2019-07-01 6,200 310 SL 10.000000000000 620 0 0  
    Workstation - security 2019-04-01 8,493 637 SL 10.000000000000 849 0 0  
    Security cameras 2019-09-01 11,160 620 SL 6.000000000000 1,860 0 0  
    Security cameras 2019-10-01 19,638 818 SL 6.000000000000 3,273 0 0  
    Polaris GEM cart 2019-07-01 22,704 2,838 SL 4.000000000000 5,676 0 0  
    Signage 2019-02-01 2,740 251 SL 10.000000000000 274 0 0  
    Security system 2019-09-01 4,376 243 SL 6.000000000000 729 0 0  
    Land 2019-06-01 9,973,325   L   0 0 0  
    BT - Land improvements 2019-04-01 4,188 157 SL 20.000000000000 209 0 0  
    Irr. system - Land improvements 2019-05-01 27,485 916 SL 20.000000000000 1,374 0 0  
    GR Fence - Land improvements 2019-06-01 31,719 925 SL 20.000000000000 1,586 0 0  
    HR - Land improvements 2019-07-01 85,503 2,138 SL 20.000000000000 4,275 0 0  
    Road - Land improvements 2019-10-01 32,576 407 SL 20.000000000000 1,629 0 0  
    Entrance - Land improvements 2019-10-01 55,378 692 SL 20.000000000000 2,769 0 0  
    SRB - Land improvements 2019-10-01 19,951 249 SL 20.000000000000 998 0 0  
    Trails - Land improvements 2019-11-01 2,318 19 SL 20.000000000000 116 0 0  
    Building 19.1 2019-01-01 48,924 1,254 SL 39.000000000000 1,254 0 0  
    Building 19.2 2019-02-01 356,441 8,378 SL 39.000000000000 9,140 0 0  
    Building 19.3 2019-03-01 5,122,789 109,461 SL 39.000000000000 131,354 0 0  
    Building 19.4 2019-04-01 73,000 1,404 SL 39.000000000000 1,872 0 0  
    Building 19.7 2019-07-01 567,668 7,278 SL 39.000000000000 14,556 0 0  
    Building 19.10 2019-10-01 225,000 1,442 SL 39.000000000000 5,769 0 0  
    Building 19.11 2019-11-01 150,000 641 SL 39.000000000000 3,846 0 0  
    Building improvements 19.2 2019-02-01 180,408 4,240 SL 39.000000000000 4,626 0 0  
    Building improvements 19.3 2019-03-01 173,427 3,706 SL 39.000000000000 4,447 0 0  
    Building improvements 19.4-1 2019-04-01 425,824 5,819 SL 39.000000000000 10,919 0 0  
    Building improvements 19.5 2019-05-01 124,214 2,123 SL 39.000000000000 3,185 0 0  
    Building improvements 19.6 2019-06-01 104,578 1,564 SL 39.000000000000 2,681 0 0  
    Building improvements 19.7 2019-07-01 112,221 1,439 SL 39.000000000000 2,877 0 0  
    Building improvements 19.9 2019-09-01 27,868 238 SL 39.000000000000 715 0 0  
    Building improvements 19.10 2019-10-01 153,324 983 SL 39.000000000000 3,931 0 0  
    Building improvements 19.11 2019-11-01 6,000 26 SL 39.000000000000 154 0 0  
    Building improvements 19.12 2019-12-01 109,564 234 SL 39.000000000000 2,809 0 0  
    Land improvements 20.1 2020-01-01 6,371   SL 20.000000000000 319 0 0  
    Land improvements 20.3 2020-03-01 107,192   SL 20.000000000000 4,466 0 0  
    Land improvements 20.12 2020-12-01 335,946   SL 20.000000000000 1,400 0 0  
    Equipment - hot water boiler 2020-07-30 6,298   SL 10.000000000000 262 0 0  
    Equipment - IAQ instruments 2020-09-18 7,288   SL 10.000000000000 182 0 0  
    Equipment - grinder pump 2020-08-24 9,000   SL 10.000000000000 300 0 0  
    Land 2020-07-10 402,676   L   0 0 0  
    Building improvements 19.4-2 2019-04-01 2,416 2,416 SL 39.000000000000 0 0 0  

    TY 2020 GeneralExplanationAttachment
    Name:
    Glenstone Foundation
    EIN:
    20-5938416
    Identifier Return Reference Explanation
    Schedule of Controlled Entities Form 990-PF, Page 5, Part VII-A, line 11 1.NAME: MITCHELL P. RALES FAMILY FOUNDATIONEIN: 54-1739159ADDRESS: 11790 GLEN ROAD POTOMAC, MD 20854THE CONTROLLED ENTITY IS NOT AN EXCESS BUSINESS HOLDING.2.NAME: HANNIBAL FARMS, INCEIN: 52-1163098ADDRESS: 12001 GLEN ROAD POTOMAC, MD 20854THE CONTROLLED ENTITY IS NOT AN EXCESS BUSINESS HOLDING.

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    Glenstone Foundation
    EIN:
    20-5938416
    Name of Stock End of Year Book Value End of Year Fair Market Value
    200,000 shares Colfax Common Stock 5,408,520 7,648,000
    25,000 shares Danaher Preferred B 25,000,000 32,527,500

    TY 2020 InvestmentsOtherSchedule2
    Name:
    Glenstone Foundation
    EIN:
    20-5938416
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    Celonis SE Preferred Stock FMV 10,100,000 10,100,000
    Filtration Group Common Units FMV 25,004,357 32,804,056

    TY 2020 LandEtcSchedule2
    Name:
    Glenstone Foundation
    EIN:
    20-5938416
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    Equipment 62,596 62,596 0 0
    Equipment 313,031 304,260 8,771 8,771
    Building imp. - equip 68,463 10,397 58,066 58,066
    Equipment 18,147 9,680 8,467 8,467
    Museum renovation 6,405,606 889,666 5,515,940 5,515,940
    Buildings 2,042,390 247,148 1,795,242 1,795,242
    Equipment 90,490 42,338 48,152 48,152
    M 2500 Van 42,351 42,351 0 0
    Equipment 9,391 7,303 2,088 2,088
    Equipment 5,465 607 4,858 4,858
    Land 1,098,546 0 1,098,546 1,098,546
    Museum renovation 35,723 4,580 31,143 31,143
    Equipment 323,047 129,220 193,827 193,827
    Museum renovation 55,826 5,724 50,102 50,102
    Land 1,838,170 0 1,838,170 1,838,170
    Building 786,450 75,619 710,831 710,831
    Equipment 889,099 333,412 555,687 555,687
    DR 2500 Truck 41,215 41,215 0 0
    Building 1,567,351 140,658 1,426,693 1,426,693
    Equipment 129,864 45,451 84,413 84,413
    Land improvement 18.1 39,506,393 4,609,080 34,897,313 34,897,313
    Land improvement 18.2 506,226 56,950 449,276 449,276
    Land improvement 18.3 329,507 35,696 293,811 293,811
    Land improvement 18.4 100,649 11,322 89,327 89,327
    Land 40,978,991 0 40,978,991 40,978,991
    Building 18.1 244,170,051 18,782,313 225,387,738 225,387,738
    Building 18.2 1,255,486 96,576 1,158,910 1,158,910
    Building 18.3 604,016 43,882 560,134 560,134
    Building 18.4 8,238,920 580,949 7,657,971 7,657,971
    Building 18.5 1,394,901 95,378 1,299,523 1,299,523
    Building 18.6 748,180 49,559 698,621 698,621
    Building 18.7 262,797 16,845 245,952 245,952
    Building 18.8 375,120 23,244 351,876 351,876
    Building 18.9 10,443,013 624,797 9,818,216 9,818,216
    Building 18.10 779,077 44,946 734,131 734,131
    Building 18.11 380,764 21,153 359,611 359,611
    Building 18.12 1,000 54 946 946
    Equipment - Tools 2,812 1,407 1,405 1,405
    Equipment - WAP 10,197 5,100 5,097 5,097
    Equipment - furnishings 30,857 9,001 21,856 21,856
    Equipment - furnishings 21,840 5,460 16,380 16,380
    Equipment - technology 269,543 134,772 134,771 134,771
    Equipment - IT equipment 17,565 8,784 8,781 8,781
    Equipment - lift 1,950 845 1,105 1,105
    Equipment - tools 7,378 3,587 3,791 3,791
    Equipment - radios 77,012 37,436 39,576 39,576
    Equipment - fixtures 5,092 1,485 3,607 3,607
    Equipment - furnishings 15,543 4,403 11,140 11,140
    Equipment - scrubber 5,143 2,428 2,715 2,715
    Equipment - scrubber 20,875 9,567 11,308 11,308
    Equipment - video 31,385 14,385 17,000 17,000
    Equipment - truck 32,400 21,600 10,800 10,800
    Equipment - safe 5,855 1,611 4,244 4,244
    Equipment - furnishings 10,193 2,802 7,391 7,391
    Equipment - display cases 608,203 167,255 440,948 440,948
    Equipment - display cases 31,885 7,441 24,444 24,444
    Equipment - lift 11,319 5,189 6,130 6,130
    Equipment - compressor 24,328 10,813 13,515 13,515
    Equipment - load mover 39,109 17,381 21,728 21,728
    Equipment - mower 8,550 2,280 6,270 6,270
    Equipment - K systems 13,321 5,920 7,401 7,401
    Equipment - shelving 25,572 6,819 18,753 18,753
    Equipment - lift 15,496 4,004 11,492 11,492
    Equipment - server 18,895 8,135 10,760 10,760
    Equipment - rotary files 46,606 12,041 34,565 34,565
    Equipment - Toro 21,926 13,705 8,221 8,221
    Equipment - Trimble 5,575 2,323 3,252 3,252
    Equipment - projector 41,097 16,554 24,543 24,543
    Equipment - furnishings 15,070 3,516 11,554 11,554
    Equipment - benches 247,996 57,867 190,129 190,129
    Equipment - cafe chairs 62,384 14,555 47,829 47,829
    Equipment - cafe furnishings 51,756 12,077 39,679 39,679
    Equipment - exhibition EC 56,896 12,802 44,094 44,094
    Equipment - ice machine 5,286 2,056 3,230 3,230
    Equipment - iMac Pro 6,019 2,340 3,679 3,679
    Equipment - patio furnishings 38,954 9,088 29,866 29,866
    Equipment - patio fridge 10,713 2,499 8,214 8,214
    Equipment - signs 1,047,601 244,440 803,161 803,161
    Equipment - signs 47,014 10,969 36,045 36,045
    Equipment - cabinet 8,992 2,098 6,894 6,894
    Equipment - cooler 16,474 3,843 12,631 12,631
    Equipment - cooler 5,286 1,234 4,052 4,052
    Equipment - shelving 22,730 5,304 17,426 17,426
    Equipment - stools 1,186 268 918 918
    Equipment - blower 8,609 1,937 6,672 6,672
    Equipment - table 8,960 2,016 6,944 6,944
    Equipment - table 3,840 832 3,008 3,008
    Equipment - lift 21,906 4,747 17,159 17,159
    Equipment - Kobota 12,500 6,510 5,990 5,990
    Equipment - Toro 28,795 14,998 13,797 13,797
    Equipment - Pol. A 119,840 93,210 26,630 26,630
    Equipment - Pol. C 14,678 11,417 3,261 3,261
    Equipment - Pol. E 35,440 25,595 9,845 9,845
    Equipment - Club 5 112,705 81,397 31,308 31,308
    Equipment - Club 7 21,605 15,604 6,001 6,001
    Equipment - signs 3,391 735 2,656 2,656
    Equipment - AH furnishings 38,105 8,892 29,213 29,213
    CIP 10,947,540 0 10,947,540 10,947,540
    ADA Cart 36,487 15,963 20,524 20,524
    Security cameras 137,125 39,995 97,130 97,130
    Display cases - art storage 47,827 9,566 38,261 38,261
    Forklift - indoor 26,627 11,650 14,977 14,977
    Forklift - outdoor 18,453 9,226 9,227 9,227
    Fuel tank 4,199 840 3,359 3,359
    Polaris GEM cart 20,836 9,116 11,720 11,720
    IT server upgrade 190,681 52,967 137,714 137,714
    Models 18,726 2,341 16,385 16,385
    Security system 30,031 10,010 20,021 20,021
    Signage 16,435 2,740 13,695 13,695
    ST Trailer 7,515 2,088 5,427 5,427
    Toro 33,449 16,724 16,725 16,725
    Walk-in refrigerator 8,544 1,495 7,049 7,049
    Workstation - admin 6,200 930 5,270 5,270
    Workstation - security 8,493 1,486 7,007 7,007
    Security cameras 11,160 2,480 8,680 8,680
    Security cameras 19,638 4,091 15,547 15,547
    Polaris GEM cart 22,704 8,514 14,190 14,190
    Signage 2,740 525 2,215 2,215
    Security system 4,376 972 3,404 3,404
    Land 9,973,325 0 9,973,325 9,973,325
    BT - Land improvements 4,188 366 3,822 3,822
    Irr. system - Land improvements 27,485 2,290 25,195 25,195
    GR Fence - Land improvements 31,719 2,511 29,208 29,208
    HR - Land improvements 85,503 6,413 79,090 79,090
    Road - Land improvements 32,576 2,036 30,540 30,540
    Entrance - Land improvements 55,378 3,461 51,917 51,917
    SRB - Land improvements 19,951 1,247 18,704 18,704
    Trails - Land improvements 2,318 135 2,183 2,183
    Building 19.1 48,924 2,508 46,416 46,416
    Building 19.2 356,441 17,518 338,923 338,923
    Building 19.3 5,122,789 240,815 4,881,974 4,881,974
    Building 19.4 73,000 3,276 69,724 69,724
    Building 19.7 567,668 21,834 545,834 545,834
    Building 19.10 225,000 7,211 217,789 217,789
    Building 19.11 150,000 4,487 145,513 145,513
    Building improvements 19.2 180,408 8,866 171,542 171,542
    Building improvements 19.3 173,427 8,153 165,274 165,274
    Building improvements 19.4-1 425,824 16,738 409,086 409,086
    Building improvements 19.5 124,214 5,308 118,906 118,906
    Building improvements 19.6 104,578 4,245 100,333 100,333
    Building improvements 19.7 112,221 4,316 107,905 107,905
    Building improvements 19.9 27,868 953 26,915 26,915
    Building improvements 19.10 153,324 4,914 148,410 148,410
    Building improvements 19.11 6,000 180 5,820 5,820
    Building improvements 19.12 109,564 3,043 106,521 106,521
    Land improvements 20.1 6,371 319 6,052 6,052
    Land improvements 20.3 107,192 4,466 102,726 102,726
    Land improvements 20.12 335,946 1,400 334,546 334,546
    Equipment - hot water boiler 6,298 262 6,036 6,036
    Equipment - IAQ instruments 7,288 182 7,106 7,106
    Equipment - grinder pump 9,000 300 8,700 8,700
    Land 402,676 0 402,676 402,676


    TY 2020 LegalFeesSchedule
    Name:
    Glenstone Foundation
    EIN:
    20-5938416
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Litigation defense fees 6,261,315 0 0 6,261,315


    TY 2020 MortgagesAndNotesPayableSch
    Name:
    Glenstone Foundation
    EIN:
    20-5938416
    Total Mortgage Amount:  

    Item No. 1
    Lender's Name Morgan Stanley Smith Barney
    Lender's Title  
    Relationship to Insider None
    Original Amount of Loan 141,095,847
    Balance Due 141,095,847
    Date of Note 2020-01
    Maturity Date 2022-08
    Repayment Terms Due at maturity
    Interest Rate  
    Security Provided by Borrower Stock held by a single-member LLC, whose trustee is chairman of Glenstone.
    Purpose of Loan Purchase of art, capital assets, and general operating expenses
    Description of Lender Consideration N/A
    Consideration FMV  


    TY 2020 OtherAssetsSchedule
    Name:
    Glenstone Foundation
    EIN:
    20-5938416
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    Artwork 1,538,785,083 1,698,454,188 1,698,454,188
    Surety bonds and other 950,670 891,903 891,903
    Installments receivable 2,123,420 700,260 700,260
    Investment in Hannibal Farms 15,129,849 15,129,849 15,129,849


    TY 2020 OtherDecreasesSchedule
    Name:
    Glenstone Foundation
    EIN:
    20-5938416
    Description Amount
    ADJUST FMV VS BASIS OF DONATIONS 280,213,710


    TY 2020 OtherExpensesSchedule
    Name:
    Glenstone Foundation
    EIN:
    20-5938416
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Art storage and handling 1,067,536 0 0 1,067,536
    Supplies - art and other 324,483 0 0 324,483
    Minor equipment and rentals 488,945 0 0 488,945
    Insurance 394,873 0 0 394,873
    Licenses, fees and memberships 70,721 0 0 70,721
    Maintenance and repairs 550,459 0 0 550,459
    Contract labor 479,258 0 0 479,258
    Catering and food 31,125 0 0 31,125
    Uniforms 34,582 0 0 34,582
    Other 30,746 0 0 30,746


    TY 2020 OtherIncomeSchedule2
    Name:
    Glenstone Foundation
    EIN:
    20-5938416
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    Investment income   5,093 5,093


    TY 2020 OtherLiabilitiesSchedule
    Name:
    Glenstone Foundation
    EIN:
    20-5938416
    Description Beginning of Year - Book Value End of Year - Book Value
    Other 5,847 0


    TY 2020 OtherProfessionalFeesSchedule
    Name:
    Glenstone Foundation
    EIN:
    20-5938416
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Art photography and videography 75,198 0 0 75,198
    Information technology 498,462 0 0 498,462
    Art conservation and consulting 512,355 0 0 512,355
    Litigation support and other 4,274,057 0 0 4,274,057


    TY 2020 SalesOfInventoryList 
    Name:
    Glenstone Foundation
    EIN:
    20-5938416

    Category Gross Sales Cost of Goods Sold Net (Gross Sales Minus
    Cost of Goods Sold)
    Cafe 152,765 166,718 -13,953
    Bookstore 36,112 97,741 -61,629

    TY 2020 TaxesSchedule
    Name:
    Glenstone Foundation
    EIN:
    20-5938416
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Excise taxes 4,338,000 0 0 4,338,000
    Real estate taxes 181,023 0 0 181,023
    Taxes other 296 0 0 296