Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0052
2020
Open to Public Inspection
For calendar year 2020, or tax year beginning 01-01-2020 , and ending 12-31-2020
Name of foundation
THE CARMEL HILL FUND
 
Number and street (or P.O. box number if mail is not delivered to street address)1325 AVENUE OF THE AMERICAS NO 27
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
NEW YORK, NY100192701
A Employer identification number

13-6881103
B Telephone number (see instructions)

(212) 786-6320
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$422,844,300J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet.............
3 Interest on savings and temporary cash investments 198,979 198,979  
4 Dividends and interest from securities... 405,151 405,151  
5a Gross rents............ 59,170 59,170  
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 Click to see attachment 39,392,384
b Gross sales price for all assets on line 6a 63,970,861
7 Capital gain net income (from Part IV, line 2)... 39,254,362
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment -178,657 -178,254  
12 Total. Add lines 1 through 11........ 39,877,027 39,739,408  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 363,082 0   363,082
14 Other employee salaries and wages...... 2,616,593 0   2,616,593
15 Pension plans, employee benefits....... 773,430 0   977,976
16a Legal fees (attach schedule)......... Click to see attachment 3,677 1,103   2,574
b Accounting fees (attach schedule)....... Click to see attachment 107,565 32,270   75,296
c Other professional fees (attach schedule).... Click to see attachment 1,016,019 794,205   221,814
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 765,166 144,505   204,546
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 1,487,568 59,170   1,428,398
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 7,133,100 1,031,253   5,890,279
25 Contributions, gifts, grants paid....... 11,079,841 11,079,841
26 Total expenses and disbursements. Add lines 24 and 25 18,212,941 1,031,253   16,970,120
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 21,664,086
b Net investment income (if negative, enter -0-) 38,708,155
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2020)
Form 990-PF (2020)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 408,514 144,253 144,253
2 Savings and temporary cash investments......... 26,435,318 15,116,118 15,116,118
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule) 20,427,751 Click to see attachment44,689,984 44,693,742
b Investments—corporate stock (attach schedule)....... 234,733,100 Click to see attachment239,525,129 277,857,606
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).......... 92,696,153 Click to see attachment81,701,581 81,701,581
14 Land, buildings, and equipment: basis bullet3,331,000
Less: accumulated depreciation (attach schedule) bullet   3,331,000 3,331,000 3,331,000
15 Other assets (describe bullet) Click to see attachment835,336 Click to see attachment0 Click to see attachment0
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 378,867,172 384,508,065 422,844,300
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)......... 0 0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here bullet
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 378,867,172 384,508,065
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)..... 378,867,172 384,508,065
30 Total liabilities and net assets/fund balances (see instructions). 378,867,172 384,508,065
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
378,867,172
2
Enter amount from Part I, line 27a .....................
2
21,664,086
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
400,531,258
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
16,023,193
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
384,508,065
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 ALPHABET INC CAP STK CL C D   2020-10-27
b ALPHABET INC CL A D   2020-04-09
c AMAZON COM INC D   2020-07-13
d BERKSHIRE HATHAWAY INC DEL CL B NEW D   2020-04-14
e BOOKING HLDGS INC COM P   2020-05-06
BOOKING HLDGS INC COM D   2020-04-09
CARMAX INC COM D   2020-04-20
CARMAX INC COM D   2020-04-17
CONSTELLATION SOFTWARE INC COM D   2020-11-04
CREDIT ACCEP CORP P   2020-08-03
FACEBOOK INC CL A P 2018-03-26 2020-02-10
JACOBS ENGR GROUP INC D   2020-03-09
LIBERTY BROADBAND CORP D   2020-03-09
LIBERTY MEDIA CORP DEL COM SER C P 2020-05-19 2020-02-10
LIBERTY MEDIA CORP DEL COM SER A P   2020-02-10
MASTERCARD INC CL A D   2020-04-13
SCHWAB CHARLES CORP NEW COM P   2020-04-13
VISA INC COM CL A P   2020-04-13
WAYFAIR INC CL A P   2020-06-25
WAYFAIR INC CL A P   2020-12-18
VIVENDI SHS P   2020-10-02
HISCOX LTD SHS P   2020-12-29
HISCOX LTD SHS P   2020-12-18
MELROSE INDUSTRIES PLC P   2020-11-12
MELROSE INDUSTRIES PLC D   2020-11-13
PROSUS N V BEARER AND REGISTERED SHS P   2020-03-09
US TREASURY BILL P   2020-09-03
FROM ACACIA PARTNERS P   2020-12-31
FROM ACACIA PARTNERS P   2020-12-31
NASPERS LIMITED LTD- SPIN OFF P   2020-12-31
CAPITAL GAINS DIVIDENDS P    
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 4,110,535   2,291,051 1,819,484
b 1,537,414   1,283,847 253,567
c 3,328,214   1,495,097 1,833,117
d 2,456,721   2,335,512 121,209
e 2,086,302   2,227,263 -140,961
635,890   710,141 -74,251
338,597   239,849 98,748
826,063   703,405 122,658
805,340   287,740 517,600
67,001   61,929 5,072
35,714   26,171 9,543
828,445   474,770 353,675
554,506   367,911 186,595
101,098   66,154 34,944
538   398 140
599,808   420,312 179,496
547,324   574,362 -27,038
427,895   200,540 227,355
2,728,564   1,904,938 823,626
2,550,859   832,752 1,718,107
375,006   391,136 -16,130
226,773   172,375 54,398
498,385   508,012 -9,627
1,341,698   1,469,165 -127,467
100,699   65,497 35,202
152,367   174,623 -22,256
1,199,869   1,199,559 310
    3,258,632 -3,258,632
8,449,641     8,449,641
    835,336 -835,336
26,921,573     26,921,573
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       1,819,484
b       253,567
c       1,833,117
d       121,209
e       -140,961
      -74,251
      98,748
      122,658
      517,600
      5,072
      9,543
      353,675
      186,595
      34,944
      140
      179,496
      -27,038
      227,355
      823,626
      1,718,107
      -16,130
      54,398
      -9,627
      -127,467
      35,202
      -22,256
      310
      -3,258,632
      8,449,641
      -835,336
      26,921,573
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 39,254,362
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
SECTION 4940(e) REPEALED ON DECEMBER 20, 2019 - DO NOT COMPLETE
1 Reserved
(a)
Reserved 		(b)
Reserved 		(c)
Reserved 		(d)
Reserved
2
Reserved...........................
2
3
Reserved...........................
3
4
Reserved...........................
4
5
Reserved...........................
5
6
Reserved...........................
6
7
Reserved...........................
7
8
Reserved,..........................
8
Form 990-PF (2020)
Form 990-PF (2020)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here Bullet and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b Reserved................................ 1 538,043
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........................... 3 538,043
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- ..... 5 538,043
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 762,000
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 125,000
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 887,000
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 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 10 348,957
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet348,957 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
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
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)
    bulletNY
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2020 or the taxable year beginning in 2020? See the instructions for Part XIV.
    If "Yes," complete Part XIV .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletROBERT D GOLDFARB Telephone no.bullet (212) 786-6320

    Located atbullet1325 AVENUE OF THE AMERICAS SUITE2715NEW YORKNY ZIP+4bullet10019
    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
    ROBERT D GOLDFARB TRUSTEE
    2.00     		0 0 0
    1325 AVENUE OF AMERICAS SUITE 2715
    NEW YORK,NY10019
    DANIEL L MOSLEY TRUSTEE
    2.00     		0 0 0
    825 EIGHTH AVENUE
    NEW YORK,NY10019
    ELIZABETH A RUANE TRUSTEE
    2.00     		0 0 0
    1325 AVENUE OF AMERICAS SUITE 2715
    NEW YORK,NY10019
    ARLENE FARRAND-BORGERSON EXECUTIVE DIRECTOR
    40.00     		363,082 14,000 0
    1325 AVENUE OF AMERICAS SUITE 2715
    NEW YORK,NY10019
    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
    FANON J HOWELL DIRECTOR CHF EDUCATI
    40.00     		274,140 12,827 0
    1325 AVENUE OF AMERICAS SUITE 2715
    NEW YORK,NY10019
    EILEEN M MCMAHON AREA DIRECTOR CHFEP
    40.00     		132,294 6,100 0
    1325 AVENUE OF AMERICAS SUITE 2715
    NEW YORK,NY10019
    ALLISON PAINICH AREA DIRECTOR CHF EP
    40.00     		126,758 5,019 0
    1325 AVENUE OF AMERICAS SUITE 2715
    NEW YORK,NY10019
    MARIA GARCIA IMPLEMENTATION SPECI
    40.00     		107,272 4,350 0
    1325 AVENUE OF AMERICAS SUITE 2715
    NEW YORK,NY10019
    DAMARY GONZALEZ IMPLEMENTATION & LIB
    40.00     		95,307 4,321 0
    1325 AVENUE OF AMERICAS SUITE 2715
    NEW YORK,NY10019
    Total number of other employees paid over $50,000...................bullet 28
    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
    RUANECUNIFF & GOLDFARB LLC BROKER/MONEY MANAGER 794,205
    9 WEST 57TH STREET STE 5000
    NEW YORK,NY10019
    ANN HAMM - SCHOLLY MOLLY INC STUDENT PERFORMANCE CONSULTANT 114,260
    59 WEST 126TH ST APT 1
    NEW YORK,NY10027
    RSM US LLP ACCOUNTING SERVICES 89,565
    151 WEST 42ND STREET 19TH FLOOR
    NEW YORK,NY10036
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1 THE CARMEL HILL FUND'S EDUCATION PROGRAM OPERATES IN SCHOOLS IN THREE CITIES: 51 SCHOOLS IN NYC, 19 SCHOOLS IN MONROE, LA AND 59 SCHOOLS IN DENVER, CO REACHING A TOTAL OF OVER 35,000 STUDENTS. OUR MISSION IS TO SUPPORT PRIMARY AND SECONDARY AGED STUDENTS IN BECOMING AVID READERS. TO THIS END, WE PARTNER WITH SCHOOLS TO TRACK STUDENT READING PROGRESS AND PROFICIENCY VERSUS GRADE-LEVEL STATE STANDARDS. OUR PRINCIPAL FOCUS IS UTILIZING RENAISSANCE LEARNING'S ACCELERATED READER SOFTWARE PROGRAM. OUR STAFF CONSISTS OF 21 EMPLOYEES VISITING SCHOOLS TO ASSIST PRINCIPALS, TEACHERS AND LIBRARIANS IN THE SUCCESSFUL IMPLEMENTATION OF THE READING PROGRAM. WE ARE PROUD OF OUR IMPACT ON BOTH THE STUDENTS AND THE COMMUNITIES IN WHICH WE ARE LOCATED. 1,428,398
    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 NONE 0
    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
    379,657,384
    b
    Average of monthly cash balances.......................
    1b
    17,963,947
    c
    Fair market value of all other assets (see instructions)................
    1c
    3,331,000
    d
    Total (add lines 1a, b, and c).........................
    1d
    400,952,331
    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
    400,952,331
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    6,014,285
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    394,938,046
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    19,746,902
    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
    19,746,902
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    538,043
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
    12,647
    c
    Add lines 2a and 2b............................
    2c
    550,690
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    19,196,212
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    19,196,212
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    19,196,212
    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
    16,970,120
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    16,970,120
    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
    16,970,120
    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 19,196,212
    2 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only....... 7,195,229
    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: bullet$ 16,970,120
    a Applied to 2019, but not more than line 2a 7,195,229
    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..... 9,774,891
    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 ..........     		9,421,321
    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)
    Form 990-PF (2020)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2020, enter the date of the ruling....... bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2020 (b) 2019 (c) 2018 (d) 2017
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the foundation had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    BRAIN & BEHAVIOR RESEARCH FOUNDATION
    60 CUTTER MILL ROAD SUITE 404
    GREAT NECK,NY11021     		NONE PC CONTRIBUTION TOWARDS SCIENTIFIC RESEARCH IN REGARD TO CHILDREN'S MENTAL HEALTH 550,000
    BURLINGTON CITY ARTS
    135 CHURCH STREET
    BURLINGTON,VT05401     		NONE PC FOR THE DONEE'S TAX EXEMPT PURPOSE 90,000
    CHILDRENS AID SOCIETY
    711 THIRD AVENUE SUITE 700
    NEW YORK,NY10017     		NONE PC FUND COSTS FOR AFTER SCHOOL PROGRAM FOR SCHOLARSHIP STUDENTS 80,430
    COLUMBIA UNIVERSITY
    1130 AMSTERDAM AVE
    NEW YORK,NY10027     		NONE PC UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE 5,000,000
    DC COLLEGE ACCESS
    1300 N 17TH STREET 17TH FLOOR
    ARLINGTON,VA22209     		NONE PC FUNDS TOWARDS ASSISTING HIGH SCHOOL STUDENTS TUITION INTO COLLEGE 250,000
    DENVER PUBLIC SCHOOLS
    1860 LINCOLN STREET
    DENVER,CO80203     		NONE GOV PARTNERING WITH DENVER PUBLIC SCHOOLS WITH BOOKS, COMPUTERS AND READING SOFTWARE 403,970
    FLYNN CENTER FOR THE PERFORMING ARTS
    153 MAIN STREET
    BURLINGTON,VT05401     		NONE PC UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE 2,500
    INSTITUTE FOR MEDITATION SCIENCES INC
    181 WOODLAND AVENUE
    VERONA,NJ07044     		NONE PC UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE 5,000
    ME 2 ORCHESTRA INC
    PO BOX 4560
    BURLINGTON,VT05406     		NONE PC UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE 25,000
    MONROE SCHOOL DISTRICT
    2006 TOWER DRIVE
    MONROE,LA71201     		NONE GOV FUNDING LIBRARIES WITH BOOKS, COMPUTER HARDWARE AND ACCELERATED READER SOFTWARE 509,870
    MUSIC FOR THE EARTH
    PO BOX 1740
    LITCHFIELD,CT06759     		NONE PC UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE 10,000
    NAAM YOGA LA
    1231 FOURTH STREET
    SANTA MONICA,CA90401     		NONE PC FOR THE DONEE'S TAX EXEMPT PURPOSE 5,000
    NEW YORK CITY PUBLIC SCHOOLS
    52 CHAMBERS STREET
    NEW YORK,NY10007     		NONE GOV FUNDING NYC PUBLIC & PRIVATE SCHOOLS AND LIBRARIES WITH BOOKS, COMPUTERS, SOFTWARE 576,183
    NRDC
    40 W 20TH STREET
    NEW YORK,NY10011     		NONE PC UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE 5,000
    PLANNED PARENTHOOD OF NORTHERN NE
    784 HERCULES DRIVE SUITE 110
    COLCHESTER,VT05446     		NONE PC UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE 5,000
    RESOURCE A NONPROFIT COMMUNITY ENTERPRISE
    329 HARVEST LANE SUITE 200
    WILLISTON,VT05495     		NONE PC UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE 1,000
    RUDOLF STEINER FOUNDATION
    1002 OREILLY AVENUE
    SAN FRANCISCO,CA94129     		NONE PC DONOR ADVISED FUND- PLANNED FOR GIFTS FOR DONEE'S EXEMPT PURPOSE AND CAUSE . 200,000
    SAVE THE CHILDREN
    501 KINGS HIGHWAY EAST
    FAIRFIELD,CT06825     		NONE PC FOR THE DONEE'S TAX EXEMPT PURPOSE. 2,500,000
    SHELBURNE CRAFT SCHOOL
    PO BOX 52
    SHELBURNE,VT05482     		NONE PC UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE 2,500
    SHELBURNE FARMS
    1611 HARBOR ROAD
    SHELBURNE,VT05482     		NONE PC UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE 25,000
    SHELBURNE MUSEUM
    PO BOX 10
    SHELBURNE,VT05482     		NONE PC UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE 2,500
    ST PAUL SCHOOL
    114 EAST 118 STREET
    NEW YORK,NY10035     		NONE PC CONTINUED FUNDING FOR ACCELERATED READER PROGRAM, BOOKS AND ADMINISTRATIVE EXPENSES 529,388
    STERN CENTER FOR LANGUAGE AND LEARNING
    183 TALCOTT ROAD
    WILLISTON,VT05495     		NONE PC FOR THE DONEE'S TAX EXEMPT PURPOSE 1,000
    THE INTERVALE CENTER
    180 INTERVALE ROAD
    BURLINGTON,VT05401     		NONE PC UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE 1,000
    TWIN RAY ILLUMINATIONS
    3313 CABO COURT
    CARLSBAD,CA92009     		NONE PC UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE 12,000
    VERMONT FOOD BANK
    PO BOX 254
    SO BARRE,VT05670     		NONE PC UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE 27,500
    VERMONT WOMEN'S FUND
    3 COURT STREET
    MIDDLEBURY,VT05753     		NONE PC UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE 25,000
    WASHINGTON SCHOLARSHIP FUND INC
    PO BOX 243
    WASHINGTON DEPOT,CT06794     		NONE PC UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE 5,000
    MADISON SQUARE BOYS AND GIRLS CLUB
    250 BRADHURST AVENUE
    NEW YORK,NY10039     		NONE PC UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE 175,000
    FOOD BANK FOR NEW YORK CITY
    39 BROADWAY 10TH FLOOR
    NEW YORK,NY10006     		NONE PC UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE 25,000
    THE BETHLEHEM LAND TRUST
    PO BOX 322
    BETHLEHEM,CT06751     		NONE PC UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE 30,000
    Total .................................bullet 3a 11,079,841
    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 ...........     		    14 198,979  
    4 Dividends and interest from securities....     14 405,151  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....     16    
    6 Net rental income or (loss) from personal property          
    7 Other investment income.....          
    8 Gain or (loss) from sales of assets other than
    inventory ............     		523000 138,022 18 39,254,362  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aACACIA PARTNERS LP - UBI     		523000 -403      
    bACACIA PARTNERS LP 523000   14 -191,491  
    cLITIGATION PROCEEDS       13,237  
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 137,619 39,680,238 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    39,817,857
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

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


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


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2020 AccountingFeesSchedule
    Name:
    THE CARMEL HILL FUND
    EIN:
    13-6881103
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING 107,565 32,270   75,296

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

    TY 2020 GainLossSaleOtherAssetsSch
    Name:
    THE CARMEL HILL FUND
    EIN:
    13-6881103
    Name Date Acquired How Acquired Date Sold Purchaser Name Gross Sales Price Basis Basis Method Sales Expenses Total (net) Accumulated Depreciation
    ACACIA PARTNERS LP - CAPITAL GAIN UBI   PURCHASED 2020-12   138,022   COST 0 138,022  

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    THE CARMEL HILL FUND
    EIN:
    13-6881103
    Name of Stock End of Year Book Value End of Year Fair Market Value
    SEQUOIA FUND 178,174,741 184,126,246
    HISCOX LTD SHS ISIN#BMG4593F1389 1,041,236 1,043,627
    ROLLS-ROYCE HOLDINGS PLC LONDON SHS ISIN#GB00B63H8491 4,089,947 2,477,251
    ALPHABET INC CAP STK CL C 3,221,581 5,856,535
    BERKSHIRE HATHAWAY INC DEL CL A 1,766,840 3,825,965
    BERKSHIRE HATHAWAY INC DEL CL B NEW 139,202 252,275
    CARMAX INC COM 3,018,598 4,724,228
    CONSTELLATION SOFTWARE INC COM ISIN#CA21037X1006 1,785,202 4,118,672
    CREDIT ACCEP CORP MICH COM 4,084,804 4,352,711
    JACOBS ENGR GROUP INC COM 1,755,176 3,389,855
    LIBERTY MEDIA CORP DEL COM SER C FORMULA ONE 2,626,512 3,559,784
    LIBERTY MEDIA CORP DEL COM SER A FORMULA ONE 12,476 15,728
    MASTERCARD INC CL A COM 1,088,947 2,082,388
    SCHWAB CHARLES CORP NEW COM 2,551,413 3,881,945
    VISA INC COM CL A 593,409 1,421,745
    VIVENDI SHS ISIN#FR0000127771 2,840,037 3,835,778
    A2 MILK CO LTD SHS ISIN#NZATMEOOO2S8 2,104,964 2,384,085
    FACEBOOK INC CL A 2,777,405 4,781,939
    LIBERTY BROADBAND CORP COM SER A 600,012 1,223,609
    LIBERTY BROADBAND CORP COM SER C 1,187,941 2,550,707
    EUROFINS SCIENTIFICSHS ISLN#FR0000038259 2,121,879 4,219,088
    WAYFAIR INC CL A 968,424 3,183,244
    PROSUS N V BEARER AND REGISTERED SHS N ISIN#NL0013654783 1,543,658 3,501,131
    TAIWAN SEMICONDUCTOR MEG CO SPONSORED ADR 2,577,944 5,604,329
    UNITEDHEALTH GROUP INC COM 3,892,503 4,992,280
    ARISTA NETWORKS INC COM 2,894,058 4,292,591
    FIDELITY NATIONAL INFO. SERVICES INC. 2,177,220 2,140,573
    INTERCONTINENTAL EXCHANGE INC. 2,609,268 3,121,707
    NETFLIX INC 2,682,435 2,985,370
    WALT DISNEY CO 2,597,297 3,912,220

    TY 2020 InvestmentsGovtObligationsSch
    Name:
    THE CARMEL HILL FUND
    EIN:
    13-6881103
    US Government Securities - End of Year Book Value:

    44,689,984
    US Government Securities - End of Year Fair Market Value:

    44,693,742
    State & Local Government Securities - End of Year Book Value:


    0
    State & Local Government Securities - End of Year Fair Market Value:


    0


    TY 2020 InvestmentsOtherSchedule2
    Name:
    THE CARMEL HILL FUND
    EIN:
    13-6881103
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    ACACIA PARTNERS LP AT COST 81,701,581 81,701,581

    TY 2020 LegalFeesSchedule
    Name:
    THE CARMEL HILL FUND
    EIN:
    13-6881103
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL 3,677 1,103   2,574


    TY 2020 OtherAssetsSchedule
    Name:
    THE CARMEL HILL FUND
    EIN:
    13-6881103
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    DIVIDENDS RECEIVABLE 835,336 0 0


    TY 2020 OtherDecreasesSchedule
    Name:
    THE CARMEL HILL FUND
    EIN:
    13-6881103
    Description Amount
    FROM ACACIA PARTNERS LP UNREALIZED GAIN(LOSS) 16,023,193


    TY 2020 OtherExpensesSchedule
    Name:
    THE CARMEL HILL FUND
    EIN:
    13-6881103
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    CARMEL HILL READING PROJECT EXPENSES 1,428,398 0   1,428,398
    SUBLEASE RENT EXPENSE 59,170 59,170   0


    TY 2020 OtherIncomeSchedule2
    Name:
    THE CARMEL HILL FUND
    EIN:
    13-6881103
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    ACACIA PARTNERS LP - UBI -403   -403
    ACACIA PARTNERS LP -191,491 -191,491 -191,491
    LITIGATION PROCEEDS 13,237 13,237 13,237


    TY 2020 OtherProfessionalFeesSchedule
    Name:
    THE CARMEL HILL FUND
    EIN:
    13-6881103
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    CONSULTING FEES 137,745 0   137,745
    PROFESSIONAL DEVELOPMENT 84,069 0   84,069
    INVESTMENT MANAGEMENT FEES 794,205 794,205   0


    TY 2020 TaxesSchedule
    Name:
    THE CARMEL HILL FUND
    EIN:
    13-6881103
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    NYS DEPT. OF LAW 1,500 0   0
    FOREIGN TAX 139,260 139,260   0
    REAL ESTATE TAX 5,245 5,245   0
    FEDERAL INCOME TAX 401,911 0   0
    NYS-TAXES 12,704 0   0
    PAYROLL TAXES 204,546 0   204,546