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
SIT INVESTMENT ASSOCIATES FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)3300 IDS CENTER 80 SOUTH 8TH STREE
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
MINNEAPOLIS, MN55402
A Employer identification number

41-1468021
B Telephone number (see instructions)

(612) 332-3223
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$55,669,874J 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) 1,609,581
2 Check bullet.............
3 Interest on savings and temporary cash investments 1,746 1,746  
4 Dividends and interest from securities... 282,636 211,159  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 1,678,036
b Gross sales price for all assets on line 6a 3,848,865
7 Capital gain net income (from Part IV, line 2)... 1,878,890
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 3,237 3,237  
12 Total. Add lines 1 through 11........ 3,575,236 2,095,032  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0   0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 5,350 0   5,350
c Other professional fees (attach schedule)....        
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 21,000 0   0
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 10,484 10,484   0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 36,834 10,484   5,350
25 Contributions, gifts, grants paid....... 2,301,000 2,301,000
26 Total expenses and disbursements. Add lines 24 and 25 2,337,834 10,484   2,306,350
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 1,237,402
b Net investment income (if negative, enter -0-) 2,084,548
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............. 25,510 83,556 83,556
2 Savings and temporary cash investments.........      
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) bullet8,255
Less: allowance for doubtful accounts bullet0 14,148 8,255 8,255
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 35,024,389 Click to see attachment36,179,117 55,108,310
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).......... 423,804 Click to see attachment440,467 469,753
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 35,487,851 36,711,395 55,669,874
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) Click to see attachment13,858 Click to see attachment0
23 Total liabilities (add lines 17 through 22)......... 13,858 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........ 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 35,473,993 36,711,395
29 Total net assets or fund balances (see instructions)..... 35,473,993 36,711,395
30 Total liabilities and net assets/fund balances (see instructions). 35,487,851 36,711,395
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
35,473,993
2
Enter amount from Part I, line 27a .....................
2
1,237,402
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
36,711,395
5
Decreases not included in line 2 (itemize) bullet
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
36,711,395
Form 990-PF (2020)
Form 990-PF (2020)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a PUBLICLY TRADED SECURITIES D   2020-12-31
b SIA PARTNERSHIP XIII - FROM K-1 P   2020-12-31
c SIA PARTNERSHIP XXIV - FROM K-1 P   2020-12-31
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 3,825,729   1,968,111 1,857,618
b     1,864 -1,864
c 23,136     23,136
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       1,857,618
b       -1,864
c       23,136
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 1,878,890
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 28,975
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 28,975
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 28,975
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 48,162
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 48,162
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 19,187
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet19,187 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)
    bulletMN
    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 ofbulletPAUL E RASMUSSEN Telephone no.bullet (612) 332-3223

    Located atbullet3300 IDS CENTER 80 SOUTH 8TH STREETMINNEAPOLISMN ZIP+4bullet554022211
    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
     
    No
    .........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). Click to see attachment
    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
    PAUL E RASMUSSEN SECRETARY
    1.00     		0 0 0
    3300 IDS CENTER 80 SOUTH 8TH STREET
    MINNEAPOLIS,MN55402
    DEBRA K BEAUDET ASST. SECRETARY
    1.00     		0 0 0
    3300 IDS CENTER 80 SOUTH 8TH STREET
    MINNEAPOLIS,MN55402
    ROGER J SIT VOTING MEMBER
    1.00     		0 0 0
    3300 IDS CENTER 80 SOUTH 8TH STREET
    MINNEAPOLIS,MN55402
    CARLA J ROSE VOTING MEMBER
    1.00     		0 0 0
    3300 IDS CENTER 80 SOUTH 8TH STREET
    MINNEAPOLIS,MN55402
    RONALD D SIT DIRECTOR
    1.00     		0 0 0
    3300 IDS CENTER 80 SOUTH 8TH STREET
    MINNEAPOLIS,MN55402
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    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
    NONE
    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  
    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
    46,155,614
    b
    Average of monthly cash balances.......................
    1b
    43,051
    c
    Fair market value of all other assets (see instructions)................
    1c
    457,481
    d
    Total (add lines 1a, b, and c).........................
    1d
    46,656,146
    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
    46,656,146
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    699,842
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    45,956,304
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    2,297,815
    Part XI
    Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    2,297,815
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    28,975
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    28,975
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    2,268,840
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    2,268,840
    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
    2,268,840
    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
    2,306,350
    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
    2,306,350
    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
    2,306,350
    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 2,268,840
    2 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2020:
    a From 2015...... 58,606
    b From 2016...... 21,405
    c From 2017...... 46,305
    d From 2018...... 81,587
    e From 2019...... 56,370
    fTotal of lines 3a through e........ 264,273
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$ 2,306,350
    a Applied to 2019, but not more than line 2a 0
    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..... 2,268,840
    e Remaining amount distributed out of corpus 37,510
    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 5 301,783
    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 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8 Excess distributions carryover from 2015 not
    applied on line 5 or line 7 (see instructions) ...     		58,606
    9Excess distributions carryover to 2021.
    Subtract lines 7 and 8 from line 6a ......     		243,177
    10 Analysis of line 9:
    a Excess from 2016.... 21,405
    b Excess from 2017.... 46,305
    c Excess from 2018.... 81,587
    d Excess from 2019.... 56,370
    e Excess from 2020.... 37,510
    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
    AAPD FOUNDATION (AMERICAN ACADEMY OF PEDIATRIC DENTISTRY)
    211 E CHICAGO AVENUE SUITE 60611
    CHICAGO,IL60611     		  PC OPERATING 5,000
    ABBOTT NORTHWESTERN HOSPITAL FOUNDATION
    800 E 28TH STREET MR 16509
    MINNEAPOLIS,MN55407     		  SO I OPERATING 25,000
    ACADEMY OF WHOLE LEARNING
    9400 CEDAR LAKE ROAD NO 7
    SAINT LOUIS PARK,MN55426     		  PC OPERATING 1,000
    AEON
    901 N 3RD STREET 150
    MINNEAPOLIS,MN55401     		  PC OPERATING 5,000
    ALS ASSOCIATION - MINNESOTA CHAPTER
    333 NORTH WASHINGTON AVE NO 105
    MINNEAPOLIS,MN55401     		  PC OPERATING 5,000
    ALZHEIMER'S ASSOCIATION MN-ND CHAPTER
    7900 WEST 78TH STREET SUITE 100
    MINNEAPOLIS,MN55439     		  PC OPERATING 5,000
    AMERICAN RED CROSS - NORTHERN CHAPTER
    1201 WEST RIVER PARKWAY
    MINNEAPOLIS,MN55454     		  PC OPERATING 12,500
    ANNEXSTAD FAMILY FOUNDATION
    5516 MERRITT CIRCLE
    EDINA,MN55436     		  PF OPERATING 25,000
    ASSN OF ASIAN AMERICAN INVESTMENT MANAGERS (AAAIM)
    50 CALIFORNIA STREET
    SAN FRANCISCO,CA94111     		  PC OPERATING 25,000
    BATIQUITOS LAGOON FOUNDATION
    PO BOX 131741 CARLSBAD
    CARLSBAD,CA92013     		  PC OPERATING 300
    BE THE MATCH FOUNDATION
    500 N 5TH STREET
    MINNEAPOLIS,MN55401     		  PC OPERATING 2,500
    BEACON INTERFAITH HOUSING COLLABORATIVE
    2610 UNIVERSITY AVENUE WEST SUITE
    100
    SAINT PAUL,MN55114     		  PC OPERATING 10,000
    BERKELEY DONOR SERVICES - UNIVERSITY OF CALIFORNIA
    1995 UNIVERSITY AVE SUITE 401
    BERKELEY,CA94704     		  PC OPERATING 1,000
    BEYOND WALLS - URBAN SQUASH TWIN CITIES
    123 SE HARVARD STREET SUITE 144
    MINNEAPOLIS,MN55455     		  PC OPERATING 10,000
    BLOOM EARLY LEARNING & CHILD CARE
    17805 COUNTY ROAD 6
    PLYMOUTH,MN55447     		  PC OPERATING 5,000
    BRECK SCHOOL ANNUAL FUND
    123 OTTAWA AVE N
    GOLDEN VALLEY,MN55422     		  PC OPERATING 3,500
    CATHOLIC CHARITIES OF SAINT PAUL AND MINNEAPOLIS
    1200 SECOND AVENUE SOUTH
    MINNEAPOLIS,MN55403     		  PC OPERATING 15,000
    CHILDREN'S THEATRE COMPANY
    2400 3RD AVENUE SOUTH
    MINNEAPOLIS,MN554043506     		  PC OPERATING 5,000
    CHRISTIAN CUPBOARD EMERGENCY FOOD SHELF
    8264 4TH STREET NORTH
    OAKDALE,MN55128     		  PC OPERATING 2,500
    COMMONBOND COMMUNITIES
    1080 MONTREAL AVENUE
    SAINT PAUL,MN55116     		  PC OPERATING 50,000
    COMMUNITY EMERGENCY SERVICES
    1900 11TH AVENUE SOUTH
    MINNEAPOLIS,MN55404     		  PC OPERATING 15,000
    CONCORDIA LANGUAGE VILLAGES
    901 S 8TH ST
    MOORHEAD,MN56562     		  PC OPERATING 15,000
    COURAGE KENNY REHABILITATION INSTITUTE
    3915 GOLDEN VALLEY ROAD
    MINNEAPOLIS,MN55422     		  SO I OPERATING 2,000
    CYCLING MUSEUM OF MINNESOTA
    PO BOX 58021
    MINNEAPOLIS,MN55458     		  PC OPERATING 500
    DEPAUW UNIVERSITY ANNUAL FUND
    PO BOX 37
    GREENCASTLE,IN46135     		  PC OPERATING 1,000
    DUKE UNIVERSITY ANNUAL FUND
    PO BOX 90586
    DURHAM,NC27708     		  PC OPERATING 1,000
    FAMILYMEANS
    1875 NORTHWESTERN AVENUE SOUTH
    STILLWATER,MN55082     		  PC OPERATING 500
    FEDERATED INSURANCE FOUNDATION
    121 EAST PARK SQUARE
    OWATONNA,MN55060     		  PC OPERATING 150,000
    FOOD GROUP THE
    8501 54TH AVENUE NORTH
    NEW HOPE,MN554283710     		  PC OPERATING 100,000
    FRANCISIAN OUTREACH PROGRAM - CHURCH OF TRANSFIGURATION
    25225 CODE ROAD
    SOUTHFIELD,MI48034     		  PC OPERATING 250
    FRASER
    2400 WEST 64TH STREET
    MINNEAPOLIS,MN55423     		  PC OPERATING 6,000
    FRIENDS OF EDUCATION
    EXO-01-A 200 EAST LAKE STREET
    WAYZATA,MN55391     		  PC OPERATING 4,000
    FRIENDS OF THE HENNEPIN COUNTY LIBRARY
    300 NICOLLET MALL
    MINNEAPOLIS,MN55401     		  PC OPERATING 1,500
    FRIENDS OF THE SAINT PAUL PUBLIC LIBRARY
    1080 MONJTREAL AVENUE SUITE 2
    SAINT PAUL,MN55116     		  PC OPERATING 2,000
    FRIENDS OF TRIANGLE PARK
    500 GRANT PARK
    MINNEAPOLIS,MN55404     		  PC OPERATING 500
    GILDA'S CLUB TWIN CITIES
    10560 WAYZATA BLVD
    MINNETONKA,MN55305     		  PC OPERATING 7,500
    GLOBAL MINNESOTA
    1901 UNIVERSITY AVENUE SE
    MINNEAPOLIS,MN55414     		  PC OPERATING 23,000
    GREATER MINNEAPOLIS CRISIS NURSERY
    4544 FOURTH AVENUE SOUTH
    MINNEAPOLIS,MN55419     		  PC OPERATING 15,000
    GREATER MSP
    400 ROBERT STREET N SUITE 600
    ST PAUL,MN55101     		  PC OPERATING 5,000
    GREATER TWIN CITIES UNITED WAY
    404 SOUTH EIGHTH ST
    MINNEAPOLIS,MN55404     		  PC OPERATING 20,000
    GUTHRIE THEATER
    818 S 2ND STREET
    MINNEAPOLIS,MN55415     		  PC OPERATING 3,000
    HAMLINE UNIVERSITY
    1536 HEWITT AVE MS-B1809
    SAINT PAUL,MN551041235     		  PC OPERATING 3,500
    HELPING PAWS
    PO BOX 634
    HOPKINS,MN55343     		  PC OPERATING 1,000
    HENNEPIN - OVERLAND RAILWAY HISTORICAL SOCIETY
    2501 EAST 38TH STREET
    MINNEAPOLIS,MN55406     		  PC OPERATING 500
    HOPE FOR THE JOURNEY HOME
    8260 4TH STREET NORTH
    OAKDALE,MN55128     		  PC OPERATING 2,000
    ICA FOODSHELF
    12990 ST DAVIDS ROAD
    MINNETONKA,MN55305     		  PC OPERATING 5,000
    INNERCITY TENNIS
    4005 NICOLLET AVENUE SOUTH
    MINNEAPOLIS,MN55409     		  PC OPERATING 1,000
    INTERFAITH OUTREACH & COMMUNITY PARTNERS
    1605 COUNTY ROAD 101 NORTH
    PLYMOUTH,MN55447     		  PC OPERATING 30,000
    JODI'S NETWORK OF HOPE INC
    1160 VIERLING DRIVE PMB 265
    SHAKOPEE,MN55379     		  PC OPERATING 250
    JUNIOR ACHIEVEMENT - GENERAL OPERATING
    1800 WHITE BEAR AVENUE N
    MAPLEWOOD,MN55109     		  PC OPERATING 5,000
    LOAVES & FISHES
    721 KASOTA AVENUE SE
    MINNEAPOLIS,MN55414     		  PC OPERATING 50,000
    LUTHERAN SOCIAL SERVICE
    2485 COMO AVENUE
    SAINT PAUL,MN55108     		  PC OPERATING 30,000
    MARIE SANDVIK CENTER INC
    PO BOX 583692
    MINNEAPOLIS,MN55458     		  PC OPERATING 15,000
    MARVIN ZONIS INTERNATIONAL SCHOLARSHIP FUND
    5235 S HARPER CT 4TH
    CHICAGO,IL60615     		  PC OPERATING 2,000
    METROPOLITAN STATE UNIVERSITY FOUNDATION
    700 EAST SEVENTH STREET
    SAINT PAUL,MN551065000     		  PC OPERATING 25,000
    MICROGRANTS
    1035 EAST FRANKLIN AVENUE
    MINNEAPOLIS,MN55404     		  PC OPERATING 4,000
    MINNEAPOLIS INSTITUTE OF ART
    2400 THIRD AVENUE SOUTH
    MINNEAPOLIS,MN55404     		  PC OPERATING 30,000
    MINNEAPOLIS ROTARY FOUNDATION
    222 SOUTH 9TH STREET STE 1600A
    MINNEAPOLIS,MN55402     		  PC OPERATING 1,000
    MINNESOTA CHILDREN'S MUSEUM
    10 WEST SEVENTH STREET
    SAINT PAUL,MN55102     		  PC OPERATING 3,000
    MINNESOTA COUNCIL ON ECONOMIC EDUCATION
    116 RUTTAN HALL 1994 BUFORD AVE U
    OF M
    SAINT PAUL,MN55108     		  PC OPERATING 7,500
    MINNESOTA HISTORICAL SOCIETY
    345 KELLOGG BOULEVARD WEST
    SAINT PAUL,MN551021906     		  PC OPERATING 10,000
    MINNESOTA MUSEUM OF AMERICAN ART
    141 E 4TH STREET SUITE 101
    SAINT PAUL,MN55101     		  PC OPERATING 2,000
    MINNESOTA OVARIAN CANCER ALLIANCE (MOCA)
    4604 CHICAGO AVENUE SOUTH
    MINNEAPOLIS,MN55407     		  PC OPERATING 20,000
    MINNESOTA ZOO FOUNDATION
    13000 ZOO BLVD
    APPLE VALLEY,MN55124     		  PC OPERATING 2,500
    MINNESOTANS MILITARY APPRECIATION FUND
    PO BOX 2070
    MINNEAPOLIS,MN55402     		  PC OPERATING 480,000
    MONITORS FOUNDATION THE
    5115 EXCELSIOR BLVD NO 381
    SAINT LOUIS PARK,MN55416     		  PC OPERATING 3,500
    MULTIPLE SYSTEM ATROPHY COALITION
    7918 JONES BRANCH DRIVE SUITE 300
    MCLEAN,VA22102     		  PC OPERATING 500
    MUSEUM OF CHINESE IN AMERICA
    3 HOWARD STREET
    NEW YORK,NY10013     		  PC OPERATING 25,000
    MVNA
    2000 SUMMER STREET SUITE 100
    MINNEAPOLIS,MN55413     		  PC OPERATING 2,000
    NATIONAL MS SOCIETY - UPPER MIDWEST CHAPTER
    2829 UNIVERSITY AVENUE SE SUITE 900
    MINNEAPOLIS,MN55414     		  PC OPERATING 3,000
    NAZ - NORTHSIDE ACHIEVEMENT ZONE
    2123 W BROADWAY AVE NO 100
    MINNEAPOLIS,MN55411     		  PC OPERATING 15,000
    NEW ENGLAND HISTORIC GENEALOGICAL SOCIETY
    99-101 NEWBURY STREET
    BOSTON,MA02116     		  PC OPERATING 10,000
    NJROTC HARDING HIGH SCHOOL
    1540 EAST SIXTH STREET
    SAINT PAUL,MN55106     		  PC OPERATING 3,000
    NORTHERN STAR SCOUTING - GENERAL OPERATING
    6202 BLOOMINGTON ROAD
    FORT SNELLING,MN55111     		  PC OPERATING 15,000
    ORDWAY CENTER FOR THE PERFORMING ARTS
    345 WASHINGTON STREET
    SAINT PAUL,MN551021495     		  PC OPERATING 25,000
    OUTREACH ASIA
    5608 BENTON AVE
    EDINA,MN55436     		  PC OPERATING 2,000
    PATHWAYS TO CHILDREN
    100 2ND STREET SE
    MINNEAPOLIS,MN55414     		  PC OPERATING 15,000
    PEOPLE SERVING PEOPLE INC
    614 SOUTH THIRD STREET
    MINNEAPOLIS,MN554151104     		  PC OPERATING 40,000
    PILLSBURY UNITED COMMUNITIES
    125 WEST BROADWAY AVENUE SUITE 130
    MINNEAPOLIS,MN55411     		  PC OPERATING 35,000
    PRISM
    1220 ZANE AVENUE N
    GOLDEN VALLEY,MN55422     		  PC OPERATING 25,000
    PROJECT FOR PRIDE IN LIVING
    1035 EAST FRANKLIN AVENUE
    MINNEAPOLIS,MN554042920     		  PC OPERATING 20,000
    PROJECT PREP OLYMPIC DEVELOPMENT PROGRAM - UPPER MIDWEST HIGH SCHOOL ELITE
    PO BOX 385970 6101 OLD SHAKOPEE RD
    BLOOMINGTON,MN55438     		  PC OPERATING 12,500
    RED LAKE ROSIE'S RESCUE
    23880 SOUTH GOOD ROAD
    TRAIL,MN56684     		  PC OPERATING 1,000
    RONALD MCDONALD HOUSE CHARITIES - UPPER MIDWEST
    818 FULTON STREET SE
    MINNEAPOLIS,MN55414     		  PC OPERATING 15,000
    SAINT JOHN'S PREPATORY SCHOOL
    2280 WATERTOWER ROAD
    COLLEGEVILLE,MN56321     		  PC OPERATING 1,500
    SAINT PAUL CHAMBER ORCHESTRA
    408 SAINT PETER STREET 3RD FLOOR
    SAINT PAUL,MN55102     		  PC OPERATING 20,000
    SALVATION ARMY - NORTHERN DIVISION
    2445 PRIOR AVENUE N
    ROSEVILLE,MN55113     		  PC OPERATING 70,000
    SCIENCE MUSEUM OF MINNESOTA
    120 W KELLOGG BLVD
    SAINT PAUL,MN55102     		  PC OPERATING 2,500
    SECOND HARVEST HEARTLAND
    1140 GERVAIS AVENUE
    MAPLEWOOD,MN55109     		  PC OPERATING 100,000
    SHARING & CARING HANDS
    525 N 7TH ST
    MINNEAPOLIS,MN55405     		  PC OPERATING 75,000
    ST CATHERINE UNIVERSITY
    2004 RANDOLPH AVENUE
    SAINT PAUL,MN551051794     		  PC OPERATING 1,000
    ST CROIX KIDS
    111 ORLEANS STREET EAST
    STILLWATER,MN55082     		  PC OPERATING 250
    ST CROIX VALLEY OPERA
    PO BOX 2300
    STILLWATER,MN55082     		  PC OPERATING 2,000
    SUMMIT ACADEMY OIC TIN 41-0908458
    935 OLSON MEMORIAL HIGHWAY
    MINNEAPOLIS,MN55405     		  PC OPERATING 10,000
    TIMBER BAYYOUTH INVESTMENT FOUNDATION
    1364 HAMEL ROAD
    MEDINA,MN55340     		  PC OPERATING 2,500
    TWIN CITIES HABITAT FOR HUMANITY
    1954 UNIVERSITY AVENUE WEST
    SAINT PAUL,MN55104     		  PC OPERATING 40,000
    TWIN CITIES PUBLIC TELEVISION
    172 E 4TH STREET
    SAINT PAUL,MN551011400     		  PC OPERATING 40,000
    UNITEDHEALTHCARE CHILDREN'S FOUNDATION
    MN017-W400 PO BOX 41
    MINNEAPOLIS,MN554400041     		  PC OPERATING 1,000
    UNIVERSITY OF MINNESOTA FOUNDATION
    200 OAK STREET SE NO 500
    MINNEAPOLIS,MN554552010     		  PC OPERATING 225,000
    UNIVERSITY OF MINNESOTA FOUNDATION - PATHWAYS TO CHILDREN INT'L TRAVEL FUND
    201 OAK STREET SE NO 500
    MINNEAPOLIS,MN554552011     		  PC OPERATING 5,000
    UNIVERSITY OF MINNESOTA FOUNDATION - SCHOOL OF PUBLIC HEALTH CAMPAIGN
    202 OAK STREET SE NO 500
    MINNEAPOLIS,MN554552012     		  PC OPERATING 5,000
    UNIVERSITY OF MINNESOTA FOUNDATION - CARLSON SCHOOL
    203 OAK STREET SE NO 500
    MINNEAPOLIS,MN554552013     		  PC OPERATING 500
    UNIVERSITY OF MINNESOTA FOUNDATION - CHINA CENTER
    204 OAK STREET SE NO 500
    MINNEAPOLIS,MN554552014     		  PC OPERATING 10,000
    UNIVERSITY OF MINNESOTA FOUNDATION - MASONIC CHILDREN'S HOSPITAL
    205 OAK STREET SE NO 500
    MINNEAPOLIS,MN554552015     		  PC OPERATING 2,500
    UNIVERSITY OF MINNESOTA LANDSCAPE ARBORETUM
    206 OAK STREET SE NO 500
    MINNEAPOLIS,MN554552016     		  PC OPERATING 10,000
    UNIVERSITY OF MINNESOTA MORRIS
    110 WELCOME CENTER 600 E 4TH STR
    MORRIS,MN562672132     		  PC OPERATING 3,500
    UNIVERSITY OF NORTHWESTERN - ST PAUL
    3003 SNELLING AVENUE NORTH
    SAINT PAUL,MN55113     		  PC OPERATING 2,950
    UNIVERSITY OF NOTRE DAME
    CONTROLLERS OFFICE 724 GRACE HALL
    NOTRE DAME,IN46556     		  PC OPERATING 1,500
    UNIVERSITY OF SOUTHERN CALIFORNIA - USC ENGINEERING INNOVATION FUND
    3500 S FIGUEROA STREET UNIVERSITY
    GARDENS UGB 203
    LOS ANGELES,CA900898003     		  PC OPERATING 1,000
    US AIR FORCE ACADEMY FUND (USAFA ENDOWMENT)
    3116 ACADEMY DRIVE SUITE 200
    USAF ACADEMY,CO80840     		  PC OPERATING 1,000
    V3 SPORTS
    701 PLYMOUTH AVENUE NORTH
    MINNEAPOLIS,MN55411     		  PC OPERATING 15,000
    VALLEY CHAMBER CHORALE
    PO BOX 352
    STILLWATER,MN55082     		  PC OPERATING 1,000
    VALLEY OUTREACH
    1911 CURVE CREST BLVD W
    STILLWATER,MN55082     		  PC OPERATING 5,000
    VOCALESSENCE
    1900 NICOLLET AVENUE
    MINNEAPOLIS,MN55403     		  PC OPERATING 20,000
    VOLUNTEERS OF AMERICA - MINNESOTA
    7625 METRO BOULEVARD
    MINNEAPOLIS,MN55439     		  PC OPERATING 5,000
    WALKER ART CENTER
    1750 HENNEPIN AVENUE
    MINNEAPOLIS,MN55403     		  PC OPERATING 2,500
    WALLIN EDUCATION PARTNERS
    5200 WILSON RD SUITE 209
    MINNEAPOLIS,MN55424     		  PC OPERATING 23,000
    WAYZATA WALLEYE YOUTH BASEBALL
    PO BOX 595
    WAYZATA,MN55391     		  PC OPERATING 2,000
    YOUTH FRONTIERS
    5215 EDINA INDUSTRIAL BOULEVARD
    SUITE 400
    MINNEAPOLIS,MN55439     		  PC OPERATING 2,500
    YWCA MINNEAPOLIS - WEM FOUNDATION
    1130 NICOLLET MALL
    MINNEAPOLIS,MN55403     		  PC OPERATING 7,500
    Total .................................bullet 3a 2,301,000
    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 1,746  
    4 Dividends and interest from securities....     14 282,636  
    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.....     14 3,237  
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 1,678,036  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 0 1,965,655 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    1,965,655
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

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


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


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description
    Schedule B
    (Form 990, 990-EZ,
    or 990-PF)
    Department of the Treasury
    Internal Revenue Service
    Schedule of Contributors

    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    Arrow Bullet Go to www.irs.gov/Form990 for the latest information.
    OMB No. 1545-0047
    2020
    Name of the organization
    SIT INVESTMENT ASSOCIATES FOUNDATION
     
    Employer identification number

    41-1468021
    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
    SIT INVESTMENT ASSOCIATES FOUNDATION
          		Employer identification number
    41-1468021
    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
    SIT FIXED INCOME ADVISORS II LLC
     
    3300 IDS CENTER 80 SOUTH 8TH STREET
     
    MINNEAPOLIS, MN55402

    		$ 1,609,581


    (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
    SIT INVESTMENT ASSOCIATES FOUNDATION
          		Employer identification number

    41-1468021
    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
     
    		$    
    (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
    SIT INVESTMENT ASSOCIATES FOUNDATION
          		Employer identification number

    41-1468021
    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:
    SIT INVESTMENT ASSOCIATES FOUNDATION
    EIN:
    41-1468021
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES FOR 2019 TAX 5,350 0   5,350

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

    TY 2020 ExpenditureResponsibilityStmt
    Name:
    SIT INVESTMENT ASSOCIATES FOUNDATION
    EIN:
    41-1468021
    Grantee's Name Grantee's Address Grant Date Grant Amount Grant Purpose Amount Expended By Grantee Any Diversion By Grantee? Dates of Reports By Grantee Date of Verification Results of Verification
    ANNEXSTAD FAMILY FOUNDATION
          		5516 MERRIT CIRCLE
    EDINA,MN55436     		2020-12-11 25,000 SUPPORT OF THE LEADERS FOR TOMORROW SCHOLARSHIP PROGRAMTHE MISSION OF THE LEADERS FOR TOMORROW SCHOLARSHIP PROGRAM IS TO REACH OUT TO EXCEPTIONALLY BRIGHT AND ACCOMPLISHED STUDENTS FROM DISADVANTAGED BACKGROUNDS WHO HAVE OVERCOME EXTRAORDINARY HARDSHIP IN THEIR YOUNG LIVES AND WHO HAVE LITTLE OR NO MEANS TO PAY FOR COLLEGE. 25,000 NONE 11/5/2021    

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    SIT INVESTMENT ASSOCIATES FOUNDATION
    EIN:
    41-1468021
    Name of Stock End of Year Book Value End of Year Fair Market Value
    CHUBB LIMITED 1,401,893 2,451,638
    ORACLE SYSTEMS CORP. 170,845 399,331
    SIT DEVELOPING MARKETS FUND 570,602 990,187
    SIT DIVIDEND GROWTH FUND 2,321,309 2,611,600
    SIT GLOBAL DIVIDEND GROWTH FUND 2,585,922 3,753,270
    SIT INTERNATIONAL GROWTH FUND 1,300,872 2,002,661
    SIT LARGE CAP GROWTH FUND 7,878,103 10,890,292
    SIT MID CAP GROWTH FUND 6,189,318 9,426,116
    SIT MN TAX-FREE INCOME FUND 2,152,839 2,291,418
    SIT QUALITY INCOME FUND 376,832 383,442
    SIT SMALL CAP GROWTH FUND 8,676,888 17,170,640
    SIT US GOVERNMENT SECURITIES FUND 1,627,493 1,636,400
    SURMODICS, INC. 232,507 439,944
    PFIZER, INC. 455,500 416,284
    SIT TAX FREE INCOME FUND 238,194 245,087

    TY 2020 InvestmentsOtherSchedule2
    Name:
    SIT INVESTMENT ASSOCIATES FOUNDATION
    EIN:
    41-1468021
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    SIA PARTNERSHIP XIII AT COST 12,838 8,474
    SIA PARTNERSHIP XX AT COST 115,093 42
    SIA PARTNERSHIP XXIV AT COST 195,679 292,454
    SIA PARTNERSHIP XXVI AT COST 116,857 168,783

    TY 2020 OtherExpensesSchedule
    Name:
    SIT INVESTMENT ASSOCIATES FOUNDATION
    EIN:
    41-1468021
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    SIA PARTNERSHIP XXIV - FROM K-1 4,462 4,462   0
    SIA PARTNERSHIP XXVI - FROM K-1 5,726 5,726   0
    SIA PARTNERSHIP XIII - FROM K-1 78 78   0
    2019 STATE OF MN FILING FEE 25 25   0
    SIA CERTIFICATE OF GOOD STANDING 15 15   0
    QUICKEN SUBSCRIPTION 178 178   0


    TY 2020 OtherIncomeSchedule2
    Name:
    SIT INVESTMENT ASSOCIATES FOUNDATION
    EIN:
    41-1468021
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    SIA PARTNERSHIP XIII- 1202 GAIN 2,543 2,543 2,543
    SIA PARTNERSHIP XXIV- 1202 GAIN 694 694 694


    TY 2020 OtherLiabilitiesSchedule
    Name:
    SIT INVESTMENT ASSOCIATES FOUNDATION
    EIN:
    41-1468021
    Description Beginning of Year - Book Value End of Year - Book Value
    PAYABLE TO SIT INVESTMENT ASSOCIATES, INC. 13,858 0


    TY 2020 TaxesSchedule
    Name:
    SIT INVESTMENT ASSOCIATES FOUNDATION
    EIN:
    41-1468021
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    2020 ESTIMATED TAX 21,000 0   0