Form990-PF
Click to see attachment

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0052
2020
Open to Public Inspection
For calendar year 2020, or tax year beginning 01-01-2020 , and ending 12-31-2020
Name of foundation
Defne and Muhtar Kent Educational Foundation
Inc
% Foundation Source
Number and street (or P.O. box number if mail is not delivered to street address)Foundation Source 501 Silverside Rd
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Wilmington, DE198091377
A Employer identification number

45-2735138
B Telephone number (see instructions)

(800) 839-1754
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$23,688,926J 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) 0
2 Check bullet.............
3 Interest on savings and temporary cash investments 940 940  
4 Dividends and interest from securities... 670,202 670,202  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 941,604
b Gross sales price for all assets on line 6a 6,548,038
7 Capital gain net income (from Part IV, line 2)... 4,401,245
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 -336 -336  
12 Total. Add lines 1 through 11........ 1,612,410 5,072,051  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0      
14 Other employee salaries and wages...... 33,899     33,899
15 Pension plans, employee benefits....... 8,911     8,911
16a Legal fees (attach schedule)......... Click to see attachment 985 440 0 545
b Accounting fees (attach schedule)....... Click to see attachment 791 0 0 791
c Other professional fees (attach schedule).... Click to see attachment 36,179 12,179   24,000
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 56,597      
19 Depreciation (attach schedule) and depletion...      
20 Occupancy.............. 1,925     1,925
21 Travel, conferences, and meetings....... 3,539     3,539
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 59,562 909   58,653
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 202,388 13,528 0 132,263
25 Contributions, gifts, grants paid....... 954,961 954,961
26 Total expenses and disbursements. Add lines 24 and 25 1,157,349 13,528 0 1,087,224
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 455,061
b Net investment income (if negative, enter -0-) 5,058,523
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.............      
2 Savings and temporary cash investments......... 364,301 640,853 640,853
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)      
b Investments—corporate stock (attach schedule)....... 19,432,357 Click to see attachment19,710,266 23,048,073
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)..........      
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) 19,796,658 20,351,119 23,688,926
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........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds 19,796,658 20,351,119
29 Total net assets or fund balances (see instructions)..... 19,796,658 20,351,119
30 Total liabilities and net assets/fund balances (see instructions). 19,796,658 20,351,119
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
19,796,658
2
Enter amount from Part I, line 27a .....................
2
455,061
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
99,400
4
Add lines 1, 2, and 3 ..........................
4
20,351,119
5
Decreases not included in line 2 (itemize) bullet
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
20,351,119
Form 990-PF (2020)
Form 990-PF (2020)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a Publicly-traded Securities      
b
c
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 6,548,038   2,146,793 4,401,245
b
c
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       4,401,245
b
c
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 4,401,245
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 70,313
c All other domestic foundations enter 1.39% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2  
3 Add lines 1 and 2........................... 3 70,313
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 70,313
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 51,236
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 20,600
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 71,836
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 17
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 1,506
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet1,506 RefundedBullet 11  
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$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
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)
    bulletGA
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2020 or the taxable year beginning in 2020? See the instructions for Part XIV.
    If "Yes," complete Part XIV .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructionsClick to see attachment.................
    12
    Yes
     
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbullet  
    14
    The books are in care ofbulletFoundation Source Telephone no.bullet (800) 839-1754

    Located atbullet501 Silverside Road Suite 123WilmingtonDE ZIP+4bullet198091377
    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? .................
    16Yes  
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bulletTU
    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
     
     
    ........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).
    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
    Cem Omer Kent Dir
    1.0     		0 0 0
    Foundation Source 501 Silverside Rd
    Wilmington,DE198091377
    Defne Kent Dir, Sec, Treas
    1.0     		0 0 0
    Foundation Source 501 Silverside Rd
    Wilmington,DE198091377
    Muhtar Kent Pres, Dir
    1.0     		0 0 0
    Foundation Source 501 Silverside Rd
    Wilmington,DE198091377
    Selin Ipek Kent Dir
    1.0     		0 0 0
    Foundation Source 501 Silverside Rd
    Wilmington,DE198091377
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
     
    Total number of other employees paid over $50,000...................bullet  
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    Foundation Source Administrative 55,551
    55 Walls Drive 3rd Fl
    Fairfield,CT06824
    Total number of others receiving over $50,000 for professional services.............bullet  
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1  
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet  
    Form 990-PF (2020)
    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
    21,338,666
    b
    Average of monthly cash balances.......................
    1b
    601,723
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    21,940,389
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    21,940,389
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    329,106
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    21,611,283
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    1,080,564
    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
    1,080,564
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    70,313
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    70,313
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    1,010,251
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    1,010,251
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    1,010,251
    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
    1,087,224
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
    0
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    1,087,224
    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
    1,087,224
    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 1,010,251
    2 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only....... 1,020,170
    b Total for prior years:2018, 2017, 2016  
    3 Excess distributions carryover, if any, to 2020:
    a From 2015......  
    b From 2016......  
    c From 2017......  
    d From 2018......  
    e From 2019......  
    fTotal of lines 3a through e........  
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$ 1,087,224
    a Applied to 2019, but not more than line 2a 1,020,170
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		 
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		 
    d Applied to 2020 distributable amount..... 67,054
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2020.    
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		 
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		 
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		 
    e Undistributed income for 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2020. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2021 ..........     		943,197
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		 
    8 Excess distributions carryover from 2015 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2021.
    Subtract lines 7 and 8 from line 6a ......     		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.... 0
    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).)
    Defne Kent
    Muhtar Kent
    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
    A Dikici
    BARNARD COLLEGE
    3009 BROADWAY
    NEW YORK,NY10027     		NONE I Scholarship Grant 30,000
    E Seilmis
    BROWN UNIVERSITY
    BOX 1877
    PROVIDENCE,RI02912     		NONE I Scholarship Grant 15,000
    B Tayyar
    CLAREMONT MCKENNA COLLEGE
    400 N CLAREMONT BLVD
    CLAREMONT,CA91711     		NONE I Scholarship Grant 3,100
    P E Gzelocak
    CORNELL UNIVERSITY
    PO BOX 752
    ITHACA,NY14851     		NONE I Scholarship Grant 10,000
    S N Yilmaz
    DENISON UNIVERSITY
    100 W COLLEGE ST
    GRANVILLE,OH43023     		NONE I Scholarship Grant 30,000
    B Utebay
    GEORGIA INSTITUTE OF TECHNOLOGY
    225 NORTH AVE NW
    ATLANTA,GA30332     		NONE I Scholarship Grant 20,000
    U Kaygisiz
    MICHIGAN STATE UNIVERSITY
    556 E CIR DR RM 252
    EAST LANSING,MI48824     		NONE I Scholarship Grant 30,000
    B Demirci
    MICHIGAN STATE UNIVERSITY
    556 E CIR DR RM 252
    EAST LANSING,MI48824     		NONE I Scholarship Grant 15,000
    B Demirci
    MICHIGAN STATE UNIVERSITY
    556 E CIR DR RM 252
    EAST LANSING,MI48824     		NONE I Scholarship Grant 15,000
    B Ergor
    NORTHWESTERN UNIVERSITY
    1201 DAVIS ST 3RD FLOOR
    EVANSTON,IL60208     		NONE I Scholarship Grant 30,000
    E Senvardarli
    NORTHWESTERN UNIVERSITY
    1201 DAVIS ST 3RD FLOOR
    EVANSTON,IL60208     		NONE I Scholarship Grant 5,000
    O S Pamukcu
    OBERLIN COLLEGE
    173 W LORAIN ST
    OBERLIN,OH44074     		NONE I SCHOLARSHIP GRANT 12,500
    O S Pamukcu
    OBERLIN COLLEGE
    173 W LORAIN ST
    OBERLIN,OH44074     		NONE I SCHOLARSHIP GRANT 12,500
    A E Karalar
    PENN STATE UNIVERSITY
    2583 GATEWAY DR 130 BRISTOL PL ONE
    STATE COLLEGE,PA16801     		NONE I Scholarship Grant 30,000
    I U Ayyilmaz
    POMONA COLLEGE
    150 E 8TH ST
    CLAREMONT,CA91711     		NONE I Scholarship Grant 1,800
    N Kayin
    REGENTS OF THE UNIVERSITY OF CA
    16 SPROUL HALL 1960
    BERKELEY,CA94720     		NONE I Scholarship Grant 10,000
    SCHWAB CHARITABLE FUND
    211 MAIN ST
    SAN FRANCISCO,CA94105     		N/A PC donor advisor fund 70,000
    G Incesu
    STANFORD UNIVERSITY
    PO BOX 20466
    STANFORD,CA94309     		NONE I Scholarship grant 12,500
    G Incesu
    STANFORD UNIVERSITY
    PO BOX 20466
    STANFORD,CA94309     		NONE I scholarship grant 12,500
    B El
    THE ADMIN OF THE TULANE EDU FUND
    PO BOX 61075
    NEW ORLEANS,LA70161     		NONE I Scholarship GRANT 7,000
    THE CITY UNIVERSITY
    NORTHAMPTON SQ
    LONDON   EC1V 0HB
    UK     		N/A PC City University's Cass Business School for The Defne and Muhtar Kent Foundation Prize in Entrepreneurship 4,495
    THE CITY UNIVERSITY
    NORTHAMPTON SQ
    LONDON   EC1V 0HB
    UK     		N/A PC City University's Cass Business School for The Defne and Muhtar Kent Foundation Prize in Entrepreneurship 4,526
    A nder
    TRUSTEES OF PRINCETON UNIVERSITY
    701 CARNEGIE CTR
    PRINCETON,NJ08540     		NONE I Scholarship Grant 3,500
    A E Sivasligil
    UNIVERSITY OF CHICAGO
    5801 S ELLIS AVE
    CHICAGO,IL60637     		NONE I scholarship grant 15,000
    R Okay
    UNIVERSITY OF CHICAGO
    5801 S ELLIS AVE
    CHICAGO,IL60637     		NONE I Scholarship grant 30,000
    D Eracar
    UNIVERSITY OF CHICAGO
    5801 S ELLIS AVE
    CHICAGO,IL60637     		NONE I Scholarship GRANT 7,500
    D Eracar
    UNIVERSITY OF CHICAGO
    5801 S ELLIS AVE
    CHICAGO,IL60637     		NONE I SCHOLARSHIP GRANT 7,500
    A zpinar
    UNIVERSITY OF PENNSYLVANIA
    100 FRANKLIN BLDG 3451 WALNUT ST
    PHILADELPHIA,PA19104     		NONE I Scholarship Grant 15,000
    A zpinar
    UNIVERSITY OF PENNSYLVANIA
    100 FRANKLIN BLDG 3451 WALNUT ST
    PHILADELPHIA,PA19104     		NONE I Scholarship Grant 15,000
    E G SIMSEK
    YALE UNIVERSITY
    PO BOX 209010
    NEW HAVEN,CT06520     		NONE I SCHOLARSHIP GRANT 2,175
    E G Simsek
    YALE UNIVERSITY
    PO BOX 209010
    NEW HAVEN,CT06520     		NONE I SCHOLARSHIP GRANT 2,175
    SCHWAB CHARITABLE FUND
    211 MAIN ST
    SAN FRANCISCO,CA94105     		N/A PC General & Unrestricted (SEE GENERAL EXPLANATION) 476,190
    Total .................................bullet 3a 954,961
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3 Interest on savings and temporary cash
    investments ...........     		    14 940  
    4 Dividends and interest from securities....     14 670,202  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6 Net rental income or (loss) from personal property          
    7 Other investment income.....          
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 941,604  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aFOREIGN CURRENCY LOSS     		    01 -336  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   1,612,410  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    1,612,410
    (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:
    Defne and Muhtar Kent Educational Foundation
     
    Inc
    EIN:
    45-2735138
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    General Consultations 791     791

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

    TY 2020 DepreciationSchedule
    Name:
    Defne and Muhtar Kent Educational Foundation
     
    Inc
    EIN:
    45-2735138
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included

    TY 2020 GeneralExplanationAttachment
    Name:
    Defne and Muhtar Kent Educational Foundation
     
    Inc
    EIN:
    45-2735138
    Identifier Return Reference Explanation
    PART XV (FORM 990-PF): PART XV (FORM 990-PF): DISTRIBUTIONS OF PROPERTY VALUE AT FAIR MARKET VALUE AT DATE OF DISTRIBUTION METHOD FOR DETERMINING FMV OF SECURITIES: AVERAGE OF HIGH/LOW ON DATE GRANTED TO CHARITY METHOD OF DETERMINING BOOK VALUE OF SECURITIES: COST OF AVERAGE OF HIGH/LOW ON DATE CONTRIBUTED TO FOUNDATION TOTAL FAIR MARKET VALUE OF PROPERTY: $476,190 TOTAL BOOK VALUE OF PROPERTY: $376,790 TOTAL AMOUNT OF GRANTS: $476,190 FORM 990-PF, PART III, LINE 3 - OTHER INCREASES: $99,400 DETAILS OF ITEMS GRANTED: DESCRIPTION OF PROPERTY: THE COCA-COLA CO UNITS: 9,000 DATE OF DISTRIBUTION: 11-12-2020 GRANT RECIPIENT: SCHWAB CHARITABLE FUND FMV OF PROPERTY: $476,190 BOOK VALUE OF PROPERTY: $376,790 TOTAL AMOUNT OF GRANT: $476,190
    Foreign Filing Form Disclosure Form 8858 The foundation has prepared this form to the best of its ability based on the information provided to it by the foreign branch on which the foundation is reporting. Any missing or incomplete information is not a willful attempt to withhold such information.

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    Defne and Muhtar Kent Educational Foundation
     
    Inc
    EIN:
    45-2735138
    Name of Stock End of Year Book Value End of Year Fair Market Value
    ABERDEEN EMERGING MARKETS INST 43,376 58,849
    ALTRIA GROUP INC 45,472 45,797
    AMERICAN EXPRESS CO 19,211 22,610
    AMERICAN FUNDS NEW PERSPECTIVE 90,127 119,346
    AMGEN INC 38,027 37,247
    APPLE INC 81,757 102,569
    AQR MANAGED FUTURES FUND CL I 119,415 103,819
    BAIRD CORE PLUS BD FD INSTI CL 522,272 535,852
    BRISTOL-MYERS SQUIBB CO 45,887 47,143
    CATERPILLAR INC 39,604 48,599
    COMCAST CORP 47,723 56,959
    CONESTOGA SMALL CAP INST 26,273 40,824
    COSTCO WHOLESALE CORPORATION 27,622 30,896
    DBX ETF TR/X-TRACKERS MSCI EAF 714,458 782,937
    DIAMOND HILL SMALL CAP FUND CL 31,214 28,554
    DODGE & COX INCOME FUND 295,283 301,079
    DODGE & COX STOCK 212,050 219,644
    FPA CRESCENT PORTFOLIO 96,910 104,651
    FPA NEW INCOME FUND CLASS A 292,194 293,041
    GENERAL MILLS INC 29,012 27,754
    GILEAD SCIENCES INC 34,526 30,062
    HONEYWELL INTL 34,401 43,816
    ILLINOIS TOOL WORKS 23,565 25,281
    INFINITY Q DIVERSIFIED ALPHA F 103,398 103,953
    INTEL CORP 41,908 38,909
    INTERNATIONAL GROWTH AND INCOM 494,825 575,948
    ISHARES S&P 500 INDEX FD 257,809 376,892
    LOWES COMPANIES INC 31,058 33,386
    MASTERCARD INC 28,237 31,411
    MERCK & CO INC 59,984 61,186
    METROPOLITAN WEST RETURN BOND 23,911 22,976
    MICROSOFT CORP 71,225 77,402
    NEXTERA ENERGY, INC 34,126 38,189
    OAKMARK INTERNATIONAL FUND 78,526 79,426
    ORACLE CORP 39,059 44,183
    PIMCO INCOME FUND 240,000 251,195
    PROCTER GAMBLE CO 63,612 67,622
    QUALCOMM INC 35,863 49,663
    RAYTHEON TECHNOLOGIES CORP 25,208 28,318
    T ROWE PRICE CAP APPRECIATION 75,832 77,188
    TARGET CORPORATION 32,354 39,190
    TEXAS INSTRUMENTS INC 39,528 46,449
    THE BLACKSTONE GROUP INC CL A 22,911 26,442
    THE COCA-COLA CO 11,743,947 14,233,118
    THE JENSEN PORTFOLIO INC CLASS 148,166 182,116
    TWEEDY BROWNE GLOBAL VALUE FUN 119,598 121,856
    UNION PACIFIC 36,491 40,186
    UNITED PARCEL SERVICE 39,613 48,668
    UNITEDHEALTH GROUP INC 52,954 59,265
    VANGUARD DIVIDEND GROWTH FD 912,058 1,022,637
    VANGUARD EQUITY INCOME - ADMIR 1,211,266 1,335,224
    VANGUARD TOTAL BOND MARKET ETF 181,165 181,142
    VANGUARD TOTAL BOND MARKET IND 60,815 66,848
    VERIZON COMMUNICATIONS 60,914 61,923
    VERSUS CAPITAL MULTI MNGR REAL 25,815 25,157
    VISA INC 22,989 25,154
    WISDOMTREE SC DIV 384,722 467,522

    TY 2020 LegalFeesSchedule
    Name:
    Defne and Muhtar Kent Educational Foundation
     
    Inc
    EIN:
    45-2735138
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    General Consultations 985 440   545


    TY 2020 OtherExpensesSchedule
    Name:
    Defne and Muhtar Kent Educational Foundation
     
    Inc
    EIN:
    45-2735138
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Administrative Fees 55,551     55,551
    Bank Charges 909 909    
    Foundation Dues & Memberships 190     190
    Indemnification Insurance 1,142     1,142
    Website Hosting/Support 1,293     1,293
    OFFICE SUPPLIES 325     325
    NOTARY FEES 152     152


    TY 2020 OtherIncomeSchedule2
    Name:
    Defne and Muhtar Kent Educational Foundation
     
    Inc
    EIN:
    45-2735138
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    Foreign Currency Loss -336 -336  


    TY 2020 OtherIncreasesSchedule
    Name:
    Defne and Muhtar Kent Educational Foundation
     
    Inc
    EIN:
    45-2735138
    Description Amount
    GRANTS OF PUBLICLY TRADED SECURITIES 99,400


    TY 2020 OtherProfessionalFeesSchedule
    Name:
    Defne and Muhtar Kent Educational Foundation
     
    Inc
    EIN:
    45-2735138
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Investment Management Services 12,179 12,179    
    CONSULTANT SERVICES 24,000     24,000


    TY 2020 TaxesSchedule
    Name:
    Defne and Muhtar Kent Educational Foundation
     
    Inc
    EIN:
    45-2735138
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    990-PF Estimated Tax for 2020 50,700      
    990-PF Extension for 2019 5,897