TY 2020 Form 990PF

- TIN:

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

Do not enter social security numbers on this form as it may be made public.
bullet

Go to www.irs.gov/Form990PF for instructions and the latest information.

OMB No. 1545-0052

2020

Open to Public Inspection

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

Name of foundation
THE HERBERT H & GRACE A DOW
FOUNDATION

Number and street (or P.O. box number if mail is not delivered to street address)1018 WEST MAIN STREET
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
MIDLAND, MI48640

A Employer identification number

38-1437485

B Telephone number (see instructions)

(989) 631-3699

C If exemption application is pending, check here bullet

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

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

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

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

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

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

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

$544,898,141J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

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


1	Contributions, gifts, grants, etc., received (attach schedule)		1,856
2	Check .............
3	Interest on savings and temporary cash investments		135,205		135,205
4	Dividends and interest from securities...		5,837,839		5,837,839
5a	Gross rents............		16,221		16,221
b	Net rental income or (loss) 16,221
6a	Net gain or (loss) from sale of assets not on line 10			23,805,106
b	Gross sales price for all assets on line 6a 64,813,357
7	Capital gain net income (from Part IV, line 2)...				24,061,859
8	Net short-term capital gain.........
9	Income modifications...........
10a	Gross sales less returns and allowances	142,077
b	Less: Cost of goods sold....	68,169
c	Gross profit or (loss) (attach schedule).....			73,908		73,908
11	Other income (attach schedule).......			6,897,147	5,459,493	1,437,654
12	Total. Add lines 1 through 11........		36,767,282		35,510,617	1,511,562
13	Compensation of officers, directors, trustees, etc.		280,201		67,550	2,500	210,151
14	Other employee salaries and wages......		1,860,781		84,305	44,924	1,731,552
15	Pension plans, employee benefits.......		737,884		27,139	13,524	698,922
16a	Legal fees (attach schedule).........			5,617			6,434
b	Accounting fees (attach schedule).......			20,000	10,000		35,000
c	Other professional fees (attach schedule)....			1,952,330	1,811,569	131,380	9,261
17	Interest...............
18	Taxes (attach schedule) (see instructions)...			806,945		84	2,202
19	Depreciation (attach schedule) and depletion...			1,528,235		402,842
20	Occupancy..............		701,203			11,373	714,311
21	Travel, conferences, and meetings.......		16,580		1,800	16	20,370
22	Printing and publications..........		14,590			44	15,021
23	Other expenses (attach schedule).......			7,204,177	349,607	7,572	868,414
24	Total operating and administrative expenses.
	Add lines 13 through 23..........		15,128,543		2,351,970	614,259	4,311,638
25	Contributions, gifts, grants paid.......		14,321,950				18,439,978
26	Total expenses and disbursements. Add lines 24 and 25		29,450,493		2,351,970	614,259	22,751,616
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements		7,316,789
b	Net investment income (if negative, enter -0-)				33,158,647
c	Adjusted net income (if negative, enter -0-)...					897,303

For Paperwork Reduction Act Notice, see instructions.

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

Form 990-PF (2020)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............	615,096	5,059	5,059
	2	Savings and temporary cash investments.........	8,001,442	36,586,059	36,586,059
	3	Accounts receivable 382
		Less: allowance for doubtful accounts	7,782	382	382
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............	42,549	46,110	46,110
	9	Prepaid expenses and deferred charges..........	204,644	91,748	91,748
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	123,253,822	98,390,626	98,390,626
	c	Investments—corporate bonds (attach schedule).......
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	375,746,673	409,778,157	409,778,157
	14	Land, buildings, and equipment: basis 45,035,474
		Less: accumulated depreciation (attach schedule) 14,324,847	32,298,011	30,710,627
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	540,170,019	575,608,768	544,898,141
	17	Accounts payable and accrued expenses..........	286,571	85,577
	18	Grants payable.................	20,287,000	16,168,972
	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 )	1,450,000	2,025,432
	23	Total liabilities (add lines 17 through 22).........	22,023,571	18,279,981
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........	518,146,448	557,328,787
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........
	27	Paid-in or capital surplus, or land, bldg., and equipment fund
	28	Retained earnings, accumulated income, endowment, or other funds
	29	Total net assets or fund balances (see instructions).....	518,146,448	557,328,787
	30	Total liabilities and net assets/fund balances (see instructions).	540,170,019	575,608,768

Part III

Analysis of Changes in Net Assets or Fund Balances

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

518,146,448

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

7,316,789

Other increases not included in line 2 (itemize) bullet

31,865,550

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

557,328,787

Decreases not included in line 2 (itemize) bullet

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

557,328,787

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
1 a	PUBLICLY TRADED SECURITIES	P
b	OPTION INCOME ON PUBLICLY TRADED SEC	P
c
d
e

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	63,924,357	40,751,498	23,172,859
b	889,000		889,000
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			23,172,859
b			889,000
c
d
e

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	24,061,859
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3

Part V

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

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

1 Reserved

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

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

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

Form 990-PF (2020)

Page 4

Part VI

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

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Reserved................................	1	460,905
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	460,905
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	460,905
6	Credits/Payments:

a	2020 estimated tax payments and 2019 overpayment credited to 2020	6a	376,878
b	Exempt foreign organizations—tax withheld at source......	6b
c	Tax paid with application for extension of time to file (Form 8868)...	6c
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	376,878
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8	2,183
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9	86,210
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2021 estimated tax	Refunded	11

Part VII-A

Statements Regarding Activities

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

Yes

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

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

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

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

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

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

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

(1) On the foundation. bullet

$ (2) On foundation managers. bullet

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

on foundation managers. bullet

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

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

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

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

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

Yes

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

Yes

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

If "Yes," attach the statement required by General Instruction T.

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

Yes

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

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

Yes

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

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

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

Yes

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

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

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

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

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

Form 990-PF (2020)

Page 5

Part VII-A

Statements Regarding Activities (continued)

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

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

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

advisory privileges? If "Yes," attach statement. See instructions.................

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

Yes

Website address bullet

WWW.HHGADOWFDN.ORG

The books are in care of bullet

TINA HOP Telephone no. bullet

(989) 631-3699

Located at bullet

1018 W MAIN STMIDLANDMI ZIP+4 bullet

48640

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

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

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

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

16 No

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

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required

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

Yes

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

If "Yes," list the years bullet

20, 20, 20, 20

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

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

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

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

20, 20, 20, 20

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

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

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

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

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

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

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

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

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

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

Form 990-PF (2020)

Page 6

Part VII-B

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

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

Yes

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Part VIII

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

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

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
MICHAEL LLOYD DOW	VICE PRESIDE 2.00	0	0	0
1018 W MAIN ST MIDLAND,MI48640	VICE PRESIDE 2.00	0	0	0
MACAULEY WHITING JR	PRESIDENT EM 1.00	0	0	0
1018 W MAIN ST MIDLAND,MI48640	PRESIDENT EM 1.00	0	0	0
MARGARET E THOMPSON	SECRETARY 2.00	0	0	0
1018 W MAIN ST MIDLAND,MI48640	SECRETARY 2.00	0	0	0
WILLARD MOTT	TREASURER 3.00	0	0	0
1018 W MAIN ST MIDLAND,MI48640	TREASURER 3.00	0	0	0
RUTH A DOAN	PRESIDENT 10.00	0	0	35,000
1018 W MAIN ST MIDLAND,MI48640	PRESIDENT 10.00	0	0	35,000
STEPHEN CARRAS	TRUSTEE 1.00	0	0	0
1018 W MAIN ST MIDLAND,MI48640	TRUSTEE 1.00	0	0	0
BONNIE BUCHANAN MATHESON	TRUSTEE 1.00	0	0	0
1018 W MAIN ST MIDLAND,MI48640	TRUSTEE 1.00	0	0	0
ALDEN LEE HANSON	TRUSTEE 1.00	0	0	0
1018 W MAIN ST MIDLAND,MI48640	TRUSTEE 1.00	0	0	0
DIANE DOW HULLET	TRUSTEE 1.00	0	0	0
1018 W MAIN ST MIDLAND,MI48640	TRUSTEE 1.00	0	0	0
SUZANNA MCCUAN	TRUSTEE 1.00	0	0	0
1018 W MAIN ST MIDLAND,MI48640	TRUSTEE 1.00	0	0	0
DAVID CAMP	TRUSTEE 1.00	0	0	0
1018 W MAIN ST MIDLAND,MI48640	TRUSTEE 1.00	0	0	0
JAMES FITTERLING	TRUSTEE 1.00	0	0	0
1018 W MAIN ST MIDLAND,MI48640	TRUSTEE 1.00	0	0	0
JENEE VELASQUEZ	EXECUTIVE DI 40.00	280,201	23,569	0
1018 W MAIN ST MIDLAND,MI48640	EXECUTIVE DI 40.00	280,201	23,569	0

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
ELIZABETH LUMBERT	ASSOCIATE DI 40.00	154,504	30,203
1018 W MAIN ST MIDLAND,MI48640	ASSOCIATE DI 40.00	154,504	30,203
TINA HOP	CONTROLLER 33.00	115,740	11,770
1018 W MAIN ST MIDLAND,MI48640	CONTROLLER 33.00	115,740	11,770
SCOTT SCHULTHEIS	HORTICULTURI 40.00	78,750	28,071
1018 W MAIN ST MIDLAND,MI48640	HORTICULTURI 40.00	78,750	28,071
CHARLES MARTIN	HORTICULTURI 40.00	82,909	21,114
1018 W MAIN ST MIDLAND,MI48640	HORTICULTURI 40.00	82,909	21,114
MATT GERHARDT	HUMAN RESOUR 40.00	75,000	15,497
1018 W MAIN ST MIDLAND,MI48640	HUMAN RESOUR 40.00	75,000	15,497
Total number of other employees paid over $50,000...................				20

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
ROBINSON ANDERSON SUMMERS INC	DESIGN	276,644
28 WEST STATE STREET MEDIA,PA19063	DESIGN	276,644
SYM FINANCIAL ADVISORS	FINANCIAL	226,906
414 TOWNSEND ST MIDLAND,MI48640	FINANCIAL	226,906
SPACE	DESIGN	165,683
3142 VANTAGE POINT DRIVE MIDLAND,MI48642	DESIGN	165,683
NICHE DESIGN	DESIGN	103,626
2429 E HOLLAND AVE SAGINAW,MI48601	DESIGN	103,626
STT INC	SECURITY	91,504
1600 NORTH MISSION ST MT PLEASANT,MI48858	SECURITY	91,504

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	ESTABLISHED IN 1899, AS A HOME FOR HERBERT H. AND GRACE A. DOW AND FAMILY, DOW GARDENS TYPICALLY WELCOMES 300,000 GUESTS PER YEAR. EXPERIENCE A DAZZLING 110-ACRE DISPLAY OF ANNUALS AND PERRENIALS PUNCTUATED BY DISTINCTIVE BRIDGES, AN AWARD-WINNING CHILDRENS GARDEN, TOWERING PINES, DELIGHTFUL WATER FEATURES, AND THE NATIONS LONGEST CANOPY WALK WHICH TAKES GUESTS FOUR STORIES HIGH INTO THE TREE TOPS. VISITORS ARE INVITED TO LEAVE THE PATHWAY AND EXPLORE THE UNIQUELY-DESIGNED LANDSCAPE, TAKE A TOUR OF THE HISTORIC PINES HOME, PARTICIPATE IN ONE OF THE MANY HANDS-ON EDUCATIONAL PROGRAMS, AND DISCOVER BEAUTIFUL ART AND MUSIC IN A RELAXED SETTING. DOW GARDENS IS COMPRISED ON AN ESTATE GARDEN, HISTORIC HOME, AND THRIVING FOREST. DOW GARDENS IS A SIGNATURE GIFT OF THE HERBERT H. AND GRACE A. DOW FOUNDATION.	4,501,501
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	N/A
2


All other program-related investments. See instructions.
3

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

Form 990-PF (2020)

Page 8

Part X

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

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

purposes:

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

276,544,685

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

7,582,220

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

209,923,006

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

494,049,911

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

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

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

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

494,049,911

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

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

7,410,749

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

486,639,162

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

24,331,958

Part XI

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

and do not complete this part.)

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

24,331,958

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

460,905

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

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

460,905

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

23,871,053

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

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

23,871,053

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

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

23,871,053

Part XII

Qualifying Distributions (see instructions)

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

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

22,751,616

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

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

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

189,863

Amounts set aside for specific charitable projects that satisfy the:

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

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

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

22,941,479

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

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

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

22,941,479

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

Form 990-PF (2020)

Page 9

Part XIII

Undistributed Income (see instructions)

		(a) Corpus	(d) 2020
1 Distributable amount for 2020 from Part XI, line 7			23,871,053
2 Undistributed income, if any, as of the end of 2020:
a Enter amount for 2019 only.......
b Total for prior years:20, 20, 20
3 Excess distributions carryover, if any, to 2020:
a From 2015......
b From 2016......
c From 2017......	2,459,053
d From 2018......	2,869,079
e From 2019......
fTotal of lines 3a through e........		5,328,132
4Qualifying distributions for 2020 from Part
XII, line 4: $ 22,941,479
a Applied to 2019, but not more than line 2a
b Applied to undistributed income of prior years (Election required—see instructions).....
c Treated as distributions out of corpus (Election required—see instructions)........
d Applied to 2020 distributable amount.....			22,941,479
e Remaining amount distributed out of corpus
5 Excess distributions carryover applied to 2020.		929,574	929,574
(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		4,398,558
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 ..........			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) .......
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 ......		4,398,558
10 Analysis of line 9:
a Excess from 2016....
b Excess from 2017....	1,529,479
c Excess from 2018....	2,869,079
d Excess from 2019....
e Excess from 2020....

Form 990-PF (2020)

Page 10

Part XIV

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

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

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

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

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

Part XV

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

1Information Regarding Foundation Managers:

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

NONE

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.

NONE

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

Check here bullet

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

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

CARRIE NIELSEN
1018 W MAIN STREET
MIDLAND,MI486404292
(989) 631-3699
HHGADOWFDN.ORG/GUIDELINES

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

THE FORMAL GRANT APPLICATION CAN BE FOUND ON THE HERBERT H. AND GRACE A. DOW FOUNDATION WEBSITE AT WWW.HHGADOWFDN.COM. APPLICANTS WILL BE ASKED TO INCLUDE THE FOLLOWING INFORMATION IN A PROPOSAL: A SUMMARY SETTING FORTH THE NATURE AND POTENTIAL RESULTS OF THE PROGRAM FOR WHICH FUNDING IS SOUGHT; THE TOTAL COST OF THE PROJECT, INCLUDING ANY ENDOWMENT FOR OPERATIONS; THE TOTAL AMOUNT SOUGHT FROM THE FOUNDATION, AND HOW AND OVER WHAT PERIOD OF TIME THE GRANT MAY BE DISBURSED, AS WELL ANY OTHER FUNDING SOURCES BEING SOUGHT FOR THE PROJECT; EVIDENCE OF THE ORGANIZATION'S TAX-EXEMPT STATUS UNDER INTERNAL REVENUE CODE SECTION 501(C)(3); A DETAILED ANNUAL ORGANIZATIONAL BUDGET AND AUDITED FINANCIAL STATEMENT FOR THE ORGANIZATION; THE NAMES OF MANAGEMENT AND OF THE TRUSTEES OR DIRECTORS OF THE ORGANIZATION.

cAny submission deadlines:

THE BOARD MEETS DURING THE YEAR TO MAKE FINAL DECISIONS WITH GRANTS TYPICALLY DISBURSED IN DECEMBER.

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

THE FOUNDATION DOES NOT MAKE GRANTS DIRECTLY TO INDIVIDUALS. THE FOUNDATION'S CHARTER LIMITS ITS GRANTS TO MICHIGAN ORGANIZATIONS. THE FOUNDATION CANNOT LEGALLY SUPPORT: ORGANIZATIONS THAT ARE NOT ELIGIBLE TO RECEIVE TAX DEDUCTIBLE CONTRIBUTIONS PER THE INTERNAL REVENUE SERVICE; POLITICAL ORGANIZATIONS; SECTARIAN RELIGIOUS ORGANIZATIONS (EXCEPT THOSE THAT ARE LOCATED IN THE MIDLAND COMMUNITY); OR ORGANIZATIONS THAT PRACTICE DISCRIMINATION BY RACE, SEX, CREED, AGE, OR NATIONAL ORIGIN. THE FOUNDATION DOES NOT ACCEPT PRESET "FORMULAS FOR GIVING" PREPARED BY NONPROFIT AGENCIES.

Form 990-PF (2020)

Page 11

Part XV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
SEE ATTACHED 1018 W MAIN STREET MIDLAND,MI48640			VARIOUS	8,202,808
SEE ATTACHED 1018 W MAIN STREET MIDLAND,MI48640			VARIOUS	10,237,170
Total ................................. 3a				18,439,978

bApproved for future payment
SEE ATTACHED 1018 W MAIN STREET MIDLAND,MI48640	VARIOUS	6,120,235
Total ................................. 3b		6,120,235

Form 990-PF (2020)

Page 12

Part XVI-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
aDOW GARDENS ADMISSIONS					383,843
bHORTICULTURAL CLASSES					2,785
cPINES ADMISSIONS					168
dHORTICULTURE SUP/EQUIP SALE					9,110
e
f
gFees and contracts from government agencies
2 Membership dues and assessments....
3 Interest on savings and temporary cash investments ...........			14	135,205
4 Dividends and interest from securities....			14	5,837,839
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....			16	16,221
6 Net rental income or (loss) from personal property
7 Other investment income.....			18	5,459,493
8 Gain or (loss) from sales of assets other than inventory ............			1	23,805,106
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory	453220	73,908
11 Other revenue: aWEDDINGS					8,860
bMISC					-1,924
c26-3886702 AQR STYLE PREMIA	900099	-65,926
d98-1294790 BLACKSTONE CAPIT	900099	727,993
e38-4046268 FORTRESS INTELLE	900099	9,066
f62-1570892 GT GLOBAL HEDGE	900099	149,186
g62-1451003 GT PARTNERS, L.P	900099	133,665
h38-3431245 NCTI LP	900099	53,247
i35-2491286 RCP DIRECT II LP	900099	33,904
j37-1884177 RCP DIRECT III	900099	-6,124
k45-3135867 RCP FUND VIII LP	900099	52,037
l36-4766444 RCP FUND IX LP	900099	-20,766
m32-0457025 RCP FUND X LP	900099	-16,561
n35-2550581 RCP FUND XI LP	900099	-34,182
o37-1860110 RCP FUND XII LP	900099	-39,956
p83-0557610 RCP FUND XIII LP	900099	-24,966
q90-0852883 RCP SEC. OPP. II	900099	11,910
r61-1855521 RCP SEC OPP III	900099	72,285
12 Subtotal. Add columns (b), (d), and (e)..		1,108,720		35,253,864	402,842

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

36,765,426

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

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See instructions.)
1A	ADMISSION FEES FOR DOW GARDENS
1B	HORTICULTURAL CLASSES FOR CHILDREN & OTHERS
1C	ADMISSIONS FEES FOR THE PINES AREA OF THE GARDENS
1D	HORTICULTURAL SUPPLIES SOLD AS PART OF CHARITABLE ACTIVITIES ASSOCIATED WITH DOW GARDENS
11B	FEES CHARGED FOR WEDDINGS HELD IN THE GARDENS; ENCOURAGING THE PUBLIC TO UTILIZE THE BEAUTY OF THE GARDENS

Form 990-PF (2020)

Page 13

Part XVII

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

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

Yes

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

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

1a(1)

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

1a(2)

Other transactions:

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

1b(1)

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

1b(2)

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

1b(3)

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

1b(4)

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

1b(5)

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

1b(6)

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

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

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

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

If "Yes," complete the following schedule.

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

Sign Here

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

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

Form 990-PF (2020)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2020 AccountingFeesSchedule

Name:

THE HERBERT H & GRACE A DOW

FOUNDATION

EIN:

38-1437485

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ACCOUNTING FEES	20,000	10,000		35,000

- TIN:

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

TY 2020 DepreciationSchedule

Name:

THE HERBERT H & GRACE A DOW

FOUNDATION

EIN:

38-1437485

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
SEE ATTACHED LISTING		351,831	5,084,833			1,528,235		402,842

- TIN:

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

TY 2020 GainLossSaleOtherAssetsSch

Name:

THE HERBERT H & GRACE A DOW

FOUNDATION

EIN:

38-1437485

Name	Date Acquired	How Acquired	Date Sold	Purchaser Name	Gross Sales Price	Basis	Basis Method	Sales Expenses	Total (net)	Accumulated Depreciation
WHITING FOREST PRIOR IMPROVEMENTS		PURCHASE				496,440			-256,753	239,687

- TIN:

TY 2020 InvestmentsCorpStockSchedule

Name:

THE HERBERT H & GRACE A DOW

FOUNDATION

EIN:

38-1437485

Name of Stock	End of Year Book Value	End of Year Fair Market Value
CORTEVA STOCK
DUPONT STOCK	30,864,138	30,864,138
DOW CHEMICAL STOCK	29,184,445	29,184,445
DFA INTL VALUE PORT
DFA INTL SMALL CAP VALUE	8,474,745	8,474,745
AMERICAN NEW PERSPECTIVE FUND	29,867,298	29,867,298

- TIN:

TY 2020 InvestmentsOtherSchedule2

Name:

THE HERBERT H & GRACE A DOW

FOUNDATION

EIN:

38-1437485

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
01-0711466 - TGAP VENTURES	FMV
03-0469267 - ABORETUM 1	FMV	943,093	943,093
06-1582470 - ARCH VENTURE FUND V	FMV	104,375	104,375
13-4359956 - NCTI III LIMITED PTRSHP	FMV	2,972,737	2,972,737
16-1625273 - APJOHN	FMV	290,701	290,701
20-3879026 - ABORETUM 1A	FMV	459,474	459,474
20-8495541 - ABORETUM 2	FMV	204,852	204,852
27-3114657 - ARSENAL VENTURE CAPITAL	FMV	5,309,555	5,309,555
27-3204697 - RESONANT FUND I	FMV	50,521	50,521
36-4119709 - ARCH VENTURE FUND III	FMV	6,298	6,298
36-4443622 - ARCH DEVELOPMENT FUND 1	FMV	1,359,054	1,359,054
38-3431245 - NORTHCOAST	FMV	56,397	56,397
47-0859230 - ARCH VENTURE IV-A	FMV	10,157	10,157
ABRAAJ GROWTH MARKETS	FMV	4,920,261	4,920,261
ALLIQUA STOCK	FMV	1,416	1,416
AQR STYLE PREMIA	FMV	5,752,893	5,752,893
ARBORETUM III	FMV	891,421	891,421
ARBORETUM VENTURES IV	FMV	2,247,055	2,247,055
AUXO GROWTH HOLDINGS I, LLC	FMV	1,817,821	1,817,821
AUXO INVESTMENT PARTNERS LLC	FMV	53,955	53,955
BLACKROCK STRAT INCOME	FMV	8,079,862	8,079,862
BLACKSTONE ALTERNATIVES	FMV	1,771,732	1,771,732
BLACKSTONE CAPITAL	FMV	7,110,260	7,110,260
BLACKSTONE PARTNERS INV.	FMV	20,920,529	20,920,529
BREP EUROPE IV REAL	FMV	1,672,677	1,672,677
BREP EUROPE VI SC SP	FMV	1,425,619	1,425,619
CARILLON REAMS	FMV	1,338,969	1,338,969
CARLYLE PE ACCESS FUND	FMV	2,986,186	2,986,186
CARLYLE SP DISTRESSED III	FMV	564,934	564,934
CARLYLE STRATEGIC PARTNERS IV	FMV	1,741,650	1,741,650
CARLYLE US EQUITY	FMV	1,193,873	1,193,873
CARLYLE US REALTY	FMV	1,025,653	1,025,653
CEMOF II FOREIGN INVESTORS	FMV	1,387,560	1,387,560
CRESCENT VI MEZZANINE	FMV	1,090,780	1,090,780
CSP III DISTRESSED	FMV	564,934	564,934
DFA EMERGING MARKETS CORE EQTY	FMV	12,942,625	12,942,625
DOUBLELINE TOTAL RETURN	FMV	8,589,423	8,589,423
DRIEHAUS EMERGING MARKET GROWTH	FMV	7,769,368	7,769,368
EDF VENTURES OPP. FUND	FMV
FIDELITY TOTAL MARKET	FMV	49,409,514	49,409,514
FORTRESS CREDIT OPP IV	FMV	2,990,383	2,990,383
FORTRESS CREDIT OPP V	FMV	7,065,314	7,065,314
FORTRESS INTELLECTUAL PROPERTY	FMV	2,611,809	2,611,809
FORTRESS RE OPP. II	FMV	1,151,195	1,151,195
FORTRESS RE OPP. III	FMV	1,411,072	1,411,072
FR XIII GLOBAL ENERGY	FMV	2,918,669	2,918,669
GI PARTNERS IV	FMV	4,288,693	4,288,693
GOLDMAN SACHS VINTAGE VI	FMV	480,743	480,743
GOLDMAN SACHS VINTAGE VII	FMV	2,897,905	2,897,905
GS PRIVATE MIDDLE MARKET CR	FMV	4,841,603	4,841,603
GSO MEZZANINE FINANCE	FMV	1,615,129	1,615,129
GT GLOBAL HEDGE MKT	FMV	21,059,831	21,059,831
GT PARTNERS LP	FMV	21,037,591	21,037,591
HSBC USA INC.	FMV
IMPINJ INC	FMV	380,431	380,431
JOHCM INTL CS	FMV	9,040,525	9,040,525
JP MORGAN GLOBAL BOND	FMV	4,041,710	4,041,710
JP MORGAN INTREPID	FMV	8,938,092	8,938,092
KKR PRINCIPAL OPPORTUNITIES	FMV	5,492,249	5,492,249
LS REAL ESTATE RECOVERY IV	FMV	704,894	704,894
LS VIII RECOVERY TRUST	FMV	485,468	485,468
MATTHEWS EMER ASIA	FMV	6,285,094	6,285,094
MOON CAPITAL GLOBAL	FMV	260,827	260,827
NCTI IV, PARTNERSHIP	FMV	913,015	913,015
PEG GLOBAL PRIVATE EQUITY	FMV	11,409,289	11,409,289
PIMCO INVESTMENT GRADE	FMV	7,984,216	7,984,216
PIMCO RAE	FMV	19,615,866	19,615,866
PMC PARTNERS I OFFSHORE	FMV	1,195,614	1,195,614
PRIVATE EQUITY CO INV. PT	FMV	4,878,309	4,878,309
RCP DIRECT II LP	FMV	1,385,490	1,385,490
RCP DIRECT III	FMV	3,977,803	3,977,803
RCP FUND IX LP	FMV	2,008,842	2,008,842
RCP FUND VIII LP	FMV	1,816,183	1,816,183
RCP FUND XI	FMV	1,436,549	1,436,549
RCP FUND XII, LP	FMV	1,651,982	1,651,982
RCP FUND XIII	FMV	1,500,228	1,500,228
RCP FUND X	FMV	1,829,365	1,829,365
RCP SECONDARY OPP FUND III	FMV	1,293,237	1,293,237
RCP SECONDARY OPP. II	FMV	943,449	943,449
RENAISSANCE VENTURE CAPITAL	FMV	7,671,650	7,671,650
SCHWAB US BROAD MARKET ETF	FMV	35,260,081	35,260,081
SIERRA ONCOLOGY COMMON STOCK	FMV	2,555	2,555
THORNBURG INTERNATIONAL GROWTH	FMV	16,072,343	16,072,343
VANGUARD TOTAL STOCK MARKET	FMV	13,318,437	13,318,437
VESEY STREET FUND	FMV	4,576,243	4,576,243

- TIN:

TY 2020 LandEtcSchedule2

Name:

THE HERBERT H & GRACE A DOW

FOUNDATION

EIN:

38-1437485

Category / Item	Cost / Other Basis	Accumulated Depreciation	Book Value	End of Year Fair Market Value
SEE ATTACHED	45,035,474	14,324,847	30,710,627

- TIN:

TY 2020 LegalFeesSchedule

Name:

THE HERBERT H & GRACE A DOW

FOUNDATION

EIN:

38-1437485

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
LEGAL FEES	5,617			6,434

- TIN:

TY 2020 OtherExpensesSchedule

Name:

THE HERBERT H & GRACE A DOW

FOUNDATION

EIN:

38-1437485

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
GIFT SHOP & BEVERAGE SALES
POSTAGE, MAILING SERVICE	3		3
INFORMATION TECHNOLOGY & SOFT	5,036		5,036
MEMBERSHIPS AND SUBSCRIPTIONS	73		73
CLASSES AND EVENTS	183		183
EMPLOYEE EXPENSES	70		70
MISCELLANEOUS	286		286
SUPPLIES	1,921		1,921
EXPENSES
EMPLOYEE EXPENSES	11,372			11,100
BANK FEES	31,643	9,415		22,228
INSURANCE	32,164			32,149
PAYROLL PROCESSING FEES	96	7		90
PRESIDENT'S EXPENSES	35,000	8,750		26,250
SUPPLIES	164,454			168,623
MISCELLANEOUS	37,125			37,228
CLASSES AND EVENTS	64,850			64,850
ADVERTISING	5,719			9,319
INFORMATION TECHNOLOGY & SOFT	197,455			199,188
POSTAGE	3,827			3,827
MEMBERSHIPS & SUBSCRIPTIONS	9,602			9,602
SPECIAL PROJECTS	247,315			247,315
FINES, PENALTIES, AND JUDGMEN	319
FUEL	7,374			6,938
INVESTMENT EXPENSES	331,435	331,435
HOUSEKEEPING SUPPLIES	14,484			14,484
ADMINISTRATIVE FEES	1,893			1,893
COVID 19 EXPENSES	969			969
COMMUNICATIONS	497			497
UNIFORMS	11,670			11,864
K-1 LOSSES PER BOOKS	5,987,342

- TIN:

TY 2020 OtherIncomeSchedule2

Name:

THE HERBERT H & GRACE A DOW

FOUNDATION

EIN:

38-1437485

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
DOW GARDENS ADMISSIONS	383,843		383,843
HORTICULTURAL CLASSES	2,785		2,785
PINES ADMISSIONS	168		168
HORTICULTURE SUP/EQUIP SALES	9,110		9,110
SEE SCHEDULE K-1 INCOME	5,459,493	5,459,493
WEDDINGS	8,860		8,860
MISC	-1,924		-1,924
26-3886702 AQR STYLE PREMIA	-65,926		-65,926
98-1294790 BLACKSTONE CAPITAL	727,993		727,993
38-4046268 FORTRESS INTELLECT	9,066		9,066
62-1570892 GT GLOBAL HEDGE LP	149,186		149,186
62-1451003 GT PARTNERS, L.P.	133,665		133,665
38-3431245 NCTI LP	53,247		53,247
35-2491286 RCP DIRECT II LP	33,904		33,904
37-1884177 RCP DIRECT III	-6,124		-6,124
45-3135867 RCP FUND VIII LP	52,037		52,037
36-4766444 RCP FUND IX LP	-20,766		-20,766
32-0457025 RCP FUND X LP	-16,561		-16,561
35-2550581 RCP FUND XI LP	-34,182		-34,182
37-1860110 RCP FUND XII LP	-39,956		-39,956
83-0557610 RCP FUND XIII LP	-24,966		-24,966
90-0852883 RCP SEC. OPP. II	11,910		11,910
61-1855521 RCP SEC OPP III	72,285		72,285

- TIN:

TY 2020 OtherIncreasesSchedule

Name:

THE HERBERT H & GRACE A DOW

FOUNDATION

EIN:

38-1437485

Description	Amount
UNREALIZED GAIN ON INVESTMENTS	31,865,550

- TIN:

TY 2020 OtherLiabilitiesSchedule

Name:

THE HERBERT H & GRACE A DOW

FOUNDATION

EIN:

38-1437485

Description	Beginning of Year - Book Value	End of Year - Book Value
DEFERRED TAX LIABILITY	1,450,000	1,717,443
EXCISE TAX PAYABLE		231,716
UNRELATED BUSINESS TAX PAYABLE		76,273

- TIN:

TY 2020 OtherProfessionalFeesSchedule

Name:

THE HERBERT H & GRACE A DOW

FOUNDATION

EIN:

38-1437485

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT FEES	1,811,569	1,811,569
CONTRACTED SERVICES	5,283			5,163
CONSULTANT	4,098			4,098
GIFT SHOP & BEVERAGE SALES	504		504
INVESTMENT UBI	130,876		130,876

- TIN:

TY 2020 SalesOfInventoryList

Name:

THE HERBERT H & GRACE A DOW

FOUNDATION

EIN:

38-1437485

Category	Gross Sales	Cost of Goods Sold	Net (Gross Sales Minus Cost of Goods Sold)
GIFT SHOP & BEVERAGE SALES	142,077	68,169	73,908

- TIN:

TY 2020 TaxesSchedule

Name:

THE HERBERT H & GRACE A DOW

FOUNDATION

EIN:

38-1437485

Category	Amount	Adjusted Net Income	Disbursements for Charitable Purposes
EXCISE TAX	699,159
UBI TAXES	105,500
LICENSE & PERMITS	2,202		2,202
GIFT SHOP & BEVERAGE SALES	84	84