Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0052
2020
Open to Public Inspection
For calendar year 2020, or tax year beginning 01-01-2020 , and ending 12-31-2020
Name of foundation
THE MORGAN E CLINE PERPETUAL
CHARITABLE FOUNDATION
Number and street (or P.O. box number if mail is not delivered to street address)217 N 13TH ST
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
CENTERVILLE, IA52544
A Employer identification number

47-7016421
B Telephone number (see instructions)

(641) 437-1068
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$16,275,988J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 244,208 244,208  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 447,530
b Gross sales price for all assets on line 6a 5,731,707
7 Capital gain net income (from Part IV, line 2)... 447,530
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances 550,086
b Less: Cost of goods sold.... 256,254
c Gross profit or (loss) (attach schedule)..... 293,832 293,832
11 Other income (attach schedule)....... Click to see attachment 447,774 0 447,774
12 Total. Add lines 1 through 11........ 1,433,344 691,738 741,606
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 137,777 15,278 0 93,826
14 Other employee salaries and wages...... 481,736 0 336,302 178,822
15 Pension plans, employee benefits....... 18,139 308 9,831 4,763
16a Legal fees (attach schedule)......... Click to see attachment 14,420 0 0 14,420
b Accounting fees (attach schedule)....... Click to see attachment 85,101 0 0 72,584
c Other professional fees (attach schedule).... Click to see attachment 84,487 65,906 0 35,489
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 116,867 0 66,163 36,930
19 Depreciation (attach schedule) and depletion... 118,901 0 112,102
20 Occupancy.............. 105,298 0 64,414 40,413
21 Travel, conferences, and meetings....... 812 0 0 812
22 Printing and publications.......... 2,404 0 0 2,404
23 Other expenses (attach schedule)....... Click to see attachment 260,435 0 160,914 98,587
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 1,426,377 81,492 749,726 579,050
25 Contributions, gifts, grants paid....... 122,000 122,000
26 Total expenses and disbursements. Add lines 24 and 25 1,548,377 81,492 749,726 701,050
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -115,033
b Net investment income (if negative, enter -0-) 610,246
c Adjusted net income (if negative, enter -0-)... 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............. 189,302 553,786 553,786
2 Savings and temporary cash investments......... 516,022 327,371 327,371
3 Accounts receivable bullet38,618
Less: allowance for doubtful accounts bullet   48,622 38,618 38,618
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.............. 108,599 19,902 19,902
9 Prepaid expenses and deferred charges.......... 3,871 2,198 2,198
10a Investments—U.S. and state government obligations (attach schedule) 1,371,514 Click to see attachment1,714,258 1,714,258
b Investments—corporate stock (attach schedule)....... 8,233,328 Click to see attachment9,580,384 9,580,384
c Investments—corporate bonds (attach schedule)....... 2,622,175 Click to see attachment1,739,666 1,739,666
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 bullet2,647,218
Less: accumulated depreciation (attach schedule) bullet347,413 2,087,886 Click to see attachment2,299,805 2,299,805
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 15,181,319 16,275,988 16,275,988
Liabilities 17 Accounts payable and accrued expenses.......... 165,922 341,268
18 Grants payable.................    
19 Deferred revenue................. 6,583 4,875
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......   165,000
22 Other liabilities (describe bullet) Click to see attachment2,195 Click to see attachment775
23 Total liabilities (add lines 17 through 22)......... 174,700 511,918
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........... 15,006,619 15,764,070
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    
29 Total net assets or fund balances (see instructions)..... 15,006,619 15,764,070
30 Total liabilities and net assets/fund balances (see instructions). 15,181,319 16,275,988
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
15,006,619
2
Enter amount from Part I, line 27a .....................
2
-115,033
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
872,484
4
Add lines 1, 2, and 3 ..........................
4
15,764,070
5
Decreases not included in line 2 (itemize) bullet
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
15,764,070
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 5,731,707   5,284,177 447,530
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       447,530
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 2 447,530
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 8,482
c All other domestic foundations enter 1.39% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 8,482
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 8,482
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 10,440
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 10,440
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 1,958
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet1,958 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletIA
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2020 or the taxable year beginning in 2020? See the instructions for Part XIV.
    If "Yes," complete Part XIV .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletALISON FRASER Telephone no.bullet (641) 437-1068

    Located atbullet217 N 13TH STCENTERVILLEIA ZIP+4bullet52544
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2020, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16   No
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?......................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?...............
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).......
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ........
    1b
     
    No
    ........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2020?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2020, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2020?.............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?......................
    b
    If "Yes," did it have excess business holdings in 2020 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2020.)..................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2020?
    4b
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?.............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?.....
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ......
    5b
     
    No
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d). Click to see attachment
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .................
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    ALISON FRASER CEO
    40.00     		102,777 3,083 0
    217 N 13TH ST
    CENTERVILLE,IA52544
    MICHAEL CRAVER ESQ CHAIR
    2.00     		5,000 0 0
    217 N 13TH ST
    CENTERVILLE,IA52544
    FRANK REZNICEK VICE-CHAIR
    2.00     		5,000 0 0
    217 N 13TH ST
    CENTERVILLE,IA52544
    CONNIE STATER SECRETARY
    2.00     		5,000 0 0
    217 N 13TH ST
    CENTERVILLE,IA52544
    THE IOWA TRUST AND SAVINGS BANK CORPORATE TRUSTEE/TREASURER
    2.00     		5,000 0 0
    217 N 13TH ST
    CENTERVILLE,IA52544
    VANESSA FRASER TRUSTEE
    2.00     		5,000 0 0
    217 N 13TH ST
    CENTERVILLE,IA52544
    ANN YOUNG TRUSTEE
    2.00     		5,000 0 0
    217 N 13TH ST
    CENTERVILLE,IA52544
    JAMES MILANI ESQ TRUSTEE
    2.00     		5,000 0 0
    217 N 13TH ST
    CENTERVILLE,IA52544
    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
    TENA STANSBERRY MANAGER - TCH
    40.00     		60,295 6,382 0
    217 N 13TH ST
    CENTERVILLE,IA52544
    Total number of other employees paid over $50,000...................bullet 0
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    CCI GROUP GENERAL CONTRACTOR 217,072
    17587 HWY 34
    OTTUMWA,IA52501
    COMMERCIAL RESOURCES INC HUMAN RESOURCES AND ACCOUNTING SERVICES 70,081
    115 E VAN BUREN ST
    CENTERVILLE,IA52544
    REINHART FOODSERVICE FOOD & RESTRAURANT SUPPLIES 60,242
    4100 44TH AVE SW
    CEDAR RAPIDS,IA52406
    SYSCO IOWA INC FOOD & RESTRAURANT SUPPLIES 59,504
    ONE SYSCO PL
    ANKENY,IA50021
    SOUTHERN IOWA HEATING & COOLING HEATING, COOLING, PLUMBING CONTRACTOR 54,505
    3025 MCCARTY ST
    CENTERVILLE,IA52544
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1 FOSTERING VIABLE AND THRIVING COMMUNITIES IN AND AROUND APPANOOSE COUNTY, IOWA BY COLLABORATING TO PROVIDE RESOURCES AND PROFESSIONAL SUPPORT. OPERATIONS IN 2020 INCLUDED, THE CONTINENTAL HOTEL, THE MAJESTIC THEATER, AND THE SHOPPES AT BRADLEY HALL; ALL OF WHICH ARE LOCATED IN APPANOOSE COUNTY, IOWA AND WERE OPERATED AS OUTLINED IN THE WILL OF MORGAN E. CLINE AND THE FORM 1023 APPLICATION. 1,171,006
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    11,913,783
    b
    Average of monthly cash balances.......................
    1b
    503,825
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    12,417,608
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    12,417,608
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    186,264
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    12,231,344
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    611,567
    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
    611,567
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    8,482
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    8,482
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    603,085
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    603,085
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    603,085
    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
    701,050
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    701,050
    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
    701,050
    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 7 603,085
    2 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2020:
    a From 2015......  
    b From 2016...... 211,213
    c From 2017......  
    d From 2018...... 164,155
    e From 2019......  
    fTotal of lines 3a through e........ 375,368
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$ 701,050
    a Applied to 2019, but not more than line 2a 0
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		0
    d Applied to 2020 distributable amount..... 603,085
    e Remaining amount distributed out of corpus 97,965
    5 Excess distributions carryover applied to 2020. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 473,333
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2020. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2021 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8 Excess distributions carryover from 2015 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9Excess distributions carryover to 2021.
    Subtract lines 7 and 8 from line 6a ......     		473,333
    10 Analysis of line 9:
    a Excess from 2016.... 211,213
    b Excess from 2017....  
    c Excess from 2018.... 164,155
    d Excess from 2019....  
    e Excess from 2020.... 97,965
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2020, enter the date of the ruling....... bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2020 (b) 2019 (c) 2018 (d) 2017
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the foundation had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
    ALISON FRASER
    217 N 13TH ST
    CENTERVILLE,IA52544
    (641) 437-1068
    bThe form in which applications should be submitted and information and materials they should include:
    THE MORGAN E. CLINE FOUNDATION FUNDS CHARITABLE PROJECTS IN AND AROUND APPANOOSE COUNTY IN OUR FOUR AREAS OF FOCUS: COMMUNITY AND ECONOMIC DEVELOPMENT, HISTORIC PRESERVATION AND REDEVELOPMENT, SENIORS AND HEALTHCARE, AND CULTURE AND THE ARTS. FUNDING IS AWARDED ANNUALLY, WITH A CALL FOR LETTERS OF INQUIRY GOING OUT TYPICALLY IN AUGUST EACH YEAR.
    cAny submission deadlines:
    THERE ARE NO SUBMISSION DEADLINES AT THIS TIME.
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    ANY GRANT AWARDED WILL REQUIRE AN ACKNOWLEDGEMENT FROM THE RECIPIENT THAT THE FUNDS WILL BE USED EXCLUSIVELY FOR CHARITABLE PURPOSES. EACH RECIPIENT WILL BE REQUIRED TO SUBMIT PROOF OF 501(C)(3) EXEMPT STATUS. IT IS INTENDED THAT AWARDEE ORGANIZATIONS BE LOCATED IN AND AROUND APPANOOSE COUNTY, IOWA.
    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
    ALL-PLAY
    115 EAST VAN BUREN
    CENTERVILLE,IA52544     		  PC MOWING EQUIPMENT AND SIGN REPAIRS 25,000
    APPANOOSE COMMUNITY CARE SERVICES
    19890 ST JOSEPHS DR
    CENTERVILLE,IA52544     		  PC OFFICE UPGRADES AND PPE 20,000
    APPANOOSE COUNTY COALITION FOR THE ARTS
    317 N 13TH ST
    CENTERVILLE,IA52544     		  PC RITZ REHAB ADMINISTRATION 2,000
    CENTERVILLE CHAMBER OF COMMERCE
    128 N 12TH ST
    CENTERVILLE,IA52544     		  NC CHARITABLE COMMUNITY MARKETING AND OUTREACH 5,000
    CHARITON VALLEY REGIONAL HOUSING TRUST
    15703 HWY J29
    CENTERVILLE,IA52544     		  PC HOUSING PROGRAM 20,000
    CITY OF EXLINE
    112 W MAIN ST
    EXLINE,IA52555     		  GOV CEMETERY MAINTENANCE 1,000
    EVERYSTEP FOUNDATION
    3000 EASTON BLVD
    DES MOINES,IA50317     		  PC PURCHASE PPE FOR CENTERVILLE HOSPICE & NURSING STAFF 10,000
    OPERATION SANTA
    PO BOX 161
    CENTERVILLE,IA52544     		  GOV CHRISTMAS PRESENTS FOR KIDS 1,000
    RATHBUN LAKE AREA YMCA
    708 S MAIN ST
    CENTERVILLE,IA52544     		  PC REPLACE OLD HOT TUB 25,000
    REACHING ALL PEOPLE TOGETHER (RAPT)
    PO BOX 1092
    CENTERVILLE,IA52544     		  PC FUND PROGRAM TO GET SENIORS TO MEDICAL APPOINTMENTS 5,000
    THE LORD'S CUPBOARD
    412 N 12TH ST
    CENTERVILLE,IA52544     		  PC FACILITY IMPROVEMENTS 8,000
    Total .................................bullet 3a 122,000
    bApproved for future payment
    CENTERVILLE CHAMBER OF COMMERCE
    128 N 12TH ST
    CENTERVILLE,IA52544     		  NC CHARITABLE COMMUNITY MARKETING AND OUTREACH 5,000
    REACHING ALL PEOPLE TOGETHER (RAPT)
    PO BOX 1092
    CENTERVILLE,IA52544     		  PC FUND PROGRAM TO GET SENIORS TO MEDICAL APPOINTMENTS 10,000
    Total .................................bullet 3b 15,000
    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
    aNON-INVESTMENT RENTAL INCOME         429,373
    bOTHER INCOME         18,401
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3 Interest on savings and temporary cash
    investments ...........     		         
    4 Dividends and interest from securities....     14 244,208  
    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 ............     		    18 447,530  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory         293,832
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 0 691,738 741,606
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    1,433,344
    (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.)
    1A-B NON-DEBT FINANCED RENTAL TO SUPPORT ECONOMICALLY DEPRESSED AREA SERVED
    1C REFUNDS/DISCOUNTS ON PROGRAMMATIC ACTIVITIES
    10 INVENTORY SALES TO SUPPORT ECONOMICALLY DEPRESSED AREA SERVED
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

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


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


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2020 AccountingFeesSchedule
    Name:
    THE MORGAN E CLINE PERPETUAL
     
    CHARITABLE FOUNDATION
    EIN:
    47-7016421
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 85,101 0 0 72,584

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

    TY 2020 ExpenditureResponsibilityStmt
    Name:
    THE MORGAN E CLINE PERPETUAL
     
    CHARITABLE FOUNDATION
    EIN:
    47-7016421
    Grantee's Name Grantee's Address Grant Date Grant Amount Grant Purpose Amount Expended By Grantee Any Diversion By Grantee? Dates of Reports By Grantee Date of Verification Results of Verification
    CENTERVILLE CHAMBER OF COMMERCE
          		128 N 12TH ST
    CENTERVILLE,IA52544     		2020-12-01 5,000 CHARITABLE COMMUNITY MARKETING AND OUTREACH 0 NONE IDENTIFIED. NOT DUE YET    

    TY 2020 InvestmentsCorpBondsSchedule
    Name:
    THE MORGAN E CLINE PERPETUAL
     
    CHARITABLE FOUNDATION
    EIN:
    47-7016421
    Name of Bond End of Year Book Value End of Year Fair Market Value
    AMERICAN AIRLINES 2015-1 CLASS A PASS THROUGH TRUS, 36347SH 34,070 34,070
    CHARTER COMMUNICATIONS OPERATING LLC / CHARTER COM, 50000SH 61,026 61,026
    CROWN CASTLE TOWERS LLC 3.663% 15 MAY 2025, 50000SH 53,855 53,855
    CVS HEALTH CORP, 1260SH 86,058 86,058
    DARDEN RESTAURANTS INC 4.55% 15 FEB 2048, 50000SH 55,094 55,094
    EXXON MOBIL CORP 2.222% 01 MAR 2021, 25000SH 25,036 25,036
    FANNIE MAE POOL FN AL7890 3.5% 01 DEC 2045, 66375.2SH 72,103 72,103
    FANNIE MAE POOL FN AL8468 4% 01 APR 2046, 53826.6SH 59,236 59,236
    FANNIE MAE POOL FN AS5378 4% 01 JUL 2045, 41554.78SH 45,627 45,627
    FANNIE MAE POOL FN AS6815 3% 01 MAR 2046, 39918.22SH 41,983 41,983
    FANNIE MAE POOL FN AS9339 3.5% 01 MAR 2032, 45129.31SH 49,006 49,006
    FANNIE MAE POOL FN AV0703 4% 01 DEC 2043, 36665.39SH 39,854 39,854
    FANNIE MAE POOL FN CA1545 4% 01 APR 2048, 53027.51SH 57,535 57,535
    FANNIE MAE POOL FN MA1770 4.5% 01 FEB 2044, 41616.55SH 46,476 46,476
    FEDERAL NATIONAL MORTGAGE ASSOCIATION 6.25% 15 MAY, 40000SH 57,053 57,053
    FORD MOTOR CREDIT CO LLC 3.336% 18 MAR 2021, 25000SH 25,063 25,063
    FREDDIE MAC GOLD POOL FG G08737 3% 01 DEC 2046, 75980.2SH 80,072 80,072
    FREDDIE MAC GOLD POOL FG G18557 3% 01 JUN 2030, 20669.72SH 21,746 21,746
    FREDDIE MAC GOLD POOL FG Q04674 4% 01 DEC 2041, 42519.58SH 46,366 46,366
    GENERAL DYNAMICS CORP 2.25% 15 NOV 2022, 30000SH 30,945 30,945
    GEORGIA POWER CO 5.95% 01 FEB 2039, 50000SH 68,553 68,553
    GINNIE MAE II POOL G2 MA1285 3.5% 20 SEP 2043, 48740.46SH 53,200 53,200
    HUNTINGTON BANCSHARES INC/OH 2.3% 14 JAN 2022, 23000SH 23,414 23,414
    INTERSTATE POWER AND LIGHT CO 3.25% 01 DEC 2024, 50000SH 54,775 54,775
    JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST 2015-C2, 100000SH 108,950 108,950
    JPMORGAN CHASE & CO, 1076SH 136,727 136,727
    KINDER MORGAN ENERGY PARTNERS LP 3.5% 01/03/2021, 50000SH 50,000 50,000
    MARSH & MCLENNAN COS INC 2.75% 30 JAN 2022, 25000SH 25,594 25,594
    NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP , 40000SH 40,578 40,578
    PHILIP MORRIS INTERNATIONAL INC 4.125% 04 MAR 2043, 50000SH 61,208 61,208
    PUBLIC SERVICE ELECTRIC AND GAS CO 5.7% 01 DEC 203, 40000SH 55,768 55,768
    UNITED AIRLINES 2013-1 CLASS A PASS THROUGH TRUST , 42168.31SH 42,589 42,589
    VERIZON COMMUNICATIONS INC 4.329% 21 SEP 2028, 25000SH 30,106 30,106

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    THE MORGAN E CLINE PERPETUAL
     
    CHARITABLE FOUNDATION
    EIN:
    47-7016421
    Name of Stock End of Year Book Value End of Year Fair Market Value
    ADIDAS AG, 87SH 15,920 15,920
    ADOBE INC, 293SH 146,535 146,535
    AIA GROUP LTD, 829SH 40,729 40,729
    ALEXANDRIA REAL ESTATE EQUITIES INC 4.7% 01 JUL 20, 50000SH 62,108 62,108
    ALLSTATE CORP/THE, 543SH 59,692 59,692
    ALPHABET INC, 127SH 222,585 222,585
    AMAZON.COM INC, 80SH 260,554 260,554
    AMERICAN TOWER CORP, 412SH 92,478 92,478
    AMERICAN WATER WORKS CO INC, 668SH 102,518 102,518
    AMGEN INC 3.15% 21 FEB 2040, 50000SH 55,041 55,041
    ANHEUSER-BUSCH INBEV WOR 4.6% 15 APR 2048, 50000SH 63,270 63,270
    ANI PHARMACEUTICALS INC, 235SH 6,824 6,824
    APOLLO MANAGEMENT HOLDINGS LP 2.65% 05 JUN 2030, 50000SH 51,107 51,107
    APPLE INC, 2212SH 293,510 293,510
    ASHTEAD GROUP PLC, 141SH 26,719 26,719
    ASTELLAS PHARMA INC, 1569SH 24,225 24,225
    ATLAS AIR WORLDWIDE HOLDINGS INC, 110SH 5,999 5,999
    AXA SA, 1432SH 34,296 34,296
    BANK OZK, 433SH 13,540 13,540
    BASIN ELECTRIC POWER COOPERATIVE 4.75% 26 APR 2047, 50000SH 59,739 59,739
    BBVA USA 1.2% 31 MAR 2021, 100000SH 100,288 100,288
    BELDEN INC, 233SH 9,763 9,763
    BIO-TECHNE CORP, 37SH 11,749 11,749
    BJ'S WHOLESALE CLUB HOLDINGS INC, 195SH 7,270 7,270
    BLACKROCK INC, 138SH 99,573 99,573
    BLUEBIRD BIO INC, 69SH 2,986 2,986
    BMO HARRIS BANK NA 1.3% 31 MAR 2021, 245000SH 245,767 245,767
    BRIGHT HORIZONS FAMILY SOLUTIONS INC, 51SH 8,822 8,822
    BROADCOM INC, 391SH 171,199 171,199
    CACI INTERNATIONAL INC, 29SH 7,231 7,231
    CALAVO GROWERS INC, 112SH 7,776 7,776
    CANADIAN PACIFIC RAILWAY LTD, 68SH 23,575 23,575
    CAPGEMINI SE, 779SH 24,017 24,017
    CENTURYLINK INC, 1054SH 10,277 10,277
    CHECK POINT SOFTWARE TECHNOLOGIES LTD, 161SH 21,399 21,399
    CHEMED CORP, 16SH 8,522 8,522
    CHEVRON CORP, 1243SH 104,971 104,971
    CHINA CONSTRUCTION BANK CORP, 893SH 13,413 13,413
    CHINA PETROLEUM & CHEMICAL CORP, 461SH 20,561 20,561
    CIE DE SAINT-GOBAIN, 2272SH 20,766 20,766
    CISCO SYSTEMS INC, 1478SH 66,141 66,141
    CITIGROUP INC, 1874SH 115,551 115,551
    CLEVELAND-CLIFFS INC, 1420SH 20,675 20,675
    COMCAST CORP, 2841SH 148,868 148,868
    COMFORT SYSTEMS USA INC, 139SH 7,320 7,320
    CONAGRA BRANDS INC 7.125% 01 OCT 2026, 75000SH 96,150 96,150
    CONCENTRIX CORP, 73SH 7,205 7,205
    COSTAR GROUP INC, 74SH 68,397 68,397
    CRH PLC, 592SH 25,207 25,207
    CRISPR THERAPEUTICS AG, 106SH 16,230 16,230
    DAIWA HOUSE INDUSTRY CO LTD, 725SH 21,648 21,648
    DANAHER CORP, 550SH 122,177 122,177
    DEUTSCHE POST AG, 406SH 20,235 20,235
    DOLLAR GENERAL CORP, 507SH 106,622 106,622
    DOUGLAS DYNAMICS INC, 239SH 10,222 10,222
    EMCOR GROUP INC, 97SH 8,872 8,872
    ENEL SPA, 2450SH 24,868 24,868
    ENGIE SA, 786SH 12,026 12,026
    ENTEGRIS INC, 130SH 12,493 12,493
    EQUINIX INC, 25SH 17,855 17,855
    ESTEE LAUDER COS INC/THE, 380SH 101,152 101,152
    EXPERIAN PLC, 667SH 25,319 25,319
    FACEBOOK INC, 466SH 127,293 127,293
    FEDEX CORP, 332SH 86,194 86,194
    FIRST SOLAR INC, 1109SH 109,702 109,702
    FISERV INC, 784SH 89,266 89,266
    FLOWERS FOODS INC 3.5% 01 OCT 2026, 50000SH 55,736 55,736
    FMC CORP, 700SH 80,451 80,451
    FOX FACTORY HOLDING CORP, 120SH 12,685 12,685
    GLADSTONE COMMERCIAL CORP, 533SH 9,594 9,594
    GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUN, 8019.63SH 93,830 93,830
    H&E EQUIPMENT SERVICES INC, 488SH 14,547 14,547
    HOME BANCSHARES INC/AR, 433SH 8,435 8,435
    HONDA MOTOR CO LTD, 695SH 19,634 19,634
    HORIZON THERAPEUTICS PLC, 165SH 12,070 12,070
    HOYA CORP, 250SH 34,698 34,698
    HUNTINGTON INGALLS INDUSTRIES INC, 37SH 6,308 6,308
    IBERDROLA SA, 382SH 21,965 21,965
    INTEL CORP, 1096SH 54,603 54,603
    INTERCONTINENTAL EXCHANGE INC, 874SH 100,763 100,763
    INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA, 4486SH 19,559 19,559
    INTUIT INC, 193SH 73,311 73,311
    INVESCO MORTGAGE CAPITAL INC, 1898SH 6,415 6,415
    IRHYTHM TECHNOLOGIES INC, 33SH 7,828 7,828
    JANUS HENDERSON GROUP PLC, 506SH 16,450 16,450
    JB HUNT TRANSPORT SERVICES INC 3.3% 15 AUG 2022, 50000SH 52,043 52,043
    JOHNSON & JOHNSON, 667SH 104,972 104,972
    JULIUS BAER GROUP LTD, 1317SH 15,225 15,225
    KAO CORP, 1732SH 26,742 26,742
    KENNEDY-WILSON HOLDINGS INC, 576SH 10,305 10,305
    KONINKLIJKE AHOLD DELHAIZE NV, 1099SH 31,019 31,019
    L3HARRIS TECHNOLOGIES INC, 513SH 96,967 96,967
    LAFARGEHOLCIM LTD, 2517SH 27,284 27,284
    LAM RESEARCH CORP, 258SH 121,846 121,846
    LGI HOMES INC, 81SH 8,574 8,574
    LHC GROUP INC, 45SH 9,599 9,599
    LIGAND PHARMACEUTICALS INC, 103SH 10,243 10,243
    LITHIA MOTORS INC, 47SH 13,755 13,755
    LOWE'S COS INC, 441SH 70,785 70,785
    LPL FINANCIAL HOLDINGS INC, 84SH 8,754 8,754
    LULULEMON ATHLETICA INC, 182SH 63,341 63,341
    LVMH MOET HENNESSY LOUIS VUITTON SE, 229SH 28,563 28,563
    MACQUARIE GROUP LIMITED ADR EACH REPR ORD, 202SH 21,655 21,655
    MAGNA INTERNATIONAL INC, 347SH 24,568 24,568
    MALIBU BOATS INC, 95SH 5,932 5,932
    MASCO CORP, 1245SH 68,388 68,388
    MASTERCARD INC, 472SH 168,476 168,476
    MEDTRONIC PLC, 842SH 98,632 98,632
    MERCK & CO INC, 1192SH 97,506 97,506
    MICROSOFT CORP, 1216SH 270,463 270,463
    MOELIS & CO, 220SH 10,287 10,287
    MONMOUTH REAL ESTATE INVESTMENT CORP, 694SH 12,020 12,020
    MORGAN STANLEY, 1530SH 104,851 104,851
    MORNINGSTAR INC, 44SH 10,189 10,189
    NESTLE SA, 288SH 33,926 33,926
    NEW SENIOR INVESTMENT GROUP INC, 2072SH 10,733 10,733
    NEXTERA ENERGY INC, 1336SH 103,072 103,072
    NICE SYSTEMS LTD, 121SH 34,308 34,308
    NIDEC CORP, 1395SH 44,221 44,221
    NIKE INC, 620SH 87,711 87,711
    NIPPON TELEGRAPH & TELEPHONE CORP, 1131SH 29,067 29,067
    NORFOLK SOUTHERN CORP, 274SH 65,105 65,105
    NOVARTIS AG, 277SH 26,157 26,157
    NOVO NORDISK A/S, 469SH 32,760 32,760
    NUTRITION & BIOSCIENCES INC 1.832% 15 OCT 2027, 50000SH 51,533 51,533
    NVIDIA CORP, 122SH 63,708 63,708
    OFFICE PROPERTIES INCOME TRUST 4% 15 JUL 2022, 50000SH 51,107 51,107
    OKTA INC, 453SH 115,180 115,180
    O'REILLY AUTOMOTIVE INC, 204SH 92,324 92,324
    ORIX CORP, 451SH 34,876 34,876
    OSHKOSH CORP, 111SH 9,554 9,554
    OTIS WORLDWIDE CORP, 1012SH 68,361 68,361
    OWENS CORNING 3.95% 15 AUG 2029, 75000SH 86,496 86,496
    PATRICK INDUSTRIES INC, 142SH 9,706 9,706
    PEGASYSTEMS INC, 78SH 10,394 10,394
    PENTAIR FINANCE SARL 3.15% 15 SEP 2022, 50000SH 51,161 51,161
    PEPSICO INC, 447SH 66,290 66,290
    PERFORMANCE FOOD GROUP CO, 275SH 13,093 13,093
    PINNACLE FINANCIAL PARTNERS INC, 212SH 13,653 13,653
    POWER INTEGRATIONS INC, 122SH 9,987 9,987
    PRIMERICA INC, 84SH 11,250 11,250
    PROCTER & GAMBLE CO/THE, 807SH 112,286 112,286
    PROLOGIS INC, 672SH 66,971 66,971
    PROVINCE OF QUEBEC CANADA 6.35% 30 JAN 2026, 25000SH 31,639 31,639
    PULTEGROUP INC, 1503SH 64,809 64,809
    QUIDEL CORP, 39SH 7,006 7,006
    REALPAGE INC, 97SH 8,462 8,462
    RECKITT BENCKISER GROUP PLC, 1324SH 23,991 23,991
    RIO TINTO PLC, 479SH 36,030 36,030
    RLJ LODGING TRUST, 1068SH 15,112 15,112
    ROCHE HOLDING AG, 529SH 23,191 23,191
    ROYAL DUTCH SHELL PLC, 470SH 16,516 16,516
    S&P GLOBAL INC, 180SH 59,171 59,171
    SANOFI, 384SH 18,658 18,658
    SAP SE, 140SH 18,255 18,255
    SBERBANK OF RUSSIA PJSC, 959SH 13,905 13,905
    SCHNEIDER ELECTRIC SE, 582SH 16,849 16,849
    SEAGEN INC, 388SH 67,954 67,954
    SEKISUI HOUSE LTD, 1475SH 30,208 30,208
    SFL CORPORATION LTD, 853SH 5,357 5,357
    SOFTBANK GROUP CORP, 808SH 31,237 31,237
    SONY CORP, 329SH 33,262 33,262
    SOUTHWEST AIRLINES CO, 1370SH 63,856 63,856
    SOUTHWEST GAS HOLDINGS INC, 93SH 5,650 5,650
    SPIRE INC, 96SH 6,148 6,148
    SUMITOMO MITSUI FINANCIAL GROUP INC, 4458SH 27,506 27,506
    SVB FINANCIAL GROUP, 184SH 71,361 71,361
    SYNNEX CORP, 73SH 5,945 5,945
    TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD, 225SH 24,534 24,534
    TELEDYNE TECHNOLOGIES INC, 207SH 81,140 81,140
    TENCENT HOLDINGS LTD, 252SH 18,116 18,116
    THERMO FISHER SCIENTIFIC INC, 382SH 177,928 177,928
    TJX COS INC/THE, 996SH 68,017 68,017
    TOTAL SE, 358SH 15,004 15,004
    TRITON INTERNATIONAL LTD/BERMUDA, 191SH 9,265 9,265
    ULTRA CLEAN HOLDINGS INC, 343SH 10,684 10,684
    UNILEVER PLC, 518SH 31,266 31,266
    UNITEDHEALTH GROUP INC, 348SH 122,037 122,037
    US DOLLAR, 262.2SH 262 262
    VERINT SYSTEMS INC, 156SH 10,480 10,480
    VERIZON COMMUNICATIONS INC, 1069SH 62,804 62,804
    VISA INC, 361SH 78,961 78,961
    VOLVO AB, 1082SH 25,265 25,265
    WALMART INC, 818SH 117,915 117,915
    WALT DISNEY CO/THE, 959SH 173,752 173,752
    WESTERN ALLIANCE BANCORP, 200SH 11,990 11,990
    WESTPAC BANKING CORP, 941SH 14,021 14,021
    WILLIAMS-SONOMA INC, 107SH 10,897 10,897
    WINGSTOP INC, 82SH 10,869 10,869
    ZOETIS INC, 793SH 131,241 131,241

    TY 2020 InvestmentsGovtObligationsSch
    Name:
    THE MORGAN E CLINE PERPETUAL
     
    CHARITABLE FOUNDATION
    EIN:
    47-7016421
    US Government Securities - End of Year Book Value:

    1,714,258
    US Government Securities - End of Year Fair Market Value:

    1,714,258
    State & Local Government Securities - End of Year Book Value:


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


    0


    TY 2020 LandEtcSchedule2
    Name:
    THE MORGAN E CLINE PERPETUAL
     
    CHARITABLE FOUNDATION
    EIN:
    47-7016421
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    LAND 75,358 0 75,358 75,358
    BUILDING 1,653,304 153,722 1,499,582 1,499,582
    IMPROVEMENTS 589,311 102,692 486,619 486,619
    FURNITURE AND FIXTURES 161,389 45,529 115,860 115,860
    EQUIPMENT 167,856 45,470 122,386 122,386


    TY 2020 LegalFeesSchedule
    Name:
    THE MORGAN E CLINE PERPETUAL
     
    CHARITABLE FOUNDATION
    EIN:
    47-7016421
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 14,420 0 0 14,420


    TY 2020 OtherExpensesSchedule
    Name:
    THE MORGAN E CLINE PERPETUAL
     
    CHARITABLE FOUNDATION
    EIN:
    47-7016421
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ADVERTISING 16,969 0 0 17,393
    EQUIPMENT LEASE AND MAINTENANCE 84,193 0 72,018 12,175
    INSURANCE 44,423 0 30,697 13,726
    LICENSES & PERMITS 2,553 0 0 2,553
    MEMBERSHIP DUES AND SUBSCRIPTIONS 12,507 0 0 12,507
    SUPPLIES 41,310 0 32,760 8,550
    OTHER EXPENSES 58,480 0 25,439 31,683


    TY 2020 OtherIncomeSchedule2
    Name:
    THE MORGAN E CLINE PERPETUAL
     
    CHARITABLE FOUNDATION
    EIN:
    47-7016421
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    NON-INVESTMENT RENTAL INCOME 429,373   429,373
    OTHER INCOME 18,401   18,401


    TY 2020 OtherIncreasesSchedule
    Name:
    THE MORGAN E CLINE PERPETUAL
     
    CHARITABLE FOUNDATION
    EIN:
    47-7016421
    Description Amount
    UNREALIZED GAIN ON INVESTMENTS 872,484


    TY 2020 OtherLiabilitiesSchedule
    Name:
    THE MORGAN E CLINE PERPETUAL
     
    CHARITABLE FOUNDATION
    EIN:
    47-7016421
    Description Beginning of Year - Book Value End of Year - Book Value
    TENANT DEPOSITS PAYABLE 2,195 775


    TY 2020 OtherProfessionalFeesSchedule
    Name:
    THE MORGAN E CLINE PERPETUAL
     
    CHARITABLE FOUNDATION
    EIN:
    47-7016421
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    CONTRACTED SERVICES 18,522 0 0 35,430
    BANK FEES 121 62 0 59
    INVESTMENT FEES 65,844 65,844 0 0


    TY 2020 TaxesSchedule
    Name:
    THE MORGAN E CLINE PERPETUAL
     
    CHARITABLE FOUNDATION
    EIN:
    47-7016421
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXCISE TAX 13,774 0 0 0
    PAYROLL TAXES 61,509 0 38,274 23,235
    REAL ESTATE TAXES 41,584 0 27,889 13,695