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
PAGE FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 5459
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
KETCHUM, ID833405459
A Employer identification number

94-3097808
B Telephone number (see instructions)

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$3,587,503J 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 19,625 19,625  
4 Dividends and interest from securities... 56,207 56,207  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 -20,658
b Gross sales price for all assets on line 6a 1,546,699
7 Capital gain net income (from Part IV, line 2)...  
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule).......      
12 Total. Add lines 1 through 11........ 55,174 75,832  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc.        
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 1,371 1,371    
c Other professional fees (attach schedule).... Click to see attachment 24,629 24,629    
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 10,362 10,362    
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule).......        
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 36,362 36,362   0
25 Contributions, gifts, grants paid....... 153,000 153,000
26 Total expenses and disbursements. Add lines 24 and 25 189,362 36,362   153,000
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -134,188
b Net investment income (if negative, enter -0-) 39,470
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2020)
Form 990-PF (2020)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 343,190 29,318 29,318
2 Savings and temporary cash investments.........      
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 2,232,493 Click to see attachment2,439,128 2,439,128
c Investments—corporate bonds (attach schedule)....... 763,774 Click to see attachment1,119,057 1,119,057
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........      
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 3,339,457 3,587,503 3,587,503
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22).........   0
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........... 3,339,457 3,587,503
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)..... 3,339,457 3,587,503
30 Total liabilities and net assets/fund balances (see instructions). 3,339,457 3,587,503
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
3,339,457
2
Enter amount from Part I, line 27a .....................
2
-134,188
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
382,234
4
Add lines 1, 2, and 3 ..........................
4
3,587,503
5
Decreases not included in line 2 (itemize) bullet
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
3,587,503
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 DELAWARE VALUE FND P 2019-06-24 2020-05-05
b HSBC HOLDINGS P 2018-11-27 2020-05-05
c WASTE MGMT INC. DEL NOTE P 2020-04-27 2020-07-20
d SYSCO CORP NOTE CALL 3.55% P 2019-03-26 2020-04-07
e NORTHER TR CORP DEP SHS RP PFD P 2019-02-25 2020-01-02
INTERNATIONAL BUS MACH P 2019-01-11 2020-05-05
ASTRAZENECA PLC NOTE P 2019-02-25 2020-04-28
TORONTO DOMINION BANK MTN .559% P 2018-12-20 2020-05-07
WELLS FARGO SPECIAL MID CAP CL I P 2019-12-11 2020-05-05
INVESCO QQQ TR UNIT P 2008-06-03 2020-05-05
BANK AMER CORP MTN 5 % P 2018-12-18 2020-05-07
UNION PAC CORP NOTE CALL 4.163 P 2018-12-18 2020-05-07
ABBVIE INC P 2018-11-27 2020-05-05
LOCKHEED MARTIN P 2018-11-27 2020-05-05
BANK NEW YORK MELLON P 2019-02-25 2020-03-31
UNITED HEALTH GROUP INC. NOTE 3.35% P 2018-12-18 2020-05-07
ALPS ETF P 2018-11-27 2020-05-05
MERCK & CO INC. P 2018-11-27 2020-05-05
BK OF AMERICA CORP BOND PERPT P 2018-12-21 2020-04-01
US BANCORP DEL PFD 5.15 P 2019-02-25 2020-03-31
ALTRIA GROUP P 2018-11-27 2020-05-05
NORTHERN TR CORP DEP SHS P 2018-12-21 2020-01-02
CANADIAN IMP BK COMM NOTE P 2019-02-25 2020-04-03
VIRGINIA ELEC PWR CO 3.5 P 2019-02-26 2020-04-28
AMERICAN ELEC POWER P 2018-11-27 2020-05-05
ROYAL DUTCH SHELL PLC P 2018-11-27 2020-05-05
CIGNA CORPORATION NOTE CALL MAKE P 2019-02-25 2020-04-03
WELLS FARGO CO 5.85 P 2018-12-19 2020-03-31
BANK OF MONTREAL P 2018-11-27 2020-05-05
VERIZON COMMUNICATIONS P 2018-11-27 2020-05-05
CONOCO PHILLIPS CO NOTE CALL P 2019-02-25 2020-04-28
WISCONSIN ENEREGY CORP NOTE 3.55% P 2019-02-26 2020-04-07
BCE INC. P 2018-11-27 2020-05-05
WELLS FARGO SPECIAL MID CAP P 2016-09-07 2020-05-05
DUKE ENERGY CORP NEW P 2018-12-18 2020-03-31
CATERPILLAR INC. P 2018-11-27 2020-05-05
CVS HEALTH CARE P 2020-04-07 2020-12-22
EBAY INC. NOTE CALL P 2012-03-14 2020-04-07
CHEVRON CORP P 2018-11-27 2020-05-05
LAUDER ESTEE COS INC P 2020-04-15 2020-10-27
FIRST REP BK SAN FRAN. P 2018-12-21 2020-03-31
CISCO SYS INC. P 2018-11-27 2020-05-05
TJX COS INC. P 2020-04-14 2020-11-05
METLIFE INC. NOTE CALL MAKE 6% P 2019-02-25 2020-05-07
DELAWARE VALUE FUND INSTRITUTIONAL P 2016-09-07 2020-05-05
UNITED STATES TREAS NOTE 2 % P 2020-05-07 2020-06-17
MORGAN STANLEY SER 1 MTN 2.75% P 2019-02-26 2020-05-07
DUKE ENERGY CORP P 2018-11-27 2020-05-05
UNITED STATES TREA NOTE 2% P 2020-05-07 2020-07-28
PHILLIPS 66 NOTE CALL 4% P 2019-02-25 2020-04-28
EATON CORP P 2018-11-27 2020-05-05
UNITED STATES TREAS NOTE 2.125% P 2020-05-07 2020-07-28
STATE STR CORP BOND PERPETUAL 5.625% P 2018-12-19 2020-04-01
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 4,332   5,096 -764
b 14,640   24,890 -10,250
c 5,050   5,331 -281
d 38,861   40,185 -1,324
e 29,375   30,319 -944
24,591   24,228 363
44,174   39,526 4,648
29,956   29,914 42
1,627   2,135 -508
19,685   3,177 16,508
62,392   60,516 1,876
47,833   45,616 2,217
23,658   24,025 -367
35,154   25,668 9,486
25,061   25,085 -24
47,446   45,031 2,415
24,675   44,561 -19,886
25,802   24,891 911
26,846   26,798 48
39,405   40,462 -1,057
18,585   25,706 -7,121
27,375   27,045 330
38,772   40,039 -1,267
44,484   40,010 4,474
27,221   24,498 2,723
12,093   23,722 -11,629
40,345   40,747 -402
29,697   29,995 -298
16,592   24,719 -8,127
24,064   25,161 -1,097
45,772   43,380 2,392
41,277   40,257 1,020
22,944   24,148 -1,204
38,141   41,553 -3,412
32,187   30,062 2,125
20,204   23,473 -3,269
11,371   10,594 777
49,958   50,069 -111
20,579   25,012 -4,433
20,106   20,003 103
44,706   41,157 3,549
23,083   24,851 -1,768
10,083   10,075 8
21,733   20,414 1,319
80,480   88,641 -8,161
20,325   20,371 -46
25,659   24,703 956
23,710   24,566 -856
10,221   10,253 -32
41,622   40,935 687
28,142   24,537 3,605
20,396   20,435 -39
36,280   38,772 -2,492
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       -764
b       -10,250
c       -281
d       -1,324
e       -944
      363
      4,648
      42
      -508
      16,508
      1,876
      2,217
      -367
      9,486
      -24
      2,415
      -19,886
      911
      48
      -1,057
      -7,121
      330
      -1,267
      4,474
      2,723
      -11,629
      -402
      -298
      -8,127
      -1,097
      2,392
      1,020
      -1,204
      -3,412
      2,125
      -3,269
      777
      -111
      -4,433
      103
      3,549
      -1,768
      8
      1,319
      -8,161
      -46
      956
      -856
      -32
      687
      3,605
      -39
      -2,492
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 -20,658
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 -1,726
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................................ 1 549
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........................... 3 549
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- ..... 5 549
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a  
b Exempt foreign organizations—tax withheld at source...... 6b  
c Tax paid with application for extension of time to file (Form 8868)... 6c 1,500
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 1,500
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 14
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 10 937
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet937 RefundedBullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletCA
    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 ofbulletMICHAEL PAGE Telephone no.bullet (208) 788-1771

    Located atbulletPO BOX 5459KETCHUMID ZIP+4bullet83340
    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
     
     
    ........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
     
     
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2020, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2020?.............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?......................
    b
    If "Yes," did it have excess business holdings in 2020 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2020.)..................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2020?
    4b
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?.............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?.....
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ......
    5b
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .................
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    JOHN R PAGE VICE PRESIDE
    0.10     		0 0 0
    PO BOX 412
    PALO ALTO,CA94302
    THOMAS S PAGE PRESIDENT
    0.10     		0 0 0
    PO BOX 449
    HAILEY,ID83333
    MICHAEL PAGE CFO/VICE PRE
    0.10     		0 0 0
    PO BOX 5459
    KETCHUM,ID83340
    HOPE A PAGE SECRETARY
    0.10     		0 0 0
    PO BOX 412
    PALO ALTO,CA94302
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet  
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet  
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1  
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1 N/A  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet  
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    3,287,054
    b
    Average of monthly cash balances.......................
    1b
    27,438
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    3,314,492
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
     
    3
    Subtract line 2 from line 1d.........................
    3
    3,314,492
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    49,717
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    3,264,775
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    163,239
    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
    163,239
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    549
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    549
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    162,690
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    162,690
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    162,690
    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
    153,000
    b
    Program-related investments—total from Part IX-B..................
    1b
     
    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
    153,000
    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
     
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    153,000
    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 7 162,690
    2 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only....... 86,190
    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......  
    d From 2018......  
    e From 2019......  
    fTotal of lines 3a through e........  
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$ 153,000
    a Applied to 2019, but not more than line 2a 86,190
    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..... 66,810
    e Remaining amount distributed out of corpus  
    5 Excess distributions carryover applied to 2020.    
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5  
    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 ..........     		95,880
    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 ......     		 
    10 Analysis of line 9:
    a Excess from 2016....  
    b Excess from 2017....  
    c Excess from 2018....  
    d Excess from 2019....  
    e Excess from 2020....  
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2020, enter the date of the ruling....... bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2020 (b) 2019 (c) 2018 (d) 2017
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the foundation had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    THOMAS S PAGE
    MICHAEL E PAGE
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    BOLINAS MUSEUM
    PO BOX 450
    BOLINAS,CA94924     		NONE 501(C)3 CHARITABLE 2,500
    CENTER FOR THE AMERICAN WEST
    473 VIA ORTEGA
    STANFORD,CA94305     		NONE 501(C)3 CHARITABLE 5,000
    CONSERVATION VOTERS OF IDAHO
    708 W FRANKLIN ST
    BOISE,ID83702     		NONE 501(C)3 CHARITABLE 5,000
    COMMUNITY LIBRARY
    415 SPRUCE AVE
    KETCHUM,ID83340     		NONE 501(C)3 CHARITABLE 1,000
    ENVIORNMENTAL VOLUNTEERS
    2560 EMBARCADERO ROAD
    PALO ALTO,CA94301     		NONE 501(C)3 CHARITABLE 7,000
    ENVIRONMENTAL TRAVELING COMPANIONS
    FOR MASON CENTER BLDG C
    SAN FRANCISCO,CA94123     		NONE 501(C)3 CHARITABLE 1,000
    HIGH COUNTRY NEWS
    PO BOX 1090
    PAONIA,CO81428     		NONE 501(C)3 CHARITABLE 8,500
    IDAHO CONSERVATION LEAGUE
    PO BOX 844
    BOISE,ID83701     		NONE 501(C)3 CHARITABLE 11,000
    IDAHO WILDLIFE FEDERATION
    PO BOX 6426
    BOISE,ID83712     		NONE 501(C)3 CHARITABLE 5,000
    PENINSULA OPEN SPACE TRUST
    222 HIGH ST
    PALO ALTO,CA94301     		NONE 501(C)3 CHARITABLE 5,000
    SALMON RIVER STEWARDSHIP
    107 S CENTER ST
    SALMON,ID83467     		NONE 501(C)3 CHARITABLE 10,000
    SURFRIDER FOUNDATION
    PO BOX 6010
    SAN CLEMENTE,CA92674     		NONE 501(C)3 CHARITABLE 1,000
    THE NATURE CONSERVANCY
    116 1ST AVE N
    HAILEY,ID83333     		NONE 501(C)3 CHARITABLE 15,000
    TRAILING OF THE SHEEP
    PO BOX 3692
    HAILEY,ID83333     		NONE 501(C)3 CHARITABLE 2,500
    TROUT UNLIMITED
    151 NORTHRIDGE AVE
    SUITE 120
    IDAHO FALLS,ID83402     		NONE 501(C)3 CHARITABLE 20,000
    TRUCKEE DONNER LAND TRUST
    PO BOX 8816
    TRUCKEE,CA96162     		NONE 501(C)3 CHARITABLE 2,500
    WESTERN LANDOWNERS ALLIANCE
    PO BOX 6278
    SANTA FE,NM87502     		NONE 501(C)3 CHARITABLE 15,000
    WESTERN RIVERS CONSERVANCY
    71 SW OAK ST
    PORTLAND,OR97204     		NONE 501(C)3 CHARITABLE 5,000
    WOOD RIVER COMMUNITY YMCA
    PO BOX 6801
    KETCHUM,ID83340     		NONE 501(C)3 CHARITABLE 500
    WOOD RIVER LAND TRUST
    119 E BULLION ST
    HAILEY,ID83333     		NONE 501(C)3 CHARITABLE 7,500
    THE ADVOCATES
    PO BOX 3216
    HAILEY,ID83333     		NONE 501(C)3 CHARITABLE 1,000
    DEFENDERS OF WILDLIFE
    1130 17TH ST NW
    WASHINGTON,DC20036     		NONE 501(C)3 CHARITABLE 1,000
    AMERICAN FARMLAND TRUST
    1150 CT AVE NW 600
    WASHINGTON,DC20036     		NONE 501(C)3 CHARITABLE 5,000
    IDAHO COALITION OF LAND TRUSTS
    PO BOX 1845
    BOISE,ID83701     		NONE 501(C)3 CHARITABLE 3,000
    RVCC - WALLOWA RESOURCES
    401 NE FIRST ST STE A
    ENTERPRISE,OR97828     		NONE 501(C)3 CHARITABLE 3,000
    LEMHI REGIONAL LAND TRUST
    105 S CENTER ST
    SALMON,ID83467     		NONE 501(C)3 CHARITABLE 1,500
    NATIONAL WILDLIFE FEDERATION
    240 N HIGGINS STE 2
    MISSOULA,MT59802     		NONE 501(C)3 CHARTIABLE 1,000
    ID RANGELAND CONS PARTNERSHIP
    PO BOX 126
    EMMETT,ID83617     		NONE 501(C)3 CHARITABLE 3,500
    HIGHER GROUND
    160 7TH ST W
    KETCHUM,ID83340     		NONE 501(C)3 CHARITABLE 1,500
    HUNGER COALITION
    121 HONEYSUCKLE
    BELLEVUE,ID83313     		NONE 501(C)3 CHARITABLE 2,500
    Total .................................bullet 3a 153,000
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3 Interest on savings and temporary cash
    investments ...........     		    14 19,625  
    4 Dividends and interest from securities....     14 56,207  
    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 ............     		    26 -20,658  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   55,174  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    55,174
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

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


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


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2020 AccountingFeesSchedule
    Name:
    PAGE FOUNDATION
    EIN:
    94-3097808
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 1,371 1,371    

    TY 2020 InvestmentsCorpBondsSchedule
    Name:
    PAGE FOUNDATION
    EIN:
    94-3097808
    Name of Bond End of Year Book Value End of Year Fair Market Value
    CORPORATE BONDS HELD IN ROB STEPHEN. 1,119,057 1,119,057

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    PAGE FOUNDATION
    EIN:
    94-3097808
    Name of Stock End of Year Book Value End of Year Fair Market Value
    STOCKS AND OTHER SEC IN ROB STEPHENS 2,439,128 2,439,128

    TY 2020 OtherIncreasesSchedule
    Name:
    PAGE FOUNDATION
    EIN:
    94-3097808
    Description Amount
    NON-DIVIDEND DISTRIBUTIONS 946
    UNREALIZED GAINS 381,288


    TY 2020 OtherProfessionalFeesSchedule
    Name:
    PAGE FOUNDATION
    EIN:
    94-3097808
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT FEES 24,629 24,629    


    TY 2020 TaxesSchedule
    Name:
    PAGE FOUNDATION
    EIN:
    94-3097808
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    CALIFORNIA FILING FEES 85 85    
    FOREIGN TAXES 3,080 3,080    
    FEDERAL INCOME TAXES 7,197 7,197