TY 2020 Form 990PF

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)
	1	Contributions, gifts, grants, etc., received (attach schedule)	900,000
2	Check .............
3	Interest on savings and temporary cash investments	24,737	24,737
4	Dividends and interest from securities...	258,322	258,322
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		1,776,839
b	Gross sales price for all assets on line 6a 9,585,892
7	Capital gain net income (from Part IV, line 2)...		1,776,839
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).......		25,427	20,382
12	Total. Add lines 1 through 11........	2,985,325	2,080,280
	13	Compensation of officers, directors, trustees, etc.	400	200		200
14	Other employee salaries and wages......	205,917	0		205,917
15	Pension plans, employee benefits.......	4,734	0		4,734
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......		16,121	0		16,121
c	Other professional fees (attach schedule)....		219,135	54,724		164,411
17	Interest...............
18	Taxes (attach schedule) (see instructions)...		135,446	3,855		118,215
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............	454,408	0		454,408
21	Travel, conferences, and meetings.......	150	0		150
22	Printing and publications..........
23	Other expenses (attach schedule).......		4,434	0		4,434
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	1,040,745	58,779		968,590
25	Contributions, gifts, grants paid.......	924,290			924,290
26	Total expenses and disbursements. Add lines 24 and 25	1,965,035	58,779		1,892,880
	27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	1,020,290
b	Net investment income (if negative, enter -0-)		2,021,501
c	Adjusted net income (if negative, enter -0-)...

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............	114,291	151,117	151,117
	2	Savings and temporary cash investments.........
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)	4,804,113	3,391,935	3,411,940
	b	Investments—corporate stock (attach schedule).......	5,921,354	8,471,723	12,608,641
	c	Investments—corporate bonds (attach schedule).......
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........
	14	Land, buildings, and equipment: basis 3,422,499
		Less: accumulated depreciation (attach schedule)	3,422,498	3,422,499	3,660,215
	15	Other assets (describe )	18,583,474	18,428,746	7,149,645
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	32,845,730	33,866,020	26,981,558
	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 )
	23	Total liabilities (add lines 17 through 22).........	0	0
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........	32,845,730	33,866,020
	27	Paid-in or capital surplus, or land, bldg., and equipment fund	0	0
	28	Retained earnings, accumulated income, endowment, or other funds	0	0
	29	Total net assets or fund balances (see instructions).....	32,845,730	33,866,020
	30	Total liabilities and net assets/fund balances (see instructions).	32,845,730	33,866,020

(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	P	2020-05-01	2021-04-30
b	Publicly Traded Securities	P	2008-11-04	2021-04-30
c	Capital Gains Dividends	P
d
e

(e) Gross sales price	(f) Depreciation allowed (or allowable)	(h) Gain or (loss) (e) plus (f) minus (g)
a	4,038,284	3,795,632	242,652
b	5,521,951	4,013,421	1,508,530
c	25,657		25,657
d
e

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	1,776,839
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................	3

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Reserved................................	1	28,099
c	All other domestic foundations enter 1.39% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2	0
3	Add lines 1 and 2...........................	3	28,099
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4	0
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	28,099
6	Credits/Payments:

a	2020 estimated tax payments and 2019 overpayment credited to 2020	6a	11,240
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	11,240
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.	8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......	9	16,859
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...	10
11	Enter the amount of line 10 to be: Credited to 2021 estimated tax	Refunded	11

(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
Gerry Fagan Moulton Bellingham	Chairman 15.00	0	0	0
PO Box 2559 Billings,MT59103
Bill Davies US Bank	Vice Chairman 15.00	0	0	0
303 N Broadway Billings,MT59101
James Day US Bank	Secretary 15.00	0	0	0
303 N Broadway Billings,MT59101
Valeria Jeffries thru Feb 2021	At Large Member - Yellowstone County 15.00	200	0	0
5849 Frey Road Shepherd,MT59079
Dave Voldseth thru Feb 2021	At Large Member - Meagher County 15.00	200	0	0
256 Bonanza Creek Road Martinsdale,MT59053
Kelly Coleman from March 2021	At Large Member - Yellowstone County 15.00	0	0	0
1333 Riviera Place Billings,MT59106
Burt Hurwitz from March 2021	At Large Member - Meagher County 15.00	0	0	0
1486 Smith River Rd White Sulphur Springs,MT59645

	(a) Corpus	(b) Years prior to 2019	(c) 2019	(d) 2020
1 Distributable amount for 2020 from Part XI, line 7				744,784
2 Undistributed income, if any, as of the end of 2020:
a Enter amount for 2019 only.......			720,983
b Total for prior years:20, 20, 20		0
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........	0
4Qualifying distributions for 2020 from Part
XII, line 4: $ 1,892,880
a Applied to 2019, but not more than line 2a			720,983
b Applied to undistributed income of prior years (Election required—see instructions).....		0
c Treated as distributions out of corpus (Election required—see instructions)........	1,131,417
d Applied to 2020 distributable amount.....				40,480
e Remaining amount distributed out of corpus	0
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	1,131,417
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 ..........				704,304
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) .......	1,131,417
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 ......	0
10 Analysis of line 9:
a Excess from 2016....
b Excess from 2017....
c Excess from 2018....
d Excess from 2019....
e Excess from 2020....

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

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

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

Penny Doak
303 N Broadway
Billings,MT59115
(406) 657-8139
penny.doak@usbank.com

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

Applicants must use the grant application found on the the website at charlesmbairtrusts.org/grants.html, noting any new provisions for the year. Additionally, the application must include an IRS Determination Letter, Form 990 or 990EZ, current operating budget and balance sheet, the county of service, a separate thorough project explanation, and certification of public charity status.

cAny submission deadlines:

March 1st

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

Please refer to the application found at www.charlesmbairtrusts.org/grants.html for restrictions and limitations on awards.

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
Alberta Bair Theater PO Box 1556 Billings,MT59103	None	PC	Grant for the remodel of the ABT.	500,000
Alberta Bair Theater PO Box 1556 Billings,MT59103	NONE	PC	Grant for Expanding Cultural Borders.	20,000
Big Sky Economic Development 222 N 32nd Street Billings,MT59101	None	PC	Grant for Pitch Space.	6,040
Billings Catholic Schools PO Box 31158 Billings,MT59107	None	PC	Grant for elevator installation.	25,000
Billings Clinic Foundation 2917 10th Ave North Billings,MT59101	None	PC	Grant for outpatient pediatric therapy program.	26,000
Billings Cultural Partners 622 North 29th Street Billings,MT59101	none	PC	Grant for bookfest.	4,000
Billings Studio Theatre 1500 Rimrock Road Billings,MT59102	none	PC	Grant for large theatrical curtains.	5,500
Billings Symphony 2721 2nd Avenue North Suite 350 Billings,MT59101	None	PC	Education & outreach for explore music program.	10,000
Boys and Girls Club of Billings and Yellowstone County 505 Orchard Lane Billings,MT59107	None	PC	Grant for 15 passenger van.	13,750
Cine Billings 109 North 30th Street Billings,MT59101	NONE	PC	Grant for theater expansion.	10,000
City County Preservation Committee PO Box 8 Harlowton,MT59036	None	PC	Grant for new hvac system for 2 rooms.	10,000
City of Harlowton PO Box 292 Harlowton,MT59036	None	PC	Grant for city pool revitalization.	25,000
City of White Sulphur Springs PO Box 358 White Sulphur Springs,MT59645	None	PC	Grant for McStravick Park project.	12,500
City of White Sulphur Springs PO Box 358 White Sulphur Springs,MT59645	None	PC	Grant for jaws of life.	10,000
Education Foundation of Billings Schools 415 N 30th St Billings,MT59101	NONE	PC	Grant for summer literacy program.	2,000
Family Services Inc PO Box 1020 Billings,MT59103	none	PC	Grant for families stability.	10,000
Girl Scouts of Montana and Wyoming 2303 Grand Avenue Billings,MT59102	None	PC	Grant for mobile stem learning center.	7,500
Living Independently Today and Tomorrow Lift 1201 Grand Avenue Suite 1 Billings,MT59102	None	PC	Grant for software for ADA accessibility.	10,000
Meagher County Senior Center PO Box 682 White Sulphur Springs,MT59645	None	PC	Grant for new roof on facility.	10,000
Meagher County PO Box 309 White Sulphur Springs,MT59645	None	PC	Grant for DES mobile emergency center.	30,000
Meagher County PO Box 309 White Sulphur Springs,MT59645	none	PC	Grant for immunization program.	8,000
Mountainview Medical Center Inc PO Box Q White Sulphur Springs,MT596450817	None	PC	Grant for nursing equipment.	5,000
MSU Billings Foundation 1500 University Dr Billings,MT59101	none	PC	Grant for neurodiversity institute.	10,000
Red Ants Pants Foundation PO Box 637 White Sulphur Springs,MT59645	None	PC	Grant for girls leadership program.	6,500
Riverstone Health Foundation 123 S 27th St Billings,MT59101	none	PC	Grant for weight management program.	10,000
St John's Lutheran Ministries 3940 Rimrock Road Billings,MT59102	None	PC	Grant for Lillis Chapel AV upgrade.	7,500
St Vincent Healthcare Foundation 1106 North 30th Billings,MT59101	None	PC	Grant for pediatric specialty clinic.	25,000
Town of Judith Gap PO Box 157 Judith Gap,MT59453	none	PC	Grant for storage facility interior improvements.	10,000
Wheatland Memorial Healthcare PO Box 287 Harlowton,MT590360287	none	PC	Grant for physical therapy outpatient clinic.	35,000
Yellowstone Art Museum 401 North 27th Street Billings,MT59101	None	PC	Grant for exhibitions and facility maintenance.	20,000
Yellowstone Boys and Girls Ranch 1732 South 72nd St W Billings,MT59105	None	PC	Grant for replacement of builders.	15,000
Yellowstone Casa Inc PO Box 688 Billings,MT59103	None	PC	Grant for foster children program support.	5,000
YMCA of Billings 402 North 32nd St Billings,MT59101	none	PC	Grant for summer camp.	7,500
YWCA of Billings 909 Wyoming Ave Billings,MT59101	none	PC	Grant to expand shelter capacity.	2,500
Zoo Montana 2100 South Shiloh Road Billings,MT59106	none	PC	Grant for zoo pavilion enclosure.	10,000
Total ................................. 3a				924,290

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			242,652
b			1,508,530
c			25,657
d
e

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

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
US Bank	Trustee Services	212,985
303 N Broadway Billings,MT59101	Trustee Services	212,985

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
aMuseum Admissions & Memberships					5,045
bGift Shop Sales			41	3,827
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments....
3 Interest on savings and temporary cash investments ...........			14	24,737
4 Dividends and interest from securities....			14	258,322
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	1,776,839
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aRoyalty Income			15	70
bOther Income			03	16,485
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..		0		2,080,280	5,045

Line No.	Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See instructions.)
1b	Revenue from admissions and memberships to the museum.


(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...................				0

bApproved for future payment

Total ................................. 3b				0

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

Name of organization Charles M Bair Family Trust C/O US Bank

Part I Contributors	Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
1	Bair Ranch Foundation US Bank Trust PO Box 30678 Billings, MT591150678	$ 900,000	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
Schedule B (Form 990, 990-EZ, or 990-PF) (2020)

Name of organization Charles M Bair Family Trust C/O US Bank		Employer identification number 81-6075761

Part II	Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
Schedule B (Form 990, 990-EZ, or 990-PF) (2020)


Name of organization Charles M Bair Family Trust C/O US Bank			Employer identification number 81-6075761
Part III Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $ Use duplicate copies of Part III if additional space is needed.

Name of Stock	End of Year Book Value	End of Year Fair Market Value
Abbott Laboratories	57,070	82,975
Alphabet Inc Cl A	9,325	120,029
Amazon Com Inc	74,370	270,459
Amgen Inc	57,313	67,579
Apple Inc	3,250	334,171
At T Inc	86,462	84,053
Bank of America Corp	31,332	106,472
Blackrock Inc	45,761	90,942
Cisco Systems Inc	47,754	99,682
Cme Group Inc	58,279	59,385
Columbia Dividend Inc Fund Instl	669,573	826,575
Comcast Corp Class A	59,248	75,690
Costco Whsl Corp	36,982	86,697
Ecolab Inc	41,597	48,858
Electronic Arts Inc	10,877	16,908
Facebook Inc Class A	52,155	123,205
Gilead Sciences Inc	46,624	45,698
Home Depot Inc	63,725	78,328
Honeywell International Inc	81,083	113,973
Intel Corp	3,438	43,953
Ishares Core S P 500 Etf	378,937	529,464
Ishares Russell 1000 Growth	244,289	356,623
J P Morgan Chase Co	32,809	144,581
Johnson Johnson	21,250	81,202
Marathon Petroleum Corp	83,339	102,619
Mastercard Inc	10,620	178,040
McDonalds Corp	9,724	43,203
Microsoft Corp	3,335	318,503
Nike Inc	6,121	38,858
Paypal Holdings Inc	40,079	75,015
Pepsico Inc	22,505	75,540
Pfizer Inc	52,156	75,174
Roper Inds Inc	58,774	68,305
Salesforce Com Inc	97,172	110,554
Schwab Charles Corp	49,957	121,229
Starbucks Corp	6,147	43,850
Target Corp	37,908	74,406
Texas Instruments Inc	39,907	63,540
Unitedhealth Group Inc	37,345	74,576
Vanguard Growth Index Fund	253,050	358,627
Walmart Inc	17,686	74,712
Walt Disney Co The	5,337	33,670
3M Co	51,436	102,907
Albemarle Corp	27,493	72,313
Cabot Oil Gas Corp Cl A	44,069	39,541
Ishares Russell Mid Cap	1,016,655	1,366,044
Ishares Russell Mid Cap Value	263,631	316,711
Stephens Mid Cap Growth R5	557,756	712,851
Teladoc Inc	70,409	58,427
Vanguard Midcap Value Index Admiral	310,347	389,307
Ishares Russell 2000	658,385	842,888
Chubb Ltd	24,660	44,099
Clearbridge International Growth	469,826	552,450
Ishares Core Msci Eafe	597,940	748,525
Ishares Msci Eafe Value	475,743	508,729
Linde Plc	30,820	32,872
Medtronic Plc	41,139	72,791
Ishares Core Msci Emerging Mkts	786,749	930,263

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
Real Estate & Other Assets	18,583,474
American Tower Corp		55,075	115,920
Ishares Core US Reit		182,087	190,867
Nuveen Real Estate Secs I		139,692	185,402
Schwab US Reit		163,059	181,156
Collectible Good - American Indian Art		303,278	535,675
Collectible Good - Furniture and Decorations		557,319	588,415
Collectible Good - Paintings and Watercolors		1,815,142	4,816,200
Collectible Good - Photogravures Prints and Books		442,956	37,500
Collectible Good - Silver and Silver Plate		283,951	498,510
Bair Ranch Foundation		14,486,187	0

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
Museum Admissions & Memberships	5,045		5,045
Gift Shop Sales	3,827	3,827	3,827
Royalty Income	70	70	70
Other Income	16,485	16,485	16,485

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Trustee Fees - US Bank	212,985	53,286		159,699
Trustee Fees - Moulton Bellingham	6,150	1,438		4,712

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Category	Amount	Net Investment Income	Disbursements for Charitable Purposes
Foreign Taxes	3,855	3,855	0
Payroll Taxes	118,215	0	118,215
Federal Excise Tax	13,376	0	0