TY 2020 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Trust Treated as Private Foundation

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

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

OMB No. 1545-0052

2020

Open to Public Inspection

For calendar year 2020, or tax year beginning 07-01-2020 , and ending 06-30-2021

Name of foundation
THE ELMWOOD FOUNDATION INC

Number and street (or P.O. box number if mail is not delivered to street address)230 FRONT STREET NORTH
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
LA CROSSE, WI54601

A Employer identification number

39-6044165

B Telephone number (see instructions)

(608) 782-1148

C If exemption application is pending, check here bullet

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

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

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

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

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

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

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

$19,894,246J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

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


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .............
3	Interest on savings and temporary cash investments	85,889		85,889
4	Dividends and interest from securities...	205,076		205,076
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		739,135
b	Gross sales price for all assets on line 6a 6,315,512
7	Capital gain net income (from Part IV, line 2)...			739,135
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).......		3,649	3,649
12	Total. Add lines 1 through 11........	1,033,749		1,033,749
13	Compensation of officers, directors, trustees, etc.	0		0	0
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........		256	128	128
b	Accounting fees (attach schedule).......		4,110	2,055	2,055
c	Other professional fees (attach schedule)....		58,592	58,592	0
17	Interest...............
18	Taxes (attach schedule) (see instructions)...		8,182	0	0
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..........	71,140		60,775	2,183
25	Contributions, gifts, grants paid.......	863,450			863,450
26	Total expenses and disbursements. Add lines 24 and 25	934,590		60,775	865,633
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	99,159
b	Net investment income (if negative, enter -0-)			972,974
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	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.............
	2	Savings and temporary cash investments.........	1,582,253	483,241	483,241
	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)	216,755	198,828	201,791
	b	Investments—corporate stock (attach schedule).......	7,388,028	8,746,498	11,866,046
	c	Investments—corporate bonds (attach schedule).......	3,524,666	3,273,856	3,312,355
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	2,889,266	2,993,507	4,030,813
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	15,600,968	15,695,930	19,894,246
	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........	1,600,891	1,600,891
	27	Paid-in or capital surplus, or land, bldg., and equipment fund	0	0
	28	Retained earnings, accumulated income, endowment, or other funds	14,000,077	14,095,039
	29	Total net assets or fund balances (see instructions).....	15,600,968	15,695,930
	30	Total liabilities and net assets/fund balances (see instructions).	15,600,968	15,695,930

Part III

Analysis of Changes in Net Assets or Fund Balances

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

15,600,968

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

99,159

Other increases not included in line 2 (itemize) bullet

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

15,700,127

Decreases not included in line 2 (itemize) bullet

4,197

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

15,695,930

Form 990-PF (2020)

Page 3

Part IV

Capital Gains and Losses for Tax on Investment Income

(a) List and describe the kind(s) of property sold (e.g., real estate, 2-story brick warehouse; or common stock, 200 shs. MLC Co.)		(b) How acquired P—Purchase D—Donation
1 a	MORGAN STANLEY CDS	P
b	PUBLICLY TRADED SECURITIES
c	CAPITAL GAINS DIVIDENDS	P
d
e

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	171,480	171,602	-122
b	5,982,301	5,404,775	577,526
c	161,731		161,731
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			-122
b			577,526
c			161,731
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	739,135
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3

Part V

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

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

1 Reserved

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

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

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

Form 990-PF (2020)

Page 4

Part VI

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

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Reserved................................	1	13,524
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	13,524
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	13,524
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.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9	3,084
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2021 estimated tax	Refunded	11

Part VII-A

Statements Regarding Activities

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

Yes

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

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

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

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

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

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

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

(1) On the foundation. bullet

$ 0(2) On foundation managers. bullet

$ 0

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

on foundation managers. bullet

$ 0

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

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

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

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

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

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

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

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

Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:

By language in the governing instrument, or

By state legislation that effectively amends the governing instrument so that no mandatory directions

that conflict with the state law remain in the governing instrument?................

Yes

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

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

Yes

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

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

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

Yes

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

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

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

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

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

Form 990-PF (2020)

Page 5

Part VII-A

Statements Regarding Activities (continued)

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

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

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

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

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

Yes

Website address bullet

N/A

The books are in care of bullet

TRUST POINT INC Telephone no. bullet

(608) 782-1148

Located at bullet

230 FRONT STREET NORTHLA CROSSEWI ZIP+4 bullet

54601

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

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

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

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

16 No

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

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required

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

Yes

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

If "Yes," list the years bullet

20, 20, 20, 20

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

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

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

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

20, 20, 20, 20

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

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

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

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

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

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

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

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

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

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

Form 990-PF (2020)

Page 6

Part VII-B

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

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

Yes

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Part VIII

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

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

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
DANIEL GELATT	PRESIDENT/TREASURER/SECRET 0.25	0	0	0
3159 EDGEWATER DRIVE LA CROSSE,WI54603	PRESIDENT/TREASURER/SECRET 0.25	0	0	0
MARK CHAMBERLAIN	DIRECTOR/VICE PRESIDENT 0.25	0	0	0
230 FRONT STREET NORTH LA CROSSE,WI54601	DIRECTOR/VICE PRESIDENT 0.25	0	0	0
P M GELATT	DIRECTOR 0.25	0	0	0
444 LOSEY COURT LANE LA CROSSE,WI54601	DIRECTOR 0.25	0	0	0

2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."


(a) Name and address of each employee paid more than $50,000	(b) Title, and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
NONE









Total number of other employees paid over $50,000...................				0

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	NOT APPLICABLE	0
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	NONE	0
2


All other program-related investments. See instructions.
3		0

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

Form 990-PF (2020)

Page 8

Part X

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

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

purposes:

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

17,604,272

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

743,604

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

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

18,347,876

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

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

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

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

18,347,876

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

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

275,218

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

18,072,658

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

903,633

Part XI

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

and do not complete this part.)

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

903,633

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

13,524

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

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

13,524

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

890,109

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

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

890,109

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

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

890,109

Part XII

Qualifying Distributions (see instructions)

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

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

865,633

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

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

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

Amounts set aside for specific charitable projects that satisfy the:

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

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

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

865,633

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

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

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

865,633

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

Form 990-PF (2020)

Page 9

Part XIII

Undistributed Income (see instructions)

		(a) Corpus	(b) Years prior to 2019	(c) 2019	(d) 2020
1 Distributable amount for 2020 from Part XI, line 7					890,109
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......	8,871
b From 2016......	16,116
c From 2017......	26,805
d From 2018......	33,641
e From 2019......	853
fTotal of lines 3a through e........		86,286
4Qualifying distributions for 2020 from Part
XII, line 4: $ 865,633
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.....					865,633
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2020.		24,476			24,476
(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		61,810
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 ......		61,810
10 Analysis of line 9:
a Excess from 2016....	511
b Excess from 2017....	26,805
c Excess from 2018....	33,641
d Excess from 2019....	853
e Excess from 2020....

Form 990-PF (2020)

Page 10

Part XIV

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

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

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

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

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

Part XV

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

1Information Regarding Foundation Managers:

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

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

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

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

DANIEL GELATT CO JANET BAHR
230 FRONT STREET NORTH
LA CROSSE,WI54601
(608) 782-1148

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

NONE SPECIFIED

cAny submission deadlines:

NONE

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

GEOGRAPHIC AREA AS DEFINED IN THE ARTICLES OF INCORPORATION AND BYLAWS

Form 990-PF (2020)

Page 11

Part XV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
FRANCISCAN SPIRITUALITY CENTER 920 MARKET STREET LA CROSSE,WI54601	NONE	PC	GENERAL OPERATIONS	25,000
HUNGER TASK FORCE 1240 CLINTON STREET LA CROSSE,WI54603	NONE	PC	GENERAL OPERATIONS	5,000
UNIVERSITY OF WISCONSIN- LA CROSSE 1725 STATE STREET LA CROSSE,WI54601	NONE	PC	SELF-SUFFICIENCY PROGRAM	10,000
WOMENS FUND OF GREATER LA CROSSE PO BOX 654 LA CROSSE,WI54602	NONE	PC	GENERAL OPERATIONS	10,000
UNITED FUND FOR THE ARTS & HUMANITIES 119 KING STREET LA CROSSE,WI54601	NONE	PC	GENERAL OPERATIONS	12,500
COLLEGE POSSIBLE 540 FAIRVIEW AVE N STE 304 ST PAUL,MN55104	NONE	PC	NATIONAL PROGRAM	15,000
LA CROSSE SYMPHONY ORCHESTRA 201 MAIN STREET SUITE 230 LA CROSSE,WI54601	NONE	PC	GENERAL OPERATIONS	15,000
FAMILY AND CHILDRENS CENTER 2507 WESTON STREET LA CROSSE,WI54601	NONE	PC	GENERAL OPERATIONS	40,000
GREAT RIVERS UNITED WAY 1855 EAST MAIN STREET ONALASKA,WI54650	NONE	PC	GENERAL OPERATIONS	40,000
LA CROSSE PROMISE PO BOX 2394 LA CROSSE,WI54602	NONE	PC	SCHOLARSHIP PROGRAM	50,000
YMCA 1140 MAIN STREET LA CROSSE,WI54601	NONE	PC	CREATING NEW SPACES CAMPAIGN	50,000
LA CROSSE PUBLIC EDUCATION FOUNDATION INC PO BOX 181 LA CROSSE,WI54602	NONE	PC	FOREVER FUND	75,950
VITERBO COLLEGE INC 900 VITERBO DR LA CROSSE,WI54601	NONE	GOV	GENERAL OPERATIONS	100,000
BOYS AND GIRLS CLUB OF GREATER LA CROSSE 1331 CLINTON STREET LA CROSSE,WI54603	NONE	PC	GENERAL OPERATIONS	415,000
Total ................................. 3a				863,450

bApproved for future payment

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

Form 990-PF (2020)

Page 12

Part XVI-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
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	85,889
4 Dividends and interest from securities....			14	205,076
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.....			14	3,649
8 Gain or (loss) from sales of assets other than inventory ............			18	739,135
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)..		0		1,033,749	0

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

1,033,749

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

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

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

Form 990-PF (2020)

Page 13

Part XVII

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

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

Yes

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

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

1a(1)

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

1a(2)

Other transactions:

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

1b(1)

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

1b(2)

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

1b(3)

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

1b(4)

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

1b(5)

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

1b(6)

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

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

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

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

If "Yes," complete the following schedule.

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

Sign Here

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

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

Form 990-PF (2020)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2020 AccountingFeesSchedule

Name:

THE ELMWOOD FOUNDATION INC

EIN:

39-6044165

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
TAX PREP FEES	4,110	2,055		2,055

- TIN:

TY 2020 AllOthProgRltdInvestmentsSch

Name:

THE ELMWOOD FOUNDATION INC

EIN:

39-6044165

Category	Amount
NONE	0

- TIN:

TY 2020 InvestmentsCorpBondsSchedule

Name:

THE ELMWOOD FOUNDATION INC

EIN:

39-6044165

Name of Bond	End of Year Book Value	End of Year Fair Market Value
ABBVIE INC	8,506	8,580
AFFILIATED MANAGERS GROUP INC 4.750%	450	468
AFFILIATED MANAGERS GROUP INC 5.875%	1,280	1,393
ALGONQUIN POWER & UTILITIES CORP 6.875%-A	1,330	1,377
ALGONQUIN PWR & UTILS CORP A	2,128	2,316
ALLSTATE CORP	2,831	2,739
AMAZON.COM INC	7,714	8,844
AMERICAN BEACON GLOBAL EV FRNT MRKT INC Y	124,964	122,503
AMERICAN FINANCIAL GROUP 5.625%	445	484
AMERICAN FINANCIAL GROUP 5.8750	402	457
AMERICAN INTERNATIONAL GROUP INC	7,832	8,824
ARTISAN HIGH INCOME INST	65,744	67,445
ASSURANT INC 5.25%	1,413	1,433
ASSURED GUARNTY MUNI HLDGS INC	1,788	1,771
BANK OF AMERICA CORP	8,369	8,716
BRIGHTSPHERE	2,948	3,761
BROOKFIELD FIN INC 4.625%	1,439	1,495
BROOKFIELD INFRASTRUCTURE PARTNERS ULC 5.00%	1,395	1,422
CARLYLE FIN LLC 4.625%	1,380	1,425
CITIGROUP CAPT	3,053	3,264
CITIGROUP INC	8,142	8,233
CMS ENERGY CORP 5.875%	1,331	1,386
COMCAST CORP	8,102	8,676
CVS HEALTH CORP	10,160	10,554
EATON VANCE EMERGING MKTS DBT OPPS R6	150,046	147,011
ENBRIDGE INC 6.375%	3,427	3,630
ENTERPRISE PRODUCTS OPER	6,125	6,480
FEDERATED ULTRASHORT BOND I	580,052	579,423
FIDELITY U.S. BOND INDEX FUND	1,016,856	1,043,279
GENERAL ELEC CAP CORP	7,934	8,930
GLOBAL INDEMNITYLIMITED	1,695	1,795
GLOBE LIFE INC	1,355	1,331
GMAC CAP TRUST	3,852	3,898
GOLDMANS SACHS GROUP INC	9,003	9,071
INTEL CORP	8,809	8,743
JPMORGAN CHASE & CO	10,702	10,477
KKR GROUP FIN CO. IX LLC 4.625%	452	465
LORD ABBETT INFLATION FOCUSED I	406,506	419,672
MCDONALDS CORP	9,146	8,870
NEXTERA ENERGY CAPITAL HOLDINGS INC 5.65%	1,304	1,402
NUSTAR LOGISTICS LP	1,424	1,537
PEPSICO INC	8,435	8,410
PIMCO INCOME FUND I	604,360	593,196
PRUDENTIAL FINANCIAL INC 4.125%	1,365	1,410
PRUDENTIAL FINANCIAL INC 5.625%	396	447
QWEST CORP 6.5%	4,012	4,162
REINSURANCE GROUP AMERICA INC	3,047	2,914
REINSURANCE GRP AMERICA INC	3,790	4,210
SOUTH JERSEY INDUSTRIES INC	430	447
STIFFEL FINANCIAL CORP	422	450
THE SOUTHERN CO	2,327	2,427
THE SOUTHERN CO 4.95%	1,785	1,877
UNITED STATES CELLULAR CORP 5.50% (UZE)	456	471
UNITED STATES CELLULAR CORP 5.50% (UZF)	447	134
UNITEDHEALTH GROUP INC	9,552	9,073
VANGUARD MORTGAGE-BACKED SECURITIES INDEX	122,101	129,512
VERIZON COMMUNICATIONS	8,105	8,507
WELLS FARGO & COMPANY	8,343	8,373
WESTERN ALLIANCE BANCORPORATION	1,316	1,348
WR BERKLEY CORP	1,333	1,407

- TIN:

TY 2020 InvestmentsCorpStockSchedule

Name:

THE ELMWOOD FOUNDATION INC

EIN:

39-6044165

Name of Stock	End of Year Book Value	End of Year Fair Market Value
AAC TECHNOLOGIES HLDG INC	9,012	9,228
AEGON NV SERIES 1	1,308	1,454
AGNC INVT CO 6.125	1,357	1,453
AGNC INVT CORP 06.875	424	469
AGNC INVT CORP 6.50	436	465
AGNC INVT CORP CUM 1/1000 7% C	1,291	1,405
AIR LEASE CORP NON CUM PFD A	2,045	2,705
ALLSTATE CORP 5.100	430	478
AMER EQINV HLDG CO 5.95%-A (AELA)	2,875	3,454
AMER HOMES 4 RENT 5.875	469	463
AMER HOMES 4 RENT 6.25	426	469
AMERICA MOVIL SA DE CV ADR L	17,823	19,800
AMERICAN EQUITY 6.625	2,956	3,298
AMERICAN EUROPACIFIC GROWTH F2	1,063,167	1,396,045
ANGLO AMERN PLC	6,803	11,594
ANHULI CONCH CEMENT ADR	12,367	10,658
ANMLY CAP MGMT 6.95	1,337	1,435
ANMLY CAP MGMT INC PFD SER I	2,539	2,830
ARCH CAP GROUP LTD 5.25%	1,288	1,346
ARCH CAP GROUP LTD 5.45%	1,275	1,361
ARCH CAPITAL GRP 4.550%	476	490
ASE TECH HLDG CO LTD	15,890	16,816
ASM PACIFIC	6,857	8,391
ASPEN INSURANCE HLDGS LTD 5.625	2,533	2,875
ASPEN INSURANCE HLDGS LTD 5.625	1,293	1,398
ASPEN INSURANCE HLDGS LTD 5.95%	3,013	3,254
AT&T INC	1,799	1,941
ATHENE HOLDING LTD 5.625 SER A	1,600	1,896
ATHENE HOLDING LTD 6.35 SER A	1,336	1,646
ATHENE HOLDING LTD 6.375%	1,676	1,863
ATLANTIC UN BANKSHARES	825	924
AXIS CAP HOLDINGS LTD	413	432
BANCO DO BRASIL SA SPON ADR	13,153	14,216
BANK OF AMERICA 7.25%	2,807	2,832
BANK OF AMERICA CO 5.00	1,679	1,802
BANK OF AMERICA CORP 4.375%	2,295	2,410
BANK OF AMERICA CORP 6%	1,255	1,369
BB SEGURIDADE PARTICIPACO ES	10,881	8,630
BIDVEST GOURP LTD SPONS ADR	7,586	9,242
BK OF AMERICA CO 5.875% SER-HH	1,339	1,401
BROOKFIELD BRP HOLDINGS 4.625	473	482
BROOKFIELD FIN I UK 4.50	1,464	1,449
CAPITAL ONE FINL CORP 4.80%	460	475
CAPITAL ONE FINL CORP 5%	3,454	3,912
CHARLES SCHWAB CORP 5.95%	2,382	2,258
CHINA CONSTRUCTION BANK CORP	19,446	20,991
CHINA MERCHANTS BK CO LTD UNSP	10,848	16,409
CHINA SHENHUA ENERGY LTD ADR	11,833	11,888
CHS INC	4,956	5,220
CHS INC	5,023	5,189
CHS INC/RED PFD CL B S 4	2,540	2,597
CITIGROUP INC 6.875%	5,924	6,188
CITIGROUP INC 7.125%	451	454
CITIZENS FIN GROUP 6.35%-D	1,685	1,862
CITIZENS FINL GROUP 5.00%	430	453
COMMERCIAL INTL BNK LTD SP ADR	7,708	6,762
CONESTOGA SMALL CAP INST	396,150	448,788
DGITAL RLTY TST 5.2	1,290	1,437
DIGITAL REALTY TRST 5.850-K	1,294	1,421
DODGE & COX STOCK FUND	971,122	1,269,421
DWS RREEF REAL ASSETS STRATEGY	637,643	696,179
ENGIE BRASIL EMERGIA SAADR	7,926	7,539
ENSTAR GROUP LTD 7%	1,649	1,923
EQUITABLE HLDGS DEP RP	1,261	1,396
F N B CORP FLA DEP SHS REPSTG	2,411	2,321
FARMLAND PARTNERS INC 6%	1,355	1,496
FIFTH HOIZON NATIONAL 6.5	402	448
FIFTH THIRD BANCORP 6	436	459
FIFTH THIRD BANCORP 6.625%	2,357	2,327
FIRST REPUBLIC BK	438	466
FIRST REPUBLIC BK 4.125%	1,344	1,385
GALP ENERGIA SA	9,440	7,641
GLENMEDE SECURED OPTIONS I	679,911	822,301
GLOBAL NET LEASE INC PFD SER A	424	455
GOLDMAN SACHS GRP INC 5.50%	1,740	1,863
GOLDMAN SACHS GRP INC 6.375%	2,277	2,411
GREEK ORG OF FOOTBALL	6,909	7,772
GRUPO FINANCIERO BANORTE SAB	8,049	9,754
HENGAN INTL GROUP CO LTD ADR	15,758	13,528
HIMAX TECH INC	7,510	9,546
HUNTINGTON BANCSHARES 4.5%	450	468
HUNTINGTON BANCSHARES 6.25%	1,852	1,776
ICM SMALL COMPANY PORTFOLIO	876,282	1,255,182
INFOSYS LIMITED ADR	7,886	16,465
INVESCO DEVELOPING MRKTS R6	420,213	578,865
JPMORGAN CHASE & CO 4.55	453	479
JPMORGAN CHASE & CO 4.625	2,373	2,477
JPMORGAN CHASE & CO 5.75%	402	452
JPMORGAN CHASE & CO 6.0%	405	461
KASIKORNHBANK PUB CO LTD UNSPON	8,189	6,611
KB FINANCIAL GRP INC SONS ADR	11,525	17,600
KEYCORP 6.125%	1,572	1,896
KIMBERLY CLARK SPON ADR	8,542	8,517
LIFE HEALTHCARE GRP HLDGS LTD	8,520	9,224
MOBILE TELESYSTEM PJSC	6,154	7,630
MONDI PLC ADR	6,492	7,734
MORGAN STANLEY 5.85%	1,226	1,417
MORGAN STANLEY 6.375%	3,900	4,217
MORGAN STANLEY 6.875%	3,099	3,141
NATIONAL STORAGE AFFILIA 6%	426	459
NEDBANK GRP LTD SPON ADR	9,123	11,887
NEW YORK CMNTY BC INC SER A	3,309	3,732
NISOURCE INC 6.5% DEPSHS PFDB	1,231	1,404
OAKMARK INTERNATIONAL INST	1,486,010	1,668,462
PEOPLES UNITED FIN LNC SER A	3,471	3,810
PETROBRAS DISTRIBUIDORA ADR	5,719	7,792
PETROLED BRASILEIRO SA	7,630	7,680
PING AN INSURANCE ADR	11,652	10,345
PINNACLE FIN PRTNRS 6.75%	1,736	1,952
PJSC GAZPROM SPON ADR	6,329	7,892
PJSC LUKOIL SPONSORED ADR	11,552	19,872
PNC FINL -P 6.125%	4,045	3,821
PS BUSINESS PARIS	429	473
PT ASTRA INTERNATIONAL TBK ADR	9,129	6,909
PT BK MANDIRI PERSERO TBK UNSP	10,638	11,193
PT TELOKUMINKASI INDONECIA	11,544	10,402
PUBLIC STORAGE 3.9%	420	446
PUBLIC STORAGE 4%	1,907	1,921
PUBLIC STORAGE 4.125%	440	443
PUBLIC STORAGE 4.625%	1,325	1,432
REGIONS FINANCIAL CO 6.375%	1,811	1,880
SANLAM LTD ADR	5,136	5,644
SBERBANK RUSSIA SPONSORED ADR	6,767	14,938
SCE TRUST IV 5.375	1,840	1,843
SCE TRUST V 5.45%	1,403	1,324
SCE TRUST VI 5%	435	474
SCHWAB CHARLES CORP 4.450%	451	477
SELECTIVE INS GROUP 4.6	450	458
SHINHAN FINANCIAL GROUP CO LTD	9,685	10,934
SHOPHARM GROUP CO LTD ADR	12,317	13,866
SIGNATURE BK NY 5.00%	1,796	1,878
SPIRE INC 5.90% SER-A	417	452
STANDARD BANK GROUP LTD SPON	5,329	6,169
STATE ST CO 5.9%	1,762	1,862
STATE STREET CORP 5.35%	1,275	1,444
STIFEL FINANCIAL CORP	1,412	1,361
TAIWAN SMCNDCTR MFG CO LTD ADR	2,600	14,059
TCF FINANCIAL CORPN	429	447
THE HARTORD FIN SER6.0%SER-G	404	461
TINGYI CAYMAN ISLANDS HLDGS	8,034	8,522
TRUST FINANCIAL CORP 4.75%	1,767	1,863
TRUST FINANCIAL CORP 5.25	1,346	1,451
UNILEVER NV NY SH NEW	18,490	18,954
UNITED STATES CELLULAR 6.25%	1,375	1,451
US BANCORP - F 4.00%	1,338	1,404
US BANCORP - F 6.5%	446	440
VALLEY NATL BANCORP SER-A	1,411	1,419
VALLEY NATL BANCRP	441	436
VANGUARD LARGE CAP INDEX ADM	1,219,166	2,353,636
VANGUARD MID CAP INDEX ADMIRAL	399,518	697,883
VODACOM GROUP LIMITED	5,095	4,880
VORNADO REALITY TR 5.25%	457	486
WASHINGTON FED 4.875%	448	482
WEBANCO INC 6.75%	422	449
WEICHAI PWR CO LTD UNSPON ADR	5,812	10,094
WELLS FARGO & CO 4.75%	1,349	1,412
WELLS FARGO & CO 5.5%	1,836	1,813
WELLS FARGO & CO 6.625%	1,344	1,372
WELLS FARGO 5.85 Q FIXD TO FLT	4,200	4,380
WELLS FARGO 7.5	4,169	4,579
WELLS FARGO CO DEP SH PFD CL A	1,355	1,412
WESCO INTL INC DP SH	377	432
WINTRUST FINANCIAL CORP	2,503	2,509
WINTRUST FINANCIAL CORP DEP	1,650	1,837
ZIONS BAHCORP 6.3000% SERS G	2,323	2,436

- TIN:

TY 2020 InvestmentsGovtObligationsSch

Name:

THE ELMWOOD FOUNDATION INC

EIN:

39-6044165

US Government Securities - End of Year Book Value:

198,828

US Government Securities - End of Year Fair Market Value:

201,791

State & Local Government Securities - End of Year Book Value:

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

- TIN:

TY 2020 InvestmentsOtherSchedule2

Name:

THE ELMWOOD FOUNDATION INC

EIN:

39-6044165

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
CAMBRIDGE SVGS BK CAMRIDGE MA CD	AT COST	57,000	57,002
ISHARES CORE S&P SMALL CAP	AT COST	136,204	205,963
ISHARES MORNINGSTAR MID CP GRW	AT COST	67,830	207,497
ISHARES RUSSELL 1000 GRW ETF	AT COST	224,345	549,476
ISHARES RUSSELL 1000 VALUE ETF	AT COST	606,764	903,024
ISHARES RUSSELL MIDCAP V ETF	AT COST	124,667	212,023
PGIM SHRT DUR HIGH YLD INC	AT COST	193,457	194,520
PRINCIPAL GLB DIVERS INC INST	AT COST	191,218	199,835
VANGUARD FTSE DEVELOPED MKTS E	AT COST	923,910	1,018,447
VANGUARD SHORT-TERM CORPORATE	AT COST	468,112	483,026

- TIN:

TY 2020 LegalFeesSchedule

Name:

THE ELMWOOD FOUNDATION INC

EIN:

39-6044165

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
JOHNS, FLAHERTY & COLLINS	256	128		128

- TIN:

TY 2020 OtherDecreasesSchedule

Name:

THE ELMWOOD FOUNDATION INC

EIN:

39-6044165

Description	Amount
BROKER BASIS ADJUSTMENT	4,197

- TIN:

TY 2020 OtherIncomeSchedule2

Name:

THE ELMWOOD FOUNDATION INC

EIN:

39-6044165

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
SETTLEMENT PROCEEDS	3,649	3,649	3,649

- TIN:

TY 2020 OtherProfessionalFeesSchedule

Name:

THE ELMWOOD FOUNDATION INC

EIN:

39-6044165

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT FEES	58,592	58,592		0

- TIN:

TY 2020 TaxesSchedule

Name:

THE ELMWOOD FOUNDATION INC

EIN:

39-6044165

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
2020 ESTIMATED EXCISE TAX	8,182	0		0