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
ISLANDS FUND
C/O JOHN MUNN
Number and street (or P.O. box number if mail is not delivered to street address)3019 DUPORTAIL ST NO 240
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
RICHLAND, WA99352
A Employer identification number

91-1663838
B Telephone number (see instructions)

(206) 931-6604
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$321,076,871J 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) 2,505,185
2 Check bullet.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 5,333,622 5,333,622  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 4,927,641
b Gross sales price for all assets on line 6a 58,490,104
7 Capital gain net income (from Part IV, line 2)... 4,927,641
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........ 12,766,448 10,261,263 0
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 50,000 0 0 50,000
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 42,500 21,250 0 21,250
c Other professional fees (attach schedule).... Click to see attachment 1,149,813 1,041,813 0 108,000
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 143,916 56,916 0 0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 248 0 0 248
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 1,386,477 1,119,979 0 179,498
25 Contributions, gifts, grants paid....... 14,046,514 14,046,514
26 Total expenses and disbursements. Add lines 24 and 25 15,432,991 1,119,979 0 14,226,012
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -2,666,543
b Net investment income (if negative, enter -0-) 9,141,284
c Adjusted net income (if negative, enter -0-)... 0
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2020)
Form 990-PF (2020)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 5,676,616 8,731,922 8,731,922
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) 27,454,791 Click to see attachment26,238,224 28,918,884
b Investments—corporate stock (attach schedule)....... 85,173,091 Click to see attachment77,997,605 170,119,829
c Investments—corporate bonds (attach schedule)....... 18,730,203 Click to see attachment17,160,232 18,650,220
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 79,881,646 Click to see attachment82,559,383 94,656,016
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) 216,916,347 212,687,366 321,076,871
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 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...........    
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........ 263,158 263,158
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 216,653,189 212,424,208
29 Total net assets or fund balances (see instructions)..... 216,916,347 212,687,366
30 Total liabilities and net assets/fund balances (see instructions). 216,916,347 212,687,366
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
216,916,347
2
Enter amount from Part I, line 27a .....................
2
-2,666,543
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
2
4
Add lines 1, 2, and 3 ..........................
4
214,249,806
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
1,562,440
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
212,687,366
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 CAPITAL GAINS DIVIDENDS      
b PUBLICLY TRADED SECURITIES      
c PUBLICLY TRADED SECURITIES      
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 363,783     363,783
b 18,318,584   18,798,922 -480,338
c 39,807,737   34,763,541 5,044,196
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       363,783
b       -480,338
c       5,044,196
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 4,927,641
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 -480,338
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................................ 1 127,064
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........................... 3 127,064
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- ..... 5 127,064
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 79,207
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 100,000
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 179,207
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 52,143
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet52,143 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletWA
    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 ofbulletMR JOHN MUNN Telephone no.bullet (206) 931-6604

    Located atbullet3019 DUPORTAIL ST 204RICHLANDWA ZIP+4bullet99352
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2020, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16   No
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?......................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?...............
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).......
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ........
    1b
     
    No
    ........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2020?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2020, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2020?.............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?......................
    b
    If "Yes," did it have excess business holdings in 2020 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2020.)..................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2020?
    4b
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?.............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?.....
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ......
    5b
     
    No
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d). Click to see attachment
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .................
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    SARAH R WERNER PRESIDENT/DIRECTOR
    2.00     		0 0 187
    3019 DUPORTAIL ST 240
    RICHLAND,WA99352
    RICK S WERNER TREASURER/DIRECTOR
    2.00     		0 0 0
    3019 DUPORTAIL ST 240
    RICHLAND,WA99352
    GEORGE G GULICK VICE PRESIDENT/DIRECTOR
    2.00     		0 0 0
    3019 DUPORTAIL ST 240
    RICHLAND,WA99352
    E LEEDS GULICK SECRETARY/DIRECTOR
    2.00     		0 0 0
    3019 DUPORTAIL ST 240
    RICHLAND,WA99352
    JAMES FLAGGERT DIRECTOR
    3.00     		50,000 0 0
    3019 DUPORTAIL ST 240
    RICHLAND,WA99352
    LYDIA GULICK TRUSTEE
    2.00     		0 0 0
    3019 DUPORTAIL ST 240
    RICHLAND,WA99352
    SHELBY LUCE TRUSTEE
    2.00     		0 0 0
    3019 DUPORTAIL ST 240
    RICHLAND,WA99352
    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 0
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    SENECA ASSOCIATES INC ADMINISTRATIVE SERVICES 120,000
    3019 DUPORTAIL ST 240
    RICHLAND,WA99352
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1  
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    283,829,963
    b
    Average of monthly cash balances.......................
    1b
    13,765,521
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    297,595,484
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    297,595,484
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    4,463,932
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    293,131,552
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    14,656,578
    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
    14,656,578
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    127,064
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    127,064
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    14,529,514
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    14,529,514
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    14,529,514
    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
    14,226,012
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    14,226,012
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b. See instructions.................
    5
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    14,226,012
    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 14,529,514
    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...... 1,613,131
    b From 2016...... 1,373,640
    c From 2017...... 1,533,908
    d From 2018...... 1,918,979
    e From 2019...... 1,899,106
    fTotal of lines 3a through e........ 8,338,764
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$ 14,226,012
    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..... 14,226,012
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2020. 303,502 303,502
    (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 8,035,262
    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) ...     		1,309,629
    9Excess distributions carryover to 2021.
    Subtract lines 7 and 8 from line 6a ......     		6,725,633
    10 Analysis of line 9:
    a Excess from 2016.... 1,373,640
    b Excess from 2017.... 1,533,908
    c Excess from 2018.... 1,918,979
    d Excess from 2019.... 1,899,106
    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).)
    SARAH R WERNER
    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
    ALOHA FOUNDATION
    2968 LAKE MOREY ROAD
    FAIRLEE,VT05045     		  PC FIVE EXISTING ENDOWMENT FUNDS 1,200,000
    ASPEN CENTER FOR ENVIRONMENTAL STUDIES
    100 PUPPY SMITH ST
    ASPEN,CO81611     		  PC CHILDREN'S EDUCATION FUND AND RBR PROGRAMS 300,000
    ALASKA MARINE CONSERVATION COUNCIL
    PO BOX 101145
    ANCHORAGE,AK99510     		  PC KODIAK OCEAN SCIENCE DISCOVERY PROGRAM 7,500
    ARBORETUM FOUNDATION
    2300 ARBORETUM DRIVE E
    SEATTLE,WA98112     		  PC ENVIRONMENTAL EDUCATION PROGRAMS 65,000
    BERTSCHI SCHOOL
    2227 - 10TH AVE E
    SEATTLE,WA98122     		  PC FINANCIAL AID ENDOWMENT 200,000
    BIG BROTHERS BIG SISTERS OF CENTRAL OREGON
    62895 HAMBY RD
    BEND,OR97701     		  PC MENTORING PROGRAMS 20,000
    BIG SUR LAND TRUST
    PO BOX 4071
    MONTEREY,CA93942     		  PC YOUTH PROGRAMS, OPERATIONS, AND ENDOWMENT 250,000
    BOYS AND GIRLS CLUBS OF BELLEVUE
    209 - 100TH AVE NE
    BELLEVUE,WA98004     		  PC SUMMER CAMP 75,000
    BRIDLE TRAILS FOUNDATION
    6619 - 132ND AVE NE 265
    KIRKLAND,WA98033     		  PC ENDOWMENT 50,000
    CAPITOL LAND TRUST
    4405 - 7TH AVE SE SUITE 306
    LACEY,WA98503     		  PC EDUCATION PROGRAMS 10,000
    CASA OF MONTEREY COUNTY
    945 S MAIN ST SUITE 107
    SALINAS,CA93901     		  PC ADVOCATE TRAINING 20,000
    CHALLENGE ASPEN
    PO BOX 6639
    SNOWMASS VILLAGE,CO81615     		  PC CAMO AND REC PROGRAMS 40,000
    CHILL FOUNDATION
    180 QUEEN CITY PARK RD
    BURLINGTON,VT05401     		  POF YOUTH PROGRAMS IN SEATTLE AND PORTLAND 40,000
    COLGATE UNIVERSITY
    PO BOX 313
    CANAJOHARIE,NY13317     		  PC TWO EXISTING ENDOWMENTS 500,000
    CONSERVATION NORTHWEST
    1829 - 10TH AVE W SUITE B
    SEATTLE,WA98119     		  PC ENVIRONMENTAL PROGRAM 50,000
    COYOTE CENTRAL
    2300 E CHERRY ST
    SEATTLE,WA98122     		  PC YOUTH PROGRAMS 30,000
    DELRIDGE NEIGHBORHOODS DEVELOPMENT ASSOCIATION
    4408 DELRIDGE WAY SW
    SEATTLE,WA98106     		  PC YOUTH AND NATURE RESTORATION PROGRAMS 40,000
    ENVIRONMENTAL AND ADVENTURE SCHOOL PTO
    8040 NE 132ND ST
    KIRKLAND,WA98034     		  PC YOUTH PROGRAMS 25,000
    ECOLOGY PROJECT INTERNATIONAL
    315 S 4TH ST E
    MISSOULA,MT59801     		  PC YOUTH PROGRAMS 40,000
    ENVIRONMENTAL RESOURCE CENTER
    PO BOX 819
    KETCHUM,ID83340     		  PC SCHOOL AND COMMUNITY PROGRAMS 45,000
    EXPLORER WEST MIDDLE SCHOOL
    10015 - 28TH AVE SW
    SEATTLE,WA98146     		  PC YOUTH PROGRAMS 56,200
    FORTERRA
    901 - 5TH AVE SUITE 2200
    SEATTLE,WA98164     		  PC CONSERVATION EASEMENT 20,000
    FUTURE GENERATIONS UNIVERSITY
    400 ROAD LESS TRAVELED
    FRANKLIN,WV26807     		  PC ENDOWMENT, OPERATIONS, AND LEARNING CENTERS 800,000
    GROW
    PO BOX 19748
    SEATTLE,WA98109     		  PC LAND ACQUISITION 30,000
    HAMLIN ROBINSON SCHOOL
    1700 E UNION ST
    SEATTLE,WA98122     		  PC ONE EXISTING ENDOWMENT AND FINANCIAL AID 250,000
    HIDDEN VILLA
    26870 MOODY RD
    LOS ALTOS HILLS,CA94022     		  PC YOUTH SCHOLARSHIPS 40,000
    HIRAM COLLEGE
    PO BOX 67
    HIRAM,OH44234     		  PC ONE EXISTING ENDOWMENT 500,000
    HUTS FOR VETS
    PO BOX 2047
    BASALT,CO81621     		  PC VETERAN PROGRAMS 20,000
    ISLANDWOOD
    4450 BLAKELY AVE NE
    BAINBRIDGE ISLAND,WA98110     		  PC YOUTH PROGRAMS 300,000
    LAKESIDE SCHOOL
    14050 - 1ST AVE NE
    SEATTLE,WA98125     		  PC ONE EXISTING ENDOWMENT 300,000
    LITTLE BIT THERAPEUTIC RIDING CENTER
    18675 NE 106TH ST
    REDMOND,WA98052     		  PC YOUTH SCHOLARSHIPS 45,000
    MEARTH
    PO BOX 223702
    CARMEL,CA93922     		  PC YOUTH PROGRAMS 50,000
    NEW SUMMIT ACADEMY
    APTDO 159-4013
    ATENAS,ALAJUELA  
    CS     		  NC NEW SUMMIT ACADEMY FINANCIAL AID 75,000
    MUSEUM OF FLIGHT
    9404 EAST MARGINAL WAY S
    SEATTLE,WA98108     		  PC YOUTH PROGRAMS 100,000
    MUSEUM OF NW ART
    PO BOX 969
    LACONNER,WA98257     		  PC YOUTH AND COMMUNITY PROGRAMS 50,000
    NATURE BRIDGE
    1033 FORT CRONKHITE
    SAUSALITO,CA94965     		  PC YOUTH PROGRAMS 25,000
    NATURE CONSERVANCY OF COLORADO
    2424 SPRUCE ST
    BOULDER,CO80302     		  PC YOUTH PROGRAMS, CONSERVATION EASEMENT, CURRICULUM 800,000
    NATURE CONSERVANCY OF MONTANA
    32 S EWING ST
    HELENA,MT59601     		  PC LAND PROTECTION 250,000
    NATURE CONSERVANCY OF WASHINGTON
    74 WALL ST
    SEATTLE,WA98121     		  PC CONSERVATION AND STEWARDSHIP 550,000
    NORTH CASCADES INSTITUTE
    810 STATE ROUTE 20
    SEDRO WOOLLEY,WA98284     		  PC SCHOOL AND YOUTH PROGRAMS 140,000
    NORTHWEST AVALANCHE CENTER
    249 MAIN AVE S SUITE 107-366
    NORTH BEND,WA98045     		  PC YOUTH PROGRAMS 30,000
    NORTHWEST INDIAN COLLEGE FOUNDATION
    2522 KWINA RD
    BELLINGHAM,WA98226     		  PC SCHOLARSHIPS 30,000
    NORTHWEST OUTWARD BOUND SCHOOL
    1411 SW MORRISON ST
    PORTLAND,OR97205     		  PC SCHOLARSHIPS AND YOUTH PROGRAMS 50,000
    NUEVA SCHOOL
    6565 SKYLINE BLVD
    HILLSBOROUGH,CA94011     		  PC FINANCIAL AID 65,000
    O'DEA HIGH SCHOOL FOUNDATION
    802 TERRY AVE
    SEATTLE,WA98104     		  PC ONE EXISTING ENDOWMENT 150,000
    OBERLIN COLLEGE
    50 W LORAIN ST
    OBERLIN,OH44074     		  PC ONE EXISTING ENDOWMENT 500,000
    OPEN WINDOW SCHOOL
    6128 - 168TH PLACE SE
    BELLEVUE,WA98006     		  PC ONE EXISTING ENDOWMENT 100,000
    OUTDOORSFORALL
    6344 NE 74TH ST SUITE 102
    SEATTLE,WA98115     		  PC FINANCIAL AID AND GENERAL SUPPORT 300,000
    PACIFIC SCIENCE CENTER
    200 SECOND AVE N
    SEATTLE,WA98109     		  PC YOUTH PROGRAMS 50,000
    PEREGRINE FUND
    5668 WEST FLYING HAWK LANE
    BOISE,ID83709     		  PC YOUTH PROGRAMS 50,000
    PLANNED PARENTHOOD OF THE GREAT NW AND HAWAIIAN ISLANDS
    2001 E MADISON
    SEATTLE,WA98122     		  PC YOUTH AND TEACHER PROGRAMS 250,000
    PLANNED PARENTHOOD MAR MONTE
    1746 THE ALAMEDA
    SAN JOSE,CA95126     		  PC YOUTH PROGRAMS 110,000
    PLANT AMNESTY
    PO BOX 15377
    SEATTLE,WA98115     		  PC GENERAL SUPPORT 21,000
    POWERFUL VOICES
    1620 - 18TH AVE SUITE 100
    SEATTLE,WA98112     		  PC GENERAL SUPPORT 30,000
    PUGET SOUNDKEEPER ALLIANCE
    130 NICKERSON ST SUITE 107
    SEATTLE,WA98109     		  PC POLLUTION PREVENTION PROGRAMS 35,000
    QQQ (EYES) PROJECTS SOCIETY
    BOX 786
    BELLA BELLA,BRITISH COLUMBIAV0T 1Z0
    CA     		  PC YOUTH PROGRAMS 25,000
    RAINCOAST EDUCATION SOCIETY
    PO BOX 815
    TOFINO,BRITISH COLUMBIAV0R 2Z0
    CA     		  PC YOUTH PROGRAMS 50,000
    RAVEN DRUM FOUNDATION
    9595 WILSHIRE BLVD SUITE 900
    BEVERLY HILLS,CA90212     		  PC VETERAN PROGRAMS 10,000
    ROARING FORK OUTDOOR VOLUNTEERS
    PO BOX 1341
    BASALT,CO81621     		  PC YOUTH PROGRAMS 55,000
    SAN JUAN PRESERVATION TRUST
    BOX 759
    FRIDAY HARBOR,WA98250     		  PC BEAVERTON VALLEY CHALLENGE MATCH 500,000
    SEATTLE ACADEMY OF ARTS AND SCIENCES
    1201 E UNION ST
    SEATTLE,WA98122     		  PC FINANCIAL AID 150,000
    SEATTLE AQUARIUM
    1483 ALASKAN WAY 59
    SEATTLE,WA98101     		  PC YOUTH AND EDUCATION PROGRAMS 50,000
    SEATTLE FOUNDATION
    1601 - 5TH AVE SUITE 1900
    SEATTLE,WA98101     		  PC DONOR ADVISED FUND 1,650,000
    SEATTLE YOUTH SYMPHONY ORCHESTRA
    11065 - 5TH AVE NE SUITE A
    SEATTLE,WA98125     		  PC SCHOOL PROGRAMS 50,000
    SECRET HARBOR SCHOOL
    PO BOX 828
    BURLINGTON,WA98233     		  PC YOUTH PROGRAM 7,000
    SIERRA CLUB FOUNDATION
    2101 WEBSTER ST SUITE 1250
    OAKLAND,CA94612     		  PC YOUTH PROGRAM IN SEATTLE 10,000
    SKAGIT LAND TRUST
    PO BOX 1017
    MT VERNON,WA98273     		  PC EDUCATION AND STEWARDSHIP 275,000
    SNOW LEOPARD CONSERVANCY
    75 BOYES BLVD
    SONOMA,CA95476     		  PC EDUCATION AND CONSERVATION 85,000
    SOS OUTREACH
    PO BOX 2020
    AVON,CO81620     		  PC YOUTH PROGRAM 15,000
    SPECIAL OLYMPICS WASHINGTON
    2815 - 2ND AVE SUITE 370
    SEATTLE,WA98121     		  PC ONE EXISTING ENDOWMENT AND PROGRAMS 200,000
    SPECTRUM DANCE THEATER
    800 LAKE WASHINGTON BLVD
    SEATTLE,WA98122     		  PC FINANCIAL AID 20,000
    SUN VALLEY CENTER FOR THE ARTS
    PO BOX 656
    SUN VALLEY,ID83353     		  PC EDUCATION PROGRAMS 15,000
    TEEN TIX
    305 HARRISON ST
    SEATTLE,WA98109     		  PC YOUTH PROGRAMS 15,000
    THACHER SCHOOL
    5025 THACHER RD
    OJAI,CA93023     		  PC FINANCIAL AID 125,000
    THE RESIDENCY
    10510 NORTHUP WAY SUITE 300
    KIRKLAND,WA98033     		  PC YOUTH PROGRAMS 40,000
    TOTEM STAR
    4408 DELRIDGE WAY SW 118
    SEATTLE,WA98106     		  PC YOUTH PROGRAMS 15,000
    TRAIL BLAZERS
    394 ROGERS AVE
    BROOKLYN,NY11225     		  PC YOUTH PROGRAMS AND GENERAL SUPPORT 200,000
    TREEHOUSE
    2100 - 24TH AVE S SUITE 200
    SEATTLE,WA98144     		  PC YOUTH PROGRAMS 125,000
    TUNE IN TO NATURE
    PO BOX 99456
    SEATTLE,WA98139     		  PC BIRDNOTE PODCASTS 175,000
    WASHINGTON TRAILS ASSOCIATION
    705 - 2ND AVE SUITE 300
    SEATTLE,WA98104     		  PC ONE EXISTING ENDOWMENT AND YOUTH PROGRAMS 250,000
    WEST SOUND WILDLIFE SHELTER
    7501 NE DOLPHIN DRIVE
    BAINBRIDGE ISLAND,WA98110     		  PC GENERAL SUPPORT 100,000
    WILDERNESS LAND TRUST
    PO BOX 11697
    BAINBRIDGE ISLAND,WA98110     		  PC PACIFIC NORTHWEST PROGRAMS 40,000
    WHATCOM COMMUNITY FOUNDATION
    1500 CORNWALL AVE SUITE 202
    BELLINGHAM,WA98225     		  PC RELIEF FUND FOR LIVE MUSIC VENUES 10,000
    WOODLAND PARK ZOO
    5500 PHINNEY AVE N
    SEATTLE,WA98103     		  PC YOUTH PROGRAMS 40,000
    YELLOWSTONE TO YUKON CONSERVATION INITIATIVE
    200 - 1350 RAILWAY AVE
    CANMORE,ALBERTAT1W 1P6
    CA     		  PC LAND ACQUISITION 414,814
    NATIONAL PARKS CONSERVATION ASSOCIATION
    777 - 6TH ST NW SUITE 700
    WASHINGTON,DC20001     		  PC PACIFIC NORTHWEST PROGRAMS 150,000
    Total .................................bullet 3a 14,046,514
    bApproved for future payment
    Total .................................bullet 3b 0
    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 ...........     		         
    4 Dividends and interest from securities....     14 5,333,622  
    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 4,927,641  
    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 10,261,263 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    10,261,263
    (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
    Schedule B
    (Form 990, 990-EZ,
    or 990-PF)
    Department of the Treasury
    Internal Revenue Service
    Schedule of Contributors

    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    Arrow Bullet Go to www.irs.gov/Form990 for the latest information.
    OMB No. 1545-0047
    2020
    Name of the organization
    ISLANDS FUND
    C/O JOHN MUNN
    Employer identification number

    91-1663838
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ






    Form 990-PF




    Check if your organization is covered by the General Rule or a Special Rule.  
    Note: Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
    General Rule
    Special Rules
    ......... Arrow Bullet $  
    Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
    990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
    or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
    990-EZ, or 990-PF).
    For Paperwork Reduction Act Notice, see the Instructions
    for Form 990, 990-EZ, or 990-PF.
    Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020) Page 2
    Name of organization
    ISLANDS FUND
    C/O JOHN MUNN         		Employer identification number
    91-1663838
    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
    2013 SARAH R WERNER CHARITABLE LEAD
    3019 DUPORTAIL ST 240
     
    RICHLAND, WA99352

    		$ 114,282


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    2
    2013 SARAH R WERNER CHARITABLE LEAD
    3019 DUPORTAIL ST 240
     
    RICHLAND, WA99352

    		$ 128,869


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    3
    2013 SARAH R WERNER CHARITABLE LEAD
    3019 DUPORTAIL ST 240
     
    RICHLAND, WA99352

    		$ 454,622


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    4
    2013 SARAH R WERNER CHARITABLE LEAD
    3019 DUPORTAIL ST 240
     
    RICHLAND, WA99352

    		$ 439,090


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    5
    2013 SARAH R WERNER CHARITABLE LEAD
    3019 DUPORTAIL ST 240
     
    RICHLAND, WA99352

    		$ 1,014,734


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    6
    2013 SARAH R WERNER CHARITABLE LEAD
    3019 DUPORTAIL ST 240
     
    RICHLAND, WA99352

    		$ 353,588


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Page 3
    Name of organization
    ISLANDS FUND
    C/O JOHN MUNN         		Employer identification number

    91-1663838
    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
    2
    		 1,125 SHARES NESTLE (NSRGY) $ 128,869 2020-07-16
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    3
    		 7,766 SHARES SECTOR SPDR UTILITIES (XLU) $ 454,622 2020-07-16
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    4
    		 17,287 SHARES WASHINGTON FEDERAL INC (WAFD) $ 439,090 2020-07-16
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    5
    		 19,928 SHARES AMERICAN NEW PERSPECTIVE FUND (ANWPX) $ 1,014,734 2020-07-16
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    6
    		 25,961 SHARES CALAMOS MARKET NEUTRAL FUND (CVSIX) $ 353,588 2020-07-16
    (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)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Page 4
    Name of organization
    ISLANDS FUND
    C/O JOHN MUNN         		Employer identification number

    91-1663838
    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 $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
    Use duplicate copies of Part III if additional space is needed.
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Additional Data


    Software ID:  
    Software Version:  

    TY 2020 AccountingFeesSchedule
    Name:
    ISLANDS FUND
     
    C/O JOHN MUNN
    EIN:
    91-1663838
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 42,500 21,250 0 21,250

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

    TY 2020 ExpenditureResponsibilityStmt
    Name:
    ISLANDS FUND
     
    C/O JOHN MUNN
    EIN:
    91-1663838
    Grantee's Name Grantee's Address Grant Date Grant Amount Grant Purpose Amount Expended By Grantee Any Diversion By Grantee? Dates of Reports By Grantee Date of Verification Results of Verification
    CHILL FOUNDATION
          		180 QUEEN CITY PARK RD
    BURLINGTON,VT05401     		2020-04-30 40,000 TO FUND CHILL PORTLAND AND CHILL SEATTLE YOUTH DEVELOPMENT PROGRAMMING. 40,000        
    NEW SUMMIT ACADEMY
          		APTDO 159-4013
    ATENAS,ALAJUELA  
    CS     		2020-11-01 75,000 SCHOLARSHIP FUND / FINANCIAL AID FOR NEW SUMMIT ACADEMY FAMILIES. 75,000        

    TY 2020 InvestmentsCorpBondsSchedule
    Name:
    ISLANDS FUND
     
    C/O JOHN MUNN
    EIN:
    91-1663838
    Name of Bond End of Year Book Value End of Year Fair Market Value
    MERRILL LYNCH INVESTMENTS 17,160,232 18,650,220

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    ISLANDS FUND
     
    C/O JOHN MUNN
    EIN:
    91-1663838
    Name of Stock End of Year Book Value End of Year Fair Market Value
    MERRILL LYNCH INVESTMENTS 77,997,605 170,119,829

    TY 2020 InvestmentsGovtObligationsSch
    Name:
    ISLANDS FUND
     
    C/O JOHN MUNN
    EIN:
    91-1663838
    US Government Securities - End of Year Book Value:

    24,938,224
    US Government Securities - End of Year Fair Market Value:

    27,550,767
    State & Local Government Securities - End of Year Book Value:


    1,300,000
    State & Local Government Securities - End of Year Fair Market Value:


    1,368,117


    TY 2020 InvestmentsOtherSchedule2
    Name:
    ISLANDS FUND
     
    C/O JOHN MUNN
    EIN:
    91-1663838
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    MERRILL LYNCH - MUTUAL FUNDS AT COST 82,559,383 94,359,851
    MERRILL LYNCH - ACCRUED INTEREST AT COST 0 296,165

    TY 2020 OtherDecreasesSchedule
    Name:
    ISLANDS FUND
     
    C/O JOHN MUNN
    EIN:
    91-1663838
    Description Amount
    EXCESS OF FAIR MARKET VALUE OVER COST BASIS OF SECURITIES DONATED 1,562,440


    TY 2020 OtherExpensesSchedule
    Name:
    ISLANDS FUND
     
    C/O JOHN MUNN
    EIN:
    91-1663838
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    MISCELLANEOUS EXPENSES 187 0 0 187
    LICENSES & FEES 61 0 0 61


    TY 2020 OtherIncreasesSchedule
    Name:
    ISLANDS FUND
     
    C/O JOHN MUNN
    EIN:
    91-1663838
    Description Amount
    ROUNDING ADJUSTMENT 2


    TY 2020 OtherProfessionalFeesSchedule
    Name:
    ISLANDS FUND
     
    C/O JOHN MUNN
    EIN:
    91-1663838
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ADMINISTRATIVE FEES 120,000 12,000 0 108,000
    INVESTMENT MANAGEMENT FEES 1,029,813 1,029,813 0 0


    TY 2020 TaxesSchedule
    Name:
    ISLANDS FUND
     
    C/O JOHN MUNN
    EIN:
    91-1663838
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES PAID 56,916 56,916 0 0
    FEDERAL EXCISE TAX PAYMENT 87,000 0 0 0