TY 2020 Form 990PF

- TIN:

Form990-PF
Click to see attachment

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 01-01-2020 , and ending 12-31-2020

Name of foundation
Wallace Foundation

Number and street (or P.O. box number if mail is not delivered to street address)2101 Highway 34 South Suite A
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
Wall, NJ07719

A Employer identification number

57-6210279

B Telephone number (see instructions)

(732) 255-5000

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

$3,658,277J 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
4	Dividends and interest from securities...	75,751		75,751
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		421,217
b	Gross sales price for all assets on line 6a 1,035,311
7	Capital gain net income (from Part IV, line 2)...			421,217
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).......		44	44
12	Total. Add lines 1 through 11........	497,012		497,012
13	Compensation of officers, directors, trustees, etc.	39,891		29,918	9,973
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......
c	Other professional fees (attach schedule)....
17	Interest...............
18	Taxes (attach schedule) (see instructions)...		11,371	505
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......		23	23
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	51,285		30,446	9,973
25	Contributions, gifts, grants paid.......	140,000			140,000
26	Total expenses and disbursements. Add lines 24 and 25	191,285		30,446	149,973
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	305,727
b	Net investment income (if negative, enter -0-)			466,566
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.............	89,984	553,963	553,963
	2	Savings and temporary cash investments.........
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)	40,000	40,000	40,000
	b	Investments—corporate stock (attach schedule).......
	c	Investments—corporate bonds (attach schedule).......
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	2,188,635	2,030,291	3,064,314
	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)	2,318,619	2,624,254	3,658,277
	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
		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........	2,318,619	2,624,254
	27	Paid-in or capital surplus, or land, bldg., and equipment fund
	28	Retained earnings, accumulated income, endowment, or other funds
	29	Total net assets or fund balances (see instructions).....	2,318,619	2,624,254
	30	Total liabilities and net assets/fund balances (see instructions).	2,318,619	2,624,254

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) ...............

2,318,619

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

305,727

Other increases not included in line 2 (itemize) bullet

109

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

2,624,455

Decreases not included in line 2 (itemize) bullet

201

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

2,624,254

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	450 GENERAL MILLS INC	P	2020-01-21	2020-04-22
b	125 UNITED PARCEL SERVICE INC CL B	P	2019-06-17	2020-04-22
c	1000 ABBVIE INC	P	2013-06-18	2020-01-15
d	300 ABBVIE INC	P	2013-06-18	2020-11-24
e	100 ADOBE INC	P	2015-10-12	2020-01-15
	10 ALPHABET INC CL A	P	2017-12-13	2020-04-22
	15 AMAZON.COM INC	P	2017-12-13	2020-02-19
	5 AMAZON.COM INC	P	2017-12-13	2020-04-14
	75 APPLE INC	P	2017-12-13	2020-04-22
	20 BLACKROCK INC CL A	P	2019-01-02	2020-04-22
	250 BRISTOL MYERS SQUIBB CO	P	2017-02-07	2020-04-22
	240 CARRIER GLOBAL CORPORATION	P	2011-06-07	2020-04-17
	75 CATERPILLAR INC	P	2019-01-02	2020-04-22
	150 CHEVRON CORPORATION	P	2015-03-11	2020-04-22
	125 FEDEX CORP	P	2018-12-10	2020-11-24
	450 FIFTH THIRD BANCORP	P	2019-03-01	2020-04-22
	175 HOME DEPOT INC	P	2013-06-18	2020-02-19
	75 INVESCO QQQ TRUST	P	2017-12-13	2020-04-22
	125 ISHARES NASDAQ BIOTECH FUND	P	2017-12-13	2020-04-22
	200 KELLOGG CO	P	2018-12-10	2020-04-22
	500 LILLY ELI & CO	P	2013-06-20	2020-04-08
	150 MCDONALDS CORP	P	2017-02-07	2020-02-19
	225 MERCK & CO INC	P	2017-12-13	2020-04-22
	250 Metlife Inc	P	2015-03-11	2020-04-22
	150 Microsoft Corp	P	2015-03-11	2020-04-22
	125 NIKE INC	P	2015-04-23	2020-02-19
	50 NVIDIA CORPORATION	P	2019-03-29	2020-04-22
	120 OTIS WORLDWIDE CORPORATION	P	2011-06-07	2020-04-16
	175 PROCTER & GAMBLE CO	P	2017-01-26	2020-02-20
	250 CHARLES SCHWAB CORPORATION	P	2013-10-23	2020-04-22
	175 SYSCO CORP	P	2019-02-27	2020-04-22
	75 3M CO	P	2017-02-07	2020-04-22
	325 VANGUARD FTSE DEVELOPED MRKTS ETF	P	2017-02-07	2020-04-22
	325 VANGUARD FTSE EMERGING MRKTS ETF	P	2017-02-07	2020-04-22
	100 VANGUARD UTILITIES INDEX FUND	P	2017-02-07	2020-04-22
	125 VANGUARD SMALL-CAP GROWTH INDEX FUND	P	2017-02-07	2020-04-22
	100 VANGUARD MID CAP ETF	P	2017-02-07	2020-04-22
	225 WALMART INC	P	2017-01-26	2020-04-14
	750 WELLS FARGO & CO	P	2019-01-02	2020-06-19
	500 ABBOTT LABS	P	1992-06-04	2020-04-17
	75 AIR PRODUCTS & CHEMICAL INC	P	2007-03-30	2020-04-22
	260 CARRIER GLOBAL CORPORATION	P	2007-08-30	2020-04-17
	75 COSTCO WHOLESALE CORP	P	2004-09-07	2020-02-19
	125 DISNEY WALT CO	P	2004-11-02	2020-04-22
	400 JOHNSON & JOHNSON	P	1996-06-13	2020-01-15
	130 OTIS WORLDWIDE CORPORATION	P	2007-08-30	2020-04-16
	40000 PORT AUTHORITY NY & NJ SPECIAL OBLIGATIO	P	2013-06-18	2020-12-31
	600 SANOFI AVENTIS CONTINGENT VALUE RIGHTS	P	2011-04-07	2020-03-24
	100 UNITED TECHNOLOGIES CORP	P	2007-08-30	2020-01-15

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	27,162	24,206	2,956
b	12,430	12,678	-248
c	88,913	43,095	45,818
d	31,142	12,929	18,213
e	34,486	8,483	26,003
	12,734	10,505	2,229
	32,700	17,444	15,256
	11,267	5,815	5,452
	20,679	12,964	7,715
	9,611	7,813	1,798
	15,240	13,014	2,226
	3,131	3,452	-321
	8,251	9,562	-1,311
	12,654	15,464	-2,810
	36,500	23,878	12,622
	7,358	12,454	-5,096
	42,750	13,430	29,320
	15,852	11,707	4,145
	15,460	13,340	2,120
	13,030	12,030	1,000
	71,774	25,188	46,586
	32,476	18,750	13,726
	17,973	12,813	5,160
	7,951	10,419	-2,468
	25,984	6,351	19,633
	12,902	6,339	6,563
	14,279	8,915	5,364
	5,440	5,176	264
	22,014	15,181	6,833
	8,972	5,794	3,178
	9,093	11,746	-2,653
	10,677	13,190	-2,513
	11,157	12,313	-1,156
	11,466	12,402	-936
	12,934	10,742	2,192
	20,390	17,241	3,149
	14,338	13,654	684
	28,927	15,087	13,840
	20,512	35,133	-14,621
	47,965	2,138	45,827
	15,894	5,085	10,809
	3,392	3,312	80
	24,303	3,024	21,279
	12,685	3,209	9,476
	58,835	2,897	55,938
	5,894	4,966	928
	40,000	40,000
	533	1,332	-799
	15,201	7,434	7,767

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			2,956
b			-248
c			45,818
d			18,213
e			26,003
			2,229
			15,256
			5,452
			7,715
			1,798
			2,226
			-321
			-1,311
			-2,810
			12,622
			-5,096
			29,320
			4,145
			2,120
			1,000
			46,586
			13,726
			5,160
			-2,468
			19,633
			6,563
			5,364
			264
			6,833
			3,178
			-2,653
			-2,513
			-1,156
			-936
			2,192
			3,149
			684
			13,840
			-14,621
			45,827
			10,809
			80
			21,279
			9,476
			55,938
			928

			-799
			7,767

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	421,217
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	6,485
c	All other domestic foundations enter 1.39% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2
3	Add lines 1 and 2...........................	3	6,485
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	6,485
6	Credits/Payments:

a	2020 estimated tax payments and 2019 overpayment credited to 2020	6a	8,840
b	Exempt foreign organizations—tax withheld at source......	6b
c	Tax paid with application for extension of time to file (Form 8868)...	6c
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	8,840
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	2,355
11	Enter the amount of line 10 to be: Credited to 2021 estimated tax2,355	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

$ (2) On foundation managers. bullet

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

on foundation managers. bullet

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

GARDEN STATE TRUST COMPANY Telephone no. bullet

(732) 255-5000

Located at bullet

2101 Highway 34 South Suite AWallNJ ZIP+4 bullet

07719

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-)
GARDEN STATE TRUST COMPANY	Trustee 1.00	34,891
2101 Highway 34 South Suite A Wall,NJ07719	Trustee 1.00	34,891
ROBERT LEE WALLACE	Trustee 1.00	5,000
554 JOCKEY HOLLOW ROAD MORRISTOWN,NJ07960	Trustee 1.00	5,000

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...................

Form 990-PF (2020)

Page 7

Part VIII

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

3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
NONE

Total number of others receiving over $50,000 for professional services............. bullet

Part IX-A

Summary of Direct Charitable Activities

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.	Expenses
1


2


3


4

Part IX-B

Summary of Program-Related Investments (see instructions)

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.	Amount
1


2


All other program-related investments. See instructions.
3

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...................

3,280,695

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

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

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

3,280,695

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.........................

3,280,695

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

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

49,210

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

3,231,485

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

161,574

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....................

161,574

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

6,485

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

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

6,485

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

155,089

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

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

155,089

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

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

155,089

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 ..........

149,973

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

149,973

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..............

149,973

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	(d) 2020
1 Distributable amount for 2020 from Part XI, line 7			155,089
2 Undistributed income, if any, as of the end of 2020:
a Enter amount for 2019 only.......
b Total for prior years:20, 20, 20
3 Excess distributions carryover, if any, to 2020:
a From 2015......	43,383
b From 2016......	33,538
c From 2017......	75,048
d From 2018......	73,108
e From 2019......
fTotal of lines 3a through e........		225,077
4Qualifying distributions for 2020 from Part
XII, line 4: $ 149,973
a Applied to 2019, but not more than line 2a
b Applied to undistributed income of prior years (Election required—see instructions).....
c Treated as distributions out of corpus (Election required—see instructions)........		0
d Applied to 2020 distributable amount.....			149,973
e Remaining amount distributed out of corpus
5 Excess distributions carryover applied to 2020.		5,116	5,116
(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		219,961
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........
e Undistributed income for 2019. Subtract line 4a from line 2a. Taxable amount—see instructions .............
f Undistributed income for 2020. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2021 ..........			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) .......
8 Excess distributions carryover from 2015 not applied on line 5 or line 7 (see instructions) ...		38,267
9Excess distributions carryover to 2021. Subtract lines 7 and 8 from line 6a ......		181,694
10 Analysis of line 9:
a Excess from 2016....	33,538
b Excess from 2017....	75,048
c Excess from 2018....	73,108
d Excess from 2019....
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:

GARDEN STATE TRUST COMPANY
2101 HIGHWAY 34 SOUTH SUITE A
WALL,NJ07719
(732) 255-5000

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

ALL REQUESTS SHOULD BE IN WRITING AND IDENTIFY THE PURPOSE FOR THE REQUEST.

cAny submission deadlines:

NONE

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

NONE

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
ASSOCIATION OF NEW JERSEY ENVIRONME 300 MENDHAM RD MORRISTOWN,NJ07960	N/A	PC	CHARITABLE PURPOSE	15,000
CHILDRENS DYSLEXIA CENTERS OF NJ 404 TENAFLY RD TENAFLY,NJ07670	N/A	PC	CHARITABLE PURPOSE	10,000
FDU SCHOLARSHIP FUND 100 RIVER ROAD TEANECK,NJ07666	N/A	PC	CHARITABLE PURPOSE	10,000
NJ HIGHLANDS COALITION 508 MAIN STREET BOONTON,NJ07005	N/A	PC	CHARITABLE PURPOSE	40,000
THE CRAIG SCHOOL 10 TOWER HILL ROAD MOUNTAIN LAKES,NJ07046	N/A	PC	CHARITABLE PURPOSE	30,000
GREAT SWAMP WATERSHED ASSOCIATION PO BOX 300 NEW VERNON,NJ07976	N/A	PC	CHARITABLE PURPOSE	35,000
Total ................................. 3a				140,000

bApproved for future payment

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

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 ...........
4 Dividends and interest from securities....			14	75,751
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	421,217
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aCLASS ACTION - PGB			14	44
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..				497,012

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

497,012

(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:	20011551
Software Version:	2020v4.0

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2020 InvestmentsGovtObligationsSch

Name:

Wallace Foundation

EIN:

57-6210279

Software ID:

20011551

Software Version:

2020v4.0

US Government Securities - End of Year Book Value:

US Government Securities - End of Year Fair Market Value:

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

40,000

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

40,000

- TIN:

TY 2020 InvestmentsOtherSchedule2

Name:

Wallace Foundation

EIN:

57-6210279

Software ID:

20011551

Software Version:

2020v4.0

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
ABBOTT LABS	AT COST	2,138	54,745
ABBVIE INC	AT COST	12,929	32,145
ADOBE INC	AT COST	16,965	100,024
AIR PRODUCTS & CHEMICAL INC	AT COST	18,644	75,135
ALPHABET INC	AT COST	42,019	70,106
AMAZON.COM INC	AT COST	23,259	65,139
APPLE INC	AT COST	34,571	106,152
BRISTOL MYERS SQUIBB CO	AT COST	37,740	44,972
CHEVRON CORP	AT COST	46,393	38,002
COCA COLA CO	AT COST	46,140	60,324
COSTCO WHOLESALE CORP	AT COST	6,049	56,517
DISNEY WALT CO	AT COST	9,626	67,942
EXXON MOBILE CORP	AT COST	65,717	36,067
HOME DEPOT INC	AT COST	17,268	59,764
INTERNATIONAL BUSINESS MACHINES	AT COST	52,976	44,058
ISHARES NASDAQ BIOTECHNOLOGY	AT COST	34,683	49,234
INTERNATIONAL PAPER CO	AT COST	50,810	47,234
INVESCO QQQ TRUST	AT COST	35,121	70,591
JOHNSON & JOHNSON	AT COST	2,897	62,952
KELLOGG CO	AT COST	37,594	38,894
LILLY ELI & CO	AT COST
MCDONALDS CORP	AT COST	31,250	53,645
MERCK & CO INC	AT COST	37,014	53,170
METLIFE INC	AT COST	34,000	35,213
MICROSOFT CORP	AT COST	19,053	100,089
NIKE INC	AT COST	15,213	42,441
PROCTER & GAMBLE CO	AT COST	34,699	55,656
SANOFI AVENTIS CONTINGENT VALUE RIGHTS	AT COST
CHARLES SCHWAB CORP	AT COST	17,383	39,780
3M CO	AT COST	46,559	43,698
UNITED TECHNOLOGIES CORP	AT COST
VANGUARD FTSE DEVELOPED MARKETS ETF	AT COST	36,940	46,030
VANGUARD FTSE EMERGING MARKETS ETF	AT COST	37,206	48,857
VANGUARD FINANCIALS ETF	AT COST	12,089	14,570
VANGUARD UTILITIES INDEX FUND	AT COST	24,170	30,875
VANGUARD SMALL-CAP GROWTH INDEX FUND	AT COST	58,620	113,756
VANGUARD MID-CAP ETF	AT COST	61,444	93,047
WAL-MART INC	AT COST	18,440	39,641
FEDEX CORP	AT COST	23,878	32,452
AT&T INC	AT COST	25,678	23,727
BLACKROCK INC CL A	AT COST	27,345	50,508
CME GROUP	AT COST	24,489	27,307
CVS HEALTH CORP	AT COST	50,001	58,055
CATERPILLAR INC	AT COST	25,499	36,404
CISCO SYSTEMS INC	AT COST	39,909	41,394
CONSTELLATION BRANDS INC CL A	AT COST	26,059	32,857
FIFTH THIRD BANCORP	AT COST	37,361	37,219
INTEL CORP	AT COST	39,829	37,365
INTL FLAVORS & FRAGRANCES INC	AT COST	25,719	21,768
NVIDIA CORP	AT COST	17,831	52,220
QUALCOMM INC	AT COST	24,266	64,745
ROYAL DUTCH SHELL PLC SPONSORED ADR	AT COST	43,979	28,112
SYSCO CORP	AT COST	38,593	42,700
UNITED PARCEL SERVICE INC CL B	AT COST	38,033	63,150
VANGUARD ENERGY ETF	AT COST	20,974	12,965
VANGUARD MATERIALS INDEX FUND	AT COST	18,947	23,546
WELLS FARGO & CO	AT COST
WILLIAMS COS INC	AT COST	43,404	36,090
BP PLC SPONSORED ADR	AT COST	47,414	26,676
IQVIA HOLDINGS INC	AT COST	24,037	26,875
JPMORGAN	AT COST	24,006	22,237
RAYTHEON TECHNOLOGIES CORP	AT COST	22,567	35,755
VANECK VECTORS TRUST GOLD MINERS ETF	AT COST	160,529	150,384
VANGUARD CONSUMER DISCRETIONARY ETF	AT COST	15,363	20,639
VANGUARD CONSUMER STAPLES ETF	AT COST	16,395	17,392
VISA INC CL A	AT COST	25,520	27,341
INVESCO LTD SHARES	AT COST	25,047	23,966

- TIN:

TY 2020 OtherDecreasesSchedule

Name:

Wallace Foundation

EIN:

57-6210279

Software ID:

20011551

Software Version:

2020v4.0

Description	Amount
2021 DIVIDENDS POSTED IN 2020	196
ROUNDING	5

- TIN:

TY 2020 OtherExpensesSchedule

Name:

Wallace Foundation

EIN:

57-6210279

Software ID:

20011551

Software Version:

2020v4.0

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ADR Fees	23	23

- TIN:

TY 2020 OtherIncomeSchedule2

Name:

Wallace Foundation

EIN:

57-6210279

Software ID:

20011551

Software Version:

2020v4.0

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
CLASS ACTION - PGB	44

- TIN:

TY 2020 OtherIncreasesSchedule

Name:

Wallace Foundation

EIN:

57-6210279

Software ID:

20011551

Software Version:

2020v4.0

Description	Amount
2020 DIVIDENDS POSTED IN 2019	106
ROUNDING	3

- TIN:

TY 2020 TaxesSchedule

Name:

Wallace Foundation

EIN:

57-6210279

Software ID:

20011551

Software Version:

2020v4.0

Category	Amount	Net Investment Income
FEDERAL TAX PAYMENT - CURRENT YEAR	8,840
FEDERAL TAX PAYMENT - PRIOR YEAR	2,026
FOREIGN TAXES	505	505