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
THE NORMAN & SADIE LEE FOUNDATION
C/O CLIFTONLARSONALLEN LLP
Number and street (or P.O. box number if mail is not delivered to street address)1925 CENTURY PARK EAST 16TH FL
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
LOS ANGELES, CA90067
A Employer identification number

95-3333368
B Telephone number (see instructions)

(310) 273-2501
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$38,043,415J 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) 0
2 Check bullet.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 1,197,729 1,197,729  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 -967,571
b Gross sales price for all assets on line 6a 15,698,498
7 Capital gain net income (from Part IV, line 2)... 0
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)....... Click to see attachment 3,181 1,590  
12 Total. Add lines 1 through 11........ 233,339 1,199,319  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0   0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 104,735 44,492   60,242
c Other professional fees (attach schedule).... Click to see attachment 145,885 145,885   0
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 8,114 7,105   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy.............. 29,250 14,625   14,625
21 Travel, conferences, and meetings....... 408 204   204
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 96,083 44,050   0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 384,475 256,361   75,071
25 Contributions, gifts, grants paid....... 1,906,500 1,906,500
26 Total expenses and disbursements. Add lines 24 and 25 2,290,975 256,361   1,981,571
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -2,057,636
b Net investment income (if negative, enter -0-) 942,958
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2020)
Form 990-PF (2020)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 582,964 687,004 687,004
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) 1,049,086 0 0
b Investments—corporate stock (attach schedule)....... 13,956,526 0 0
c Investments—corporate bonds (attach schedule)....... 19,982,625 Click to see attachment34,782,670 36,847,099
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 2,662,282 Click to see attachment711,794 491,600
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment19,656 Click to see attachment17,712 Click to see attachment17,712
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 38,253,139 36,199,180 38,043,415
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons 2,573  
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet) Click to see attachment0 Click to see attachment6,250
23 Total liabilities (add lines 17 through 22)......... 2,573 6,250
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........ 0 0
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 38,250,566 36,192,930
29 Total net assets or fund balances (see instructions)..... 38,250,566 36,192,930
30 Total liabilities and net assets/fund balances (see instructions). 38,253,139 36,199,180
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
38,250,566
2
Enter amount from Part I, line 27a .....................
2
-2,057,636
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
36,192,930
5
Decreases not included in line 2 (itemize) bullet
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
36,192,930
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 MORGAN STANLEY #3852 P 2020-01-01 2020-12-31
b MORGAN STANLEY #3855 P 2020-01-01 2020-12-31
c MORGAN STANLEY #3856 P 2020-01-01 2020-12-31
d MORGAN STANLEY #3859 P 2020-01-01 2020-12-31
e MORGAN STANLEY #4100 P 2020-01-01 2020-12-31
MORGAN STANLEY #4103 P 2020-01-01 2020-12-31
MORGAN STANLEY #4893 P 2020-01-01 2020-12-31
MORGAN STANLEY #6203 P 2020-01-01 2020-12-31
MORGAN STANLEY #6408 P 2020-01-01 2020-12-31
MORGAN STANLEY #7003 P 2020-01-01 2020-12-31
K-1 CAPITAL GAINS P 2020-01-01 2020-12-31
MORGAN STANLEY BASIS ADJUSTMENT P 2020-01-01 2020-12-31
CAPITAL GAINS DIVIDENDS P 2020-01-01 2020-12-31
(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 1,403,627   1,639,018 -235,391
b 329,529   311,868 17,661
c 3,325,772   3,545,378 -219,606
d 1,418,772   1,187,269 231,503
e 695,754   549,083 146,671
1,509,476   1,636,271 -126,795
279,901   193,733 86,168
2,806,035   3,147,068 -341,033
2,017,074   2,017,468 -394
1,910,706   1,495,735 414,971
    377,851 -377,851
    565,327 -565,327
1,852     1,852
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       -235,391
b       17,661
c       -219,606
d       231,503
e       146,671
      -126,795
      86,168
      -341,033
      -394
      414,971
      -377,851
      -565,327
      1,852
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 -967,571
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  
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 13,107
c All other domestic foundations enter 1.39% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 13,107
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 13,107
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 16,000
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 16,000
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 2,893
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet2,893 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
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletCA
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2020 or the taxable year beginning in 2020? See the instructions for Part XIV.
    If "Yes," complete Part XIV .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructionsClick to see attachment.................
    12
    Yes
     
    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 ofbulletCLIFTONLARSONALLEN LLP Telephone no.bullet (310) 273-2501

    Located atbullet1925 CENTURY PARK EAST 16TH FLLOS ANGELESCA ZIP+4bullet90067
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2020, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16   No
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?......................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?...............
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).......
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ........
    1b
     
     
    ........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2020?.............
    1c
     
    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
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .................
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    PAUL A JAMES DIR/PRESIDENT/TREAS/SEC
    1.00     		0 0 0
    712 27TH STREET
    MANHATTAN BEACH,CA90266
    BRYAN ISAACS DIRECTOR
    1.00     		0 0 0
    80915 WEISKOPF
    LA QUINTA,CA92253
    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
    MORGAN STANLEY INVESTMENT MANAGEMENT 145,848
    1 NEW YORK PLAZA 12TH FLOOR
    NEW YORK,NY10004
    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
    35,938,595
    b
    Average of monthly cash balances.......................
    1b
    1,230,623
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    37,169,218
    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
    37,169,218
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    557,538
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    36,611,680
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    1,830,584
    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
    1,830,584
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    13,107
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    13,107
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    1,817,477
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    1,817,477
    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
    1,817,477
    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
    1,981,571
    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
    1,981,571
    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
    1,981,571
    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 1,817,477
    2 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only....... 1,864,149
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2020:
    a From 2015......  
    b From 2016......  
    c From 2017......  
    d From 2018......  
    e From 2019......  
    fTotal of lines 3a through e........ 0
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$ 1,981,571
    a Applied to 2019, but not more than line 2a 1,864,149
    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..... 117,422
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2020. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
    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 ..........     		1,700,055
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8 Excess distributions carryover from 2015 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9Excess distributions carryover to 2021.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2016....  
    b Excess from 2017....  
    c Excess from 2018....  
    d Excess from 2019....  
    e Excess from 2020....  
    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).)
    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
    AMERICAN RIVER CONSERVANCY
    348 CA-49
    COLOMA,CA95613     		  PC PUBLIC SUPPORT OF ORGANIZATION MISSION 2,000
    BURN INSTITUTE
    8825 AERO DR 200
    SAN DIEGO,CA92123     		  PC PUBLIC SUPPORT OF ORGANIZATION MISSION 2,500
    CENTER THEATRE GROUP
    601 W TEMPLE ST
    LOS ANGELES,CA90012     		  PC PUBLIC SUPPORT OF ORGANIZATION MISSION 200,000
    CITY OF HOPE
    1500 E DUARTE RD
    DUARTE,CA91010     		  PC PUBLIC SUPPORT OF ORGANIZATION MISSION 450,000
    DISABLED SPORTS EASTERN SIERRA
    1 MINARET RD
    MAMMOTH LAKES,CA93546     		  PC PUBLIC SUPPORT OF ORGANIZATION MISSION 4,500
    ENTERPRISE FOR YOUTH
    200 PINE STREET NO 600
    SAN FRANCISCO,CA94104     		  PC PUBLIC SUPPORT OF ORGANIZATION MISSION 7,500
    EQUAL JUSTICE INITIATIVE
    122 COMMERCE ST
    MONTGOMERY,AL36104     		  PC PUBLIC SUPPORT OF ORGANIZATION MISSION 2,500
    EXHALE TO INHALE
    1732 1ST AVENUE 21133
    NEW YORK,NY10128     		  PC PUBLIC SUPPORT OF ORGANIZATION MISSION 2,500
    GIRLS INC OF GREATER LOS ANGELES
    9800 S LA CIENEGA BLVD 410
    INGLEWOOD,CA90301     		  PC PUBLIC SUPPORT OF ORGANIZATION MISSION 2,500
    GLOBAL LYME ALLIANCE
    1290 E MAIN ST 3RD FLOOR
    STAMFORD,CT06902     		  PC PUBLIC SUPPORT OF ORGANIZATION MISSION 2,500
    GOLD TRAIL GRANGE
    319 CA-49
    COLOMA,CA95613     		  PC PUBLIC SUPPORT OF ORGANIZATION MISSION 5,000
    GRAY AREA GRAND THEATER
    2665 MISSION ST
    SAN FRANCISCO,CA94110     		  PC PUBLIC SUPPORT OF ORGANIZATION MISSION 2,500
    LAURA'S HOUSE
    999 CORPORATE DR 225
    LADERA RANCH,CA92694     		  PC PUBLIC SUPPORT OF ORGANIZATION MISSION 5,000
    LEGAL AID FOUNDATION LOS ANGELES
    1550 W 8TH STREET
    LOS ANGELES,CA90017     		  PC PUBLIC SUPPORT OF ORGANIZATION MISSION 2,500
    LIFEMOVES
    181 CONSTITUTION DRIVE
    MENLO PARK,CA94025     		  PC PUBLIC SUPPORT OF ORGANIZATION MISSION 5,000
    LOS ANGELES MUSEUM OF THE HOLOCAUST
    100 THE GROVE DR
    LOS ANGELES,CA90036     		  PC PUBLIC SUPPORT OF ORGANIZATION MISSION 5,000
    LOS ANGELES OPERA
    135 N GRAND AVE
    LOS ANGELES,CA90012     		  PC PUBLIC SUPPORT OF ORGANIZATION MISSION 160,000
    LOS ANGELES PHILHARMONIC
    111 S GRAND AVE
    LOS ANGELES,CA90012     		  PC PUBLIC SUPPORT OF ORGANIZATION MISSION 610,000
    MORGAN STANLEY GLOBAL IMPACT FUNDING TRUST
    1999 AVE OF THE STARS SUITE 2400
    LOS ANGELES,CA90067     		  PC PUBLIC SUPPORT OF ORGANIZATION MISSION 100,000
    PREVENT DROWNING FOUNDATION OF SAN DIEGO
    PO BOX 90622
    SAN DIEGO,CA92169     		  PC PUBLIC SUPPORT OF ORGANIZATION MISSION 5,000
    PROJECT HEAL
    38-18 WEST DR
    DOUGLASTON,NY11363     		  PC PUBLIC SUPPORT OF ORGANIZATION MISSION 2,500
    REEL RECOVERY
    160 BROOKSIDE RD
    NEEDHAM,MA02492     		  PC PUBLIC SUPPORT OF ORGANIZATION MISSION 3,000
    SKIRBALL CULTURAL CENTER
    2701 N SEPULVEDA BLVD
    LOS ANGELES,CA90049     		  PC PUBLIC SUPPORT OF ORGANIZATION MISSION 55,000
    THE PHOENIX
    2239 CHAMPA STREET
    DENVER,CO80205     		  PC PUBLIC SUPPORT OF ORGANIZATION MISSION 5,000
    THE UCLA FOUNDATION
    10920 WILSHIRE BLVD 900
    LOS ANGELES,CA90024     		  PC PUBLIC SUPPORT OF ORGANIZATION MISSION 45,000
    USC ASSOCIATES
    1150 S OLIVE ST SUITE 2000
    LOS ANGELES,CA90015     		  PC PUBLIC SUPPORT OF ORGANIZATION MISSION 151,500
    VENICE FAMILY CLINIC
    604 ROSE AVE
    VENICE,CA90291     		  PC PUBLIC SUPPORT OF ORGANIZATION MISSION 60,000
    WOLVERINE SUPPORT NETWORK
    530 SOUTH STATE STREET SUITE 4079
    ANN ARBOR,MI48109     		  PC PUBLIC SUPPORT OF ORGANIZATION MISSION 4,000
    WOMEN AND YOUTH SUPPORTING EACH OTHER
    9602 RICHEON AVE
    DOWNEY,CA90240     		  PC PUBLIC SUPPORT OF ORGANIZATION MISSION 4,000
    Total .................................bullet 3a 1,906,500
    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 1,197,729  
    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.....     01 3,181  
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 -967,571  
    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).. 0 233,339 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    233,339
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

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


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


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2020 AccountingFeesSchedule
    Name:
    THE NORMAN & SADIE LEE FOUNDATION
     
    C/O CLIFTONLARSONALLEN LLP
    EIN:
    95-3333368
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING 104,735 44,492   60,242

    TY 2020 InvestmentsCorpBondsSchedule
    Name:
    THE NORMAN & SADIE LEE FOUNDATION
     
    C/O CLIFTONLARSONALLEN LLP
    EIN:
    95-3333368
    Name of Bond End of Year Book Value End of Year Fair Market Value
    3M COMPANY (MMM) 35,192 41,076
    ABBVIE INC COM (ABBV) 125,597 171,976
    AMERICAN ELEC PWR CO INC (AEP) 73,197 72,778
    AMGEN INC (AMGN) 30,292 35,638
    AT&T INC (T) 188,472 154,959
    BCE INC (BCE) 136,981 126,560
    BRISTOL MYERS SQUIBB CO (BMY) 52,774 56,695
    BRITISH AMER TOB SPON ADR (BTI) 130,804 134,214
    CDN IMPL BK COMMERCE (CM) 166,283 165,214
    CHEVRON CORP (CVX) 166,865 135,796
    CISCOSYS INC (CSCO) 108,037 119,885
    COCA COLA CO (KO) 30,055 39,924
    CROWN CASTLE INTL CORP (CCI) 50,595 49,826
    DOMINION ENERGYINC (D) 63,305 72,643
    DUKE ENERGYCORPORATION (DUK) 81,542 115,182
    EATON CORP PLC SHS (ETN) 36,597 42,890
    ENBRIDGE INC (ENB) 105,514 89,604
    EXXON MOBIL CORP (XOM) 194,098 111,418
    GENERAL MILLS INC (GIS) 72,985 69,090
    GILEAD SCIENCE (GILD) 146,036 131,085
    HUNTINGTON BANCSHARES (HBAN) 92,205 86,111
    INTL BUSINESS MACHINES CORP (IBM) 66,079 67,723
    JPMORGAN CHASE & CO (JPM) 41,275 53,878
    KIMBERLYCLARK CORP (KMB) 37,243 34,921
    MERCK & CO INC NEWCOM (MRK) 113,713 118,528
    NATIONAL GRID PLC SPON ADR (NGG) 108,338 103,893
    PEPSICO INC NC (PEP) 71,117 103,662
    PFIZER INC (PFE) 149,109 145,068
    PHILIP MORRIS INTL INC (PM) 165,508 169,637
    PNC FINL SVCS GP (PNC) 67,621 82,397
    PPL CORPORATION (PPL) 60,525 61,786
    PUBLIC SERVICE ENTERPRISE GP (PEG) 34,974 40,927
    REGIONS FINANCIAL CORP NEW (RF) 57,987 73,265
    SOUTHERN CO (SO) 106,454 131,829
    TC ENERGYCORP (TRP) 74,679 63,605
    UNILEVER PLC(NEW) ADS (UL) 95,197 105,389
    VERIZON COMMUNICATIONS (VZ) 123,893 155,100
    VODAFONE GROUP PLC(VOD) 160,691 123,847
    ABM INDUSTRIES INCORPORATED (ABM) 18,852 21,077
    ACI WORLDWIDE INC (ACIW) 15,435 27,362
    ADAPTHEALTH CORP CL A(AHCO) 18,046 24,489
    ALTRAINDL MOTION CORP (AIMC) 16,591 34,089
    AMN HEALTHCARE SVCS INC (AMN) 17,885 29,825
    ARCOSAINC (ACA) 11,653 17,358
    AVIENT CORPORATION (AVNT) 14,228 14,581
    BANCORPSOUTH INC (BXS) 30,830 35,699
    BRINK'S COMPANYCOM (BCO) 22,261 34,416
    BROOKS-AUTOMATION INC (BRKS) 11,385 31,007
    CALLON PETE CODEL (CPE) 17,753 2,527
    CARTER'S (CRI) 15,539 15,804
    CASELLAWASTE SYS INC CL A(CWST) 17,159 29,178
    CBIZ INC (CBZ) 14,210 15,806
    CENTRAL GARDEN & PET COCL A(CENTA) 15,810 18,092
    CERENCE INC (CRNC) 7,517 26,024
    CONCENTRIXCORP (CNXC) 10,055 19,345
    CVB FINCL CP (CVBF) 25,397 28,275
    ENVISTAHLDGS CORP (NVST) 24,696 28,974
    ESCOTECHNOLOGIES (ESE) 12,340 34,166
    FIRST HORIZON CORPORATION (FHN) 24,509 24,754
    FORWARD AIR CORP (FWRD) 24,814 27,970
    FULLER H B& COMPANY (FUL) 25,479 27,185
    GIBRALTAR INDUSTRIES INC (ROCK) 18,079 33,884
    GLACIER BANCORP INC NEW (GBCI) 32,354 38,970
    GLATFELTER CORPORATION (GLT) 14,983 13,382
    HARSCOCORP (HSC) 18,315 19,544
    HORACE MANN EDUCATORS CP (HMN) 18,103 22,491
    ICF INTL INC (ICFI) 26,517 23,117
    ICU MEDICAL INC (ICUI) 18,392 25,953
    INDEPENDENT BKMASS (INDB) 26,066 38,565
    INTEGER HOLDINGS CORP (ITGR) 28,341 28,579
    KAISER ALUMINUM CORP (KALU) 13,297 18,297
    KNOLL INC (KNL) 18,317 11,260
    LAZ BOY INCORPORATED (LZB) 21,705 32,031
    LAKELAND FINCL (LKFN) 19,373 23,736
    LANCASTER COLONYCRP (LANC) 12,740 19,659
    MAGNOLIAOIL & GAS CORP CL A(MGY) 23,260 14,890
    MATADOR RES CO (MTDR) 31,020 17,680
    METHODE ELEC INC (MEI) 16,742 21,016
    MGE ENERGYINC (MGEE) 8,525 15,056
    ONE GAS INC (OGS) 13,478 20,421
    OXFORD INDUSTRIES INC (OXM) 29,409 24,632
    PEBBLEBROOK HOTEL TR COM (PEB) 28,456 15,698
    PHYSICIANS REALTYTRUST (DOC) 17,402 23,140
    PLEXUS CORP (PLXS) 14,859 20,100
    PROVIDENCE SERVICE CORP (PRSC) 16,188 18,992
    QTS RLTYTR INC COM CL A(QTS) 18,050 29,331
    RAMBUS INC (DEL) (RMBS) 17,103 18,106
    ROGERS CORP (ROG) 13,513 20,343
    SELECTIVE INSURANCE GROUP (SIGI) 22,522 31,949
    SEMTECH CORP (SMTC) 11,332 18,815
    SOUTH ST CORP COM (SSB) 27,007 28,269
    STANDEX INTERNATIONAL CORP (SXI) 18,215 18,837
    STIFEL FINANCIAL CORPORATION (SF) 17,574 17,762
    SYNNEXCORP (SNX) 8,210 15,962
    THE SIMPLYGOOD FOODS COMPANY (SMPL) 22,601 30,607
    US ECOLOGY INC (ECOL) 19,696 14,096
    VERRAMOBILITYCORPORATION (VRRM) 14,844 16,077
    WILLSCOT MOBIL MINI HOLDN CL A(WSC) 18,397 23,541
    WOLVERINE WORLD WIDE (WWW) 20,125 25,688
    MS BUFFERED PLUS ON EEM (SQAMI) 2,000,000 2,313,000
    MS DUAL DIRECTIONAL TRIGGER PLUS SPX (SQCUC) 1,000,000 1,043,500
    DOUBLELINE YIELD OPP CEF (DLY) 1,500,000 1,388,250
    PIMCODYNAMIC INCOME FD SHS (PDI) 303,500 320,860
    PIMCOENRGYTACTICAL CR OPP FD (NRGX) 1,482,000 606,000
    MSILF GOVERNMENT PTF INST (MVRXX) 1,304,596 1,300,001
    ANGEL OAKMULTI STRAT INC A(ANGLX) 2,142,513 2,014,429
    PIMCO INCOME A (PONAX) 2,729,592 2,688,010
    VOYA STRAT INC OPPPORT A(ISIAX) 1,001,324 1,013,401
    CARLYLE STRUCTURED CREDIT 904,230 839,437
    BRIDGE MULTIFAMILY IV INT-A 1,034,096 1,207,315
    NEW YORK N YCITY TRANS ITINL 99,762 105,492
    PORT MORROWORE TRANSMISSION 131,375 132,708
    COAST CMNTYCOLLEGE DIST CALIF REF 130,429 133,254
    MOUNT SAN ANTONIOCALIF CMNTYCOLLEGE DIST 106,090 106,354
    MASSACHUSETTS ST SCH BLDG 125,310 126,201
    NEWYORKST URBAN DEV CORP REV 134,388 138,476
    UNIVERSITYCALIF REVS FOR PREVIOUS ISSUE 298,437 328,209
    NEW YORKN 138,170 137,246
    JEFFERSON CALIF ELEM SCH DIST SAN MATEOCNTYR 125,360 125,664
    TELEFONICAEMISIONES SAU 74,326 70,427
    VIACOMCBS INC 75,377 78,956
    SUNTRUST BANK 152,628 154,931
    ASTRAZENECAPLC 75,240 75,542
    WELLS FARGO& CO 159,720 163,754
    JPMORGAN CHASE & CO 126,084 126,669
    CVS HEALTH CORP 152,099 160,736
    BP CAPITAL MARKETS PLC 109,281 110,664
    AMAZON.COM INC 286,550 303,360
    KELLOGGCO 303,675 337,326
    GOVERNMENT NATIONAL MTGASSN POOL 748531 24,388 21,308
    ACCRUED INTEREST 0 18,921
    GLOBAL PAYMENTS INC 14,966 15,083
    TRINITYACQUISITION PLC 3,046 3,054
    AMERICAN TOWER CORP 24,287 24,136
    CAINC 9,834 10,302
    CARLISLE COS INC 10,327 10,484
    RPM INTERNATIONAL INC 3,922 4,155
    KOHL'S CORP 3,620 4,150
    DISCOVERYCOMMUNICATIONS LLC 9,197 9,482
    GLOBAL PAYMENTS INC 17,587 19,241
    MICROCHIP TECHNOLOGY INC 34,820 35,723
    TRINITYACQUISITION PLC 28,346 30,855
    REYNOLDS AMERICAN INC 28,360 31,228
    FORTUNE BRANDS HOME & SECURITY INC 13,041 14,164
    KOHL'S CORP 9,217 9,625
    AMC NETWORKS INC 17,273 17,276
    CENTURYLINK INC 33,818 35,108
    QVC INC 3,035 3,233
    BECTON DICKINSON AND CO 5,400 5,435
    MOTOROLASOLUTIONS INC 31,943 35,754
    SBACOMMUNICATIONS CORP 31,769 31,798
    ALLEGION US HOLDINGCO INC 33,370 36,314
    KLACORP 33,678 35,285
    QVC INC 33,994 37,373
    MASCOCORP 29,031 32,146
    ZIMMER BIOMET HOLDINGS INC 10,353 11,046
    BOOKINGHOLDINGS INC 34,386 37,425
    DOLLAR TREE INC 28,108 30,489
    AMERICAN TOWER CORP 6,117 6,776
    DISCOVERYCOMMUNICATIONS LLC 17,343 17,976
    VERISKANALYTICS INC 27,779 30,586
    KRAFT HEINZ FOODS CO 33,222 35,241
    KOHL'S CORP 27,215 30,278
    AMC NETWORKS INC 15,896 16,523
    CONAGRABRANDS INC 8,142 8,246
    ZIMMER BIOMET HOLDINGS INC 19,075 19,848
    ALTRIAGROUP INC 9,263 9,289
    WESTERN DIGITAL CORP 34,263 37,570
    CDKGLOBAL INC 17,659 17,835
    FISERV INC 33,612 33,605
    MOLSON COORS BEVERAGE CO 31,580 31,615
    PAYPAL HOLDINGS INC 9,858 9,893
    AT&T INC 35,562 35,679
    CARRIER GLOBAL CORP 23,557 23,739
    CAINC 18,977 21,757
    VERIZON COMMUNICATIONS INC 30,775 30,646
    UNITED RENTALS NORTH AMERICAINC 32,873 33,170
    CDKGLOBAL INC 14,630 14,770
    HP INC 24,694 25,378
    CARLISLE COS INC 20,434 20,366
    CITRIXSYSTEMS INC 34,532 36,454
    SERVICE CORP INTERNATIONAL/US 5,400 5,325
    DISCOVERYCOMMUNICATIONS LLC 3,392 3,443
    CDWLLC / CDWFINANCE CORP 32,589 32,729
    SERVICE CORP INTERNATIONAL/US 28,685 28,795
    JUNIPER NETWORKS INC 9,034 10,373
    QORVO INC 6,525 6,601
    ACCRUED INTEREST 0 12,123
    BANKOF AMERICACORP FXD 122,399 123,502
    BANKOF AMERICACORP FXD 206,243 201,080
    BANKOF NEWYORKMELLON CORP F XD 137,107 138,953
    CHARLES SCHWAB CORP/THE FXD 131,092 141,446
    CHARLES SCHWAB CORP/THE FXD 144,278 147,350
    CITIGROUP INC FXD 175,781 168,986
    CITIGROUP INC FXD 137,698 133,332
    CITIZENS FINANCIAL GROUP INC F XD 137,215 140,338
    DISCOVER FINANCIAL SERVICES FXD 125,569 138,683
    FIFTH THIRD BANCORP FXD 131,300 138,255
    GENERAL ELECTRIC COFXD 132,158 151,631
    GOLDMAN SACHS GROUP INC FXD 134,018 140,610
    GOLDMAN SACHS GROUP INC FXD 131,613 134,343
    HUNTINGTON BANCSHARES INC/OH F XD 127,635 135,415
    HUNTINGTON BANCSHARES INC/OH FXD 134,234 152,943
    JPMORGAN CHASE & COFXD 134,329 133,601
    JPMORGAN CHASE & COFXD 166,658 169,600
    KEYCORP FXD 82,887 91,375
    M&T BANKCORP FXD 204,579 198,243
    M&T BANKCORP FXD 60,801 65,175
    METLIFE INC FXD 62,128 67,585
    PNC FIN SERVICES GROUP INC FXD 192,130 183,430
    REGIONS FINANCIAL CORP FXD 130,947 140,364
    US BANCORP FXD 43,908 48,364
    VOYAFINANCIAL INC FXD 125,801 131,130
    WELLS FARGO& COFXD 83,529 88,433
    ACCRUED INTEREST 0 46,769
    ADOBE INC (ADBE) 13,202 68,516
    ALCON INC (ALC) 28,949 34,969
    ALLEGION PUB LTD CO (ALLE) 29,997 35,496
    AMERIPRISE FINCL INC (AMP) 20,261 41,587
    AMGEN INC (AMGN) 31,804 42,765
    ANSYS INC (ANSS) 18,359 73,124
    CABOT OIL & GAS CORP A(COG) 29,526 25,625
    CAPITAL ONE FINANCIAL CORP (COF) 35,484 40,430
    CHUBB LTD (CB) 24,788 30,476
    CINCINNATI FINANCIAL OHIO (CINF) 23,503 30,405
    COCACOLACO (KO) 30,725 40,253
    COMMERCE BANCSHARES (CBSH) 19,825 24,900
    CORTEVAINC (CTVA) 32,523 48,748
    CULLEN FROST BANKERS INC (CFR) 20,843 24,773
    DANAHER CORPORATION (DHR) 23,189 63,976
    EAST WEST BANCORP (EWBC) 26,773 20,030
    ELANCOANIMAL HEALTH INC (ELAN) 23,035 35,823
    EQUITYLIFESTYLE PROPERTIES (ELS) 12,956 17,044
    GENL DYNAMICS CORP (GD) 25,186 25,448
    JOHNSON CTLS INTL PLC (JCI) 29,311 36,014
    JPMORGAN CHASE & CO (JPM) 22,751 39,265
    LENNAR CORP CL B(LEN'B) 746 1,224
    LENNAR CORPORATION (LEN) 21,798 36,819
    MARTIN MARIETTAMATERIALS (MLM) 28,936 41,176
    MEDTRONIC PLC SHS (MDT) 31,652 42,756
    MICHELIN COMPAGNIE GENERALE DE (MGDDY) 33,045 35,879
    MICROCHIP TECHNOLOGY INC (MCHP) 21,806 55,796
    MICROSOFT CORP (MSFT) 16,985 66,504
    MITSUBISHI UFJ FINCL GRP ADS (MUFG) 12,410 11,359
    NOVARTIS AGADR (NVS) 25,856 33,617
    PARKER HANNIFIN CORP (PH) 28,461 47,127
    PAYPAL HLDGS INC COM (PYPL) 6,628 42,624
    PHILLIPS 66 COM (PSX) 24,484 21,891
    PIONEER NATURAL RESOURCES CO (PXD) 17,786 12,528
    PNC FINL SVCS GP (PNC) 28,285 36,654
    PROCTER & GAMBLE (PG) 35,997 37,429
    QUALCOMM INC (QCOM) 26,255 54,842
    R P M INC (RPM) 24,712 37,038
    SONYCORP ADR 1974 NEW (SNE) 29,119 62,177
    SUN COMMUNITIES INC (SUI) 12,112 18,538
    TWITTER INC (TWTR) 27,211 41,479
    TYSON FOODS INC CL A(TSN) 29,319 24,101
    WALGREENS BOOTS ALLIANCE INC (WBA) 27,772 13,958
    XYLEM INC COM (XYL) 33,656 41,429
    ALTRIAGROUP INC (MO) 53,339 35,670
    BANKOF AMERICACORP (BAC) 38,364 38,372
    BCE INC (BCE) 27,781 28,034
    BRISTOL MYERS SQUIBB CO (BMY) 56,778 55,827
    BROADCOM INC (AVGO) 25,668 33,714
    CHEVRON CORP (CVX) 51,337 37,158
    CHUBB LTD (CB) 51,306 52,333
    CISCOSYS INC (CSCO) 53,949 43,631
    CITIGROUP INC NEW (C) 1,793 2,405
    CONAGRABRANDS INC (CAG) 49,562 48,516
    CONOCOPHILLIPS (COP) 55,151 47,988
    DOW INC (DOW) 44,059 41,126
    DUKE ENERGYCORPORATION (DUK) 50,617 52,464
    DUPONT DE NEMOURS INC (DD) 47,526 40,177
    EATON CORP PLC SHS (ETN) 52,678 54,664
    EXXON MOBIL CORP (XOM) 62,470 38,747
    GENERAL MILLS INC (GIS) 42,756 47,334
    GENUINE PARTS CO (GPC) 47,814 43,587
    HEALTHPEAKPPTYS INC (PEAK) 40,095 39,692
    INTEL CORP (INTC) 62,542 55,400
    JOHNSON CTLS INTL PLC (JCI) 46,149 50,690
    JPMORGAN CHASE & CO (JPM) 48,411 50,828
    LOWES COMPANIES INC (LOW) 32,175 31,299
    MEDTRONIC PLC SHS (MDT) 42,707 46,856
    MERCK& CO INC NEWCOM (MRK) 50,486 48,916
    MORGAN STANLEY (MS) 38,549 41,118
    NOVARTIS AGADR (NVS) 44,351 47,687
    PFIZER INC (PFE) 50,006 47,117
    PHILIP MORRIS INTL INC (PM) 47,034 47,190
    PPL CORPORATION (PPL) 54,756 49,773
    RAYTHEON TECHNOLOGIES CORP (RTX) 43,620 50,772
    TRUIST FINL CORP (TFC) 51,622 46,157
    VERIZON COMMUNICATIONS (VZ) 57,066 57,281
    WALGREENS BOOTS ALLIANCE INC (WBA) 60,150 39,681
    WELLTOWER INC (WELL) 42,266 35,218
    ABBOTT LABORATORIES (ABT) 114,872 173,323
    ALPHABET INC CL C(GOOG) 90,628 166,429
    AMAZON COM INC (AMZN) 131,786 286,610
    AMERICAN EXPRESS CO (AXP) 82,825 80,889
    AUTODESK INC DELAWARE (ADSK) 71,655 163,662
    BALL CORPORATION (BLL) 123,519 152,722
    DANAHER CORPORATION (DHR) 79,625 125,953
    EQUINIX INC (EQIX) 81,938 126,410
    FACEBOOK INC CL-A(FB) 108,979 179,466
    FLEETCOR TECHNOLOGIES (FLT) 127,186 177,612
    IHS MARKIT LTD (INFO) 110,373 152,980
    ILLUMINAINC (ILMN) 91,724 118,400
    INTUIT INC (INTU) 53,209 94,583
    INTUITIVE SURGICAL INC (ISRG) 71,649 118,625
    LINDE PLC (LIN) 77,284 118,316
    MATCH GROUP INC (MTCH) 27,536 85,876
    MICROSOFT CORP (MSFT) 108,055 214,413
    MSCI INC COM (MSCI) 88,142 99,576
    NIKE INC B(NKE) 62,512 160,286
    PAYPAL HLDGS INC COM (PYPL) 103,798 210,780
    REGENERON PHARMACEUTICALS INC (REGN) 103,317 106,767
    SALESFORCE.COM,INC. (CRM) 106,950 172,461
    THERMOFISHER SCIENTIFIC (TMO) 116,217 125,295
    UNION PACIFIC CORP (UNP) 120,613 149,086
    UNITEDHEALTH GP INC (UNH) 108,517 177,795
    VISAINC CL A(V) 139,111 229,229
    WALT DISNEYCOHLDGCO (DIS) 86,339 92,039
    WORKDAYINC CL A(WDAY) 118,874 168,925
    YUM BRANDS INC (YUM) 137,351 175,542
    LDR PREF INCOME LLC CL I 1,699,761 1,764,187

    TY 2020 InvestmentsOtherSchedule2
    Name:
    THE NORMAN & SADIE LEE FOUNDATION
     
    C/O CLIFTONLARSONALLEN LLP
    EIN:
    95-3333368
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    OTHER INVESTMENTS AT COST 711,794 491,600

    TY 2020 OtherAssetsSchedule
    Name:
    THE NORMAN & SADIE LEE FOUNDATION
     
    C/O CLIFTONLARSONALLEN LLP
    EIN:
    95-3333368
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    DECLARED DIVIDENDS 19,656 17,666 17,666
    INTEREST RECEIVABLE 0 46 46


    TY 2020 OtherExpensesSchedule
    Name:
    THE NORMAN & SADIE LEE FOUNDATION
     
    C/O CLIFTONLARSONALLEN LLP
    EIN:
    95-3333368
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    DIRECT LENDING FUND I-BWM, LP 5,080 5,085   0
    OAKTREE RE OPPORTUNITIES FUND VI, L.P. 65,668 11,682   0
    OAKTREE RE OPPORTUNITIES FUND VI AIF (CAYMAN), L.P. 548 0   0
    STATE FEES AND LICENSES 160 0   0
    CARLYLE STRUCTURED CREDIT FUND L.P. 8,197 10,901   0
    LDR PREFERRED INCOME FUND, LLC 16,382 16,382   0
    POSTAGE 48 0   0


    TY 2020 OtherIncomeSchedule2
    Name:
    THE NORMAN & SADIE LEE FOUNDATION
     
    C/O CLIFTONLARSONALLEN LLP
    EIN:
    95-3333368
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    MISCELLANEOUS INCOME 3,181 1,590 3,181


    TY 2020 OtherLiabilitiesSchedule
    Name:
    THE NORMAN & SADIE LEE FOUNDATION
     
    C/O CLIFTONLARSONALLEN LLP
    EIN:
    95-3333368
    Description Beginning of Year - Book Value End of Year - Book Value
    CREDIT CARD 0 6,250


    TY 2020 OtherProfessionalFeesSchedule
    Name:
    THE NORMAN & SADIE LEE FOUNDATION
     
    C/O CLIFTONLARSONALLEN LLP
    EIN:
    95-3333368
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT MANAGEMENT FEES 145,885 145,885   0


    TY 2020 TaxesSchedule
    Name:
    THE NORMAN & SADIE LEE FOUNDATION
     
    C/O CLIFTONLARSONALLEN LLP
    EIN:
    95-3333368
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FEDERAL TAXES 1,000 0   0
    FEDERAL CREDIT 9 0   0
    FOREIGN TAXES PAID 7,105 7,105   0