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 SATTER FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)500 N MICHIGAN AVE STE 1700
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
CHICAGO, IL60611
A Employer identification number

13-3936468
B Telephone number (see instructions)

(312) 642-0006
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$28,439,441J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet.............
3 Interest on savings and temporary cash investments 2,365 2,365  
4 Dividends and interest from securities...      
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 3,243,848
b Gross sales price for all assets on line 6a 3,668,949
7 Capital gain net income (from Part IV, line 2)... 3,243,848
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 221,377 208,367 0
12 Total. Add lines 1 through 11........ 3,467,590 3,454,580 0
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 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 27,432 27,432 0 0
c Other professional fees (attach schedule).... Click to see attachment 152,261 0 0 152,261
17 Interest...............        
18 Taxes (attach schedule) (see instructions)...        
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 422,117 284,488 0 137,629
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 601,810 311,920 0 289,890
25 Contributions, gifts, grants paid....... 2,482,200 2,482,200
26 Total expenses and disbursements. Add lines 24 and 25 3,084,010 311,920 0 2,772,090
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 383,580
b Net investment income (if negative, enter -0-) 3,142,660
c Adjusted net income (if negative, enter -0-)... 0
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2020)
Form 990-PF (2020)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 1,089,641 3,888,306 3,888,306
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   85,000 0 0
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 10,887,180 Click to see attachment10,568,781 13,565,592
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 13,475,798 Click to see attachment11,412,945 10,901,147
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment33,229 Click to see attachment84,396 Click to see attachment84,396
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 25,570,848 25,954,428 28,439,441
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)......... 0 0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here bullet
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 25,570,848 25,954,428
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 0 0
29 Total net assets or fund balances (see instructions)..... 25,570,848 25,954,428
30 Total liabilities and net assets/fund balances (see instructions). 25,570,848 25,954,428
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
25,570,848
2
Enter amount from Part I, line 27a .....................
2
383,580
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
25,954,428
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
25,954,428
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 REDMILE CLASS A SUB CLASS 7 SERIES INITIAL P 2001-01-01 2020-12-31
b GREAT POINT PARTNERS II, LP P 2020-01-01 2020-12-31
c GREAT POINT PARTNERS II, LP P 2001-01-01 2020-12-31
d BIOTECHNOLOGY VALUE FUND LP P 2001-01-01 2020-12-31
e GREAT POINT PARTNERS I, LP P 2001-01-01 2020-12-31
REVERENCE CAPITAL PARTNERS P 2001-01-01 2020-12-31
SOLAMERE CAPITAL FUND II-A LP P 2001-01-01 2020-12-31
BIOMEDICAL OFFSHORE VALUE FUND P 2001-01-01 2020-12-31
RCP OPPORTUNITIES FUND I, LP P 2001-01-01 2020-12-31
SOLAMERE CAPITAL FUND II-A LP P 2001-01-01 2020-12-31
MBD 2011 OFFSHORE LP P 2020-01-01 2020-12-31
GS CAPITAL PARTNERS VI PIA PMD P 2001-01-01 2020-12-31
MBD 2011 OFFSHORE LP P 2001-01-01 2020-12-31
GS MEZZANINE PARTNERS V PIA PMD P 2001-01-01 2020-12-31
ALBIREO PHARMA - ML #2409 P 2001-01-01 2020-12-31
HERMITAGE GLOBAL P 2001-01-01 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 153,235   40,623 112,612
b 45,604     45,604
c 528,769     528,769
d     39,562 -39,562
e 800     800
26,049     26,049
428,783     428,783
1,637     1,637
671,024     671,024
857,587     857,587
    12 -12
220,276     220,276
267,831     267,831
    84,060 -84,060
464,417     464,417
2,937   260,844 -257,907
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       112,612
b       45,604
c       528,769
d       -39,562
e       800
      26,049
      428,783
      1,637
      671,024
      857,587
      -12
      220,276
      267,831
      -84,060
      464,417
      -257,907
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 3,243,848
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 45,592
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 43,683
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 43,683
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 43,683
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 35,857
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 10,000
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 45,857
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 2,174
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet2,174 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)
    bulletIL
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2020 or the taxable year beginning in 2020? See the instructions for Part XIV.
    If "Yes," complete Part XIV .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletTOPEL FORMAN LLC Telephone no.bullet (312) 642-0006

    Located atbullet500 N MICHIGAN AVE STE 1700CHICAGOIL ZIP+4bullet60611
    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
    MUNEER A SATTER TRUSTEE
    1.00     		0 0 0
    676 N MICHIGAN AVE SUITE 4000
    CHICAGO,IL60611
    KRISTEN HERTEL TRUSTEE
    1.00     		0 0 0
    676 N MICHIGAN AVE SUITE 4000
    CHICAGO,IL60611
    SATTER MANAGEMENT CO LP INVESTMENT MANAGEMENT SERVICE PROVIDER
    1.00     		148,526 0 0
    676 N MICHIGAN AVE SUITE 4000
    CHICAGO,IL60611
    SATTER INVESTMENT MANAGEMENT LLC INVESTMENT & ADMINISTRATION PROVIDER
    1.00     		264,233 0 0
    676 N MICHIGAN AVE SUITE 4000
    CHICAGO,IL60611
    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
    ARABELLA ADVISORS LLC CONSULTING 94,125
    125 S CLARK ST STE 1250
    CHICAGO,IL60603
    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
    13,334,875
    b
    Average of monthly cash balances.......................
    1b
    1,017,116
    c
    Fair market value of all other assets (see instructions)................
    1c
    14,212,932
    d
    Total (add lines 1a, b, and c).........................
    1d
    28,564,923
    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
    28,564,923
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    428,474
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    28,136,449
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    1,406,822
    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
    1,406,822
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    43,683
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    43,683
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    1,363,139
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    1,363,139
    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
    1,363,139
    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
    2,772,090
    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
    2,772,090
    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
    2,772,090
    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 1,363,139
    2 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2020:
    a From 2015...... 3,778,807
    b From 2016...... 3,455,107
    c From 2017...... 3,924,298
    d From 2018...... 3,715,150
    e From 2019...... 2,088,416
    fTotal of lines 3a through e........ 16,961,778
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$ 2,772,090
    a Applied to 2019, but not more than line 2a 0
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		0
    d Applied to 2020 distributable amount..... 1,363,139
    e Remaining amount distributed out of corpus 1,408,951
    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 18,370,729
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2020. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2021 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8 Excess distributions carryover from 2015 not
    applied on line 5 or line 7 (see instructions) ...     		3,778,807
    9Excess distributions carryover to 2021.
    Subtract lines 7 and 8 from line 6a ......     		14,591,922
    10 Analysis of line 9:
    a Excess from 2016.... 3,455,107
    b Excess from 2017.... 3,924,298
    c Excess from 2018.... 3,715,150
    d Excess from 2019.... 2,088,416
    e Excess from 2020.... 1,408,951
    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).)
    MUNEER A SATTER
    KRISTEN HERTEL
    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
    100 CLUB OF ILLINOIS
    875 N MICHIGAN AVENUE
    CHICAGO,IL60611     		NONE PC BUILDING FINANCIAL STABILITY & OPPORTUNITY 1,000
    ABOVE & BEYOND FAMILY RECOVERY CENTER
    2942 W LAKE ST
    CHICAGO,IL60612     		NONE PC PROVIDING HEALTH & HUMAN SERVICES 10,000
    ACADEMY FOR URBAN SCHOOL LEADERSHIP
    3400 N AUSTIN AVENUE
    CHICAGO,IL60634     		NONE PC PROVIDING EDUCATIONAL OPPORTUNITIES 25,000
    ACCELERATE INSTITUTE
    328 S JEFFERSON STREET SUITE 570
    CHICAGO,IL60661     		NONE PC PROVIDING EDUCATIONAL OPPORTUNITIES 100,000
    AMERI CARES FOUNDATION
    88 HAMILTON AVENUE
    STAMFORD,CT06902     		NONE PC PROMOTING HUMAN RIGHTS & DEMOCRACY 10,000
    AMERICAN CANCER SOCIETY
    PO BOX 22478
    OKLAHOMA CITY,OK73123     		NONE PC PROVIDING HEALTH & HUMAN SERVICES 5,000
    AMERICAN ENTERPRISE INSTITUTE
    1150 17TH STREET NW
    WASHINGTON,DC20036     		NONE PC PROMOTING HUMAN RIGHTS & DEMOCRACY 10,000
    AMERICAN IDEA FOUNDATION
    101 SOUTH MAIN STREET SUITE 300
    JANESVILLE,WI53545     		NONE PC PROMOTING HUMAN RIGHTS & DEMOCRACY 10,000
    AMERICAN JEWISH COMMITTEE
    55 E MONROE STREET SUITE 2930
    CHICAGO,IL60603     		NONE PC PROMOTING HUMAN RIGHTS & DEMOCRACY 30,000
    AMERICAN KIDNEY FUND
    180 N WABASH AVENUE 320
    CHICAGO,IL60601     		NONE PC PROVIDING HEALTH & HUMAN SERVICES 5,000
    ANN & ROBERT LURIE CHILDREN'S HOSPITAL
    225 E CHICAGO AVENUE
    CHICAGO,IL60601     		NONE PC PROVIDING HEALTH & HUMAN SERVICES 5,000
    BEREA COLLEGE
    101 CHESTNUT STREET
    BEREA,KY40403     		NONE PC PROVIDING EDUCATIONAL OPPORTUNITIES 10,000
    BEYOND SPORTS FOUNDATION
    1350 OLD SKOKIE VALLEY ROAD SUITE
    205
    HIGHLAND PARK,IL60035     		NONE PC PROVIDING EDUCATIONAL OPPORTUNITIES 25,000
    BUSINESS EXECUTIVES FOR NATIONAL SECURITY
    1030 15TH STREET NW SUITE 200 EAST
    WASHINGTON,DC20005     		NONE PC PROMOTING HUMAN RIGHTS & DEMOCRACY 5,000
    CALVARY FUND INC
    1740 EASTCHESTER ROAD
    BRONX,NY10461     		NONE PC PROVIDING HEALTH & HUMAN SERVICES 10,000
    CCF - CENTRAL INVESTMENT FUND ILLINOIS COVID-19 RESPONSE
    225 N MICHIGAN AVENUE SUITE 220
    CHICAGO,IL60601     		NONE PC PROVIDING HEALTH & HUMAN SERVICES 100,000
    CENTER FOR APPLIED NON-VIOLENT ACTION AND STRATEGIES (CANVAS)
    10 ROCKEFELLER PLAZA 16TH FLOOR
    NEW YORK,NY10020     		NONE PC PROMOTING HUMAN RIGHTS & DEMOCRACY 250,000
    CHI PSI EDUCATIONAL TRUST
    45 RUTLEDGE STREET
    NASHVILLE,TN37210     		NONE PC PROVIDING EDUCATIONAL OPPORTUNITIES 1,000
    CHICAGO COUNCIL OF GLOBAL AFFAIRS
    180 N STETSON AVENUE SUITE 1400
    CHICAGO,IL60601     		NONE PC PROMOTING HUMAN RIGHTS & DEMOCRACY 5,000
    CHICAGO SHAKESPEARE THEATER
    800 E GRAND AVENUE
    CHICAGO,IL60611     		NONE PC SUPPORTING THE ARTS 10,000
    CHILD MIND INSTITUTE
    445 PARK AVENUE
    NEW YORK,NY10022     		NONE PC PROVIDING HEALTH & HUMAN SERVICES 25,000
    COLLEGE TRACKS
    8737 COLESVILLE ROAD SUITE 1010
    SILVER SPRING,MD20910     		NONE PC PROVIDING EDUCATIONAL OPPORTUNITIES 5,000
    COMMITTEE TO UNLEASH PROSPERITY
    301 TAHMORE DRIVE
    FAIRFIELD,CT06825     		NONE PC PROMOTING HUMAN RIGHTS & DEMOCRACY 100,000
    COMPREHENSIVE DEVELOPMENT INC
    240 2ND AVENUE
    NEW YORK,NY10003     		NONE PC PROVIDING EDUCATIONAL OPPORTUNITIES 5,000
    COUNCIL ON FOREIGN RELATIONS
    58 EAST 68TH STREET
    NEW YORK,NY10065     		NONE PC PROMOTING HUMAN RIGHTS & DEMOCRACY 5,000
    DETROIT EMPLOYMENT SOLUTIONS CORP
    440 E CONGRESS STREET
    DETROIT,MI48226     		NONE PC PROMOTING HUMAN RIGHTS & DEMOCRACY 10,000
    DOCTORS WITHOUT BORDERS
    333 7TH AVENUE
    NEW YORK,NY10001     		NONE PC PROVIDING HEALTH & HUMAN SERVICES 50,000
    EDIFY
    10590 W OCEAN AIR DRIVE SUITE 300
    SAN DIEGO,CA92130     		NONE PC PROVIDING EDUCATIONAL OPPORTUNITIES 25,000
    END RAPE ON CAMPUS
    1440 G STREET NW
    WASHINGTON,DC20005     		NONE PC PROVIDING HEALTH & HUMAN SERVICES 85,000
    FAIR VIEW FOUNDATION
    PO BOX 6231
    ROANOKE,VA24017     		NONE PC PROVIDING HUMAN SERVICES 1,000
    GATEWAY FOR CANCER RESEARCH
    1336 BASSWOOD ROAD
    SCHAUMBERG,IL60173     		NONE PC PROVIDING HEALTH & HUMAN SERVICES 150,000
    GEORGE W BUSH FOUNDATION
    2943 SMU BOULEVARD
    DALLAS,TX75205     		NONE PC PROMOTING HUMAN RIGHTS & DEMOCRACY 25,000
    HARVARD BUSINESS SCHOOL
    HARVARD UNIVERSITY
    BOSTON,MA02163     		NONE PC PROVIDING EDUCATIONAL OPPORTUNITIES 25,000
    ICAHN SCHOOL OF MEDICINE AT MOUNT SINAI
    1 GUSTAVE L LEVY PLACE
    NEW YORK,NY10029     		NONE PC PROVIDING HEALTH & HUMAN SERVICES 25,000
    ILLINOIS POLICY INSTITUTE
    190 S LASALLE STREET SUITE 1500
    CHICAGO,IL60603     		NONE PC BUILDING FINANCIAL STABILITY & OPPORTUNITY 5,000
    INVEST FOR KIDS
    875 N MICHIGAN AVENUE SUITE 3400
    CHICAGO,IL60611     		NONE PC BUILDING FINANCIAL STABILITY & OPPORTUNITY 10,000
    JUNIOR ACHIEVEMENT OF CHICAGO
    651 WASHINGTON BLVD SUITE 404
    CHICAGO,IL60661     		NONE PC PROVIDING EDUCATIONAL OPPORTUNITIES 5,000
    KIPP ASCEND MIDDLE SCHOOL
    1440 S CHRISTIANA AVENUE
    CHICAGO,IL60623     		NONE PC PROVIDING EDUCATIONAL OPPORTUNITIES 10,000
    LAKE FOREST ACADEMY
    1500 KENNEDY ROAD
    LAKE FOREST,IL60045     		NONE PC PROVIDING EDUCATIONAL OPPORTUNITIES 25,000
    LAKE FOREST COUNTRY DAY SCHOOL
    145 SOUTH GREEN BAY ROAD
    LAKE FOREST,IL60045     		NONE PC PROVIDING EDUCATIONAL OPPORTUNITIES 76,200
    MARINE CORPS SCHOLARSHIP FOUNDATION
    1160 ALEXANDER COURT
    CARY,IL60013     		NONE PC SUPPORTING & HONORING VETERANS 30,000
    MAYO FOUNDATION
    200 FIRST STREET SW
    ROCESTER,MN55905     		NONE PC PROVIDING HEALTH & HUMAN SERVICES 5,000
    NATIONAL FOUNDATION FOR WOMEN LEGISLATORS
    1727 KING ST SUITE 300
    ALEXANDRIA,VA22314     		NONE PC PROVIDING HUMAN RIGHTS & DEMOCRACY 5,000
    NAVY SEAL FOUNDATION
    1619 D STREET
    VIRGINIA BEACH,VA23459     		NONE PC SUPPORTING & HONORING VETERANS 100,000
    NEW ENGLAND DISABLED SPORTS
    39 LOON BROOK ROAD
    LINCOLN,NH03251     		NONE PC SUPPORTING & HONORING VETERANS 5,000
    NEW TRIER EDUCATION FUND
    7 HAPP ROAD
    NORTHFIELD,IL60093     		NONE PC PROVIDING EDUCATIONAL OPPORTUNITIES 1,000
    NOBLE NETWORK OF CHARTER SCHOOLS
    17 N STATE STREET
    CHICAGO,IL60602     		NONE PC PROVIDING EDUCATIONAL OPPORTUNITIES 10,000
    NORTHWESTERN MEMORIAL FOUNDATION
    541 NORTH FAIRBANKS COURT SUITE 800
    CHICAGO,IL60611     		NONE PC PROVIDING HEALTH & HUMAN SERVICES 10,000
    NORTHWESTERN UNIVERSITY
    2240 CAMPUS DRIVE
    EVANSTON,IL60208     		NONE PC PROVIDING EDUCATIONAL OPPORTUNITIES 520,000
    ONE ACRE FUND
    1741 TATUM STREET
    FALCON HEIGHTS,MN55113     		NONE PC BUILDING FINANCIAL STABILITY & OPPORTUNITY 30,000
    ORBIS INTERNATIONAL
    520 8THE AVENUE 12TH FLOOR
    NEW YORK,NY10018     		NONE PC PROVIDING HEALTH & HUMAN SERVICES 10,000
    PAN-MASSACHUSETTS CHALLENGE
    77 4TH AVENUE
    NEEDHAM,MA02494     		NONE PC PROVIDING HEALTH & HUMAN SERVICES 1,000
    PRITZKER MILITARY MUSEUM & LIBRARY
    104 S MICHIGAN AVENUE
    CHICAGO,IL60603     		NONE PC SUPPORTING & HONORING VETERANS 10,000
    RESTORING THE ART INC
    1350 N LOGAN STREET
    DENVER,CO80203     		NONE PC SUPPORTING THE ARTS 18,000
    RUSH UNIVERSITY MEDICAL CENTER
    1653 W CONGRESS PKWY
    CHICAGO,IL60612     		NONE PC PROVIDING HEALTH & HUMAN SERVICES 10,000
    SALVATION ARMY
    5040 N PULASKI RD
    CHICAGO,IL60630     		NONE PC BUILDING FINANCIAL STABILITY & OPPORTUNITY 10,000
    SAMA SOURCE
    2017 MISSION STREET SUITE 301
    SAN FRANCISCO,CA94110     		NONE PC BUILDING FINANCIAL STABILITY & OPPORTUNITY 1,000
    SHIRLEY RYAN ABILITY LAB
    345 E SUPERIOR STREET
    CHICAGO,IL60611     		NONE PC PROVIDING HEALTH & HUMAN SERVICES 125,000
    SPIRIT OF AMERICA
    5115 W 63RD STREET
    CHICAGO,IL60638     		NONE PC SUPPORTING & HONORING VETERANS 10,000
    SSM HEALTH CARDINAL GLENNON CHILDRENS FOUNDATION
    3800 PARK AVE
    ST LOUIS,MO63110     		NONE PC PROVIDING HEALTH & HUMAN SERVICES 20,000
    TEACH FOR AMERICA
    300 W ADAMS STREET SUITE 1000
    CHICAGO,IL60606     		NONE PC PROVIDING EDUCATIONAL OPPORTUNITIES 10,000
    THE GLOBAL HEALTH INITIATIVE
    1658 N MILWAUKEE AVE
    CHICAGO,IL60647     		NONE PC PROVIDING HEALTH & HUMAN SERVICES 25,000
    THE LEUKEMIA & LYMPHOMA SOCIETY
    PO BOX 98018
    WASHINGTON,DC20090     		NONE PC PROVIDING HEALTH & HUMAN SERVICES 20,000
    THE MICHAEL J FOX FOUNDATION
    PO BOX 4777
    NEW YORK,NY10163     		NONE PC PROVIDING HEALTH & HUMAN SERVICES 5,000
    THE WADE FETZER MEMORIAL FUND UNIVERSITY OF WISCONSIN
    US BANK LOCKBOX 78807
    MILWAUKEE,WI53278     		NONE PC PROVIDING EDUCATIONAL OPPORTUNITIES 10,000
    UNITED STATES-ISRAEL BINATIONAL SCIENCE FOUNDATION (BSF)
    PO BOX 45086
    JERUSALEM   91450
    IS     		NONE PC PROMOTING HUMAN RIGHTS & DEMOCRACY 90,000
    UNITED WAY OF METRO CHICAGO
    333 S WABASH AVENUE
    CHICAGO,IL60604     		NONE PC BUILDING FINANCIAL STABILITY & OPPORTUNITY 5,000
    US OLYMPIC & PARALYMPIC FOUNDATION
    1 OLYMPIC PLAZA
    COLORADO SPRINGS,CO80909     		NONE PC SUPPORTING THE ARTS 75,000
    WILDLIFE CONSERVATION SOCIETY
    2300 SOUTHERN BOULEVARD BRONX
    BRONX,NY10460     		NONE PC PROTECTING THE ENVIRONMENT & SPECIES 5,000
    WINNETKA HISTORICAL SOCIETY
    411 LINDEN STREET
    WINNETKA,IL60093     		NONE PC PROVIDING EDUCATIONAL OPPORTUNITIES 1,000
    WITNESS
    80 HANSON PLACE 5TH FLOOR
    BROOKLYN,NY11217     		NONE PC PROMOTING HUMAN RIGHTS & DEMOCRACY 1,000
    WORLD BUSINESS CHICAGO
    177 N STATE STREET SUITE 500
    CHICAGO,IL60601     		NONE PC BUILDING FINANCIAL STABILITY & OPPORTUNITY 5,000
    YMCA
    1 N LASALLE STREET 1700
    CHICAGO,IL60602     		NONE PC PROVIDING EDUCATIONAL OPPORTUNITIES 5,000
    Total .................................bullet 3a 2,482,200
    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 ...........     		    14 2,365  
    4 Dividends and interest from securities....          
    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 3,243,848  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aINVESTMENT INCOME FROM PARTNERSHIPS     		    18 154,303 0
    bLESS: AMOUNTS REPORTED ON FORM 990-T     18    
    cOTHER INCOME     18 67,074  
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 0 3,467,590 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    3,467,590
    (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 SATTER FOUNDATION
    EIN:
    13-3936468
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 27,432 27,432 0 0

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    THE SATTER FOUNDATION
    EIN:
    13-3936468
    Name of Stock End of Year Book Value End of Year Fair Market Value
    AERPIO THERAPEUTICS INC 1,655,072 390,111
    AKEBIA THERAPEUTICS INC 3,406,187 1,288,714
    AKEBIA THERAPEUTICS INC 1,762,765 398,426
    AMERICAN WELL CORPORATION 1,001,250 4,959,614
    ANNEXON INC 2,466,367 6,328,460
    ASSEMBLY BIOSCIENCES INC. 277,140 200,267

    TY 2020 InvestmentsOtherSchedule2
    Name:
    THE SATTER FOUNDATION
    EIN:
    13-3936468
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    GS CAPITAL PTRS V PCP FUND AT COST 639,130 84,250
    GS LOAN PTRS I EMPLOYEE FUND AT COST 24,881 21,000
    GS MEZZANINE PTRS 2006 FUND AT COST 468,559 97,750
    GS CAPITAL PTRS VI PIA FUND AT COST 323,465 1,038,105
    GS MEZZANINE PTRS V PIA FUND AT COST 507,263 90,850
    GS MBD 2011 OFFSHORE LP AT COST 51,368 452,500
    BIOTECHNOLOGY VALUE FUND LP AT COST 9,601 606
    GREAT POINT PARTNERS I LP AT COST 99,188 60,956
    GREAT POINT PARTNERS II LP AT COST 459,377 979,727
    IREO FUND II, LTD AT COST 2,441,997 2,436,129
    RANE CORP AT COST 250,000 250,000
    RCP-OPPORTUNITIES FUND II LP AT COST 350,060 350,060
    REDMILE CAPITAL OS CL A SUB 7 AT COST 130,891 647,567
    REDMILE CAPITAL OS CL C AT COST 180,110 617,442
    REDWOOD OFFSHORE FUND (B) AT COST 71,519 559,617
    REX - REAL ESTATE EXCHANGE AT COST 750,000 2,399,841
    TPG-AXON PTRS OFFSHORE LTD AT COST 17,930 33,097
    TPG AP (OFFSHORE) INV FEE RES AT COST 5,352 249
    TSF LINQ3 BLOCKER AT COST 2,691,782 0
    TSF RESTORSEA BLOCKER AT COST 1,215,472 56,401
    CO-PILOT AT COST 725,000 725,000

    TY 2020 OtherAssetsSchedule
    Name:
    THE SATTER FOUNDATION
    EIN:
    13-3936468
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    RECEIVABLE 33,229 84,396 84,396


    TY 2020 OtherExpensesSchedule
    Name:
    THE SATTER FOUNDATION
    EIN:
    13-3936468
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    BANK FEES 1,305 653 0 652
    ADMINISTRATION FEES 128,924 0 0 128,924
    OTHER CHARITABLE EXPENSE 8,053 0 0 8,053
    INVESTMENT MANAGEMENT FEES 283,835 283,835 0 0


    TY 2020 OtherIncomeSchedule2
    Name:
    THE SATTER FOUNDATION
    EIN:
    13-3936468
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    INVESTMENT INCOME FROM PARTNERSHIPS 154,303 141,293 0
    OTHER INCOME 67,074 67,074 0


    TY 2020 OtherProfessionalFeesSchedule
    Name:
    THE SATTER FOUNDATION
    EIN:
    13-3936468
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    CONSULTING FEES 152,261 0 0 152,261