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 Dunn Foundation
 
% Foundation Source
Number and street (or P.O. box number if mail is not delivered to street address)Foundation Source 501 Silverside Rd
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Wilmington, DE198091377
A Employer identification number

65-0415977
B Telephone number (see instructions)

(800) 839-1754
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$95,222,214J 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 7,197 7,197  
4 Dividends and interest from securities... 806,535 806,535  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 -2,456,391
b Gross sales price for all assets on line 6a 26,804,326
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 405,879 298,727  
12 Total. Add lines 1 through 11........ -1,236,780 1,112,459  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 80,000     80,000
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment 231,530 231,530    
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 15,056 556    
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings....... 631     631
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 94,925 25   94,900
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 422,142 232,111   175,531
25 Contributions, gifts, grants paid....... 4,600,000 4,600,000
26 Total expenses and disbursements. Add lines 24 and 25 5,022,142 232,111   4,775,531
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -6,258,922
b Net investment income (if negative, enter -0-) 880,348
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......... 299,103 1,198,514 1,198,514
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)      
b Investments—corporate stock (attach schedule)....... 31,211,217 Click to see attachment38,963,471 51,341,162
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).......... 55,364,264 Click to see attachment40,453,677 42,682,538
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 86,874,584 80,615,662 95,222,214
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........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds 86,874,584 80,615,662
29 Total net assets or fund balances (see instructions)..... 86,874,584 80,615,662
30 Total liabilities and net assets/fund balances (see instructions). 86,874,584 80,615,662
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
86,874,584
2
Enter amount from Part I, line 27a .....................
2
-6,258,922
3
Other increases not included in line 2 (itemize) bullet
3
 
4
Add lines 1, 2, and 3 ..........................
4
80,615,662
5
Decreases not included in line 2 (itemize) bullet
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
80,615,662
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 Publicly-traded Securities      
b Passthrough K1 Capital Gain/(Loss)      
c
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 26,804,326   27,379,672 -575,346
b       -1,881,045
c
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       -575,346
b        
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 -2,456,391
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 12,237
c All other domestic foundations enter 1.39% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2  
3 Add lines 1 and 2........................... 3 12,237
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 12,237
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 124,400
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c  
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 124,400
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8  
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 10 112,163
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet12,300 RefundedBullet 11 99,863
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$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletFL
    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 addressbullet  
    14
    The books are in care ofbulletFoundation Source Telephone no.bullet (800) 839-1754

    Located atbullet501 Silverside Road Suite 123WilmingtonDE ZIP+4bullet198091377
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2020, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16   No
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?......................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?...............
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).......
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ........
    1b
     
    No
    ........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2020?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2020, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2020?.............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?......................
    b
    If "Yes," did it have excess business holdings in 2020 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2020.)..................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2020?
    4b
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?.............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?.....
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ......
    5b
     
     
    .........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
    Tom Beach Trustee
    20.0     		40,000 0 0
    Foundation Source 501 Silverside Rd
    Wilmington,DE198091377
    David Dreyer Trustee
    5.0     		0 0 0
    Foundation Source 501 Silverside Rd
    Wilmington,DE198091377
    Rebecca Walter Dunn Trustee
    20.0     		40,000 0 0
    Foundation Source 501 Silverside Rd
    Wilmington,DE198091377
    William A Dunn Trustee Emeritus
    0.0     		0 0 0
    Foundation Source 501 Silverside Rd
    Wilmington,DE198091377
    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
     
    Total number of other employees paid over $50,000...................bullet  
    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
    UBS Financial Services Investment Mgmt 224,412
    7700 Wisconsin Ave Suite 300
    Bethesda,MD20814
    Foundation Source Administrative 94,900
    55 Walls Drive 3rd Fl
    Fairfield,CT06824
    Total number of others receiving over $50,000 for professional services.............bullet  
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1  
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet  
    Form 990-PF (2020)
    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
    43,767,705
    b
    Average of monthly cash balances.......................
    1b
    2,209,219
    c
    Fair market value of all other assets (see instructions)................
    1c
    42,682,538
    d
    Total (add lines 1a, b, and c).........................
    1d
    88,659,462
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    88,659,462
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    1,329,892
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    87,329,570
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    4,366,479
    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
    4,366,479
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    12,237
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    12,237
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    4,354,242
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    2,309
    5
    Add lines 3 and 4............................
    5
    4,356,551
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    4,356,551
    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
    4,775,531
    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
    0
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    4,775,531
    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
    4,775,531
    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 4,356,551
    2 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only.......  
    b Total for prior years:2018, 2017, 2016  
    3 Excess distributions carryover, if any, to 2020:
    a From 2015......  
    b From 2016...... 105,742
    c From 2017......  
    d From 2018......  
    e From 2019...... 1,615,721
    fTotal of lines 3a through e........ 1,721,463
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$ 4,775,531
    a Applied to 2019, but not more than line 2a  
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		 
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		 
    d Applied to 2020 distributable amount..... 4,356,551
    e Remaining amount distributed out of corpus 418,980
    5 Excess distributions carryover applied to 2020.    
    (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 2,140,443
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		 
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		 
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		 
    e Undistributed income for 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2020. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2021 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		 
    8 Excess distributions carryover from 2015 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2021.
    Subtract lines 7 and 8 from line 6a ......     		2,140,443
    10 Analysis of line 9:
    a Excess from 2016.... 105,742
    b Excess from 2017....  
    c Excess from 2018....  
    d Excess from 2019.... 1,615,721
    e Excess from 2020.... 418,980
    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).)
    NONE
    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
    ACCURACY IN MEDIA INC
    1717 K ST NW STE 900
    WASHINGTON,DC20006     		N/A PC General & Unrestricted 125,000
    AMERICAN ENTERPRISE INSTITUTE FOR PUBLIC POLICY RE
    1789 MASSACHUSETTS AVE NW
    WASHINGTON,DC20036     		N/A PC General & Unrestricted 50,000
    AMERICANS FOR PROSPERITY FOUNDATION
    1310 N COURTHOUSE RD
    ARLINGTON,VA22201     		N/A PC General & Unrestricted 5,000
    ATLAS ECONOMIC RESEARCH FOUNDATION - ATLAS NETWORK
    4075 WILSON BLVD STE 310 2 LIBERTY
    ARLINGTON,VA22203     		N/A PC General & Unrestricted 245,000
    BARRY GOLDWATER INSTITUTE FOR PUBLIC POLICY RESEAR
    500 E CORONADO RD
    PHOENIX,AZ85004     		N/A PC General & Unrestricted 7,500
    BLEXIT FOUNDATION INC
    888 17TH ST NW STE 810
    WASHINGTON,DC20006     		N/A PC General & Unrestricted 250,000
    CATO INSTITUTE
    1000 MASSACHUSETTS AVE NW
    WASHINGTON,DC20001     		N/A PC General & Unrestricted 100,000
    COMMONWEALTH FOUNDATION FOR PUBLIC POLICY ALTERNAT
    225 STATE ST STE 302
    HARRISBURG,PA17101     		N/A PC General & Unrestricted 400,000
    COMPETITIVE ENTERPRISE INSTITUTE
    1310 L ST NW 7TH FL
    WASHINGTON,DC20005     		N/A PC General & Unrestricted 100,000
    DAILY CALLER NEWS FOUNDATION
    1737 H ST NW
    WASHINGTON,DC20006     		N/A PC General & Unrestricted 100,000
    DAVID HOROWITZ FREEDOM CENTER
    14724 VENTURA BLVD STE 820
    SHERMAN OAKS,CA91403     		N/A PC General & Unrestricted 100,000
    DONORS TRUST INC
    1800 DIAGONAL RD STE 280
    ALEXANDRIA,VA22314     		N/A PC the Dunn Foundation Fund 110,000
    DONORS TRUST INC
    1800 DIAGONAL RD STE 280
    ALEXANDRIA,VA22314     		N/A PC The Dunn Foundation Fund 90,000
    FEDERALIST SOCIETY FOR LAW & PUBLIC POLICY STUDIES
    1776 I ST NW STE 300
    WASHINGTON,DC20006     		N/A PC General & Unrestricted 50,000
    FOUNDATION FOR ECONOMIC EDUCATION INC
    1819 PEACHTREE RD NE STE 300
    ATLANTA,GA30309     		N/A PC General & Unrestricted 20,000
    FOUNDATION FOR GOVERNMENT ACCOUNTABILITY INC
    15275 COLLIER BLVD STE 201 279
    NAPLES,FL34119     		N/A PC General & Unrestricted 250,000
    FOUNDATION FOR INDIVIDUAL RIGHTS IN EDUCATION INC
    510 WALNUT ST STE 1250
    PHILADELPHIA,PA19106     		N/A PC General & Unrestricted 100,000
    FREE TO CHOOSE NETWORK
    2002 FILMORE AVE
    ERIE,PA16506     		N/A PC General & Unrestricted 100,000
    FREEDOMWORKS FOUNDATION
    111 K ST NE 6TH FL
    WASHINGTON,DC20002     		N/A PC General & Unrestricted 285,000
    HILLSDALE COLLEGE
    33 E COLLEGE ST
    HILLSDALE,MI49242     		N/A PC General & Unrestricted 20,000
    ILLINOIS POLICY INSTITUTE
    190 S LASALLE ST NO 1500
    CHICAGO,IL60603     		N/A PC General & Unrestricted 5,000
    INSTITUTE FOR HUMANE STUDIES
    3434 WASHINGTON BLVD MS 1C5
    ARLINGTON,VA22201     		N/A PC General & Unrestricted 30,000
    INSTITUTE FOR JUSTICE
    901 N GLEBE RD STE 900
    ARLINGTON,VA22203     		N/A PC General & Unrestricted 100,000
    JUDICIAL WATCH INC
    425 3RD ST SW STE 800
    WASHINGTON,DC20024     		N/A PC General & Unrestricted 30,000
    KINGS COLLEGE
    56 BROADWAY
    NEW YORK,NY10004     		N/A PC Dunn Liberty Fellowship fund 40,000
    LEADERSHIP INSTITUTE
    1101 N HIGHLAND ST
    ARLINGTON,VA22201     		N/A PC General & Unrestricted 15,000
    LIBERTY JUSTICE CENTER
    208 S LA SALLE ST STE 1690
    CHICAGO,IL60604     		N/A PC General & Unrestricted 50,000
    MACKINAC CENTER
    140 W MAIN ST
    MIDLAND,MI48640     		N/A PC General & Unrestricted 50,000
    MOMS FOR AMERICA
    893 S MAIN ST 228
    ENGLEWOOD,OH45322     		N/A PC General & Unrestricted 15,000
    NATIONAL FOUNDATION FOR GUN RIGHTS INC
    PO BOX 1776
    LOVELAND,CO80539     		N/A PC General & Unrestricted 50,000
    OBJECTIVIST CENTER LTD
    800 ROCKMEAD DR STE 200
    KINGWOOD,TX77339     		N/A PC General & Unrestricted 10,000
    PACIFIC LEGAL FOUNDATION
    930 G ST
    SACRAMENTO,CA95814     		N/A PC General & Unrestricted 100,000
    PHILANTHROPY ROUNDTABLE
    1120 20TH ST NW STE 550 S
    WASHINGTON,DC20036     		N/A PC General & Unrestricted 60,000
    POLICY CIRCLE CO
    1189 WILMETTE AVE
    WILMETTE,IL60091     		N/A PC General & Unrestricted 25,000
    POLITICAL ECONOMY RESEARCH CENTER INC - PROPERTY &
    2048 ANALYSIS DR STE A
    BOZEMAN,MT59718     		N/A PC General & Unrestricted 250,000
    PRAGER UNIVERSITY FOUNDATION
    15021 VENTURA BLVD 552
    SHERMAN OAKS,CA91403     		N/A PC General & Unrestricted 115,000
    REMEMBER HONOR SUPPORT INC
    721 1ST AVE N STE 100
    ST PETERSBURG,FL33701     		N/A PC General & Unrestricted 5,000
    STATE POLICY NETWORK
    1655 N FORT MYER DR STE 360
    ARLINGTON,VA22209     		N/A PC General & Unrestricted 50,000
    STUDENTS FOR FAIR ADMISSIONS INC
    2200 WILSON BLVD
    ARLINGTON,VA22201     		N/A PC General & Unrestricted 10,000
    STUDENTS FOR LIBERTY INCORPORATED
    1750 TYSONS BLVD STE 1500
    MC LEAN,VA22102     		N/A PC General & Unrestricted 200,000
    THE INDEPENDENT INSTITUTE
    100 SWAN WAY
    OAKLAND,CA94621     		N/A PC General & Unrestricted 15,000
    THE JAMES MADISON INSTITUTE FOR PUBLIC POLICY STUD
    100 N DUVAL ST
    TALLAHASSEE,FL32301     		N/A PC General & Unrestricted 50,000
    THE NRA FOUNDATION INC
    11250 WAPLES MILL RD
    FAIRFAX,VA22030     		N/A PC General & Unrestricted 20,000
    THE REASON FOUNDATION
    5737 MESMER AVE
    LOS ANGELES,CA90230     		N/A PC General & Unrestricted 100,000
    THE SEMINAR NETWORK INC - STAND TOGETHER TRUST
    PO BOX 45913
    BALTIMORE,MD21297     		N/A PC General & Unrestricted 10,000
    TURNING POINT USA INC
    4940 E BEVERLY RD
    PHOENIX,AZ85044     		N/A PC General & Unrestricted 100,000
    TURNING POINT USA INC
    4940 E BEVERLY RD
    PHOENIX,AZ85044     		N/A PC general & unrestricted 250,000
    YOUNG AMERICANS AGAINST SOCIALISM
    PO BOX 162
    BOERNE,TX78006     		N/A PC General & Unrestricted 37,500
    YOUNG AMERICANS FOR LIBERTY FOUNDATION
    500 N CAPITAL OF TEXAS HWY BLDG 5
    AUSTIN,TX78746     		N/A PC General & Unrestricted 285,000
    YOUNG VOICES
    655 15TH ST NW STE 800
    WASHINGTON,DC20005     		N/A PC General & Unrestricted 15,000
    Total .................................bullet 3a 4,600,000
    bApproved for future payment
    Total .................................bullet 3b  
    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 7,197  
    4 Dividends and interest from securities....     14 806,535  
    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 -2,456,391  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aK-1 Inc/Loss     		    14 355,458  
    bFederal Tax Refund     01 48,112  
    cLEGAL FEES REFUND     01 2,309  
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   -1,236,780  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    -1,236,780
    (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

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

    TY 2020 DepreciationSchedule
    Name:
    The Dunn Foundation
    EIN:
    65-0415977
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    The Dunn Foundation
    EIN:
    65-0415977
    Name of Stock End of Year Book Value End of Year Fair Market Value
    ACCENTURE PLC 643,184 982,150
    ACCREDITED MORTGAGE LOAN REIT 98,935 104,240
    ADOBE SYSTEMS, INC 609,997 1,280,307
    AGNC INVESTMENT PFD SER C 150,232 163,136
    ALEXANDER AND BALDWIN HOLDINGS 66,088 94,490
    ALEXANDER'S INC 234,793 255,162
    ALPHABET INC CL C 885,835 1,524,136
    AMAZON COM 843,652 1,628,465
    AMEREN CORPORATION 242,210 240,035
    AMERICAN FIN TR SER C 7.375% P 93,976 94,734
    AMERICAN HOMES 4 RENT PFD E 55,902 55,924
    AMERICAN TOWER REIT INC 650,000 812,545
    AMERIPRISE FINANCIAL INC 614,900 878,372
    ANNALY CAPITAL MANAGEMENT PFD 191,848 204,720
    APPLE INC 701,241 1,061,520
    BOSTON PROPERTIES PFD SER B - 124,267 127,155
    BRANDYWINE RLTY TR 152,288 167,931
    BRIXMOR PPTY GROUP INC COM 334,566 470,020
    BROOKFIELD PROP REIT SER A 93,770 121,211
    CATCHMARK TIMBER TRUST INC 386,557 378,144
    CITY OFFICE REIT PREF CL A 82,147 95,340
    COLONY CAPITAL PFD 7.500% SER 87,484 93,600
    COLONY CAPITAL PREF SER H 116,098 128,304
    COLONY FINANCIAL INC 50,106 50,505
    COMCAST CORP 567,142 733,600
    COSTCO WHOLESALE CORPORATION 792,633 1,156,715
    COUSINS PROPERTIES INC 99,087 113,900
    DANAHER CORP 548,562 1,077,379
    DOLLAR GENERAL CORP 599,502 693,990
    DTE ENERGY CO COM 236,263 218,538
    DWS INTERNATIONAL FD DWS EMERG 1,971,209 2,472,106
    ENTERGY CORP 242,066 219,648
    ESTEE LAUDER COMPANIES INC 638,488 1,024,832
    FACEBOOK INC 548,722 1,024,350
    FIDELITY NATIONAL INFORMATION 770,107 806,322
    FINANCIAL SELECT SECTOR SPDR F 519,596 545,380
    FIRST TRUST SMALL CAP CORE ALP 1,780,862 2,231,839
    FORESTAR REAL ESTATE GROUP INC 98,217 110,990
    GLOBAL NET LEASE PREF SER B 87,279 88,900
    HEALTHCARE TRUST OF AMERICA IN 478,094 509,490
    HEALTHPEAK PROPERTIES INC 396,605 444,381
    HERSHA HOSPITALITY TRUST 72,164 104,937
    HOME DEPOT INC 517,901 762,329
    HONEYWELL INTL 608,421 829,530
    HOWARD HUGHES CORPORATION 124,703 173,646
    INDEPENDENCE REALTY TR 373,886 443,190
    INTERCONTINENTAL EXCHANGE, INC 577,620 807,030
    ISTAR FINANCIAL INC 119,496 148,500
    ISTAR PREFERRED SERIES I 122,146 125,150
    JOHN HANCOCK MULTIFACTOR MID C 1,477,026 1,920,219
    JPMORGAN DIVERSIFIED RETURN IN 1,886,063 2,019,887
    KENNEDY WILSON HOLDINGS INC 420,588 517,021
    KEYCORP CAPITAL B 8.25% CORP B 116,332 135,718
    KIMCO REALTY DEP SH REPSTG PFD 57,753 60,421
    KINDER MORGAN INC 266,208 241,959
    LOWES COMPANIES INC 526,820 866,754
    MACK CALI RLTY CORP 131,315 124,600
    MEDTRONIC PLC 694,129 843,408
    MGM RESORTS INTERNATIONAL 75,689 132,342
    MICROSOFT CORP 781,053 1,556,940
    MID-AMERICA APT COMMUNITIES IN 120,065 133,025
    MONDELEZ INTERNATIONAL INC 648,656 783,498
    MONMOUTH REAL ESTATE INVESTMEN 193,036 193,270
    NEXTERA ENERGY, INC 238,656 246,880
    O'REILLY AUTOMOTIVE INC 725,616 859,883
    PARKER HANNIFIN CP 556,464 844,471
    PEBBLEBROOK HOTEL TR COM 62,603 107,160
    PEBBLEBROOK HOTEL TRUST PFD SE 56,840 64,636
    PRUDENTIAL GLOBAL REAL ESTATE 685,237 637,130
    REAL ESTATE SELECT SECTOR SPDR 101,306 102,368
    REGENCY CENTERS CORP 162,114 159,565
    REXFORD INDL RLTY INC SER A 40,800 40,640
    RLJ LODGING TR 1.95 SER A 150,302 157,480
    ROCKWELL AUTOMATION INC 734,059 1,003,240
    SALESFORCE.COM 592,016 734,349
    SHERWIN-WILLIAMS CO 610,315 808,401
    SITE CENTERS CORP PREF SER K 123,910 125,077
    SL GREEN RLTY CORP PFD SER I - 93,040 92,451
    SPIRIT REALTY CAPITAL, INC 359,854 417,768
    STAG INDUSTRIAL INC 94,887 100,224
    SUNSTONE HOTEL INV CL F 53,755 51,763
    TAUBMAN CTRS INC SER K 59,088 67,500
    TEEKAY LNG PARTNERS LP 269,668 244,098
    THERMO FISHER SCIENTIFIC INC 563,849 1,117,872
    TJX COMPANIES INC 620,221 798,993
    UMH PPTYS INC CUM PFD C 123,222 124,999
    UNITEDHEALTH GROUP INC 860,890 1,122,176
    VEREIT INC COM 415,902 492,026
    VEREIT INC PFD SER F 110,975 110,660
    VISA INC 640,634 1,017,095
    VORNADO RLTY TR PFD SER K - 5. 15,221 15,096
    VORNADO RLTY TR PFD SER L - 5. 155,183 156,116
    WCM FOCUSED INTL GROWTH FUNDS 518,541 610,050
    WEINGARTEN REALTY INVESTORS SB 184,761 236,203
    WILLIAM BLAIR EMERGING MARKETS 270,141 327,838
    WILLIAMS COS 262,980 240,600
    WPT INDUSTRIAL REAL ESTATE INV 418,840 465,129
    XCEL ENERGY INC 236,001 233,345

    TY 2020 InvestmentsOtherSchedule2
    Name:
    The Dunn Foundation
    EIN:
    65-0415977
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    DUNN-WMA, LLC   40,453,677 42,682,538

    TY 2020 OtherExpensesSchedule
    Name:
    The Dunn Foundation
    EIN:
    65-0415977
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Administrative Fees 94,900     94,900
    Bank Charges 25 25    


    TY 2020 OtherIncomeSchedule2
    Name:
    The Dunn Foundation
    EIN:
    65-0415977
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    K-1 Inc/Loss DUNN-WMA, LLC 355,458 298,727  
    Federal Tax Refund 48,112    
    legal fees refund 2,309    


    TY 2020 OtherProfessionalFeesSchedule
    Name:
    The Dunn Foundation
    EIN:
    65-0415977
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Investment Management Services 231,530 231,530    


    TY 2020 TaxesSchedule
    Name:
    The Dunn Foundation
    EIN:
    65-0415977
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    990-PF Estimated Tax for 2020 14,500      
    Foreign Tax Paid 556 556