TY 2020 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Trust Treated as Private Foundation

Do not enter social security numbers on this form as it may be made public.
bullet

Go to www.irs.gov/Form990PF for instructions and the latest information.

OMB No. 1545-0052

2020

Open to Public Inspection

For calendar year 2020, or tax year beginning 01-01-2020 , and ending 12-31-2020

Name of foundation
KARUNA FOUNDATION

Number and street (or P.O. box number if mail is not delivered to street address)3514 N VANCOUVER AVENUE NO 320
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
PORTLAND, OR97227

A Employer identification number

27-2831197

B Telephone number (see instructions)

(503) 841-5206

C If exemption application is pending, check here bullet

G Check all that apply: Initial returnInitial return of a former public charity
Final returnAmended return
Address change Name change

D 1. Foreign organizations, check here............. bullet

2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet

E If private foundation status was terminated
under section 507(b)(1)(A), check here ....... bullet

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trust Other taxable private foundation

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here ....... bullet

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16) bullet

$20,350,408J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

	Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).)	(a) Revenue and expenses per books		(b) Net investment income	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)	0
2	Check .............
3	Interest on savings and temporary cash investments	3,166		3,166
4	Dividends and interest from securities...	259,435		259,435
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		394,111
b	Gross sales price for all assets on line 6a 9,908,287
7	Capital gain net income (from Part IV, line 2)...			394,111
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).......		32,614	32,114
12	Total. Add lines 1 through 11........	689,326		688,826
13	Compensation of officers, directors, trustees, etc.	0		0	0
14	Other employee salaries and wages......	151,391		22,709	128,682
15	Pension plans, employee benefits.......	36,810		5,522	31,288
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......		13,570	0	13,570
c	Other professional fees (attach schedule)....		132,548	132,548	0
17	Interest...............
18	Taxes (attach schedule) (see instructions)...		37,753	2,485	0
19	Depreciation (attach schedule) and depletion...		5,849	0
20	Occupancy..............
21	Travel, conferences, and meetings.......	29,537		2	29,535
22	Printing and publications..........
23	Other expenses (attach schedule).......		406,689	1,292	405,397
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	814,147		164,558	608,472
25	Contributions, gifts, grants paid.......	335,814			335,814
26	Total expenses and disbursements. Add lines 24 and 25	1,149,961		164,558	944,286
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-460,635
b	Net investment income (if negative, enter -0-)			524,268
c	Adjusted net income (if negative, enter -0-)...

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2020)

Form 990-PF (2020)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............	9,844	16,994	16,994
	2	Savings and temporary cash investments.........	1,084,774	1,018,319	1,018,319
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)	775,301	407,718	407,718
	b	Investments—corporate stock (attach schedule).......	4,018,249	4,065,825	4,065,825
	c	Investments—corporate bonds (attach schedule).......	1,815,343	2,403,370	2,403,370
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	11,575,926	12,427,461	12,427,461
	14	Land, buildings, and equipment: basis 29,243
		Less: accumulated depreciation (attach schedule) 18,522	16,570	10,721	10,721
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	19,296,007	20,350,408	20,350,408
	17	Accounts payable and accrued expenses..........	366	52
	18	Grants payable.................
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22).........	366	52
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........	19,295,641	20,350,356
	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).....	19,295,641	20,350,356
	30	Total liabilities and net assets/fund balances (see instructions).	19,296,007	20,350,408

Part III

Analysis of Changes in Net Assets or Fund Balances

Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............

19,295,641

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

-460,635

Other increases not included in line 2 (itemize) bullet

1,515,350

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

20,350,356

Decreases not included in line 2 (itemize) bullet

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

20,350,356

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
1 a	PUBLICLY TRADED SECURITIES
b	CAPITAL GAIN DISTRIBUTIONS	P
c	CAPITAL GAIN REPORTED ON SCHEDULES K-1	P
d
e

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	9,389,803	9,514,176	-124,373
b	30,475		30,475
c	488,009		488,009
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			-124,373
b			30,475
c			488,009
d
e

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	394,111
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3

Part V

Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income

SECTION 4940(e) REPEALED ON DECEMBER 20, 2019 - DO NOT COMPLETE

1 Reserved

(a) Reserved	(b) Reserved	(c) Reserved	(d) Reserved

Reserved...........................

Reserved,..........................

Form 990-PF (2020)

Page 4

Part VI

Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Reserved................................	1	7,287
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	7,287
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	7,287
6	Credits/Payments:

a	2020 estimated tax payments and 2019 overpayment credited to 2020	6a	1,000
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	0
d	Backup withholding erroneously withheld ...........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............		7	1,000
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8	138
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9	6,425
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2021 estimated tax	Refunded	11

Part VII-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions

for the definition.................................

If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials

published or distributed by the foundation in connection with the activities.

Did the foundation file Form 1120-POL for this year?.....................

Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:

(1) On the foundation. bullet

$ 0(2) On foundation managers. bullet

$ 0

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

on foundation managers. bullet

$ 0

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If "Yes," attach a detailed description of the activities.

Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles

of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....

Did the foundation have unrelated business gross income of $1,000 or more during the year?........

If "Yes," has it filed a tax return on Form 990-T for this year?...................

Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........

If "Yes," attach the statement required by General Instruction T.

Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:

By language in the governing instrument, or

By state legislation that effectively amends the governing instrument so that no mandatory directions

that conflict with the state law remain in the governing instrument?................

Yes

Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),

and Part XV..................................

Yes

Enter the states to which the foundation reports or with which it is registered (see instructions)

If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney

General (or designate) of each state as required by General Instruction G? If "No," attach explanation .

Yes

Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)

or 4942(j)(5) for calendar year 2020 or the taxable year beginning in 2020? See the instructions for Part XIV.

If "Yes," complete Part XIV .............................

Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names

and addresses. ...............................

Form 990-PF (2020)

Page 5

Part VII-A

Statements Regarding Activities (continued)

At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the

meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............

Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had

advisory privileges? If "Yes," attach statement. See instructions.................

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website address bullet

WWW.KARUNAFOUNDATION.US

The books are in care of bullet

THE FOUNDATION Telephone no. bullet

(503) 841-5206

Located at bullet

3514 N VANCOUVER AVENUE NO 320PORTLANDOR ZIP+4 bullet

97227

Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here ......... bullet

and enter the amount of tax-exempt interest received or accrued during the year ........ bullet

16 At any time during calendar year 2020, did the foundation have an interest in or a signature or other authority over YesNo

a bank, securities, or other financial account in a foreign country? .................

16 No

See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country bullet

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required

File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.

Yes

During the year did the foundation (either directly or indirectly):

(1) Engage in the sale or exchange, or leasing of property with a disqualified person? YesNo

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person?......................YesNo

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? YesNo

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? YesNo

(5) Transfer any income or assets to a disqualified person (or make any of either available

for the benefit or use of a disqualified person)?...............YesNo

(6) Agree to pay money or property to a government official? (Exception. Check "No"

if the foundation agreed to make a grant to or to employ the official for a period

after termination of government service, if terminating within 90 days.).......YesNo

If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations

section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ........

Organizations relying on a current notice regarding disaster assistance check here........ bullet

Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,

that were not corrected before the first day of the tax year beginning in 2020?.............

Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private

operating foundation defined in section 4942(j)(3) or 4942(j)(5)):

At the end of tax year 2020, did the foundation have any undistributed income (lines 6d

and 6e, Part XIII) for tax year(s) beginning before 2020?.............YesNo

If "Yes," list the years bullet

20, 20, 20, 20

Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)

(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)

to all years listed, answer "No" and attach statement—see instructions.) ..............

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at

any time during the year?......................YesNo

If "Yes," did it have excess business holdings in 2020 as a result of (1) any purchase by the foundation

or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved

by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)

the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine

if the foundation had excess business holdings in 2020.)..................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its

charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2020?

Form 990-PF (2020)

Page 6

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required (continued)

During the year did the foundation pay or incur any amount to:

Yes

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? YesNo

(2) Influence the outcome of any specific public election (see section 4955); or to carry

on, directly or indirectly, any voter registration drive?.............YesNo

(3) Provide a grant to an individual for travel, study, or other similar purposes? YesNo

(4) Provide a grant to an organization other than a charitable, etc., organization described

in section 4945(d)(4)(A)? See instructions................YesNo

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals?.....YesNo

If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in

Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ......

Organizations relying on a current notice regarding disaster assistance check here......... bullet

If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the

tax because it maintained expenditure responsibility for the grant?..........YesNo

If "Yes," attach the statement required by Regulations section 53.4945–5(d).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on

a personal benefit contract?.....................YesNo

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....

If "Yes" to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction? YesNo

If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? ....

Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or

excess parachute payment during the year? .................YesNo

Part VIII

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

1 List all officers, directors, trustees, foundation managers and their compensation. See instructions

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
ERIC LEMELSON	PRESIDENT 4.00	0	0	0
3514 N VANCOUVER AVENUE SUITE 320 PORTLAND,OR97227	PRESIDENT 4.00	0	0	0
TOM NOVICK	SECRETARY 2.00	0	0	0
3514 N VANCOUVER AVENUE SUITE 320 PORTLAND,OR97227	SECRETARY 2.00	0	0	0
JENNIFER BRUML	DIRECTOR 1.00	0	0	0
3514 N VANCOUVER AVENUE SUITE 320 PORTLAND,OR97227	DIRECTOR 1.00	0	0	0
LAFCADIO CORTESI	DIRECTOR 1.00	0	0	0
3514 N VANCOUVER AVENUE SUITE 320 PORTLAND,OR97227	DIRECTOR 1.00	0	0	0
LISA DANZIG	DIRECTOR 1.00	0	0	0
3514 N VANCOUVER AVENUE SUITE 320 PORTLAND,OR97227	DIRECTOR 1.00	0	0	0
ELIZABETH KAUFMAN	DIRECTOR 1.00	0	0	0
3514 N VANCOUVER AVENUE SUITE 320 PORTLAND,OR97227	DIRECTOR 1.00	0	0	0
PATRICK MALONEY	DIRECTOR 1.00	0	0	0
3514 N VANCOUVER AVENUE SUITE 320 PORTLAND,OR97227	DIRECTOR 1.00	0	0	0
JULIA NOVY-HILDESLEY	DIRECTOR 1.00	0	0	0
3514 N VANCOUVER AVENUE SUITE 320 PORTLAND,OR97227	DIRECTOR 1.00	0	0	0
HOLLY PRUETT	DIRECTOR 1.00	0	0	0
3514 N VANCOUVER AVENUE SUITE 320 PORTLAND,OR97227	DIRECTOR 1.00	0	0	0
AMY WONG	DIRECTOR 1.00	0	0	0
3514 N VANCOUVER AVENUE SUITE 320 PORTLAND,OR97227	DIRECTOR 1.00	0	0	0

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
LINDSAY A SKOG	PROGRAM DIRECTOR 40.00	120,000	11,146	450
3514 N VANCOUVER AVENUE SUITE 320 PORTLAND,OR97227	PROGRAM DIRECTOR 40.00	120,000	11,146	450








Total number of other employees paid over $50,000...................				0

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
ARCTIC SUN LLC	BUILDING CONSULTANT	212,008
1050 DEERE STREET FAIRBANKS,AK99709	BUILDING CONSULTANT	212,008
TIEDEMANN ADVISORS	INVESTMENT ADVISORY SERVICES	98,137
1120 NW COUCH STREET SUITE 410 PORTLAND,OR97209	INVESTMENT ADVISORY SERVICES	98,137

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	CHARITABLE COSTS INCURRED IN THE BUILDING OF A LAW SCHOOL LIBRARY.	394,777
2


3


4

Part IX-B

Summary of Program-Related Investments (see instructions)

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


2


All other program-related investments. See instructions.
3

Total. Add lines 1 through 3......................... bullet

Form 990-PF (2020)

Page 8

Part X

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

13,013,886

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

701,152

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

4,421,067

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

18,136,105

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) .............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d.........................

18,136,105

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

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

272,042

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

17,864,063

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

893,203

Part XI

Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow

and do not complete this part.)

Minimum investment return from Part X, line 6....................

893,203

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

7,287

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

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

7,287

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

885,916

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

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

885,916

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

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

885,916

Part XII

Qualifying Distributions (see instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........

944,286

Program-related investments—total from Part IX-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes...............................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4

944,286

Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment

income. Enter 1% of Part I, line 27b. See instructions.................

Adjusted qualifying distributions. Subtract line 5 from line 4..............

944,286

Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
the section 4940(e) reduction of tax in those years.

Form 990-PF (2020)

Page 9

Part XIII

Undistributed Income (see instructions)

		(a) Corpus	(b) Years prior to 2019	(c) 2019	(d) 2020
1 Distributable amount for 2020 from Part XI, line 7					885,916
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......
b From 2016......
c From 2017......
d From 2018......	762,377
e From 2019......	144,832
fTotal of lines 3a through e........		907,209
4Qualifying distributions for 2020 from Part
XII, line 4: $ 944,286
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.....					885,916
e Remaining amount distributed out of corpus		58,370
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		965,579
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) ...		0
9Excess distributions carryover to 2021. Subtract lines 7 and 8 from line 6a ......		965,579
10 Analysis of line 9:
a Excess from 2016....
b Excess from 2017....
c Excess from 2018....	762,377
d Excess from 2019....	144,832
e Excess from 2020....	58,370

Form 990-PF (2020)

Page 10

Part XIV

Private Operating Foundations (see instructions and Part VII-A, question 9)

1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2020, enter the date of the ruling....... bullet

b Check box to indicate whether the organization is a private operating foundation described in section4942(j)(3) or4942(j)(5)

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part X for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2020	(b) 2019	(c) 2018	(d) 2017	(e) Total

b 85% of line 2a .........
c Qualifying distributions from Part XII, line 4 for each year listed .....
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part X, line 6 for each year listed...
c “Support" alternative test—enter:
(1) Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) ....
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....
(3) Largest amount of support from an exempt organization
(4) Gross investment income

Part XV

Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)

1Information Regarding Foundation Managers:

aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)

ERIC LEMELSON

bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.

2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:

Check here bullet

if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, b, c, and d. See instructions

aThe name, address, and telephone number or 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)

Page 11

Part XV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
BHUTAN FOUNDATION 21 DUPONT CIRCLE NW SUITE 755 WASHINGTON,DC20036		PC	LEGAL EDUCATION	225,000
BHUTAN FOUNDATION 21 DUPONT CIRCLE NW SUITE 755 WASHINGTON,DC20036		PC	GENERAL OPERATING FUNDS	40,000
BHUTAN FOUNDATION 21 DUPONT CIRCLE NW SUITE 755 WASHINGTON,DC20036		PC	WATER FOR LIFE EVENT	3,000
BHUTAN FOUNDATION 21 DUPONT CIRCLE NW SUITE 755 WASHINGTON,DC20036		PC	GENERAL OPERATING FUNDS BHUTAN ECOLOGICAL SOCIETY	52,800
PSU FOUNDATION 1600 SW FOURTH AVENUE SUITE 730 PORTLAND,OR97201		PC	ENERGY EFFICIENCY EDUCATION PARTNERSHIP	15,014
Total ................................. 3a				335,814

bApproved for future payment

Total ................................. 3b				0

Form 990-PF (2020)

Page 12

Part XVI-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments....
3 Interest on savings and temporary cash investments ...........			14	3,166
4 Dividends and interest from securities....			14	259,435
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	394,111
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aOTHER INCOME REPORTED ON SCHEDULE K-1			14	32,114
bMISCELLANEOUS REVENUE			01	500
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..		0		689,326	0

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

689,326

(See worksheet in line 13 instructions to verify calculations.)

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See instructions.)

Form 990-PF (2020)

Page 13

Part XVII

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations

Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?

Yes

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash...................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

(4) Reimbursement arrangements...........................

1b(4)

(5) Loans or loan guarantees.............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

(a) Line No.	(b) Amount involved	(c) Name of noncharitable exempt organization	(d) Description of transfers, transactions, and sharing arrangements

Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........Yes No

If "Yes," complete the following schedule.

(a) Name of organization	(b) Type of organization	(c) Description of relationship

Sign Here

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
				May the IRS discuss this return with the preparer shown below? See instructions. Yes No
	Signature of officer or trustee	Date	Title

Paid Preparer Use Only	Print/Type preparer's name	Preparer's Signature	Date	Check if self- employed	PTIN
	Firm's name				Firm's EIN
	Firm's address				Phone no.

Form 990-PF (2020)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2020 AccountingFeesSchedule

Name:

KARUNA FOUNDATION

EIN:

27-2831197

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
GARY MCGEE & CO. LLP	6,370	0		6,370
REVOLUTION ACCOUNTING AND ADVISORY	7,200	0		7,200

- TIN:

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

TY 2020 DepreciationSchedule

Name:

KARUNA FOUNDATION

EIN:

27-2831197

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
AUTOMOBILE	2017-11-02	29,243	12,673	SL	5.000000000000	5,849	0

- TIN:

TY 2020 InvestmentsCorpBondsSchedule

Name:

KARUNA FOUNDATION

EIN:

27-2831197

Name of Bond	End of Year Book Value	End of Year Fair Market Value
ABBVIE INC SER B NOTE	70,774	70,774
AMGEN INC NOTE	68,609	68,609
AT&T INC NOTE	67,644	67,644
BANK NEW YORK MELLON CORP	65,956	65,956
BANK OF AMERICA CORP	62,735	62,735
CITGROUP INC NOTE	70,047	70,047
COMCAST CORP NEW NOTE	33,889	33,889
CONSERVATION FD/SUSTAINABLE BOND	113,666	113,666
CVS HEALTH CORP NOTE	66,808	66,808
DISNEY WALT CO	68,138	68,138
EUROPEAN INVT BK 144A NOTE	154,162	154,162
HEALTHPEAK PROPERTIES INC	44,191	44,191
INTER-AMERICAN DEV BK SER 670 MTN	157,691	157,691
INTER-AMERICAN DEVELOPMENT BANK 01/15/25	213,823	213,823
INTER-AMERICAN DEVELOPMENT BANK 01/18/23	209,329	209,329
INTERNATIONAL BANK FOR REC &DEV 10/07/22	180,226	180,226
INTERNATIONAL BANK FOR REC &DEV NOTE 03/09/21	125,344	125,344
INTERNATIONAL BK FOR RECON&DEV NOTE 07/29/25	163,950	163,950
MANULIFE FINL CORP NOTE	71,072	71,072
MEDTRONIC INC NOTE	48,255	48,255
METLIFE INC NOTE	68,143	68,143
PEPSICO INC NOTE	70,753	70,753
PNC FINL SVCS GROUP INC NOTE	63,767	63,767
UNITED PARCEL SERVICE INC NOTE	74,429	74,429
WASTE MGMT INC DEL NOTE	69,969	69,969

- TIN:

TY 2020 InvestmentsCorpStockSchedule

Name:

KARUNA FOUNDATION

EIN:

27-2831197

Name of Stock	End of Year Book Value	End of Year Fair Market Value
ABBOTT LABORATORIES	29,891	29,891
ABBVIE INC	30,323	30,323
ACCENTURE	28,733	28,733
ACUITY BRANDS INC	5,328	5,328
ADOBE SYSTEMS INC	44,011	44,011
ADVANCED MICRO DEVICES INC	14,765	14,765
AECOM	8,960	8,960
AFLAC INC	19,344	19,344
AGILENT TECHNOLOGIES INC	5,925	5,925
ALLSTATE CORP	6,376	6,376
ALPHABET INC CAP STK CL A	94,643	94,643
ALPHABET INC CAP STK CL C	57,812	57,812
AMAZON.COM INC	140,048	140,048
AMERICAN EXPRESS CO	14,388	14,388
AMERICAN INTERNATIONAL GROUP	2,007	2,007
AMERICAN WATER WORKS COMPANY INC	33,763	33,763
AMERISOURCEBERGEN CORPORATION	7,039	7,039
AMGEN	29,200	29,200
ANALOG DEVICES INC	11,080	11,080
ANTHEM	11,238	11,238
AON	7,606	7,606
APPLE INC	277,057	277,057
APPLIED MATERIALS INC	4,315	4,315
APTARGROUP INC	9,035	9,035
APTIV	8,078	8,078
AUTODESK INC	9,771	9,771
AUTOMATIC DATA PROCESSING INC	7,224	7,224
AVANGRID INC	6,136	6,136
BADGER METER INC	7,431	7,431
BALL CORP	6,150	6,150
BANK OF AMERICA CORP	53,285	53,285
BANK OF NEW YORK MELLON CORP	4,499	4,499
BAXTER INTERNATIONAL	5,456	5,456
BEAZER HOMES USA INC	2,515	2,515
BECTON DIKINSON & CO	16,014	16,014
BED BATH AND BEYOND	3,072	3,072
BENEFITFOCUS INC	5,546	5,546
BEST BUY CO	3,592	3,592
BIOGEN INC	11,753	11,753
BLACKROCK INC	27,419	27,419
BOEING CO	13,058	13,058
BOOKING HOLDINGS INC	8,909	8,909
BOOZ ALLEN HAMILTON HLDG CORP CL A	2,005	2,005
BOSTON SCIENTIFIC CORP	12,726	12,726
BRISTOL-MYERS SQUIBB CO	31,263	31,263
BROADRIDGE FINANCIAL SOLUTIONS INC	2,145	2,145
BROWN-FORMAN CORP	9,691	9,691
BRUKER CORP	2,219	2,219
CALIFORNIA WATER SERVICE GROUP	6,916	6,916
CAMPBELL SOUP CO	2,127	2,127
CAPITAL ONE FINANCIAL CORP	2,274	2,274
CARDINAL HEALTH INC	428	428
CARMAX INC	1,134	1,134
CATERPILLAR INC	6,007	6,007
CHARTER COMMUNICATIONS INC	7,277	7,277
CHEFS WAREHOUSE INC	3,828	3,828
CHIPOTLE MEXICAN GRILL INC	8,320	8,320
CHUBB LIMITED	11,852	11,852
CHURCH & DWIGHT	23,290	23,290
CIGNA CORP	16,863	16,863
CINCINNATI BELL INC	1,834	1,834
CINCINNATI FINANCIAL CORP	1,485	1,485
CISCO SYSTEMS INC	29,982	29,982
CITIGROUP INC	30,830	30,830
CITRIX SYSTEMS INC	8,066	8,066
CLOROX CO	5,250	5,250
CME GROUP INC	1,638	1,638
COCA-COLA CO	35,920	35,920
COEUR MINING INC	2,246	2,246
COGNIZANT TECHNOLOGY SOLUTIONS CORP	5,818	5,818
COLGATE-PALMOLIVE CO	27,278	27,278
COMCAST CORP	26,410	26,410
COMERICA INC	2,737	2,737
COMPASS MINERALS INTERNATIONAL INC	2,098	2,098
CONAGRA BRANDS INC	4,678	4,678
CONSOLIDATED EDISON INC	5,493	5,493
CONSTELLATION BRANDS INC	11,172	11,172
CUMMINS INC	30,204	30,204
CVS HEALTH CORPORATION	12,157	12,157
DANAHER CORPORATION	19,770	19,770
DARDEN RESTAURANTS INC	5,241	5,241
DARLING INGREDIENTS INC	25,379	25,379
DAVITA INC	3,170	3,170
DEERE & CO	10,493	10,493
DELL TECHNOLOGIES INC	2,199	2,199
DENTSPLY SIRONA INC	2,513	2,513
DISCOVERY INC COM SER C	2,043	2,043
DISNEY WALT CO	50,344	50,344
DONALDSON INC	279	279
DOVER CORP	884	884
DXC TECHNOLOGY CO	4,068	4,068
EBAY INC	9,346	9,346
ECOLAB INC	19,472	19,472
EDWARDS LIFESCIENCES CORP	17,334	17,334
ELI LILLY AND CO	1,013	1,013
EMCOR GROUP INC	2,195	2,195
EMERSON ELECTRIC CO	15,351	15,351
ENERGY RECOVERY INC	4,488	4,488
ENPHASE ENERGY INC	5,615	5,615
ESSENTIAL UTILS INC	20,429	20,429
ESTEE LAUDER COMPANIES INC	15,439	15,439
ETSY INC	6,049	6,049
EVERSOURCE ENGERGY	11,160	11,160
EVOQUA WATER TECHNOLOGIES CORP	2,509	2,509
EXPEDITORS INTERNATIONAL OF	9,891	9,891
FACEBOOK INC-CLASS A	85,226	85,226
FIRST SOLAR INC	13,651	13,651
FISERV INC	12,752	12,752
FLUOR CORP	3,418	3,418
FMC CORP	25,974	25,974
FRANKLIN ELECTRIC INC	9,551	9,551
GAP INC	5,694	5,694
GENERAL ELECTRIC CO	8,294	8,294
GENERAL MILLS INC	12,760	12,760
GILEAD SCIENCES INC	10,662	10,662
GOLDMAN SACHS GROUP INC	27,690	27,690
GRAINGER W W INC	7,758	7,758
GRANITE CONSTRUCTION INC	2,751	2,751
GROUPON INC	4,483	4,483
HARTFORD FINANCIAL SERVICES GRP INC	5,829	5,829
HASBRO INC	7,015	7,015
HCA HEALTHCARE INC	493	493
HECLA MINING CO	2,125	2,125
HERSHEY COMPANY	8,378	8,378
HEWLETT PACKARD ENTERPRISE CO	14,552	14,552
HOLOGIC INC	3,496	3,496
HOME DEPOT INC	35,062	35,062
HONEYWELL INTERNATIONAL INC	8,295	8,295
HP INC	7,992	7,992
HUMANA INC	8,616	8,616
HUNT J.B. TRANSPORT SERVICES INC	4,236	4,236
IDEX CORP	17,729	17,729
IHS MARKIT LTD	15,091	15,091
ILLINOIS TOOL WORKS INC	3,058	3,058
ILLUMINA INC	4,810	4,810
INGERSOLL RAND INC	1,367	1,367
INGEVITY CORP	2,348	2,348
INNOSPEC INC	16,604	16,604
INSTALLED BUILDING PRODUCTS INC	2,141	2,141
INTEL CORP	31,636	31,636
INTERFACE INC	2,478	2,478
INTERNATIONAL BUS MACH CORP	26,938	26,938
INTERPUBLIC GROUP COS INC	4,398	4,398
INTUIT INC	17,473	17,473
ITRON INC	2,589	2,589
JACOBS ENGR GROUP INC	13,947	13,947
JOHNSON & JOHNSON	72,552	72,552
JPMORGAN CHASE & CO	52,099	52,099
KB HOME	11,631	11,631
KELLOGG COMPANY	2,240	2,240
KLA CORPORATION	5,437	5,437
KOHLS CORPORATION	3,581	3,581
KOPPERS HOLDINGS INC	2,212	2,212
KROGER CO	2,795	2,795
KRONOS WORLDWIDE INC	5,233	5,233
L BRANDS INC	3,496	3,496
L3HARRIS TECHNOLOGIES INC	1,890	1,890
LAM RESEARCH CORP	4,723	4,723
LAMB WESTON HLDGS INC	2,283	2,283
LAS VEGAS SANDS CORP	8,463	8,463
LEIDOS HOLDINGS INC	8,935	8,935
LINCOLN ELECTRIC HOLDINGS	4,882	4,882
LIVENT CORP	5,652	5,652
LOCKHEED MARTIN CORP	24,849	24,849
LOWES COMPANIES INC	10,273	10,273
LULULEMON ATHLETICA INC	2,088	2,088
LYFT INC CL A	2,997	2,997
MACYS INC	4,230	4,230
MANPOWERGROUP INC	2,074	2,074
MARSH & MCLENNAN COMPANIES INC	17,316	17,316
MARVELL TECH GROUP	2,425	2,425
MASTERCARD INC	46,402	46,402
MAXIM INTEGRATED PRODUCTS	9,220	9,220
MCCORMICK & COMPANY INC	11,090	11,090
MCDONALDS S CORP	20,814	20,814
MCKESSON CORP	5,044	5,044
MEDITRONIC	22,842	22,842
MERCK & CO INC	56,278	56,278
MEREDITH CORP	2,400	2,400
METTLER-TOLEDO INTERNATIONAL INC	3,419	3,419
MGM RESORTS INTERNATIONAL	2,426	2,426
MIRCOSOFT CORP	203,514	203,514
MOLSON COORS BEVERAGE CO	6,236	6,236
MONDELEZ INTL INC	12,863	12,863
MONSTER BEVERAGE CORP	1,387	1,387
MOODYS CORP	4,063	4,063
MORGAN STANLEY	10,896	10,896
MOTOROLA SOLUTIONS INC	8,503	8,503
MRC GLOBAL INC	1,909	1,909
NAVISTAR INTERNATIONAL CORP	2,550	2,550
NETAPP INC	4,902	4,902
NETFLIX INC	30,822	30,822
NEWMONT CORP	4,083	4,083
NIKE INC CLASS B	26,455	26,455
NORDSTROM INC	3,932	3,932
NORTHERN TRUST CORP	6,240	6,240
NORTHROP GRUMMAN CORP	7,618	7,618
NORTONLIFELOCK INC	125	125
NVIDIA CORP	57,964	57,964
OLD DOMINION FREIGHT LINE INC	781	781
OMNICOM GROUP INC	5,551	5,551
ORACLE CORP	31,633	31,633
ORMAT TECHNOLOGIES INC	23,292	23,292
PACCAR INC	22,519	22,519
PARKER-HANNIFIN CORP	2,452	2,452
PAYPAL HLDGS INC	48,714	48,714
PENTAIR	2,230	2,230
PERKINELMER INC	3,301	3,301
PFIZER INX	14,908	14,908
PLUG POWER INC	4,781	4,781
PNC FINANCIAL SERVICES GROUP	28,608	28,608
PPG INDUSTRIES INC	5,192	5,192
PRICE T. ROWE GROUPS	9,235	9,235
PRINCIPAL FINANCIAL GROUP	4,217	4,217
PROCTOR & GAMBLE CO	19,897	19,897
PROGRESSIVE CORP	2,966	2,966
PRUDENTIAL FINANCIAL INC	6,636	6,636
QUALCOMM INC	23,003	23,003
QUEST DIAGNOSTICS INC	2,145	2,145
RAYTHEON TECHNOLOGIES CORP	23,813	23,813
REGENERON PHARMACEUTICALS INC	8,696	8,696
REGIONS FINL CORP	4,997	4,997
RESMED INC	4,676	4,676
ROBERT HALF INTL INC	1,937	1,937
ROCKWELL AUTOMATION INC	22,071	22,071
RYDER SYSTEM INC	2,038	2,038
S&P GLOBAL INC	31,229	31,229
SALESFORCE.COM INC	36,272	36,272
SCHNITZER STEEL INDS INC CL A	15,125	15,125
SCHWAB CHARLES CORP	8,009	8,009
SERVICENOW INC	21,467	21,467
SHERWIN WILLIAMS CO	16,168	16,168
SJW GROUP INC	1,942	1,942
SMUCKER J M CO	9,479	9,479
SOLAREDGE TECHNOLOGIES INC	3,829	3,829
SOUTHWEST GAS HOLDINGS INC	8,201	8,201
SPROUTS FARMERS MARKET INC	1,668	1,668
STANLEY BLACK & DECKER INC	3,393	3,393
STARBUCKS CORP	26,103	26,103
STATE STREET CORP	4,221	4,221
STRYKER CORP	4,656	4,656
SUNPOWER CORP	5,795	5,795
SUNRUN INC	6,105	6,105
SYSCO CORP	5,124	5,124
T MOBILE US INC	10,653	10,653
TAPESTRY INC	1,430	1,430
TARGET CORP	13,240	13,240
TE CONNECTIVITY LTD	1,332	1,332
TESLA INC	17,642	17,642
TETRA TECH INC	2,431	2,431
TEXAS INSTRUMENTS INC	7,222	7,222
THERMO FISHER SCIENTIFIC INC	19,097	19,097
TIFFANY & CO	7,361	7,361
TJX COMPANIES INC	14,204	14,204
TPI COMPOSITES INC	10,820	10,820
TRANE TECHNOLOGIES	7,113	7,113
TRAVELERS COMPANIES INC	17,265	17,265
TRINSEO S.A.	3,636	3,636
TWITTER INC	487	487
UBER TECHNOLOGIES INC	7,956	7,956
UGI CORP	14,683	14,683
UNISYS CORP	3,109	3,109
UNITEDHEALTH GROUP INC	42,082	42,082
UNIVERSAL DISPLAY CORP	3,677	3,677
US BANCORP	8,712	8,712
VALVOLINE INC	4,952	4,952
VARIAN MEDICAL SYSTEMS INC	4,900	4,900
VERISK ANALYTICS INC	7,681	7,681
VERIZON COMMUNICATIONS INC	35,367	35,367
VIATRIS INC	937	937
VISA INC	53,151	53,151
VMWARE INC	10,940	10,940
WABTEC	8,857	8,857
WALGREENS BOOTS ALLIANCE INC	8,534	8,534
WELLS FARGO CO	26,347	26,347
WERNER ENTERPRISES INC	5,765	5,765
WEST PHARMACEUTICAL SERVICES	2,266	2,266
XILINX INC	12,334	12,334
XYLEM INC	30,944	30,944
ZIMMER BIOMET HLDGS INC	6,780	6,780

- TIN:

TY 2020 InvestmentsGovtObligationsSch

Name:

KARUNA FOUNDATION

EIN:

27-2831197

US Government Securities - End of Year Book Value:

US Government Securities - End of Year Fair Market Value:

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

407,718

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

407,718

- TIN:

TY 2020 InvestmentsOtherSchedule2

Name:

KARUNA FOUNDATION

EIN:

27-2831197

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
1919 SOCIALLY RESPON BALANCED I	FMV	81,797	81,797
AKO GLOBAL FUND LIMITED CLASS A2 SHARES	FMV	963,898	963,898
AKRE FOCUS FUND INSTL	FMV	1,591,429	1,591,429
ALEXANDRIA REAL ESTATE EQUITIES	FMV	9,089	9,089
AMERICAN TOWER CORP	FMV	898	898
BNY MELLON SUSTAINABLE US EQ I	FMV	76,952	76,952
BOSTON PROPERTIES INC	FMV	4,065	4,065
BOSTON TRUST WALDEN BALANCED FUND	FMV	31,181	31,181
BRANDYWINE REALTY TRUST	FMV	6,074	6,074
CALVERT BALANCED FUND CL I	FMV	93,375	93,375
CALVERT BOND FUND CLASS	FMV	91,488	91,488
CALVERT EMERGING MARKETS EQUITY CL I	FMV	1,449,790	1,449,790
CALVERT EQUITY FUND CLASS	FMV	177,997	177,997
CALVERT INCOME FUND CLASS	FMV	140,465	140,465
CALVERT LONG TERM INCOME FUND CL I	FMV	37,366	37,366
COMMUNITY CAPITAL TRUST INSTL	FMV	132,454	132,454
DIGITAL RLTY TR INC COM	FMV	7,952	7,952
DOMINI IMPACT BOND INVEST	FMV	63,740	63,740
DOUGLAS EMMETT INC	FMV	22,702	22,702
EMPIRE STATE REALTY TRUST INC	FMV	5,051	5,051
EQUINIX INC	FMV	2,143	2,143
FIMM TREASURY PORTFOLIO	FMV	653,279	653,279
FIMM TREASURY PORTFOLIO	FMV	3,601	3,601
FIMM TREASURY PORTFOLIO	FMV	9,543	9,543
FUNDSMITH SUSTAINABLE EQUITY FUND LP	FMV	2,036,553	2,036,553
HOST HOTELS & RESORTS INC	FMV	4,184	4,184
IMPACT WORLD EQUITY FUND, LP	FMV	2,359,947	2,359,947
ISHARES S&P MIDCAP 400 INDEX	FMV	901,623	901,623
JBG SMITH PPTYS	FMV	18,887	18,887
KILROY REALTY CORP	FMV	24,854	24,854
LONGLEAF INTERNATL	FMV	791,659	791,659
PARNASSUS CORE EQUITY INSTL	FMV	300,966	300,966
PIEDMONT OFFICE REALTY TRUST INC	FMV	8,115	8,115
PROLOGIS INC	FMV	18,337	18,337
STEWARD SELECT BOND INSTITUTIONAL	FMV	72,553	72,553
TIAA-CREF CORE IMPACT BOND INSTL	FMV	134,615	134,615
TOUCHSTONE IMPACT BOND FUND CLASS I	FMV	76,846	76,846
VORNADO REALTY TRUST	FMV	21,993	21,993

- TIN:

TY 2020 LandEtcSchedule2

Name:

KARUNA FOUNDATION

EIN:

27-2831197

Category / Item	Cost / Other Basis	Accumulated Depreciation	Book Value	End of Year Fair Market Value
AUTOMOBILE	29,243	18,522	10,721

- TIN:

TY 2020 OtherExpensesSchedule

Name:

KARUNA FOUNDATION

EIN:

27-2831197

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
MISCELLANEOUS EXPENSES	2,625	0	2,625
OREGON DEPARTMENT OF JUSTICE REGISTRATION FEES	2,328	0	2,328
EQUIPMENT	88,924	0	88,924
BANK FEES	10	0	10
WEBSITE COSTS	5,876	882	4,994
OFFICE SUPPLIES	721	108	613
ANNUAL REPORT FEE	50	0	50
HOLST ARCHITECTURE	27,084	0	27,084
ARCTIC SUN LLC	212,008	0	212,008
RDH BUILDING SCIENCE, INC.	3,306	0	3,306
RANGATE	48,825	0	48,825
STAENGL ENGINEERING	14,630	0	14,630
OTHER INVESTMENT EXPENSES FROM SCHEDULE K-1'S	302	302	0

- TIN:

TY 2020 OtherIncomeSchedule2

Name:

KARUNA FOUNDATION

EIN:

27-2831197

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
OTHER INCOME REPORTED ON SCHEDULE K-1	32,114	32,114	32,114
MISCELLANEOUS REVENUE	500		500

- TIN:

TY 2020 OtherIncreasesSchedule

Name:

KARUNA FOUNDATION

EIN:

27-2831197

Description	Amount
UNREALIZED GAIN ON INVESTMENTS	1,515,350

- TIN:

TY 2020 OtherProfessionalFeesSchedule

Name:

KARUNA FOUNDATION

EIN:

27-2831197

Category	Amount	Net Investment Income
CEDAR ROCK CAPITAL PARTNERS, LLC - INVESTMENT ADVISORY SERVICES	12,764	12,764
FUNDSMITH SUSTAINABLE EQUITY FUND LP - INVESTMENT ADVISORY SERVICES	17,454	17,454
IMPACT WORLD EQUITY FUND LP - INVESTMENT ADVISORY SERVICES	4,193	4,193
TIEDEMANN ADVISORS - INVESTMENT ADVISORY SERVICES	98,137	98,137

- TIN:

TY 2020 TaxesSchedule

Name:

KARUNA FOUNDATION

EIN:

27-2831197

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
FEDERAL EXCISE TAXES	35,268	0		0
FOREIGN TAXES	2,485	2,485		0