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
CHARLES O LEE JR & LOUISE K LEE
CHARITABLE FOUNDATION
Number and street (or P.O. box number if mail is not delivered to street address)6905 TELEGRAPH ROAD STE 125
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
BLOOMFIELD HILLS, MI48301
A Employer identification number

20-6559686
B Telephone number (see instructions)

(248) 644-7222
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$27,068,222J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet.............
3 Interest on savings and temporary cash investments 176 176  
4 Dividends and interest from securities... 485,057 485,057  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 655,379
b Gross sales price for all assets on line 6a 2,685,434
7 Capital gain net income (from Part IV, line 2)... 655,379
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).......      
12 Total. Add lines 1 through 11........ 1,140,612 1,140,612  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 67,000 40,200   26,800
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment 10,256 5,128   5,128
b Accounting fees (attach schedule)....... Click to see attachment 3,400 1,700   1,700
c Other professional fees (attach schedule).... Click to see attachment 68,500 68,150   350
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 26,326 6,918   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule).......        
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 175,482 122,096   33,978
25 Contributions, gifts, grants paid....... 1,114,000 1,114,000
26 Total expenses and disbursements. Add lines 24 and 25 1,289,482 122,096   1,147,978
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -148,870
b Net investment income (if negative, enter -0-) 1,018,516
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............. 2,239 332 332
2 Savings and temporary cash investments......... 241,117 1,149,725 1,149,725
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) 998,171 0 0
b Investments—corporate stock (attach schedule)....... 10,089,384 Click to see attachment10,031,783 25,918,165
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)..........      
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) 11,330,911 11,181,840 27,068,222
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........ 0 0
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 11,330,911 11,181,840
29 Total net assets or fund balances (see instructions)..... 11,330,911 11,181,840
30 Total liabilities and net assets/fund balances (see instructions). 11,330,911 11,181,840
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
11,330,911
2
Enter amount from Part I, line 27a .....................
2
-148,870
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
11,182,041
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
201
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
11,181,840
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 P    
b
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 2,685,434   2,030,055 655,379
b
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       655,379
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 2 655,379
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 14,157
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 14,157
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 14,157
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 18,000
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 5,000
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 23,000
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 8,843
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet8,843 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
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)
    bulletMI
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2020 or the taxable year beginning in 2020? See the instructions for Part XIV.
    If "Yes," complete Part XIV .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletEDGAR W PUGH JR Telephone no.bullet (248) 644-7222

    Located atbullet6905 TELEGRAPH ROAD SUITE 125BLOOMFIELD HILLSMI ZIP+4bullet48301
    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
    EDGAR W PUGH JR TRUSTEE
    7.00     		67,000 0 0
    6905 TELEGRAPH RD SUITE 125
    BLOOMFIELD HILLS,MI48301
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NICHOLAS H SAFFORD & CO INC INVESTMENT MANAGEMENT 67,778
    9 CLEAVES ST
    ROCKPORT,MA01966
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1  
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    23,647,871
    b
    Average of monthly cash balances.......................
    1b
    605,049
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    24,252,920
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    24,252,920
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    363,794
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    23,889,126
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    1,194,456
    Part XI
    Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    1,194,456
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    14,157
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    14,157
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    1,180,299
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    1,180,299
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    1,180,299
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    1,147,978
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    1,147,978
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b. See instructions.................
    5
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    1,147,978
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2019     		(c)
    2019     		(d)
    2020
    1 Distributable amount for 2020 from Part XI, line 7 1,180,299
    2 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only....... 1,113,126
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2020:
    a From 2015......  
    b From 2016......  
    c From 2017......  
    d From 2018......  
    e From 2019......  
    fTotal of lines 3a through e........ 0
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$ 1,147,978
    a Applied to 2019, but not more than line 2a 1,113,126
    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..... 34,852
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2020. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2020. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2021 ..........     		1,145,447
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8 Excess distributions carryover from 2015 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9Excess distributions carryover to 2021.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2016....  
    b Excess from 2017....  
    c Excess from 2018....  
    d Excess from 2019....  
    e Excess from 2020....  
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2020, enter the date of the ruling....... bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2020 (b) 2019 (c) 2018 (d) 2017
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the foundation had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    HILLSDALE COLLEGE
    33 EAST COLLEGE STREET
    HILLSDALE,MI49242     		N/A PC TO TEACH INVESTMENT ANALYSIS & MGMT., ECONOMICS AND FOR STUDENT SCHOLARSHIPS. 1,114,000
    Total .................................bullet 3a 1,114,000
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3 Interest on savings and temporary cash
    investments ...........     		    14 176  
    4 Dividends and interest from securities....     14 485,057  
    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 ............     		    18 655,379  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 0 1,140,612 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    1,140,612
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

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


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


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2020 AccountingFeesSchedule
    Name:
    CHARLES O LEE JR & LOUISE K LEE
     
    CHARITABLE FOUNDATION
    EIN:
    20-6559686
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 3,400 1,700   1,700

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    CHARLES O LEE JR & LOUISE K LEE
     
    CHARITABLE FOUNDATION
    EIN:
    20-6559686
    Name of Stock End of Year Book Value End of Year Fair Market Value
    2180 SHARES ABBOTT LABS 51,339 238,688
    450 SHARES ABBOTT LABS 10,597 49,271
    1700 SHARES ABBOTT LABS 46,839 186,133
    1700 SHARES ABBOTT LABS 46,839 186,133
    2030 SHARES ABBVIE 51,842 217,515
    550 SHARES ABIOMED INC. 101,149 178,310
    1000 SHARES ACCENTURE PLC IRELAND 108,854 261,210
    990 SHARES AIR PRODUCTS 51,683 270,488
    350 SHARES AIR PRODUCTS 23,277 95,627
    200 SHARES AIR PRODUCTS 10,441 54,644
    100 SHARES AIR PRODUCTS 6,987 27,322
    125 SHARES ALPHABET INC. VOTING 95,639 219,080
    100 SHARES ALPHABET INC. VOTING 103,087 175,264
    125 SHARES ALPHABET INC. NON-VOTING 100,105 218,985
    1613 SHARES ANALOG DEVICES 133,798 238,288
    2862 SHARES ANALOG DEVICES 254,407 422,803
    2600 SHARES APPEN LTD 50,856 49,535
    3500 SHARES ATMOS 102,057 334,005
    700 SHARES AUTO DATA 24,096 123,340
    425 SHARES AUTO DATA 15,710 74,885
    400 SHARES BECTON DICKINSON 105,038 100,088
    4945 SHARES BID CORP 93,077 87,774
    2000 SHARES CANADIAN NATL 40,722 219,700
    800 SHARES CANADIAN NATL 19,668 87,880
    1700 SHARES CANADIAN NATL 43,562 186,745
    1000 SHARES CANADIAN NATL 33,380 109,850
    3250 SHARES CISCO SYSTEMS 92,380 145,438
    2500 SHARES CISCO SYSTEMS 84,689 111,875
    3000 SHARES CISCO SYSTEMS 171,317 134,250
    750 SHARES COCHLEAR LIMITED 53,245 109,381
    2000 SHARES COLGATE 50,040 171,020
    1500 SHARES COLGATE 51,699 128,265
    1500 SHARES COLGATE 51,699 128,265
    1500 SHARES COLGATE 59,276 128,265
    500 SHARES CONOCOPHILLIPS 25,396 19,995
    200 SHARES CONOCOPHILLIPS 11,448 7,998
    300 SHARES CONOCOPHILLIPS 19,462 11,997
    500 SHARES CONOCOPHILLIPS 19,993 19,995
    1500 SHARES CONOCOPHILLIPS 65,680 59,985
    1500 SHARES CONOCOPHILLIPS 71,754 59,985
    2000 SHARES CONOCOPHILIPS 131,428 79,980
    50 SHARES COSTAR GROUP 28,469 46,214
    2000 SHARES CSL LIMITED 73,426 437,080
    500 SHARES CSL LIMITED 21,720 109,270
    450 SHARES DIAGEO 33,776 71,465
    250 SHARES DIAGEO 19,671 39,703
    400 SHARES DIAGEO 31,764 63,524
    120 SHARES DIAGEO 9,031 19,057
    130 SHARES DIAGEO 10,347 20,645
    225 SHARES DIAGEO 16,409 35,732
    225 SHARES DIAGEO 16,409 35,732
    1000 SHARES DISNEY 113,854 181,180
    500 SHARES FACEBOOK 56,336 136,580
    750 SHARES FACEBOOK 99,271 204,870
    600 SHARES FACEBOOK 85,356 163,896
    600 SHARES FACEBOOK 105,312 163,896
    500 SHARES FACTSET RESEARCH 118,643 166,250
    1000 SHARES HEINEKEN 44,766 92,200
    250 SHARES HEINEKEN 11,252 23,050
    1050 SHARES HEINEKEN 52,766 96,810
    800 SHARES HEINEKEN 58,159 73,760
    1750 SHARES INTEL 31,563 87,185
    1250 SHARES INTEL 27,438 62,275
    500 SHARES INTEL 9,074 24,910
    625 SHARES INTEL 13,725 31,138
    625 SHARES INTEL 13,725 31,138
    1000 SHARES INTUIT 109,145 379,850
    500 SHARES JACK HENRY & ASSOC 35,136 80,995
    14800 SHARES J & J 1,001,775 2,329,224
    126 SHARES J & J 8,529 19,830
    74 SHARES J & J 5,009 11,646
    750 SHARES LINDE 122,588 197,633
    250 SHARES LINDE 40,863 65,878
    1250 SHARES LOWES 103,993 200,638
    200 SHARES MCDONALDS 11,232 42,916
    650 SHARES MCDONALDS 37,675 139,477
    200 SHARES MCDONALDS 12,058 42,916
    400 SHARES MCDONALDS 23,318 85,832
    2999.66895 SHARES MERCK 61,726 245,373
    3343.33105 SHARES MERCK 69,558 273,484
    1500 SHARES MERCK 54,681 122,700
    3250 SHARES MICROSOFT 96,479 722,865
    500 SHARES MICROSOFT 23,431 111,210
    1750 SHARES MICROSOFT 94,720 389,235
    1375 SHARES NESTLE 41,864 161,975
    1125 SHARES NESTLE 33,121 132,525
    312 SHARES NESTE 9,532 36,754
    500 SHARES NESTLE 17,541 58,900
    500 SHARES NESTLE 17,541 58,900
    500 SHARES NESTLE 35,033 58,900
    750 SHARES NEXTERA ENERGY 38,178 231,450
    500 SHARES NEXTERA ENERGY 28,734 154,300
    1250 SHARES NEXTERA ENERGY 63,748 385,750
    200 SHARES NORFOLK SOUTHERN 11,296 47,522
    750 SHARES NORFOLK SOUTHERN 33,801 178,208
    750 SHARES NORFOLK SOUTHERN 33,801 178,208
    1000 SHARES NORFOLK SOUTHERN 65,770 237,610
    750 SHARES NORFOLK SOUTHERN 59,487 178,208
    1300 SHARES NOVARTIS 67,746 122,759
    800 SHARES NOVARTIS 40,517 75,544
    1300 SHARS NOVARTIS 66,206 122,759
    2500 SHARES NOVO NORDISK 104,599 174,625
    225 SHARES NVIDIA CORP 44,640 117,495
    1490 SHARES PAYCHEX 47,639 138,838
    350 SHARES PAYCHEX (IRA) 10,735 32,613
    310 SHARES PAYCHEX 9,911 28,886
    1000 SHARES PAYCHEX 48,647 93,180
    1750 SHARES PAYCOM 87,618 791,438
    500 SHARES PAYCOM 29,115 226,125
    1000 SHARES PEPSICO 55,568 148,300
    350 SHARES PEPSICO 21,178 51,905
    350 SHARES PEPSICO 20,457 51,905
    550 SHARES PEPSICO 30,397 81,565
    3000 SHARES PRO MEDICUS 54,918 79,200
    1800 SHARES PROCTER & GAMBLE 114,552 250,452
    3087 SHARES PROCTER & GAMBLE 196,457 429,525
    2800 SHARES QUALCOMM 87,542 426,546
    1000 SHARES QUALYS 71,546 121,870
    1560 SHARES STRYKER 71,982 382,262
    1100 SHARES STRYKER 54,395 269,544
    440 SHARES STRYKER 20,303 107,818
    2400 SHARES SYSCO 70,374 178,224
    5000 SHARES SYSCO 131,194 371,300
    580 SHARES SYSCO 15,672 43,071
    60000 SHARES THAI BEVERAGE 25,946 33,150
    50000 SHARES THAI BEVERAGE 35,757 27,625
    300 SHARES TYLER TECH 54,166 130,956
    3000 SHARES UNILEVER 101,510 181,080
    1500 SHARES UNILEVER 48,884 90,540
    1250 SHARES UNILEVER 44,540 75,450
    1000 SHARES UNILEVER 39,591 60,360
    850 SHARES UNILEVER 36,219 51,306
    1500 SHARES UNION PACIFIC 54,495 312,330
    1500 SHARES UNION PACIFIC 54,495 312,330
    750 SHARES VEEVA 64,779 204,188
    700 SHARES 3M 48,207 122,353
    2400 SHARES 3M 165,282 419,496
    560 SHARES AIR PRODUCTS 49,938 153,003
    1250 SHARES AMGEN 276,985 287,400
    2825 SHARES AUTO DATA 104,424 497,765
    200 SHARES PAYCOM 21,242 90,450
    9805 SHARES BID CORP (1) 0 174,039
    400 SHARES MCDONALDS 132,309 471,218
    1057 SHARES MERCK 85,141 86,463
    175 SHARES RAYTHEON 6,401 12,514
    75 SHARES RAYTHEON 2,473 5,363
    1250 SHARES RAYTHEON 50,597 89,388
    175 SHARES RAYTHEON 11,514 12,514
    2020 SHARES SYSCO 71,074 150,005
    1350 SHARES TORO COMPANY 96,516 128,034
    650 SHARES TRADE DESK 73,398 520,650
    1250 SHARES EDWARD LIFESCIENCE 92,871 114,038
    4500 SHARES EOG RESOURCES 222,596 224,415
    1000 SHARES EURONET WORLWIDE 100,797 144,920
    675 SHARES LOWES 97,548 108,344

    TY 2020 LegalFeesSchedule
    Name:
    CHARLES O LEE JR & LOUISE K LEE
     
    CHARITABLE FOUNDATION
    EIN:
    20-6559686
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 10,256 5,128   5,128


    TY 2020 OtherDecreasesSchedule
    Name:
    CHARLES O LEE JR & LOUISE K LEE
     
    CHARITABLE FOUNDATION
    EIN:
    20-6559686
    Description Amount
    TIMING DIFFERENCE 201


    TY 2020 OtherProfessionalFeesSchedule
    Name:
    CHARLES O LEE JR & LOUISE K LEE
     
    CHARITABLE FOUNDATION
    EIN:
    20-6559686
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT FEES 68,150 68,150   0
    MISCELLANEOUS FEES 350 0   350


    TY 2020 TaxesSchedule
    Name:
    CHARLES O LEE JR & LOUISE K LEE
     
    CHARITABLE FOUNDATION
    EIN:
    20-6559686
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAX PAID 6,918 6,918   0
    FEDERAL EXCISE TAX 19,408 0   0