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
VALHALLA FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)175 FOX HOLLOW ROAD
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
WOODSIDE, CA94062
A Employer identification number

20-0478828
B Telephone number (see instructions)

(650) 529-9207
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$798,059,895J 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) 456,893,610
2 Check bullet.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 7,463,578 16,839,521  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 782,690
b Gross sales price for all assets on line 6a 311,607,181
7 Capital gain net income (from Part IV, line 2)... 310,425,265
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........ 465,139,878 327,264,786  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0   0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment 14,870 0   7,435
b Accounting fees (attach schedule)....... Click to see attachment 60,838 15,210   0
c Other professional fees (attach schedule).... Click to see attachment 2,913,197 996,576   1,853,248
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 4,970,069 556,181   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings....... 5,835 0   5,835
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 43,002 0   28,233
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 8,007,811 1,567,967   1,894,751
25 Contributions, gifts, grants paid....... 108,501,120 54,619,959
26 Total expenses and disbursements. Add lines 24 and 25 116,508,931 1,567,967   56,514,710
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 348,630,947
b Net investment income (if negative, enter -0-) 325,696,819
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2020)
Form 990-PF (2020)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 113,809,012 64,339,105 64,339,105
3 Accounts receivable bullet6,727
Less: allowance for doubtful accounts bullet   12,308 6,727 6,727
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) bullet506,475
Less: allowance for doubtful accounts bullet0 254,914 506,475 506,475
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges.......... 143,500    
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 142,261,599 Click to see attachment516,873,706 516,873,706
c Investments—corporate bonds (attach schedule)....... 63,515,984 Click to see attachment189,078,072 189,078,072
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 18,740,204 Click to see attachment27,255,810 27,255,810
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) 338,737,521 798,059,895 798,059,895
Liabilities 17 Accounts payable and accrued expenses.......... 578,151 681,909
18 Grants payable................. 36,177,612 90,058,773
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons   13,422
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet) Click to see attachment0 Click to see attachment1,615,495
23 Total liabilities (add lines 17 through 22)......... 36,755,763 92,369,599
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........... 301,981,758 705,690,296
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds    
29 Total net assets or fund balances (see instructions)..... 301,981,758 705,690,296
30 Total liabilities and net assets/fund balances (see instructions). 338,737,521 798,059,895
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
301,981,758
2
Enter amount from Part I, line 27a .....................
2
348,630,947
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
55,077,591
4
Add lines 1, 2, and 3 ..........................
4
705,690,296
5
Decreases not included in line 2 (itemize) bullet
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
705,690,296
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 REALIZED GAIN PER BOOKS P 2019-12-31 2020-12-31
b PUBLICLY TRADED SECURITIES - JPM #5001 D 2019-03-12 2020-09-10
c PUBLICLY TRADED SECURITIES - JPM #5005 P 2019-09-16 2020-06-08
d LOSS ON CIVITAS INVESTMENT P 2019-12-31 2020-12-31
e CAPITAL GAINS OR LOSSES FROM K-1S P 2019-12-31 2020-12-31
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 782,690   782,690 0
b 277,099,256   2,168 277,097,088
c     396,989 -396,989
d     69 -69
e 33,725,235     33,725,235
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       0
b       277,097,088
c       -396,989
d       -69
e       33,725,235
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 2 310,425,265
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 4,527,186
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 4,527,186
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 4,527,186
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 2,914,241
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 2,880,000
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 5,794,241
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 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 1,267,055
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet1,267,055 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 changesClick to see attachment....
3
Yes
 
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletCA
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2020 or the taxable year beginning in 2020? See the instructions for Part XIV.
    If "Yes," complete Part XIV .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletVALHALLA.ORG
    14
    The books are in care ofbulletALEX TERMAN Telephone no.bullet (650) 529-9207

    Located atbullet175 FOX HOLLOW ROADWOODSIDECA ZIP+4bullet94062
    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
     
    No
    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
    Yes
     
    .........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). Click to see attachment
    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
    H SIGNE OSTBY PRESIDENT
    4.00     		0 0 0
    175 FOX HOLLOW ROAD
    WOODSIDE,CA94062
    SCOTT D COOK TREASURER
    2.00     		0 0 0
    175 FOX HOLLOW ROAD
    WOODSIDE,CA94062
    ALEX TERMAN SECRETARY
    2.00     		0 0 0
    175 FOX HOLLOW ROAD
    WOODSIDE,CA94062
    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
    THE BRIDGESPAN GROUP PHILANTHROPY MANAGEMENT CONSULTING 1,840,973
    88 KEARNY ST SUITE 200
    SAN FRANCISCO,CA94108
    MOSS ADAMS ACCOUNTING, TAX, AND AUDIT FEES 68,391
    101 2ND ST SUITE 900
    SAN FRANCISCO,CA94105
    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 THE FOUNDATION MADE A $250,000 PROGRAM-RELATED INVESTMENT LOAN TO EARLY LEARNING SOLUTIONS, INC. (ELS). UNDER THE TERMS OF THE LOAN AGREEMENT, ELS MAY REQUEST UP TO $1,000,000 IN TOTAL LOAN FUNDING. AS OF DECEMBER 31, 2020, ELS HAD RECEIVED A TOTAL OF $500,000 IN LOAN FUNDING. INTEREST ON OUTSTANDING PRINCIPAL ACCRUES AT AN ANNUAL RATE OF 2.59%. THE CHARITABLE PURPOSE OF THE LOAN IS TO SUPPORT THE PROVISION OF STANDARDS-ALIGNED, EVIDENCE-BASED EARLY LEARNING MATH SOFTWARE, WITH EFFORTS MADE AND DISCOUNTS PROVIDED TO FACILITATE THE IMPLEMENTATION, TRAINING, AND SALE OF THE SOFTWARE AND SOFTWARE-RELATED SERVICES IN SCHOOLS OR EDUCATIONAL FACILITIES WHERE AT LEAST FIFTY PERCENT OF CHILDREN ENROLLED ARE ELIGIBLE FOR FREE OR REDUCED PRICE MEALS. EXPENDITURE RESPONSIBILITY IS BEING CONDUCTED ON THIS LOAN AND REPORTED ON STATEMENT 12. 250,000
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet250,000
    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
    439,732,754
    b
    Average of monthly cash balances.......................
    1b
    22,786,938
    c
    Fair market value of all other assets (see instructions)................
    1c
    27,255,810
    d
    Total (add lines 1a, b, and c).........................
    1d
    489,775,502
    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
    489,775,502
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    7,346,633
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    482,428,869
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    24,121,443
    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
    24,121,443
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    4,527,186
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    4,527,186
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    19,594,257
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    19,594,257
    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
    19,594,257
    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
    56,514,710
    b
    Program-related investments—total from Part IX-B..................
    1b
    250,000
    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
    56,764,710
    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
    56,764,710
    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 19,594,257
    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...... 7,885,937
    b From 2016...... 9,197,015
    c From 2017...... 16,623,748
    d From 2018...... 26,270,619
    e From 2019...... 14,560,293
    fTotal of lines 3a through e........ 74,537,612
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$ 56,764,710
    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..... 19,594,257
    e Remaining amount distributed out of corpus 37,170,453
    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 5 111,708,065
    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) ...     		7,885,937
    9Excess distributions carryover to 2021.
    Subtract lines 7 and 8 from line 6a ......     		103,822,128
    10 Analysis of line 9:
    a Excess from 2016.... 9,197,015
    b Excess from 2017.... 16,623,748
    c Excess from 2018.... 26,270,619
    d Excess from 2019.... 14,560,293
    e Excess from 2020.... 37,170,453
    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).)
    H SIGNE OSTBY
    SCOTT D COOK
    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
    AFRICAN LEADERSHIP FOUNDATION
    PO BOX 7408
    NEW YORK,NY10150     		NONE PC STUDENT SCHOLARSHIPS 120,000
    ALL OUR KIN
    PO BOX 8477
    NEW HAVEN,CT06530     		NONE PC SCALING EARLY CHILDHOOD DEVELOPMENT PROGRAM 350,000
    AMERICAN ASSOCIATION OF UNIVERSITY WOMEN ORINDA MORAGA LAFAYETTE BRANCH
    PO BOX 6705
    MORAGA,CA94556     		NONE PC GENERAL SUPPORT - EDUCATIONAL PROGRAMS 2,700
    BLUE MERIDIAN PARTNERS
    415 MADISON AVE 10TH FLOOR
    NEW YORK,NY10017     		NONE PC COLLABORATIVE PHILANTHROPY INITIATIVE 5,000,000
    BOYS HOPE GIRLS HOPE INTERNATIONAL
    12120 BRIDGETON SQUARE
    BRIDGETON,MO63044     		NONE PC GENERAL SUPPORT - EDUCATIONAL PROGRAMS 190,000
    BRAVEN
    171 N ABERDEEN ST SUITE 400
    CHICAGO,IL60607     		NONE PC SCALING COLLEGE AND CAREER SUCCESS PROGRAM 1,500,000
    CALIFORNIANS DEDICATED TO EDUCATION FOUNDATION
    260 MAIN STREET SUITE 200
    REDWOOD CITY,CA94063     		NONE PC COVID-19 RELIEF EFFORTS - CALIFORNIA BRIDGING THE DIGITAL DIVIDE FUND 500,000
    CASE METHOD INSTITUTE FOR EDUCATION AND DEMOCRACY
    8 STORY STREET SUITE 100
    CAMBRIDGE,MA02138     		NONE PC SCALING HIGH SCHOOL CIVICS PROGRAM 750,000
    CENTERING HEALTHCARE INSTITUTE
    89 SOUTH STREET 404
    BOSTON,MA02111     		NONE PC SCALING MATERNAL AND INFANT HEALTH PROGRAMS 2,262,000
    COASTSIDE LAND TRUST
    PO BOX 3205
    HALF MOON BAY,CA94019     		NONE PC GENERAL SUPPORT - ENVIRONMENTAL CONSERVATION 5,000
    COMMUNITY WATER CENTER
    900 W OAK AVENUE
    VISALIA,CA93291     		NONE PC GENERAL SUPPORT - ENVIRONMENTAL CONSERVATION 10,000
    DESTINATION HOME
    3180 NEWBERRY DRIVE SUITE 200
    SAN JOSE,CA95118     		NONE PC COVID-19 RELIEF EFFORTS - HOMELESSNESS PREVENTION 1,000,000
    DUKE UNIVERSITY
    214A SANFORD BUILDING BOX 90245
    DURHAM,NC27708     		NONE PC SCALING FAMILY CONNECTS EARLY CHILDHOOD DEVELOPMENT PROGRAM 600,000
    EARLY LEARNING SOLUTIONS
    22 PEARCE MITCHELL PLACE
    STANFORD,CA94305     		NONE NC SCALING EARLY CHILDHOOD MATH PROGRAM 259,150
    EASTSIDE COLLEGE PREPARATORY SCHOOL
    1041 MYRTLE STREET
    EAST PALO ALTO,CA94303     		NONE PC GENERAL SUPPORT - EDUCATIONAL PROGRAMS 32,000
    EDUCATE GIRLS
    815 BRAZOS STREET
    AUSTIN,TX78701     		NONE PC SCALING INTERNATIONAL EDUCATIONAL PROGRAM 3,600,000
    FEEDING AMERICA
    161 N CLARK SUITE 700
    CHICAGO,IL60601     		NONE PC COVID-19 RELIEF EFFORTS 25,000
    HARLEM CHILDREN'S ZONE
    35 EAST 125TH STREET
    NEW YORK,NY10035     		NONE PC COVID-19 RELIEF EFFORTS 3,000,000
    HARVARD BUSINESS SCHOOL
    SOLDIERS FIELD
    BOSTON,MA02163     		NONE PC SCALING HIGH SCHOOL CIVICS PROGRAM, ENTREPRENEURSHIP AND INNOVATION FUND, HBS FUND 1,250,000
    HILLSBOROUGH SCHOOLS FOUNDATION
    300 EL CERRITO AVENUE
    HILLSBOROUGH,CA94010     		NONE PC GENERAL SUPPORT - EDUCATIONAL PROGRAMS 7,300
    IMAGINE WORLDWIDE
    575 MARKET STREET
    SAN FRANCISCO,CA94105     		NONE PC SCALING INTERNATIONAL EDUCATIONAL PROGRAM 2,000,000
    INTERNATIONAL MEDICAL CORPS
    12400 WILSHIRE BLVD SUITE 1500
    LOS ANGELES,CA90025     		NONE PC GENERAL SUPPORT - MEDICAL RELIEF PROGRAMS 200,000
    KHAN ACADEMY
    1200 VILLA STREET 100
    MOUNTAIN VIEW,CA94041     		NONE PC SCALING ONLINE EDUCATIONAL PROGRAMS 2,000,000
    KIPP FOUNDATION
    135 MAIN STREET SUITE 1700
    SAN FRANCISCO,CA94105     		NONE PC SCALING CHARTER SCHOOL NETWORK 3,000,000
    LAST MILE HEALTH
    PO BOX 130122
    BOSTON,MA02113     		NONE PC SCALING COMMUNITY HEALTH PROGRAMS 320,000
    LIVING GOODS
    220 HALLECK STREET SUITE 200
    SAN FRANCISCO,CA94129     		NONE PC SCALING COMMUNITY HEALTH PROGRAMS 800,000
    MERCATUS CENTER AT GEORGE MASON UNIVERSITY
    3434 WASHINGTON BLVD 4TH FLOOR
    ARLINGTON,VA22201     		NONE PC COVID-19 MEDICAL RESEARCH - FAST GRANTS 3,000,000
    MK LEVEL PLAYING FIELD INSTITUTE
    2148 BROADWAY
    OAKLAND,CA94612     		NONE PC GENERAL SUPPORT - SMASH 10,000
    NEW DOOR VENTURES
    3221 20TH STREET
    SAN FRANCISCO,CA94111     		NONE PC GENERAL SUPPORT - WORKFORCE DEVELOPMENT 50,000
    NORTHERN LIGHT SCHOOL
    3710 DORISA AVENUE
    OAKLAND,CA94605     		NONE PC GENERAL SUPPORT - EDUCATIONAL PROGRAMS 10,000
    ONE ACRE FUND
    1954 FIRST STREET 183
    HIGHLAND PARK,IL60035     		NONE PC INTERNATIONAL DEVELOPMENT PROGRAM 2,982,397
    PENINSULA OPEN SPACE TRUST
    222 HIGH STREET
    PALO ALTO,CA94301     		NONE PC GENERAL SUPPORT - ENVIRONMENTAL CONSERVATION 5,000
    POSITIVE COACHING ALLIANCE
    1001 N RENGSTORFF AVE SUITE 100
    MOUNTAIN VIEW,CA94043     		NONE PC GENERAL SUPPORT - EDUCATIONAL PROGRAMS 3,000
    ROCKEFELLER PHILANTHROPY ADVISORS
    6 WEST 48TH STREET 10TH FLOOR
    NEW YORK,NY10036     		NONE PC EARLY CHILDHOOD FIELD-BUILDING INITIATIVE 1,000,000
    SACRED HEART SCHOOLS ATHERTON
    150 VALPARAISO AVENUE
    ATHERTON,CA94027     		NONE PC AQUATIC CENTER 7,000
    SILICON VALLEY COMMUNITY FOUNDATION
    2440 WEST EL CAMINO REAL SUITE 300
    MOUNTAIN VIEW,CA94040     		NONE PC COVID-19 RELIEF EFFORTS - SAN MATEO COUNTY STRONG FUND 750,000
    SOLUTIONS JOURNALISM NETWORK
    79 MADISON AVENUE
    NEW YORK,NY10016     		NONE PC SOLUTIONIST PARTNERSHIP 10,000
    TEACHERS COLLEGE COLUMBIA UNIVERSITY
    525 WEST 120TH STREET BOX 30
    NEW YORK,NY10027     		NONE PC EARLY CHILDHOOD RESEARCH INITIATIVE 227,000
    THE MARINA FOUNDATION
    PO BOX 324
    MARINA,CA93933     		NONE PC EDUCATIONAL PROGRAMS 10,000
    THORN
    200 PARK AVENUE SOUTH 8TH FLOOR
    NEW YORK,NY10003     		NONE PC GENERAL SUPPORT - CHILD ABUSE PREVENTION 1,210,000
    TIPPING POINT COMMUNITY
    220 MONTGOMERY STREET SUITE 850
    SAN FRANCISCO,CA94104     		NONE PC COVID-19 RELIEF EFFORTS 750,000
    UCSF FOUNDATION
    600 W 16TH STREET GENENTECH HALL
    S374
    SAN FRANCISCO,CA94117     		NONE PC MEDICAL RESEARCH INITIATIVES 6,494,700
    UNIVERSITY OF CHICAGO
    5801 SOUTH ELLIS AVENUE
    CHICAGO,IL60637     		NONE PC EARLY CHILDHOOD RESEARCH INITIATIVE 1,083,237
    UNIVERSITY OF NEBRASKA MEDICAL CENTER
    984365 NEBRASKA MEDICAL CENTER
    OMAHA,NE68198     		NONE GOV EARLY CHILDHOOD FIELD-BUILDING INITIATIVE 77,000
    UNIVERSITY OF NEW MEXICO
    2211 LOMAS BLVD NE
    ALBUQUERQUE,NM87131     		NONE GOV COVID-19 RELIEF EFFORTS - PROJECT ECHO 1,000,000
    UNIVERSITY OF OREGON FOUNDATION
    1720 E 13TH AVENUE SUITE 410
    EUGENE,OR97403     		NONE PC EARLY CHILDHOOD DEVELOPMENT FIELD-BUILDING INITIATIVE 315,000
    UNIVERSITY OF TEXAS AT AUSTIN
    2300 RED RIVER STREET
    AUSTIN,TX78712     		NONE GOV EARLY CHILDHOOD FIELD-BUILDING INITIATIVE 750,000
    WATERFORD INSTITUTE
    1590 EAST 9400 SOUTH
    SANDY,UT84093     		NONE PC SCALING KINDERGARTEN READINESS PROGRAMS 2,572,475
    WHITEHEAD INSTITUTE FOR BIOMEDICAL RESEARCH
    455 MAIN STREET
    CAMBRIDGE,MA02142     		NONE PC RESEARCH FELLOWS PROGRAM 500,000
    WIKIMEDIA FOUNDATION
    1 MONTGOMERY STREET SUITE 1600
    SAN FRANCISCO,CA94104     		NONE PC GENERAL SUPPORT - PUBLIC INTEREST MEDIA 5,000
    WILDFLOWER FOUNDATION
    1330 LAGOON AVE 4TH FLOOR
    MINNEAPOLIS,MN55408     		NONE PC SCALING MONTESSORI EDUCATIONAL PROGRAM 1,000,000
    WILLIAM MARSH RICE UNIVERSITY
    PO BOX 1892
    HOUSTON,TX77251     		NONE PC SCALING OPENSTAX EDUCATIONAL PROGRAM 2,000,000
    WOODSIDE COMMUNITY FOUNDATION
    PO BOX 620494
    WOODSIDE,CA94062     		NONE PC TRAIL FUND 5,000
    WORLDREADER
    40 RINGOLD STREET
    SAN FRANCISCO,CA94103     		NONE PC GENERAL SUPPORT - EDUCATIONAL PROGRAMS 10,000
    Total .................................bullet 3a 54,619,959
    bApproved for future payment
    ALL OUR KIN
    PO BOX 8477
    NEW HAVEN,CT06530     		NONE PC SCALING EARLY CHILDHOOD DEVELOPMENT PROGRAM 650,000
    BABY2BABY
    5830 W JEFFERSON BLVD
    LOS ANGELES,CA90016     		NONE PC GENERAL SUPPORT - SUPPORT FOR LOW INCOME FAMILIES 50,000
    BLUE MERIDIAN PARTNERS
    415 MADISON AVE 10TH FLOOR
    NEW YORK,NY10017     		NONE PC COLLABORATIVE PHILANTHROPY INITIATIVE 45,000,000
    CENTER FOR POLICING EQUITY
    1925 CENTURY PARK EAST 1700
    LOS ANGELES,CA90067     		NONE PC SCALE RACIAL EQUITY AND PUBLIC SAFETY PROGRAMS 5,000,000
    CRISIS TEXT LINE
    24 WEST 25TH STREET 6TH FLOOR
    NEW YORK,NY10010     		NONE PC SCALING MENTAL HEALTH SERVICES 18,000,000
    DUKE UNIVERSITY
    214A SANFORD BUILDING BOX 90245
    DURHAM,NC27708     		NONE PC SCALING FAMILY CONNECTS EARLY CHILDHOOD DEVELOPMENT PROGRAM 550,000
    EARLY LEARNING SOLUTIONS
    22 PEARCE MITCHELL PLACE
    STANFORD,CA94305     		NONE NC SCALING EARLY CHILDHOOD MATH PROGRAM 120,000
    NURSE-FAMILY PARTNERSHIP
    1900 GRANT STREET SUITE 400
    DENVER,CO80203     		NONE PC SCALING EARLY CHILDHOOD DEVELOPMENT PROGRAM 6,000,000
    ONE ACRE FUND
    1954 FIRST STREET 183
    HIGHLAND PARK,IL60035     		NONE PC SCALING INTERNATIONAL DEVELOPMENT PROGRAMS 15,000,000
    PUENTE DE LA COSTA SUR
    620 NORTH STREET
    PESCADERO,CA94060     		NONE PC COVID-19 RELIEF EFFORTS 100,000
    QUECHUA BENEFIT
    11785 SW RIVER ROAD
    HILLSBORO,OR97123     		NONE PC GENERAL SUPPORT - SOCIAL JUSTICE 5,000
    ROCKEFELLER PHILANTHROPY ADVISORS
    6 WEST 48TH STREET 10TH FLOOR
    NEW YORK,NY10036     		NONE PC EARLY CHILDHOOD FIELD-BUILDING INITIATIVE 1,000,000
    SIRUM
    3000 EL CAMINO REAL SUITE 200
    BUILDING 4
    PALO ALTO,CA94306     		NONE PC IMPROVE ACCESS TO MEDICATION 3,000,000
    SOUTHERN NEW HAMPSHIRE UNIVERSITY
    2500 NORTH RIVER ROAD
    MANCHESTER,NH03106     		NONE PC SCALING REFUGEE COLLEGE PROGRAM 1,500,000
    TEACHERS COLLEGE COLUMBIA UNIVERSITY
    525 WEST 120TH STREET BOX 30
    NEW YORK,NY10027     		NONE PC EARLY CHILDHOOD RESEARCH INITIATIVE 350,000
    UCSF FOUNDATION
    600 W 16TH STREET GENENTECH HALL
    S374
    SAN FRANCISCO,CA94117     		NONE PC MEDICAL RESEARCH INITIATIVES 9,000,000
    UNIVERSITY OF NEW MEXICO
    2211 LOMAS BLVD NE
    ALBUQUERQUE,NM87131     		NONE PC COVID-19 RELIEF EFFORTS - PROJECT ECHO 1,000,000
    UNIVERSITY OF TEXAS AT AUSTIN
    2300 RED RIVER STREET
    AUSTIN,TX78712     		NONE PC EARLY CHILDHOOD FIELD-BUILDING INITIATIVE 750,000
    ZERO TO THREE
    1255 23RD STREET NW SUITE 350
    WASHGINTON,DC20037     		NONE PC SCALING EARLY CHILDHOOD DEVELOPMENT PROGRAM 2,500,000
    Total .................................bullet 3b 109,575,000
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3 Interest on savings and temporary cash
    investments ...........     		         
    4 Dividends and interest from securities....     14 7,463,578  
    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 ............     		    18 782,690  
    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 8,246,268 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    8,246,268
    (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

    Form 990PF Part XV Line 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
    AFRICAN LEADERSHIP FOUNDATIONPO BOX 7408
    NEW YORK,NY10150     		NONE PC STUDENT SCHOLARSHIPS 120,000
    ALL OUR KINPO BOX 8477
    NEW HAVEN,CT06530     		NONE PC SCALING EARLY CHILDHOOD DEVELOPMENT PROGRAM 350,000
    AMERICAN ASSOCIATION OF UNIVERSITY WOMEN ORINDA MORAGA LAFAYETTE BRANCHPO BOX 6705
    MORAGA,CA94556     		NONE PC GENERAL SUPPORT - EDUCATIONAL PROGRAMS 2,700
    BLUE MERIDIAN PARTNERS415 MADISON AVE 10TH FLOOR
    NEW YORK,NY10017     		NONE PC COLLABORATIVE PHILANTHROPY INITIATIVE 5,000,000
    BOYS HOPE GIRLS HOPE INTERNATIONAL12120 BRIDGETON SQUARE
    BRIDGETON,MO63044     		NONE PC GENERAL SUPPORT - EDUCATIONAL PROGRAMS 190,000
    BRAVEN171 N ABERDEEN ST SUITE 400
    CHICAGO,IL60607     		NONE PC SCALING COLLEGE AND CAREER SUCCESS PROGRAM 1,500,000
    CALIFORNIANS DEDICATED TO EDUCATION FOUNDATION260 MAIN STREET SUITE 200
    REDWOOD CITY,CA94063     		NONE PC COVID-19 RELIEF EFFORTS - CALIFORNIA BRIDGING THE DIGITAL DIVIDE FUND 500,000
    CASE METHOD INSTITUTE FOR EDUCATION AND DEMOCRACY8 STORY STREET SUITE 100
    CAMBRIDGE,MA02138     		NONE PC SCALING HIGH SCHOOL CIVICS PROGRAM 750,000
    CENTERING HEALTHCARE INSTITUTE89 SOUTH STREET 404
    BOSTON,MA02111     		NONE PC SCALING MATERNAL AND INFANT HEALTH PROGRAMS 2,262,000
    COASTSIDE LAND TRUSTPO BOX 3205
    HALF MOON BAY,CA94019     		NONE PC GENERAL SUPPORT - ENVIRONMENTAL CONSERVATION 5,000
    COMMUNITY WATER CENTER900 W OAK AVENUE
    VISALIA,CA93291     		NONE PC GENERAL SUPPORT - ENVIRONMENTAL CONSERVATION 10,000
    DESTINATION HOME3180 NEWBERRY DRIVE SUITE 200
    SAN JOSE,CA95118     		NONE PC COVID-19 RELIEF EFFORTS - HOMELESSNESS PREVENTION 1,000,000
    DUKE UNIVERSITY214A SANFORD BUILDING BOX 90245
    DURHAM,NC27708     		NONE PC SCALING FAMILY CONNECTS EARLY CHILDHOOD DEVELOPMENT PROGRAM 600,000
    EARLY LEARNING SOLUTIONS22 PEARCE MITCHELL PLACE
    STANFORD,CA94305     		NONE NC SCALING EARLY CHILDHOOD MATH PROGRAM 259,150
    EASTSIDE COLLEGE PREPARATORY SCHOOL1041 MYRTLE STREET
    EAST PALO ALTO,CA94303     		NONE PC GENERAL SUPPORT - EDUCATIONAL PROGRAMS 32,000
    EDUCATE GIRLS815 BRAZOS STREET
    AUSTIN,TX78701     		NONE PC SCALING INTERNATIONAL EDUCATIONAL PROGRAM 3,600,000
    FEEDING AMERICA161 N CLARK SUITE 700
    CHICAGO,IL60601     		NONE PC COVID-19 RELIEF EFFORTS 25,000
    HARLEM CHILDREN'S ZONE35 EAST 125TH STREET
    NEW YORK,NY10035     		NONE PC COVID-19 RELIEF EFFORTS 3,000,000
    HARVARD BUSINESS SCHOOLSOLDIERS FIELD
    BOSTON,MA02163     		NONE PC SCALING HIGH SCHOOL CIVICS PROGRAM, ENTREPRENEURSHIP AND INNOVATION FUND, HBS FUND 1,250,000
    HILLSBOROUGH SCHOOLS FOUNDATION300 EL CERRITO AVENUE
    HILLSBOROUGH,CA94010     		NONE PC GENERAL SUPPORT - EDUCATIONAL PROGRAMS 7,300
    IMAGINE WORLDWIDE575 MARKET STREET
    SAN FRANCISCO,CA94105     		NONE PC SCALING INTERNATIONAL EDUCATIONAL PROGRAM 2,000,000
    INTERNATIONAL MEDICAL CORPS12400 WILSHIRE BLVD SUITE 1500
    LOS ANGELES,CA90025     		NONE PC GENERAL SUPPORT - MEDICAL RELIEF PROGRAMS 200,000
    KHAN ACADEMY1200 VILLA STREET 100
    MOUNTAIN VIEW,CA94041     		NONE PC SCALING ONLINE EDUCATIONAL PROGRAMS 2,000,000
    KIPP FOUNDATION135 MAIN STREET SUITE 1700
    SAN FRANCISCO,CA94105     		NONE PC SCALING CHARTER SCHOOL NETWORK 3,000,000
    LAST MILE HEALTHPO BOX 130122
    BOSTON,MA02113     		NONE PC SCALING COMMUNITY HEALTH PROGRAMS 320,000
    LIVING GOODS220 HALLECK STREET SUITE 200
    SAN FRANCISCO,CA94129     		NONE PC SCALING COMMUNITY HEALTH PROGRAMS 800,000
    MERCATUS CENTER AT GEORGE MASON UNIVERSITY3434 WASHINGTON BLVD 4TH FLOOR
    ARLINGTON,VA22201     		NONE PC COVID-19 MEDICAL RESEARCH - FAST GRANTS 3,000,000
    MK LEVEL PLAYING FIELD INSTITUTE2148 BROADWAY
    OAKLAND,CA94612     		NONE PC GENERAL SUPPORT - SMASH 10,000
    NEW DOOR VENTURES3221 20TH STREET
    SAN FRANCISCO,CA94111     		NONE PC GENERAL SUPPORT - WORKFORCE DEVELOPMENT 50,000
    NORTHERN LIGHT SCHOOL3710 DORISA AVENUE
    OAKLAND,CA94605     		NONE PC GENERAL SUPPORT - EDUCATIONAL PROGRAMS 10,000
    ONE ACRE FUND1954 FIRST STREET 183
    HIGHLAND PARK,IL60035     		NONE PC INTERNATIONAL DEVELOPMENT PROGRAM 2,982,397
    PENINSULA OPEN SPACE TRUST222 HIGH STREET
    PALO ALTO,CA94301     		NONE PC GENERAL SUPPORT - ENVIRONMENTAL CONSERVATION 5,000
    POSITIVE COACHING ALLIANCE1001 N RENGSTORFF AVE SUITE 100
    MOUNTAIN VIEW,CA94043     		NONE PC GENERAL SUPPORT - EDUCATIONAL PROGRAMS 3,000
    ROCKEFELLER PHILANTHROPY ADVISORS6 WEST 48TH STREET 10TH FLOOR
    NEW YORK,NY10036     		NONE PC EARLY CHILDHOOD FIELD-BUILDING INITIATIVE 1,000,000
    SACRED HEART SCHOOLS ATHERTON150 VALPARAISO AVENUE
    ATHERTON,CA94027     		NONE PC AQUATIC CENTER 7,000
    SILICON VALLEY COMMUNITY FOUNDATION2440 WEST EL CAMINO REAL SUITE 300
    MOUNTAIN VIEW,CA94040     		NONE PC COVID-19 RELIEF EFFORTS - SAN MATEO COUNTY STRONG FUND 750,000
    SOLUTIONS JOURNALISM NETWORK79 MADISON AVENUE
    NEW YORK,NY10016     		NONE PC SOLUTIONIST PARTNERSHIP 10,000
    TEACHERS COLLEGE COLUMBIA UNIVERSITY525 WEST 120TH STREET BOX 30
    NEW YORK,NY10027     		NONE PC EARLY CHILDHOOD RESEARCH INITIATIVE 227,000
    THE MARINA FOUNDATIONPO BOX 324
    MARINA,CA93933     		NONE PC EDUCATIONAL PROGRAMS 10,000
    THORN200 PARK AVENUE SOUTH 8TH FLOOR
    NEW YORK,NY10003     		NONE PC GENERAL SUPPORT - CHILD ABUSE PREVENTION 1,210,000
    TIPPING POINT COMMUNITY220 MONTGOMERY STREET SUITE 850
    SAN FRANCISCO,CA94104     		NONE PC COVID-19 RELIEF EFFORTS 750,000
    UCSF FOUNDATION600 W 16TH STREET GENENTECH HALL
    S374
    SAN FRANCISCO,CA94117     		NONE PC MEDICAL RESEARCH INITIATIVES 6,494,700
    UNIVERSITY OF CHICAGO5801 SOUTH ELLIS AVENUE
    CHICAGO,IL60637     		NONE PC EARLY CHILDHOOD RESEARCH INITIATIVE 1,083,237
    UNIVERSITY OF NEBRASKA MEDICAL CENTER984365 NEBRASKA MEDICAL CENTER
    OMAHA,NE68198     		NONE GOV EARLY CHILDHOOD FIELD-BUILDING INITIATIVE 77,000
    UNIVERSITY OF NEW MEXICO2211 LOMAS BLVD NE
    ALBUQUERQUE,NM87131     		NONE GOV COVID-19 RELIEF EFFORTS - PROJECT ECHO 1,000,000
    UNIVERSITY OF OREGON FOUNDATION1720 E 13TH AVENUE SUITE 410
    EUGENE,OR97403     		NONE PC EARLY CHILDHOOD DEVELOPMENT FIELD-BUILDING INITIATIVE 315,000
    UNIVERSITY OF TEXAS AT AUSTIN2300 RED RIVER STREET
    AUSTIN,TX78712     		NONE GOV EARLY CHILDHOOD FIELD-BUILDING INITIATIVE 750,000
    WATERFORD INSTITUTE1590 EAST 9400 SOUTH
    SANDY,UT84093     		NONE PC SCALING KINDERGARTEN READINESS PROGRAMS 2,572,475
    WHITEHEAD INSTITUTE FOR BIOMEDICAL RESEARCH455 MAIN STREET
    CAMBRIDGE,MA02142     		NONE PC RESEARCH FELLOWS PROGRAM 500,000
    WIKIMEDIA FOUNDATION1 MONTGOMERY STREET SUITE 1600
    SAN FRANCISCO,CA94104     		NONE PC GENERAL SUPPORT - PUBLIC INTEREST MEDIA 5,000
    WILDFLOWER FOUNDATION1330 LAGOON AVE 4TH FLOOR
    MINNEAPOLIS,MN55408     		NONE PC SCALING MONTESSORI EDUCATIONAL PROGRAM 1,000,000
    WILLIAM MARSH RICE UNIVERSITYPO BOX 1892
    HOUSTON,TX77251     		NONE PC SCALING OPENSTAX EDUCATIONAL PROGRAM 2,000,000
    WOODSIDE COMMUNITY FOUNDATIONPO BOX 620494
    WOODSIDE,CA94062     		NONE PC TRAIL FUND 5,000
    WORLDREADER40 RINGOLD STREET
    SAN FRANCISCO,CA94103     		NONE PC GENERAL SUPPORT - EDUCATIONAL PROGRAMS 10,000
    Total ...............................bullet 3a 54,619,959
    bApproved for future payment
    ALL OUR KINPO BOX 8477
    NEW HAVEN,CT06530     		NONE PC SCALING EARLY CHILDHOOD DEVELOPMENT PROGRAM 650,000
    BABY2BABY5830 W JEFFERSON BLVD
    LOS ANGELES,CA90016     		NONE PC GENERAL SUPPORT - SUPPORT FOR LOW INCOME FAMILIES 50,000
    BLUE MERIDIAN PARTNERS415 MADISON AVE 10TH FLOOR
    NEW YORK,NY10017     		NONE PC COLLABORATIVE PHILANTHROPY INITIATIVE 45,000,000
    CENTER FOR POLICING EQUITY1925 CENTURY PARK EAST 1700
    LOS ANGELES,CA90067     		NONE PC SCALE RACIAL EQUITY AND PUBLIC SAFETY PROGRAMS 5,000,000
    CRISIS TEXT LINE24 WEST 25TH STREET 6TH FLOOR
    NEW YORK,NY10010     		NONE PC SCALING MENTAL HEALTH SERVICES 18,000,000
    DUKE UNIVERSITY214A SANFORD BUILDING BOX 90245
    DURHAM,NC27708     		NONE PC SCALING FAMILY CONNECTS EARLY CHILDHOOD DEVELOPMENT PROGRAM 550,000
    EARLY LEARNING SOLUTIONS22 PEARCE MITCHELL PLACE
    STANFORD,CA94305     		NONE NC SCALING EARLY CHILDHOOD MATH PROGRAM 120,000
    NURSE-FAMILY PARTNERSHIP1900 GRANT STREET SUITE 400
    DENVER,CO80203     		NONE PC SCALING EARLY CHILDHOOD DEVELOPMENT PROGRAM 6,000,000
    ONE ACRE FUND1954 FIRST STREET 183
    HIGHLAND PARK,IL60035     		NONE PC SCALING INTERNATIONAL DEVELOPMENT PROGRAMS 15,000,000
    PUENTE DE LA COSTA SUR620 NORTH STREET
    PESCADERO,CA94060     		NONE PC COVID-19 RELIEF EFFORTS 100,000
    QUECHUA BENEFIT11785 SW RIVER ROAD
    HILLSBORO,OR97123     		NONE PC GENERAL SUPPORT - SOCIAL JUSTICE 5,000
    ROCKEFELLER PHILANTHROPY ADVISORS6 WEST 48TH STREET 10TH FLOOR
    NEW YORK,NY10036     		NONE PC EARLY CHILDHOOD FIELD-BUILDING INITIATIVE 1,000,000
    SIRUM3000 EL CAMINO REAL SUITE 200
    BUILDING 4
    PALO ALTO,CA94306     		NONE PC IMPROVE ACCESS TO MEDICATION 3,000,000
    SOUTHERN NEW HAMPSHIRE UNIVERSITY2500 NORTH RIVER ROAD
    MANCHESTER,NH03106     		NONE PC SCALING REFUGEE COLLEGE PROGRAM 1,500,000
    TEACHERS COLLEGE COLUMBIA UNIVERSITY525 WEST 120TH STREET BOX 30
    NEW YORK,NY10027     		NONE PC EARLY CHILDHOOD RESEARCH INITIATIVE 350,000
    UCSF FOUNDATION600 W 16TH STREET GENENTECH HALL
    S374
    SAN FRANCISCO,CA94117     		NONE PC MEDICAL RESEARCH INITIATIVES 9,000,000
    UNIVERSITY OF NEW MEXICO2211 LOMAS BLVD NE
    ALBUQUERQUE,NM87131     		NONE PC COVID-19 RELIEF EFFORTS - PROJECT ECHO 1,000,000
    UNIVERSITY OF TEXAS AT AUSTIN2300 RED RIVER STREET
    AUSTIN,TX78712     		NONE PC EARLY CHILDHOOD FIELD-BUILDING INITIATIVE 750,000
    ZERO TO THREE1255 23RD STREET NW SUITE 350
    WASHGINTON,DC20037     		NONE PC SCALING EARLY CHILDHOOD DEVELOPMENT PROGRAM 2,500,000
    Total ................................bullet 3b 109,575,000
    Schedule B
    (Form 990, 990-EZ,
    or 990-PF)
    Department of the Treasury
    Internal Revenue Service
    Schedule of Contributors

    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    Arrow Bullet Go to www.irs.gov/Form990 for the latest information.
    OMB No. 1545-0047
    2020
    Name of the organization
    VALHALLA FOUNDATION
     
    Employer identification number

    20-0478828
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ






    Form 990-PF




    Check if your organization is covered by the General Rule or a Special Rule.  
    Note: Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
    General Rule
    Special Rules
    ......... Arrow Bullet $  
    Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
    990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
    or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
    990-EZ, or 990-PF).
    For Paperwork Reduction Act Notice, see the Instructions
    for Form 990, 990-EZ, or 990-PF.
    Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020) Page 2
    Name of organization
    VALHALLA FOUNDATION
          		Employer identification number
    20-0478828
    Part I
    Contributors
    Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    1
    2017 COOK-OSTBY CRUT
     
    175 FOX HOLLOW ROAD
     
    WOODSIDE, CA94062

    		$ 28,095,160


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    2
    2019 SCOTT D COOK CRUT
     
    175 FOX HOLLOW ROAD
     
    WOODSIDE, CA94062

    		$ 3,954,753


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    3
    2019 HELEN SIGNE OSTBY CRUT
     
    175 FOX HOLLOW ROAD
     
    WOODSIDE, CA94062

    		$ 3,982,715


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    4
    SCOTT COOK AND SIGNE OSTBY
     
    175 FOX HOLLOW ROAD
     
    WOODSIDE, CA94062

    		$ 414,230,278


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    5
    2017 HELEN SIGNE OSTBY CRUT
     
    175 FOX HOLLOW ROAD
     
    WOODSIDE, CA94062

    		$ 3,315,352


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    6
    2017 SCOTT D COOK CRUT
     
    175 FOX HOLLOW ROAD
     
    WOODSIDE, CA94062

    		$ 3,315,352


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Page 3
    Name of organization
    VALHALLA FOUNDATION
          		Employer identification number

    20-0478828
    Part II
    Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    4
    		 PUBLICLY TRADED STOCK $ 414,230,278 2020-08-31
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Page 4
    Name of organization
    VALHALLA FOUNDATION
          		Employer identification number

    20-0478828
    Part III
    Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
    Use duplicate copies of Part III if additional space is needed.
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Additional Data


    Software ID:  
    Software Version:  

    TY 2020 AccountingFeesSchedule
    Name:
    VALHALLA FOUNDATION
    EIN:
    20-0478828
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 60,838 15,210   0

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

    TY 2020 ExpenditureResponsibilityStmt
    Name:
    VALHALLA FOUNDATION
    EIN:
    20-0478828
    Grantee's Name Grantee's Address Grant Date Grant Amount Grant Purpose Amount Expended By Grantee Any Diversion By Grantee? Dates of Reports By Grantee Date of Verification Results of Verification
    EARLY LEARNING SOLUTIONS INC
          		22 PEARCE MITCHELL PLACE
    STANFORD,CA94305     		2020-09-29 250,000 PRI LOAN PROVIDED TO SCALE THE MATH SHELF EARLY CHILDHOOD LEARNING PROGRAM FOR LOW INCOME COMMUNITIES. REFER TO STATEMENT 13. 106,318   01/27/20 AND 1/4/21 2021-01-04 THE FOUNDATION CONDUCTED A REVIEW OF THE BORROWER'S EXPENDITURES AND PROGRESS REPORT AND FOUND THEM TO BE IN COMPLIANCE WITH THE TERMS OF THE PRI LOAN AGREEMENT.
    EARLY LEARNING SOLUTIONS INC
          		22 PEARCE MITCHELL PLACE
    STANFORD,CA94305     		2020-01-07 259,150 TO SCALE THE MATH SHELF EARLY CHILDHOOD LEARNING PROGRAM FOR LOW INCOME COMMUNITIES. 259,150   1/7/20, 3/26/20, 8/31/20, AND 12/7/20 2020-12-07 THE FOUNDATION CONDUCTED A REVIEW OF THE GRANT EXPENDITURES AND GRANTEE REPORTS, AND FOUND THEM TO BE IN COMPLIANCE WITH THE TERMS OF THE GRANT AGREEMENT.
    EARLY LEARNING SOLUTIONS INC
          		22 PEARCE MITCHELL PLACE
    STANFORD,CA94305     		2019-03-29 250,000 PRI LOAN PROVIDED TO SCALE THE MATH SHELF EARLY CHILDHOOD LEARNING PROGRAM FOR LOW INCOME COMMUNITIES. REFER TO STATEMENT 13. 250,000   1/27/20 AND 1/4/21 2021-01-04 THE FOUNDATION CONDUCTED A REVIEW OF THE BORROWER'S EXPENDITURES AND PROGRESS REPORT AND FOUND THEM TO BE IN COMPLIANCE WITH THE TERMS OF THE PRI LOAN AGREEMENT.

    TY 2020 InvestmentsCorpBondsSchedule
    Name:
    VALHALLA FOUNDATION
    EIN:
    20-0478828
    Name of Bond End of Year Book Value End of Year Fair Market Value
    PIMCO LOW DURATION FD-INST 23,701,564 23,701,564
    VANGUARD TOTAL BOND MARKET INDEX FUND-ADM 102,466,802 102,466,802
    VANGUARD TOTAL INTL BND-ADM 46,130,420 46,130,420
    PIMCO HIGH YIELD FUND-INST 16,779,286 16,779,286

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    VALHALLA FOUNDATION
    EIN:
    20-0478828
    Name of Stock End of Year Book Value End of Year Fair Market Value
    ISHARES CORE MSCI EAFE ETF 56,819,132 56,819,132
    JPM BTABLDRS DEV ASIA X-JPN 4,488,280 4,488,280
    JPMORGAN BETABUILDERS CANADA 9,714,928 9,714,928
    JPMORGAN BETABUILDERS EUROPE ETF 14,592,225 14,592,225
    JPMORGAN BETABUILDERS JAPAN ETF 8,979,544 8,979,544
    VANGUARD FTSE EMERGING MARKE 43,807,715 43,807,715
    VANGUARD MID-CAP ETF 28,078,332 28,078,332
    INTUIT STOCK 151,940,000 151,940,000
    FIDELITY 500 INDEX-INST PRM 198,453,550 198,453,550

    TY 2020 InvestmentsOtherSchedule2
    Name:
    VALHALLA FOUNDATION
    EIN:
    20-0478828
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    NEARPOD INC. FMV 2,387,011 2,387,011
    OCTAVE BIOSCIENCE INC FMV 1,642,568 1,642,568
    OWL VENTURES II, LP FMV 2,901,962 2,901,962
    OWL VENTURES III, LP FMV 2,619,462 2,619,462
    PARENTPOWERED FMV 2,516,712 2,516,712
    REACH II, LP FMV 1,650,659 1,650,659
    REACH, LP FMV 4,501,450 4,501,450
    REMIND FMV 2,400,000 2,400,000
    RETHINK EDUCATION II, LP FMV 3,100,248 3,100,248
    THINKCERCA FMV 954,924 954,924
    OWL VENTURES IV LP FMV 485,282 485,282
    OWL VENTURES OPPORTUNITY FUND I LP FMV 1,532,594 1,532,594
    AT ONE VENTURES FMV 562,938 562,938

    TY 2020 LegalFeesSchedule
    Name:
    VALHALLA FOUNDATION
    EIN:
    20-0478828
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 14,870 0   7,435


    TY 2020 OtherExpensesSchedule
    Name:
    VALHALLA FOUNDATION
    EIN:
    20-0478828
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FILING FEES 2,192 0   0
    SOFTWARE AND SUBSCRIPTIONS 32,240 0   28,233
    OFFICE SUPPLIES AND EXPENSES 48 0   0
    STAFF DEVELOPMENT 8,522 0   0


    TY 2020 OtherIncreasesSchedule
    Name:
    VALHALLA FOUNDATION
    EIN:
    20-0478828
    Description Amount
    NET UNREALIZED GAIN 55,077,591


    TY 2020 OtherLiabilitiesSchedule
    Name:
    VALHALLA FOUNDATION
    EIN:
    20-0478828
    Description Beginning of Year - Book Value End of Year - Book Value
    PROVISION FOR TAXES 0 1,615,495


    TY 2020 OtherProfessionalFeesSchedule
    Name:
    VALHALLA FOUNDATION
    EIN:
    20-0478828
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    CONSULTING FEES 1,830,000 0   1,840,973
    PORTFOLIO SUPPORT SERVICES 12,275 0   12,275
    INVESTMENT MANAGEMENT FEES 1,070,422 996,576   0
    FINANCE AND OPERATIONS CONSULTING 500 0   0


    TY 2020 TaxesSchedule
    Name:
    VALHALLA FOUNDATION
    EIN:
    20-0478828
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FEDERAL TAXES 4,970,069 0   0
    FOREIGN TAXES 0 556,181   0