TY 2020 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

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

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

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

OMB No. 1545-0052

2020

Open to Public Inspection

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

Name of foundation
DAVID & JANIS LARSON FOUNDATION
C/O FIRST TRUST COMPANY LLC

Number and street (or P.O. box number if mail is not delivered to street address)332 MINNESOTA STREET NO W2900
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
ST PAUL, MN551011377

A Employer identification number

41-1957525

B Telephone number (see instructions)

(651) 330-5910

C If exemption application is pending, check here bullet

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

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

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

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

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

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

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

$180,527,532J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

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


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .............
3	Interest on savings and temporary cash investments	1,164		1,164
4	Dividends and interest from securities...	3,439,953		3,433,001
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		-4,375,249
b	Gross sales price for all assets on line 6a 114,566,472
7	Capital gain net income (from Part IV, line 2)...			0
8	Net short-term capital gain.........
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......		530,054	530,054
12	Total. Add lines 1 through 11........	-404,078		3,964,219
13	Compensation of officers, directors, trustees, etc.	157,857		0	157,857
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........		21,481	0	21,481
b	Accounting fees (attach schedule).......
c	Other professional fees (attach schedule)....
17	Interest...............
18	Taxes (attach schedule) (see instructions)...		251,428	100,372	0
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......		531,424	392,082	139,342
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	962,190		492,454	318,680
25	Contributions, gifts, grants paid.......	7,500,000			7,500,000
26	Total expenses and disbursements. Add lines 24 and 25	8,462,190		492,454	7,818,680
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-8,866,268
b	Net investment income (if negative, enter -0-)			3,471,765
c	Adjusted net income (if negative, enter -0-)...

For Paperwork Reduction Act Notice, see instructions.

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

Form 990-PF (2020)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............
	2	Savings and temporary cash investments.........	2,172,805	3,296,421	3,296,421
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......
	c	Investments—corporate bonds (attach schedule).......
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	137,708,583	124,234,234	173,498,765
	14	Land, buildings, and equipment: basis 2,045
		Less: accumulated depreciation (attach schedule) 2,045
	15	Other assets (describe )	24,991	3,732,346	3,732,346
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	139,906,379	131,263,001	180,527,532
	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 )
	23	Total liabilities (add lines 17 through 22).........	0	0
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........	139,906,379	140,129,269
	27	Paid-in or capital surplus, or land, bldg., and equipment fund	0	0
	28	Retained earnings, accumulated income, endowment, or other funds	0	-8,866,268
	29	Total net assets or fund balances (see instructions).....	139,906,379	131,263,001
	30	Total liabilities and net assets/fund balances (see instructions).	139,906,379	131,263,001

Part III

Analysis of Changes in Net Assets or Fund Balances

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

139,906,379

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

-8,866,268

Other increases not included in line 2 (itemize) bullet

230,292

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

131,270,403

Decreases not included in line 2 (itemize) bullet

7,402

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

131,263,001

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	AT&T NOTE		2020-01-08	2020-09-14
b	ALIBABA GROUP		2019-05-31	2020-05-21
c	APPLE INC		2020-01-08	2020-09-28
d	BP ADR		2020-09-29	2020-10-06
e	BANK OF AMERICA		2019-05-09	2020-05-04
	BOEING		2019-03-19	2020-03-11
	CORNING INC		2019-08-19	2020-08-21
	CORTEVA INC		2019-03-19	2020-03-11
	DOCUSIGN		2020-03-11	2020-07-17
	FEDERAL HOME LOAN BANKS BOND		2019-07-03	2020-03-06
	FEDERAL FARM CREDIT BOND		2019-03-22	2020-03-06
	FEDERAL FARM CREDIT BOND		2019-07-03	2020-03-06
	GENERAL MILLS		2019-07-02	2020-03-31
	GLOBAL PAYMENTS INC		2020-01-08	2020-09-14
	GOLDMAN SACHS		2020-01-08	2020-06-15
	GOODYEAR TIRE		2020-01-08	2020-03-11
	IAA INC		2020-01-08	2020-07-08
	IQVIA HOLDINGS		2020-01-08	2020-04-01
	ISHARES TRUST 3 7YR TREAS		2019-12-24	2020-12-11
	L3 HARRIS TECH		2020-01-08	2020-07-08
	ELI LILLY		2020-01-08	2020-04-24
	MATCH GROUP		2019-08-22	2020-07-08
	MIDDLEBY CORP		2020-01-08	2020-03-11
	NEWMONT CORP		2020-01-08	2020-03-26
	PALO ALTO NETWORKS		2020-01-08	2020-03-11
	PAYPAL HOLDINGS		2019-12-03	2020-05-04
	ROLLS ROYCE HOLDINGS		2020-01-08	2020-11-04
	SLACK TECH		2020-01-08	2020-09-14
	UNDER ARMOUR		2020-01-08	2020-03-11
	US TREASURY NOTE		2020-01-08	2020-06-05
	US TREASURY NOTE		2020-01-22	2020-05-04
	US TREASURY NOTE		2020-01-08	2020-04-15
	US TREASURY NOTE		2020-01-08	2020-04-20
	US TREASURY NOTE		2020-04-15	2020-05-04
	VAIL RESORTS		2020-01-08	2020-03-11
	VANGUARD TOTAL BOND		2020-01-08	2020-12-18
	VMWARE INC NOTE		2019-08-12	2020-05-04
	WABTEC CORP		2020-01-08	2020-03-11
	XILINX INC		2020-01-08	2020-03-11
	ALCON AG		2020-01-08	2020-03-06
	CITIGROUP NOTE		2020-01-10	2020-10-26
	AON PLC		2019-02-07	2020-05-01
	AT&T NOTE		2019-02-07	2020-05-01
	ALIBABA GROUP		2019-02-11	2020-05-21
	ALPHABET INC		2019-02-11	2020-07-17
	ALPHABET NOTE		2019-02-07	2020-05-01
	ALPHABET NOTE-MKT DISC		2019-02-07	2020-05-01
	AMAZON		2019-02-11	2020-03-11
	AMERICAN EXPRESS		2019-02-07	2020-05-01
	AMER INTL GROUP		2019-02-07	2020-05-01
	AMGEN INC NOTE		2019-02-14	2020-05-01
	APPLE INC		2019-02-07	2020-05-04
	APPLE INC NOTE		2019-02-07	2020-05-04
	APPLE NOTE - MKT DISC		2019-02-07	2020-05-04
	BP ADR		2019-02-07	2020-10-06
	BANK OF AMERICA NOTE		2019-05-09	2020-09-28
	BANK OF AMERICA NOTE - MKT DISC		2019-05-09	2020-09-29
	BERKSHIRE HATHAWAY NOTE		2019-03-18	2020-05-04
	BLACKROCK INC NOTE		2019-02-07	2020-05-04
	CAPITAL ONE NOTE		2019-02-07	2020-05-04
	CORNING INC		2019-02-07	2020-08-21
	CORTEVA INC		2019-02-07	2020-03-11
	COSTCO WHOLESALE		2019-02-07	2020-07-17
	EDWARDS LIFESCIENCES		2019-02-07	2020-07-17
	FACEBOOK		2019-02-07	2020-07-17
	GENERAL MILLS		2019-07-02	2020-10-27
	GOLDMAN SACHS NOTE		2019-02-07	2020-05-04
	GOODYEAR TIRE		2019-02-07	2020-03-11
	INTEL CORP		2019-02-07	2020-05-04
	INTERCONTINENTAL EXCHANGE		2019-02-07	2020-07-17
	INTUIT INC		2019-02-07	2020-07-17
	IQVIA HOLDINGS		2019-02-07	2020-04-01
	ISHARES CORE US AGGREGATE		2019-05-06	2020-12-18
	ISHARES TRUST 3 7YR TREAS		2019-02-07	2020-12-11
	JP MORGAN NOTE		2019-02-07	2020-05-04
	ELI LILLY		2019-02-07	2020-04-24
	LOWES NOTE		2019-02-07	2020-05-04
	LOWES NOTE		2019-02-07	1929-05-04
	MICROSOFT		2019-02-07	2020-03-11
	MIDDLEBY CORP		2019-02-11	2020-03-11
	MORGAN STANLEY NOTE		2019-02-07	2020-05-04
	NEWMONT CORP		2019-02-07	2020-03-26
	OREILLY AUTO		2019-02-07	2020-07-17
	OLD DOMINION FREIGHT LINE		2019-02-11	2020-04-08
	ORACLE CORP NOTE		2019-02-07	2020-05-04
	ORACLE CORP NOTE- MKT DISC		2019-02-07	2020-05-04
	PALO ALTO NETWORKS		2019-02-11	2020-03-11
	PAPA JOHNS		2019-02-07	2020-06-09
	RIO TINTO FINANCE NOTE		2019-02-07	2020-05-04
	ROYAL DUTCH SHELL		2019-02-07	2020-10-06
	SALESFORCE NOTE		2019-02-07	2020-05-04
	SHERWIN WILLIAMS		2019-02-07	2020-07-17
	STRYKER		2019-02-07	2020-07-17
	STRYKER - WASH SALES		2019-02-07	2020-07-17
	UNDER ARMOUR		2019-02-11	2020-03-11
	US TREASURY NOTE		2019-02-07	2020-05-04
	US TREASURY NOTE		2019-02-07	2020-05-04
	US TREASURY NOTE		2019-02-14	2020-05-04
	US TREASURY NOTE		2019-02-14	2020-05-04
	US TREASURY NOTE- MKT DISC		2019-02-14	2020-05-04
	US TREASURY NOTE		2019-02-07	2020-05-04
	US TREASURY NOTE- MKT DISC		2019-02-07	2020-05-04
	US TREASURY NOTE		2019-02-07	2020-05-04
	US TREASURY NOTE- MKT DISC		2019-02-07	2020-05-04
	US TREASURY NOTE		2019-02-07	2020-05-04
	US TREASURY NOTE- MKT DISC		2019-02-07	2020-05-04
	US TREASURY NOTE		2019-02-07	2020-04-15
	UNITED HEALTH		2019-02-07	2020-07-17
	VAIL RESORTS		2019-02-11	2020-03-11
	VANGUARD INT TERM CORP		2019-05-06	2020-12-18
	VISA		2019-02-07	2020-07-17
	WALMART		2019-02-07	2020-04-24
	WELLS FARGO		2019-02-14	2020-05-04
	ALCON AG		2019-02-07	2020-03-06
	CANNAE HOLDINGS		2019-02-07	2020-11-18
	CATERPILLAR INC		2019-02-07	2020-12-23
	CITIGROUP NOTE		2019-02-11	2020-05-04
	WALT DISNEY		2015-01-28	2020-03-11
	ACUITY BRANDS		2019-02-11	2020-01-13
	BERKSHIRE HATHAWAY NOTE		2019-03-18	2020-01-17
	CHEVRON CORP NOTE		2019-02-07	2020-01-22
	CHIPOTLE MEXICAN GRILL		2019-08-07	2020-01-13
	WALT DISNEY		2020-01-06	2020-01-13
	OREILLY AUTO		2019-04-03	2020-01-13
	UNDER ARMOUR		2019-07-05	2020-01-13
	UNITED RENTALS		2019-04-03	2020-01-31
	XILINX INC		2019-05-21	2020-01-31
	CHUBB LTD		2019-02-20	2020-01-03
	CATERPILLAR INC		2019-02-07	2020-02-14
	WALT DISNEY		2015-01-28	2020-01-13
	ISHARES CORE S&P		2020-03-03	2020-03-11
	ISHARES CORE US AGGREGATE		2020-02-07	2020-03-02
	ISHARES CORE S&P SCP		2019-05-10	2020-05-06
	ISHARES TRUST EAFE SML CP		2020-02-07	2020-03-04
	ISHARES CORE MSCI EMKT		2020-02-07	2020-03-11
	SPDR EMG MKT		2020-03-11	2020-04-15
	SPDR S&P EMG MKT SM CAP		2020-02-25	2020-04-15
	SPDR DEVLPD		2020-03-11	2020-03-18
	SCHWAB STRATEGIC MID CAP		2020-02-07	2020-03-18
	SCHWAB STRATEGIC INTL EQUITY		2020-02-07	2020-04-15
	SCHWAB STRATEGIC US REIT		2020-03-11	2020-04-15
	SCHWAB STRATEGIC INTL SM CAP		2020-03-04	2020-05-20
	VANGUARD DEV MKT		2020-01-31	2020-03-11
	VANGUARD INT TERM CORP		2019-05-06	2020-03-03
	VANGUARD REAL ESTATE		2020-02-07	2020-05-20
	VANGUARD MID CAP		2019-08-15	2020-03-11
	VANGUARD LARGE CAP		2020-03-11	2020-03-18
	VANGUARD SM CAP		2020-02-07	2020-04-15
	WISDOMTREE EMG MKTS		2019-08-06	2020-02-25
	ISHARES CORE S&P SCP		2016-11-18	2020-05-06
	AMERICAN EXPRESS- MKT DISC
	GAIN ON LIQUIDATION OF OKABENA SPEC. OPP PER K-1
	ROYAL DUTCH SHELL		2020-02-07	2020-10-06
	OKABENA SPEC OPP K-1 ST CAPITAL LOSS
	OKABENA SPEC OPP K-1 LT CAPITAL LOSS
	LIQUIDATION OF OKABENA SPEC OPP		2017-07-01	2020-12-31
	OKABENA PRIVATE MKTS K-1 ST CAPITAL GAIN
	OKABENA PRIVATE MKTS K-1 LT CAPITAL LOSS
	OKABENA PRIVATE MKTS K-1 LT SECTION 1231 GAIN
	BANK OF AMERICA - MKT DISC		2019-05-09	2020-05-04
	CAPITAL GAINS DIVIDENDS	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	59,168	56,929	2,239
b	14,169	10,008	4,161
c	62,912	60,851	2,061
d	29,031	29,764	-733
e	42,178	39,191	2,987
	38,395	65,219	-26,824
	267,559	233,476	34,083
	199,269	222,874	-23,605
	9,460	3,776	5,684
	459,538	458,949	589
	519,225	511,158	8,067
	450,335	452,974	-2,639
	41,028	41,947	-919
	105,499	107,873	-2,374
	105,000	105,000	0
	335,001	590,564	-255,563
	50,197	52,838	-2,641
	34,305	50,818	-16,513
	38,849	36,651	2,198
	47,902	57,598	-9,696
	66,502	47,852	18,650
	13	12	1
	19,809	27,377	-7,568
	337,812	252,351	85,461
	30,335	41,803	-11,468
	31,542	30,190	1,352
	465,071	965,530	-500,459
	36,391	38,547	-2,156
	22,599	43,729	-21,130
	76,976	71,101	5,875
	53,698	50,942	2,756
	418,818	417,581	1,237
	430,538	392,561	37,977
	20,040	20,211	-171
	23,688	32,971	-9,283
	615,752	616,709	-957
	25,310	25,322	-12
	29,097	40,043	-10,946
	17,825	23,584	-5,759
	434,719	448,200	-13,481
	55,000	55,000	0
	49,766	45,552	4,214
	391,788	369,086	22,702
	12,688	10,065	2,623
	122,582	93,595	28,987
	47,402	41,734	5,668
	485		485
	29,604	25,489	4,115
	58,330	53,599	4,731
	60,733	54,497	6,236
	54,115	50,659	3,456
	452,385	150,521	301,864
	424,387	400,396	23,991
	1,806		1,806
	326,188	745,766	-419,578
	27,383	24,494	2,889
	73		73
	497,296	478,958	18,338
	43,390	40,805	2,585
	25,673	25,468	205
	142,467	149,659	-7,192
	55,161	62,842	-7,681
	19,538	14,044	5,494
	18,215	14,557	3,658
	24,392	18,133	6,259
	775,440	668,602	106,838
	205,032	205,132	-100
	51,036	146,483	-95,447
	62,780	59,957	2,823
	14,833	12,089	2,744
	46,731	38,989	7,742
	5,666	7,168	-1,502
	4,117,541	3,791,024	326,517
	1,897,760	1,751,286	146,474
	31,306	30,146	1,160
	136,591	98,363	38,228
	42,249	37,973	4,276
	265		265
	21,391	14,507	6,884
	5,507	7,463	-1,956
	31,287	30,857	430
	140,981	99,263	41,718
	14,703	12,560	2,143
	62	47	15
	36,885	33,407	3,478
	239		239
	3,476	4,925	-1,449
	10,669	6,982	3,687
	37,876	35,831	2,045
	175,528	461,486	-285,958
	33,700	30,630	3,070
	18,247	13,059	5,188
	17,436	17,088	348
	65		65
	5,524	10,051	-4,527
	253,422	221,542	31,880
	130,883	113,971	16,912
	55,938	50,181	5,757
	86,551	78,828	7,723
	233		233
	98,663	93,004	5,659
	642		642
	306,523	297,445	9,078
	1,319		1,319
	451,584	418,260	33,324
	1,653		1,653
	205,894	204,936	958
	17,868	14,885	2,983
	4,170	5,037	-867
	3,615,973	3,237,176	378,797
	39,005	29,396	9,609
	60,640	45,240	15,400
	75,900	70,252	5,648
	39,611	36,534	3,077
	2,393,514	639,083	1,754,431
	1,137,916	540,363	597,553
	325,084	324,016	1,068
	44,369	39,848	4,521
	14,461	15,143	-682
	513,700	504,704	8,996
	386,960	383,607	3,353
	7,809	7,661	148
	12,400	12,509	-109
	14,823	13,245	1,578
	9,785	12,629	-2,844
	36,540	35,754	786
	23,589	29,921	-6,332
	350,638	336,882	13,756
	158,253	147,549	10,704
	20,907	13,437	7,470
	2,481,326	2,705,918	-224,592
	1,749,227	1,640,151	109,076
	1,930,005	2,500,221	-570,216
	3,923,071	4,137,165	-214,094
	9,408,860	9,898,506	-489,646
	8,815,319	9,488,028	-672,709
	2,725,295	3,414,137	-688,842
	8,760,842	10,647,350	-1,886,508
	623,053	796,088	-173,035
	1,780,083	2,088,603	-308,520
	3,889,457	4,403,366	-513,909
	3,549,084	3,932,267	-383,183
	10,864,966	12,030,172	-1,165,206
	2,757,608	2,533,374	224,234
	8,158,878	8,536,967	-378,089
	785,124	865,748	-80,624
	2,262,626	2,627,653	-365,027
	275,376	363,801	-88,425
	3,388,383	3,452,893	-64,510
	1,469,333	1,611,131	-141,798
	321	321	0
			76,398
	129,304	165,817	-36,513
			-6,857
			-184,822
	6,990,023	5,708,236	1,281,787
			17,308
			-25,260
			34,686
	82		82
	4,398		4,398

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			2,239
b			4,161
c			2,061
d			-733
e			2,987
			-26,824
			34,083
			-23,605
			5,684
			589
			8,067
			-2,639
			-919
			-2,374
			0
			-255,563
			-2,641
			-16,513
			2,198
			-9,696
			18,650
			1
			-7,568
			85,461
			-11,468
			1,352
			-500,459
			-2,156
			-21,130
			5,875
			2,756
			1,237
			37,977
			-171
			-9,283
			-957
			-12
			-10,946
			-5,759
			-13,481
			0
			4,214
			22,702
			2,623
			28,987
			5,668
			485
			4,115
			4,731
			6,236
			3,456
			301,864
			23,991
			1,806
			-419,578
			2,889
			73
			18,338
			2,585
			205
			-7,192
			-7,681
			5,494
			3,658
			6,259
			106,838
			-100
			-95,447
			2,823
			2,744
			7,742
			-1,502
			326,517
			146,474
			1,160
			38,228
			4,276
			265
			6,884
			-1,956
			430
			41,718
			2,143
			15
			3,478
			239
			-1,449
			3,687
			2,045
			-285,958
			3,070
			5,188
			348
			65
			-4,527
			31,880
			16,912
			5,757
			7,723
			233
			5,659
			642
			9,078
			1,319
			33,324
			1,653
			958
			2,983
			-867
			378,797
			9,609
			15,400
			5,648
			3,077
			1,754,431
			597,553
			1,068
			4,521
			-682
			8,996
			3,353
			148
			-109
			1,578
			-2,844
			786
			-6,332
			13,756
			10,704
			7,470
			-224,592
			109,076
			-570,216
			-214,094
			-489,646
			-672,709
			-688,842
			-1,886,508
			-173,035
			-308,520
			-513,909
			-383,183
			-1,165,206
			224,234
			-378,089
			-80,624
			-365,027
			-88,425
			-64,510
			-141,798
			0
			76,398
			-36,513
			-6,857
			-184,822
			1,281,787
			17,308
			-25,260
			34,686
			82
			4,398

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	-4,368,387
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3

Part V

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

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

1 Reserved

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

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

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

Form 990-PF (2020)

Page 4

Part VI

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

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Reserved................................	1	48,258
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	48,258
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	48,258
6	Credits/Payments:

a	2020 estimated tax payments and 2019 overpayment credited to 2020	6a	100,360
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	0
d	Backup withholding erroneously withheld ...........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............		7	100,360
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.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	52,102
11	Enter the amount of line 10 to be: Credited to 2021 estimated tax52,102	Refunded	11	0

Part VII-A

Statements Regarding Activities

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

Yes

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

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

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

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

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

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

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

(1) On the foundation. bullet

$ 0(2) On foundation managers. bullet

$ 0

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

on foundation managers. bullet

$ 0

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

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

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

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

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

Yes

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

Yes

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

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

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

By language in the governing instrument, or

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

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

Yes

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

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

Yes

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

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

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

Yes

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

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

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

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

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

Form 990-PF (2020)

Page 5

Part VII-A

Statements Regarding Activities (continued)

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

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

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

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

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

Yes

Website address bullet

N/A

The books are in care of bullet

JOHN BULTENA TRUSTEE Telephone no. bullet

(651) 330-5910

Located at bullet

332 MINNESOTA STREET SUITE W2900ST PAULMN ZIP+4 bullet

551011377

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

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

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

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

16 No

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

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required

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

Yes

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

If "Yes," list the years bullet

20, 20, 20, 20

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

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

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

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

20, 20, 20, 20

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

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

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

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

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

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

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

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

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

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

Form 990-PF (2020)

Page 6

Part VII-B

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

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

Yes

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Part VIII

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

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

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)
JANIS L LARSON	PRES., SECT'Y, TREAS., TRU 2.00	0
581 NORTH STREAM ROAD WAYZATA,MN55391	PRES., SECT'Y, TREAS., TRU 2.00	0
D LANCE LARSON	TRUSTEE 2.00	0
8416 ENSLEY LANE LEAWOOD,KS66206	TRUSTEE 2.00	0
REID M LARSON	TRUSTEE 2.00	0
11800 28TH AVENUE NORTH PLYMOUTH,MN55441	TRUSTEE 2.00	0
FIRST TRUST CO LLC	TRUSTEE 10.00	157,857
332 MINNESOTA STREET SUITE W2900 ST PAUL,MN551011377	TRUSTEE 10.00	157,857

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...................				0

Form 990-PF (2020)

Page 7

Part VIII

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

3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
NONE

Total number of others receiving over $50,000 for professional services............. bullet

Part IX-A

Summary of Direct Charitable Activities

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.	Expenses
1


2


3


4

Part IX-B

Summary of Program-Related Investments (see instructions)

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


2


All other program-related investments. See instructions.
3

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

Form 990-PF (2020)

Page 8

Part X

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

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

purposes:

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

160,536,045

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

1,214,488

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

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

161,750,533

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

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

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

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

161,750,533

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

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

2,426,258

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

159,324,275

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

7,966,214

Part XI

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

and do not complete this part.)

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

7,966,214

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

48,258

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

1,902

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

50,160

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

7,916,054

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

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

7,916,054

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

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

7,916,054

Part XII

Qualifying Distributions (see instructions)

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

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

7,818,680

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

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

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

Amounts set aside for specific charitable projects that satisfy the:

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

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

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

7,818,680

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

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

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

7,818,680

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

Form 990-PF (2020)

Page 9

Part XIII

Undistributed Income (see instructions)

	(a) Corpus	(b) Years prior to 2019	(c) 2019	(d) 2020
1 Distributable amount for 2020 from Part XI, line 7				7,916,054
2 Undistributed income, if any, as of the end of 2020:
a Enter amount for 2019 only.......			7,415,861
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: $ 7,818,680
a Applied to 2019, but not more than line 2a			7,415,861
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.....				402,819
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 ..........				7,513,235
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)

Page 10

Part XIV

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

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

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

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

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

Part XV

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

1Information Regarding Foundation Managers:

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

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

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

Check here bullet

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

aThe name, address, and telephone number or email address of the person to whom applications should be addressed:

bThe form in which applications should be submitted and information and materials they should include:

cAny submission deadlines:

dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:

Form 990-PF (2020)

Page 11

Part XV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
CENTRAL SQUARE CULTURAL AND CIVIC CENTER 105 SECOND AVE NE STE 111 GLENWOOD,MN56334		PUBLIC CHARITY	GENERAL CHARITABLE PURPOSES	350,000
COLLEGE POSSIBLE TWIN CITIES 540 FAIRVIEW AVE N STE 201 ST PAUL,MN55104		PUBLIC CHARITY	GENERAL CHARITABLE PURPOSES	455,000
FOOD FOR HUNGRY MINDS 3108 CHICAGO AVE MINNEAPOLIS,MN55407		PUBLIC CHARITY	GENERAL CHARITABLE PURPOSES	50,000
GUTHRIE THEATER FOUNDATION 818 SOUTH SECOND STREET MINNEAPOLIS,MN55415		PUBLIC CHARITY	GENERAL CHARITABLE PURPOSES	75,000
KANSAS UNIVERSITY ENDOWMENT ASSOCIATION PO BOX 928 LAWRENCE,KS66044		SCHOOL	LARSON FOUNDATION SCHOLARSHIP FUND	1,875,000
POPE COUNTY HISTORICAL SOCIETY 809 S LAKESHORE DR GLENWOOD,MN56334		PUBLIC CHARITY	GENERAL CHARITABLE PURPOSES	420,000
RIDGEDALE YMCA 12301 RIDGEDALE DR MINNETONKA,MN55305		PUBLIC CHARITY	GENERAL CHARITABLE PURPOSES	400,000
UNIVERSITY OF MINNESOTA FOUNDATION 200 SE OAK ST STE 500 MINNEAPOLIS,MN55455		SCHOOL	DAVE LARSON SCHOLARSHIP FUND, JANIS LARSON SCHOLARSHIP FUND, LARSON FAMILY ENDOWMENT FOR CLA LEARNING	275,000
VOYAGEUR OUTWARD BOUND SCHOOL 179 ROBIE ST STE 295 ST PAUL,MN55107		PUBLIC CHARITY	GENERAL CHARITABLE PURPOSES	900,000
PINKY SWEAR FOUNDATION 5555 W78TH ST STE E EDINA,MN55439		PUBLIC CHARITY	GENERAL CHARITABLE PURPOSES	2,000,000
ST CROIX VALLEY FOUNDATION 516 2ND STREET STE 214A HUDSON,WI54016		PUBLIC CHARITY	GENERAL CHARITABLE PURPOSES	300,000
REDWOOD HISTORICAL SOCIETY 913 W BRIDGE STREET REDWOOD FALLS,MN56283		PUBLIC CHARITY	GENERAL CHARITABLE PURPOSES	400,000
Total ................................. 3a				7,500,000

bApproved for future payment

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

Form 990-PF (2020)

Page 12

Part XVI-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments....
3 Interest on savings and temporary cash investments ...........			14	1,164
4 Dividends and interest from securities....			14	3,439,953
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.....			14	530,054
8 Gain or (loss) from sales of assets other than inventory ............			18	-4,375,249
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		-404,078	0

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

-404,078

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

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

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

Form 990-PF (2020)

Page 13

Part XVII

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

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

Yes

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

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

1a(1)

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

1a(2)

Other transactions:

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

1b(1)

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

1b(2)

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

1b(3)

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

1b(4)

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

1b(5)

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

1b(6)

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

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

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

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

If "Yes," complete the following schedule.

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

Sign Here

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

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

Form 990-PF (2020)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2020 InvestmentsOtherSchedule2

Name:

DAVID & JANIS LARSON FOUNDATION

C/O FIRST TRUST COMPANY LLC

EIN:

41-1957525

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
ABBVIE INC (ABBV)	AT COST	2,436,932	2,836,796
ADOBE INC (ADBE)	AT COST	125,586	189,045
ALIBABA GROUP HOLDING LTD (BABA)	AT COST	58,826	73,077
ALIGN TECH INC (ALGN)	AT COST	92,000	191,308
ALPHABET INC 1.998% 8/15/2026 (02079KAC1)	AT COST	275,822	312,389
ALPHABET INC-CL A (GOOGL)	AT COST	1,655,185	3,726,113
ALPHABET INC-CL C (GOOG)	AT COST	274,582	357,384
AMAZON COM INC (AMZN)	AT COST	1,527,950	4,393,599
AMERCO (UHAL)	AT COST	632,036	762,653
AMERICAN EXPRESS CO 3% 10/30/2024 (025816BR9)	AT COST	263,945	290,892
AMERICAN INTERNATIONA 3.9% 4/1/2026 (026874DH7)	AT COST	314,861	357,234
AMERICAN TOWER CORPORATION (AMT)	AT COST	139,063	137,145
AMGEN INC (AMGN)	AT COST	491,247	609,288
AMGEN INC 3.625% 5/22/2024 (031162BV1)	AT COST	398,868	430,029
AMPHENOL CORP CL A (APH)	AT COST	93,056	129,201
AON PLC 3.875% 12/15/2025 (00185AAK0)	AT COST	247,564	274,719
APPLE INC (AAPL)	AT COST	1,831,631	6,624,946
APPLIED MATERIALS INC (AMAT)	AT COST	293,181	602,374
AT&T INC (T)	AT COST	931,811	849,743
ATLASSIAN CORPORATION PLC - (TEAM)	AT COST	40,932	56,597
AVERY DENNISON CORP (AVY)	AT COST	663,644	856,517
BANK OF AMERICA C 3.248% 10/21/2027 (06051GGA1)	AT COST	404,301	456,392
BAXTER INTERNATIONAL INC (BAX)	AT COST	521,792	546,515
BERKSHIRE HATHAWAY INC CL B (BRK.B)	AT COST	962,457	1,067,066
BLACKROCK INC 3.5% 3/18/2024 (09247XAL5)	AT COST	350,178	377,299
CAPITAL ONE FINANCI 4.75% 7/15/2021 (14040HAY1)	AT COST	287,942	297,965
CARVANA CO (CVNA)	AT COST	41,562	42,878
CASEYS GEN STORES INC (CASY)	AT COST	348,572	446,729
CATERPILLAR INC (CAT)	AT COST	487,757	1,155,827
CHARLES RIVER LABS (CRL)	AT COST	59,211	99,944
CHARLES SCHWAB CORP (SCHW)	AT COST	402,882	472,480
CHEVRON CORP (CVX)	AT COST	856,174	701,273
CHIPOTLE MEXICAN GRILL INC (CMG)	AT COST	95,081	163,632
CHUBB LTD (CB)	AT COST	744,874	843,943
CHURCH & DWIGHT INC (CHD)	AT COST	819,100	1,019,283
CINTAS CORP (CTAS)	AT COST	239,013	287,010
COCA COLA CO (KO)	AT COST	420,344	462,740
COGNEX CORP (CGNX)	AT COST	64,469	101,561
CONAGRA BRANDS INC (CAG)	AT COST	807,675	1,155,969
COSTCO WHOLESALE CORP (COST)	AT COST	74,823	94,195
CSX CORP (CSX)	AT COST	555,597	720,101
CURTISS WRIGHT CORP (CW)	AT COST	715,792	796,183
DATADOG INC CL A (DDOG)	AT COST	18,173	48,728
DEERE & CO (DE)	AT COST	239,576	426,713
DENTSPLY SIRONA INC (XRAY)	AT COST	654,962	808,648
DOCUSIGN INC (DOCU)	AT COST	36,051	64,689
DRAFTKINGS INC CL A (DKNG)	AT COST	27,555	46,793
DUPONT DE NEMOURS INC (DD)	AT COST	611,857	641,412
EATON CORPORATION PLC (ETN)	AT COST	301,157	431,663
EDWARDS LIFESCIENCES CORPOR (EW)	AT COST	91,044	120,515
ELI LILLY & CO (LLY)	AT COST	175,081	275,209
EMERSON ELEC CO (EMR)	AT COST	632,054	723,571
ENBRIDGE INC (ENB)	AT COST	900,246	821,279
ENTERGY CORP (ETR)	AT COST	658,763	729,231
FACEBOOK INC CL A (FB)	AT COST	194,218	249,668
FOX CORPORATION CL A (FOXA)	AT COST	942,316	853,478
GENERAL MOTORS FINAN 1.7% 8/18/2023 (37045XCZ7)	AT COST	101,866	103,212
GLAXOSMITHKLINE PLC ADS (GSK)	AT COST	671,968	613,162
GOLDMAN SACHS GROUP I 2.6% 2/7/2030 (38141GXG4)	AT COST	278,194	288,238
HILLENBRAND INC (HI)	AT COST	826,578	909,669
HOME DEPOT INC (HD)	AT COST	1,122,939	2,700,027
HORMEL FOODS CORP (HRL)	AT COST	769,794	857,624
HUNTINGTON BANCSHARES INC (HBAN)	AT COST	930,096	867,226
INTEL CORP (INTC)	AT COST	1,401,936	2,174,394
INTEL CORP 2.7% 12/15/2022 (458140AM2)	AT COST	386,891	403,848
INTERCONTINENTAL EXCHANGE I (ICE)	AT COST	70,453	89,465
INTERNATIONAL BUSINESS MACH (IBM)	AT COST	337,012	310,672
INTUIT (INTU)	AT COST	71,198	98,381
INTUITIVE SURGICAL INC (ISRG)	AT COST	115,089	175,073
ISHARES BIOTECHNOLOGY ETF (IBB)	AT COST	61,628	76,048
ISHARES CORE MSCI DEV MKTS (IDEV)	AT COST	8,745,157	13,915,931
ISHARES CORE MSCI EMERGING (IEMG)	AT COST	8,838,399	13,109,859
ISHARES CORE S&P SMALL CAP (IJR)	AT COST	1,754,698	2,786,040
ISHARES CORE U.S. AGGREGATE (AGG)	AT COST	3,216,741	3,502,088
ISHARES MSCI EAFE SMALL-CAP (SCZ)	AT COST	3,554,433	4,762,970
JP MORGAN CHASE & CO (JPM)	AT COST	1,148,966	2,254,730
JPMORGAN CHASE & CO 3.25% 9/23/2022 (46625HJE1)	AT COST	347,983	365,830
KANSAS CITY SOUTHERN (KSU)	AT COST	323,164	526,655
LAB CORP AMER HLDGS (LH)	AT COST	511,214	577,064
LAM RESH CORP (LRCX)	AT COST	69,252	115,706
LAUDER ESTEE COS INC CL A (EL)	AT COST	110,012	158,915
LEGGETT & PLATT INC (LEG)	AT COST	803,825	855,034
LKQ CORP OC COM (LKQ)	AT COST	733,761	965,083
LOWE'S COMPANIES INC 3.1% 5/3/2027 (548661DP9)	AT COST	324,603	372,041
LOWES COS INC (LOW)	AT COST	236,489	232,900
LULULEMON ATHLETICA INC (LULU)	AT COST	85,643	139,908
MAGNA INTERNATIONAL INC CL (MGA)	AT COST	183,003	279,660
MASTERCARD INC -A- (MA)	AT COST	494,608	543,977
MATCH GROUP INC (MTCH)	AT COST	67,893	112,637
MCDONALDS CORP (MCD)	AT COST	621,218	705,968
MERCK & CO INC (MRK)	AT COST	389,370	382,742
MICROSOFT CORP (MSFT)	AT COST	1,687,876	5,166,372
MICROSOFT CORP 2.4% 8/8/2026 (594918BR4)	AT COST	164,663	164,999
MORGAN STANLEY 5.5% 7/28/2021 (61747WAL3)	AT COST	319,810	331,559
MSCI INC CL A (MSCI)	AT COST	52,689	77,696
NETFLIX INC (NFLX)	AT COST	159,221	235,218
NOVARTIS AG SPONS ADR (NVS)	AT COST	436,690	493,208
NVIDIA CORPORATION (NVDA)	AT COST	422,156	525,333
O'REILLY AUTOMOTIVE INC (ORLY)	AT COST	74,961	84,178
OLD DOMINION FREIGHT LINE I (ODFL)	AT COST	80,871	126,867
ORACLE CORP 2.65% 7/15/2026 (68389XBM6)	AT COST	278,307	315,417
PAPA JOHNS INTL INC (PZZA)	AT COST	46,693	65,080
PAYPAL HOLDINGS INC (PYPL)	AT COST	208,783	369,099
PAYPAL HOLDINGS INC 2.85% 10/1/2029 (70450YAE3)	AT COST	342,123	380,850
PHILIP MORRIS INTERNATIONAL (PM)	AT COST	916,029	974,852
PROCTER & GAMBLE CO (PG)	AT COST	403,059	493,530
PROGRESSIVE CORP (PGR)	AT COST	92,051	115,591
RAYTHEON TECHNOLOGIES CORPO (RTX)	AT COST	706,863	860,837
REGIONS FINANCIAL CORP (RF)	AT COST	713,474	709,796
RIO TINTO FINANCE ( 3.75% 6/15/2025 (767201AS5)	AT COST	326,426	356,837
ROPER TECHNOLOGIES INC (ROP)	AT COST	265,111	286,244
S&P GLOBAL INC (SPGI)	AT COST	52,168	58,185
SALESFORCE.COM INC 3.7% 4/11/2028 (79466LAF1)	AT COST	369,120	421,261
SCHLUMBERGER LTD (SLB)	AT COST	818,501	518,921
SCHWAB US REIT (SCHH)	AT COST	3,785,285	4,339,591
SCHWAB US SMALL CAP ETF (SCHA)	AT COST	3,400,337	5,279,658
SERVICENOW INC (NOW)	AT COST	124,008	219,071
SHERWIN WILLIAMS CO (SHW)	AT COST	119,440	163,885
SHOPIFY INC A (SHOP)	AT COST	59,114	97,348
SONOCO PRODS CO (SON)	AT COST	489,550	541,604
SOUTHERN COMPANY (SO)	AT COST	697,486	844,970
SPDR PORTFOLIO S&P 400 MID (SPMD)	AT COST	628,203	1,113,586
SPDR PORTFOLIO S&P 500 ETF (SPLG)	AT COST	2,259,080	3,551,968
SPDR PORTFOLIO S&P 600 SMAL (SPSM)	AT COST	276,179	445,280
SPDR S&P BIOTECH ETF (XBI)	AT COST	88,879	103,614
SPDR S&P MIDCAP 400 ETF TR (MDY)	AT COST	4,162,239	6,125,793
STARBUCKS CORP (SBUX)	AT COST	79,162	111,901
STARBUCKS CORP 2.25% 3/12/2030 (855244AW9)	AT COST	319,297	334,956
STRYKER CORP (SYK)	AT COST	110,366	139,673
SYNOPSYS INC (SNPS)	AT COST	44,953	75,439
TEVA PHARMACEUTICAL INDUSTR (TEVA)	AT COST	528,435	492,150
THE TRADE DESK INC - A (TTD)	AT COST	68,836	173,016
TRAVELERS COS INC (TRV)	AT COST	782,816	837,167
UNITED PARCEL SERVICE INC C (UPS)	AT COST	512,514	807,646
UNITED STATES TRE 1.875% 10/31/2022 (912828M49)	AT COST	1,021,481	740,152
UNITED STATES TRE 2.125% 11/30/2023 (912828U57)	AT COST	859,053	911,067
UNITED STATES TREA 0.625% 3/31/2027 (912828ZE3)	AT COST	262,487	262,028
UNITED STATES TREA 0.625% 8/15/2030 (91282CAE1)	AT COST	197,538	195,550
UNITED STATES TREA 2.125% 8/15/2021 (912828RC6)	AT COST	1,044,477	1,071,603
UNITED STATES TREA 2.25% 11/15/2024 (912828G38)	AT COST	667,888	696,920
UNITED STATES TREA 2.625% 1/31/2026 (9128286A3)	AT COST	361,121	399,368
UNITED STATES TREAS 2.75% 2/15/2028 (9128283W8)	AT COST	464,998	520,846
UNITED STATES TREASURY 2% 2/15/2025 (912828J27)	AT COST	431,685	452,966
UNITEDHEALTH GRP INC (UNH)	AT COST	1,160,824	1,561,227
US BANCORP (USB)	AT COST	954,009	873,330
VANGUARD FTSE DEVELOPED MKT (VEA)	AT COST	1,782,492	2,477,958
VANGUARD INTERMEDIATE TERM (VCIT)	AT COST	2,689,366	3,004,152
VERIZON COMM (VZ)	AT COST	720,073	763,750
VIACOMCBS INC CL B (VIAC)	AT COST	978,412	1,024,650
VISA INC (V)	AT COST	1,147,594	3,134,838
VMWARE INC 2.95% 8/21/2022 (928563AB1)	AT COST	323,121	335,579
WALGREENS BOOTS ALLIANCE IN (WBA)	AT COST	682,065	453,834
WALMART INC (WMT)	AT COST	405,541	583,808
WALT DISNEY CO (DIS)	AT COST	2,330,607	4,045,387
WALT DISNEY CO 2% 9/1/2029 (254687FL5)	AT COST	104,343	105,199
WASTE MANAGEMENT INC (WM)	AT COST	451,649	507,689
WELLS FARGO & CO 3.55% 9/29/2025 (94974BGP9)	AT COST	447,811	497,483
WILLIAMS COS INC (WMB)	AT COST	945,763	783,013
WISDOMTREE EMERGING MARKETS (DGS)	AT COST	2,738,926	3,739,769
ZOETIS INC (ZTS)	AT COST	132,938	178,575
ZOOM VIDEO COMMUNICATIONS I (ZM)	AT COST	40,002	34,069
CISCO SYSTEMS INC.	AT COST	1,533,245	1,891,591
OKABENA PRIVATE MARKETS	AT COST	4,643,456	5,377,710

- TIN:

TY 2020 LegalFeesSchedule

Name:

DAVID & JANIS LARSON FOUNDATION

C/O FIRST TRUST COMPANY LLC

EIN:

41-1957525

Category	Amount	Disbursements for Charitable Purposes
MOSS & BARNETT	10,771	10,771
MASER, AMUNDSON & BOGGIO	10,000	10,000
STINSON	710	710

- TIN:

TY 2020 OtherAssetsSchedule

Name:

DAVID & JANIS LARSON FOUNDATION

C/O FIRST TRUST COMPANY LLC

EIN:

41-1957525

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
2019 CREATIVE PLANNING DIVIDEND RECEIVED 2020	21,133
2019 MIDWEST TRUST DIVIDEND RECEIVED 2020	3,247
2019 FIRST TRUST DIVIDEND RECEIVED 2020	611
2020 MIDWEST TRUST DIVIDEND RECEIVED 2021	0	43	43
2020 FIRST TRUST DIVIDEND RECEIVED 2021	0	4	4
CASH RECEIVABLE FROM LIQUIDATION OF OKABENA SPECIAL OPPORTUNITY FUND	0	3,696,023	3,696,023
2020 AMERITRADE FCI DIVIDEND RECEIVED 2021	0	36,276	36,276

- TIN:

TY 2020 OtherDecreasesSchedule

Name:

DAVID & JANIS LARSON FOUNDATION

C/O FIRST TRUST COMPANY LLC

EIN:

41-1957525

Description	Amount
OKABENA PRIVATE MARKETS ADJUSTMENT FOR NONDEDUCTIBLE PASSTHROUGH CHARITABLE	346
OKABENA PRIVATE MARKETS ADJUSTMENT FOR NONDEDUCTIBLE OTHER EXPENSES	5,873
OKABENA SPECIAL OPP ADJUSTMENT FOR NONDEDUCTIBLE PASSTHROUGH CHARITABLE	27
OKABENA PRIVATE MARKETS ADJUSTMENT TO BASIS RE EXCESS BUSINESS INT EXP	1,156

- TIN:

TY 2020 OtherExpensesSchedule

Name:

DAVID & JANIS LARSON FOUNDATION

C/O FIRST TRUST COMPANY LLC

EIN:

41-1957525

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
STATE OF MINNESOTA	25	0	25
OKABENA PRIVATE MARKETS K-1 INTEREST EXPENSE	7,868	7,868	0
OKABENA PRIVATE MARKETS K-1 PORTFOLIO EXPENSES	115,935	115,935	0
OKABENA PRIVATE MARKETS K-1 ROYALTY DEDUCTIONS	10,159	10,159	0
OKABENA PRIVATE MARKETS K-1 SECTION 59(E)(2) EXPENSES	61,211	61,211	0
OKABENA SPECIAL OPP K-1 INTEREST EXPENSE	330	330	0
OKABENA SPECIAL OPP K-1 PORTFOLIO EXPENSE	36,617	36,617	0
OKABENA SPECIAL OPP K-1 SECTION 59(E)(2) EXPENSE	-808	-808	0
OKABENA PRIVATE MARKETS K-1 SECTION 179 EXPENSE	95	95	0
OKABENA PRIVATE MARKETS K-1 PASSTHROUGH DEPLETION	14,131	14,131	0
AMERITRADE CP FEES	118,331	59,166	59,165
MIDWEST TRUST FEES	160,305	80,153	80,152
OKABENA PRIVATE MARKETS K-1 OTHER DEDUCTIONS	5,956	5,956	0
ADR FEES	1,269	1,269	0

- TIN:

TY 2020 OtherIncomeSchedule2

Name:

DAVID & JANIS LARSON FOUNDATION

C/O FIRST TRUST COMPANY LLC

EIN:

41-1957525

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
OKABENA SPECIAL OPP K-1 ROYALTIES	-19	-19	-19
OKABENA SPECIAL OPP K-1 SECTION 1291 EXCESS DISTRIBUTIONS	418,376	418,376	418,376
OKABENA SPECIAL OPP K-1 SECTION TRADER	-290	-290	-290
OKABENA PRIVATE MARKETS PFIC	723	723	723
OKABENA PRIVATE MARKETS SUBPART F	763	763	763
OKABENA PRIVATE MARKETS K-1 SECTION 1256 CONTRACTS	-1,911	-1,911	-1,911
OKABENA SPECIAL OPP K-1 SUBPART F	3,615	3,615	3,615
OKABENA SPECIAL OPP RENTAL INCOME	5	5	5
OKABENA SPECIAL OPP ORDINARY INCOME	-902	-902	-902
OKABENA SPECIAL OPP K-1 OTHER PORTFOLIO	-6,062	-6,062	-6,062
OKABENA SPECIAL OPP K-1 PFIC INCOME	47,846	47,846	47,846
OKABENA SPECIAL OPP K-1 SECTION 988 LOSS	-9,376	-9,376	-9,376
OKABENA PRIVATE MARKETS FUND K-1 TRADER INCOME	32,664	32,664	32,664
OKABENA PRIVATE MARKETS FUND CANCELLATION OF DEBT	1,133	1,133	1,133
OKABENA PRIVATE MARKETS FUND OTHER PORTFOLIO INCOME	3,698	3,698	3,698
OKABENA PRIVATE MARKETS FUND RENTAL	-3,259	-3,259	-3,259
OKABENA PRIVATE MARKETS FUND ORD BUSINESS INCOME	21,441	21,441	21,441
OKABENA PRIVATE MARKETS FUND ROYALTY	28,640	28,640	28,640
OKABENA PRIVATE MARKETS FUND SECTION 988 LOSS	-7,078	-7,078	-7,078
OKABENA PRIVATE MARKETS FUND OTHER RENTAL	47	47	47

- TIN:

TY 2020 OtherIncreasesSchedule

Name:

DAVID & JANIS LARSON FOUNDATION

C/O FIRST TRUST COMPANY LLC

EIN:

41-1957525

Description	Amount
MISCELLANEOUS BASIS ADJUSTMENTS	201,303
OKABENA PRIVATE MARKETS ADJUSTMENT FOR CHANGE TO TAX BASIS REPORTING ON K-1	27,085
COLORADO EXCISE TAX REFUND	1,904

- TIN:

TY 2020 TaxesSchedule

Name:

DAVID & JANIS LARSON FOUNDATION

C/O FIRST TRUST COMPANY LLC

EIN:

41-1957525

Category	Amount	Net Investment Income
AMERITRADE CP FOREIGN TAX PAID	40,899	40,899
OKABENA PRIVATE MARKETS K-1 FOREIGN TAX PAID	4,026	4,026
OKABENA SPECIAL OPP K-1 FOREIGN TAX PAID	1,042	1,042
2019 FEDERAL EXCISE TAX ON NET INVESTMENT INCOME	18,132	0
2020 ESTIMATED FEDERAL UBTI	29,770	0
MIDWEST FOREIGN TAX PAID	8,006	8,006
2020 ESTIMATED FEDERAL NET INVESTMENT INCOME	100,360	0
2019 VIRGINIA UBTI	111	0
2018 FEDERAL UBTI	1,099	0
2018 ADDITIONAL FEDERAL UBTI	1,584	0
AMERITRADE FCI FOREIGN TAX PAID	46,399	46,399