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
VERA AND JOSEPH DRESNER FOUNDATION
DBA DRESNER FOUNDATION
Number and street (or P.O. box number if mail is not delivered to street address)6960 ORCHARD LAKE ROAD STE 149
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
WEST BLOOMFIELD, MI48322
A Employer identification number

20-5838578
B Telephone number (see instructions)

(248) 785-0299
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$155,760,838J Accounting method:
MODIFIED CASH
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet.............
3 Interest on savings and temporary cash investments 27,495 27,495 27,495
4 Dividends and interest from securities... 1,823,163 1,823,163 1,823,163
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 Click to see attachment -1,446,354
b Gross sales price for all assets on line 6a 41,335,519
7 Capital gain net income (from Part IV, line 2)...  
8 Net short-term capital gain......... 677,902
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 2,026,129 1,981,014 2,026,129
12 Total. Add lines 1 through 11........ 2,430,433 3,831,672 4,554,689
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 985,900 439,358   546,542
14 Other employee salaries and wages...... 306,382 9,100   297,282
15 Pension plans, employee benefits....... 305,657 92,636   213,021
16a Legal fees (attach schedule)......... Click to see attachment 4,819     4,819
b Accounting fees (attach schedule)....... Click to see attachment 3,750 938   2,812
c Other professional fees (attach schedule).... Click to see attachment 421,912 295,543   126,369
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 8,966 8,741   225
19 Depreciation (attach schedule) and depletion... Click to see attachment 17,078 8,538  
20 Occupancy.............. 107,144 35,197   71,947
21 Travel, conferences, and meetings....... 20,341 5,471   14,870
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 116,735 30,894   85,841
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 2,298,684 926,416   1,363,728
25 Contributions, gifts, grants paid....... 5,272,209 5,272,209
26 Total expenses and disbursements. Add lines 24 and 25 7,570,893 926,416   6,635,937
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -5,140,460
b Net investment income (if negative, enter -0-) 2,905,256
c Adjusted net income (if negative, enter -0-)... 4,554,689
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............. 51,453 53,407 53,407
2 Savings and temporary cash investments......... 4,389,169 2,226,245 2,226,245
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 82,964,699 Click to see attachment93,035,967 93,035,967
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans............. 1,730,155 1,424,049 1,424,049
13 Investments—other (attach schedule).......... 60,498,213 Click to see attachment58,171,604 58,171,604
14 Land, buildings, and equipment: basis bullet180,208
Less: accumulated depreciation (attach schedule) bullet121,496 76,077 Click to see attachment58,712  
15 Other assets (describe bullet) Click to see attachment20,705 Click to see attachment849,566 Click to see attachment849,566
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 149,730,471 155,819,550 155,760,838
Liabilities 17 Accounts payable and accrued expenses.......... 41,402 5,638
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)......... 41,402 5,638
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here bullet
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds 149,689,069 155,813,912
29 Total net assets or fund balances (see instructions)..... 149,689,069 155,813,912
30 Total liabilities and net assets/fund balances (see instructions). 149,730,471 155,819,550
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
149,689,069
2
Enter amount from Part I, line 27a .....................
2
-5,140,460
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
11,265,303
4
Add lines 1, 2, and 3 ..........................
4
155,813,912
5
Decreases not included in line 2 (itemize) bullet
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
155,813,912
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 LPL FINANCIAL P 2020-01-01 2020-12-31
b LPL FINANCIAL P 2019-12-01 2020-12-31
c SCHWAB - STONE RIDGE P 2019-02-04 2020-06-12
d SCHWAB - SEMPER MIDAS P 2019-02-05 2020-11-27
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 10,717,945   10,040,043 677,902
b 28,436,722   30,187,811 -1,751,089
c 538,691   553,728 -15,037
d 136,518   2,000,000 -1,863,482
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       677,902
b       -1,751,089
c       -15,037
d       -1,863,482
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 -1,446,063
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 3 677,902
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 40,383
c All other domestic foundations enter 1.39% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2  
3 Add lines 1 and 2........................... 3 40,383
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 40,383
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 51,159
b Exempt foreign organizations—tax withheld at source...... 6b  
c Tax paid with application for extension of time to file (Form 8868)... 6c 50,000
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 101,159
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 60,776
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet60,776 RefundedBullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
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)
    bulletMI
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2020 or the taxable year beginning in 2020? See the instructions for Part XIV.
    If "Yes," complete Part XIV .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletWWW.DRESNERFOUNDATION.ORG
    14
    The books are in care ofbulletKEVIN FURLONG Telephone no.bullet (248) 785-0299

    Located atbullet6960 ORCHARD LAKE ROAD SUITE 149WEST BLOOMFIELDMI ZIP+4bullet48322
    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
     
     
    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
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .................
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    LORI DRESNER DIRECTOR/PRE
    40.00     		362,500 65,509 0
    6960 ORCHARD LAKE ROAD SUITE 149
    WEST BLOOMFIELD,MI48322
    KEVIN FURLONG DIRECTOR/CFO
    40.00     		327,000 72,226 0
    6960 ORCHARD LAKE ROAD SUITE 149
    WEST BLOOMFIELD,MI48322
    GARY WEISMAN DIRECTOR/VP
    15.00     		178,000 0 0
    6960 ORCHARD LAKE ROAD SUITE 149
    WEST BLOOMFIELD,MI48322
    MARK S COHN DIRECTOR/SEC
    15.00     		118,400 29,600 0
    6960 ORCHARD LAKE ROAD SUITE 149
    WEST BLOOMFIELD,MI48322
    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
    VIRGINIA ROMANO EXECUTIVE DI
    40.00     		167,140 41,785  
    6960 ORCHARD LAKE ROAD SUITE 149
    WEST BLOOMFIELD,MI48322
    ERIN MARIE MCDONALD GRANT/PROGRA
    40.00     		62,275 18,988  
    6960 ORCHARD LAKE RD 149
    WEST BLOOMFIELD,MI48322
    JEFF JOHNSON DIRECTOR OF
    40.00     		40,567 9,542  
    6960 ORCHARD LAKE RD 120
    WEST BLOOMFIELD,MI48322
    Total number of other employees paid over $50,000...................bullet 7
    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
    CRUDEN BAY INVESTMENT MGMT LLC INVESTMENT MGMT 276,359
    2945 TOWNSGATE RD
    SUITE 200
    WESTLAKE VILLAGE,CA91361
    MIKKAEL A SEKERES ADVISORY 50,016
    6960 ORCHARD LK RD
    SUITE 149
    WEST BLOOMFIELD,MI48322
    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 N/A  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet  
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    76,222,887
    b
    Average of monthly cash balances.......................
    1b
    2,571,746
    c
    Fair market value of all other assets (see instructions)................
    1c
    64,405,345
    d
    Total (add lines 1a, b, and c).........................
    1d
    143,199,978
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
     
    3
    Subtract line 2 from line 1d.........................
    3
    143,199,978
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    2,148,000
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    141,051,978
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    7,052,599
    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
    7,052,599
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    40,383
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    40,383
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    7,012,216
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    300,000
    5
    Add lines 3 and 4............................
    5
    7,312,216
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    7,312,216
    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
    6,635,937
    b
    Program-related investments—total from Part IX-B..................
    1b
     
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
    849,566
    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
    7,485,503
    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
     
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    7,485,503
    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 7,312,216
    2 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only....... 6,394,085
    b Total for prior years:20, 20, 20  
    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........  
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$ 7,485,503
    a Applied to 2019, but not more than line 2a 6,394,085
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		 
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		 
    d Applied to 2020 distributable amount..... 1,091,418
    e Remaining amount distributed out of corpus  
    5 Excess distributions carryover applied to 2020.    
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5  
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		 
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		 
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		 
    e Undistributed income for 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2020. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2021 ..........     		6,220,798
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		 
    8 Excess distributions carryover from 2015 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2021.
    Subtract lines 7 and 8 from line 6a ......     		 
    10 Analysis of line 9:
    a Excess from 2016....  
    b Excess from 2017....  
    c Excess from 2018....  
    d Excess from 2019....  
    e Excess from 2020....  
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2020, enter the date of the ruling....... bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2020 (b) 2019 (c) 2018 (d) 2017
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the foundation had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    826 MICHIGAN
    115 E LIBERTY ST
    ANN ARBOR,MI48104     		  501(C)(3) PROGRAM SUPPORT 50,000
    ACCOUNTING AID SOCIETY
    3031 W GRAND BLVD
    DETROIT,MI48202     		  501(C)(3) PROGRAM SUPPORT 10,000
    ALPINE LEGAL SERVICES
    109 8TH ST
    GLENWOOD SPRINGS,CO81601     		  501(C)(3) PROGRAM SUPPORT 10,000
    ALTERNATIVE FOR GIRLS
    903 W GRAND BLVD
    DETROIT,MI48208     		  501(C)(3) PROGRAM SUPPORT 20,000
    ALZHEIMERS FOUINDATION OF AMERICA
    322 EIGHTH AVENUE
    NEW YORK,NY10001     		  501(C)(3) PROGRAM SUPPORT 500
    ASPEN COMMUNITY FOUNDATION
    110 EAST HALLAN ST
    SUITE 126
    ASPEN,CO81611     		  501(C)(3) PROGRAM SUPPORT 15,000
    BEAUMONT HEALTH FOUNDATION
    26901 BEAUMONT BLVD
    SOUTHFIELD,MI48033     		  501(C)(3) PROGRAM SUPPORT 15,000
    BING YOUTH INSTITUTE
    151 W JEFFERSON AVENUE
    DETROIT,MI48226     		  501(C)(3) PROGRAM SUPPORT 10,000
    BOYS & GIRLS CLUBS OF SE MICHIGAN
    26777 HALSTEAD RD
    FARMINGTON,MI48331     		  501(C)(3) PROGRAM SUPPORT 75,000
    BRAIN INJURY ASSOCIATION OF MICHIGA
    8137 WEST GRAND RIVER
    SUITE A
    BRIGHTON,MI48116     		  501(C)(3) GENERAL SUPPORT 10,000
    CAPUCHIN SOUP KITCHEN
    1820 MOUNT ELLIOT ST
    DETROIT,MI48207     		  501(C)(3) PROGRAM SUPPORT 14,000
    CARBONDALE CLAY CENTER
    135 MAIN STREET
    CARBONDALE,CO81623     		  501(C)(3) PROGRAMMATIC SUPPORT 10,000
    COALITION ON TEMPORARY SHELTER
    25 PETERBORO
    DETROIT,MI48201     		  501(C)(3) PROGRAM SUPPORT 100,000
    COMMUNITY FOUNDATION OF SE MICHIGAN
    333 W FORT ST
    DETROIT,MI48226     		  501(C)(3) PROGRAM SUPPORT 33,334
    COUNCIL OF MICHIGAN FOUNDATIONS
    1 S HARBOR DR
    NO 3
    GRAND HAVEN,MI48322     		  501(C)(3) PROGRAM SUPPORT 10,000
    DEFEAT THE LABEL
    6441 INSKTER RD
    STE 160
    BLOOMFIELD HILLS,MI48135     		  501(C)(3) GENERAL SUPPORT 3,000
    DETROIT CHILDRENS FUND
    100 TALON CENTRE DRIVE
    DETROIT,MI48207     		  501(C)(3) GENERAL SUPPORT 10,000
    DETROIT DOG RESCUE
    PO BOX 806119
    ST CLAIR SHORES,MI48080     		  501(C)(3) PROGRAM SUPPORT 2,500
    DETROIT EMPLOYMENT SOLUTIONS CORP
    440 E CONGRESS
    DETROIT,MI48226     		  501(C)(3) YOUTH EMPLOYMENT PROGRAM 500,427
    DETROIT FOOD AND ENTREPRENEURSHIP
    4444 2ND AVENUE
    DETROIT,MI48201     		  501(C)(3) PROGRAM SUPPORT 75,000
    DETROIT POLICE ATHLETIC LEAGUE
    111 W WILLIS
    DETROIT,MI48201     		  501(C)(3) CAPITAL CAMPAIGN 200,000
    DETROIT2NEPAL FOUNDATION
    2035 BAYOU
    WEST BLOOMFIELD,MI48323     		  501(C)(3) GENERAL SUPPORT 10,000
    DOWNTOWN YOUTH BOXING GYM
    6445 E VERNOR HWY
    DETROIT,MI48207     		  501(C)(3) PROGRAM SUPPORT - TRANSPORTATION 100,000
    EDUCATION EXCELLENCE FUND
    454 SOUTH HARVEY STREET
    PLYMOUTH,MI48170     		  501(C)(3) PROGRAM SUPPORT 10,000
    EVANS SCHOLAR FOUNDATION
    ONE BRIAR ROAD
    GOLF,IL60614     		  501(C)(3) PROGRAM SUPPORT 50,000
    FAMILY REACH FOUNDATION
    142 BERKELEY ST
    4TH FLOOR
    BOSTON,MA02116     		  501(C)(3) PROGRAM SUPPORT 5,000
    FIGURE SKATING IN DETROIT
    553 E JEFFERSON
    DETROIT,MI48226     		  501(C)(3) PROGRAM SUPPORT 25,000
    FIRST STEP
    44567 PINTREE DR
    PLYMOUTH,MI48170     		  501(C)(3) PROGRAM SUPPORT 20,000
    FOCUS HOPE
    1400 OAKMAN BLVD
    DETROIT,MI48238     		  501(C)(3) PROGRAM SUPPORT 20,000
    FOOD BANK OF THE ROCKIES
    10700 E 45TH ST
    DENVER,CO80239     		  501(C)(3) PROGRAM SUPPORT 302,500
    FOOD GATHERERS
    1 CARROT WAY
    ANN ARBOR,MI48105     		  501(C)(3) PROGRAM SUPPORT 20,000
    FOOD RESCUE US
    27 ANN ST
    NORWALK,CT06854     		  501(C)(3) PROGRAM SUPPORT 10,000
    FORGOTTEN HARVEST
    21800 GREENFIELD RD
    OAK PARK,MI48237     		  501(C)(3) PROGRAM SUPPORT 271,500
    FRED HUTCHINSON CANCER RESEARCH
    1100 FAIRVIEW AVE N
    SEATTLE,WA98109     		  501(C)(3) RESEARCH GRANT 125,000
    FRIENDS OF THE PENN
    760 PENNIMAN AVE
    PLYMOUTH,MI48170     		  501(C)(3) PROGRAM SUPPORT 2,000
    FRIENDSHIP CIRCLE OF COLORADO
    9950 LONE TREE PARKWAY
    LONE TREE,CO80124     		  501(C)(3) PROGRAM SUPPORT 5,000
    GAM FOUNDATION
    39255 COUNTRY CLUB
    FARMINGTON HILLS,MI48331     		  501(C)(3) PROGRAM SUPPORT 1,000
    GARY BURNSTEIN COMMUNITY HEALTH
    45580 WOODWARD AVE
    PONTIAC,MI48341     		  501(C)(3) PROGRAM SUPPORT 138,500
    GLEANERS COMMUNITY FOOD BANK
    2131 BEAUFAIT
    DETROIT,MI48207     		  501(C)(3) PROGRAM SUPPORT 191,500
    GOODWILL INDUSTRIES OF DETROIT
    3111 GRAND BLVD AVE
    DETROIT,MI48208     		  501(C)(3) PROGRAM SUPPORT 20,000
    HABIC - CSU FOUNDATION
    1586 CAMPUS DELIVERY
    FORT COLLINS,CO80523     		  501(C)(3) PROGRAM SUPPORT 5,000
    HAVEN
    801 VANGUARD DRIVE
    PONTIAC,MI48341     		  501(C)(3) PROGRAM SUPPORT 11,500
    HEART & HAND CENTER
    2739 WELTON ST
    SUITE 204
    DENVER,CO80205     		  501(C)(3) PROGRAM SUPPORT 10,000
    HENRY FORD HEALTH SYSTEM
    1 FORD PLACE
    DETROIT,MI48202     		  501(C)(3) PROGRAM SUPPORT 43,000
    INSIDE OUT LITERARY ARTS PROJECT
    5143 CASS AVENUE
    ROOM 225
    DETROIT,MI48202     		  501(C)(3) PROGRAM SUPPORT 50,000
    JEWISH COLORADO
    300 S DAHLIA ST
    SUITE 300
    DENVER,CO80246     		  501(C)(3) PROGRAM SUPPORT 5,000
    JEWISH FAMILY SERVICES OF CO
    3201 S TAMARAC DRIVE
    SUITE 200
    DENVER,CO80231     		  501(C)(3) PROGRAMMATIC SUPPORT 42,500
    JEWISH FEDERATION OF DETROIT
    6735 TELEGRAPH RD
    BLOOMFIELD,MI48303     		  501(C)(3) PROGRAM SUPPORT 34,500
    JOHN HOPKINS UNIVERSITY
    733 N BROADWAY
    BALTIMORE,MD21205     		  501(C)(3) RESEARCH GRANT 125,000
    JUNIOR ACHIEVEMENT OF SE MICHIGAN
    577 LARNED ST
    DETROIT,MI48226     		  501(C)(3) PROGRAM SUPPORT 25,000
    LIGHTHOUSE MICHIGAN
    46156 WOODWARD AVE
    PONTIAC,MI48342     		  501(C)(3) PROGRAM SUPPORT 10,000
    LUBAVITCH FOUNDATION
    14100 W NINE 9 MILE RD
    OAK PARK,MI48237     		  501(C)(3) GENERAL SUPPORT 10,000
    MATRIX HUMAN SERVICES
    1400 WOODBRIDGE ST
    DETROIT,MI48207     		  501(C)(3) PROGRAM SUPPORT 10,000
    MAURICE & JANE SUGAR LAW CENTER
    4605 CASS AVE
    DETROIT,MI48201     		  501(C)(3) PROGRAM SUPPORT 40,000
    MCREST
    20415 ERIN ST
    ROSEVILLE,MI48066     		  501(C)(3) PROGRAM SUPPORT 20,000
    METRO CARING
    110 E 18TH AVE
    DENVER,CO80218     		  501(C)(3) PROGRAM SUPPORT 10,000
    MICHIGAN ANIMAL RESCUE LEAGUE
    790 FEATHERSTONE ST
    PONTIAC,MI48342     		  501(C)(3) PROGRAM SUPPORT 1,000
    MICHIGAN EDUCATION EXCELLANCE FOUND
    1420 WASHINGTON BLVD
    DETROIT,MI48226     		  501(C)(3) PROGRAM SUPPORT 64,000
    MICHIGAN HUMANE SOCIETY
    30300 TELEGRAPH RD
    BINGHAM FARMS,MI48025     		  501(C)(3) PROGRAM SUPPORT 5,000
    MIDNIGHT GOLF PROGRAM
    30100 TELEGRAPH
    SUITE 224
    BINGHAM FARMS,MI48025     		  501(C)(3) PROGRAM SUPPORT 95,000
    MILE HIGH UNITED WAY
    711 PARK AVE W
    DENVER,CO80205     		  501(C)(3) PROGRAM SUPPORT 250,000
    MUSEUM OF CONTEMPORARY ART DETROIT
    4454 WOODWARD AVE
    DETROIT,MI48201     		  501(C)(3) PROGRAM SUPPORT 12,000
    ORT AMERICA
    6735 TELEGRAPH RD
    SUITE 350
    BLOOMFIELD HILLS,MI48301     		  501(C)(3) GENERAL SUPPORT 2,500
    OZONE HOUSE
    1705 WASHTENAW AVENUE
    ANN ARBOR,MI48104     		  501(C)(3) CAPITAL GRANT 135,000
    PRECIOUS CHILD
    7051 W 118TH AVE
    BROOMFIELD,CO80020     		  501(C)(3) PROGRAM SUPPORT 10,000
    SAINT FRANCIS CENTER
    2323 CURTIS ST
    DENVER,CO80205     		  501(C)(3) PROGRAM SUPPORT 20,000
    SAINTS PETER AND PAUL ORTHODOX CATH
    3810 GILBERT
    DETROIT,MI48210     		  501(C)(3) PROGRAM SUPPORT 20,000
    SOUTH OAKLAND SHELTER
    46156 WOODWARD AVENUE
    PONTIAC,MI48342     		  501(C)(3) CAPTIAL GRANT 147,820
    STARFISH FAMILY SERVICES
    30000 HIVELY
    INKSTER,MI48141     		  501(C)(3) PROGRAM SUPPORT 30,000
    THE EMPOWERMENT PLAN
    7640 KERCHEVAL AVE
    DETROIT,MI48214     		  501(C)(3) PROGRAM SUPPORT 200,000
    THE FRIENDSHIP CIRCLE
    6892 W MAPLE ROAD
    WEST BLOOMFIELD,MI48322     		  501(C)(3) GENERAL SUPPORT 165,000
    THE HENRY FORD
    20900 OAKWOOD
    DEARBORN,MI48124     		  501(C)(3) GENERAL SUPPORT 7,500
    THE MAKE-A-WISH FOUNDATION OF MI
    7600 GRAND RIVER AVE
    BRIGHTON,MI48114     		  501(C)(3) GENERAL SUPPORT 18,500
    THE ROCKET GIVING FUND
    303 EAST WACKER DRIVE
    SUITE 2200
    CHICAGO,IL60601     		  501(C)(3) PROGRAM SUPPORT 25,000
    UNITED WAY FOR SOUTHEASTERN MICH
    PO BOX 77398
    DETROIT,MI48277     		  501(C)(3) PROGRAM SUPPORT 190,000
    UNIVERSITY OF MIAMI
    1320 S DIXIE HIGHWAY
    SUITE 6540
    CORAL GABLES,FL33146     		  501(C)(3) RESEARCH GRANT 125,000
    UNIVERSITY OF ROCHESTER
    601 ELMWOOD AVE
    BOX 704
    ROCHESTER,NY14642     		  501(C)(3) RESEARCH GRANT 287,363
    UNIVERSITY OF TEXAS SOUTHWESTERN
    5323 HARRY HINES BLVD
    DALLAS,TX75390     		  501(C)(3) RESEARCH GRANT 143,750
    URBAN PEAK DENVER
    2100 STOUT ST
    DENVER,CO80205     		  501(C)(3) PROGRAM SUPPORT 10,000
    VISTA MARIA
    20651 W WARREN ST
    DEARBORN HEIGHTS,MI48127     		  501(C)(3) PROGRAM SUPPORT 190,515
    WAYNE METRO COMMUNITY ACTION
    7310 WOODWARD AVE
    DETROIT,MI48202     		  501(C)(3) PROGRAM SUPPORT 100,000
    WORLD MEDICAL RELIEF
    21725 MELROSE AVE
    SOUTHFIELD,MI48075     		  501(C)(3) PROGRAM SUPPORT 10,000
    YMCA OF METRO DETROIT
    1401 BROADWAY ST
    DETROIT,MI48226     		  501(C)(3) PROGRAM SUPPORT 10,000
    YOUNG AMERICANS CENTER FOR FINANCIA
    3550 EASH FIRST AVENUE
    DENVER,CO80206     		  501(C)(3) PROGRAM SUPPORT 25,000
    YPSILANTI MEALS ON WHEELS
    1110 W CROSS ST
    YPSILANTI,MI48197     		  501(C)(3) PROGRAM SUPPORT 10,000
    ZAMAN INERNATIONAL
    26091 TROWBRIDGE ST
    INKSTER,MI48141     		  501(C)(3) PROGRAM SUPPORT 10,000
    Total .................................bullet 3a 5,272,209
    bApproved for future payment
    826 MICHIGAN
    115 E LIBERTY ST
    ANN ARBOR,MI48104     		  501(C)(3) PROGRAM SUPPORT 150,000
    COMMUNITY FOUNDATION OF SE MICHIGAN
    333 W FORT ST
    DETROIT,MI48226     		  501(C)(3) PROGRAM SUPPORT 66,000
    DETROIT SYMPHONY ORCHESTRA
    3711 WOODWARD AVE
    DETROIT,MI48201     		  501(C)(3) PROGRAM SUPPORT 348,000
    DUMB FRIENDS LEAGUE
    2080 S QUEBEC STREET
    DENVER,CO80231     		  501(C)(3) CAPITAL GRANT 250,000
    FIGURE SKATING IN DETROIT
    553 E JEFFERSON
    DETROIT,MI48226     		  501(C)(3) PROGRAM SUPPORT 25,000
    FRIENDSHIP CIRCLE
    6892 W MAPLE RD
    WEST BLOOMFIELD,MI48322     		  501(C)(3) PROGRAM SUPPORT 165,000
    JUNIOR ACHIEVEMENT OF SE MICHIGAN
    577 LARNED ST
    DETROIT,MI48226     		  501(C)(3) PROGRAM SUPPORT 75,000
    MICHIGAN EDUCATION EXCELLENCE FOUND
    1420 WASHINGTON BLVD
    DETROIT,MI48226     		  501(C)(3) PROGRAM SUPPORT 62,000
    YOUNG AMERICANS FOR FINANCIAL ED
    3550 EAST FIRST AVENUE
    DENVER,CO80206     		  501(C)(3) PROGRAM SUPPORT 25,000
    Total .................................bullet 3b 1,166,000
    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 ...........     		    14 27,495  
    4 Dividends and interest from securities....     14 1,823,163  
    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.....     14 213,781  
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    1 -1,446,354  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aBOLTONVILLE HYDRO ASSOC     		532000 -6,157      
    bC/R GLOBAL ENERGY & POWER I 532000 24      
    cC/R GLOBAL ENERGY & POWER I     14 -226  
    dCANYON VALUE REALIZATION FU     14 23,715  
    eCANYON VALUE REALIZATION FU 532000 -1,710      
    fCERBERUS PARTNERS     14 -12,196  
    gCERBERUS PARTNERS II     14 -9,486  
    hCERBERUS PARTNERS II 532000 23,897      
    iD&F INVESTMENTS II, LLC     16 865,663  
    jD&F INVESTMENTS, LLC     16 847,865  
    kERIAL JARVIS, LLC     16 31,654  
    lGLW 130     16 -2,404  
    mLP INVESTORS III, LP     14 403  
    nPARA PARTNERS, LP     14 24,786  
    oPARA PARTNERS, LP 532000 1,296      
    pR/C GLOBAL E&P CAYMAN     14 -3  
    qR/C GLOBAL E&P IV     14 -2,128  
    rR/C GLOBAL E&P IV (RW) 532000 27,734      
    sR/C GLOBAL E&P IV FT 532000 31      
    tR/C GLOBAL E&P IV FT     14 -410  
    12 Subtotal. Add columns (b), (d), and (e).. 45,115 2,385,318  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    2,430,433
    (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
    826 MICHIGAN115 E LIBERTY ST
    ANN ARBOR,MI48104     		  501(C)(3) PROGRAM SUPPORT 50,000
    ACCOUNTING AID SOCIETY3031 W GRAND BLVD
    DETROIT,MI48202     		  501(C)(3) PROGRAM SUPPORT 10,000
    ALPINE LEGAL SERVICES109 8TH ST
    GLENWOOD SPRINGS,CO81601     		  501(C)(3) PROGRAM SUPPORT 10,000
    ALTERNATIVE FOR GIRLS903 W GRAND BLVD
    DETROIT,MI48208     		  501(C)(3) PROGRAM SUPPORT 20,000
    ALZHEIMERS FOUINDATION OF AMERICA322 EIGHTH AVENUE
    NEW YORK,NY10001     		  501(C)(3) PROGRAM SUPPORT 500
    ASPEN COMMUNITY FOUNDATION110 EAST HALLAN ST
    SUITE 126
    ASPEN,CO81611     		  501(C)(3) PROGRAM SUPPORT 15,000
    BEAUMONT HEALTH FOUNDATION26901 BEAUMONT BLVD
    SOUTHFIELD,MI48033     		  501(C)(3) PROGRAM SUPPORT 15,000
    BING YOUTH INSTITUTE151 W JEFFERSON AVENUE
    DETROIT,MI48226     		  501(C)(3) PROGRAM SUPPORT 10,000
    BOYS & GIRLS CLUBS OF SE MICHIGAN26777 HALSTEAD RD
    FARMINGTON,MI48331     		  501(C)(3) PROGRAM SUPPORT 75,000
    BRAIN INJURY ASSOCIATION OF MICHIGA8137 WEST GRAND RIVER
    SUITE A
    BRIGHTON,MI48116     		  501(C)(3) GENERAL SUPPORT 10,000
    CAPUCHIN SOUP KITCHEN1820 MOUNT ELLIOT ST
    DETROIT,MI48207     		  501(C)(3) PROGRAM SUPPORT 14,000
    CARBONDALE CLAY CENTER135 MAIN STREET
    CARBONDALE,CO81623     		  501(C)(3) PROGRAMMATIC SUPPORT 10,000
    COALITION ON TEMPORARY SHELTER25 PETERBORO
    DETROIT,MI48201     		  501(C)(3) PROGRAM SUPPORT 100,000
    COMMUNITY FOUNDATION OF SE MICHIGAN333 W FORT ST
    DETROIT,MI48226     		  501(C)(3) PROGRAM SUPPORT 33,334
    COUNCIL OF MICHIGAN FOUNDATIONS1 S HARBOR DR
    NO 3
    GRAND HAVEN,MI48322     		  501(C)(3) PROGRAM SUPPORT 10,000
    DEFEAT THE LABEL6441 INSKTER RD
    STE 160
    BLOOMFIELD HILLS,MI48135     		  501(C)(3) GENERAL SUPPORT 3,000
    DETROIT CHILDRENS FUND100 TALON CENTRE DRIVE
    DETROIT,MI48207     		  501(C)(3) GENERAL SUPPORT 10,000
    DETROIT DOG RESCUEPO BOX 806119
    ST CLAIR SHORES,MI48080     		  501(C)(3) PROGRAM SUPPORT 2,500
    DETROIT EMPLOYMENT SOLUTIONS CORP440 E CONGRESS
    DETROIT,MI48226     		  501(C)(3) YOUTH EMPLOYMENT PROGRAM 500,427
    DETROIT FOOD AND ENTREPRENEURSHIP4444 2ND AVENUE
    DETROIT,MI48201     		  501(C)(3) PROGRAM SUPPORT 75,000
    DETROIT POLICE ATHLETIC LEAGUE111 W WILLIS
    DETROIT,MI48201     		  501(C)(3) CAPITAL CAMPAIGN 200,000
    DETROIT2NEPAL FOUNDATION2035 BAYOU
    WEST BLOOMFIELD,MI48323     		  501(C)(3) GENERAL SUPPORT 10,000
    DOWNTOWN YOUTH BOXING GYM6445 E VERNOR HWY
    DETROIT,MI48207     		  501(C)(3) PROGRAM SUPPORT - TRANSPORTATION 100,000
    EDUCATION EXCELLENCE FUND454 SOUTH HARVEY STREET
    PLYMOUTH,MI48170     		  501(C)(3) PROGRAM SUPPORT 10,000
    EVANS SCHOLAR FOUNDATIONONE BRIAR ROAD
    GOLF,IL60614     		  501(C)(3) PROGRAM SUPPORT 50,000
    FAMILY REACH FOUNDATION142 BERKELEY ST
    4TH FLOOR
    BOSTON,MA02116     		  501(C)(3) PROGRAM SUPPORT 5,000
    FIGURE SKATING IN DETROIT553 E JEFFERSON
    DETROIT,MI48226     		  501(C)(3) PROGRAM SUPPORT 25,000
    FIRST STEP44567 PINTREE DR
    PLYMOUTH,MI48170     		  501(C)(3) PROGRAM SUPPORT 20,000
    FOCUS HOPE1400 OAKMAN BLVD
    DETROIT,MI48238     		  501(C)(3) PROGRAM SUPPORT 20,000
    FOOD BANK OF THE ROCKIES10700 E 45TH ST
    DENVER,CO80239     		  501(C)(3) PROGRAM SUPPORT 302,500
    FOOD GATHERERS1 CARROT WAY
    ANN ARBOR,MI48105     		  501(C)(3) PROGRAM SUPPORT 20,000
    FOOD RESCUE US27 ANN ST
    NORWALK,CT06854     		  501(C)(3) PROGRAM SUPPORT 10,000
    FORGOTTEN HARVEST21800 GREENFIELD RD
    OAK PARK,MI48237     		  501(C)(3) PROGRAM SUPPORT 271,500
    FRED HUTCHINSON CANCER RESEARCH1100 FAIRVIEW AVE N
    SEATTLE,WA98109     		  501(C)(3) RESEARCH GRANT 125,000
    FRIENDS OF THE PENN760 PENNIMAN AVE
    PLYMOUTH,MI48170     		  501(C)(3) PROGRAM SUPPORT 2,000
    FRIENDSHIP CIRCLE OF COLORADO9950 LONE TREE PARKWAY
    LONE TREE,CO80124     		  501(C)(3) PROGRAM SUPPORT 5,000
    GAM FOUNDATION39255 COUNTRY CLUB
    FARMINGTON HILLS,MI48331     		  501(C)(3) PROGRAM SUPPORT 1,000
    GARY BURNSTEIN COMMUNITY HEALTH45580 WOODWARD AVE
    PONTIAC,MI48341     		  501(C)(3) PROGRAM SUPPORT 138,500
    GLEANERS COMMUNITY FOOD BANK2131 BEAUFAIT
    DETROIT,MI48207     		  501(C)(3) PROGRAM SUPPORT 191,500
    GOODWILL INDUSTRIES OF DETROIT3111 GRAND BLVD AVE
    DETROIT,MI48208     		  501(C)(3) PROGRAM SUPPORT 20,000
    HABIC - CSU FOUNDATION1586 CAMPUS DELIVERY
    FORT COLLINS,CO80523     		  501(C)(3) PROGRAM SUPPORT 5,000
    HAVEN801 VANGUARD DRIVE
    PONTIAC,MI48341     		  501(C)(3) PROGRAM SUPPORT 11,500
    HEART & HAND CENTER2739 WELTON ST
    SUITE 204
    DENVER,CO80205     		  501(C)(3) PROGRAM SUPPORT 10,000
    HENRY FORD HEALTH SYSTEM1 FORD PLACE
    DETROIT,MI48202     		  501(C)(3) PROGRAM SUPPORT 43,000
    INSIDE OUT LITERARY ARTS PROJECT5143 CASS AVENUE
    ROOM 225
    DETROIT,MI48202     		  501(C)(3) PROGRAM SUPPORT 50,000
    JEWISH COLORADO300 S DAHLIA ST
    SUITE 300
    DENVER,CO80246     		  501(C)(3) PROGRAM SUPPORT 5,000
    JEWISH FAMILY SERVICES OF CO3201 S TAMARAC DRIVE
    SUITE 200
    DENVER,CO80231     		  501(C)(3) PROGRAMMATIC SUPPORT 42,500
    JEWISH FEDERATION OF DETROIT6735 TELEGRAPH RD
    BLOOMFIELD,MI48303     		  501(C)(3) PROGRAM SUPPORT 34,500
    JOHN HOPKINS UNIVERSITY733 N BROADWAY
    BALTIMORE,MD21205     		  501(C)(3) RESEARCH GRANT 125,000
    JUNIOR ACHIEVEMENT OF SE MICHIGAN577 LARNED ST
    DETROIT,MI48226     		  501(C)(3) PROGRAM SUPPORT 25,000
    LIGHTHOUSE MICHIGAN46156 WOODWARD AVE
    PONTIAC,MI48342     		  501(C)(3) PROGRAM SUPPORT 10,000
    LUBAVITCH FOUNDATION14100 W NINE 9 MILE RD
    OAK PARK,MI48237     		  501(C)(3) GENERAL SUPPORT 10,000
    MATRIX HUMAN SERVICES1400 WOODBRIDGE ST
    DETROIT,MI48207     		  501(C)(3) PROGRAM SUPPORT 10,000
    MAURICE & JANE SUGAR LAW CENTER4605 CASS AVE
    DETROIT,MI48201     		  501(C)(3) PROGRAM SUPPORT 40,000
    MCREST20415 ERIN ST
    ROSEVILLE,MI48066     		  501(C)(3) PROGRAM SUPPORT 20,000
    METRO CARING110 E 18TH AVE
    DENVER,CO80218     		  501(C)(3) PROGRAM SUPPORT 10,000
    MICHIGAN ANIMAL RESCUE LEAGUE790 FEATHERSTONE ST
    PONTIAC,MI48342     		  501(C)(3) PROGRAM SUPPORT 1,000
    MICHIGAN EDUCATION EXCELLANCE FOUND1420 WASHINGTON BLVD
    DETROIT,MI48226     		  501(C)(3) PROGRAM SUPPORT 64,000
    MICHIGAN HUMANE SOCIETY30300 TELEGRAPH RD
    BINGHAM FARMS,MI48025     		  501(C)(3) PROGRAM SUPPORT 5,000
    MIDNIGHT GOLF PROGRAM30100 TELEGRAPH
    SUITE 224
    BINGHAM FARMS,MI48025     		  501(C)(3) PROGRAM SUPPORT 95,000
    MILE HIGH UNITED WAY711 PARK AVE W
    DENVER,CO80205     		  501(C)(3) PROGRAM SUPPORT 250,000
    MUSEUM OF CONTEMPORARY ART DETROIT4454 WOODWARD AVE
    DETROIT,MI48201     		  501(C)(3) PROGRAM SUPPORT 12,000
    ORT AMERICA6735 TELEGRAPH RD
    SUITE 350
    BLOOMFIELD HILLS,MI48301     		  501(C)(3) GENERAL SUPPORT 2,500
    OZONE HOUSE1705 WASHTENAW AVENUE
    ANN ARBOR,MI48104     		  501(C)(3) CAPITAL GRANT 135,000
    PRECIOUS CHILD7051 W 118TH AVE
    BROOMFIELD,CO80020     		  501(C)(3) PROGRAM SUPPORT 10,000
    SAINT FRANCIS CENTER2323 CURTIS ST
    DENVER,CO80205     		  501(C)(3) PROGRAM SUPPORT 20,000
    SAINTS PETER AND PAUL ORTHODOX CATH3810 GILBERT
    DETROIT,MI48210     		  501(C)(3) PROGRAM SUPPORT 20,000
    SOUTH OAKLAND SHELTER46156 WOODWARD AVENUE
    PONTIAC,MI48342     		  501(C)(3) CAPTIAL GRANT 147,820
    STARFISH FAMILY SERVICES30000 HIVELY
    INKSTER,MI48141     		  501(C)(3) PROGRAM SUPPORT 30,000
    THE EMPOWERMENT PLAN7640 KERCHEVAL AVE
    DETROIT,MI48214     		  501(C)(3) PROGRAM SUPPORT 200,000
    THE FRIENDSHIP CIRCLE6892 W MAPLE ROAD
    WEST BLOOMFIELD,MI48322     		  501(C)(3) GENERAL SUPPORT 165,000
    THE HENRY FORD20900 OAKWOOD
    DEARBORN,MI48124     		  501(C)(3) GENERAL SUPPORT 7,500
    THE MAKE-A-WISH FOUNDATION OF MI7600 GRAND RIVER AVE
    BRIGHTON,MI48114     		  501(C)(3) GENERAL SUPPORT 18,500
    THE ROCKET GIVING FUND303 EAST WACKER DRIVE
    SUITE 2200
    CHICAGO,IL60601     		  501(C)(3) PROGRAM SUPPORT 25,000
    UNITED WAY FOR SOUTHEASTERN MICHPO BOX 77398
    DETROIT,MI48277     		  501(C)(3) PROGRAM SUPPORT 190,000
    UNIVERSITY OF MIAMI1320 S DIXIE HIGHWAY
    SUITE 6540
    CORAL GABLES,FL33146     		  501(C)(3) RESEARCH GRANT 125,000
    UNIVERSITY OF ROCHESTER601 ELMWOOD AVE
    BOX 704
    ROCHESTER,NY14642     		  501(C)(3) RESEARCH GRANT 287,363
    UNIVERSITY OF TEXAS SOUTHWESTERN5323 HARRY HINES BLVD
    DALLAS,TX75390     		  501(C)(3) RESEARCH GRANT 143,750
    URBAN PEAK DENVER2100 STOUT ST
    DENVER,CO80205     		  501(C)(3) PROGRAM SUPPORT 10,000
    VISTA MARIA20651 W WARREN ST
    DEARBORN HEIGHTS,MI48127     		  501(C)(3) PROGRAM SUPPORT 190,515
    WAYNE METRO COMMUNITY ACTION7310 WOODWARD AVE
    DETROIT,MI48202     		  501(C)(3) PROGRAM SUPPORT 100,000
    WORLD MEDICAL RELIEF21725 MELROSE AVE
    SOUTHFIELD,MI48075     		  501(C)(3) PROGRAM SUPPORT 10,000
    YMCA OF METRO DETROIT1401 BROADWAY ST
    DETROIT,MI48226     		  501(C)(3) PROGRAM SUPPORT 10,000
    YOUNG AMERICANS CENTER FOR FINANCIA3550 EASH FIRST AVENUE
    DENVER,CO80206     		  501(C)(3) PROGRAM SUPPORT 25,000
    YPSILANTI MEALS ON WHEELS1110 W CROSS ST
    YPSILANTI,MI48197     		  501(C)(3) PROGRAM SUPPORT 10,000
    ZAMAN INERNATIONAL26091 TROWBRIDGE ST
    INKSTER,MI48141     		  501(C)(3) PROGRAM SUPPORT 10,000
    Total ...............................bullet 3a 5,272,209
    bApproved for future payment
    826 MICHIGAN115 E LIBERTY ST
    ANN ARBOR,MI48104     		  501(C)(3) PROGRAM SUPPORT 150,000
    COMMUNITY FOUNDATION OF SE MICHIGAN333 W FORT ST
    DETROIT,MI48226     		  501(C)(3) PROGRAM SUPPORT 66,000
    DETROIT SYMPHONY ORCHESTRA3711 WOODWARD AVE
    DETROIT,MI48201     		  501(C)(3) PROGRAM SUPPORT 348,000
    DUMB FRIENDS LEAGUE2080 S QUEBEC STREET
    DENVER,CO80231     		  501(C)(3) CAPITAL GRANT 250,000
    FIGURE SKATING IN DETROIT553 E JEFFERSON
    DETROIT,MI48226     		  501(C)(3) PROGRAM SUPPORT 25,000
    FRIENDSHIP CIRCLE6892 W MAPLE RD
    WEST BLOOMFIELD,MI48322     		  501(C)(3) PROGRAM SUPPORT 165,000
    JUNIOR ACHIEVEMENT OF SE MICHIGAN577 LARNED ST
    DETROIT,MI48226     		  501(C)(3) PROGRAM SUPPORT 75,000
    MICHIGAN EDUCATION EXCELLENCE FOUND1420 WASHINGTON BLVD
    DETROIT,MI48226     		  501(C)(3) PROGRAM SUPPORT 62,000
    YOUNG AMERICANS FOR FINANCIAL ED3550 EAST FIRST AVENUE
    DENVER,CO80206     		  501(C)(3) PROGRAM SUPPORT 25,000
    Total ................................bullet 3b 1,166,000

    TY 2020 AccountingFeesSchedule
    Name:
    VERA AND JOSEPH DRESNER FOUNDATION
     
    DBA DRESNER FOUNDATION
    EIN:
    20-5838578
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 3,750 938   2,812

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

    TY 2020 DepreciationSchedule
    Name:
    VERA AND JOSEPH DRESNER FOUNDATION
     
    DBA DRESNER FOUNDATION
    EIN:
    20-5838578
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
    OFFICE BUILDOUT   101,359 38,854   15.0000 6,757 3,378    
    OFFICE FURNITURE   69,706 56,857   7.0000 9,742 4,871    
    OFFICE EQUIPMENT   22,803 22,080   5.0000 579 289    

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

    TY 2020 GainLossSaleOtherAssetsSch
    Name:
    VERA AND JOSEPH DRESNER FOUNDATION
     
    DBA DRESNER FOUNDATION
    EIN:
    20-5838578
    Name Date Acquired How Acquired Date Sold Purchaser Name Gross Sales Price Basis Basis Method Sales Expenses Total (net) Accumulated Depreciation
    SCRAP FIXED ASSETS   PURCHASE    
    SCRAP     		  13,661     -291 13,370

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    VERA AND JOSEPH DRESNER FOUNDATION
     
    DBA DRESNER FOUNDATION
    EIN:
    20-5838578
    Name of Stock End of Year Book Value End of Year Fair Market Value
    ANGIX-ANGEL OAK MULTI STRAT INCOME    
    CLMZX-COLUMBIA MORTGAGE OPPTYS    
    SCHWAB-PIMCO FLEX CREDIT 2,419,554 2,419,554
    SCHWAB-SEMPER MIDAS FUND    
    SCHWAB-STONE RIDGE ALT LEND 1,672,159 1,672,159
    DEMSX-DFA EMERGING MARKETS SMALL CAP    
    DFEMX-DFA EMERGING MARKETS CL I    
    DFEVX-DFA EMERGING MARKETS VALUE    
    DFISX-DFA INTERNATIONAL SMALL CAP    
    DFIVX-DFA INT'L VALUE INSTL CL    
    DFLEX-DOUBLELINE FLEXIBLE INCOME    
    DFLVX-DFA US LARGE CAP VALUE 2,014,457 2,014,457
    DFQTX-DFA US CORE EQUITY 1,379,832 1,379,832
    DFSTX-DFA US SMALL CAP CL I 1,333,627 1,333,627
    DFSVX-DFA US SMALL CAP VALUE    
    DFUSX-DFA US LARGE CO 4,275,917 4,275,917
    DGSIX-DFA GLOBAL ALLOC    
    DILRX-DFA INTL LARGE CAP GROWTH    
    DISVX-DFA INT'L SMALL CAP VALUE    
    DODBX-DODGE & COX    
    DSEEX-DOUBLELINE SHIL ENHANCED CAPE 4,272,823 4,272,823
    DURPX-DFA US HIGH RELATIVE 2,097,317 2,097,317
    DUSLX-DFA US LARGE CAP GROWHT 6,171,578 6,171,578
    EIFAX-EATON VANCE FLOATING 1,922,288 1,922,288
    FIDELITY-CLARKSTON FOUNDERS FUND 3,770,836 3,770,836
    FIDELITY-CLARKSTON PARTNERS FUND 3,601,383 3,601,383
    FPNIX-FPA NEW INCOME    
    FTHSX-FULLER & THALER 1,252,504 1,252,504
    GINDX-GOTHAM INDEX PLUS    
    GLYCADIA, INC 652,440 652,440
    IMTM-ISHARES EDGE MSCI INTL MOMENTUM 2,658,063 2,658,063
    IQLT-ISHARES EDGE MSCI INTL QUALITY 2,474,473 2,474,473
    LAOIX-WESTERN ASSET 1,014,440 1,014,440
    MTUM-ISHARES EDGE MSCI USA MOMENTUM 5,545,850 5,545,850
    NWFFX-NEW WORLD CL F1 929,465 929,465
    PFTPX-PIMCO LOS DURATION INCOME    
    PIMIX-PIMCO INCOME INSTL 5,251,910 5,251,910
    PRFRX-T ROWE FLOATING RATE 1,920,117 1,920,117
    PRGTX-T ROWE GLOBAL TECH 1,286,970 1,286,970
    PRGXS-T ROWE GLOBAL STOCK 5,052,823 5,052,823
    PRHSX-T ROWE HEALTH SCIENCES 2,370,426 2,370,426
    PRWCX-T ROWE CP APPREC INVEST 8,054,390 8,054,390
    QUAL-ISHARES EDGE MSCI US QUALITY 5,815,970 5,815,970
    RCTIX-RIVER CANYON TOTAL RETURN BOND 4,906,085 4,906,085
    SEMMX-SEMPER MBS TOTAL RETURN    
    SGIIX-FIRST EAGLE GLOBAL CL1 1,450,931 1,450,931
    VDIGX-VANGUARD DIVIDEND GR 3,814,748 3,814,748
    VLAIX-VALUE LINE ASSET 3,652,591 3,652,591

    TY 2020 InvestmentsOtherSchedule2
    Name:
    VERA AND JOSEPH DRESNER FOUNDATION
     
    DBA DRESNER FOUNDATION
    EIN:
    20-5838578
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    BOLTONVILLE HYDRO ASSOCIATES FMV    
    C/R GLOBAL E&P FUND III FMV 18,638 18,638
    CANYON VALUE REALIZATION FUND, LP FMV 1,240,843 1,240,843
    CERBERUS PARTNERS II, LP FMV 1,773,448 1,773,448
    CERBERUS PARTNERS, LP FMV 343,012 343,012
    D&F INVESTMENTS II, LLC FMV 24,147,729 24,147,729
    D&F INVESTMENTS, LLC FMV 24,722,218 24,722,218
    ERIAL-JARVIS, LLC FMV 903,520 903,520
    GLW 130, LLC FMV 1,470,955 1,470,955
    LP INVESTORS III, LP FMV    
    PARA PARTNERS, LP FMV 2,224,841 2,224,841
    R/C GLOBAL E&P FUND IV FMV 76,532 76,532
    TRIAD-SIOUX FALLS PROP, LLC FMV 1,249,868 1,249,868
    GILBERT ST FMV    
    MCGRAW FMV    

    TY 2020 LandEtcSchedule2
    Name:
    VERA AND JOSEPH DRESNER FOUNDATION
     
    DBA DRESNER FOUNDATION
    EIN:
    20-5838578
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    OFFICE BUILDOUT 101,359 45,612 55,747  
    OFFICE FURNITURE 67,688 64,868 2,820  
    OFFICE EQUIPMENT 11,161 11,016 145  


    TY 2020 LegalFeesSchedule
    Name:
    VERA AND JOSEPH DRESNER FOUNDATION
     
    DBA DRESNER FOUNDATION
    EIN:
    20-5838578
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL 4,819     4,819


    TY 2020 OtherAssetsSchedule
    Name:
    VERA AND JOSEPH DRESNER FOUNDATION
     
    DBA DRESNER FOUNDATION
    EIN:
    20-5838578
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    CHARITABLE USE ASSETS (GILBERT/MCGRA 20,705 849,566 849,566


    TY 2020 OtherExpensesSchedule
    Name:
    VERA AND JOSEPH DRESNER FOUNDATION
     
    DBA DRESNER FOUNDATION
    EIN:
    20-5838578
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXPENSES        
    ASSOCIATION DUES 25,312     25,312
    BANK CHARGES 125 125    
    COMPUTER EXPENSES 35,574 15,922   19,652
    COPIER 3,561 1,780   1,781
    DUES AND SUBSCRIPTIONS 390 390    
    DOCUMENT SHREDDING 114 57   57
    INSURANCE D&O 14,392 4,627   9,765
    INSURANCE WORKERS COMP 1,536 494   1,042
    MEETINGS 5,799 2,899   2,900
    OFFICE SUPPLY 4,129 552   3,577
    PAYROLL PROCESSING 2,432 782   1,650
    POSTAGE 487 244   243
    TELEPHONE 7,326 3,022   4,304
    WEBSITE 4,015     4,015
    ALARM 618     618
    CLEANING 4,310     4,310
    ELEVATOR 6,015     6,015
    PEST CONTROL 600     600


    TY 2020 OtherIncomeSchedule2
    Name:
    VERA AND JOSEPH DRESNER FOUNDATION
     
    DBA DRESNER FOUNDATION
    EIN:
    20-5838578
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    TRIAD 75,461 75,461 75,461
    MANAGEMENT FEE INCOME 138,320 138,320 138,320
    BOLTONVILLE HYDRO ASSOC -6,157   -6,157
    C/R GLOBAL ENERGY & POWER III 24   24
    C/R GLOBAL ENERGY & POWER III -226 -226 -226
    CANYON VALUE REALIZATION FUND 23,715 23,715 23,715
    CANYON VALUE REALIZATION FUND -1,710   -1,710
    CERBERUS PARTNERS -12,196 -12,196 -12,196
    CERBERUS PARTNERS II -9,486 -9,486 -9,486
    CERBERUS PARTNERS II 23,897   23,897
    D&F INVESTMENTS II, LLC 865,663 865,663 865,663
    D&F INVESTMENTS, LLC 847,865 847,865 847,865
    ERIAL JARVIS, LLC 31,654 31,654 31,654
    GLW 130 -2,404 -2,404 -2,404
    LP INVESTORS III, LP 403 403 403
    PARA PARTNERS, LP 24,786 24,786 24,786
    PARA PARTNERS, LP 1,296   1,296
    R/C GLOBAL E&P CAYMAN -3 -3 -3
    R/C GLOBAL E&P IV -2,128 -2,128 -2,128
    R/C GLOBAL E&P IV (RW) 27,734   27,734
    R/C GLOBAL E&P IV FT 31   31
    R/C GLOBAL E&P IV FT -410 -410 -410


    TY 2020 OtherIncreasesSchedule
    Name:
    VERA AND JOSEPH DRESNER FOUNDATION
     
    DBA DRESNER FOUNDATION
    EIN:
    20-5838578
    Description Amount
    UNREALIZED GAINS(LOSS) 11,265,303


    TY 2020 OtherProfessionalFeesSchedule
    Name:
    VERA AND JOSEPH DRESNER FOUNDATION
     
    DBA DRESNER FOUNDATION
    EIN:
    20-5838578
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    CONSULTING 126,369     126,369
    INVEST. MANAGEMENT CRUDEN BAY 276,359 276,359    
    INVEST. MANAGEMENT CLARKSTON 64 64    
    INVEST. MANAGEMENT CRUDEN SCHWAB 19,120 19,120    


    TY 2020 TaxesSchedule
    Name:
    VERA AND JOSEPH DRESNER FOUNDATION
     
    DBA DRESNER FOUNDATION
    EIN:
    20-5838578
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 8,414 8,414    
    LICENSE FEE 225     225
    MICHIGAN FILING FEE 105 105    
    STATE WITHHOLDING 222 222