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. 1545-0047
2021
Open to Public Inspection
For calendar year 2021, or tax year beginning 01-01-2021 , and ending 12-31-2021
Name of foundation
ZELL FAMILY FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)TWO NORTH RIVERSIDE PLAZA 600
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
CHICAGO, IL60606
A Employer identification number

36-3487811
B Telephone number (see instructions)

(312) 466-3335
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$274,260,282J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule) 444,208
2 Check bullet.............
3 Interest on savings and temporary cash investments 350,985 2,339,065  
4 Dividends and interest from securities... 2,443,625 2,582,541  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 13,164,980
b Gross sales price for all assets on line 6a 45,240,976
7 Capital gain net income (from Part IV, line 2)... 22,382,675
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)....... Click to see attachment 866,580 893,288  
12 Total. Add lines 1 through 11........ 17,270,378 28,197,569  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0   0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment 44,071 34,458   9,645
b Accounting fees (attach schedule)....... Click to see attachment 47,200 23,600   23,600
c Other professional fees (attach schedule).... Click to see attachment 4,319 12,581   0
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 248,538 0   0
19 Depreciation (attach schedule) and depletion...   27,201  
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 5,235 440,881   5,144
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 349,363 538,721   38,389
25 Contributions, gifts, grants paid....... 8,903,473 19,962,950
26 Total expenses and disbursements. Add lines 24 and 25 9,252,836 538,721   20,001,339
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 8,017,542
b Net investment income (if negative, enter -0-) 27,658,848
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2021)
Form 990-PF (2021)
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............. 487,092 627,356 627,356
2 Savings and temporary cash investments......... 24,823,925 26,046,409 26,046,409
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)....... 61,289,044 Click to see attachment42,636,743 42,636,743
c Investments—corporate bonds (attach schedule)....... 39,817,157 Click to see attachment47,110,045 47,110,045
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 14,515,187 Click to see attachment21,192,314 21,192,314
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment138,390,079 Click to see attachment136,647,415 Click to see attachment136,647,415
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 279,322,484 274,260,282 274,260,282
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable................. 217,899,584 204,840,108
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) Click to see attachment307,681 Click to see attachment287,412
23 Total liabilities (add lines 17 through 22)......... 218,207,265 205,127,520
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........... 61,115,219 69,132,762
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds    
29 Total net assets or fund balances (see instructions)..... 61,115,219 69,132,762
30 Total liabilities and net assets/fund balances (see instructions). 279,322,484 274,260,282
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
61,115,219
2
Enter amount from Part I, line 27a .....................
2
8,017,542
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
1
4
Add lines 1, 2, and 3 ..........................
4
69,132,762
5
Decreases not included in line 2 (itemize) bullet
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
69,132,762
Form 990-PF (2021)
Form 990-PF (2021)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a PUBLICLY TRADED SECURITIES D   2021-12-31
b MAP 2006, LP P 2006-12-15 2021-12-31
c CHATHAM ASSET PARTNERS HIGH YIELD FUND, LP P   2021-12-31
d CHATHAM ASSET PARTNERS HIGH YIELD FUND, LP P   2021-12-31
e CAPITAL GAINS DIVIDENDS P    
(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 45,025,183   22,858,301 22,166,882
b 55,278     55,278
c 2,309     2,309
d 3,403     3,403
e 154,803     154,803
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       22,166,882
b       55,278
c       2,309
d       3,403
e       154,803
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 22,382,675
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  
Form 990-PF (2021)
Form 990-PF (2021)
Page 4
Part V
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 All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) 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........................... 3 384,458
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- ..... 5 384,458
6 Credits/Payments:
a 2021 estimated tax payments and 2020 overpayment credited to 2021 6a 349,900
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 70,000
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 419,900
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 35,442
11 Enter the amount of line 10 to be: Credited to 2022 estimated taxBullet35,442 RefundedBullet 11 0
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changesClick to see attachment....
3
Yes
 
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XIV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletIL
    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 2021 or the taxable year beginning in 2021? See the instructions for Part XIII.
    If "Yes," complete Part XIII .............................
    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 (2021)
    Form 990-PF (2021)
    Page 5
    Part VI-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
    Yes
     
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletEQUITY GROUP INVESTMENTS Telephone no.bullet (312) 466-3335

    Located atbulletTWO NORTH RIVERSIDE PLAZA SUITE 600CHICAGOIL ZIP+4bullet606062627
    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 2021, 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 VI-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? ...........
    1a(1)
     
    No
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person? ..............................
    1a(2)
     
    No
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
    1a(3)
    Yes
     
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
    1a(4)
    Yes
     
    (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)? ......................
    1a(5)
     
    No
    (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.) ...............
    1a(6)
     
    No
    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
    c
    ........bullet
    d
    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 2021? .............
    1d
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2021, did the foundation have any undistributed income (lines 6d
    and 6e, Part XII) for tax year(s) beginning before 2021?....................
    2a
     
    No
    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? ..............................
    3a
     
    No
    b
    If "Yes," did it have excess business holdings in 2021 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 2021.) .....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2021? ..
    4b
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 6
    Part VI-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))? ..........
    5a(1)
     
    No
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive? ....................
    5a(2)
     
    No
    (3) Provide a grant to an individual for travel, study, or other similar purposes? .............
    5a(3)
     
    No
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions ........................
    5a(4)
    Yes
     
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals? .............
    5a(5)
     
    No
    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
     
    No
    c
    .........bullet
    d
    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? .................
    5d
    Yes
     
    If "Yes," attach the statement required by Regulations section 53.4945–5(d). Click to see attachment
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract? .............................
    6a
     
    No
    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?
    7a
     
    No
    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? .........................
    8
     
    No
    Part VII
    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
    HELEN H ZELL EXECUTIVE DIRECTOR/VICE PR
    1.00     		0 0 0
    TWO NORTH RIVERSIDE PLAZA STE 600
    CHICAGO,IL60606
    SAMUEL ZELL PRESIDENT
    1.00     		0 0 0
    TWO NORTH RIVERSIDE PLAZA STE 600
    CHICAGO,IL60606
    KELLIE ZELL VICE PRESIDENT
    1.00     		0 0 0
    TWO NORTH RIVERSIDE PLAZA STE 600
    CHICAGO,IL60606
    MATTHEW M ZELL VICE PRESIDENT
    1.00     		0 0 0
    TWO NORTH RIVERSIDE PLAZA STE 600
    CHICAGO,IL60606
    JOANN L ZELL VICE PRESIDENT
    1.00     		0 0 0
    TWO NORTH RIVERSIDE PLAZA STE 600
    CHICAGO,IL60606
    PHILIP TINKLER VICE PRESIDENT
    1.00     		0 0 0
    TWO NORTH RIVERSIDE PLAZA STE 600
    CHICAGO,IL60606
    JOSEPH MIRON SECRETARY
    1.00     		0 0 0
    120 N LASALLE STREET 38TH FLOOR
    CHICAGO,IL60602
    LUCILLE MCFARLAND TREASURER/VICE PRESIDENT
    1.00     		0 0 0
    TWO NORTH RIVERSIDE PLAZA STE 600
    CHICAGO,IL60606
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 7
    Part VII
    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.............bullet0
    Part VIII-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 NOT APPLICABLE 0
    2  
    3  
    4  
    Part VIII-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 NOT APPLICABLE 0
    2  
    All other program-related investments. See instructions.
    3 Click to see attachment 0
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 8
    Part IX
    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
    92,833,872
    b
    Average of monthly cash balances.......................
    1b
    30,594,951
    c
    Fair market value of all other assets (see instructions)................
    1c
    17,249,703
    d
    Total (add lines 1a, b, and c).........................
    1d
    140,678,526
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    140,678,526
    4
    Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
    instructions) .............................
    4
    2,110,178
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. .......
    5
    138,568,348
    6
    Minimum investment return. Enter 5% (0.05) of line 5................
    6
    6,928,417
    Part X
    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 IX, line 6..................
    1
    6,928,417
    2a
    Tax on investment income for 2021 from Part V, line 5.......
    2a
    384,458
    b
    Income tax for 2021. (This does not include the tax from Part V.) ...
    2b
    96,530
    c
    Add lines 2a and 2b............................
    2c
    480,988
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    6,447,429
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    6,447,429
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
    7
    6,447,429
    Part XI
    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
     
    b
    Program-related investments—total from Part VIII-B..................
    1b
     
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4.
    4
     
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 9
    Part XII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2020     		(c)
    2020     		(d)
    2021
    1 Distributable amount for 2021 from Part X, line 7 6,447,429
    2 Undistributed income, if any, as of the end of 2021:
    a Enter amount for 2020 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2021:
    a From 2016......  
    b From 2017......  
    c From 2018......  
    d From 2019...... 12,040,514
    e From 2020...... 13,515,928
    f Total of lines 3a through e ........ 25,556,442
    4Qualifying distributions for 2021 from Part
    XI, line 4: bullet$ 20,001,339
    a Applied to 2020, but not more than line 2a 0
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		0
    d Applied to 2021 distributable amount..... 6,447,429
    e Remaining amount distributed out of corpus 13,553,910
    5 Excess distributions carryover applied to 2021. 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 39,110,352
    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 2021. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2022 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8 Excess distributions carryover from 2016 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9 Excess distributions carryover to 2022.
    Subtract lines 7 and 8 from line 6a ......     		39,110,352
    10 Analysis of line 9:
    a Excess from 2017....  
    b Excess from 2018....  
    c Excess from 2019.... 12,040,514
    d Excess from 2020.... 13,515,928
    e Excess from 2021.... 13,553,910
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 10
    Part XIII
    Private Operating Foundations (see instructions and Part VI-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 2021, 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) 2021 (b) 2020 (c) 2019 (d) 2018
             
    b 85% (0.85) of line 2a .........          
    c Qualifying distributions from Part XI,
    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 IX, 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 XIV
    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).)
    HELEN H ZELL
    SAMUEL ZELL
    KELLIE ZELL
    MATTHEW M ZELL
    JOANN L ZELL
    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 (2021)
    Form 990-PF (2021)
    Page 11
    Part XIV
    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
    A BETTER CHICAGO
    600 W VAN BUREN SUITE 510
    CHICAGO,IL60607     		NONE PC GENERAL SUPPORT 200,000
    ACADEMY FOR URBAN SCHOOL LEADERSHIP
    3400 AUSTIN AVE
    CHICAGO,IL60634     		NONE PC GENERAL SUPPORT 25,450
    AMERICAN JEWISH COMMUNITY
    PO BOX 7247
    PHILADELPHIA,PA191700001     		NONE PC GENERAL SUPPORT 50,000
    ANN & ROBERT H LURIE CHILDREN'S HOSPITAL
    225 E CHICAGO AVE
    CHICAGO,IL60611     		NONE PC GENERAL SUPPORT 100,000
    ART INSTITUTE OF CHICAGO
    111 S MICHIGAN AVE
    CHICAGO,IL60603     		NONE PC GENERAL SUPPORT 25,000
    ARTS ALLIANCE ILLINOIS
    200 W MADISON STREET 3RD FLOOR
    CHICAGO,IL60606     		NONE PC GENERAL SUPPORT 5,000
    BERNARD ZELL ANSHE EMET DAY SCHOOL
    3751 NORTH BROADWAY
    CHICAGO,IL60613     		NONE PC GENERAL SUPPORT 1,000,000
    BIRTHRIGHT ISRAEL FOUNDATION
    33 EAST 33RD STREET 7TH FLOOR
    NEW YORK,NY10016     		NONE PC GENERAL SUPPORT 250,000
    BOULDER JCC
    6007 OREG AVE
    BOULDER,CO80303     		NONE PC GENERAL SUPPORT 150,000
    CATO INSTITUTE
    1000 MASSACHUSETTS AVE NW WASHINGTO
    DC,DC20001     		NONE PC GENERAL SUPPORT 50,000
    CHIARTS FOUNDATION
    PO BOX 772076
    CHICAGO,IL60677     		NONE PC GENERAL SUPPORT 415,000
    CHICAGO ARCHITECTURE BIENNIAL
    78 E WASHINGTON STREET
    CHICAGO,IL60602     		NONE PC GENERAL SUPPORT 150,000
    CHICAGO CHILDREN'S MUSEUM
    700 EAST GRAND AVENUE SUITE 127
    CHICAGO,IL60611     		NONE PC GENERAL SUPPORT 80,000
    CHICAGO PUBLIC EDUCATION FUND
    200 W ADAMS ST SUITE 1250
    CHICAGO,IL60606     		NONE PC GENERAL SUPPORT 500,000
    CHICAGO PUBLIC EDUCATION FUND
    200 W ADAMS ST SUITE 1250
    CHICAGO,IL60606     		NONE PC GENERAL SUPPORT 250,000
    CHICAGO SHAKESPEARE THEATER
    800 E GRAND AVENUE
    CHICAGO,IL60611     		NONE PC GENERAL SUPPORT 50,000
    CHICAGO SYMPHONY ORCHESTRA
    220 S MICHIGAN AVE
    CHICAGO,IL60604     		NONE PC GENERAL SUPPORT 1,150,000
    CHICAGO SYMPHONY ORCHESTRA
    220 S MICHIGAN AVE
    CHICAGO,IL60604     		NONE PC GENERAL SUPPORT 1,000,000
    CHICAGO SYMPHONY ORCHESTRA
    220 S MICHIGAN AVE
    CHICAGO,IL60604     		NONE PC GENERAL SUPPORT 1,000,000
    CHICAGO WEST COMMUNITY MUSIC CENTER
    100 N CENTRAL PARK AVE
    CHICAGO,IL60624     		NONE PC GENERAL SUPPORT 100,000
    CHICAGOLAND HABITAT FOR HUMANITY
    233 N MICHIGAN AVE STE 1820
    CHICAGO,IL606015802     		NONE PC GENERAL SUPPORT 25,000
    COMMUNITYHEALTH
    2611 W CHICAGO AVE
    CHICAGO,IL60622     		NONE PC GENERAL SUPPORT 50,000
    GRANT PARK ORCHESTRAL ASSOCIATION
    205 E RANDOLPH STREET
    CHICAGO,IL60601     		NONE PC GENERAL SUPPORT 10,000
    HOLD ON TO YOUR MUSIC
    2128 DUXBURY CIRCLE
    LOS ANGELES,CA90034     		NONE PC GENERAL SUPPORT 175,000
    HYDE PARK ART CENTER
    5020 S CORNELL AVE
    CHICAGO,IL60615     		NONE PC GENERAL SUPPORT 10,000
    IMENTOR
    199 WATER ST 8TH FLOOR
    NEW YORK,NY10038     		NONE PC GENERAL SUPPORT 250,000
    INSIDEOUT LITERARY ARTS
    5201 CASS AVE THIRD FLOOR
    DETROIT,MI48202     		NONE PC GENERAL SUPPORT 25,000
    INSTITUTE FOR HUMANE STUDIES
    3434 WASHINGTON BLVD MS 1C5
    ARLINGTON,VA22201     		NONE PC GENERAL SUPPORT 10,000
    INTERDISCIPLINARY CENTER HERZLIYAAMERICAN FRIENDS OF IDC
    142 WEST 57TH STREET 11TH FLOOR
    NEW YORK,NY10019     		NONE PC GENERAL SUPPORT 400,000
    INTERDISCIPLINARY CENTER HERZLIYAAMERICAN FRIENDS OF IDC
    142 WEST 57TH STREET 11TH FLOOR
    NEW YORK,NY10019     		NONE PC GENERAL SUPPORT 1,000,000
    INTERNATIONAL MUSIC FOUNDATION
    11 E ADAMS ST 350-B
    CHICAGO,IL60603     		NONE PC MAKE MUSIC CHICAGO 50,000
    INTERNATIONAL MUSIC FOUNDATION
    11 E ADAMS ST 350-B
    CHICAGO,IL60603     		NONE PC MUSICAL WALKS IN THE PARK 15,000
    INTERNATIONAL MUSIC FOUNDATION
    11 E ADAMS ST 350-B
    CHICAGO,IL60603     		NONE PC RUSH HOUR CONCERTS 15,000
    JEWISH THEOLOGICAL SEMINARY
    3080 BROADWAY
    NEW YORK,NY10027     		NONE PC GENERAL SUPPORT 50,000
    JEWISH UNITED FUND
    30 S WELLS ST
    CHICAGO,IL60606     		NONE PC GENERAL SUPPORT 550,000
    JUNIOR ACHIEVEMENT
    651 W WASHINGTON BLV
    CHICAGO,IL60661     		NONE PC GENERAL SUPPORT 5,000
    JUNIOR ECONOMIC CLUB OF CHICAGO
    1318 N LASALLE DR
    CHICAGO,IL60610     		NONE PC GENERAL SUPPORT 5,000
    JUNIOR ECONOMIC CLUB OF CHICAGO
    1318 N LASALLE DR
    CHICAGO,IL60610     		NONE PC GENERAL SUPPORT 5,000
    JUNIOR ECONOMIC CLUB OF CHICAGO
    1318 N LASALLE DR
    CHICAGO,IL60610     		NONE PC GENERAL SUPPORT 5,000
    LINCOLN PARK CONSERVATORY
    2000 N RACINE AVE 4800
    CHICAGO,IL60614     		NONE PC GENERAL SUPPORT 750,000
    LYRIC OPERA
    20 N UPPER WACKER DR
    CHICAGO,IL60606     		NONE PC GENERAL SUPPORT 250,000
    MAYO CLINIC
    200 FIRST STREET SW
    ROCHESTER,MN55905     		NONE PC GENERAL SUPPORT 400,000
    MERIT SCHOOL OF MUSIC
    38 SOUTH PEORIA STREET
    CHICAGO,IL60607     		NONE PC GENERAL SUPPORT 25,000
    MUSEUM OF CONTEMPORARY ART
    220 E CHICAGO AVE
    CHICAGO,IL60611     		NONE PC GENERAL SUPPORT 500,000
    MUSEUM OF MODERN ART
    11 WEST 53 STREET
    NEW YORK,NY10019     		NONE PC GENERAL SUPPORT 10,000
    MUSIC INSTITUTE OF CHICAGO
    1702 SHERMAN AVENUE
    EVANSTON,IL60201     		NONE PC GENERAL SUPPORT 25,000
    NATIONAL RAMAH COMMISSION
    3080 BROADWAY
    NEW YORK,NY10027     		NONE PC GENERAL SUPPORT 86,000
    NORTHWESTERN UNIVERSITY
    633 CLARK ST
    EVANSTON,IL60208     		NONE PC GENERAL SUPPORT 150,000
    NORTHWESTERN UNIVERSITY
    633 CLARK ST
    EVANSTON,IL60208     		NONE PC GENERAL SUPPORT 150,000
    PROSTATE CANCER FOUNDATION
    1250 FOURTH STREET
    SANTA MONICA,CA90401     		NONE PC GENERAL SUPPORT 50,000
    ROCHELLE ZELL JEWISH HIGH SCHOOL
    1095 LAKE COOK ROAD
    DEERFIELD,IL60015     		NONE PC GENERAL SUPPORT 500,000
    SIMON WIESENTHAL CENTER
    1399 S ROXBURY DR
    LOS ANGELES,CA90035     		NONE PC GENERAL SUPPORT 50,000
    STARTS EARLY
    33 WEST MONROE STREET SUITE 1200
    CHICAGO,IL60303     		NONE PC GENERAL SUPPORT 100,000
    STARTS EARLY (FKA-OUNCE OF PREVENTION)
    33 W MONROE ST STE 1200
    CHICAGO,IL60603     		NONE PC GENERAL SUPPORT 1,000,000
    STEPPENWOLF THEATRE COMPANY
    1650 N HALSTED ST
    CHICAGO,IL60614     		NONE PC GENERAL SUPPORT 500,000
    STEPPENWOLF THEATRE COMPANY
    1650 N HALSTED ST
    CHICAGO,IL60614     		NONE PC GENERAL SUPPORT 730,000
    TEACH FOR ALL
    25 BROADWAY 12TH FL
    NEW YORK,NY10004     		NONE PC GENERAL SUPPORT 225,000
    TEACH FOR AMERICA
    25 BROADWAY 12TH FLOOR
    NEW YORK,NY10004     		NONE PC GENERAL SUPPORT 50,000
    TEACH FOR AMERICA
    25 BROADWAY 12TH FLOOR
    NEW YORK,NY10004     		NONE PC GENERAL SUPPORT 750,000
    THE POINT MAGAZINE
    2 N LASALLE STREET NO 2300
    CHICAGO,IL60602     		NONE PC GENERAL SUPPORT 100,000
    THE SOLTI FOUNDATION US
    1410 N STATE PKWY
    CHICAGO,IL60610     		NONE PC GENERAL SUPPORT 3,500
    UCSF FOUNDATION
    PO BOX 45339
    SAN FRANCISCO,CA94145     		NONE PC GENERAL SUPPORT 50,000
    UNITED STATES HOLOCAUST MEMORIAL MUSEUM
    595 ELM PL
    HIGHLAND PARK,IL60035     		NONE PC GENERAL SUPPORT 25,000
    UNIVERSITY OF CHICAGO
    5801 SOUTH ELLIS AVENUE
    CHICAGO,IL60637     		NONE PC GENERAL SUPPORT 200,000
    UNIVERSITY OF COLORADO FOUNDATION
    1800 GRANT STREET SUITE 725
    DENVER,CO80203     		NONE PC GENERAL SUPPORT 375,000
    UNIVERSITY OF COLORADO FOUNDATION
    1800 GRANT STREET SUITE 725
    DENVER,CO80203     		NONE PC GENERAL SUPPORT 150,000
    UNIVERSITY OF MICHIGAN
    500 S STATE STREET
    ANN ARBOR,MI48109     		NONE PC GENERAL SUPPORT 183,000
    UNIVERSITY OF MICHIGAN HILLEL
    1429 HILL ST
    ANN ARBOR,MI48104     		NONE PC GENERAL SUPPORT 10,000
    UNIVERSITY OF MICHIGAN-8 ZELL GRADUATE FELLOWS
    500 S STATE STREET
    ANN ARBOR,MI48109     		NONE PC GENERAL SUPPORT 600,000
    UNIVERSITY OF MICHIGAN-ENTREPRENEURSHIP CLINIC
    500 S STATE STREET
    ANN ARBOR,MI48109     		NONE PC GENERAL SUPPORT 650,000
    UNIVERSITY OF MICHIGAN-HZ WRITER'S PROGRAM
    500 S STATE STREET
    ANN ARBOR,MI48109     		NONE PC GENERAL SUPPORT 250,000
    UNIVERSITY OF MICHIGAN-POST MFA WRITING FELLOWSHIP
    500 S STATE STREET
    ANN ARBOR,MI48109     		NONE PC GENERAL SUPPORT 550,000
    UNIVERSITY OF MICHIGAN-ROSS SZRL INSTITUTE ENTREPRENEURIAL
    500 S STATE STREET
    ANN ARBOR,MI48109     		NONE PC GENERAL SUPPORT 200,000
    UNIVERSITY OF MICHIGAN-ROSS SZRL INSTITUTE ENTREPRENEURIAL
    500 S STATE STREET
    ANN ARBOR,MI48109     		NONE PC GENERAL SUPPORT 700,000
    UNIVERSITY OF MICHIGAN-ROSS ZELL FOUNDERS FUND
    500 S STATE STREET
    ANN ARBOR,MI48109     		NONE PC GENERAL SUPPORT 200,000
    URBAN GATEWAYS
    100 S STATE ST 4TH FLOOR
    CHICAGO,IL60603     		NONE PC GENERAL SUPPORT 35,000
    WINDOW TO THE WORLD COMMUNICATION-WFMT
    5400 N ST LOUIS AVENUE
    CHICAGO,IL60625     		NONE PC GENERAL SUPPORT 25,000
    WINDOW TO THE WORLD COMMUNICATION-WFMT
    5400 N ST LOUIS AVENUE
    CHICAGO,IL60625     		NONE PC GENERAL SUPPORT 25,000
    YOUNG CHICAGO AUTHORS
    1180 N MILWAUKEE AVE SUITE 2
    CHICAGO,IL60642     		NONE PC GENERAL SUPPORT 125,000
    ZELL ENTREPRENEURSHIP FOUNDATION
    2 N RIVERSIDE PLAZA SUITE 600
    CHICAGO,IL60606     		NONE PF GENERAL SUPPORT - FURTHERING THE GRANTEE'S TAX-EXEMPT CHARITABLE, EDUCATIONAL, AND SCIENTIFIC PURPOSES 2,000,000
    Total .................................bullet 3a 21,962,950
    bApproved for future payment
    AMERICAN FRIENDS OF IDC
    142 W 57TH ST 11TH FLOOR
    NEW YORK,NY10019     		NONE PC GENERAL SUPPORT 1,200,000
    BIRTHRIGHT ISRAEL
    33 EAST 33RD STREET 7TH FLOOR
    NEW YORK,NY10016     		NONE PC GENERAL SUPPORT 1,000,000
    CHICAGO WEST COMMUNITY MUSIC CENTER
    100 N CENTRAL PARK AVE
    CHICAGO,IL60624     		NONE PC GENERAL SUPPORT 300,000
    HOLD ON TO YOUR MUSIC
    2128 DUXBURY CIR
    LOS ANGELES,CA90034     		NONE PC GENERAL SUPPORT 525,000
    LINCOLN PARK CONSERVANCY
    PO BOX 14703
    CHICAGO,IL60614     		NONE PC GENERAL SUPPORT 2,000,000
    SIMON WIESENTHAL CENTER
    1399 S ROXBURY DR
    LOS ANGELES,CA90035     		NONE PC GENERAL SUPPORT 100,000
    UNIVERSITY OF MICHIGAN LAW ENTREPRENEURSHIP CLINIC
    625 SOUTH STATE STREET
    ANN ARBOR,MI481091215     		NONE PC GENERAL SUPPORT 2,000,000
    Total .................................bullet 3b 7,125,000
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 12
    Part XV-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 ...........     		    14 350,985  
    4 Dividends and interest from securities ....          
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6 Net rental income or (loss) from personal property          
    7 Other investment income .....          
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 13,164,980  
    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 16,826,170 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    16,826,170
    (See worksheet in line 13 instructions to verify calculations.)
    Part XV-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 XV-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 (2021)
    Form 990-PF (2021)
    Page 13
    Part XVI
    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 (2021)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2021 AccountingFeesSchedule
    Name:
    ZELL FAMILY FOUNDATION
    EIN:
    36-3487811
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 47,200 23,600   23,600

    TY 2021 AllOthProgRltdInvestmentsSch
    Name:
    ZELL FAMILY FOUNDATION
    EIN:
    36-3487811
    Category Amount
    NOT APPLICABLE 0

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

    TY 2021 ExpenditureResponsibilityStmt
    Name:
    ZELL FAMILY FOUNDATION
    EIN:
    36-3487811
    Grantee's Name Grantee's Address Grant Date Grant Amount Grant Purpose Amount Expended By Grantee Any Diversion By Grantee? Dates of Reports By Grantee Date of Verification Results of Verification
    ZELL ENTREPRENEURSHIP FOUNDATION
          		2 N RIVERSIDE PLAZA SUITE 600
    CHICAGO,IL60606     		2020-03-31 20,000,000 PURSUANT TO THE GRANT AGREEMENT DATED MARCH 31, 2020, THE GRANT IS TO BE USED IN GENERAL SUPPORT OF FURTHERING THE GRANTEE'S TAX-EXEMPT CHARITABLE, EDUCATIONAL, AND SCIENTIFIC PURPOSES. 225,000 NO KNOWN DIVERSION OF FUNDS. 2/23/2022   N/A - REVIEW OF GRANTEE REPORT(S) DID NOT RESULT IN REASON TO DOUBT ACCURACY OR RELIABILITY.

    TY 2021 InvestmentsCorpBondsSchedule
    Name:
    ZELL FAMILY FOUNDATION
    EIN:
    36-3487811
    Name of Bond End of Year Book Value End of Year Fair Market Value
    PIONEER NAT RES CO 586,127 586,127
    FIFTH THIRD BK CINCINNATI OHIO 403,570 403,570
    GOLDMAN SACHS GROUP INC 627,558 627,558
    PUBLIC SVC ENTERPRISE GROUP INC 683,373 683,373
    ENTERPRISE PRODS OPER LLC 584,650 584,650
    ALABAMA PWR CO 302,815 302,815
    BB&T CORP 404,366 404,366
    AUTOZONE INC 580,061 580,061
    MFRS & TRADERS 807,093 807,093
    WELLS FARGO BK N A SAN FRANCISCO 748,032 748,032
    RYDER SYS INC 606,039 606,039
    SYNCHRONY BK GLOBAL 454,515 454,515
    TOYOTA MTR CR CORP SR 770,045 770,045
    PHILLIP MORRIS INTL INC 407,444 407,444
    KINDER MORGAN ENERGY PARTNERS LP 574,883 574,883
    HEWLETT PACKARD ENTERPRISE CO 567,451 567,451
    ORACLE CORP SR 764,653 764,653
    DTE ENERGY CO 549,580 549,580
    ABBVIE INC 613,722 613,722
    WELLS FARGO & CO NEW 304,417 304,417
    EOG RES INC 589,237 589,237
    JP MORGAN CHASE & CO 765,561 765,561
    BOEING CO 589,150 589,150
    PACCAR FINL CORP 400,556 400,556
    CATERPILLAR FINL SVCS CORP GBL SR 598,139 598,139
    ALLY FINL INC 189,268 189,268
    GENERAL MTRS FINL CO INC 493,035 493,035
    COMCAST CORP NEW SR 588,726 588,726
    ALLY FINL INC 383,114 383,114
    VERIZON OWNER TR 2020-A NT 1,009,035 1,009,035
    CITICROUP INC 596,985 596,985
    AMERICREDIT AUTOMOBILE RECBLS 1,001,404 1,001,404
    NEXTERA ENERGY CAP HLDGS 395,699 395,699
    AT&T INC SR 477,528 477,528
    ENERGY TRANSFER OPER LP 580,130 580,130
    REGIONS FINL CORP NEW 613,613 613,613
    WORLD FINL NETWORK CR CARD 1,011,485 1,011,485
    JPMBB MTG SECS TR 2016 826,479 826,479
    LLOYDS BKG GROUP PLC 588,524 588,524
    CREDIT SUISSE GROUP FDG 578,351 578,351
    BARCLAYS PLC 587,475 587,475
    TORONTO DOMINION BK 796,268 796,268
    SHIRE ACQ UNV 621,844 621,844
    ROYAL BK CDA GLOBAL 795,994 795,994
    LLOYDS BANKING GROUP PLC 204,106 204,106
    AERCAP IRELAND CAP DESIGNATED ACTIVITY 605,757 605,757
    BANK MONTREAL 773,736 773,736
    BP CAP MKTS PLC 591,134 591,134
    USD CANADIAN PACIFIC 503,250 503,250
    EL PASO NATURAL GAS 625,309 625,309
    ACE INA HOLDINGS 816,034 816,034
    WISCONSIN ELECTRIC POWER 870,707 870,707
    VERIZON COMMUNICATIONS INC. INC. 399,811 399,811
    FNMA PFM4044 1,413,352 1,413,352
    TOYOTA MOTOR CORP 305,756 305,756
    CREDIT SUISSE NEW YORK 597,025 597,025
    LYONDELLBASELL IND NV 604,334 604,334
    THERMO FISHER SCIENTIFIC INC. INC. 500,694 500,694
    WESTLAKE CHEMICAL CORP 494,124 494,124
    FISERV INC 602,755 602,755
    ENTERGY ARKANSAS INC 684,979 684,979
    DISCOVERY COMMUNICATIONS 424,188 424,188
    PASHA LOAN 9,675,000 9,675,000

    TY 2021 InvestmentsCorpStockSchedule
    Name:
    ZELL FAMILY FOUNDATION
    EIN:
    36-3487811
    Name of Stock End of Year Book Value End of Year Fair Market Value
    EQUITY RESIDENTIAL PROPERTIES 13,980,440 13,980,440
    WESCO INTERNATIONAL, INC - COMMON STOCK 22,363,160 22,363,160
    PAR PACIFIC HOLDINGS, INC. - COMMON STOCK 1,649,000 1,649,000
    BLACKSTONE MORTGAGE TRUST, INC. - COMMON STOCK 306,200 306,200
    EXTERRAN CORPORATION - COMMON STOCK 782,140 782,140
    BANCO HIPOTECARIO ARS10 CL D - COMMON STOCK 92,003 92,003
    PHARMALINK INTERNATIONAL LIMITED - COMMON STOCK 3,463,800 3,463,800

    TY 2021 InvestmentsOtherSchedule2
    Name:
    ZELL FAMILY FOUNDATION
    EIN:
    36-3487811
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    MAP 2006 (A), L.P. FMV 411,475 411,475
    ZFF GREYCASTLE HOLDINGS, LLC FMV 150,891 150,891
    CHATHAM ASSET PARTNERS HIGH YIELD FUND, LP FMV 12,688,139 12,688,139
    HIGHBRIDGE SPAC OPPORTUNITY FUND FMV 7,941,809 7,941,809

    TY 2021 LegalFeesSchedule
    Name:
    ZELL FAMILY FOUNDATION
    EIN:
    36-3487811
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 44,071 34,426   9,645
    ZFF GREYCASTLE HOLDINGS LLC - LEGAL FEES 0 32   0


    TY 2021 OtherAssetsSchedule
    Name:
    ZELL FAMILY FOUNDATION
    EIN:
    36-3487811
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    LONG TERM RECEIVABLE 138,390,079 136,647,415 136,647,415


    TY 2021 OtherExpensesSchedule
    Name:
    ZELL FAMILY FOUNDATION
    EIN:
    36-3487811
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    BUSINESS LICENSES/FILING FEES 170 0   170
    MAP 2006, L.P. - ROYALTY EXPENSE 0 32,493   0
    BANK FEES 55 55   0
    MAP 2006, L.P. - MISCELLANEOUS EXPENSES 0 642   0
    MISCELLANEOUS EXPENSES 5,010 0   4,974
    CHATHAM ASSET PARTNERS HIGH YIELD FUND, LP - MISCELLANEOUS EXPENSES 0 343,396   0
    INVESTMENT SERVICES FEE 0 64,106   0
    ZFF GREYCASTLE HOLDINGS LLC - FILING FEES 0 189   0


    TY 2021 OtherIncomeSchedule2
    Name:
    ZELL FAMILY FOUNDATION
    EIN:
    36-3487811
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    THIRD PARTY INCOME/(LOSS) 866,580 97,767 866,580
    CHATHAM ASSET PARTNERS HIGH YIELD FUND, LP - BUSINESS INCOME 0 795,521 0


    TY 2021 OtherIncreasesSchedule
    Name:
    ZELL FAMILY FOUNDATION
    EIN:
    36-3487811
    Description Amount
    ROUNDING 1


    TY 2021 OtherLiabilitiesSchedule
    Name:
    ZELL FAMILY FOUNDATION
    EIN:
    36-3487811
    Description Beginning of Year - Book Value End of Year - Book Value
    OTHER PAYABLE 307,681 287,412


    TY 2021 OtherProfessionalFeesSchedule
    Name:
    ZELL FAMILY FOUNDATION
    EIN:
    36-3487811
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ZFF GREYCASTLE HOLDINGS LLC - PROFESSIONAL FEES 0 10,421   0
    OTHER PROFESSIONAL FEES 4,319 2,160   0


    TY 2021 TaxesSchedule
    Name:
    ZELL FAMILY FOUNDATION
    EIN:
    36-3487811
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FEDERAL EXCISE TAX 236,169 0   0
    STATE TAXES 12,037 0   0
    PENALTIES 332 0   0