Form990-PF
Click to see attachment
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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
Glenstone Foundation
 
Number and street (or P.O. box number if mail is not delivered to street address)12100 Glen Road
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Potomac, MD20854
A Employer identification number

20-5938416
B Telephone number (see instructions)

(301) 983-5001
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$4,844,067,061J 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) 1,887,406,255
2 Check bullet.............
3 Interest on savings and temporary cash investments 313,863 313,863 313,863
4 Dividends and interest from securities... 3,826,175 3,826,175 3,826,175
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 3,992,407
b Gross sales price for all assets on line 6a 74,468,590
7 Capital gain net income (from Part IV, line 2)... 3,992,407
8 Net short-term capital gain......... 1,242,902
9 Income modifications...........  
10a Gross sales less returns and allowances 664,060
b Less: Cost of goods sold.... 724,945
c Gross profit or (loss) (attach schedule)..... Click to see attachment -60,885 -60,885
11 Other income (attach schedule)....... Click to see attachment 30,000 -110,310 -80,310
12 Total. Add lines 1 through 11........ 1,895,507,815 8,022,135 5,241,745
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 409,469 0 0 409,469
14 Other employee salaries and wages...... 5,687,221 0 0 5,687,221
15 Pension plans, employee benefits....... 1,640,404 0 0 1,640,404
16a Legal fees (attach schedule)......... Click to see attachment 3,711,745 0 0 3,711,745
b Accounting fees (attach schedule)....... Click to see attachment 45,231 33,051 0 12,180
c Other professional fees (attach schedule).... Click to see attachment 5,800,308 0 0 5,800,308
17 Interest............... 1,972,538 0 0 1,972,538
18 Taxes (attach schedule) (see instructions)... Click to see attachment 321,444 0 0 321,444
19 Depreciation (attach schedule) and depletion... Click to see attachment 10,172,174 0 0
20 Occupancy.............. 593,271 0 0 593,271
21 Travel, conferences, and meetings....... 41,298 0 0 41,298
22 Printing and publications.......... 35,400 0 0 35,400
23 Other expenses (attach schedule)....... Click to see attachment 4,296,178 0 0 4,296,178
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 34,726,681 33,051 0 24,521,456
25 Contributions, gifts, grants paid....... 8,510,012 8,510,012
26 Total expenses and disbursements. Add lines 24 and 25 43,236,693 33,051 0 33,031,468
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 1,852,271,122
b Net investment income (if negative, enter -0-) 7,989,084
c Adjusted net income (if negative, enter -0-)... 5,241,745
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............. 153,411 36,690 36,690
2 Savings and temporary cash investments......... 195,322,715 62,127,571 62,127,571
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.............. 602,343 798,049 798,049
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 30,408,520 Click to see attachment330,694,664 2,379,571,475
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 35,104,357 Click to see attachment185,061,569 207,811,697
14 Land, buildings, and equipment: basis bullet414,879,571
Less: accumulated depreciation (attach schedule) bullet39,422,661 370,872,995 Click to see attachment375,456,910 375,456,910
15 Other assets (describe bullet) Click to see attachment1,715,176,200 Click to see attachment1,818,264,669 Click to see attachment1,818,264,669
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 2,347,640,541 2,772,440,122 4,844,067,061
Liabilities 17 Accounts payable and accrued expenses.......... 139,698 416,814
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)...... 141,095,847 Click to see attachment219,914,123
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)......... 141,235,545 220,330,937
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here bullet
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 0 0
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 2,206,404,996 2,552,109,185
29 Total net assets or fund balances (see instructions)..... 2,206,404,996 2,552,109,185
30 Total liabilities and net assets/fund balances (see instructions). 2,347,640,541 2,772,440,122
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
2,206,404,996
2
Enter amount from Part I, line 27a .....................
2
1,852,271,122
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
4,058,676,118
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
1,506,566,933
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
2,552,109,185
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 6,780 shares TMO common stock   2021-02-23 2021-02-24
b 26,780 shares TMO common stock   2021-02-25 2021-03-01
c 25,000 shares TMO common stock   2021-03-05 2021-03-05
d 50,000 shares DHR common stock   2021-11-02 2021-11-30
e 43,220 shares TMO common stock   2021-02-23 2021-03-01
Sale of Artwork NAUMAN "MODEL FOR TRENCH" P 2015-07-31 2021-08-10
Sale of Artwork NAUMAN "RUN FROM FEAR" P 2013-06-05 2021-10-08
(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 3,126,031   3,080,567 45,464
b 12,216,425   12,090,557 125,868
c 11,111,521   10,867,000 244,521
d 16,398,636   15,650,100 748,536
e 19,715,977   19,637,464 78,513
9,200,000   7,650,495 1,549,505
2,700,000   1,500,000 1,200,000
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       45,464
b       125,868
c       244,521
d       748,536
e       78,513
      1,549,505
      1,200,000
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 3,992,407
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 1,242,902
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........................... 3 111,048
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- ..... 5 111,048
6 Credits/Payments:
a 2021 estimated tax payments and 2020 overpayment credited to 2021 6a 474,346
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 474,346
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 10 363,298
11 Enter the amount of line 10 to be: Credited to 2022 estimated taxBullet363,298 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
Yes
 
If "Yes," attach a detailed description of the activities.Click to see attachment
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XIV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletDE, MD
    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
    Yes
     
    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 addressbulletwww.Glenstone.org
    14
    The books are in care ofbulletC Scott Brannan Telephone no.bullet (301) 299-2225

    Located atbullet12100 Glen RoadPotomacMD ZIP+4bullet20854
    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)
    Yes
     
    (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
    Yes
     
    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
     
    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 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)
     
    No
    (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
     
     
    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
     
     
    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? .............................
    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
    MITCHELL P RALES CHAIRMAN/DIRECTOR
    30.00     		0 0 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    EMILY W RALES PRESIDENT
    50.00     		0 0 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    C SCOTT BRANNAN VICE PRES./TREASURER/DIRECTOR
    20.00     		0 0 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    RACHEL L S PLUMLEY SECRETARY/DIRECTOR
    10.00     		0 0 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    ANTHONY CERVENY CHIEF OPERATING OFFICER
    50.00     		272,291 17,341 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    HEATHER F NOLAN DIRECTOR OF FINANCE
    50.00     		137,178 6,106 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    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
    MARTIN LOTZ DIRECTOR OF FACILITI
    50.00     		150,160 20,297 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    ALICIA DAVIS DIRECTOR OF HR
    50.00     		153,985 15,455 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    PAUL TUKEY CHIEF SUSTAINABILITY
    50.00     		148,865 16,621 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    STOCKTON TOLER DIRECTOR OF VISITOR
    50.00     		146,158 12,204 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    VALENTINA NAHON SNR DIRECTOR - PUBLI
    50.00     		143,131 6,687 0
    12100 GLEN ROAD
    POTOMAC,MD20854
    Total number of other employees paid over $50,000...................bullet 56
    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
    The Whiting-Turner Contracting Company Construction services 5,288,614
    PO Box 17596
    Baltimore,MD21297
    Katten Muchin LLP Legal services 3,640,953
    2900 K St NW
    Washington,DC20007
    Budco Enterprises Inc Delivery and rigging services 1,378,000
    145 Plant Ave
    Hauppauge,NY11788
    Tanenholz & Associates PLLC Document services 1,312,541
    1100 H St NW 440
    Washington,DC20005
    WF Wilson & Sons Inc Professional services - water project 1,161,728
    6586 Meadowridge Rd
    Elkridge,MD21075
    Total number of others receiving over $50,000 for professional services.............bullet45
    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 Glenstone Foundation was created as a non-profit corporation to support public and educational exhibitions of art, to promote the study, improvement and advancement of the arts, and to foster research of art.The Foundation, which includes a museum of contemporary art and outdoor sculptures, is located in Montgomery County, MD, near Washington, DC and provides a contemplative, intimate setting for experiencing works of art, architecture, and nature. Open to the public four days weekly, the museum presents selections from an art collection of significant depth and breadth, as well as monumental outdoor sculptures within its landscape. Admission is free to all visitors and its school program also provides transportation for local students. An active loan program makes its artwork available to museums around the world. The Foundation does not accept grant applications. 32,796,456
    2 In 2021, the Foundation began engaging diverse communities within our geographic areas of focus by creating lasting positive psychological, emotional, social, and economic impact over time, by supporting the communities or partnering with other organizations to support them. Objectives include: Youth Engagement - Facilitate access to information and opportunities for future generations through youth engagement initiatives and partnerships. Health & Wellbeing - Through civic engagement, enhance and exchange knowledge, skills and expertise that improves the public health and well-being of target communities. Inequality - Support organizations through partnerships to advance research and programs to address inequities, reduce poverty, protect human rights and provide equitable access to resources. Environmental Justice - Through research and partnerships support organizations advance equitable policies that address the impact of climate change primarily on minority communities. 235,012
    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  
    2  
    All other program-related investments. See instructions.
    3  
    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
    1,106,088,804
    b
    Average of monthly cash balances.......................
    1b
    70,168,993
    c
    Fair market value of all other assets (see instructions)................
    1c
    136,635,744
    d
    Total (add lines 1a, b, and c).........................
    1d
    1,312,893,541
    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
    1,312,893,541
    4
    Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
    instructions) .............................
    4
    19,693,403
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. .......
    5
    1,293,200,138
    6
    Minimum investment return. Enter 5% (0.05) of line 5................
    6
    64,660,007
    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
     
    2a
    Tax on investment income for 2021 from Part V, line 5.......
    2a
     
    b
    Income tax for 2021. (This does not include the tax from Part V.) ...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
     
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
     
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
     
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
    7
     
    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  
    2 Undistributed income, if any, as of the end of 2021:
    a Enter amount for 2020 only.......  
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2021:
    a From 2016......  
    b From 2017......  
    c From 2018......  
    d From 2019......  
    e From 2020......  
    f Total of lines 3a through e ........  
    4Qualifying distributions for 2021 from Part
    XI, line 4: bullet$  
    a Applied to 2020, but not more than line 2a  
    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 2021 distributable amount.....  
    e Remaining amount distributed out of corpus  
    5 Excess distributions carryover applied to 2021.    
    (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 2021. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2022 ..........     		 
    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 2016 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9 Excess distributions carryover to 2022.
    Subtract lines 7 and 8 from line 6a ......     		 
    10 Analysis of line 9:
    a Excess from 2017....  
    b Excess from 2018....  
    c Excess from 2019....  
    d Excess from 2020....  
    e Excess from 2021....  
    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
    2007-07-31
    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
    5,241,745 7,335,051 0 0 12,576,796
    b 85% (0.85) of line 2a ......... 4,455,483 6,234,793 0 0 10,690,277
    c Qualifying distributions from Part XI,
    line 4 for each year listed .....     		148,572,365 193,532,146 162,849,474 153,971,750 658,925,735
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		8,510,012 5,280,455 544,607 543,100 14,878,174
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		140,062,353 188,251,691 162,304,867 153,428,650 644,047,561
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ...... 4,844,067,061 2,365,207,220 1,935,323,274 1,802,445,216 10,947,042,771
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		 2,402,331,326 2,086,651,538 1,935,323,274 1,802,445,216 8,226,751,354
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part IX, line 6 for each year listed ..     		        0
    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) ....     		        0
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		        0
    (3) Largest amount of support
    from an exempt organization    		         0
    (4) Gross investment income         0
    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).)
    MITCHELL P RALES
    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
    Foundation for Contemporary Arts
    820 Greenwich St
    NY,NY10014     		N/A PUBLIC CHARITY SUPPORT THE ARTS 50,000
    Manna Food Center
    12301 Old Columbia Pike Suite 200
    Silver Spring,MD20904     		N/A PUBLIC CHARITY FEED THE HUNGRY 2,400
    Food and Friends Inc
    219 Riggs Rd NE
    Washington,DC20011     		N/A PUBLIC CHARITY FEED THE HUNGRY 1,600
    United Way of National Capital Area
    1101 15th St NW Suite 1000
    Washington,DC20005     		N/A PUBLIC CHARITY GENERAL SUPPORT 6,012
    Metropolitan Museum of Art
    1000 Fifth Avenue
    NY,NY10028     		N/A PUBLIC CHARITY SUPPORT THE ARTS 50,000
    National Gallery of Art
    Constitution Ave NW
    Washington,DC20565     		N/A PUBLIC CHARITY SUPPORT THE ARTS 3,150,000
    Hammer Museum
    10899 Wilshire Blvd
    Los Angeles,CA90024     		N/A PUBLIC CHARITY SUPPORT THE ARTS 15,000
    Shelburne Museum
    6000 Shelburne Rd
    Shelburne,VT05482     		N/A PUBLIC CHARITY SUPPORT THE ARTS 10,000
    Scotland AME Church
    10902 Seven Locks Rd
    Potomac,MD20854     		N/A PUBLIC CHARITY GENERAL SUPPORT 225,000
    Studio Museum Harlem
    144 W 125th St
    NY,NY10027     		N/A PUBLIC CHARITY SUPPORT THE ARTS 5,000,000
    Total .................................bullet 3a 8,510,012
    bApproved for future payment
    Shelburne Museum
    6000 Shelburne Rd
    Shelburne,VT05482     		N/A PUBLIC CHARITY SUPPORT THE ARTS 40,000
    Studio Museum Harlem
    144 W 125th St
    NY,NY10027     		N/A PUBLIC CHARITY SUPPORT THE ARTS 5,000,000
    Total .................................bullet 3b 5,040,000
    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 ...........     		    14 313,863  
    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 3,992,407  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory         -60,885
    11 Other revenue:
    aArt loan fees     		        30,000
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e) .. 0 8,132,445 -30,885
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    8,101,560
    (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.)
    10 Bookstore items related to exhibits and 2 cafes serve only visitors
    11 Art loan fees related to exhibits
    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
    Schedule B
    (Form 990)
    Department of the Treasury
    Internal Revenue Service
    Schedule of Contributors

    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    Arrow Bullet Go to www.irs.gov/Form990 for the latest information.
    OMB No. 1545-0047
    2021
    Name of the organization
    Glenstone Foundation
     
    Employer identification number

    20-5938416
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ






    Form 990-PF




    Check if your organization is covered by the General Rule or a Special Rule.  
    Note: Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
    General Rule
    Special Rules
    ......... Arrow Bullet $  
    Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
    990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
    or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
    990-EZ, or 990-PF).
    For Paperwork Reduction Act Notice, see the Instructions
    for Form 990, 990-EZ, or 990-PF.
    Cat. No. 30613XSchedule B (Form 990) (2021)
    Schedule B (Form 990) (2021) Page 2
    Name of organization
    Glenstone Foundation
          		Employer identification number
    20-5938416
    Part I
    Contributors
    Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    1
    MITCHELL P RALES
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 1,505,724,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    2
    MITCHELL P RALES
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 108,300,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    3
    MITCHELL P RALES
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 165,119,865


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    4
    MITCHELL P RALES
    12002 GLEN ROAD
     
    POTOMAC, MD20854

    		$ 105,778,890


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    5
    ACA GALLERIES
     
    529 W 20TH ST
     
    NY, NY10011

    		$ 7,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    6
    ANDREA ROSEN GALLERY
     
    544 W 24TH ST
     
    NY, NY10011

    		$ 2,476,500


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990) (2021)
    Schedule B (Form 990) (2021)
    Page 3
    Name of organization
    Glenstone Foundation
          		Employer identification number

    20-5938416
    Part II
    Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    1
    		 6,100,000 SHARES OF DANAHER CORP COMMON STOCK $ 1,505,724,000 2021-06-11
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    5
    		 2 FAITH RINGGOLD SILKSCREENS $ 7,000 2021-04-19
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    6
    		 FELIX GONZALEZ-TORRES WORKS $ 2,476,500 2021-12-15
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    Schedule B (Form 990) (2021)
    Schedule B (Form 990) (2021)
    Page 4
    Name of organization
    Glenstone Foundation
          		Employer identification number

    20-5938416
    Part III
    Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
    Use duplicate copies of Part III if additional space is needed.
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    Schedule B (Form 990) (2021)
    Additional Data


    Software ID:  
    Software Version:  

    TY 2021 AccountingFeesSchedule
    Name:
    Glenstone Foundation
    EIN:
    20-5938416
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Audit and consulting fees 45,231 33,051 0 12,180

    TY 2021 ActyNotPreviouslyRptExpln
    Name:
    Glenstone Foundation
    EIN:
    20-5938416
    Explanation:
    In 2021, the Foundation began engaging diverse communities within our geographic areas of focus by creating lasting positive psychological, emotional, social, and economic impact over time, by supporting the communities or partnering with other organizations to support them. Objectives include: Youth Engagement Facilitate access to information and opportunities for future generations through youth engagement initiatives and partnerships. Health & Wellbeing Through civic engagement, enhance and exchange knowledge, skills and expertise that improves the public health and well-being of target communities. Inequality Support organizations through partnerships to advance research and programs to address inequities, reduce poverty, protect human rights and provide equitable access to resources. Environmental Justice Through research and partnerships support organizations advance equitable policies that address the impact of climate change primarily on minority communities including access to clean air and water, restoring land, upgrading energy infrastructure and building community resiliency.

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

    TY 2021 DepreciationSchedule
    Name:
    Glenstone Foundation
    EIN:
    20-5938416
    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
    Equipment 2015-11-01 62,596 62,596 SL 4.000000000000 0 0 0  
    Equipment 2015-06-01 313,031 304,260 SL 6.000000000000 8,771 0 0  
    Building imp. - equip 2015-02-01 68,463 10,397 SL 39.000000000000 1,755 0 0  
    Equipment 2015-09-01 18,147 9,680 SL 10.000000000000 1,815 0 0  
    Museum renovation 2015-08-14 6,405,606 889,666 SL 39.000000000000 164,246 0 0  
    Buildings 2016-08-01 2,042,390 247,148 SL 39.000000000000 52,369 0 0  
    Equipment 2016-08-01 90,490 42,338 SL 10.000000000000 9,049 0 0  
    M 2500 Van 2016-05-01 42,351 42,351 SL 3.000000000000 0 0 0  
    Equipment 2016-05-01 9,391 7,303 SL 6.000000000000 1,565 0 0  
    Equipment 2016-09-01 5,465 607 SL 39.000000000000 140 0 0  
    Land 2016-08-01 1,098,546   L   0 0 0  
    Museum renovation 2016-01-01 35,723 4,580 SL 39.000000000000 916 0 0  
    Equipment 2017-01-01 323,047 129,220 SL 10.000000000000 32,305 0 0  
    Museum renovation 2017-01-01 55,826 5,724 SL 39.000000000000 1,431 0 0  
    Land 2017-01-01 1,838,170   L   0 0 0  
    Building 2017-04-01 786,450 75,619 SL 39.000000000000 20,165 0 0  
    Equipment-17-04-1 2017-04-01 850,766 319,037 SL 10.000000000000 85,077 0 0  
    DR 2500 Truck 2017-06-01 41,215 41,215 SL 3.000000000000 0 0 0  
    Building 2017-07-01 1,567,351 140,658 SL 39.000000000000 40,188 0 0  
    Equipment 2017-07-01 129,864 45,451 SL 10.000000000000 12,986 0 0  
    Land improvement 18.1 2018-09-01 39,506,393 4,609,080 SL 20.000000000000 1,975,320 0 0  
    Land improvement 18.2 2018-10-01 506,226 56,950 SL 20.000000000000 25,311 0 0  
    Land improvement 18.3 2018-11-01 329,507 35,696 SL 20.000000000000 16,475 0 0  
    Land improvement 18.4 2018-10-01 100,649 11,322 SL 20.000000000000 5,032 0 0  
    Land 2018-09-01 40,978,991   L   0 0 0  
    Building 18.1 2018-01-01 244,170,051 18,782,313 SL 39.000000000000 6,260,771 0 0  
    Building 18.2 2018-02-01 1,255,486 96,576 SL 39.000000000000 32,192 0 0  
    Building 18.3 2018-03-01 604,016 43,882 SL 39.000000000000 15,488 0 0  
    Building 18.4 2018-04-01 8,238,920 580,949 SL 39.000000000000 211,254 0 0  
    Building 18.5 2018-05-01 1,394,901 95,378 SL 39.000000000000 35,767 0 0  
    Building 18.6 2018-06-01 748,180 49,559 SL 39.000000000000 19,184 0 0  
    Building 18.7 2018-07-01 262,797 16,845 SL 39.000000000000 6,738 0 0  
    Building 18.8 2018-08-01 375,120 23,244 SL 39.000000000000 9,618 0 0  
    Building 18.9 2018-09-01 10,443,013 624,797 SL 39.000000000000 267,770 0 0  
    Building 18.10 2018-10-01 779,077 44,946 SL 39.000000000000 19,976 0 0  
    Building 18.11 2018-11-01 380,764 21,153 SL 39.000000000000 9,763 0 0  
    Building 18.12 2018-12-01 1,000 54 SL 39.000000000000 26 0 0  
    Equipment - Tools 2018-01-01 2,812 1,407 SL 6.000000000000 469 0 0  
    Equipment - WAP 2018-01-01 10,197 5,100 SL 6.000000000000 1,700 0 0  
    Equipment - furnishings 2018-02-01 30,857 9,001 SL 10.000000000000 3,086 0 0  
    Equipment - furnishings 2018-07-01 21,840 5,460 SL 10.000000000000 2,184 0 0  
    Equipment - technology 2018-01-01 269,543 134,772 SL 6.000000000000 44,924 0 0  
    Equipment - IT equipment 2018-01-01 17,565 8,784 SL 6.000000000000 2,928 0 0  
    Equipment - lift 2018-01-01 1,950 845 SL 6.000000000000 325 0 0  
    Equipment - tools 2018-02-01 7,378 3,587 SL 6.000000000000 1,230 0 0  
    Equipment - radios 2018-02-01 77,012 37,436 SL 6.000000000000 12,835 0 0  
    Equipment - fixtures 2018-02-01 5,092 1,485 SL 10.000000000000 509 0 0  
    Equipment - furnishings 2018-03-01 15,543 4,403 SL 10.000000000000 1,554 0 0  
    Equipment - scrubber 2018-03-01 5,143 2,428 SL 6.000000000000 857 0 0  
    Equipment - scrubber 2018-04-01 20,875 9,567 SL 6.000000000000 3,479 0 0  
    Equipment - video 2018-04-01 31,385 14,385 SL 6.000000000000 5,231 0 0  
    Equipment - truck 2018-04-01 32,400 21,600 SL 4.000000000000 8,100 0 0  
    Equipment - safe 2018-04-01 5,855 1,611 SL 10.000000000000 586 0 0  
    Equipment - furnishings 2018-04-01 10,193 2,802 SL 10.000000000000 1,019 0 0  
    Equipment - display cases 2018-04-01 608,203 167,255 SL 10.000000000000 60,820 0 0  
    Equipment - display cases 2018-09-01 31,885 7,441 SL 10.000000000000 3,189 0 0  
    Equipment - lift 2018-04-01 11,319 5,189 SL 6.000000000000 1,887 0 0  
    Equipment - compressor 2018-05-01 24,328 10,813 SL 6.000000000000 4,055 0 0  
    Equipment - load mover 2018-05-01 39,109 17,381 SL 6.000000000000 6,518 0 0  
    Equipment - mower 2018-05-01 8,550 2,280 SL 10.000000000000 855 0 0  
    Equipment - K systems 2018-05-01 13,321 5,920 SL 6.000000000000 2,220 0 0  
    Equipment - shelving 2018-05-01 25,572 6,819 SL 10.000000000000 2,557 0 0  
    Equipment - lift 2018-06-01 15,496 4,004 SL 10.000000000000 1,550 0 0  
    Equipment - server 2018-06-01 18,895 8,135 SL 6.000000000000 3,149 0 0  
    Equipment - rotary files 2018-06-01 46,606 12,041 SL 10.000000000000 4,661 0 0  
    Equipment - Toro 2018-07-01 21,926 13,705 SL 4.000000000000 5,482 0 0  
    Equipment - Trimble 2018-07-01 5,575 2,323 SL 6.000000000000 929 0 0  
    Equipment - projector 2018-08-01 41,097 16,554 SL 6.000000000000 6,850 0 0  
    Equipment - furnishings 2018-08-01 15,070 3,516 SL 10.000000000000 1,507 0 0  
    Equipment - benches 2018-09-01 247,996 57,867 SL 10.000000000000 24,800 0 0  
    Equipment - cafe chairs 2018-09-01 62,384 14,555 SL 10.000000000000 6,238 0 0  
    Equipment - cafe furnishings 2018-09-01 51,756 12,077 SL 10.000000000000 5,176 0 0  
    Equipment - exhibition EC 2018-09-01 56,896 12,802 SL 10.000000000000 5,690 0 0  
    Equipment - ice machine 2018-09-01 5,286 2,056 SL 6.000000000000 881 0 0  
    Equipment - iMac Pro 2018-09-01 6,019 2,340 SL 6.000000000000 1,003 0 0  
    Equipment - patio furnishings 2018-09-01 38,954 9,088 SL 10.000000000000 3,895 0 0  
    Equipment - patio fridge 2018-09-01 10,713 2,499 SL 10.000000000000 1,071 0 0  
    Equipment - signs 2018-09-01 1,047,601 244,440 SL 10.000000000000 104,760 0 0  
    Equipment - signs 2018-10-01 47,014 10,969 SL 10.000000000000 4,701 0 0  
    Equipment - cabinet 2018-09-01 8,992 2,098 SL 10.000000000000 899 0 0  
    Equipment - cooler 2018-09-01 16,474 3,843 SL 10.000000000000 1,647 0 0  
    Equipment - cooler 2018-10-01 5,286 1,234 SL 10.000000000000 529 0 0  
    Equipment - shelving 2018-09-01 22,730 5,304 SL 10.000000000000 2,273 0 0  
    Equipment - stools 2018-10-01 1,186 268 SL 10.000000000000 119 0 0  
    Equipment - blower 2018-10-01 8,609 1,937 SL 10.000000000000 861 0 0  
    Equipment - table 2018-10-01 8,960 2,016 SL 10.000000000000 896 0 0  
    Equipment - table 2018-11-01 3,840 832 SL 10.000000000000 384 0 0  
    Equipment - lift 2018-11-01 21,906 4,747 SL 10.000000000000 2,191 0 0  
    Equipment - Kobota 2018-12-01 12,500 6,510 SL 4.000000000000 3,125 0 0  
    Equipment - Toro 2018-12-01 28,795 14,998 SL 4.000000000000 7,199 0 0  
    Equipment - Pol. A 2018-09-01 119,840 93,210 SL 3.000000000000 26,630 0 0  
    Equipment - Pol. C 2018-09-01 14,678 11,417 SL 3.000000000000 3,261 0 0  
    Equipment - Pol. E 2018-11-01 35,440 25,595 SL 3.000000000000 9,845 0 0  
    Equipment - Club 5 2018-11-01 112,705 81,397 SL 3.000000000000 31,308 0 0  
    Equipment - Club 7 2018-11-01 21,605 15,604 SL 3.000000000000 6,001 0 0  
    Equipment - signs 2018-11-01 3,391 735 SL 10.000000000000 339 0 0  
    Equipment - AH furnishings 2018-09-01 38,105 8,892 SL 10.000000000000 3,811 0 0  
    CIP   24,981,574     0 % 0 0 0  
    ADA Cart 2019-04-01 36,487 15,963 SL 4.000000000000 9,122 0 0  
    Security cameras 2019-04-01 137,125 39,995 SL 6.000000000000 22,854 0 0  
    Display cases - art storage 2019-01-01 47,827 9,566 SL 10.000000000000 4,783 0 0  
    Forklift - indoor 2019-04-01 26,627 11,650 SL 4.000000000000 6,657 0 0  
    Forklift - outdoor 2019-01-01 18,453 9,226 SL 4.000000000000 4,613 0 0  
    Fuel tank 2019-01-01 4,199 840 SL 10.000000000000 420 0 0  
    Polaris GEM cart 2019-04-01 20,836 9,116 SL 4.000000000000 5,209 0 0  
    IT server upgrade 2019-05-01 190,681 52,967 SL 6.000000000000 31,780 0 0  
    Models 2019-10-01 18,726 2,341 SL 10.000000000000 1,873 0 0  
    Security system 2019-01-01 30,031 10,010 SL 6.000000000000 5,005 0 0  
    Signage 2019-05-01 16,435 2,740 SL 10.000000000000 1,644 0 0  
    ST Trailer 2019-05-01 7,515 2,088 SL 6.000000000000 1,253 0 0  
    Toro 2019-01-01 33,449 16,724 SL 4.000000000000 8,362 0 0  
    Walk-in refrigerator 2019-04-01 8,544 1,495 SL 10.000000000000 854 0 0  
    Workstation - admin 2019-07-01 6,200 930 SL 10.000000000000 620 0 0  
    Workstation - security 2019-04-01 8,493 1,486 SL 10.000000000000 849 0 0  
    Security cameras 2019-09-01 11,160 2,480 SL 6.000000000000 1,860 0 0  
    Security cameras 2019-10-01 19,638 4,091 SL 6.000000000000 3,273 0 0  
    Polaris GEM cart 2019-07-01 22,704 8,514 SL 4.000000000000 5,676 0 0  
    Signage 2019-02-01 2,740 525 SL 10.000000000000 274 0 0  
    Security system 2019-09-01 4,376 972 SL 6.000000000000 729 0 0  
    Land 2019-06-01 9,969,825   L   0 0 0  
    BT - Land improvements 2019-04-01 4,188 366 SL 20.000000000000 209 0 0  
    Irr. system - Land improvements 2019-05-01 27,485 2,290 SL 20.000000000000 1,374 0 0  
    GR Fence - Land improvements 2019-06-01 31,719 2,511 SL 20.000000000000 1,586 0 0  
    HR - Land improvements 2019-07-01 85,503 6,413 SL 20.000000000000 4,275 0 0  
    Road - Land improvements 2019-10-01 32,576 2,036 SL 20.000000000000 1,629 0 0  
    Entrance - Land improvements 2019-10-01 55,378 3,461 SL 20.000000000000 2,769 0 0  
    SRB - Land improvements 2019-10-01 19,951 1,247 SL 20.000000000000 998 0 0  
    Trails - Land improvements 2019-11-01 2,318 135 SL 20.000000000000 116 0 0  
    Building 19.1 2019-01-01 48,924 2,508 SL 39.000000000000 1,254 0 0  
    Building 19.2 2019-02-01 356,441 17,518 SL 39.000000000000 9,140 0 0  
    Building 19.3 2019-03-01 5,122,789 240,815 SL 39.000000000000 131,354 0 0  
    Building 19.4 2019-04-01 73,000 3,276 SL 39.000000000000 1,872 0 0  
    Building 19.7 2019-07-01 567,668 21,834 SL 39.000000000000 14,556 0 0  
    Building 19.10 2019-10-01 225,000 7,211 SL 39.000000000000 5,769 0 0  
    Building 19.11 2019-11-01 150,000 4,487 SL 39.000000000000 3,846 0 0  
    Building improvements 19.2 2019-02-01 180,408 8,866 SL 39.000000000000 4,626 0 0  
    Building improvements 19.3 2019-03-01 173,427 8,153 SL 39.000000000000 4,447 0 0  
    Building improvements 19.4-1 2019-04-01 425,824 16,738 SL 39.000000000000 10,919 0 0  
    Building improvements 19.5 2019-05-01 124,214 5,308 SL 39.000000000000 3,185 0 0  
    Building improvements 19.6 2019-06-01 104,578 4,245 SL 39.000000000000 2,681 0 0  
    Building improvements 19.7 2019-07-01 112,221 4,316 SL 39.000000000000 2,877 0 0  
    Building improvements 19.9 2019-09-01 27,868 953 SL 39.000000000000 715 0 0  
    Building improvements 19.10 2019-10-01 153,324 4,914 SL 39.000000000000 3,931 0 0  
    Building improvements 19.11 2019-11-01 6,000 180 SL 39.000000000000 154 0 0  
    Building improvements 19.12 2019-12-01 109,564 3,043 SL 39.000000000000 2,809 0 0  
    Land improvements 20.1 2020-01-01 6,371 319 SL 20.000000000000 319 0 0  
    Land improvements 20.3 2020-03-01 107,192 4,466 SL 20.000000000000 5,360 0 0  
    Land improvements 20.12 2020-12-01 335,946 1,400 SL 20.000000000000 16,797 0 0  
    Equipment - hot water boiler 2020-07-30 6,298 262 SL 10.000000000000 630 0 0  
    Equipment - IAQ instruments 2020-09-18 7,288 182 SL 10.000000000000 729 0 0  
    Equipment - grinder pump 2020-08-24 9,000 300 SL 10.000000000000 900 0 0  
    Land 2020-07-10 402,676   L   0 0 0  
    Land 2021-11-10 516,910   L   0 0 0  
    Land improvements 21.10 2021-10-29 68,600   SL 20.000000000000 572 0 0  
    Equipment-17-04-2 2017-04-01 38,333 14,375 SL 10.000000000000 958 0 0  
    Equipment - Toro 2021-04-22 7,110   SL 4.000000000000 1,185 0 0  
    Equipment - Bipolar ion system 2021-01-01 15,265   SL 10.000000000000 1,527 0 0  
    Equipment - Soil / compost screener 2021-05-03 8,910   SL 10.000000000000 594 0 0  
    Equipment - Eye scanner 2021-06-25 8,661   SL 6.000000000000 722 0 0  
    Equipment - media storage 2021-08-25 123,099   SL 6.000000000000 6,839 0 0  

    TY 2021 GeneralExplanationAttachment
    Name:
    Glenstone Foundation
    EIN:
    20-5938416
    Identifier Return Reference Explanation
    Schedule of Controlled Entities Form 990-PF, Page 5, Part VII-A, line 11 1.NAME: MITCHELL P. RALES FAMILY FOUNDATIONEIN: 54-1739159ADDRESS: 11790 GLEN ROAD POTOMAC, MD 20854THE CONTROLLED ENTITY IS NOT AN EXCESS BUSINESS HOLDING.2.NAME: HANNIBAL FARMS, INCEIN: 52-1163098ADDRESS: 12001 GLEN ROAD POTOMAC, MD 20854THE CONTROLLED ENTITY IS NOT AN EXCESS BUSINESS HOLDING.
    Section 1033 Election Form 990-PF GLENSTONE FOUNDATION EIN: 20-5938416 Election Statement Under Section 1033 Statement to accompany 2021 Form 990-PF Corner Prop by Artist Richard Serra On October 22, 2018 the Foundation's Corner Prop artwork by artist Richard Serra was damaged while on exhibition. Glenstone Foundation received $3,500,000.00 from AIG Property Casualty Company (the covering insurance company) for damage. Glenstone Foundation elects, in accordance with the provisions of Section 1033(a)(2) of the Internal Revenue Code of 1986, not to have any gain recognized with respect to the insurance proceeds received for its damaged artwork and hereby designates replacement property within the meaning of Section 1033(a)(2) as follows: 2020 $3,500,000.00 All insurance proceeds were reinvested in 2021.

    TY 2021 InvestmentsCorpStockSchedule
    Name:
    Glenstone Foundation
    EIN:
    20-5938416
    Name of Stock End of Year Book Value End of Year Fair Market Value
    200,000 shares Colfax Common Stock 5,408,520 9,194,000
    25,000 shares Danaher Preferred B 25,000,000 43,454,250
    7,072,500 shares Danaher Corp common stock 300,286,144 2,326,923,225

    TY 2021 InvestmentsOtherSchedule2
    Name:
    Glenstone Foundation
    EIN:
    20-5938416
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    Celonis SE Preferred Stock AT COST 10,100,000 25,834,269
    Filtration Group Common Units AT COST 25,004,357 40,850,679
    Net Return Fund Ltd common shares AT COST 5,000,000 4,116,115
    NRMA Ltd common shares AT COST 25,000,000 16,056,000
    D1 Capital common shares AT COST 25,000,000 26,574,050
    Hillhouse Capital Ltd common shares AT COST 192,755 148,169
    Sequoia China Ltd common shares AT COST 10,000,000 9,718,443
    Sator Grove limited partner AT COST 36,000,000 35,969,657
    Madison Safety Technology common shares AT COST 6,750,000 6,790,128
    Durable Capital Opportunity Fund limited partner AT COST 6,614,457 6,408,677
    National Center for Faculty Dev & Diversity common shares AT COST 6,400,000 6,345,510
    Datacor Inc common shares AT COST 29,000,000 29,000,000

    TY 2021 LandEtcSchedule2
    Name:
    Glenstone Foundation
    EIN:
    20-5938416
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    Equipment 62,596 62,596 0 0
    Equipment 313,031 313,031 0 0
    Building imp. - equip 68,463 12,152 56,311 56,311
    Equipment 18,147 11,495 6,652 6,652
    Museum renovation 6,405,606 1,053,912 5,351,694 5,351,694
    Buildings 2,042,390 299,517 1,742,873 1,742,873
    Equipment 90,490 51,387 39,103 39,103
    M 2500 Van 42,351 42,351 0 0
    Equipment 9,391 8,868 523 523
    Equipment 5,465 747 4,718 4,718
    Land 1,098,546 0 1,098,546 1,098,546
    Museum renovation 35,723 5,496 30,227 30,227
    Equipment 323,047 161,525 161,522 161,522
    Museum renovation 55,826 7,155 48,671 48,671
    Land 1,838,170 0 1,838,170 1,838,170
    Building 786,450 95,784 690,666 690,666
    Equipment-17-04-1 850,766 404,114 446,652 446,652
    DR 2500 Truck 41,215 41,215 0 0
    Building 1,567,351 180,846 1,386,505 1,386,505
    Equipment 129,864 58,437 71,427 71,427
    Land improvement 18.1 39,506,393 6,584,400 32,921,993 32,921,993
    Land improvement 18.2 506,226 82,261 423,965 423,965
    Land improvement 18.3 329,507 52,171 277,336 277,336
    Land improvement 18.4 100,649 16,354 84,295 84,295
    Land 40,978,991 0 40,978,991 40,978,991
    Building 18.1 244,170,051 25,043,084 219,126,967 219,126,967
    Building 18.2 1,255,486 128,768 1,126,718 1,126,718
    Building 18.3 604,016 59,370 544,646 544,646
    Building 18.4 8,238,920 792,203 7,446,717 7,446,717
    Building 18.5 1,394,901 131,145 1,263,756 1,263,756
    Building 18.6 748,180 68,743 679,437 679,437
    Building 18.7 262,797 23,583 239,214 239,214
    Building 18.8 375,120 32,862 342,258 342,258
    Building 18.9 10,443,013 892,567 9,550,446 9,550,446
    Building 18.10 779,077 64,922 714,155 714,155
    Building 18.11 380,764 30,916 349,848 349,848
    Building 18.12 1,000 80 920 920
    Equipment - Tools 2,812 1,876 936 936
    Equipment - WAP 10,197 6,800 3,397 3,397
    Equipment - furnishings 30,857 12,087 18,770 18,770
    Equipment - furnishings 21,840 7,644 14,196 14,196
    Equipment - technology 269,543 179,696 89,847 89,847
    Equipment - IT equipment 17,565 11,712 5,853 5,853
    Equipment - lift 1,950 1,170 780 780
    Equipment - tools 7,378 4,817 2,561 2,561
    Equipment - radios 77,012 50,271 26,741 26,741
    Equipment - fixtures 5,092 1,994 3,098 3,098
    Equipment - furnishings 15,543 5,957 9,586 9,586
    Equipment - scrubber 5,143 3,285 1,858 1,858
    Equipment - scrubber 20,875 13,046 7,829 7,829
    Equipment - video 31,385 19,616 11,769 11,769
    Equipment - truck 32,400 29,700 2,700 2,700
    Equipment - safe 5,855 2,197 3,658 3,658
    Equipment - furnishings 10,193 3,821 6,372 6,372
    Equipment - display cases 608,203 228,075 380,128 380,128
    Equipment - display cases 31,885 10,630 21,255 21,255
    Equipment - lift 11,319 7,076 4,243 4,243
    Equipment - compressor 24,328 14,868 9,460 9,460
    Equipment - load mover 39,109 23,899 15,210 15,210
    Equipment - mower 8,550 3,135 5,415 5,415
    Equipment - K systems 13,321 8,140 5,181 5,181
    Equipment - shelving 25,572 9,376 16,196 16,196
    Equipment - lift 15,496 5,554 9,942 9,942
    Equipment - server 18,895 11,284 7,611 7,611
    Equipment - rotary files 46,606 16,702 29,904 29,904
    Equipment - Toro 21,926 19,187 2,739 2,739
    Equipment - Trimble 5,575 3,252 2,323 2,323
    Equipment - projector 41,097 23,404 17,693 17,693
    Equipment - furnishings 15,070 5,023 10,047 10,047
    Equipment - benches 247,996 82,667 165,329 165,329
    Equipment - cafe chairs 62,384 20,793 41,591 41,591
    Equipment - cafe furnishings 51,756 17,253 34,503 34,503
    Equipment - exhibition EC 56,896 18,492 38,404 38,404
    Equipment - ice machine 5,286 2,937 2,349 2,349
    Equipment - iMac Pro 6,019 3,343 2,676 2,676
    Equipment - patio furnishings 38,954 12,983 25,971 25,971
    Equipment - patio fridge 10,713 3,570 7,143 7,143
    Equipment - signs 1,047,601 349,200 698,401 698,401
    Equipment - signs 47,014 15,670 31,344 31,344
    Equipment - cabinet 8,992 2,997 5,995 5,995
    Equipment - cooler 16,474 5,490 10,984 10,984
    Equipment - cooler 5,286 1,763 3,523 3,523
    Equipment - shelving 22,730 7,577 15,153 15,153
    Equipment - stools 1,186 387 799 799
    Equipment - blower 8,609 2,798 5,811 5,811
    Equipment - table 8,960 2,912 6,048 6,048
    Equipment - table 3,840 1,216 2,624 2,624
    Equipment - lift 21,906 6,938 14,968 14,968
    Equipment - Kobota 12,500 9,635 2,865 2,865
    Equipment - Toro 28,795 22,197 6,598 6,598
    Equipment - Pol. A 119,840 119,840 0 0
    Equipment - Pol. C 14,678 14,678 0 0
    Equipment - Pol. E 35,440 35,440 0 0
    Equipment - Club 5 112,705 112,705 0 0
    Equipment - Club 7 21,605 21,605 0 0
    Equipment - signs 3,391 1,074 2,317 2,317
    Equipment - AH furnishings 38,105 12,703 25,402 25,402
    CIP 24,981,574 0 24,981,574 24,981,574
    ADA Cart 36,487 25,085 11,402 11,402
    Security cameras 137,125 62,849 74,276 74,276
    Display cases - art storage 47,827 14,349 33,478 33,478
    Forklift - indoor 26,627 18,307 8,320 8,320
    Forklift - outdoor 18,453 13,839 4,614 4,614
    Fuel tank 4,199 1,260 2,939 2,939
    Polaris GEM cart 20,836 14,325 6,511 6,511
    IT server upgrade 190,681 84,747 105,934 105,934
    Models 18,726 4,214 14,512 14,512
    Security system 30,031 15,015 15,016 15,016
    Signage 16,435 4,384 12,051 12,051
    ST Trailer 7,515 3,341 4,174 4,174
    Toro 33,449 25,086 8,363 8,363
    Walk-in refrigerator 8,544 2,349 6,195 6,195
    Workstation - admin 6,200 1,550 4,650 4,650
    Workstation - security 8,493 2,335 6,158 6,158
    Security cameras 11,160 4,340 6,820 6,820
    Security cameras 19,638 7,364 12,274 12,274
    Polaris GEM cart 22,704 14,190 8,514 8,514
    Signage 2,740 799 1,941 1,941
    Security system 4,376 1,701 2,675 2,675
    Land 9,969,825 0 9,969,825 9,969,825
    BT - Land improvements 4,188 575 3,613 3,613
    Irr. system - Land improvements 27,485 3,664 23,821 23,821
    GR Fence - Land improvements 31,719 4,097 27,622 27,622
    HR - Land improvements 85,503 10,688 74,815 74,815
    Road - Land improvements 32,576 3,665 28,911 28,911
    Entrance - Land improvements 55,378 6,230 49,148 49,148
    SRB - Land improvements 19,951 2,245 17,706 17,706
    Trails - Land improvements 2,318 251 2,067 2,067
    Building 19.1 48,924 3,762 45,162 45,162
    Building 19.2 356,441 26,658 329,783 329,783
    Building 19.3 5,122,789 372,169 4,750,620 4,750,620
    Building 19.4 73,000 5,148 67,852 67,852
    Building 19.7 567,668 36,390 531,278 531,278
    Building 19.10 225,000 12,980 212,020 212,020
    Building 19.11 150,000 8,333 141,667 141,667
    Building improvements 19.2 180,408 13,492 166,916 166,916
    Building improvements 19.3 173,427 12,600 160,827 160,827
    Building improvements 19.4-1 425,824 27,657 398,167 398,167
    Building improvements 19.5 124,214 8,493 115,721 115,721
    Building improvements 19.6 104,578 6,926 97,652 97,652
    Building improvements 19.7 112,221 7,193 105,028 105,028
    Building improvements 19.9 27,868 1,668 26,200 26,200
    Building improvements 19.10 153,324 8,845 144,479 144,479
    Building improvements 19.11 6,000 334 5,666 5,666
    Building improvements 19.12 109,564 5,852 103,712 103,712
    Land improvements 20.1 6,371 638 5,733 5,733
    Land improvements 20.3 107,192 9,826 97,366 97,366
    Land improvements 20.12 335,946 18,197 317,749 317,749
    Equipment - hot water boiler 6,298 892 5,406 5,406
    Equipment - IAQ instruments 7,288 911 6,377 6,377
    Equipment - grinder pump 9,000 1,200 7,800 7,800
    Land 402,676 0 402,676 402,676
    Land 516,910 0 516,910 516,910
    Land improvements 21.10 68,600 572 68,028 68,028
    Equipment - Toro 7,110 1,185 5,925 5,925
    Equipment - Bipolar ion system 15,265 1,527 13,738 13,738
    Equipment - Soil / compost screener 8,910 594 8,316 8,316
    Equipment - Eye scanner 8,661 722 7,939 7,939
    Equipment - media storage 123,099 6,839 116,260 116,260


    TY 2021 LegalFeesSchedule
    Name:
    Glenstone Foundation
    EIN:
    20-5938416
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Litigation defense fees 3,711,745 0 0 3,711,745


    TY 2021 MortgagesAndNotesPayableSch
    Name:
    Glenstone Foundation
    EIN:
    20-5938416
    Total Mortgage Amount:  

    Item No. 1
    Lender's Name Morgan Stanley Smith Barney
    Lender's Title  
    Relationship to Insider None
    Original Amount of Loan 141,095,847
    Balance Due 69,914,123
    Date of Note 2020-01
    Maturity Date 2023-08
    Repayment Terms Due at maturity
    Interest Rate 0.670000000000
    Security Provided by Borrower Stock held by a single-member LLC, whose trustee is chairman of Glenstone.
    Purpose of Loan Purchase of art, capital assets, and general operating expenses
    Description of Lender Consideration N/A
    Consideration FMV  

    Item No. 2
    Lender's Name JP Morgan Chase
    Lender's Title  
    Relationship to Insider None
    Original Amount of Loan 50,000,000
    Balance Due 50,000,000
    Date of Note 2021-05
    Maturity Date 2031-05
    Repayment Terms Accrued interest payable quarterly, principal due at maturity
    Interest Rate 2.210000000000
    Security Provided by Borrower Secured by shares of stock owned by the Foundation
    Purpose of Loan Purchase of art, capital assets, and general operating expenses
    Description of Lender Consideration N/A
    Consideration FMV  

    Item No. 3
    Lender's Name JP Morgan Chase
    Lender's Title  
    Relationship to Insider None
    Original Amount of Loan 50,000,000
    Balance Due 50,000,000
    Date of Note 2021-05
    Maturity Date 2031-05
    Repayment Terms Accrued interest payable quarterly, principal due at maturity
    Interest Rate 2.210000000000
    Security Provided by Borrower Secured by shares of stock owned by the Foundation
    Purpose of Loan Purchase of art, capital assets, and general operating expenses
    Description of Lender Consideration N/A
    Consideration FMV  

    Item No. 4
    Lender's Name JP Morgan Chase
    Lender's Title  
    Relationship to Insider None
    Original Amount of Loan 50,000,000
    Balance Due 50,000,000
    Date of Note 2021-12
    Maturity Date 2033-12
    Repayment Terms Accrued interest payable quarterly, principal due at maturity
    Interest Rate 2.400000000000
    Security Provided by Borrower Secured by shares of stock owned by the Foundation
    Purpose of Loan Purchase of art, capital assets, and general operating expenses
    Description of Lender Consideration N/A
    Consideration FMV  


    TY 2021 OtherAssetsSchedule
    Name:
    Glenstone Foundation
    EIN:
    20-5938416
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    Artwork 1,698,454,188 1,802,096,818 1,802,096,818
    Surety bonds and other 891,903 1,038,002 1,038,002
    Installments receivable 700,260    
    Investment in Hannibal Farms 15,129,849 15,129,849 15,129,849


    TY 2021 OtherDecreasesSchedule
    Name:
    Glenstone Foundation
    EIN:
    20-5938416
    Description Amount
    ADJUST FMV VS BASIS OF DONATIONS 1,506,566,933


    TY 2021 OtherExpensesSchedule
    Name:
    Glenstone Foundation
    EIN:
    20-5938416
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Art storage and handling 1,083,394 0 0 1,083,394
    Supplies - art and other 549,624 0 0 549,624
    Minor equipment and rentals 242,415 0 0 242,415
    Insurance 480,881 0 0 480,881
    Licenses, fees and memberships 173,694 0 0 173,694
    Maintenance and repairs 418,545 0 0 418,545
    Contract labor 1,065,906 0 0 1,065,906
    Catering and food 122,542 0 0 122,542
    Uniforms 26,382 0 0 26,382
    Other 132,795 0 0 132,795


    TY 2021 OtherIncomeSchedule2
    Name:
    Glenstone Foundation
    EIN:
    20-5938416
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    Income/(Loss) from Partnership Investments   -110,310 -110,310
    Art loan fees 30,000   30,000


    TY 2021 OtherProfessionalFeesSchedule
    Name:
    Glenstone Foundation
    EIN:
    20-5938416
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Art photography and videography 200,890 0 0 200,890
    Information technology 403,163 0 0 403,163
    Art conservation and consulting 900,259 0 0 900,259
    Litigation support and other 4,295,996 0 0 4,295,996


    TY 2021 SalesOfInventoryList 
    Name:
    Glenstone Foundation
    EIN:
    20-5938416

    Category Gross Sales Cost of Goods Sold Net (Gross Sales Minus
    Cost of Goods Sold)
    Cafe 588,023 661,308 -73,285
    Bookstore 76,037 63,637 12,400
        0  

    TY 2021 TaxesSchedule
    Name:
    Glenstone Foundation
    EIN:
    20-5938416
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Excise taxes 200,000 0 0 200,000
    Real estate taxes 121,444 0 0 121,444