TY 2021 Form 990PF

- TIN:

Form990-PF
Click to see attachment

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

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

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

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

OMB No. 1545-0047

2021

Open to Public Inspection

For calendar year 2021, or tax year beginning 01-01-2021 , and ending 12-31-2021

Name of foundation
The Joe R & Joella F Utley Foundation Inc

% Foundation Source

Number and street (or P.O. box number if mail is not delivered to street address)Foundation Source 501 Silverside Rd
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
Wilmington, DE198091377

A Employer identification number

57-0974104

B Telephone number (see instructions)

(800) 839-1754

C If exemption application is pending, check here bullet

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

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

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

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

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

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

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

$8,027,173J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

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


1	Contributions, gifts, grants, etc., received (attach schedule)	0
2	Check .............
3	Interest on savings and temporary cash investments	222		222
4	Dividends and interest from securities...	152,587		152,587
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		342,373
b	Gross sales price for all assets on line 6a 960,785
7	Capital gain net income (from Part IV, line 2)...			342,373
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).......		-6,232	1,185
12	Total. Add lines 1 through 11........	488,950		496,367
13	Compensation of officers, directors, trustees, etc.	0
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......
c	Other professional fees (attach schedule)....		79,378	79,378
17	Interest...............
18	Taxes (attach schedule) (see instructions)...		4,157	392
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......		35,067	9,068	25,999
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	118,602		88,838	25,999
25	Contributions, gifts, grants paid.......	217,408			217,408
26	Total expenses and disbursements. Add lines 24 and 25	336,010		88,838	243,407
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	152,940
b	Net investment income (if negative, enter -0-)			407,529
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	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............
	2	Savings and temporary cash investments.........	2,493,856	1,596,980	1,596,980
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	3,708,832	4,830,838	5,899,179
	c	Investments—corporate bonds (attach schedule).......	209,146	209,146	207,764
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	277,229	205,039	297,540
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	12,300	12,300	25,710
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	6,701,363	6,854,303	8,027,173
	17	Accounts payable and accrued expenses..........
	18	Grants payable.................
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22).........	0	0
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........
	27	Paid-in or capital surplus, or land, bldg., and equipment fund
	28	Retained earnings, accumulated income, endowment, or other funds	6,701,363	6,854,303
	29	Total net assets or fund balances (see instructions).....	6,701,363	6,854,303
	30	Total liabilities and net assets/fund balances (see instructions).	6,701,363	6,854,303

Part III

Analysis of Changes in Net Assets or Fund Balances

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

6,701,363

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

152,940

Other increases not included in line 2 (itemize) bullet

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

6,854,303

Decreases not included in line 2 (itemize) bullet

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

6,854,303

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
b	Passthrough K1 Capital Gain/(Loss)
c
d
e

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	960,785	609,010	351,775
b			-9,402
c
d
e

Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69			(l) Gains (Col. (h) gain minus col. (k), but not less than -0-) or Losses (from col.(h))
(i) F.M.V. as of 12/31/69	(j) Adjusted basis as of 12/31/69	(k) Excess of col. (i) over col. (j), if any
a			351,775
b
c
d
e

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	342,373
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3

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 and enter “N/A" on line 1.
	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
3	Add lines 1 and 2...........................	3	5,665
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	5,665
6	Credits/Payments:

a	2021 estimated tax payments and 2020 overpayment credited to 2021	6a	4,148
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	1,700
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	5,848
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	183
11	Enter the amount of line 10 to be: Credited to 2022 estimated tax183	Refunded	11

Part VI-A

Statements Regarding Activities

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

Yes

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

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

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

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

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

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

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

(1) On the foundation. bullet

$ (2) On foundation managers. bullet

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

on foundation managers. bullet

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

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

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

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

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

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

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

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

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

By language in the governing instrument, or

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

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

Yes

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

and Part XIV..................................

Yes

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

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

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

Yes

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

or 4942(j)(5) for calendar year 2021 or the taxable year beginning in 2021? See the instructions for Part XIII.

If "Yes," complete Part XIII .............................

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

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

Form 990-PF (2021)

Page 5

Part VI-A

Statements Regarding Activities (continued)

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

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

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

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

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

Yes

Website address bullet

The books are in care of bullet

Foundation Source Telephone no. bullet

(800) 839-1754

Located at bullet

501 Silverside Road Suite 123WilmingtonDE ZIP+4 bullet

198091377

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

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

16 At any time during calendar year 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

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)

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

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

1a(2)

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

1a(3)

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

1a(4)

(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)

(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)

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

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

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

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

that were not corrected before the first day of the tax year beginning in 2021? .............

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

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

At the end of tax year 2021, did the foundation have any undistributed income (lines 6d

and 6e, Part XII) for tax year(s) beginning before 2021?....................

If "Yes," list the years bullet

20, 20, 20, 20

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

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

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

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

20, 20, 20, 20

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

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

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.) .....................

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

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

charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2021? ..

Form 990-PF (2021)

Page 6

Part VI-B

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

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

Yes

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

5a(1)

(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)

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

5a(3)

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

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

5a(4)

(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)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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
Sarah Gunn	Sec, Trustee 1.0	0	0	0
Foundation Source 501 Silverside Rd Wilmington,DE198091377	Sec, Trustee 1.0	0	0	0
Frank Phillips	Trustee 1.0	0	0	0
Foundation Source 501 Silverside Rd Wilmington,DE198091377	Trustee 1.0	0	0	0
Jennifer Phillips	Trustee, Pres 1.0	0	0	0
Foundation Source 501 Silverside Rd Wilmington,DE198091377	Trustee, Pres 1.0	0	0	0
Bruce Schwartz	Trustee, Treas 1.0	0	0	0
Foundation Source 501 Silverside Rd Wilmington,DE198091377	Trustee, Treas 1.0	0	0	0

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










Total number of other employees paid over $50,000...................

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
Freehold Wealth Management	Investment MGMT	79,378
910 East rutherford Street LANDRUM,SC29356	Investment MGMT	79,378

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

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


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


2


All other program-related investments. See instructions.
3

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

Form 990-PF (2021)

Page 8

Part IX

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

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

purposes:

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

5,832,833

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

1,914,340

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

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

7,747,173

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

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

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

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

7,747,173

Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see

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

116,208

Net value of noncharitable-use assets. Subtract line 4 from line 3. .......

7,630,965

Minimum investment return. Enter 5% (0.05) of line 5................

381,548

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.)

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

381,548

Tax on investment income for 2021 from Part V, line 5.......

5,665

Income tax for 2021. (This does not include the tax from Part V.) ...

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

5,665

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

375,883

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

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

375,883

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

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

375,883

Part XI

Qualifying Distributions (see instructions)

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

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

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

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

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

Amounts set aside for specific charitable projects that satisfy the:

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

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

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

Form 990-PF (2021)

Page 9

Part XII

Undistributed Income (see instructions)

		(a) Corpus	(d) 2021
1 Distributable amount for 2021 from Part X, line 7			375,883
2 Undistributed income, if any, as of the end of 2021:
a Enter amount for 2020 only.......
b Total for prior years:2019, 2018, 2017
3 Excess distributions carryover, if any, to 2021:
a From 2016......
b From 2017......
c From 2018......	103,873
d From 2019......	30,189
e From 2020......
f Total of lines 3a through e ........		134,062
4Qualifying distributions for 2021 from Part
XI, line 4: $ 243,407
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.....			243,407
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2021.		132,476	132,476
(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		1,586
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 ..........			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) .......
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 ......		1,586
10 Analysis of line 9:
a Excess from 2017....
b Excess from 2018....
c Excess from 2019....	1,586
d Excess from 2020....
e Excess from 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 4942(j)(3) or4942(j)(5)

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part X for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2021	(b) 2020	(c) 2019	(d) 2018	(e) Total

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).)

NONE

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

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

Check here bullet

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

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

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

cAny submission deadlines:

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

Form 990-PF (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)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
FOOTHILLS COMMUNITY CHAPEL 2720 LANDRUM RD COLUMBUS,NC28722	N/A	PC	Ugandan Mission to provide clean water by drilling and maintaining wells	100,000
NATIONAL MUSIC MUSEUM 414 E CLARK ST VERMILLION,SD57069	N/A	PC	The Joe & Joella Utley Curator of Brass Instruments staff position fund	24,519
NATIONAL MUSIC MUSEUM 414 E CLARK ST VERMILLION,SD57069	N/A	PC	The Joe & Joella Utley Curator of Brass Instruments staff position fund	92,889
Total ................................. 3a				217,408

bApproved for future payment

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

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	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments ....
3 Interest on savings and temporary cash investments ...........			14	222
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	342,373
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aK-1 Inc/Loss	525990	-7,417	14	1,185
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..		-7,417		496,367

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

488,950

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

Part XV-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	Explain below how each activity for which income is reported in column (e) of Part 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)

Page 13

Part XVI

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

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

Yes

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

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

1a(1)

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

1a(2)

Other transactions:

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

1b(1)

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

1b(2)

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

1b(3)

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

1b(4)

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

1b(5)

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

1b(6)

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

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

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

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

If "Yes," complete the following schedule.

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

Sign Here

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

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

Form 990-PF (2021)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

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

TY 2021 DepreciationSchedule

Name:

The Joe R & Joella F Utley Foundation Inc

EIN:

57-0974104

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

- TIN:

TY 2021 GeneralExplanationAttachment

Name:

The Joe R & Joella F Utley Foundation Inc

EIN:

57-0974104

Identifier	Return Reference	Explanation
FORM 990-PF	FORM 990-PF	One or more partnerships have provided a Schedule K-3 for the tax year in which they have checked one or more of the boxes in Part I but not provided sufficient back-up information to allow the Foundation to verify why such boxes were checked or the extent to which the checking of such boxes affects any item on this return. The Foundation has prepared this return to the best of its ability and without any foreign filings for such partnerships based on the information provided to it by these partnerships and on the basis of having received no information to the contrary. Any missing or incomplete information is due to the Foundation's inability to obtain such information and is not a willful attempt to withhold such information.

- TIN:

TY 2021 InvestmentsCorpBondsSchedule

Name:

The Joe R & Joella F Utley Foundation Inc

EIN:

57-0974104

Name of Bond	End of Year Book Value	End of Year Fair Market Value
WELLS FARGO BK - 3.150% - 06/1	209,146	207,764

- TIN:

TY 2021 InvestmentsCorpStockSchedule

Name:

The Joe R & Joella F Utley Foundation Inc

EIN:

57-0974104

Name of Stock	End of Year Book Value	End of Year Fair Market Value
ABBVIE INC	42,747	71,762
ACUSHNET HOLDINGS CORP	6,080	9,714
AMERICAN CAPITAL AGENCY CORP	12,932	13,040
AMERICAN EXPRESS CO	65,813	93,743
AMERISOURCEBERGEN CORP	56,934	89,036
APTAR GROUP INC	2,864	3,307
ARTISAN PARTNERS ASSET MANAGEM	3,938	5,336
ASPEN TECHNOLOGY, INC	2,663	8,828
ASTRAZENECA	101,360	116,500
AT HOME CORP	4,802	3,007
AT&T, INC	35,301	30,283
BARRICK GOLD CORPORATION	11,246	10,830
BERKSHIRE HATHAWAY INC. CLASS	709,209	1,046,499
CHARLES SCHWAB CORP	9,131	23,716
CHEVRON CORP	86,395	94,939
CISCO SYSTEMS INC	14,150	22,686
CLEARWATER ANALYTICS HOLDINGS,	2,542	2,505
COTERRA ENERGY INC	6,600	21,736
CVS CAREMARK CORP	131,800	206,320
DISCOVERY INC (FORMERLY DISC C	75,707	47,080
DISCOVERY INC (FORMERLY DISC C	19,363	15,526
DOLLAR TREE INC	27,289	38,924
DOMINION ENERGY INC	70,511	72,240
DONALDSON CO. INC	1,839	2,904
DRIL QUIP INC	3,682	1,752
DUKE ENERGY CO	222,002	244,732
EBAY INC	65,270	107,835
EMCOR GROUP INC	5,680	10,446
EMPIRE STATE REALTY TRUST	9,386	11,757
EXELON CORPORATION	50,813	67,233
EXXON MOBIL CORP	6,945	9,974
FACTSET RESH SYST INC	4,147	10,206
FIRST EAGLE GOLD FUND CLASS I	151,675	142,786
FIRST HAWAIIAN INC	6,155	8,390
FLUOR CORP	34,860	49,540
FTI CONSULTING INC	8,337	12,120
GEN DYNAMICS CP	16,893	27,727
GLAXOSMITHKLINE PLC	160,359	175,739
GLOBAL PAYMENTS INC	17,510	18,925
GLOBE LIFE INC	45,580	58,294
GRACO INC	4,425	10,722
HARTFORD FINANCIALSERVICES GRO	13,805	24,302
HENRY JACK & ASSOC INC	2,028	3,674
HONDA MOTOR CO LTD	11,905	10,982
IMMUNITYBIO INC	42,010	18,240
INGREDION INC	22,289	27,446
INTEL CORP	109,570	103,000
ISHARES BARCLAYS 1-3 YEAR TREA	346,252	342,431
ISHARES BARCLAYS TIPS BOND FUN	512,645	520,718
JOHNSON & JOHNSON	106,557	141,514
KB HOME	94,619	134,190
KIMBERLY CLARK CORP	37,466	37,731
KROGER CO	11,720	19,688
LANDSTAR SYSTEM	8,680	9,130
LCI INDUSTRIES	4,072	4,364
LOWES COMPANIES INC	34,271	82,197
MANHATTAN ASSOCIATES INC	2,319	9,485
MCKESSON CORP	11,512	23,117
MEDTRONIC PLC	64,123	61,553
META PLATFORMS INC	11,925	18,499
MICROSOFT CORP	108,236	252,707
MOELIS AND COMPANY	4,972	7,001
NATL FUEL GAS CO	8,969	13,491
OCCIDENTAL PETROLEUM WARRANTS		3,153
OGE ENERGY CORP	10,183	12,512
PERSHING SQUARE TONTINE HOLDIN	158,606	118,320
PNC FINANCIAL GROUP INC	11,146	20,253
PPG INDUSTRIES INC	6,850	12,243
PPL CORPORATION	19,727	23,507
PRICESMART, INC	4,613	4,317
PRIMERICA, INC	3,376	9,043
R L I CP	5,217	6,502
RAYTHEON TECHNOLOGIES CORP	7,153	8,606
RBC BEARINGS INCORPORATED	2,807	5,857
RIGHTMOVE PLC ADR	5,643	9,953
SANOFI-AVENTIS SPONSORED ADR	25,563	27,104
SIMPSON MANUFACTURING CO INC	7,113	11,265
SOUTHERN CO	63,242	74,546
TANGER FACTORY OUTLET CENTERS	34,020	38,560
TELEDYNE TECH INC	1,976	5,680
THE COCA-COLA CO	73,528	80,034
TORO CO	5,136	7,693
TOTALENERGIES SE	21,343	26,115
TRAVELERS COMPANIES INC	15,882	25,811
TRUIST FINANCIAL CORPORATION	12,141	20,375
UNITED PARCEL SERVICE	9,307	19,076
US BANCORP	16,892	23,760
VAN ECK INTERNATIONAL INVESTOR	158,274	141,690
VERIZON COMMUNICATIONS	206,447	190,537
WALGREENS BOOTS ALLIANCE	15,721	21,751
WATTS WATER TECHNOLOGIES INC	5,442	9,514
WELLS FARGO & CO	19,696	31,523
WILLIAMS COS	18,914	25,780

- TIN:

TY 2021 InvestmentsOtherSchedule2

Name:

The Joe R & Joella F Utley Foundation Inc

EIN:

57-0974104

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
ICAHN ENTERPRISES LP		205,039	297,540

- TIN:

TY 2021 OtherAssetsSchedule

Name:

The Joe R & Joella F Utley Foundation Inc

EIN:

57-0974104

Description	End of Year - Book Value	End of Year - Fair Market Value
BAND ENCYCLOPEDIA		100
MUSIC HISTORY REF A		813
MUSIC HISTORY REF B		314
GROVE DICTIONARIES		911
MUSIC & MEDICINE BKS		39
MUSIC DICTIONARIES		940
MUSIC REFERENCE BKS A		254
MUSIC REFERENCE BKS B		114
MUSIC REFERENCE BKS C		779
MUSIC REFERENCE BKS D		311
MUSIC REFERENCE BKS E		1,072
MUSIC REFERENCE BKS F		64
MUSIC REFERENCE BKS G		50
MUSIC REFERENCE BKS H		305
MUSIC REFERENCE BKS I		950
MUSIC REFERENCE BKS J		30
MUSIC REFERENCE BKS K		500
MUSIC REFERENCE BKS L		181
MUSIC REFERENCE BKS M		32
MUSIC REFERENCE BKS N		1,841
MUSIC REFERENCE BKS O		114
MUSIC REFERENCE BKS P		369
MUSIC REFERENCE BKS R		385
MUSIC REFERENCE BKS S		189
MUSIC REFERENCE BKS T		52
MUSIC REFERENCE BKS U		133
MUSIC REFERENCE BKS V		18
MUSIC REFERENCE BKS W		684
MUSIC REFERENCE BKS X		28
MUSIC REFERENCE BKS Y		62
MUSIC REFERENCE BKS Z		719
MUSIC REFERENCE BKS ZA		937
MUSIC REFERENCE BKS Q		120
TRUMPET ARTWORK	12,300	12,300

- TIN:

TY 2021 OtherExpensesSchedule

Name:

The Joe R & Joella F Utley Foundation Inc

EIN:

57-0974104

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
Administrative Fees	25,972		25,972
Bank Charges	512	512
K-1 Exp ICAHN ENTERPRISES LP	8,556	8,556
Postage/Delivery Service	27		27

- TIN:

TY 2021 OtherIncomeSchedule2

Name:

The Joe R & Joella F Utley Foundation Inc

EIN:

57-0974104

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
K-1 Inc/Loss ICAHN ENTERPRISES LP	-6,232	1,185

- TIN:

TY 2021 OtherProfessionalFeesSchedule

Name:

The Joe R & Joella F Utley Foundation Inc

EIN:

57-0974104

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Investment Management Services	79,378	79,378

- TIN:

TY 2021 TaxesSchedule

Name:

The Joe R & Joella F Utley Foundation Inc

EIN:

57-0974104

Category	Amount	Net Investment Income
990-PF Estimated Tax for 2021	3,400
Foreign Tax Paid	392	392
IRS MISCELLANEOUS FEE	365