Form990-PF


Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2021
Open to Public Inspection
For calendar year 2021, or tax year beginning 07-01-2021 , and ending 06-30-2022
Name of foundation
RAY FOUNDATION INC
 
Number and street (or P.O. box number if mail is not delivered to street address)100 AVIATION DRIVE SOUTH 203
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
NAPLES, FL34104
A Employer identification number

81-0288819
B Telephone number (see instructions)

(239) 649-5733
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$215,641,153J 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) 2,101,279
2 Check bullet.............
3 Interest on savings and temporary cash investments 197,647 197,647  
4 Dividends and interest from securities... 3,918,017 3,918,017  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 5,285,124
b Gross sales price for all assets on line 6a 5,559,385
7 Capital gain net income (from Part IV, line 2)... 5,285,124
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 3,532 3,532  
12 Total. Add lines 1 through 11........ 11,505,599 9,404,320  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 1,604,166 212,500   1,391,666
14 Other employee salaries and wages...... 4,750 712   4,038
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 3,500 525   2,975
c Other professional fees (attach schedule)....        
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 206,469 25,113   31,849
19 Depreciation (attach schedule) and depletion... Click to see attachment 232,261 0  
20 Occupancy.............. 56,469 8,470   47,999
21 Travel, conferences, and meetings....... 38,361 0   38,361
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 93,513 3,334   90,179
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 2,239,489 250,654   1,607,067
25 Contributions, gifts, grants paid....... 9,150,800 9,150,800
26 Total expenses and disbursements. Add lines 24 and 25 11,390,289 250,654   10,757,867
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 115,310
b Net investment income (if negative, enter -0-) 9,153,666
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2021)
Form 990-PF (2021)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 65,335 233,037 233,037
2 Savings and temporary cash investments......... 5,333,753 3,323,056 3,323,056
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges.......... 12,000 24,764 24,764
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 44,943,079 Click to see attachment47,903,114 189,832,523
c Investments—corporate bonds (attach schedule)....... 17,698,850 Click to see attachment17,864,309 16,548,245
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 6,447,587 Click to see attachment5,678,997 4,529,389
14 Land, buildings, and equipment: basis bullet2,026,883
Less: accumulated depreciation (attach schedule) bullet876,744 1,382,400 Click to see attachment1,150,139 1,150,139
15 Other assets (describe bullet) Click to see attachment70,000 Click to see attachment0 Click to see attachment0
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 75,953,004 76,177,416 215,641,153
Liabilities 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 bullet)    
23 Total liabilities (add lines 17 through 22)......... 0 0
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........ 75,953,004 76,177,416
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 0 0
29 Total net assets or fund balances (see instructions)..... 75,953,004 76,177,416
30 Total liabilities and net assets/fund balances (see instructions). 75,953,004 76,177,416
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
75,953,004
2
Enter amount from Part I, line 27a .....................
2
115,310
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
262,804
4
Add lines 1, 2, and 3 ..........................
4
76,331,118
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
153,702
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
76,177,416
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 20000 AAPL D 2008-03-03 2021-07-07
b .071 VMW D 1987-02-13 2021-11-04
c 1546 OGN D 2000-03-06 2021-11-12
d 1088 OGN D 1993-04-23 2021-11-12
e 44081 NUAN D 2003-09-12 2022-03-04
1.256 WBD D 1988-03-01 2022-04-11
MARINA SLIPS D 2017-03-31 2022-01-31
CAPITAL GAINS DIVIDENDS P    
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 2,879,983   71,609 2,808,374
b 9     9
c 52,386   25,205 27,181
d 40,704   9,923 30,781
e 2,468,536   93,512 2,375,024
34   11 23
70,000   74,001 -4,001
47,733     47,733
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       2,808,374
b       9
c       27,181
d       30,781
e       2,375,024
      23
      -4,001
      47,733
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 5,285,124
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Form 990-PF (2021)
Form 990-PF (2021)
Page 4
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here Bullet and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 127,236
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- ..... 5 127,236
6 Credits/Payments:
a 2021 estimated tax payments and 2020 overpayment credited to 2021 6a 140,000
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.............. 7 140,000
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.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 12,764
11 Enter the amount of line 10 to be: Credited to 2022 estimated taxBullet12,764 RefundedBullet 11 0
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the 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)
    bulletCO, FL
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2021 or the taxable year beginning in 2021? See the instructions for Part XIII.
    If "Yes," complete Part XIII .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 5
    Part VI-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletHTTPS://RAYFOUNDATION.US
    14
    The books are in care ofbulletTHE ORGANIZATION Telephone no.bullet (239) 649-5733

    Located atbullet100 AVIATION DRIVE SOUTH 203NAPLESFL ZIP+4bullet34104
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2021, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16   No
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet
    Part VI-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
    1a(1)
     
    No
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person? ..............................
    1a(2)
     
    No
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
    1a(3)
     
    No
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
    1a(4)
     
    No
    (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
     
     
    c
    ........bullet
    d
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2021? .............
    1d
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2021, did the foundation have any undistributed income (lines 6d
    and 6e, Part XII) for tax year(s) beginning before 2021?....................
    2a
     
    No
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year? ..............................
    3a
     
    No
    b
    If "Yes," did it have excess business holdings in 2021 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2021.) .....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2021? ..
    4b
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 6
    Part VI-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
    5a(1)
     
    No
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive? ....................
    5a(2)
     
    No
    (3) Provide a grant to an individual for travel, study, or other similar purposes? .............
    5a(3)
     
    No
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions ........................
    5a(4)
     
    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
    CHARLES J AHEARN PRESIDENT/DIRECTOR
    40.00     		500,000 0 0
    100 AVIATION DRIVE SOUTH 203
    NAPLES,FL34104
    JEFFERY J TEMPAS TREASURER/DIRECTOR
    24.00     		250,000 0 0
    100 AVIATION DRIVE SOUTH 203
    NAPLES,FL34104
    THEODORE H BROUSSEAU DIRECTOR EMERITUS
    2.00     		729,166 0 0
    100 AVIATION DRIVE SOUTH 203
    NAPLES,FL34104
    PATRICIA J ARTHUR SECRETARY/DIRECTOR
    24.00     		125,000 0 0
    100 AVIATION DRIVE SOUTH 203
    NAPLES,FL34104
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 7
    Part VII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part VIII-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1  
    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.........................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
    224,865,677
    b
    Average of monthly cash balances.......................
    1b
    4,920,978
    c
    Fair market value of all other assets (see instructions)................
    1c
    7,623,997
    d
    Total (add lines 1a, b, and c).........................
    1d
    237,410,652
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) Click to see attachment.............
    1e
    1,312,467
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    237,410,652
    4
    Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
    instructions) .............................
    4
    3,561,160
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. .......
    5
    233,849,492
    6
    Minimum investment return. Enter 5% (0.05) of line 5................
    6
    11,692,475
    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
    11,692,475
    2a
    Tax on investment income for 2021 from Part V, line 5.......
    2a
    127,236
    b
    Income tax for 2021. (This does not include the tax from Part V.) ...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    127,236
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    11,565,239
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    11,565,239
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
    7
    11,565,239
    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 11,565,239
    2 Undistributed income, if any, as of the end of 2021:
    a Enter amount for 2020 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2021:
    a From 2016......  
    b From 2017......  
    c From 2018...... 2,310,435
    d From 2019...... 3,174,453
    e From 2020...... 2,192,478
    f Total of lines 3a through e ........ 7,677,366
    4Qualifying distributions for 2021 from Part
    XI, line 4: bullet$ 10,757,867
    a Applied to 2020, but not more than line 2a 0
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		0
    d Applied to 2021 distributable amount..... 10,757,867
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2021. 807,372 807,372
    (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 6,869,994
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2021. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2022 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8 Excess distributions carryover from 2016 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9 Excess distributions carryover to 2022.
    Subtract lines 7 and 8 from line 6a ......     		6,869,994
    10 Analysis of line 9:
    a Excess from 2017....  
    b Excess from 2018.... 1,503,063
    c Excess from 2019.... 3,174,453
    d Excess from 2020.... 2,192,478
    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
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2021 (b) 2020 (c) 2019 (d) 2018
             
    b 85% (0.85) of line 2a .........          
    c Qualifying distributions from Part XI,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part IX, line 6 for each year listed ..     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XIV
    Supplementary Information (Complete this part only if the foundation had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    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 e-mail address of the person to whom applications should be addressed:
    CHARLES J AHEARN
    100 AVIATION DRIVE SOUTH SUITE 203
    NAPLES,FL34104
    (239) 649-5733
    bThe form in which applications should be submitted and information and materials they should include:
    SEE ATTACHED STATEMENT 12
    cAny submission deadlines:
    SEE ATTACHED STATEMENT 12
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    SEE ATTACHED STATEMENT 12
    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
    AEROSPACE CENTER FOR EXCELLENCE
    4175 MEDULLA ROAD
    LAKELAND,FL33811     		NONE PUBLIC CHARITY OPERATING BUDGET SUPPORT 116,400
    ALZHEIMER'S SUPPORT NETWORK
    660 TAMIAMI TRAIL N
    NAPLES,FL34102     		NONE PUBLIC CHARITY OPERATING BUDGET SUPPORT 50,000
    AOPA AIR SAFETY FOUNDATION
    421 AVIATION WAY
    FREDERICK,MD21701     		NONE PUBLIC CHARITY SUPPORT FOR 'YOU CAN FLY' PROGRAM 2,500,000
    AOPA AIR SAFETY FOUNDATION
    421 AVIATION WAY
    FREDERICK,MD21701     		NONE PUBLIC CHARITY FLIGHT SCHOLARSHIPS 1,150,000
    AEROSPACE CENTER FOR EXCELLENCE
    4175 MEDULLA ROAD
    LAKELAND,FL33811     		NONE PUBLIC CHARITY FLIGHT SCHOLORSHIPS 100,000
    HSU EDUCATIONAL FOUNDATION
    70 READY AVENUE NW
    FORT WALTON BEACH,FL32548     		NONE PUBLIC CHARITY DRONE CHALLENGE FUNDING SUPPORT 75,000
    CIVIL AIR PATROL MN 122
    3435 GLENN OAKS AVE
    WHITE BEAR LAKE,MN55110     		NONE PUBLIC CHARITY FLIGHT SCHOLARSHIP FUNDING SUPPORT 25,000
    COLORADO SKIES ACADEMY
    13015 WINGS WAY
    ENGLEWOOD,CO80112     		NONE PUBLIC CHARITY OPERATING BUDGET SUPPORT 100,000
    COMMERATIVE AIR FORCE
    PO BOX 764769
    DALLAS,TX75376     		NONE PUBLIC CHARITY EDUCATION CENTER OPERATING BUDGET SUPPORT 500,000
    COMMUNITY FOUNDATION OF COLLIER COUNTY
    1110 PINE RIDGE ROAD STE 200
    NAPLES,FL34108     		NONE PUBLIC CHARITY JAMES C RAY SCHOLARSHIP FUNDING 211,100
    EXPERIMENTAL AIRCRAFT ASSOCIATION
    3000 POBEREZNY ROAD
    OSHKOSH,WI54902     		NONE PUBLIC CHARITY RESTRICTED GRANT - SCHOLARSHIP SUPPORT 1,910,000
    EAA CHAPTER 1240
    1 LOCKWOOD LANE
    SEBRING,FL33870     		NONE PUBLIC CHARITY EDUCATION PROGRAM OPERATING SUPPORT 82,800
    UND AEROSPACE FOUNDATION
    4275 UNIVERSITY AVE RM 303
    GRAND FORKS,ND58202     		NONE PUBLIC CHARITY VETERANS SCHOLARSHIP PROGRAM SUPPORT 330,000
    FRIENDS OF FOSTER CARE
    2675 HORSESHOE DRIVE STE 402
    NAPLES,FL34104     		NONE PUBLIC CHARITY OPERATING BUDGET SUPPORT 5,000
    EXPERIMENTAL AIRCRAFT ASSOCIATION
    3000 POBEREZNY ROAD
    OSHKOSH,WI54902     		NONE PUBLIC CHARITY KIDVENTURE OPERATING SUPPORT 50,000
    FLIGHT FOUNDATION
    1 THREE SPRINGS LANE
    UNICOI,TN37692     		NONE PUBLIC CHARITY FLIGHT SCHOLARSHIP FUNDING 25,000
    WAI STARS OF THE NORTH
    7444 OLIVER AVE SOUTH 7
    RISCFIELD,MN55423     		NONE PUBLIC CHARITY GIRLS IN AVIATION DAY OPERATING SUPPORT 20,000
    MINNESOTA YOUTH AVIATION FOUNDATION
    10 OTTER COURT
    NORTH MANKATO,MN56003     		NONE PUBLIC CHARITY SCHOLARSHIP PROGRAM SUPPORT 50,000
    STEM FLIGHTS
    526 KING STREET STE 506
    ALEXANDRIA,VA22314     		NONE PUBLIC CHARITY SCHOLARSHIP PROGRAM SUPPORT 100,000
    AIR RACE CLASSIC
    29604 179TH PLACE SE
    KENT,WA98042     		NONE PUBLIC CHARITY OPERATING BUDGET SUPPORT 25,000
    SOUTHEASTERN GUIDE DOGS
    4210 77TH STREET EAST
    PALMETTO,FL34221     		NONE PUBLIC CHARITY OPERATING BUDGET SUPPORT 250,000
    MINNESOTA ACE CAMP
    5353 GAMBLE DRIVE STE 320
    ST LOUIS PARK,MN55416     		NONE PUBLIC CHARITY OPERATIONS AND SCHOLARSHIP SUPPORT 12,500
    WINGS OVER THE ROCKIES
    13005 WINGS WAY
    ENGLEWOOD,CO80112     		NONE PUBLIC CHARITY SCHOLARSHIP FUNDING SUPPORT 250,000
    RENO AIR RACING ASSOCIATION
    14501 MT ANDERSON STREET
    RENO,NV89506     		NONE PUBLIC CHARITY SCHOLARSHIP FUNDING SUPPORT 50,000
    TEENS IN FLIGHT
    13 CHADWICK CT
    PALM COAST,FL32137     		NONE PUBLIC CHARITY OPERATING SUPPORT 53,000
    THE HERITAGE FOUNDATION
    214 MASSACHUAETTS AVE NE
    WASHINGTON,DC20002     		NONE PUBLIC CHARITY INTERNSHIPS 30,000
    THE IMMOKALEE FOUNDATION
    2375 TAMIAMI TRAIL N
    NAPLES,FL34103     		NONE PUBLIC CHARITY MATCHING GRANT PATHWAYS PROGRAMS SUPPORT 1,000,000
    THE LEROY HOMER FOUNDATION
    PO BOX 268
    MARLTON,NJ08053     		NONE PUBLIC CHARITY FLIGHT SCHOLARSHIP FUNDING 30,000
    WILLIAMSBURG AVIATION
    102 MARCLAY ROAD
    MILLIAMSBURG,VA23185     		NONE PUBLIC CHARITY FLIGHT SCHOLARSHIP FUNDING 50,000
    Total .................................bullet 3a 9,150,800
    bApproved for future payment
    Total .................................bullet 3b 0
    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 ...........     		    14 197,647  
    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 5,285,124  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e) .. 0 9,404,320 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    9,404,320
    (See worksheet in line 13 instructions to verify calculations.)
    Part XV-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 13
    Part XVI
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below?
    See instructions.
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's name SmallBullet
    		 Firm's EIN SmallBullet
    Firm's address SmallBullet


    		 Phone no.
    Form 990-PF (2021)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description
    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
    RAY FOUNDATION INC
     
    Employer identification number

    81-0288819
    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
    RAY FOUNDATION INC
          		Employer identification number
    81-0288819
    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
    ESTATE OF JAMES C RAY
     
    100 AVIATION DRIVE SOUTH STE 203
     
    NAPLES, FL34104

    		$ 1,071,840


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    2
    JAMES C RAY 2012 CRUT
     
    100 AVIATION DRIVE SOUTH STE 203
     
    NAPLES, FL34104

    		$ 1,029,439


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


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

    81-0288819
    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
     
    		$    
    (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
     
    		$    
    (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
    RAY FOUNDATION INC
          		Employer identification number

    81-0288819
    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:
    RAY FOUNDATION INC
    EIN:
    81-0288819
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    TAX RETURN PREPARATION 3,500 525   2,975

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

    TY 2021 DepreciationSchedule
    Name:
    RAY FOUNDATION INC
    EIN:
    81-0288819
    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
    COMPUTER AND PERIFERALS 2004-09-20 10,814 10,814 SL 5.000000000000 0 0    
    CARPET 2004-10-25 4,600 4,600 SL 5.000000000000 0 0    
    HANGAR 2018-06-18 470,000 36,153 SL 39.000000000000 12,051 0    
    CARAVAN N239JR 2018-10-01 1,475,000 579,464 SL 7.000000000000 210,714 0    
    CARAVAN GARMAN AUTO PILOT UPGRADE 2020-01-28 66,469 13,452 SL 7.000000000000 9,496 0    

    TY 2021 InvestmentsCorpBondsSchedule
    Name:
    RAY FOUNDATION INC
    EIN:
    81-0288819
    Name of Bond End of Year Book Value End of Year Fair Market Value
    215500 BSV 17,864,309 16,548,245

    TY 2021 InvestmentsCorpStockSchedule
    Name:
    RAY FOUNDATION INC
    EIN:
    81-0288819
    Name of Stock End of Year Book Value End of Year Fair Market Value
    9152 A 48,427 1,086,982
    8055 AKAM 4,014 735,663
    2352 ALVR 29,625 0
    12000 AXP 848,195 1,663,440
    20244 APA 156,900 706,516
    183600 AAPL 1,106,763 25,101,792
    313960 T 2,529,661 6,580,602
    2989 AZO 32,764 6,423,720
    35716 BAC 841,735 1,111,839
    3000 BDX 649,964 739,590
    6000 BA 398,624 820,320
    37454 BP 559,977 1,061,821
    15500 BMY 739,030 1,193,500
    7000 CAT 262,851 1,251,320
    36012 CHV 615,760 5,213,817
    15714 CIEN 52,545 718,130
    26512 CSCO 127,056 1,130,472
    10000 C 769,312 459,900
    9980 KO 250,378 627,842
    174214 CMCSA 1,474,341 6,836,157
    44336 COP 244,537 3,981,816
    10000 DHR 294,686 2,535,200
    5772 DELL 5,772 418,663
    123804 XOM 1,161,687 10,602,575
    60000 F 716,396 667,800
    5000 FTV 78,148 271,900
    23000 GRMN 905,491 2,259,750
    10000 GSK 77,163 435,300
    3000 GS 723,397 891,060
    1504 GOOG 386,360 3,289,925
    1500 GOOGL 387,631 3,268,890
    13260 PEAK 150,033 343,567
    52000 HPE 75,405 689,520
    52000 HPQ 154,568 1,704,560
    37920 HON 616,974 6,590,875
    206000 HRL 325,094 9,756,160
    3191 NGVT 43,465 201,480
    20800 JPM 532,877 2,342,288
    24000 JBL 607,975 1,229,040
    10000 JNJ 616,868 1,775,100
    4576 KEYS 18,470 630,802
    12000 KHC 654,143 457,680
    4166 LLY 249,132 1,350,742
    17000 LOW 519,379 2,969,390
    13699 MDT 599,959 1,229,485
    27460 MRK 701,604 2,503,528
    8000 MDLZ 184,093 496,720
    4300 MSI 258,401 901,280
    15000 NSRGY 77,163 1,745,850
    15000 NWN 255,438 796,500
    9000 NVS 215,037 760,770
    21000 ORCL 275,640 1,467,270
    5400 ORLY 151,869 3,411,504
    7000 PAYX 204,885 797,090
    34617 PFE 769,369 1,814,969
    21000 PSX 72,843 1,721,790
    11393 PTC 42,521 1,211,532
    3000 RAYS# 3,666 0
    20000 SLB 152,417 715,200
    27684 SNPS 61,023 8,407,631
    26070 TMUS 41,456 3,507,458
    3870 TEL 74,299 437,890
    5500 TRV 583,987 930,215
    43879 USB 390,528 2,019,312
    84403 VZ 1,934,195 4,283,452
    51000 VSAT 3,468 1,562,130
    29256 VOD 296,275 455,808
    17194 WFC 298,026 673,489
    7500 ZBH 613,423 787,950
    8000 IYF 214,056 559,840
    131000 ITOT 7,732,475 10,975,180
    15510 VB 2,385,982 2,731,466
    13470 VO 2,191,174 2,653,186
    2500 MMM 510,570 323,525
    9702 CVS 715,072 898,987
    5200 ABBV 364,499 796,432
    8000 AMZN 760,207 849,680
    7000 CARR 51,554 249,620
    5510 CRNC 14,220 139,017
    11200 GILD 830,635 692,272
    3500 OTIS 72,091 247,345
    7000 RTX 152,134 672,770
    4000 AMGN 878,825 973,200
    600 EMBC 15,257 15,192
    10000 INTC 448,600 374,100
    2500 NVAX 246,250 128,575
    3992 VMW 6,025 455,008
    75951 WBD 776,224 1,019,262
    750 ZIMV 14,487 12,008
    790 IVV 217,619 299,529

    TY 2021 InvestmentsOtherSchedule2
    Name:
    RAY FOUNDATION INC
    EIN:
    81-0288819
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    BEECHWOOD BARTOW LLC AT COST 2,929,349 2,577,139
    BEECHWOOD LAKELAND AT COST 2,390,967 1,697,587
    BEECHWOOD PLAZA OSHKOSH AT COST 358,681 254,663

    TY 2021 LandEtcSchedule2
    Name:
    RAY FOUNDATION INC
    EIN:
    81-0288819
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    COMPUTER AND PERIFERALS 10,814 10,814 0  
    CARPET 4,600 4,600 0  
    HANGAR 470,000 48,204 421,796  
    CARAVAN N239JR 1,475,000 790,178 684,822  
    CARAVAN GARMAN AUTO PILOT UPGRADE 66,469 22,948 43,521  


    TY 2021 OtherAssetsSchedule
    Name:
    RAY FOUNDATION INC
    EIN:
    81-0288819
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    MARINA SLIPS 70,000    


    TY 2021 OtherDecreasesSchedule
    Name:
    RAY FOUNDATION INC
    EIN:
    81-0288819
    Description Amount
    UBTI FROM FORM 990T 153,702


    TY 2021 OtherExpensesSchedule
    Name:
    RAY FOUNDATION INC
    EIN:
    81-0288819
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    AIRCRAFT EXPENSE 71,287 0   71,287
    BANK AND FILING FEES 2,696 404   2,292
    PAYROLL SERVICE FEE 2,400 360   2,040
    INSURANCE 17,130 2,570   14,560


    TY 2021 OtherIncomeSchedule2
    Name:
    RAY FOUNDATION INC
    EIN:
    81-0288819
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    MISCELLANEOUS 3,532 3,532 3,532


    TY 2021 OtherIncreasesSchedule
    Name:
    RAY FOUNDATION INC
    EIN:
    81-0288819
    Description Amount
    PPP LOAN FORGIVENESS 262,801
    ROUNDING 3


    TY 2021 ReductionExplanationStatement
    Name:
    RAY FOUNDATION INC
    EIN:
    81-0288819
    Explanation:
    INTERESTS IN 4 HOTEL PARTNERSHIPS HAVE BEEN REDUCED BY 29% DUE TO THEIR LACK OF MARKETABILITY. ATTEMPTS TO SELL THESE INTERESTS HAVE MET WITH LITTLE SUCCESS. THE 29% DISCOUNT RATE IS BASED ON THE ACTUAL SALE OF A FIFTH HOTEL INTEREST AT 71% OF ITS BOOK VALUE. BOOK VALUE DERIVED FROM ESTATE VALUE AT THE DATE OF DEATH OF CONTRIBUTOR JAMES C RAY.

    TY 2021 TaxesSchedule
    Name:
    RAY FOUNDATION INC
    EIN:
    81-0288819
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXCISE TAX ON INVESTMENT INCOME 149,507 0   0
    FOREIGN TAX PAID 17,151 17,151   0
    PAYROLL TAXES 39,811 7,962   31,849