TY 2021 Form 990PF

- TIN:

Form990-PF

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
Kully Family Foundation

% 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

45-4027161

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

$11,148,487J 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	102		102
4	Dividends and interest from securities...	213,697		213,697
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		360,301
b	Gross sales price for all assets on line 6a 2,430,276
7	Capital gain net income (from Part IV, line 2)...			360,301
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).......
12	Total. Add lines 1 through 11........	574,100		574,100
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)....		64,656	64,656
17	Interest...............
18	Taxes (attach schedule) (see instructions)...		6,599	699
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......		15,033	7	15,026
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	86,288		65,362	15,026
25	Contributions, gifts, grants paid.......	177,500			177,500
26	Total expenses and disbursements. Add lines 24 and 25	263,788		65,362	192,526
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	310,312
b	Net investment income (if negative, enter -0-)			508,738
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.........	894,525	617,163	617,163
	3	Accounts receivable 2,069
		Less: allowance for doubtful accounts	1,733	2,069	2,069
	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)		117,761	116,859
	b	Investments—corporate stock (attach schedule).......	3,832,776	4,161,295	7,529,045
	c	Investments—corporate bonds (attach schedule).......	2,678,768	2,819,826	2,883,351
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	7,407,802	7,718,114	11,148,487
	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	7,407,802	7,718,114
	29	Total net assets or fund balances (see instructions).....	7,407,802	7,718,114
	30	Total liabilities and net assets/fund balances (see instructions).	7,407,802	7,718,114

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

7,407,802

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

310,312

Other increases not included in line 2 (itemize) bullet

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

7,718,114

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 .

7,718,114

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
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	2,430,276	2,069,975	360,301
b
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			360,301
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	360,301
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	7,071
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	7,071
6	Credits/Payments:

a	2021 estimated tax payments and 2020 overpayment credited to 2021	6a	8,497
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	1,300
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	9,797
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	2,726
11	Enter the amount of line 10 to be: Credited to 2022 estimated tax2,726	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
Deborah G Kully	Sec, Dir 1.0	0	0	0
Foundation Source 501 Silverside Rd Wilmington,DE198091377	Sec, Dir 1.0	0	0	0
Jonathan Kully	Pres, Dir, Treas 1.0	0	0	0
Foundation Source 501 Silverside Rd Wilmington,DE198091377	Pres, Dir, Treas 1.0	0	0	0
Sandra Kully	Dir, VP 1.0	0	0	0
Foundation Source 501 Silverside Rd Wilmington,DE198091377	Dir, VP 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

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...................

9,940,238

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

856,713

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

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

10,796,951

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.........................

10,796,951

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

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

161,954

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

10,634,997

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

531,750

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..................

531,750

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

7,071

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

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

7,071

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

524,679

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

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

524,679

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

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

524,679

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	(c) 2020	(d) 2021
1 Distributable amount for 2021 from Part X, line 7				524,679
2 Undistributed income, if any, as of the end of 2021:
a Enter amount for 2020 only.......			8,169
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......
d From 2019......
e From 2020......
f Total of lines 3a through e ........
4Qualifying distributions for 2021 from Part
XI, line 4: $ 192,526
a Applied to 2020, but not more than line 2a			8,169
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.....				184,357
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2021.
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5		0
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 ..........				340,322
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 ......		0
10 Analysis of line 9:
a Excess from 2017....
b Excess from 2018....
c Excess from 2019....
d Excess from 2020....
e Excess from 2021....	0

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).)

Sandra Kully

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
CHALLENGED ATHLETES INC 9591 WAPLES ST SAN DIEGO,CA92121	N/A	PC	Charitable Event	10,000
COLUMBIA UNIVERSITY IN THE CITY OF NEW YORK 622 W 113TH ST MC4524 NEW YORK,NY10025	N/A	PC	To support research on the pathogenesis of pulmonary fibrosis and lung regeneration	150,000
GO PROJECT INC 50 COOPER SQ 3RD FLOOR NEW YORK,NY10003	N/A	PC	Capital Campaign	10,000
WHITNEY MUSEUM OF AMERICAN ART 99 GANSEVOORT ST NEW YORK,NY10014	N/A	PC	FY22 Education Committee	7,500
Total ................................. 3a				177,500

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	102
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	360,301
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) ..				574,100

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

574,100

(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:

Kully Family Foundation

EIN:

45-4027161

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 InvestmentsCorpBondsSchedule

Name:

Kully Family Foundation

EIN:

45-4027161

Name of Bond	End of Year Book Value	End of Year Fair Market Value
AECOM - 5.125% - 03/15/2027	71,033	69,718
AMC NETWORK - 5.000% - 04/01/2	28,820	32,240
AMC NETWORKS INC NOTE CALL MAK	52,325	52,603
AMERICAN TOWER CORP - 0.000% -	6,212	6,162
AMERICAN TOWER CORP - 3.375% -	17,931	17,009
AMERICAN TOWER CORP BOND - 4.0	41,602	43,891
ATT INC - 3.800% - 02/15/2027	81,965	78,236
BALL CORP - 4.000% - 11/15/202	39,405	38,619
BALL CORP - 4.875% - 03/15/202	28,250	27,538
BALL CORP BOND - 5.250% - 07/0	17,960	17,640
BOYD GAMING - 4.750% - 12/01/2	85,617	84,660
BROADCOM CORP/BROADCOM CAYMAN	19,110	21,698
CA INC - 4.700% - 03/15/2027	59,743	63,519
CARLISLE COS INC NOTE CALL - 3	53,069	55,908
CARLISLE COS INC NOTE CALL - 3	9,294	9,165
CDK GLOBAL INC - 4.875% - 06/0	62,309	61,065
CDW LLC / CDW FIN CORP - 4.125	23,073	22,605
CDW LLC / CDW FIN CORP - 4.250	58,398	59,885
CENTURYLINK INC NOTE - 0.000%	88,518	86,504
CITRIX SYS INC - 4.500% - 12/0	70,921	74,951
CROWN AMERS LLC - 4.250% - 09/	85,851	84,333
DISCOVERY COMMUNICATIONS LLC D	71,466	68,518
DOLLAR TREE INC - 4.000% - 05/	34,705	35,457
DOLLAR TREE INC - 4.200% - 05/	31,319	31,230
ENCOMPASS HEALTH CORP - 4.500%	87,172	85,386
GS FINANCE CORP TAR-GEARS SX5E	85,030	151,607
HCA INC - 5.625% - 09/01/2028	86,599	86,467
HP INC NOTE - 3.000% - 06/17/2	70,231	68,401
KRAFT HEINZ FOODS - 3.875% - 0	71,343	70,253
LAMAR MEDIA CORP SER B NOTE -	69,065	68,170
MICROCHIP TECHNOLOGYINC. SER B	86,305	85,170
MOLSON COORS BEVERAGE CO NOTE	71,878	71,216
MOTOROLA - 4.600% - 02/23/2028	9,894	10,169
MOTOROLA SOLUTIONS INC - 4.000	34,749	35,153
QORVO INC - 4.350% - 10/15/202	86,603	83,839
QVC INC - 4.375% - 03/15/2023	44,029	45,320
QVC INC NOTE - 4.750% - 02/15/	20,855	24,660
REYNOLDS AMERICAN - 4.450% - 0	17,051	16,196
REYNOLDS AMERICAN INC - 4.850%	49,891	50,961
SERVICE CORP INTL - 5.125% - 0	28,480	27,885
SERVICE CORP INTL NOTE - 4.625	58,850	57,406
SILGAN HOLDINGS - 4.125% - 02/	63,810	63,318
SPECTRUM BRANDS INC NOTE CALL	80,340	79,658
TEGNA INC SER B NOTE - 4.625%	84,930	84,906
TELEFLEX INC - 4.625% - 11/15/	87,129	85,280
TOTAL SYSTEMS SERVICES - 4.800	42,277	42,207
TREEHOUSE FOODS INC - 4.000% -	87,018	87,359
TRINITY PARTNERS ACQUISITION -	18,048	17,835
UNITED RENTALS - 5.500% - 05/1	68,475	66,560
WESTERN DIGITAL CORP - 4.750%	64,302	69,920
WILLIS NORTH AMER INC NOTE - 4	9,152	8,949
WILLIS NORTH AMERICA - 3.600%	40,743	41,901
ZIMMER BIOMET HOLDINGS INC - 3	49,545	47,031
ZIMMER BIOMET HOLDINGS INC - 3	7,136	7,014

- TIN:

TY 2021 InvestmentsCorpStockSchedule

Name:

Kully Family Foundation

EIN:

45-4027161

Name of Stock	End of Year Book Value	End of Year Fair Market Value
ABBOTT LABS	28,790	35,889
ABIOMED	14,223	82,609
ACCENTURE PLC	9,075	23,629
ADOBE SYSTEMS, INC	25,230	96,967
ALPHABET INC CL A	66,486	228,866
ALPHABET INC CL C	6,585	43,404
AMAZON COM	87,291	260,079
AMERICAN ELECTRIC POWER INC	11,262	11,744
AMERICAN EXPRESS CO	52,957	69,530
AMERICAN TOWER REIT INC	18,464	22,815
AMERIPRISE FINANCIAL INC	13,976	34,088
AMETEK INC	13,126	40,436
AMGEN INC	30,115	27,221
ANALOG DEVICES INC	30,493	33,045
AON PLC CL A	47,478	69,129
APPLE INC	75,813	309,149
APPLIED MATERIALS INC	24,096	30,843
AUTOMATIC DATA PROCESSING INC	19,390	24,658
BLACKROCK INC	15,889	29,298
BLACKSTONE GSO FLT RATE ENHANC	500,129	529,472
BOOKING HOLDINGS INC	18,049	19,194
BOSTON SCIENTIFIC	24,130	25,828
BROADCOM INC	27,879	35,932
CARMAX INC	19,210	39,069
CHEWY INC	19,198	14,448
CHUBB LIMITED	19,743	31,316
CISCO SYSTEMS INC	25,574	39,226
COMCAST CORP	28,380	36,137
COSTAR GROUP, INC	18,086	79,030
COSTCO WHOLESALE CORPORATION	15,537	28,385
COUPONS.COM	38,009	43,464
DANAHER CORP	37,864	151,345
DEXCOM, INC	7,287	174,509
DIAGEO PLC ADS	20,623	31,920
DISCOVER FINL SVCS COM	20,059	20,223
DOCUSIGN INC	21,122	82,247
DOLLAR GENERAL CORP	17,983	22,404
DOUBLELINE TOTAL RETURN BOND	494,026	475,193
EATON VANCE SHORT DURATION GOV	101,692	99,579
ECOLAB INC	62,256	89,144
EDWARDS LIFESCIENCES	19,923	81,617
ELI LILLY & CO	30,947	110,488
EOG RESOURCES INC	25,311	29,047
ESTEE LAUDER COMPANIES INC	7,151	16,659
EVOLENT HEALTH INC	52,288	101,466
FIDELITY NATIONAL INFORMATION	31,397	26,523
FORTIVE CORPORATION	30,027	48,368
HOLOGIC, INC	13,879	22,968
HOME DEPOT INC	62,009	196,715
HONEYWELL INTL	12,852	17,515
IDEXX CORP	11,571	167,907
INTERCONTINENTAL EXCHANGE, INC	45,106	108,322
IRHYTHM TECHNOLOGIES INC	34,228	59,433
ISHARES MSCI EMERGING MARKETS	23,916	29,310
JOHNSON & JOHNSON	81,607	115,985
JP MORGAN CHASE	47,620	75,850
KORNIT DIGITAL LTD	6,079	54,049
LINDE PLC COM	55,679	86,608
LOCKHEED MARTIN CORP	20,296	23,102
LOWES COMPANIES INC	17,542	38,772
MARSH AND MCLENNAN COMPANIES I	13,300	25,378
MCDONALD'S CORP	26,138	37,262
MEDTRONIC PLC	52,823	64,242
META PLATFORMS INC	42,994	75,342
MICROSOFT CORP	152,545	490,017
MORGAN STANLEY	19,634	18,847
NEXTERA ENERGY, INC	8,736	14,658
NIKE INC-CL B	16,673	19,000
NOVARTIS AG ADR	16,952	17,144
O'REILLY AUTOMOTIVE INC	18,844	34,605
PARKER HANNIFIN CP	19,280	30,540
PAYPAL HOLDINGS, INC	49,842	84,861
PHILLIPS 66	17,239	17,825
PROCTER GAMBLE CO	22,962	32,552
PRUDENTIAL FINANCIAL 9.0% PREF	17,416	22,913
RAYTHEON TECHNOLOGIES CORP	30,096	37,006
REPAY HOLDINGS CORPORATION	33,550	52,983
REPUBLIC SVCS INC	11,693	22,312
RITCHIE BROS AUCTIONEERS	16,980	30,605
ROCKWELL AUTOMATION INC	19,524	36,629
RYAN SPECIALTY GROUP HOLDINGS	42,217	56,894
S&P GLOBAL INC COM	12,504	15,574
SALESFORCE.COM	45,374	112,580
SHERWIN-WILLIAMS CO	15,571	29,581
SPROUT SOCIAL INC	30,616	97,492
STARBUCKS CORP COM	35,255	69,480
TEXAS INSTRUMENTS INC	46,876	59,180
THE BLACKSTONE GROUP INC CL A	55,301	156,562
THE COCA-COLA CO	30,551	38,131
THERMO FISHER SCIENTIFIC INC	8,795	18,015
TJX COMPANIES INC	30,306	44,793
TORONTO DOMINION	24,074	35,810
TRUIST FINANCIAL CORPORATION	27,597	32,378
UBER	66,472	59,541
UNION PACIFIC	46,024	60,967
UNITED PARCEL SERVICE	25,170	31,937
UNITEDHEALTH GROUP INC	39,720	55,235
V F CORP	21,399	23,357
VISA INC	74,046	141,945
WABTEC	55,581	63,556
WALT DISNEY HOLDINGS CO	44,370	62,730
ZOETIS INC	19,252	146,418

- TIN:

TY 2021 InvestmentsGovtObligationsSch

Name:

Kully Family Foundation

EIN:

45-4027161

US Government Securities - End of Year Book Value:

117,761

US Government Securities - End of Year Fair Market Value:

116,859

State & Local Government Securities - End of Year Book Value:

State & Local Government Securities - End of Year Fair Market Value:

- TIN:

TY 2021 OtherExpensesSchedule

Name:

Kully Family Foundation

EIN:

45-4027161

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
Administrative Fees	15,011		15,011
Bank Charges	7	7
State or Local Filing Fees	15		15

- TIN:

TY 2021 OtherProfessionalFeesSchedule

Name:

Kully Family Foundation

EIN:

45-4027161

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Investment Management Services	64,656	64,656

- TIN:

TY 2021 TaxesSchedule

Name:

Kully Family Foundation

EIN:

45-4027161

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
990-PF Estimated Tax for 2021	5,900
Foreign Tax Paid	699	699