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 08-01-2021 , and ending 07-31-2022
Name of foundation
IRENE C SHEA FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)116 ALLEGHENY CENTER MALL P8YB3502L
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
PITTSBURGH, PA15212
A Employer identification number

25-6410108
B Telephone number (see instructions)

(412) 807-3309
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$25,240,933J 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 Check bullet.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 498,041 488,166  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 356,196
b Gross sales price for all assets on line 6a 1,647,286
7 Capital gain net income (from Part IV, line 2)... 356,196
8 Net short-term capital gain......... 0
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........ 854,237 844,362  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 250,123 96,187   153,936
14 Other employee salaries and wages......   0 0 0
15 Pension plans, employee benefits.......   0 0  
16a Legal fees (attach schedule).........       0
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment 20,812     20,812
17 Interest...............       0
18 Taxes (attach schedule) (see instructions)... Click to see attachment 10,551 1,564   0
19 Depreciation (attach schedule) and depletion... 0 0  
20 Occupancy..............        
21 Travel, conferences, and meetings.......   0 0  
22 Printing and publications..........   0 0  
23 Other expenses (attach schedule).......        
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 281,486 97,751 0 174,748
25 Contributions, gifts, grants paid....... 1,040,000 1,040,000
26 Total expenses and disbursements. Add lines 24 and 25 1,321,486 97,751 0 1,214,748
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -467,249
b Net investment income (if negative, enter -0-) 746,611
c Adjusted net income (if negative, enter -0-)... 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............. -4,844    
2 Savings and temporary cash investments......... 233,230 393,871 393,871
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet     0 0
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 bullet0      
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule) 239,880 Click to see attachment85,181 85,000
b Investments—corporate stock (attach schedule)....... 9,903,428 Click to see attachment9,432,413 18,749,108
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 5,743,776 Click to see attachment5,734,679 6,012,954
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 16,115,470 15,646,144 25,240,933
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
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........ 16,115,470 15,646,144
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds    
29 Total net assets or fund balances (see instructions)..... 16,115,470 15,646,144
30 Total liabilities and net assets/fund balances (see instructions). 16,115,470 15,646,144
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
16,115,470
2
Enter amount from Part I, line 27a .....................
2
-467,249
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
10,448
4
Add lines 1, 2, and 3 ..........................
4
15,658,669
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
12,525
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
15,646,144
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 1. GSE BONDS ANTITRUST LITIGATION MANY CUSIPS   2001-01-01 2021-09-27
b 75000. TAMPA BAY WTR FLA A REGL WTR REF REV   2011-06-06 2021-10-01
c 1040. KANSAS CITY SOUTHERN   2021-01-07 2021-12-17
d .36 CANADIAN PACIFIC RAILWAY LTD SEDOL 2793115   2021-12-17 2021-12-21
e 1200. ALLSTATE CORP   2019-10-22 2022-04-19
550. AMERICAN TOWER CORP-CL A - REIT   2021-01-07 2022-04-19
700. APPLE INC   2014-11-12 2022-04-19
2375. BAXTER INTERNATIONAL INC   2018-01-19 2022-04-19
2999. CANADIAN PACIFIC RAILWAY LTD SEDOL 2793115   2021-12-17 2022-04-19
205. META PLATFORMS INC   2016-03-11 2022-04-19
2061.626 HARDING LOEVNER EMERGING MARKETS PORTFOLIO FUND   2010-09-23 2022-04-19
350. MICROSOFT CORP   2019-05-07 2022-04-19
430. PAYPAL HOLDINGS INC-W/I   2021-01-07 2022-04-19
75000. KENTUCKY ST TPK AUTH ECON REVITALIZATION PJS SER A REV   2012-02-29 2022-07-01
1. UNIVERSAL HEALTH SERVICES INC. XXX-XX-XXXX CLASS ACTION   2001-01-01 2022-07-29
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN 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 25   25  
b 75,000   75,000  
c 307,739   226,217 81,522
d 25   26 -1
e 168,760   130,350 38,410
141,038   119,433 21,605
115,427   19,428 95,999
179,812   165,830 13,982
231,059   214,114 16,945
43,464   22,306 21,158
95,680   98,905 -3,225
98,580   44,235 54,345
43,609   100,196 -56,587
75,000   75,000  
48   25 23
      72,020
      72,020
      72,020
      72,020
      72,020
      72,020
      72,020
      72,020
      72,020
      72,020
      72,020
      72,020
      72,020
      72,020
      72,020
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        
b        
c       81,522
d       -1
e       38,410
      21,605
      95,999
      13,982
      16,945
      21,158
      -3,225
      54,345
      -56,587
       
      23
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
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 2 356,196
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 10,378
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 10,378
6 Credits/Payments:
a 2021 estimated tax payments and 2020 overpayment credited to 2021 6a 13,171
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  
7 Total credits and payments. Add lines 6a through 6d.............. 7 13,171
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 2,793
11 Enter the amount of line 10 to be: Credited to 2022 estimated taxBullet2,793 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$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
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)
    bulletPA
    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 addressbulletN/A
    14
    The books are in care ofbulletPNC BANK NA Telephone no.bullet (412) 807-3309

    Located atbullet116 ALLEGHENY CENTER MALL P8-YB35-PITTSBURGHPA ZIP+4bullet15212
    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)
    Yes
     
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)? ......................
    1a(5)
     
    No
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.) ...............
    1a(6)
     
    No
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
    1b
     
    No
    c
    ........bullet
    d
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2021? .............
    1d
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2021, did the foundation have any undistributed income (lines 6d
    and 6e, Part XII) for tax year(s) beginning before 2021?....................
    2a
     
    No
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year? ..............................
    3a
     
    No
    b
    If "Yes," did it have excess business holdings in 2021 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2021.) .....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2021? ..
    4b
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 6
    Part VI-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
    5a(1)
     
    No
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive? ....................
    5a(2)
     
    No
    (3) Provide a grant to an individual for travel, study, or other similar purposes? .............
    5a(3)
     
    No
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions ........................
    5a(4)
     
    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
    PNC BANK NA CO-TRUSTEE
    38     		192,375    
    116 Allegheny Center Mall
    PITTSBURGH,PA15212
    THOMAS J HICKEY CO-TRUSTEE
    5     		28,874    
    315 QUEENSBERRY CIRCLE
    PITTSBURGH,PA15234
    SUSAN HICKEY CO-TRUSTEE
    5     		28,874    
    315 QUEENSBERRY CIRCLE
    PITTSBURGH,PA15234
    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.........................bullet  
    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
    26,908,908
    b
    Average of monthly cash balances.......................
    1b
    0
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    26,908,908
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    26,908,908
    4
    Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
    instructions) .............................
    4
    403,634
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. .......
    5
    26,505,274
    6
    Minimum investment return. Enter 5% (0.05) of line 5................
    6
    1,325,264
    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
    1,325,264
    2a
    Tax on investment income for 2021 from Part V, line 5.......
    2a
    10,378
    b
    Income tax for 2021. (This does not include the tax from Part V.) ...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    10,378
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    1,314,886
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    1,314,886
    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
    1,314,886
    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 1,314,886
    2 Undistributed income, if any, as of the end of 2021:
    a Enter amount for 2020 only....... 1,039,996
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2021:
    a From 2016...... 0
    b From 2017...... 0
    c From 2018...... 0
    d From 2019...... 0
    e From 2020...... 0
    f Total of lines 3a through e ........ 0
    4Qualifying distributions for 2021 from Part
    XI, line 4: bullet$ 1,214,748
    a Applied to 2020, but not more than line 2a 1,039,996
    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..... 174,752
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2021. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
    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 ..........     		1,140,134
    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 ......     		0
    10 Analysis of line 9:
    a Excess from 2017.... 0
    b Excess from 2018.... 0
    c Excess from 2019.... 0
    d Excess from 2020.... 0
    e Excess from 2021.... 0
    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:
    Kenneth Spruill
    The Tower at PNC Plaza 300 Fifth A
    Pittsburgh,PA15222
    (412) 762-9540
    bThe form in which applications should be submitted and information and materials they should include:
    Potential applicants would need to contact us for an application.
    cAny submission deadlines:
    April 15 of each year
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Preference given to charities in SW Pennsylvania
    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
    SAINT ANNE PARISH
    400 HOODRIDGE DRIVE
    PITTSBURGH,PA15234     		NONE PC GENERAL SUPPORT 25,000
    THE BLESSING BOARD
    880 BUTLER ST
    PITTSBURGH,PA15223     		NONE PC GENERAL SUPPORT 50,000
    YMCA OF PITTSBURGH
    126 NAGEL ROAD
    FOMBELL,PA16123     		NONE PC GENERAL SUPPORT 25,000
    City of Asylum
    40 W NORTH AVENUE
    Pittsburgh,PA15212     		NONE PC GENERAL SUPPORT 30,000
    East End Cooperative Ministry
    6140 STATION STREET
    Pittsburgh,PA15206     		NONE PC GENERAL SUPPORT 40,000
    JUNIOR ACHIEVEMENT OF WESTERN
    PENNSYLVANIA INC
    90 EMERSON LANE SUITE 1403
    PITTSBURGH,PA150173473     		NONE PC GENERAL SUPPORT 30,000
    KIDSVOICE
    437 GRANT STREET SUITE700
    PITTSBURGH,PA150173473     		NONE PC GENERAL SUPPORT 40,000
    HOLY FAMILY INSTITUTE
    8235 OHIO RIVER BOULEVARD
    PITTSBURGH,PA152021454     		NONE PC GENERAL SUPPORT 50,000
    Coalition for Christian Outreach
    5912 PENN AVENUE
    Pittsburgh,PA15206     		NONE PC GENERAL PURPOSE 75,000
    Catholic Charities of the Diocese of PGH
    f/b/o St Joesph's House
    212 9TH STREET
    Pittsburgh,PA15222     		NONE PC GENERAL SUPPORT 50,000
    Angel's Place
    2615 NORWOOD AVENUE
    Pittsburgh,PA15214     		NONE PC GENERAL SUPPORT 75,000
    EMMAUS COMMUNITY OF PITTSBURGH
    INC
    2821 SARAH STREET
    PITTSBURGH,PA15203     		NONE PC GENERAL SUPPORT 40,000
    BEAVER FALLS YOUTH NETWORK INC
    PO BOX 34
    BEAVER FALLS,PA15010     		NONE PC GENERAL SUPPORT 15,000
    The Neighborhood Academy
    709 NORTH AIKEN AVENUE
    Pittsburgh,PA15222     		NONE PC GENERAL SUPPORT 10,000
    GREATER VALLEY COMMUNITY
    SERVICES INC
    300 HOLLAND AVENUE
    BRADDOCK,PA15104     		NONE PC GENERAL SUPPORT 15,000
    THE PITTSBURGH PROJECT
    2801 NORTH CHARLES STREET
    PITTSBURGH,PA15214     		NONE PC GENERAL SUPPORT 50,000
    CARLOW UNIVERSITY
    3333 FIFTH AVENUE
    PITTSBURGH,PA15213     		NONE PC GENERAL SUPPORT 270,000
    CROSSROADS FOUNDATION
    6901 LYNN WAY
    PITTSBURGH,PA15208     		NONE PC GENERAL SUPPORT 15,000
    CIVIC LIGHT OPERA ASSOCIATION
    719 LIBERTY AVENUE
    PITTSBURGH,PA15222     		NONE PC GENERAL SUPPORT 25,000
    Destiny of Faith Church
    3737 BRIGHTON ROAD
    Pittsburgh,PA15212     		NONE PC GENERAL SUPPORT 10,000
    WOMEN'S CENTER & SHELTER OF GREATER
    PITTSBURGH
    PO BOX 9024
    PITTSBURGH,PA15224     		NONE PC GENERAL SUPPORT 100,000
    Total .................................bullet 3a 1,040,000
    bApproved for future payment
    Total .................................bullet 3b  
    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 ...........     		         
    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 ............     		    18 356,196  
    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) ..   854,237  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    854,237
    (See worksheet in line 13 instructions to verify calculations.)
    Part XV-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 13
    Part XVI
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

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


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


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2021 InvestmentsCorpStockSchedule
    Name:
    IRENE C SHEA FOUNDATION
    EIN:
    25-6410108
    Name of Stock End of Year Book Value End of Year Fair Market Value
    00287Y109 ABBVIE INC 254,221 342,702
    009158106 AIR PRODUCTS & CHEMI 125,149 146,456
    020002101 ALLSTATE CORP    
    02079K305 ALPHABET INC/CA-CL A 217,349 825,872
    02209S103 ALTRIA GROUP INC 79,616 109,650
    023135106 AMAZON COM INC 193,535 269,900
    03027X100 AMERICAN TOWER CORP    
    030420103 AMERICAN WATER WORKS 130,305 296,890
    031162100 AMGEN INC 178,962 358,832
    037833100 APPLE INC 247,783 1,576,347
    053015103 AUTOMATIC DATA PROCE 157,221 237,262
    053332102 AUTOZONE INC 123,779 256,487
    060505104 BANK OF AMERICA CORP 322,158 349,934
    071813109 BAXTER INTERNATIONAL    
    084670702 BERKSHIRE HATHAWAY I 417,576 1,442,880
    09247X101 BLACKROCK INC 149,966 133,836
    099502106 BOOZ ALLEN HAMILTON 226,005 364,724
    110122108 BRISTOL MYERS SQUIBB 133,600 295,120
    11135F101 BROADCOM INC 218,285 230,256
    166764100 CHEVRON CORPORATION 317,899 491,340
    191216100 COCA COLA CO 219,204 385,020
    20030N101 COMCAST CORPORATION 76,670 117,813
    20825C104 CONOCOPHILLIPS 118,047 194,860
    22160K105 COSTCO WHOLESALE COR 234,088 525,061
    23331A109 D R HORTON INC 145,630 167,765
    254687106 DISNEY WALT CO 188,514 262,067
    256677105 DOLLAR GENERAL CORP 161,330 324,946
    30231G102 EXXON MOBIL CORP 333,189 387,720
    30303M102 META PLATFORMS INC 116,209 169,919
    37045V100 GENERAL MOTORS CO 182,240 130,028
    437076102 HOME DEPOT INC 144,503 592,852
    438516106 HONEYWELL INTL INC 78,143 192,460
    452308109 ILLINOIS TOOL WORKS 98,238 207,760
    460690100 INTERPUBLIC GROUP CO 193,832 234,480
    46625H100 JPMORGAN CHASE & CO 199,029 542,192
    478160104 JOHNSON & JOHNSON 132,537 406,632
    485170302 KANSAS CITY SOUTHERN    
    512807108 LAM RESEARCH CORP 102,550 100,102
    539830109 LOCKHEED MARTIN CORP 172,385 165,524
    580135101 MCDONALD'S CORP 271,599 409,014
    58933Y105 MERCK & CO INC 173,023 357,360
    594918104 MICROSOFT CORP 245,309 982,590
    609207105 MONDELEZ INTERNATION 156,934 173,869
    620076307 MOTOROLA SOLUTIONS I 140,814 190,872
    666807102 NORTHROP GRUMMAN COR 133,245 335,230
    693506107 PPG INDUSTRIES INC 181,978 206,864
    70450Y103 PAYPAL HOLDINGS INC-    
    713448108 PEPSICO INC 30,154 122,472
    717081103 PFIZER INC 170,003 353,570
    742718109 PROCTER & GAMBLE CO 156,044 376,446
    75513E101 RAYTHEON TECHNOLOGIE 86,361 152,305
    874039100 TAIWAN SEMICONDUCTOR 199,307 145,992
    87612E106 TARGET CORP 173,515 248,664
    89832Q109 TRUIST FINANCIAL COR 100,866 151,410
    91324P102 UNITEDHEALTH GROUP I 129,493 433,872
    92826C839 VISA INC CLASS A SHA 282,150 372,041
    92939U106 WEC ENERGY GROUP INC 73,844 184,678
    94106L109 WASTE MANAGEMENT INC 97,140 493,680
    002824100 ABBOTT LABORATORIES 118,306 108,840
    907818108 UNION PACIFIC CORP 122,581 113,650

    TY 2021 InvestmentsGovtObligationsSch
    Name:
    IRENE C SHEA FOUNDATION
    EIN:
    25-6410108
    US Government Securities - End of Year Book Value:

    85,181
    US Government Securities - End of Year Fair Market Value:

    85,000
    State & Local Government Securities - End of Year Book Value:


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


     


    TY 2021 InvestmentsOtherSchedule2
    Name:
    IRENE C SHEA FOUNDATION
    EIN:
    25-6410108
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    04314H675 ARTISAN INTERNATIONA      
    057071854 BAIRD AGGREGATE BOND AT COST 830,000 770,819
    256206103 DODGE & COX INTERNAT AT COST 200,000 190,796
    256210105 DODGE & COX INCOME F AT COST 827,144 760,162
    316146331 FIDELITY EMG MKTS IN AT COST 145,000 117,556
    412295305 HARDING LOEVNER EMER      
    464287465 ISHARES MSCI EAFE ET AT COST 399,481 490,797
    464287473 ISHARES RUSSELL MID- AT COST 80,345 143,481
    464287481 ISHARES RUSSELL MID- AT COST 80,096 143,145
    464287499 ISHARES RUSSELL MID- AT COST 116,076 339,760
    464287630 ISHARES RUSSELL 2000 AT COST 100,044 119,400
    464287655 ISHARES RUSSELL 2000 AT COST 122,580 280,875
    464288638 ISHARES TRUST ISHARE AT COST 110,895 105,640
    552746364 MFS EMERGING MKTS DE AT COST 150,000 114,902
    592905749 METROPOLITAN WEST UN AT COST 300,000 269,147
    779562107 T ROWE PRICE NEW HOR      
    77957P105 T ROWE PRICE SHORT T      
    921937603 VANGUARD TOTAL BD MK AT COST 702,029 653,363
    922031737 VANGUARD INFLATION P AT COST 200,858 193,194
    922031810 VANGUARD INTM TERM I AT COST 627,798 558,112
    922042858 VANGUARD FTSE EMERGI AT COST 87,684 82,640
    97717X669 WISDOMTREE U.S. QUAL AT COST 152,020 170,128
    04314H402 ARTISAN INTERNATIONA AT COST 125,820 121,877
    779562206 T ROWE PR NEW HORIZO AT COST 76,809 99,953
    77957P402 T. ROWE PRICE SHORT- AT COST 300,000 287,207

    TY 2021 OtherDecreasesSchedule
    Name:
    IRENE C SHEA FOUNDATION
    EIN:
    25-6410108
    Description Amount
    COST BASIS ADJUSTMENT - BOOZ ALLEN HAMIL 1,406
    2021 TRANSACTION POSTED IN 2022 9,957
    AMORTIZATION ADJUSTMENT 1,162


    TY 2021 OtherIncreasesSchedule
    Name:
    IRENE C SHEA FOUNDATION
    EIN:
    25-6410108
    Description Amount
    PRIOR YEAR ADJUSTMENT 2,404
    2020 TRANSACTION POSTED IN 2021 8,039
    ROUNDING 5


    TY 2021 OtherProfessionalFeesSchedule
    Name:
    IRENE C SHEA FOUNDATION
    EIN:
    25-6410108
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    PNC PRIVATE FOUNDATION MANAGEM 20,812     20,812


    TY 2021 TaxesSchedule
    Name:
    IRENE C SHEA FOUNDATION
    EIN:
    25-6410108
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 891 891   0
    FEDERAL ESTIMATES - PRINCIPAL 8,987 0   0
    FOREIGN TAXES ON QUALIFIED FOR 498 498   0
    FOREIGN TAXES ON NONQUALIFIED 175 175   0