Form990-PF
Click to see attachment
Click to see attachmentClick to see attachment

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2021
Open to Public Inspection
For calendar year 2021, or tax year beginning 01-01-2021 , and ending 12-31-2021
Name of foundation
THE HERBERT H & GRACE A DOW
FOUNDATION
Number and street (or P.O. box number if mail is not delivered to street address)1018 WEST MAIN STREET
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
MIDLAND, MI48640
A Employer identification number

38-1437485
B Telephone number (see instructions)

(989) 631-3699
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$619,681,417J 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) 2,896
2 Check bullet.............
3 Interest on savings and temporary cash investments 14,960 14,960  
4 Dividends and interest from securities... 16,780,528 16,780,528  
5a Gross rents............ 88 88  
b Net rental income or (loss) 88
6a Net gain or (loss) from sale of assets not on line 10 Click to see attachment 25,322,976
b Gross sales price for all assets on line 6a 247,516,538
7 Capital gain net income (from Part IV, line 2)... 25,336,235
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances 389,133
b Less: Cost of goods sold.... 222,935
c Gross profit or (loss) (attach schedule)..... Click to see attachment 166,198 166,198
11 Other income (attach schedule)....... Click to see attachment 12,412,451 10,284,242 2,128,209
12 Total. Add lines 1 through 11........ 54,700,097 52,416,053 2,294,407
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 280,342 67,283 2,803 210,256
14 Other employee salaries and wages...... 2,267,476 84,401 113,732 1,027,621
15 Pension plans, employee benefits....... 823,812 38,560 38,597 746,655
16a Legal fees (attach schedule)......... Click to see attachment 8,477     8,626
b Accounting fees (attach schedule)....... Click to see attachment 64,000 32,000   32,000
c Other professional fees (attach schedule).... Click to see attachment 1,589,454 1,422,247 132,224 34,983
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 1,524,244   266 3,645
19 Depreciation (attach schedule) and depletion... Click to see attachment 1,476,103   1,041,722
20 Occupancy.............. 942,623   46,639 1,087,905
21 Travel, conferences, and meetings....... 46,061 15,107   31,151
22 Printing and publications.......... 24,011   245 23,766
23 Other expenses (attach schedule)....... Click to see attachment 12,048,880 12,592 19,107 649,613
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 21,095,483 1,672,190 1,395,335 3,856,221
25 Contributions, gifts, grants paid....... 25,305,283 16,420,113
26 Total expenses and disbursements. Add lines 24 and 25 46,400,766 1,672,190 1,395,335 20,276,334
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 8,299,331
b Net investment income (if negative, enter -0-) 50,743,863
c Adjusted net income (if negative, enter -0-)... 899,072
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............. 5,059 185,884 185,884
2 Savings and temporary cash investments......... 36,586,059 6,295,846 6,295,846
3 Accounts receivable bullet28
Less: allowance for doubtful accounts bullet   382 28 28
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use.............. 46,110 44,600 44,600
9 Prepaid expenses and deferred charges.......... 91,748 102,169 102,169
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 98,390,626 Click to see attachment117,822,767 117,822,767
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).......... 409,778,157 Click to see attachment495,230,123 495,230,123
14 Land, buildings, and equipment: basis bullet47,044,773
Less: accumulated depreciation (attach schedule) bullet15,686,521 30,710,627 Click to see attachment31,358,252  
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 575,608,768 651,039,669 619,681,417
Liabilities 17 Accounts payable and accrued expenses.......... 85,577 344,253
18 Grants payable................. 16,168,972 25,052,000
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) Click to see attachment2,025,432 Click to see attachment2,725,805
23 Total liabilities (add lines 17 through 22)......... 18,279,981 28,122,058
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........... 557,328,787 622,917,611
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........    
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)..... 557,328,787 622,917,611
30 Total liabilities and net assets/fund balances (see instructions). 575,608,768 651,039,669
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
557,328,787
2
Enter amount from Part I, line 27a .....................
2
8,299,331
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
57,289,493
4
Add lines 1, 2, and 3 ..........................
4
622,917,611
5
Decreases not included in line 2 (itemize) bullet
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
622,917,611
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 PUBLICLY TRADED SECURITIES P    
b OPTION INCOME ON PUBLICLY TRADED SEC P    
c
d
e
(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 245,430,066   222,180,303 23,249,763
b 2,086,472     2,086,472
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       23,249,763
b       2,086,472
c
d
e
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 25,336,235
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 23,249,763
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  
3 Add lines 1 and 2........................... 3 705,340
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- ..... 5 705,340
6 Credits/Payments:
a 2021 estimated tax payments and 2020 overpayment credited to 2021 6a 470,000
b Exempt foreign organizations—tax withheld at source...... 6b  
c Tax paid with application for extension of time to file (Form 8868)... 6c  
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 470,000
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 4,622
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 239,962
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2022 estimated taxBullet   RefundedBullet 11  
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
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
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)
    bulletMI
    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 addressbulletWWW.HHGADOWFDN.ORG
    14
    The books are in care ofbulletTINA HOP Telephone no.bullet (989) 631-3699

    Located atbullet1018 W MAIN STMIDLANDMI ZIP+4bullet48640
    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
    MICHAEL LLOYD DOW VICE PRESIDE
    2.00     		0 0 0
    1018 W MAIN ST
    MIDLAND,MI48640
    MACAULEY WHITING JR TRUSTEE
    1.00     		0 0 0
    1018 W MAIN ST
    MIDLAND,MI48640
    MARGARET E THOMPSON SECRETARY
    2.00     		0 0 0
    1018 W MAIN ST
    MIDLAND,MI48640
    WILLARD MOTT TREASURER
    3.00     		0 0 0
    1018 W MAIN ST
    MIDLAND,MI48640
    RUTH A DOAN PRESIDENT
    10.00     		0 0 35,000
    1018 W MAIN ST
    MIDLAND,MI48640
    STEPHEN CARRAS TRUSTEE
    1.00     		0 0 0
    1018 W MAIN ST
    MIDLAND,MI48640
    BONNIE BUCHANAN MATHESON TRUSTEE
    1.00     		0 0 0
    1018 W MAIN ST
    MIDLAND,MI48640
    ALDEN LEE HANSON TRUSTEE
    1.00     		0 0 0
    1018 W MAIN ST
    MIDLAND,MI48640
    DIANE DOW HULLET TRUSTEE
    1.00     		0 0 0
    1018 W MAIN ST
    MIDLAND,MI48640
    SUZANNA MCCUAN TRUSTEE
    1.00     		0 0 0
    1018 W MAIN ST
    MIDLAND,MI48640
    DAVID CAMP TRUSTEE
    1.00     		0 0 0
    1018 W MAIN ST
    MIDLAND,MI48640
    JAMES FITTERLING TRUSTEE
    1.00     		0 0 0
    1018 W MAIN ST
    MIDLAND,MI48640
    LILLA YM OHRSTROM TRUSTEE
    1.00     		0 0 0
    1018 W MAIN ST
    MIDLAND,MI48640
    JENEE VELASQUEZ EXECUTIVE DI
    40.00     		280,342 30,428 0
    1018 W MAIN ST
    MIDLAND,MI48640
    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
    ELIZABETH LUMBERT ASSOCIATE DI
    40.00     		164,000 30,535  
    1018 W MAIN ST
    MIDLAND,MI48640
    TINA HOP CONTROLLER
    33.00     		120,218 28,355  
    1018 W MAIN ST
    MIDLAND,MI48640
    SCOTT SCHULTHEIS HORTICULTURI
    40.00     		84,125 29,064  
    1018 W MAIN ST
    MIDLAND,MI48640
    CHARLES MARTIN HORTICULTURI
    40.00     		86,638 24,474  
    1018 W MAIN ST
    MIDLAND,MI48640
    MATT GERHARDT HUMAN RESOUR
    40.00     		78,000 21,015  
    1018 W MAIN ST
    MIDLAND,MI48640
    Total number of other employees paid over $50,000...................bullet 25
    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
    SERENUS JOHNSON CONSTRUCTION CONSTRUCTION 1,435,510
    5178 KASEMEYER ROAD
    BAY CITY,MI48707
    WTA ARCHITECTS ARCHITECTURE 321,570
    100 S JEFFERSON AVE STE 601
    SAGINAW,MI48607
    SYM FINANCIAL ADVISORS FINANCIAL 246,541
    414 TOWNSEND ST
    MIDLAND,MI48640
    THREE RIVERS CORPORATION CONSTRUCTION 200,985
    PO BOX 1467
    MIDLAND,MI486411467
    PROSPIANT ARCHITECTURE 151,059
    BOX 715010
    CINCINNATI,OH45271
    Total number of others receiving over $50,000 for professional services.............bullet10
    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 ESTABLISHED IN 1899, AS A HOME FOR HERBERT H. AND GRACE A. DOW AND FAMILY, DOW GARDENS TYPICALLY WELCOMES 300,000 GUESTS PER YEAR. EXPERIENCE A DAZZLING 110-ACRE DISPLAY OF ANNUALS AND PERRENIALS PUNCTUATED BY DISTINCTIVE BRIDGES, AN AWARD-WINNING CHILDRENS GARDEN, TOWERING PINES, DELIGHTFUL WATER FEATURES, AND THE NATIONS LONGEST CANOPY WALK WHICH TAKES GUESTS FOUR STORIES HIGH INTO THE TREE TOPS. VISITORS ARE INVITED TO LEAVE THE PATHWAY AND EXPLORE THE UNIQUELY-DESIGNED LANDSCAPE, TAKE A TOUR OF THE HISTORIC PINES HOME, PARTICIPATE IN ONE OF THE MANY HANDS-ON EDUCATIONAL PROGRAMS, AND DISCOVER BEAUTIFUL ART AND MUSIC IN A RELAXED SETTING. DOW GARDENS IS COMPRISED ON AN ESTATE GARDEN, HISTORIC HOME, AND THRIVING FOREST. DOW GARDENS IS A SIGNATURE GIFT OF THE HERBERT H. AND GRACE A. DOW FOUNDATION. 5,990,223
    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 N/A  
    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
    305,345,762
    b
    Average of monthly cash balances.......................
    1b
    7,529,264
    c
    Fair market value of all other assets (see instructions)................
    1c
    248,367,602
    d
    Total (add lines 1a, b, and c).........................
    1d
    561,242,628
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
     
    3
    Subtract line 2 from line 1d.........................
    3
    561,242,628
    4
    Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
    instructions) .............................
    4
    8,418,639
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. .......
    5
    552,823,989
    6
    Minimum investment return. Enter 5% (0.05) of line 5................
    6
    27,641,199
    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
    27,641,199
    2a
    Tax on investment income for 2021 from Part V, line 5.......
    2a
    705,340
    b
    Income tax for 2021. (This does not include the tax from Part V.) ...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    705,340
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    26,935,859
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    26,935,859
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
    7
    26,935,859
    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 26,935,859
    2 Undistributed income, if any, as of the end of 2021:
    a Enter amount for 2020 only.......  
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2021:
    a From 2016......  
    b From 2017...... 1,529,479
    c From 2018...... 2,869,079
    d From 2019......  
    e From 2020......  
    f Total of lines 3a through e ........ 4,398,558
    4Qualifying distributions for 2021 from Part
    XI, line 4: bullet$ 22,410,336
    a Applied to 2020, but not more than line 2a  
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		 
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		 
    d Applied to 2021 distributable amount..... 22,410,336
    e Remaining amount distributed out of corpus  
    5 Excess distributions carryover applied to 2021. 4,398,558 4,398,558
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5  
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		 
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		 
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		 
    e Undistributed income for 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2021. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2022 ..........     		126,965
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		 
    8 Excess distributions carryover from 2016 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9 Excess distributions carryover to 2022.
    Subtract lines 7 and 8 from line 6a ......     		 
    10 Analysis of line 9:
    a Excess from 2017....  
    b Excess from 2018....  
    c Excess from 2019....  
    d Excess from 2020....  
    e Excess from 2021....  
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 10
    Part XIII
    Private Operating Foundations (see instructions and Part VI-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2021, enter the date of the ruling ....... bullet
     
    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).)
    NONE
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    NONE
    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:
    CARRIE NIELSEN
    1018 W MAIN STREET
    MIDLAND,MI486404292
    (989) 631-3699
    HHGADOWFDN.ORG/GUIDELINES
    bThe form in which applications should be submitted and information and materials they should include:
    THE FORMAL GRANT APPLICATION CAN BE FOUND ON THE HERBERT H. AND GRACE A. DOW FOUNDATION WEBSITE AT WWW.HHGADOWFDN.COM. THE FIRST STEP IN THE TWO-STAGE PROCESS CONSISTS OF THE SUBMISSION OF A LETTER OF INTEREST (LOI). THE SECOND STEP IS BY INVITATION ONLY TO ORGANIZATIONS WITH REQUESTS THAT BEST ALIGN WITH FOUNDATION MISSION AND CURRENT GRANTMAKING PRIORITIES. APPLICANTS WILL BE ASKED TO INCLUDE THE FOLLOWING INFORMATION IN A PROPOSAL: A SUMMARY SETTING FORTH THE NATURE AND POTENTIAL RESULTS OF THE PROGRAM FOR WHICH FUNDING IS SOUGHT; THE TOTAL COST OF THE PROJECT, INCLUDING ANY ENDOWMENT FOR OPERATIONS; THE TOTAL AMOUNT SOUGHT FROM THE FOUNDATION, AND OVER WHAT PERIOD OF TIME THE GRANT MAY BE DISBURSED, AS WELL AS ANY OTHER FUNDING SOURCES BEING SOUGHT FOR THE PROJECT; EVIDENCE OF THE ORGANIZATION'S TAX-EXEMPT STATUS UNDER INTERNAL REVENUE CODE SECTION 501(C)(3); A DETAILED ANNUAL ORGANIZATION BUDGET AND AUDITED FINANCIAL STATEMENT FOR THE ORGANIZATION; THE NAMES OF MANAGEMENT AND OF T
    cAny submission deadlines:
    THE BOARD MEETS DURING THE YEAR TO MAKE FINAL DECISIONS WITH GRANTS TYPICALLY DISBURSED IN DECEMBER.
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    THE FOUNDATION DOES NOT MAKE GRANTS DIRECTLY TO INDIVIDUALS. THE FOUNDATION'S CHARTER LIMITS ITS GRANTS TO MICHIGAN ORGANIZATIONS. THE FOUNDATION CANNOT LEGALLY SUPPORT: ORGANIZATIONS THAT ARE NOT ELIGIBLE TO RECEIVE TAX DEDUCTIBLE CONTRIBUTIONS PER THE INTERNAL REVENUE SERVICE; POLITICAL ORGANIZATIONS; SECTARIAN RELIGIOUS ORGANIZATIONS (EXCEPT THOSE THAT ARE LOCATED IN THE MIDLAND COMMUNITY); OR ORGANIZATIONS THAT PRACTICE DISCRIMINATION BY RACE, SEX, CREED, AGE, OR NATIONAL ORIGIN. THE FOUNDATION DOES NOT ACCEPT PRESET "FORMULAS FOR GIVING" PREPARED BY NONPROFIT AGENCIES.
    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
    SEE ATTACHED
    1018 W MAIN STREET
    MIDLAND,MI48640     		    VARIOUS 6,692,020
    SEE ATTACHED
    1018 W MAIN STREET
    MIDLAND,MI48640     		    VARIOUS 9,728,093
    Total .................................bullet 3a 16,420,113
    bApproved for future payment
    SEE ATTACHED
    1018 W MAIN STREET
    MIDLAND,MI48640     		    VARIOUS 18,613,102
    Total .................................bullet 3b 18,613,102
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 12
    Part XV-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments ....          
    3 Interest on savings and temporary cash
    investments ...........     		    14 14,960  
    4 Dividends and interest from securities ....          
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....     16 88  
    6 Net rental income or (loss) from personal property          
    7 Other investment income .....          
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    1 25,322,976  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory 453220 166,198      
    11 Other revenue:
    aWEDDINGS     		        27,412
    bMISC         4,672
    cSEE K-1 UBI INCOME ATTACHME 900099 1,086,487      
    d
    e
    12 Subtotal. Add columns (b), (d), and (e) .. 1,252,685 52,402,794 1,041,722
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    54,697,201
    (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.)
    1A ADMISSION FEES FOR DOW GARDENS
    1B HORTICULTURAL CLASSES FOR CHILDREN & OTHERS
    1C ADMISSIONS FEES FOR THE PINES AREA OF THE GARDENS
    1D HORTICULTURAL SUPPLIES SOLD AS PART OF CHARITABLE ACTIVITIES ASSOCIATED WITH DOW GARDENS
    11B FEES CHARGED FOR WEDDINGS HELD IN THE GARDENS; ENCOURAGING THE PUBLIC TO UTILIZE THE BEAUTY OF THE GARDENS
    11C UBI INCOME REPORTED ON SCHEDULES K-1
    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 AccountingFeesSchedule
    Name:
    THE HERBERT H & GRACE A DOW
     
    FOUNDATION
    EIN:
    38-1437485
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 64,000 32,000   32,000

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

    TY 2021 DepreciationSchedule
    Name:
    THE HERBERT H & GRACE A DOW
     
    FOUNDATION
    EIN:
    38-1437485
    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
    SEE ATTACHED LISTING   351,831 6,613,068     1,476,103   1,041,722  

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    TY 2021 GainLossSaleOtherAssetsSch
    Name:
    THE HERBERT H & GRACE A DOW
     
    FOUNDATION
    EIN:
    38-1437485
    Name Date Acquired How Acquired Date Sold Purchaser Name Gross Sales Price Basis Basis Method Sales Expenses Total (net) Accumulated Depreciation
    CONSERVATORY BOILER   PURCHASE       29,481     -12,126 17,355
    SCOOTER - ACCESS MOBILITY CENTER   PURCHASE       1,888     -1,133 755
    ADD CAPITAL GAINS PAGE 3, LINE 2   PURCHASE                

    TY 2021 InvestmentsCorpStockSchedule
    Name:
    THE HERBERT H & GRACE A DOW
     
    FOUNDATION
    EIN:
    38-1437485
    Name of Stock End of Year Book Value End of Year Fair Market Value
    DUPONT STOCK 15,234,002 15,234,002
    DOW CHEMICAL STOCK 29,882,284 29,882,284
    DFA INTL VALUE PORT 19,521,378 19,521,378
    DFA INTL SMALL CAP VALUE 11,402,351 11,402,351
    DFA INFLATION PROTECTED 5,346,437 5,346,437
    DFA US LARGE CAP 7,462,718 7,462,718
    AMERICAN NEW PERSPECTIVE FUND 28,973,597 28,973,597

    TY 2021 InvestmentsOtherSchedule2
    Name:
    THE HERBERT H & GRACE A DOW
     
    FOUNDATION
    EIN:
    38-1437485
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    16-1625273 - APJOHN FMV 284,701 284,701
    26-3886702 - AQR STYLE PREMIA FMV 7,134,810 7,134,810
    03-0469267 - ARBORETUM 1 FMV 820,981 820,981
    20-3879026 - ARBORETUM 1A FMV 399,795 399,795
    20-8495541 - ARBORETUM 2 FMV 208,144 208,144
    27-4709037 - ARBORETUM VENTURES III FMV 900,582 900,582
    47-4200749 - ARBORETUM VENTURES IV FMV 2,667,599 2,667,599
    36-4443622 - ARCH DEVELOPMENT FUND 1 FMV 1,351,558 1,351,558
    36-4119709 - ARCH VENTURE FUND III FMV 6,298 6,298
    47-0859230 - ARCH VENTURE IV-A FMV 10,157 10,157
    06-1582470 - ARCH VENTURE FUND V FMV 104,375 104,375
    27-3114657 - ARSENAL VENTURE CAPITAL FMV 4,779,152 4,779,152
    81-3994795 - AUXO INVESTMENT PARTNER FMV 147,775 147,775
    81-4008189 - AUXO GROWTH HOLDINGS I FMV 4,790,558 4,790,558
    38-7142204 - BLACKSTONE ALTERNATIVES FMV 1,644,995 1,644,995
    36-4800114 - BLACKSTONE CAPITAL FMV 9,683,867 9,683,867
    13-3492071 - BLACKSTONE PARTNERS INV FMV 22,839,565 22,839,565
    98-1386129 - CARLYLE PE ACCESS FUND FMV 6,270,195 6,270,195
    61-1780481 - CARLYLE STRAT. PART. IV FMV 3,606,841 3,606,841
    61-1742367 - FORTRESS CREDIT OPP IV FMV 2,741,363 2,741,363
    98-1439362 - FORTRESS CREDIT OPP V FMV 7,346,035 7,346,035
    38-4046268 - FORTRESS INTELLECT PROP FMV 2,897,797 2,897,797
    32-0431732 - FORTRESS RE OPP. II FMV 1,021,050 1,021,050
    32-0499393 - FORTRESS RE OPP. III FMV 5,728,480 5,728,480
    62-1451003 - GT PARTNERS LP FMV 24,922,555 24,922,555
    62-1570892 - GT GLOBAL HEDGE MKT FMV 21,607,679 21,607,679
    83-2178554 - KKR PRINCIPAL OPP FMV 7,505,330 7,505,330
    38-7136002 - LS REAL ESTATE REC IV FMV 703,424 703,424
    46-6669749 - LS VIII RECOVERY TRUST FMV 457,191 457,191
    38-3431245 - NORTHCOAST FMV 54,776 54,776
    13-4359956 - NCTI III LIMITED PTRSHP FMV 3,714,246 3,714,246
    82-3021163 - NCTI IV, PARTNERSHIP FMV 1,612,023 1,612,023
    82-3278140 - PRIVATE EQUITY CO INV. FMV 8,695,583 8,695,583
    83-2538130 - PEG GLOBAL PRIVATE EQ. FMV 33,553,745 33,553,745
    35-2491286 - RCP DIRECT II LP FMV 1,165,550 1,165,550
    37-1884177 - RCP DIRECT III FMV 7,009,140 7,009,140
    45-3135867 - RCP FUND VIII LP FMV 2,049,573 2,049,573
    36-4766444 - RCP FUND IX LP FMV 2,212,467 2,212,467
    32-0457025 - RCP FUND X FMV 2,388,296 2,388,296
    35-2550581 - RCP FUND XI FMV 2,546,560 2,546,560
    37-1860110 - RCP FUND XII, LP FMV 2,882,508 2,882,508
    83-0557610 - RCP FUND XIII FMV 3,916,804 3,916,804
    90-0852883 - RCP SECONDARY OPP. II FMV 636,334 636,334
    61-1855521 - RCP SECONDARY OPP III FMV 2,858,709 2,858,709
    80-0805959 - RENAISSANCE VENTURE CAP FMV 7,335,571 7,335,571
    27-3204697 - RESONANT FUND I FMV    
    ABRAAJ GROWTH MARKETS FMV 4,920,261 4,920,261
    ALLIQUA STOCK FMV 1,416 1,416
    BLACKROCK CORE BOND FMV 2,887,731 2,887,731
    BLACKROCK EMERGING MARKETS FMV 7,630,204 7,630,204
    BLACKROCK STRAT INCOME FMV    
    BRANDYWINEGLOBAL - DIAMOND HILL FMV 5,466,111 5,466,111
    BREP EUROPE IV REAL FMV 1,245,382 1,245,382
    BREP EUROPE VI SC SP FMV 5,700,513 5,700,513
    CARILLON REAMS FMV    
    CARLYLE SP DISTRESSED III FMV 286,430 286,430
    CARLYLE US EQUITY FMV 1,199,889 1,199,889
    CARLYLE US REALTY FMV 860,421 860,421
    CEMOF II FOREIGN INVESTORS FMV 1,746,387 1,746,387
    CION ARES DIVERSIFIED FMV 11,502,693 11,502,693
    CRESCENT VI MEZZANINE FMV 603,021 603,021
    CSP III DISTRESSED FMV 286,430 286,430
    DFA EMERGING MARKETS CORE EQTY FMV 13,353,248 13,353,248
    DOUBLELINE TOTAL RETURN FMV    
    DRIEHAUS EMERGING MARKET GROWTH FMV 7,620,255 7,620,255
    FIDELITY TOTAL MARKET FMV 44,417,998 44,417,998
    FR XIII GLOBAL ENERGY FMV 3,295,142 3,295,142
    GI PARTNERS IV FMV 3,110,094 3,110,094
    GOLDMAN SACHS VINTAGE VI FMV 531,958 531,958
    GOLDMAN SACHS VINTAGE VII FMV 4,088,219 4,088,219
    GS PRIVATE MIDDLE MARKET CR FMV 3,201,916 3,201,916
    GSO MEZZANINE FINANCE FMV 1,322,914 1,322,914
    IMPINJ INC FMV 805,928 805,928
    ISHARES CORE US FMV 27,330,602 27,330,602
    JOHCM INTL CS FMV 10,391,955 10,391,955
    JP MORGAN GLOBAL BOND FMV 5,581,625 5,581,625
    JP MORGAN INTREPID FMV 10,306,697 10,306,697
    MATTHEWS EMER ASIA FMV    
    MOON CAPITAL GLOBAL FMV 256,249 256,249
    PIMCO CORPORATE OPPORTUNITY FMV 2,461,797 2,461,797
    PIMCO INVESTMENT GRADE FMV    
    PIMCO RAE FMV    
    PIMCO ST FMV 5,239,339 5,239,339
    PMC PARTNERS I OFFSHORE FMV 331,857 331,857
    SCHWAB US BROAD MARKET ETF FMV 37,653,350 37,653,350
    SIERRA ONCOLOGY COMMON STOCK FMV 4,108 4,108
    THORNBURG INTERNATIONAL GROWTH FMV 16,411,401 16,411,401
    VANGUARD SMALL CAP ETF FMV 6,869,470 6,869,470
    VANGUARD TOTAL STOCK MARKET FMV 16,029,443 16,029,443
    VESEY STREET FUND FMV 5,062,932 5,062,932

    TY 2021 LandEtcSchedule2
    Name:
    THE HERBERT H & GRACE A DOW
     
    FOUNDATION
    EIN:
    38-1437485
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    SEE ATTACHED 47,044,773 15,686,521 31,358,252  


    TY 2021 LegalFeesSchedule
    Name:
    THE HERBERT H & GRACE A DOW
     
    FOUNDATION
    EIN:
    38-1437485
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 8,477     8,626


    TY 2021 OtherExpensesSchedule
    Name:
    THE HERBERT H & GRACE A DOW
     
    FOUNDATION
    EIN:
    38-1437485
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    GIFT SHOP & BEVERAGE SALES        
    POSTAGE, MAILING SERVICE 4   4  
    INFORMATION TECH & SOFTWARE 11,193   11,193  
    MEMBERSHIPS AND SUBSCRIPTIONS 95   95  
    EMPLOYEE EXPENSES 32   32  
    BANK FEES 20   20  
    SUPPLIES 7,288   7,288  
    ADVERTISING 475   475  
    EXPENSES        
    EMPLOYEE EXPENSES 9,213     8,508
    BANK FEES 42,450 3,833   38,617
    INSURANCE 72,291     72,306
    PAYROLL PROCESSING FEES 134 9   126
    PRESIDENT'S EXPENSES 35,000 8,750   26,250
    ASSOCIATE STIPENDS 16,000     16,000
    SUPPLIES 190,452     191,345
    MISCELLANEOUS 3,487     3,698
    CLASSES AND EVENTS 108,098     104,698
    ADVERTISING 14,728     14,678
    INFORMATION TECH & SOFTWARE 121,771     121,746
    POSTAGE 5,930     4,610
    MEMBERSHIPS & SUBSCRIPTIONS 8,519     8,519
    SPECIAL PROJECTS 569     569
    FINES, PENALTIES, & JUDGMENTS 20,505      
    FUEL 12,803     12,609
    HOUSEKEEPING SUPPLIES 15,143     15,143
    ADMINISTRATIVE FEES 62     62
    COVID 19 EXPENSES 4,496     4,496
    UNIFORMS 5,158     5,158
    COMMUNITY PARTICIPATION 475     475
    K-1 LOSSES PER BOOKS-SEE ATT 11,342,489      


    TY 2021 OtherIncomeSchedule2
    Name:
    THE HERBERT H & GRACE A DOW
     
    FOUNDATION
    EIN:
    38-1437485
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    DOW GARDENS ADMISSIONS 921,392   921,392
    HORTICULTURAL CLASSES 62,533   62,533
    PINES ADMISSIONS 1,770   1,770
    HORTICULTURE SUP/EQUIP SALES 23,943   23,943
    SEE K-1 INCOME ATTACHMENT 10,284,242 10,284,242  
    WEDDINGS 27,412   27,412
    MISC 4,672   4,672
    SEE K-1 UBI INCOME ATTACHMENT 1,086,487   1,086,487


    TY 2021 OtherIncreasesSchedule
    Name:
    THE HERBERT H & GRACE A DOW
     
    FOUNDATION
    EIN:
    38-1437485
    Description Amount
    PRIOR YEAR APPROVED GRANTS - RETURNED 14,571
    PRIOR YEAR APPROVED GRANT - CANCELED 2,142
    UNREALIZED GAIN ON INVESTMENTS 57,272,780


    TY 2021 OtherLiabilitiesSchedule
    Name:
    THE HERBERT H & GRACE A DOW
     
    FOUNDATION
    EIN:
    38-1437485
    Description Beginning of Year - Book Value End of Year - Book Value
    DEFERRED TAX LIABILITY 1,717,443 1,807,995
    EXCISE TAX PAYABLE 231,716 711,810
    UNRELATED BUSINESS TAX PAYABLE 76,273 206,000


    TY 2021 OtherProfessionalFeesSchedule
    Name:
    THE HERBERT H & GRACE A DOW
     
    FOUNDATION
    EIN:
    38-1437485
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT MANAGEMENT FEES 1,422,247 1,422,247    
    CONTRACTED SERVICES 34,863     34,863
    CONSULTANT 120     120
    GIFT SHOP & BEVERAGE SALES 9,230   9,230  
    INVESTMENT UBI 122,994   122,994  


    TY 2021 SalesOfInventoryList 
    Name:
    THE HERBERT H & GRACE A DOW
     
    FOUNDATION
    EIN:
    38-1437485

    Category Gross Sales Cost of Goods Sold Net (Gross Sales Minus
    Cost of Goods Sold)
    GIFT SHOP & BEVERAGE SALES 389,133 222,935 166,198

    TY 2021 TaxesSchedule
    Name:
    THE HERBERT H & GRACE A DOW
     
    FOUNDATION
    EIN:
    38-1437485
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXCISE TAX 1,265,051      
    UBI TAXES 255,282      
    LICENSE & PERMITS 3,645     3,645
    GIFT SHOP & BEVERAGE SALES 266   266