TY 2021 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

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

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

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

OMB No. 1545-0047

2021

Open to Public Inspection

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

Name of foundation
WILLIAM O LUND JR AND NATALIE C LUND
CHARITABLE FOUNDATION

Number and street (or P.O. box number if mail is not delivered to street address)CO GENE C OLSON 150 S FIFTH 282
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
MINNEAPOLIS, MN55402

A Employer identification number

20-2539936

B Telephone number (see instructions)

(612) 455-1000

C If exemption application is pending, check here bullet

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

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

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

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

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

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

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

$9,346,007J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

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


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .............
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	141,673		141,673
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		403,569
b	Gross sales price for all assets on line 6a 963,127
7	Capital gain net income (from Part IV, line 2)...			403,569
8	Net short-term capital gain.........
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......		9	9
12	Total. Add lines 1 through 11........	545,251		545,251
13	Compensation of officers, directors, trustees, etc.	82,258		20,000	62,258
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......
c	Other professional fees (attach schedule)....		62,308	62,308	0
17	Interest...............
18	Taxes (attach schedule) (see instructions)...		186	186	0
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......		579	33	25
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	145,331		82,527	62,283
25	Contributions, gifts, grants paid.......	345,000			345,000
26	Total expenses and disbursements. Add lines 24 and 25	490,331		82,527	407,283
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	54,920
b	Net investment income (if negative, enter -0-)			462,724
c	Adjusted net income (if negative, enter -0-)...

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2021)

Form 990-PF (2021)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............	2,606	12,581	12,581
	2	Savings and temporary cash investments.........	114,438	197,225	197,225
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	4,810,351	4,751,382	8,275,838
	c	Investments—corporate bonds (attach schedule).......	830,678	852,794	860,013
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	872	350	350
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	5,758,945	5,814,332	9,346,007
	17	Accounts payable and accrued expenses..........
	18	Grants payable.................
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22).........	0	0
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........	0	0
	27	Paid-in or capital surplus, or land, bldg., and equipment fund	0	0
	28	Retained earnings, accumulated income, endowment, or other funds	5,758,945	5,814,332
	29	Total net assets or fund balances (see instructions).....	5,758,945	5,814,332
	30	Total liabilities and net assets/fund balances (see instructions).	5,758,945	5,814,332

Part III

Analysis of Changes in Net Assets or Fund Balances

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

5,758,945

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

54,920

Other increases not included in line 2 (itemize) bullet

467

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

5,814,332

Decreases not included in line 2 (itemize) bullet

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

5,814,332

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
1 a	SALE OF PUBLICLY TRADED SECURITIES	P
b	CAPITAL GAINS DIVIDENDS	P
c
d
e

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	952,125	559,558	392,567
b	11,002		11,002
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			392,567
b			11,002
c
d
e

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	403,569
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3

Form 990-PF (2021)

Page 4

Part V

Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2	0
3	Add lines 1 and 2...........................	3	6,432
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	6,432
6	Credits/Payments:

a	2021 estimated tax payments and 2020 overpayment credited to 2021	6a	3,763
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	7,000
d	Backup withholding erroneously withheld ...........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............		7	10,763
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	4,331
11	Enter the amount of line 10 to be: Credited to 2022 estimated tax4,331	Refunded	11	0

Part VI-A

Statements Regarding Activities

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

Yes

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

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

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

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

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

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

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

(1) On the foundation. bullet

$ 0(2) On foundation managers. bullet

$ 0

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

on foundation managers. bullet

$ 0

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

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

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

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

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

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

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

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

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

By language in the governing instrument, or

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

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

Yes

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

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

Yes

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

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

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

Yes

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

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

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

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

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

Form 990-PF (2021)

Page 5

Part VI-A

Statements Regarding Activities (continued)

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

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

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

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

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

Yes

Website address bullet

N/A

The books are in care of bullet

GENE C OLSON TRUSTEE Telephone no. bullet

(612) 455-1000

Located at bullet

150 S FIFTH ST SUITE 2825MPLSMN ZIP+4 bullet

55402

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

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

16 At any time during calendar year 2021, did the foundation have an interest in or a signature or other authority over YesNo

a bank, securities, or other financial account in a foreign country? .................

16 No

See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country bullet

Part VI-B

Statements Regarding Activities for Which Form 4720 May Be Required

File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.

Yes

During the year did the foundation (either directly or indirectly):

(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........

1a(1)

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

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

1a(2)

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

1a(3)

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

1a(4)

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)

(6) Agree to pay money or property to a government official? (Exception. Check "No"

if the foundation agreed to make a grant to or to employ the official for a period

after termination of government service, if terminating within 90 days.) ...............

1a(6)

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

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

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

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

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

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

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

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

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

If "Yes," list the years bullet

20, 20, 20, 20

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

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

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

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

20, 20, 20, 20

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

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

If "Yes," did it have excess business holdings in 2021 as a result of (1) any purchase by the foundation

or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved

by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)

the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine

if the foundation had excess business holdings in 2021.) .....................

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

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

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

Form 990-PF (2021)

Page 6

Part VI-B

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

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

Yes

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

5a(1)

(2) Influence the outcome of any specific public election (see section 4955); or to carry

on, directly or indirectly, any voter registration drive? ....................

5a(2)

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

5a(3)

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

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

5a(4)

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals? .............

5a(5)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Part VII

Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors

1 List all officers, directors, trustees, foundation managers and their compensation. See instructions

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)
GENE C OLSON	TRUSTEE 15.00	50,000
150 S FIFTH ST 2825 MINNEAPOLIS,MN55402	TRUSTEE 15.00	50,000
UNION BANK TRUST	TRUSTEE 0.50	32,258
312 CENTRAL AVE SE 508 MINNEAPOLIS,MN55414	TRUSTEE 0.50	32,258

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...................				0

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............. bullet

Part VIII-A

Summary of Direct Charitable Activities

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.	Expenses
1	N/A	0
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	0
2


All other program-related investments. See instructions.
3		0

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

Form 990-PF (2021)

Page 8

Part IX

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

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

purposes:

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

8,930,464

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

240,271

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

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

9,170,735

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

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

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

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

9,170,735

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

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

137,561

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

9,033,174

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

451,659

Part X

Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow

and do not complete this part.)

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

451,659

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

6,432

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

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

6,432

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

445,227

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

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

445,227

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

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

445,227

Part XI

Qualifying Distributions (see instructions)

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

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

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

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

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

Amounts set aside for specific charitable projects that satisfy the:

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

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

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

Form 990-PF (2021)

Page 9

Part XII

Undistributed Income (see instructions)

	(a) Corpus	(b) Years prior to 2020	(c) 2020	(d) 2021
1 Distributable amount for 2021 from Part X, line 7				445,227
2 Undistributed income, if any, as of the end of 2021:
a Enter amount for 2020 only.......			342,399
b Total for prior years:20, 20, 20		0
3 Excess distributions carryover, if any, to 2021:
a From 2016......
b From 2017......
c From 2018......
d From 2019......
e From 2020......
f Total of lines 3a through e ........	0
4Qualifying distributions for 2021 from Part
XI, line 4: $ 407,283
a Applied to 2020, but not more than line 2a			342,399
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.....				64,884
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 ..........				380,343
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....
b Excess from 2018....
c Excess from 2019....
d Excess from 2020....
e Excess from 2021....

Form 990-PF (2021)

Page 10

Part XIII

Private Operating Foundations (see instructions and Part VI-A, question 9)

1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2021, enter the date of the ruling ....... bullet

b Check box to indicate whether the organization is a private operating foundation described in section 4942(j)(3) or4942(j)(5)

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

b 85% (0.85) of line 2a .........
c Qualifying distributions from Part XI, line 4 for each year listed .....
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part IX, line 6 for each year listed ..
c “Support" alternative test—enter:
(1) Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) ....
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....
(3) Largest amount of support from an exempt organization
(4) Gross investment income

Part XIV

Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)

1Information Regarding Foundation Managers:

aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)

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

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

Check here bullet

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

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

GENE C OLSON
150 SOUTH FIFTH STREET SUITE 2825
MINNEAPOLIS,MN55402
(612) 455-1000

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

SEE THE ATTACHED 2 PAGE GRANT APPLICATION FORM - STATEMENT 13

cAny submission deadlines:

NONE

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

THE FOUNDATION DOES NOT CONTEMPLATE CONSIDERING GRANTS TO INDIVIDUALS FOR SCHOLARSHIPS, SCHOLARLY RESEARCH OR ANY OTHER PURPOSE AT THE PRESENT TIME.

Form 990-PF (2021)

Page 11

Part XIV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
DELTA WATERFOWL FOUNDATION PO BOX 3128 BISMARK,ND58502	NONE	PC	CONSERVE WATERFOWL	15,000
MAYO CLINIC 200 FIRST ST SW ROCHESTER,MN55905	NONE	PC	HEALTH CARE SERVICES	100,000
NORTHERN STAR COUNCIL BOY SCOUTS OF AMERICA 6202 BLOOMINGTON ROAD FORT SNELLING,MN55111	NONE	PC	SUPPORT NORTHERN STAR SCOUTING	25,000
SECOND HARVEST HEARTLAND 7101 WINNETKA AVE N BROOKLYN PARK,MN55428	NONE	PC	HUNGER RELIEF	25,000
RIDGEVIEW FOUNDATION 500 S MAPLE ST WACONIA,MN55387	NONE	PC	HOSPITAL CARE	10,000
ALLIANCE DEFENDING FREEDOM 15100 N 90TH STREET SCOTTSDALE,AZ85260	NONE	PC	ADVOCATE RELIGIOUS FREEDOM	25,000
GUSTAVUS ADOLPHUS COLLEGE 800 W COLLEGE AVE SAINT PETER,MN56082	NONE	PC	EDUCATION	50,000
SEMPER FI & AMERICA'S FUND 825 COLLEGE BLVD 102 PMB 609 OCEANSIDE,CA92057	NONE	PC	MILITARY AND VETERAN SUPPORT	50,000
MINNESOTA ADULT & TEEN CHALLENGE 740 E 24TH STREET MINNEAPOLIS,MN55404	NONE	PC	ADDICTION SERVICES	20,000
GARY SINISE FOUNDATION PO BOX 368 WOODLAND HILLS,CA91365	NONE	PC	MILITARY AND VETERAN SUPPORT	25,000
Total ................................. 3a				345,000

bApproved for future payment

Total ................................. 3b				0

Form 990-PF (2021)

Page 12

Part XV-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments ....
3 Interest on savings and temporary cash investments ...........
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	403,569
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..		0		545,251	0

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

545,251

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

Part XV-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See instructions.)

Form 990-PF (2021)

Page 13

Part XVI

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

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

Yes

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

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

1a(1)

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

1a(2)

Other transactions:

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

1b(1)

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

1b(2)

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

1b(3)

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

1b(4)

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

1b(5)

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

1b(6)

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

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

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

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

If "Yes," complete the following schedule.

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

Sign Here

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

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

Form 990-PF (2021)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2021 AllOthProgRltdInvestmentsSch

Name:

WILLIAM O LUND JR AND NATALIE C LUND

CHARITABLE FOUNDATION

EIN:

20-2539936

Category	Amount
N/A	0

- TIN:

TY 2021 InvestmentsCorpBondsSchedule

Name:

WILLIAM O LUND JR AND NATALIE C LUND

CHARITABLE FOUNDATION

EIN:

20-2539936

Name of Bond	End of Year Book Value	End of Year Fair Market Value
BERNSTEIN INTERMEDIATE FUND	852,794	860,013

- TIN:

TY 2021 InvestmentsCorpStockSchedule

Name:

WILLIAM O LUND JR AND NATALIE C LUND

CHARITABLE FOUNDATION

EIN:

20-2539936

Name of Stock	End of Year Book Value	End of Year Fair Market Value
ISHARES RUSSELL 1000 VALUE ETF	585,260	1,242,682
ISHARES RUSSELL 1000 GROWTH ETF FUND	338,247	1,370,571
ISHARES MSCI EAFE ETF	348,131	427,783
INVESCO FTSE RAFI US 1500 SMALL-MID ETF	344,787	968,519
PRINCIPAL PFD SECURITIES INSTL CL	271,546	268,667
VANGUARD INTERM-TERM BD INDEX ETF	658,724	753,532
VANGUARD FTSE EMERGING MARKETS	141,201	163,020
ABIOMED INC	4,085	6,465
ADOBE SYS INC	11,865	27,219
AECOM	7,111	15,238
ALIGN TECHNOLOGY INC	6,043	17,087
ALLEGION PUB LTD CO ADR IRELAND	2,579	5,298
ALLIANCE BERNSTEIN GLOBAL REIT	329,645	405,090
ALPHABET INC 02079K107	7,503	95,488
AMAZON INC	30,089	50,015
AMEREN CORP	16,463	17,268
AMERICAN CAMPUS COMNTYS INC	7,094	10,312
AMERICAN ELEC PWR INC	12,356	17,349
AMERICAN REALTY T COM	8,939	8,460
AMERIPRISE FINL INC	6,896	13,876
AMTEK INC	3,230	6,617
AMPHENOL CORP	2,619	8,221
ARISTA NETWORKS INC	3,576	16,100
ASML HOLDING NV ADR NETHERLANDS	2,614	11,942
AUTOZONE INC	14,852	27,253
BAKER HUGHES A GE CO	15,295	13,642
BANK AMER CORP	10,928	43,823
BERNSTEIN EMERGING MARKETS	91,635	117,348
BERNSTEIN INTL FUND #63	591,931	621,553
BURLINGTON STORES INC	7,717	9,037
CSX CORP	13,711	19,176
CENTENE CORP	15,825	19,694
CHANGE HEALTHCARE INC	10,037	10,006
CHARTER COMM INC	2,472	5,868
CITIGROUP INC	3,809	5,737
COCA COLA CO	23,853	27,769
COGNEX	2,385	4,432
COMCAST CORP CL A	10,459	34,526
COPART INC	6,065	15,617
COSTCO WHSL CORP	10,975	32,927
COUSINS PPTYS COM	8,330	9,546
DOMINOS PIZZA INC	4,221	8,465
EOG RES INC	11,011	14,479
EBAY INC	15,674	15,628
EDWARDS LIFE SCIENCES CORP	3,373	19,303
ELECTRONIC ARTS INC	3,733	6,331
EPAM SYS INC	7,296	11,364
ETSY INC	2,240	6,568
EVEREST RE GRP LTD ADR BERMUDA	13,650	16,983
FACEBOOK INC	16,483	68,279
FIRST CITIZEN BANCSHARES INC	4,243	5,809
FORD MOTOR CO	12,486	16,138
FORTINET INC	4,100	12,220
GE CO	12,977	11,053
GOODYEAR TIRE & RUBBER CO	8,876	10,298
GRAINGER WW INC	12,159	18,138
HOME DEPOT CO	6,176	33,616
IPG PHOTONICS CORP	5,080	6,197
IDEX CORP	3,419	6,381
IDEXX LABORATORIES INC	4,181	11,194
ILLUMINA INC	2,990	4,185
INTUITIVE SURGICAL INC	3,403	29,103
JOHNSON & JOHNSON	12,983	15,738
MEDTRONIC PLC	24,510	25,552
MGM GROWTH PROPERTIES LLC	7,118	8,824
MERCK & CO INC	12,788	12,952
METLIFE INC	21,563	27,496
MICROSOFT CORP	29,048	90,470
MOLSON COORS BEVERAGE	17,365	15,759
MONSTER BEVERAGE CORP	4,026	21,513
MORGAN STANLEY DISCOVER & CO	13,025	21,890
MOTOROLA SOLUTIONS INC	2,249	4,619
NEXTERA ENERGY INC	7,735	16,618
NIKE INC CL B	25,501	5,956
NORTON LIFELOCK INC COM	15,734	17,848
NVIDIA CORP	6,403	29,411
NXP SEMICONDUCTOR NV ADR	8,498	18,222
ORACLE CORP	12,850	29,826
OSHKOSH TRUCK CORP	9,729	9,693
PTC INC	5,700	5,936
PAYPAL HOLDINGS INC	8,888	18,481
PINTEREST INC	4,213	3,308
PLUTE GROUP	8,815	17,834
PROGRESSIVE CORP	12,671	14,166
QUALCOMM INC	25,965	39,134
REGAL REXN	15,923	18,550
RELIANCE STEEL & ALUM CO	6,416	9,895
ROBERT HALF INTL INC	9,929	20,520
ROCHE HLDGS LTD ADR SWITZERLAND	25,971	36,390
ROPER TECHNOLOGIES INC	7,523	16,231
SHERWIN WILLIAMS	3,589	9,508
SPIRIT AREOSYSTEMS HLDGS INC	12,588	12,151
TEXAS INSTRUMENTS INC	1,135	3,581
T-MOBILE US INC	21,225	19,021
TAKE 2 INTERACTIVE SOFTWARE	6,410	8,175
TAPESTRY INC	7,162	9,622
TREX COMPANY INC	3,358	5,131
TYLER TECHNOLOGIES INC	2,664	5,917
UNITED HEALTH GROUP INC	14,184	77,330
VALERO ENERGY CORP	13,843	20,805
VEEVA SYS INC	2,095	5,621
VERTEX PHARMACEUTICALS INC	17,433	22,180
VISA INC	16,122	48,543
WALMART INC	27,173	32,411
WELLS FARGO & CO	32,925	38,336
WESTERN DIGITAL CORP	17,012	22,563
XILINX INC	4,514	20,355
ZIMMER BIOMET HOLDINGS INC	18,673	15,118
ZOETIS INC	9,688	40,753
STELLANTIS N.V.	7,797	9,380

- TIN:

TY 2021 OtherAssetsSchedule

Name:

WILLIAM O LUND JR AND NATALIE C LUND

CHARITABLE FOUNDATION

EIN:

20-2539936

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
LEGAL FEES	7,821	7,821	7,821
LESS: ACCUMULATED AMORTIZATION	-6,949	-7,471	-7,471

- TIN:

TY 2021 OtherExpensesSchedule

Name:

WILLIAM O LUND JR AND NATALIE C LUND

CHARITABLE FOUNDATION

EIN:

20-2539936

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
MINNESOTA ATTORNEY GENERAL FEE	25	0	25
FEE AMORTIZATION	521	0	0
ADR/SERVICE & OTHER FEES	33	33	0

- TIN:

TY 2021 OtherIncomeSchedule2

Name:

WILLIAM O LUND JR AND NATALIE C LUND

CHARITABLE FOUNDATION

EIN:

20-2539936

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
SETTLEMENT PROCEEDS	9	9	9

- TIN:

TY 2021 OtherIncreasesSchedule

Name:

WILLIAM O LUND JR AND NATALIE C LUND

CHARITABLE FOUNDATION

EIN:

20-2539936

Description	Amount
BASIS ADJUSTMENT	467

- TIN:

TY 2021 OtherProfessionalFeesSchedule

Name:

WILLIAM O LUND JR AND NATALIE C LUND

CHARITABLE FOUNDATION

EIN:

20-2539936

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT FEES	62,308	62,308		0

- TIN:

TY 2021 TaxesSchedule

Name:

WILLIAM O LUND JR AND NATALIE C LUND

CHARITABLE FOUNDATION

EIN:

20-2539936

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
FOREIGN TAXES PAID	186	186		0