TY 2021 Form 990PF

- TIN:

Form990-PF
Click to see attachment

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
THE TELLURAY FOUNDATION

Number and street (or P.O. box number if mail is not delivered to street address)5856 S LOWELL BLVD 32-201
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
LITTLETON, CO80123

A Employer identification number

20-1090247

B Telephone number (see instructions)

(303) 536-5408

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

$136,402,400J 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	278,872		273,991
4	Dividends and interest from securities...	1,428,182		878,864
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		1,985,930
b	Gross sales price for all assets on line 6a 25,238,615
7	Capital gain net income (from Part IV, line 2)...			1,926,116
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).......		1,280,329	1,591,773
12	Total. Add lines 1 through 11........	4,973,313		4,670,744
13	Compensation of officers, directors, trustees, etc.	17,877		885	16,992
14	Other employee salaries and wages......	154,999		0	154,999
15	Pension plans, employee benefits.......	23,144		89	23,055
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......		19,014	9,507	9,507
c	Other professional fees (attach schedule)....		346,746	244,662	102,084
17	Interest...............
18	Taxes (attach schedule) (see instructions)...		42,320	0	147
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......	5,816		0	5,816
22	Printing and publications..........
23	Other expenses (attach schedule).......		7,932	0	7,932
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	617,848		255,143	320,532
25	Contributions, gifts, grants paid.......	6,538,237			6,538,237
26	Total expenses and disbursements. Add lines 24 and 25	7,156,085		255,143	6,858,769
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-2,182,772
b	Net investment income (if negative, enter -0-)			4,415,601
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	2
	2	Savings and temporary cash investments.........	1,060,778	3,026,685	3,026,685
	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) 325,000
		Less: allowance for doubtful accounts 0	325,000	325,000	325,000
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)	3,710,861	1,181,088	1,181,088
	b	Investments—corporate stock (attach schedule).......	100,577,762	101,639,500	101,639,500
	c	Investments—corporate bonds (attach schedule).......	10,696,539	15,278,629	15,278,629
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	21,507,102	14,551,496	14,551,496
	14	Land, buildings, and equipment: basis 388,075
		Less: accumulated depreciation (attach schedule)	388,075	388,075	400,000
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	138,266,117	136,390,475	136,402,400
	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 )	0	22
	23	Total liabilities (add lines 17 through 22).........	0	22
		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	138,266,117	136,390,453
	29	Total net assets or fund balances (see instructions).....	138,266,117	136,390,453
	30	Total liabilities and net assets/fund balances (see instructions).	138,266,117	136,390,475

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

138,266,117

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

-2,182,772

Other increases not included in line 2 (itemize) bullet

307,108

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

136,390,453

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 .

136,390,453

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	BEAR CREEK ASSET MANAGEMENT #2013	P
b	BEAR CREEK ASSET MANAGEMENT #2120	P
c	CRESTONE CAPITAL #1707	P
d	CRESTONE CAPITAL #1723	P
e	JP MORGAN #7003	P
	JP MORGAN #7004	P
	JP MORGAN #7001	P
	JP MORGAN #5008	P
	ISHARES S&P GSCI COMMUNITY INDEXED TRUST	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	2,730,108	2,698,532	31,576
b	11,910,176	11,763,751	146,425
c	1,962,557	1,584,083	378,474
d	2,628,130	2,085,126	543,004
e	3,039,805	2,606,350	433,455
	2,967,839	2,509,023	458,816
		2,001	-2,001
		3,819	-3,819
		59,814	-59,814

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			31,576
b			146,425
c			378,474
d			543,004
e			433,455
			458,816
			-2,001
			-3,819
			-59,814

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	1,926,116
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	61,377
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	61,377
6	Credits/Payments:

a	2021 estimated tax payments and 2020 overpayment credited to 2021	6a	42,050
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	11,000
d	Backup withholding erroneously withheld ...........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............		7	53,050
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	8,327
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2022 estimated tax	Refunded	11

Part VI-A

Statements Regarding Activities

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

Yes

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

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

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

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

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

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

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

(1) On the foundation. bullet

$ 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 Click to see attachment

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

Yes

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 Click to see attachment

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

Yes

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

THE TELLURAY FOUNDATION Telephone no. bullet

(303) 536-5408

Located at bullet

5856 S LOWELL BLVD 32-201LITTLETONCO ZIP+4 bullet

80123

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)

Yes

(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-)	(d) Contributions to employee benefit plans and deferred compensation
CHARLES W ERGEN	PRESIDENT, DIRECTOR 1.00	0	0
5856 S LOWELL BLVD 32-201 LITTLETON,CO80123	PRESIDENT, DIRECTOR 1.00	0	0
CANTEY M ERGEN	VICE PRESIDENT, DIRECTOR 1.00	0	0
5856 S LOWELL BLVD 32-201 LITTLETON,CO80123	VICE PRESIDENT, DIRECTOR 1.00	0	0
WILLIAM R GOUGER	TREASURER 1.00	0	0
5856 S LOWELL BLVD 32-201 LITTLETON,CO80123	TREASURER 1.00	0	0
ROBERT J HOOKE	SECRETARY 1.00	0	0
5856 S LOWELL BLVD 32-201 LITTLETON,CO80123	SECRETARY 1.00	0	0
CHRISTOPHER W ERGEN	DIRECTOR 1.00	0	0
5856 S LOWELL BLVD 32-201 LITTLETON,CO80123	DIRECTOR 1.00	0	0
COURTNEY M ERGEN	DIRECTOR 1.00	0	0
5856 S LOWELL BLVD 32-201 LITTLETON,CO80123	DIRECTOR 1.00	0	0
KATHERINE NE FLYNN	DIRECTOR 1.00	0	0
5856 S LOWELL BLVD 32-201 LITTLETON,CO80123	DIRECTOR 1.00	0	0
REILLY O FLYNN	DIRECTOR 1.00	0	0
5856 S LOWELL BLVD 32-201 LITTLETON,CO80123	DIRECTOR 1.00	0	0
KEVIN M MURRAY	DIRECTOR 1.00	0	0
5856 S LOWELL BLVD 32-201 LITTLETON,CO80123	DIRECTOR 1.00	0	0
KERRY E MURRAY	DIRECTOR 1.00	0	0
5856 S LOWELL BLVD 32-201 LITTLETON,CO80123	DIRECTOR 1.00	0	0
SHARON SCHNEIDER	EXECUTIVE DIRECTOR 40.00	17,693	185
5856 S LOWELL BLVD 32-201 LITTLETON,CO80123	EXECUTIVE DIRECTOR 40.00	17,693	185

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
MOLLY CHAFETZ	PROGRAM OFFICER AND 40.00	80,000	7,283	0
5856 S LOWELL BLVD 32-201 LITTLETON,CO80123	PROGRAM OFFICER AND 40.00	80,000	7,283	0
ALEXANDRA CDE BACA	PROGRAM OFFICER 40.00	75,000	2,062	0
5856 S LOWELL BLVD 32-201 LITTLETON,CO80123	PROGRAM OFFICER 40.00	75,000	2,062	0






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
CRESTONE CAPITAL	INVESTMENT MANAGEMENT	166,301
1048 PEARL STREET SUITE 450 BOULDER,CO80302	INVESTMENT MANAGEMENT	166,301

Total number of others receiving over $50,000 for professional services............. bullet

Part VIII-A

Summary of Direct Charitable Activities

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


2


3


4

Part VIII-B

Summary of Program-Related Investments (see instructions)

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.	Amount
1		0


2


All other program-related investments. See instructions.
3

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

Form 990-PF (2021)

Page 8

Part IX

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

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

purposes:

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

145,448,800

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

1,664,397

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

8,536,705

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

155,649,902

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

155,649,902

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

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

2,334,749

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

153,315,153

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

7,665,758

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

7,665,758

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

61,377

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

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

61,377

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

7,604,381

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

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

7,604,381

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

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

7,604,381

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				7,604,381
2 Undistributed income, if any, as of the end of 2021:
a Enter amount for 2020 only.......			6,720,036
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: $ 6,858,769
a Applied to 2020, but not more than line 2a			6,720,036
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.....				138,733
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 ..........				7,465,648
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).)

CHARLES W ERGEN

CANTEY M ERGEN

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

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

Check here bullet

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

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

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

cAny submission deadlines:

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

Form 990-PF (2021)

Page 11

Part XIV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
AMEELIO 756 SOUTH QUAKER LN WEST HARTFORD,CT06510	N/A	PC	DENVER PILOT	50,000
ARAPAHOE COMMUNITY COLLEGE FOUNDATION 5900 S SANTA FE DR CAMPUS BOX 43 LITTLETON,CO80160	N/A	PC	SCHOLARSHIP PROGRAM	10,000
ARAPAHOE COUNTY FOUNDATION 5534 SOUTH PRINCE ST LITTLETON,CO80120	N/A	PC	PARTNERING FOR THE HOLIDAYS	5,000
AUTHENTIC LIFE CHURCH 6500 WEST COAL MINE AVENUE LITTLETON,CO80123	N/A	PC	SUPPORT FOR THE OPEN ARMS FOOD BANK	25,000
BREAK BREAD 5894 S DATURA ST LITTLETON,CO80120	N/A	PC	PROGRAM EXPANSION	20,000
BRIGHT BEGINNINGS 6625 S DAYTON ST GREENWOOD VILLAGE,CO80111	N/A	PC	RENEWAL GRANT	100,000
CASA OF THE 7TH JUDICIAL DISTRICT 147 N TOWNSEND MONTROSE,CO81401	N/A	PC	CAPACITY BUILDING	72,370
CHILDRENS HOSPITAL COLORADO FOUNDATION 13123 E 16TH AVENUE AURORA,CO800457106	N/A	PC	GENERAL SUPPORT	500,000
CITY OF LITTLETON 2255 WEST BERRY AVE LITTLETON,CO80120	N/A	PC	DOWNTOWN AUTHORITY - FEASIBILITY STUDY	75,000
COLORADO ACADEMY 3800 S PIERCE ST DENVER,CO802352404	N/A	PC	HOPE SPONSORSHIP	5,000
COLORADO ENVIRONMENTAL FILM FESTIVAL 710 10TH ST GOLDEN,CO80401	N/A	PC	COLORADO ENVIRONMENTAL FILM FESTIVAL	5,000
COMMUNITY FIRST FOUNDATION 5855 WADSWORTH BYPASS UNIT A ARVADA,CO80003	N/A	PC	COLORADO GIVES MATCH	30,000
COPS FIGHTING CANCER PO BOX 441098 AURORA,CO80044	N/A	PC	LONG BLUE LINE - TOYS FOR KIDS WITH CANCER	5,000
CROSSPURPOSE 3050 RICHARD ALLEN CT DENVER,CO80205	N/A	PC	SOUTH DENVER EXPANSION	100,000
DENVER BOTANIC GARDENS 1007 YORK ST DENVER,CO80206	N/A	PC	CHATFIELD FARMS MASTER PLAN DESIGN	150,000
DENVER URBAN GARDENS 1031 33RD ST 100 DENVER,CO80205	N/A	PC	DENVER URBAN GARDENS CORPS PILOT	50,000
DIRT COFFEE BAR 5767 S RAPP ST LITTLETON,CO80120	N/A	PC	CAPACITY BUILDING	35,000
EARTH FORCE 135 PARK AVE W DENVER,CO80205	N/A	PC	RISE CHALLENGE	23,000
FIRST SOUTHWEST COMMUNITY FUND 720 MAIN ST ALAMOSA,CO81101	N/A	PC	GREATER COLORADO PITCH SERIES	5,000
FOOD BANK OF THE ROCKIES 10700 E 45TH AVENUE DENVER,CO80239	N/A	PC	GENERAL OPERATING SUPPORT	70,000
FRIENDS OF THE OURAY VIA FERRATA 735 MAIN ST OURAY,CO81427	N/A	PC	VIA FERRATA EXPANSION	100,000
GOODTURN CYCLES 7301 S SANTA FE DR 342 LITTLETON,CO80120	N/A	PC	MENTORSHIP AND JOB TRAINING BIKE SHOP PROGRAM	20,000
GRACEFULL CAFE 5610 S CURTICE ST LITTLETON,CO80120	N/A	PC	FUND A FRIDAY	1,000
HOPE IN OUR CITY 2615 W 12TH AVE DENVER,CO802043324	N/A	PC	RENEWAL	30,000
JUNKYARD SOCIAL CLUB 2525 FRONTIER AVE UNIT A BOULDER,CO80301	N/A	PC	BITE SIZE PROJECT	20,000
LITTLETON PUBLIC SCHOOLS FOUNDATION 5776 S CROCKER ST LITTLETON,CO80120	N/A	PC	COMMUNITY CENTER	51,500
LITTLETON TOWN HALL ARTS CENTER 2450 W MAIN ST LITTLETON,CO80120	N/A	PC	GENERAL OPERATING SUPPORT	75,000
LUBIRD'S LIGHT FOUNDATION 4580 W WAGON TRAIL RD LITTLETON,CO80123	N/A	PC	INCLUSIVE PLAYGROUND	50,000
MILE HIGH FLOOD DISTRICT 2480 W 26TH AVE 156B DENVER,CO80211	N/A	PC	SOUTH PLATTE IMPLEMENTATION PLAN - REYNOLDS LANDING	100,000
MULTIDISCIPLINARY ASSOCIATION FOR PSYCHEDELIC STUDIES 3141 STEVENS CREEK BLVD 40563 SAN JOSE,CA95117	N/A	PC	GENERAL OPERATING SUPPORT	100,000
NATIONAL FOREST FOUNDATION BLDG 27 SUITE 3 FORT MISSOULA ROAD MISSOULA,MT59804	N/A	PC	CAPACITY BUILDING	150,000
NORTH LITTLETON PROMISE 5397 S FOX ST LITTLETON,CO80120	N/A	PC	HIGH SCHOOL LEADERSHIP DEVELOPMENT PROGRAM	20,000
NOURISH COLORADO 3532 FRANKLIN ST DENVER,CO80205	N/A	PC	WIC PRODUCE BOX PROGRAM	150,000
NOURISH MEALS ON WHEELS 92 E ARAPAHOE ROAD LITTLETON,CO80122	N/A	PC	MEALS AND HOLIDAY PROGRAMMING	29,832
OURAY ICE PARK 280 CO RD 361 OURAY,CO81427	N/A	PC	BROADCASTING FOR ICE FEST	10,000
PHILANTHROPY COLORADO 5855 WADSWORTH BYPASS UNIT A ARVADA,CO80003	N/A	PC	GENERAL OPERATING SUPPORT	4,060
REACH OUT AND READ COLORADO 3705 MARTIN LUTHER KING JR BLVD DENVER,CO80205	N/A	PC	CAPACITY BUILDING	34,290
REAL LIFE COLORADO 4896 S CLARKSON STREET ENGLEWOOD,CO80113	N/A	PC	CAPACITY BUILDING	40,000
SCHWAB CHARITABLE FUND 211 MAIN STREET SAN FRANCISCO,CA941051905	N/A	PC	TELLURAY FUND	3,592,685
SOS OUTREACH 3532 FRANKLIN ST STE J DENVER,CO80205	N/A	PC	METRO-DENVER PILOT EXPANSION- DIVERSE WORKFORCE DEVELOPMENT PIPELINE	35,000
SOUTH METRO LAND CONSERVANCY 6795 S ELATI ST LITTLETON,CO80120	N/A	PC	POWERS PARK VISION PLAN	10,000
SOUTH SUBURBAN PARKS AND RECREATION 4810 E COUNTY LINE RD LITTLETON,CO80126	N/A	PC	SOUTHBRIDGE PARK RENOVATION	100,000
SPROUT CITY FARMS 5620 W 14TH AVE LAKEWOOD,CO80214	N/A	PC	GENERAL OPERATING SUPPORT	25,000
THE LOCKWOOD FOUNDATION 109 S GLENROSE DR PUEBLO WEST,CO81007	N/A	PC	CAPACITY BUILDING	17,500
THE NATIONAL TRUST FOR LOCAL NEWS PO BOX 201074 DENVER,CO80220	N/A	PC	LITTLETON INDEPENDENT: SUPPORT INNOVATION AND COMMUNITY OUTREACH	15,000
THE TABLE URBAN FARM 10200 SMITH ROAD DENVER,CO80239	N/A	PC	COMMUNITY LEARNING KITCHEN	65,000
THE WILDFLOWER FOUNDATION 3590 HUDSON STREET DENVER,CO80207	N/A	PC	PHASE TWO: LITTLETON EARLY CHILDHOOD MONTESSORI SCHOOL	64,500
THERE WITH CARE 2825 WILDERNESS PL SUITE 100 BOULDER,CO803015432	N/A	PC	MENTAL HEALTH CARE INITIATIVE	145,000
VOLUNTEERS OF AMERICA - COLORADO 2660 LARIMER ST DENVER,CO80205	N/A	PC	SANTA SHOP	17,500
WESTERN WELCOME WEEK INC 5890 S BEMIS ST LITTLETON,CO80120	N/A	PC	FIREWORKS FOR OPENING EVENT	15,000
WOMEN'S WILDERNESS 1206 EUCLID AVE BOULDER,CO80302	N/A	PC	GIRLS LEAD FOR LIFE	75,000
WORK OPTIONS FOR WOMEN 711 PARK AVE W DENVER,CO802052891	N/A	PC	JUSTICE-INVOLVED MOBILE PROGRAMMING	40,000
Total ................................. 3a				6,538,237

bApproved for future payment
CITY OF LITTLETON 2255 WEST BERRY AVE LITTLETON,CO80120	N/A	PC	LIBRARY BOOKMOBILE	55,000
SOUTH SUBURBAN PARKS AND RECREATION 4810 E COUNTY LINE RD LITTLETON,CO80126	N/A	PC	MASTER PLAN FOR MARY CARTER GREENWAY	50,000
Total ................................. 3b				105,000

Form 990-PF (2021)

Page 12

Part XV-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments ....
3 Interest on savings and temporary cash investments ...........			14	278,872
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	1,985,930
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aOTHER INCOME			01	2
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..		0		4,973,313	0

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

4,973,313

(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 AccountingFeesSchedule

Name:

THE TELLURAY FOUNDATION

EIN:

20-1090247

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ACCOUNTING	19,014	9,507		9,507

- TIN:

TY 2021 GeneralExplanationAttachment

Name:

THE TELLURAY FOUNDATION

EIN:

20-1090247

Identifier	Return Reference	Explanation
CONTROLLED ENTITIES	990-PF PART VII-A, LINE 11	NAME OF CONTROLLED ENTITY: BEAR CREEK PRODUCTS 2019-1 PTA-L, LLLP EIN: 84-2778065ADDRESS: 1200 17TH STREET, SUITE 970, DENVER, CO 80202THIS ENITITY IS NOT AN EXCESS BUSINESS HOLDING.

- TIN:

TY 2021 InvestmentsCorpBondsSchedule

Name:

THE TELLURAY FOUNDATION

EIN:

20-1090247

Name of Bond	End of Year Book Value	End of Year Fair Market Value
LAND O LAKES - 7.000% - 09/18/2068	532,500	532,500
ALINGHIFUNDINGCO LLC	1,499,723	1,499,723
CENTERPOINTENERGY INC	399,949	399,949
CITIGROUPINC	1,501,905	1,501,905
EVERGY INC	999,984	999,984
EVERGY MISSOURI WEST INC	999,970	999,970
FIFTH THIRD BANCORP	1,254,175	1,254,175
FISERV INC	999,985	999,985
GOLDMAN SACHS GROUP INC	1,490,940	1,490,940
HYUNDAI CAPITAL AMERICA	1,099,953	1,099,953
IONIC CAPITAL III TRUST	1,499,845	1,499,845
NEW JERSEY NATURAL GAS	1,499,797	1,499,797
ROGERS COMMUNICATIONS	499,981	499,981
SOUTHERN POWER CO	999,922	999,922

- TIN:

TY 2021 InvestmentsCorpStockSchedule

Name:

THE TELLURAY FOUNDATION

EIN:

20-1090247

Name of Stock	End of Year Book Value	End of Year Fair Market Value
DISH NETWORK CORPORATION	70,361,549	70,361,549
FIDELITY 500 INDEX-INST PRM	1,564,604	1,564,604
FIDELITY 500 INDEX-INST PRM	605,718	605,718
VANGUARD TOTAL BOND MARKET INDEX-ADM	851,110	851,110
VANGUARD TOTAL BOND MARKET INDEX-ADM	176,071	176,071
COBANK ACB - 6.125% - PFD SER G	1,259,496	1,259,496
EDGEWOOD GROWTH FUND INSTITUTIONAL CLASS	575,367	575,367
EDGEWOOD GROWTH FUND INSTITUTIONAL CLASS	379,921	379,921
EDGEWOOD GROWTH FUND INSTITUTIONAL CLASS	210,617	210,617
EDGEWOOD GROWTH FUND INSTITUTIONAL CLASS	152,908	152,908
ISHARES TR RUSSELL 1000 VALUE ETF	552,658	552,658
ISHARES TR RUSSELL 1000 VALUE ETF	160,877	160,877
ISHARES TR RUSSELL 1000 VALUE ETF	186,402	186,402
WELLS FARGO & COMPANY WFC	968,845	968,845
FIDELITY INTL INDEX-INST PRM	613,882	613,882
FIDELITY INTL INDEX-INST PRM	150,932	150,932
FPA NEW INCOME INC COM	538,682	538,682
FPA NEW INCOME INC COM	44,174	44,174
AMG YACKTMAN FOCUSED FUND CLASS I	362,400	362,400
AMG YACKTMAN FOCUSED FUND CLASS I	93,527	93,527
STIFEL FINANCIAL CORP	377,860	377,860
VANGUARD MID-CAP ETF	330,437	330,437
VANGUARD MID-CAP ETF	126,366	126,366
INVESCO QQQ TRUST SERIES	619,850	619,850
INVESCO QQQ TRUST SERIES	224,785	224,785
DODGE & COX INCOME	379,656	379,656
DODGE & COX INCOME	155,659	155,659
ATHENE HOLDING LTD	590,400	590,400
ISHARES CORE MSCI EMERGING	460,742	460,742
ISHARES CORE MSCI EMERGING	175,510	175,510
CLARKSTON PARTNERS FUND INSTITUTIONAL CLASS	209,149	209,149
CLARKSTON PARTNERS FUND INSTITUTIONAL CLASS	45,193	45,193
GQG PARTNERS EMERGING MARKETS EQUITY FUND	335,125	335,125
GQG PARTNERS EMERGING MARKETS EQUITY FUND	126,577	126,577
SPYGLASS GROWTH FUND INSTITUTIONAL CLASS	212,226	212,226
SPYGLASS GROWTH FUND INSTITUTIONAL CLASS	56,345	56,345
TOUCHSTONE SANDS CAPITAL EMERGING MARKETS GROWTH FUND	309,989	309,989
TOUCHSTONE SANDS CAPITAL EMERGING MARKETS GROWTH FUND	115,074	115,074
BAILLIE GIFFORD INTL CONCENTRATED GROWTH EQUITIES FUND	408,108	408,108
BAILLIE GIFFORD INTL CONCENTRATED GROWTH EQUITIES FUND	150,098	150,098
OAKMARK INTERNATIONAL-INST	270,901	270,901
OAKMARK INTERNATIONAL-INST	92,803	92,803
HEALTHCARE SELECT SECTOR	270,509	270,509
HEALTHCARE SELECT SECTOR	102,709	102,709
RBC GLOBAL OPPORTUNITIES FUND CLASS	301,460	301,460
RBC GLOBAL OPPORTUNITIES FUND CLASS	101,302	101,302
ISHARES TR RUSSELL 1000 GROWTH ETF	314,452	314,452
ISHARES TR RUSSELL 1000 GROWTH ETF	73,647	73,647
EXCHANGE TRADED CONCEPTS TR EMQQ EMERGING MARKETS	154,612	154,612
EXCHANGE TRADED CONCEPTS TR EMQQ EMERGING MARKETS	54,269	54,269
ISHARES TR MSCI EAFE ETF	230,926	230,926
ISHARES TR MSCI EAFE ETF	54,525	54,525
FIRST TR EXCHANGE TRADED FD DOW JONES INTERNET INDEX FUND	191,758	191,758
FIRST TR EXCHANGE TRADED FD DOW JONES INTERNET INDEX FUND	40,251	40,251
COMERICA INC	381,500	381,500
SCHWAB U.S. TIPS ETF	423,690	423,690
SCHWAB U.S. TIPS ETF	166,407	166,407
T ROWE PR JAPAN FUND I	157,748	157,748
T ROWE PR JAPAN FUND I	83,278	83,278
MORGAN STANLEY	355,153	355,153
VANGUARD INTL EQUITY INDES FDS FTSE EMERGING MARKETS ETF	143,236	143,236
AMERICAN EQUITY INVESTMENTS	330,000	330,000
DOUBLELINE TOTAL RETURN BOND	219,086	219,086
DOUBLELINE TOTAL RETURN BOND	99,743	99,743
ISHARES TR RUSSSELL 2000 GROWTH ETF	132,166	132,166
ISHARES TR RUSSSELL 2000 GROWTH ETF	26,081	26,081
ISHARES TR MSCI EAFE GROWTH ETF	167,200	167,200
ISHARES TR MSCI EAFE GROWTH ETF	20,735	20,735
INVESCO EXCHANGE TRADED FD TR NASDAQ INTERNET ETF	120,896	120,896
INVESCO EXCHANGE TRADED FD TR NASDAQ INTERNET ETF	24,567	24,567
ISHARES TR RUSSELL 2000 VALUE ETF	225,164	225,164
ISHARES TR RUSSELL 2000 VALUE ETF	70,239	70,239
THIRD AVENUE REAL ESTATE VALUE FUND INSTITUTIONAL CLASS	254,719	254,719
THIRD AVENUE REAL ESTATE VALUE FUND INSTITUTIONAL CLASS	63,538	63,538
VANGUARD FINANCIALS ETF	155,961	155,961
VANGUARD FINANCIALS ETF	86,913	86,913
VANGUARD INDEX FDS REAL ESTATE INDEX FD ETF	243,273	243,273
VANGUARD INDEX FDS REAL ESTATE INDEX FD ETF	64,618	64,618
T ROWE PRICE NEW ASIA-I	109,450	109,450
T ROWE PRICE NEW ASIA-I	42,740	42,740
MATTHEWS CHINA FUND-INS	98,303	98,303
MATTHEWS CHINA FUND-INS	46,779	46,779
BARON HEALTH CARE INSTITUTIONAL FUND CLASS	306,973	306,973
BARON HEALTH CARE INSTITUTIONAL FUND CLASS	80,268	80,268
ISHARES MSCI JAPAN ETF	111,020	111,020
ISHARES MSCI JAPAN ETF	56,313	56,313
ISHARES MSCI INDIA ETF	127,252	127,252
ISHARES MSCI INDIA ETF	45,978	45,978
REGIONS FINANCIAL CORP	164,250	164,250
ISHARES TR MSCI ACWI ETF	73,200	73,200
SPDR S&P 500 ETF TR TR UNIT	513,907	513,907
ALPS ETF TR ALERIAN MLP	76,939	76,939
ECHOSTAR CORP-A	142,290	142,290
MAINGATE MLP FUND INSTITUTIONAL CLASS	61,486	61,486
MAINGATE MLP FUND INSTITUTIONAL CLASS	52,491	52,491
FIDELITY CONS INCOME BOND-IS	272,462	272,462
FIDELITY CONS INCOME BOND-IS	133,430	133,430
ACCENTURE PLC-CL A	9,949	9,949
ACCENTURE PLC-CL A	4,975	4,975
ADYEN NV-UNSPON ADR	3,000	3,000
ADYEN NV-UNSPON ADR	6,054	6,054
AGTX FARM CRED SERV	989,376	989,376
AIA GROUP LTD- SP ADR	4,395	4,395
AIA GROUP LTD- SP ADR	8,791	8,791
ALCON INC	7,928	7,928
ALCON INC	4,008	4,008
AMADEUSIT GROUP- UNSPADR	5,824	5,824
AMADEUSIT GROUP- UNSPADR	2,912	2,912
AMER AGCREDITACA	1,526,250	1,526,250
AON PLC- CLASS A	2,705	2,705
AON PLC- CLASS A	5,410	5,410
ASML HOLDING NV- NY REG SHS	6,369	6,369
ASML HOLDING NV- NY REG SHS	13,534	13,534
ATLAS COPCO AB- SPONS ADR A	3,951	3,951
ATLAS COPCO AB- SPONS ADR A	7,971	7,971
ATLASSIAN CORP PLC-CLASS A	2,669	2,669
ATLASSIAN CORP PLC-CLASS A	5,719	5,719
BLACKROCK STRATEGIC INCOME OPPORTUNITIES PORT FUND INSLT CLASS	142,854	142,854
CANADIAN PACIFIC RAILWAY LTD	9,208	9,208
CANADIAN PACIFIC RAILWAY LTD	4,604	4,604
CAPITAL FARM CREDIT ACA	761,250	761,250
CHARLES SCHWAB CORP - SCHW J	104,440	104,440
COMPEER FINANCIALACA	854,250	854,250
CSL LTD -SPONSORED ADR	8,993	8,993
CSL LTD -SPONSORED ADR	4,549	4,549
DSV A/ S - UNSP ADR	11,034	11,034
DSV A/ S - UNSP ADR	5,517	5,517
EPAM SYSTEMSINC	7,353	7,353
EPAM SYSTEMSINC	4,011	4,011
EVOLUTION AB	4,146	4,146
EVOLUTION AB	2,144	2,144
EXPERIAN PLC- SPONS ADR	10,898	10,898
EXPERIAN PLC- SPONS ADR	5,424	5,424
FERRARI NV	4,141	4,141
FERRARI NV	8,282	8,282
HUNTINGTON BANCSHARES- HBANP	210,240	210,240
ICON PLC	8,362	8,362
ICON PLC	4,336	4,336
INDUSTRIAL SELECT SECT SPDR	49,837	49,837
INDUSTRIAL SELECT SECT SPDR	135,754	135,754
ISHARES MSCI CHINA ETF	23,476	23,476
ISHARES MSCI CHINA ETF	51,974	51,974
ISHARES RUSSELL 1000 VALUE E	464,998	464,998
JPMORGAN CHASE & CO - JPM K	156,660	156,660
JPMORGAN CHASE & CO - JPML	365,540	365,540
LASERTEC CORP - ADR UNSP	10,722	10,722
LASERTEC CORP - ADR UNSP	5,330	5,330
LI NING CO LTD- UNSPON ADR	4,882	4,882
LI NING CO LTD- UNSPON ADR	2,441	2,441
LONZA GROUP AG- UNSPON ADR	7,933	7,933
LONZA GROUP AG- UNSPON ADR	3,925	3,925
LULULEMON ATHLETICA INC	7,438	7,438
LULULEMON ATHLETICA INC	3,915	3,915
LVMH MOET HENNESSY- UNSPADR	8,110	8,110
LVMH MOET HENNESSY- UNSPADR	4,303	4,303
METTLER- TOLEDO INTERNATIONAL	8,486	8,486
METTLER- TOLEDO INTERNATIONAL	3,394	3,394
NESTLE SA- SPONS ADR	7,159	7,159
NESTLE SA- SPONS ADR	3,650	3,650
NOVO- NORDISK A/ S- SPONS ADR	2,688	2,688
NOVO- NORDISK A/ S- SPONS ADR	5,264	5,264
PERNOD RICARD SA - SPON ADR	5,575	5,575
PERNOD RICARD SA - SPON ADR	2,812	2,812
RESMED INC	9,638	9,638
RESMED INC	4,689	4,689
SHENZHOU INTERNATI- UNSP ADR	4,378	4,378
SHENZHOU INTERNATI- UNSP ADR	2,285	2,285
SHOPIFY INC - CLASS A	8,264	8,264
SHOPIFY INC - CLASS A	4,132	4,132
SIKA AG- BR- ADR	8,354	8,354
SIKA AG- BR- ADR	4,198	4,198
STERIS PLC	6,815	6,815
STERIS PLC	3,408	3,408
STIFEL FINANCIALCORP	129,050	129,050
STIFEL FINANCIALCORP	271,300	271,300
TAIWAN SEMICONDUCTOR- SPADR	11,550	11,550
TAIWAN SEMICONDUCTOR- SPADR	5,775	5,775
US DOLLAR JPM DEPOSIT SWEEP	4,081	4,081
US DOLLAR JPM DEPOSIT SWEEP	7,633	7,633
VANECK OIL SERVICES ETF	43,068	43,068
VANECK OIL SERVICES ETF	107,207	107,207
VANGUARD FTSE EUROPE ETF	183,497	183,497
VANGUARD FTSE EUROPE ETF	406,301	406,301
VANGUARD SHORT-TERM BOND ETF	106,938	106,938
VANGUARD SHORT-TERM TIPS	43,844	43,844
VANGUARD SHORT-TERM TIPS	107,375	107,375
WUXI BIOLOGICS CAYMAN - ADR	4,782	4,782
WUXI BIOLOGICS CAYMAN - ADR	2,391	2,391

- TIN:

TY 2021 InvestmentsGovtObligationsSch

Name:

THE TELLURAY FOUNDATION

EIN:

20-1090247

US Government Securities - End of Year Book Value:

US Government Securities - End of Year Fair Market Value:

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

1,181,088

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

1,181,088

- TIN:

TY 2021 InvestmentsOtherSchedule2

Name:

THE TELLURAY FOUNDATION

EIN:

20-1090247

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
CRESTONE ALTERNATIVE STRATEGIES LTD	FMV	2,190,000	2,190,000
GREATER COLORADO VENTURE FUND LP	FMV	175,000	175,000
GROSVENOR ALT INV CL B (7003)	FMV	931,481	931,481
ISHARES GOLD TRUST	FMV	25,202	25,202
PIMCO COMMODITYPL START INS	FMV	123,032	123,032
GROSVENOR ALT INV CL B (7004)	FMV	1,726,504	1,726,504
ISHARES GOLD TRUST	FMV	48,073	48,073
PIMCO COMMODITYPL START INS	FMV	293,674	293,674
BEAR CREEK TRANSITIONAL HOUSING	FMV	5,092,500	5,092,500
KENOSHA CREDIT OPPORTUNITIES FUND	FMV	1,441,355	1,441,355
KENOSHA HIGH YIELD FUND VI LP	FMV	163,270	163,270
CRESTONE KENOSHA HY VII	FMV	75,000	75,000
KENOSHA MUNI OPPORTUNITY FUND II LP	FMV	414,901	414,901
CRESETONE KENOSHA MUNI III	FMV	33,750	33,750
MAROON PEAKS PRIVATE EQUITY FUND X	FMV	312,502	312,502
MAROON PEAKS PRIVATE EQUITY FUND IX	FMV	329,344	329,344
CRESTONE MAROON PEAK XI	FMV	315,000	315,000
MONTEZUMA FUND IV LP	FMV	240,685	240,685
CARIBOU GLOBAL EQUITY FUND LP	FMV	300,000	300,000
MONTEZUMA FUND V LP	FMV	220,223	220,223
CRESTONE MONTEZUMA VI LP	FMV	100,000	100,000

- TIN:

TY 2021 OtherExpensesSchedule

Name:

THE TELLURAY FOUNDATION

EIN:

20-1090247

Description	Revenue and Expenses per Books	Disbursements for Charitable Purposes
OFFICE EXPENSES	-6	-6
TRAINING & EDUCATION	3,000	3,000
CHARITABLE USE PROPERTY EXPENSES	1,828	1,828
DUES & SUBSCRIPTIONS	1,036	1,036
SOFTWARE & SUBSCRIPTIONS SERVICES	2,074	2,074

- TIN:

TY 2021 OtherIncomeSchedule2

Name:

THE TELLURAY FOUNDATION

EIN:

20-1090247

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
BEAR CREEK PRODUCTS 2018-5, LLLP		307,444
BEAR CREEK PRODUCTS 2019-1, PTA-L, LLLP		204,112
ISHARES S&P GSCI COMMODITY-INDEXED TRUST		8,454
KENOSHA CREDIT OPPORTUNITIES FUND, LP #169		39,035
KENOSHA CREDIT OPPORTUNITIES FUND, LP #170		78,069
KENOSHA HIGH YIELD FUND VI, LP #84		5,001
KENOSHA HIGH YIELD FUND VI, LP #85		10,144
KENOSHA MUNI OPPORTUNITY FUND II, LP #57		7,020
KENOSHA MUNI OPPORTUNITY FUND II, LP #58		3,511
MAROON PEAKS PRIVATE EQUITY FUND IX, LP		34,805
MAROON PEAKS PRIVATE EQUITY FUND X, LP		6,507
MONTEZUMA FUND IV, LP		24,268
MONTEZUMA FUND V, LP		-2,449
CARIBOU GLOBAL EQUITY FUND, LP #98		-5,781
CARIBOU GLOBAL EQUITY FUND, LP #88		-11,565
GREATER COLORADO VENTURE FUND		93,017
CAPITAL GAIN DISTRIBUTIONS	782,326	782,326	782,326
PARTNERSHIP DISTRIBUTIONS	498,001	0	498,001
BTCH INVESTORS LLC		19,719
KENOSHA MUNI OPPORTUNITY FUND III - FULL		-130
KENOSHA MUNI OPPORTUNITY FUND III - G2		-260
MAROON PEAKS PRIVATE EQUITY FUND XI		-6,655
MONTEZUMA FUND VI		-7,470
KENOSHA HIGH YIELD FUND VII - G2		1,764
KENOSHA HIGH YIELD FUND VII - FULL		885
OTHER INCOME	2	2	2

- TIN:

TY 2021 OtherIncreasesSchedule

Name:

THE TELLURAY FOUNDATION

EIN:

20-1090247

Description	Amount
UNREALIZED LOSSES ON INVESTMENTS	307,108

- TIN:

TY 2021 OtherLiabilitiesSchedule

Name:

THE TELLURAY FOUNDATION

EIN:

20-1090247

Description	Beginning of Year - Book Value	End of Year - Book Value
CREDIT CARDS PAYABLE	0	22

- TIN:

TY 2021 OtherProfessionalFeesSchedule

Name:

THE TELLURAY FOUNDATION

EIN:

20-1090247

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT SERVICES	244,662	244,662		0
ADMINISTRATIVE SERVICES	102,084	0		102,084

- TIN:

TY 2021 TaxesSchedule

Name:

THE TELLURAY FOUNDATION

EIN:

20-1090247

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
EXCISE TAX	42,173	0		0
OTHER	147	0		147

- TIN:

TY 2021 TransfersFrmControlledEntities

Name:

THE TELLURAY FOUNDATION

EIN:

20-1090247

Name	US / Foreign Address	EIN	Description	Amount
BEAR CREEK PRODUCTS 2019-1 PTA-L LLLP	1200 17TH STREET SUITE 970 DENVER,CO80202	84-2778065	PARTNERSHIP DISTRIBUTION	0
Total				6,326,242