Form990-PF


Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2021
Open to Public Inspection
For calendar year 2021, or tax year beginning 01-01-2021 , and ending 12-31-2021
Name of foundation
WEM FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 5628
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
MINNEAPOLIS, MN554405828
A Employer identification number

41-1604640
B Telephone number (see instructions)

(952) 674-2800
C bullet
G Check all that apply:

D 1. Foreign organizations, check here............. bullet
2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet
E bullet
H Check type of organization:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$547,518,945J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule) 6,429,678
2 Check bullet.............
3 Interest on savings and temporary cash investments 72,003 72,003  
4 Dividends and interest from securities... 9,876,841 9,876,841  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 9,948,140
b Gross sales price for all assets on line 6a 10,292,959
7 Capital gain net income (from Part IV, line 2)... 9,948,140
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)....... Click to see attachment 43,479 43,479  
12 Total. Add lines 1 through 11........ 26,370,141 19,940,463  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 5,000 2,500   2,500
14 Other employee salaries and wages...... 322,500 0   322,500
15 Pension plans, employee benefits....... 12,410 0   12,410
16a Legal fees (attach schedule)......... Click to see attachment 3,815 1,907   1,908
b Accounting fees (attach schedule)....... Click to see attachment 16,000 8,000   8,000
c Other professional fees (attach schedule).... Click to see attachment 637,408 637,408   0
17 Interest............... 884 884   0
18 Taxes (attach schedule) (see instructions)... Click to see attachment 440,605 171,771   19,834
19 Depreciation (attach schedule) and depletion... Click to see attachment 126 0  
20 Occupancy.............. 52,558 26,279   26,279
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 275,965 261,630   0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 1,767,271 1,110,379   393,431
25 Contributions, gifts, grants paid....... 18,435,006 18,435,006
26 Total expenses and disbursements. Add lines 24 and 25 20,202,277 1,110,379   18,828,437
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 6,167,864
b Net investment income (if negative, enter -0-) 18,830,084
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 Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 21,688,882 17,510,312 17,510,312
3 Accounts receivable bullet3
Less: allowance for doubtful accounts bullet     3 3
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 70,199 Click to see attachment6,279 404,697,126
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 94,211,356 Click to see attachment103,970,450 125,311,504
14 Land, buildings, and equipment: basis bullet21,097
Less: accumulated depreciation (attach schedule) bullet21,097      
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 115,970,437 121,487,044 547,518,945
Liabilities 17 Accounts payable and accrued expenses.......... 461 696
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)......... 461 696
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here bullet
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 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 115,969,976 121,486,348
29 Total net assets or fund balances (see instructions)..... 115,969,976 121,486,348
30 Total liabilities and net assets/fund balances (see instructions). 115,970,437 121,487,044
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
115,969,976
2
Enter amount from Part I, line 27a .....................
2
6,167,864
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
122,137,840
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
651,492
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
121,486,348
Form 990-PF (2021)
Form 990-PF (2021)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a USBANK 10600520 D    
b PASSTHROUGH TAXABLE BOND FUND P    
c PASSTHROUGH TAXABLE BOND FUND P    
d PASSTHROUGH GLOBAL BOND FUND P    
e PASSTHROUGH GLOBAL BOND FUND P    
PASSTHROUGH GLOBAL EQUITY FUND P    
PASSTHROUGH GLOBAL EQUITY FUND P    
PASSTHROUGH GLOBAL BOND FUND 1256 P    
PASSTHROUGH GLOBAL BOND FUND 1256 P    
PASSTHROUGH GLOBAL EQUITY FUND 1256 P    
PASSTHROUGH GLOBAL EQUITY FUND 1256 P    
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 1,571,628   109,393 1,462,235
b     209,762 -209,762
c     25,664 -25,664
d 101,148     101,148
e 86,963     86,963
1,921,650     1,921,650
6,543,643     6,543,643
23,018     23,018
34,528     34,528
4,152     4,152
6,229     6,229
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       1,462,235
b       -209,762
c       -25,664
d       101,148
e       86,963
      1,921,650
      6,543,643
      23,018
      34,528
      4,152
      6,229
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 9,948,140
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Form 990-PF (2021)
Form 990-PF (2021)
Page 4
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here Bullet and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 261,738
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- ..... 5 261,738
6 Credits/Payments:
a 2021 estimated tax payments and 2020 overpayment credited to 2021 6a 266,107
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 266,107
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 4,369
11 Enter the amount of line 10 to be: Credited to 2022 estimated taxBullet4,369 RefundedBullet 11 0
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XIV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletMN
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2021 or the taxable year beginning in 2021? See the instructions for Part XIII.
    If "Yes," complete Part XIII .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 5
    Part VI-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletWAYCROSSE INC Telephone no.bullet (952) 674-2800

    Located atbulletPO BOX 5628MINNEAPOLISMN ZIP+4bullet55440
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2021, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16   No
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet
    Part VI-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
    1a(1)
     
    No
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person? ..............................
    1a(2)
     
    No
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
    1a(3)
     
    No
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
    1a(4)
     
    No
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)? ......................
    1a(5)
     
    No
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.) ...............
    1a(6)
     
    No
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
    1b
     
     
    c
    ........bullet
    d
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2021? .............
    1d
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2021, did the foundation have any undistributed income (lines 6d
    and 6e, Part XII) for tax year(s) beginning before 2021?....................
    2a
     
    No
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year? ..............................
    3a
     
    No
    b
    If "Yes," did it have excess business holdings in 2021 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2021.) .....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2021? ..
    4b
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 6
    Part VI-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
    5a(1)
     
    No
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive? ....................
    5a(2)
     
    No
    (3) Provide a grant to an individual for travel, study, or other similar purposes? .............
    5a(3)
     
    No
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions ........................
    5a(4)
    Yes
     
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals? .............
    5a(5)
     
    No
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
    5b
    Yes
     
    c
    .........bullet
    d
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant? .................
    5d
    Yes
     
    If "Yes," attach the statement required by Regulations section 53.4945–5(d). Click to see attachment
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract? .............................
    6a
     
    No
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    7a
     
    No
    b
    If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .........................
    8
     
    No
    Part VII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    ELIZABETH S MACMILLAN DIRECTOR/VICE CHAIR/SEC
    1.00     		0 0 0
    PO BOX 5628
    MINNEAPOLIS,MN554405628
    HARRIET S NORGREN DIRECTOR
    0.25     		5,000 0 0
    PO BOX 5628
    MINNEAPOLIS,MN554405628
    JAMES HIELD DIRECTOR/PRESIDENT
    40.00     		228,333 12,410 991
    PO BOX 5628
    MINNEAPOLIS,MN554405628
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 7
    Part VII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part VIII-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1  
    2  
    3  
    4  
    Part VIII-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 8
    Part IX
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    505,132,151
    b
    Average of monthly cash balances.......................
    1b
    18,656,515
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    523,788,666
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    523,788,666
    4
    Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
    instructions) .............................
    4
    7,856,830
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. .......
    5
    515,931,836
    6
    Minimum investment return. Enter 5% (0.05) of line 5................
    6
    25,796,592
    Part X
    Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
    1
    Minimum investment return from Part IX, line 6..................
    1
    25,796,592
    2a
    Tax on investment income for 2021 from Part V, line 5.......
    2a
    261,738
    b
    Income tax for 2021. (This does not include the tax from Part V.) ...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    261,738
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    25,534,854
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    25,534,854
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
    7
    25,534,854
    Part XI
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
     
    b
    Program-related investments—total from Part VIII-B..................
    1b
     
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4.
    4
     
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 9
    Part XII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2020     		(c)
    2020     		(d)
    2021
    1 Distributable amount for 2021 from Part X, line 7 25,534,854
    2 Undistributed income, if any, as of the end of 2021:
    a Enter amount for 2020 only....... 0
    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...... 9,518,378
    f Total of lines 3a through e ........ 9,518,378
    4Qualifying distributions for 2021 from Part
    XI, line 4: bullet$ 18,828,437
    a Applied to 2020, but not more than line 2a 0
    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..... 18,828,437
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2021. 6,706,417 6,706,417
    (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 2,811,961
    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 ..........     		0
    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 ......     		2,811,961
    10 Analysis of line 9:
    a Excess from 2017....  
    b Excess from 2018....  
    c Excess from 2019....  
    d Excess from 2020.... 2,811,961
    e Excess from 2021....  
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 10
    Part XIII
    Private Operating Foundations (see instructions and Part VI-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2021, enter the date of the ruling ....... bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2021 (b) 2020 (c) 2019 (d) 2018
             
    b 85% (0.85) of line 2a .........          
    c Qualifying distributions from Part XI,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part IX, line 6 for each year listed ..     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XIV
    Supplementary Information (Complete this part only if the foundation had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    ELIZABETH S MACMILLAN
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or 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)
    Form 990-PF (2021)
    Page 11
    Part XIV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    ABBOTT NORTHWESTERN HOSPITAL FOUNDATION
    800 EAST 28TH STREET
    MINNEAPOLIS,MN55407     		NONE PC GENERAL 2,500,000
    RENVILLE COUNTY FOOD SHELF
    108 SOUTH 10TH STREET
    OLIVIA,MN56277     		NONE PC GENERAL 5,000
    RISEN CHRIST SCHOOL
    1120 EAST 37TH STREET
    MINNEAPOLIS,MN55407     		NONE PC GENERAL 100,000
    RIVERSIDE THEATRE
    3250 RIVERSIDE PARK DRIVE
    VERO BEACH,FL32963     		NONE PC GENERAL 35,000
    RONALD MCDONALD HOUSE CHARITIES
    818 FULTON ST SE
    MINNEAPOLIS,MN55414     		NONE PC GENERAL 3,000
    ROSWELL HISTORICAL SOCIETY
    PO BOX 1636
    ROSWELL,GA30077     		NONE PC GENERAL 5,000
    RUCKELSHAUS INSTITUTE HAUB SCHOOL OF ENVIRONMENT & NATURAL RESOURCES
    222 SOUTH 22ND STREET
    LARAMIE,WY82070     		NONE PC GENERAL 25,000
    SAINT EDWARD'S SCHOOL
    1895 SAINT EDWARDS DRIVE
    VERO BEACH,FL32963     		NONE PC GENERAL 200,000
    SECOND HARVEST HEARTLAND
    7101 WINNETKA AVE N
    BROOKLYN PARK,MN55428     		NONE PC GENERAL 1,000
    SECOND HARVEST HEARTLAND
    7101 WINNETKA AVE N
    BROOKLYN PARK,MN55428     		NONE PC GENERAL 150,000
    SHARING AND CARING HANDS
    525 NORTH 7TH STREET
    MINNEAPOLIS,MN55405     		NONE PC GENERAL 1,250
    SMALL SUMS
    PO BOX 40561
    ST PAUL,MN55104     		NONE PC GENERAL 2,000
    SMITHSONIAN INSTITUTION
    1000 JEFFERSON DRIVE SW
    WASHINGTON,DC20560     		NONE PC GENERAL 15,000
    SMITHSONIAN INSTITUTION AMERICAN ART MUSEUM
    PO BOX 37012
    WASHINGTON,DC20013     		NONE PC GENERAL 30,000
    SMITHSONIAN INSTITUTION NATIONAL MUSEUM OF AMERICAN HISTORY
    PO BOX 37012
    WASHINGTON,DC20560     		NONE PC GENERAL 30,000
    SMITHSONIAN INSTITUTION NATIONAL MUSEUM OF NATURAL HISTORY
    PO BOX 37012
    WASHINGTON,DC20013     		NONE PC GENERAL 30,000
    SOURCE MN
    PO BOX 8212
    MINNEAPOLIS,MN55408     		NONE PC GENERAL 2,000
    RELATE COUNSELING CENTER
    5125 COUNTY ROAD 101
    MINNETONKA,MN55345     		NONE PC GENERAL 5,000
    ST HELENA CATHOLIC SCHOOL
    3200 EAST 44TH STREET
    MINNEAPOLIS,MN55406     		NONE PC GENERAL 100,000
    READING PARTNERS
    2324 UNIVERSITY AVE WEST SUITE 105
    ST PAUL,MN55114     		NONE PC GENERAL 75,000
    PROJECT SUCCESS
    ONE GROVELAND TERR SUITE 300
    MINNEAPOLIS,MN55403     		NONE PC GENERAL 60,000
    MINNESOTA LANDSCAPE ARBORETUM
    3675 ARBORETUM DRIVE
    CHASKA,MN55318     		NONE PC GENERAL 30,000
    MUSEUM OF RUSSIAN ART
    5500 STEVENS AVENUE
    MINNEAPOLIS,MN55419     		NONE PC GENERAL 5,000
    MUSEUM OF THE ROCKIES
    600 WEST KAGY BLVD
    BOZEMAN,MT59717     		NONE PC GENERAL 1,540,000
    NATURE CONSERVANCY
    1101 W RIVER PKWAY SUITE 200
    MINNEAPOLIS,MN55415     		NONE PC GENERAL 50,000
    NORTHEAST COLLEGE PREP
    300 INDUSTRIAL BVD NE
    MINNEAPOLIS,MN55413     		NONE PC GENERAL 75,000
    NORTHSIDE ACHIEVEMENT ZONE
    2123 W BROADWAY AVE 100
    MINNEAPOLIS,MN55411     		NONE PC GENERAL 100,000
    ONE VILLAGE PARTNERS
    715 FLORIDA AVE S STE 101
    MINNEAPOLIS,MN55426     		NONE PC GENERAL 50,000
    OPERATION SMILE
    PO BOX 5017
    HAGERSTOWN,MD21741     		NONE PC GENERAL 1,500
    PLANNED PARENTHOOD MINNESOTA NORTH DAKOTA SOUTH DAKOTA
    PO BOX 97166
    WASHINGTON,DC20090     		NONE PC GENERAL 4,500
    PRODEO ACADEMY
    620 OLSON MEMORIAL HWY
    MINNEAPOLIS,MN55411     		NONE PC GENERAL 75,000
    PROPERTY & ENVIRONMENT RESEARCH CENTER
    2048 ANALYSIS DR SUITE A
    BOZEMAN,MT59718     		NONE PC GENERAL 50,000
    MINNESOTA INDEPENDENT SCHOOL FORUM
    5200 WILLSON RD STE 310
    EDINA,MN55424     		NONE PC GENERAL 25,000
    WAY TO GROW
    201 IRVING AVENUE NO STE 100
    MINNEAPOLIS,MN55405     		NONE PC GENERAL 300,000
    WE CARE SOLAR
    2150 ALLSTON WAY STE 340
    BERKELEY,CA94704     		NONE PC GENERAL 125,000
    WESTMINSTER PRESBYTERIAN CHURCH
    1200 MARQUETTE AVENUE
    MINNEAPOLIS,MN55403     		NONE PC GENERAL 1,025,000
    WILD SALMON CENTER
    721 NW 9TH AVE SUITE 290
    PORTLAND,OR97209     		NONE PC GENERAL 20,000
    YALE PEABODY MUSEUM OF NATURAL HISTORY
    170 WHITNEY AVENUE
    NEW HAVEN,CT06511     		NONE PC GENERAL 250,000
    YALE SCHOOL OF THE ENVIRONMENT
    195 PROSPECT STREET
    NEW HAVEN,CT06811     		NONE PC GENERAL 10,000
    YOUNG LIFE BOULDER VALLEY
    PO BOX 70065
    PRESCOTT,AZ86304     		NONE PC GENERAL 85,000
    YOUTH FRONTIERS
    5215 EDINA INDUSTRIAL BLVD STE 400
    MINNEAPOLIS,MN55439     		NONE PC GENERAL 100,000
    YWCA MINNEAPOLIS
    1130 NICOLLET MALL
    MINNEAPOLIS,MN55403     		NONE PC GENERAL 140,000
    PLYMOUTH CHRISTIAN YOUTH CENTER
    2210 OLIVER AVENUE NORTH
    MINNEAPOLIS,MN55411     		NONE PC GENERAL 30,000
    THERE WITH CARE
    2825 WILDERNESS PLACE STE 100
    BOULDER,CO80301     		NONE PC GENERAL 2,000
    YOUTHPRISE
    3001 BROADWAY STREET NE 330
    MINNEAPOLIS,MN55413     		NONE PC GENERAL 5,000
    BOYS & GIRLS CLUBS OF THE TWIN CITIES
    690 JACKSON STREET
    ST PAUL,MN55103     		NONE PC GENERAL 100
    YALE NEW HAVEN HOSPITAL
    PO BOX 419176
    NEW HAVEN,CT02241     		NONE PC GENERAL 200
    SUMMIT ACADEMY OIC
    935 OLSON MEMORIAL HIGHWAY
    MINNEAPOLIS,MN55405     		NONE PC GENERAL 125,000
    VERO BEACH MUSEUM OF ART
    3001 RIVERSIDE PARK DRIVE
    VERO BEACH,FL32963     		NONE PC GENERAL 30,000
    USSAC FUND
    799 LORD BYRON
    HAMILTON,MT59840     		NONE PC GENERAL 40,000
    TEACH FOR AMERICA - TWIN CITIES REGION
    PO BOX 398642
    SAN FRANCISCO,CA94139     		NONE PC GENERAL 50,000
    THE LEARNING ALLIANCE
    PO BOX 643446
    VERO BEACH,FL32964     		NONE PC GENERAL 200,000
    THE ROCK
    3401 45TH AVENUE SOUTH
    MINNEAPOLIS,MN55406     		NONE PC GENERAL 2,000
    THE WILDFLOWER FOUNDATION
    1330 LAGOOON AVE 4TH FLOOR
    MINNEAPOLIS,MN55408     		NONE PC GENERAL 100,000
    THINK SMALL
    10 YORKTON COURT
    ST PAUL,MN55117     		NONE PC GENERAL 50,000
    TREE TRUST
    1419 ENERGY PARK DRIVE
    ST PAUL,MN55108     		NONE PC GENERAL 50,000
    TREEHOUSE
    5757 WAYZATA BLVD
    MINNEAPOLIS,MN55416     		NONE PC GENERAL 50,000
    TWIN CITIES PUBLIC TELEVISION
    172 E FOURTH STREET
    ST PAUL,MN55101     		NONE PC GENERAL 75,000
    UNITED WAY OF INDIAN RIVER COUNTY
    PO BOX 1960
    VERO BEACH,FL32961     		NONE PC GENERAL 25,000
    UNIVERSITY OF MINNESOTA FOUNDATION
    1987 UPPER BUFORD CIRCLE
    ST PAUL,MN55108     		NONE PC GENERAL 50,000
    UNIVERSITY OF MINNESOTA FOUNDATION - BELL MUSEUM AND PLANETARIUM
    200 OAK STREET SE STE 500
    MINNEAPOLIS,MN55455     		NONE PC GENERAL 1,125,000
    UNIVERSITY OF MN MASONIC CHILDREN'S HOSPITAL MN MEDICAL FOUNDATION
    PO BOX 860266
    MINNEAPOLIS,MN55486     		NONE PC GENERAL 2,500
    URBAN VENTURES LEADERSHIP FOUNDATION
    2924 4TH AVENUE SOUTH
    MINNEAPOLIS,MN55408     		NONE PC GENERAL 160,000
    USSAC FUND
    799 LORD BYRON
    HAMILTON,MT59840     		NONE PC GENERAL 40,000
    ST JOHN'S EPISCOPAL CHURCH
    3245 CENTRAL AVENUE
    MEMPHIS,TN58111     		NONE PC GENERAL 200
    MINNESOTA HISTORICAL SOCIETY
    345 KELLOGG BLVD WEST
    ST PAUL,MN55102     		NONE PC GENERAL 250,000
    MINNESOTA COUNCIL ON ECONOMIC EDUCATION
    1994 BUFORD AVENUE
    ST PAUL,MN55108     		NONE PC GENERAL 75,000
    COOKIE CART
    1119 W BROADWAY AVE
    MINNEAPOLIS,MN55411     		NONE PC GENERAL 50,000
    CRISTO REY JESUIT HIGH SCHOOL
    2924 4TH AVE SO
    MINNEAPOLIS,MN55408     		NONE PC GENERAL 115,000
    CROSS
    12915 WEINAND CIRCLE
    ROGERS,MN55374     		NONE PC GENERAL 2,000
    CYSTIC FIBROSIS FOUNDATION - ARIZONA CHAPTER
    5215 NO SABINO CANYON ROAD
    TUSCON,AZ85750     		NONE PC GENERAL 8,000
    COMMUNITY OF SAINTS REG CATHOLIC SCHOOL
    335 HURLEY AVE E
    WEST ST PAUL,MN55118     		NONE PC GENERAL 100,000
    ED ALLIES
    1621 EAST HENNEPIN AVENUE SUITE 295
    MINNEAPOLIS,MN55414     		NONE PC GENERAL 75,000
    EDUCATION EVOLVING
    332 MINNESOTA ST STE W1360
    ST PAUL,MN55105     		NONE PC GENERAL 50,000
    EMERGE MOTHERS ACADEMY
    PO BOX 46226
    MINNEAPOLIS,MN55446     		NONE PC GENERAL 20,000
    ENVIRONMENTAL LEARNING CENTER
    255 LIVE OAK DRIVE
    VERO BEACH,FL32963     		NONE PC GENERAL 10,000
    FEED MY STARVING CHILDREN
    401 93RD AVE NW
    COON RAPIDS,MN55433     		NONE PC GENERAL 5,000
    FEED MY STARVING CHILDREN
    401 93RD AVE NW
    COON RAPIDS,MN55433     		NONE PC GENERAL 2,000
    FIRST TEE OF ST PAUL
    1575 LINWOOD CIRCLE
    SHAKOPEE,MN55379     		NONE PC GENERAL 60,000
    DUNWOODY COLLEGE OF TECHNOLOGY
    818 DUNWOODY BOULEVARD
    MINNEAPOLIS,MN55403     		NONE PC GENERAL 500,000
    COLONIAL WILLIAMSBURG FOUNDATION
    PO BOX 1776
    WILLIAMSBURG,VA23187     		NONE PC GENERAL 10,000
    COLLEGE POSSIBLE - TWIN CITIES
    755 PRIOR AVE NORTH SUITE 200
    ST PAUL,MN55104     		NONE PC GENERAL 150,000
    CLOSE GAPS BY 5
    PO BOX 24885
    MINNEAPOLIS,MN55424     		NONE PC GENERAL 30,000
    ACE IN THE CITY
    PO BOX 7497
    MINNEAPOLIS,MN55407     		NONE PC GENERAL 250,000
    ACHIEVEMPLS
    2829 UNIVERSITY AVE SE STE 850
    MINNEAPOLIS,MN55414     		NONE PC GENERAL 60,000
    AMERICAN BATTLEFIELD TRUST
    PO BOX 79535
    BALTIMORE,MD21298     		NONE PC GENERAL 5,000
    ANGEL FOUNDATION
    1155 CENTRE POINTE DR STE 7
    MENDOTA HEIGHTS,MN55120     		NONE PC GENERAL 5,000
    ANGEL FOUNDATION
    1155 CENTRE POINTE DR STE 7
    MENDOTA HEIGHTS,MN55120     		NONE PC GENERAL 5,000
    BANYAN COMMUNITY
    2529 13TH AVE S
    MINNEAPOLIS,MN55404     		NONE PC GENERAL 50,000
    BESTPREP
    7100 NORTHLAND CIRCLE N 120
    BROOKLYN PARK,MN55428     		NONE PC GENERAL 75,000
    BLAKE SCHOOLS ANNUAL FUND
    1405 XENIUM LN
    PLYMOUTH,MN55441     		NONE PC GENERAL 10,000
    BLESSED TRINITY CATHOLIC SCHOOL
    6720 NICOLLET AVENUE SOUTH
    RICHFIELD,MN55423     		NONE PC GENERAL 100,000
    BOYS & GIRLS CLUBS OF THE TWIN CITIES
    690 JACKSON STREET
    ST PAUL,MN55130     		NONE PC GENERAL 75,000
    CATHOLIC SCHOOLS CENTER OF EXCELLENCE
    6600 FRANCE AVE SO STE 520
    EDINA,MN55435     		NONE PC GENERAL 150,000
    CENTER OF THE AMERICAN EXPERIMENT
    8440 WAYZATA BLVD STE 350
    MINNEAPOLIS,MN55426     		NONE PC GENERAL 300,000
    CHAPEL HILL ACADEMY
    306 WEST 78TH STREET
    CHANHASSEN,MN55317     		NONE PC GENERAL 5,000
    CHURCH OF THE ASCENSION
    1726 DUPONT AVE NO
    MINNEAPOLIS,MN55411     		NONE PC GENERAL 100,000
    CIVIL WAR ROUND TABLE CONGRESS
    2502 CAITLIN COURT SE
    OLYMPIA,WA98501     		NONE PC GENERAL 5,000
    CLEVELAND CLINIC INDIAN RIVER FOUNDATION
    1000 36TH STREET
    VERO BEACH,FL32960     		NONE PC GENERAL 20,000
    FREEDOM WORKS
    PO BOX 11175
    MINNEAPOLIS,MN55411     		NONE PC GENERAL 2,000
    MINNESOTA HISTORICAL SOCIETY
    345 KELLOGG BLVD WEST
    ST PAUL,MN55102     		NONE PC GENERAL 30,000
    FRIENDS OF BARRINGTON
    535 BARRINGTON DRIVE
    ROSWELL,GA30075     		NONE PC GENERAL 5,000
    GENESYS WORKS - TWIN CITIES
    445 MINNESOTA ST SUITE 720
    ST PAUL,MN55101     		NONE PC GENERAL 75,000
    INTERFAITH OUTREACH
    1605 COUNTY ROAD 101 N
    PLYMOUTH,MN55447     		NONE PC GENERAL 2,000
    JEREMIAH PROGRAM
    1510 LAUREL AVE SUITE 100
    MINNEAPOLIS,MN55403     		NONE PC GENERAL 2,000
    JEREMIAH PROGRAM
    932 CONCORDIA AVE
    ST PAUL,MN55104     		NONE PC GENERAL 200,000
    JUNIOR ACHIEVEMENT NORTH
    PO BOX 120478
    ST PAUL,MN55112     		NONE PC GENERAL 185,000
    KIPP MINNESOTA
    5034 OLIVER AVENUE NORTH
    MINNEAPOLIS,MN55430     		NONE PC GENERAL 75,000
    LIVINGSTON HEALTHCARE FOUNDATION
    320 ALPENGLOW LANE
    LIVINGSTON,MT59047     		NONE PC GENERAL 15,000
    MACPHAIL CENTER FOR MUSIC
    501 SOUTH SECOND STREET
    MINNEAPOLIS,MN55401     		NONE PC GENERAL 50,000
    MASONIC INSTITUTE FOR THE DEVELOPING BRAIN
    PO BOX 860266
    MINNEAPOLIS,MN55486     		NONE PC GENERAL 100,000
    MATTER
    7005 OXFORD STREET
    ST LOUIS PARK,MN55426     		NONE PC GENERAL 2,000
    MATTY'S HEART AND SOUL ANIMAL RESCUE
    3750 OLIVER AVENUE NORTH
    MINNEAPOLIS,MN55412     		NONE PC GENERAL 500
    MCKEE BOTANICAL GARDEN
    350 US HIGHWAY 1
    VERO BEACH,FL32962     		NONE PC GENERAL 15,000
    MINNEAPOLIS INSTITUTE OF ART
    2400 THIRD AVENUE SOUTH
    MINNEAPOLIS,MN55404     		NONE PC GENERAL 835,000
    MINNESOTA ADULT & TEEN CHALLENGE
    1619 PORTLAND AVE S
    MINNEAPOLIS,MN55404     		NONE PC GENERAL 2,000
    INDIAN RIVER LAND TRUST INC
    80 ROYAL PALM POINTE 301
    VERO BEACH,FL32960     		NONE PC GENERAL 25,000
    FRIENDS OF THE CORNELL LAB OR ORNITHOLOGY
    159 SAPSUCKER WOODS RD
    ITHACA,NY14859     		NONE PC GENERAL 3,000,000
    HUNGER RELATED EVENTS
    5100 EDEN AVE 103
    EDINA,MN55436     		NONE PC GENERAL 150,000
    HOPE ACADEMY (PROTECH)
    2300 CHICAGO AVE SO
    MINNEAPOLIS,MN55404     		NONE PC GENERAL 100,000
    GLOBAL ACADEMY
    3000 5TH ST NW
    NEW BRIGHTON,MN55112     		NONE PC GENERAL 50,000
    GOOD GROCER
    2650 NICOLLET AVENUE
    MINNEAPOLIS,MN55408     		NONE PC GENERAL 100,000
    GOODWILL-EASTER SEALS MINNESOTA
    553 FAIRVIEW AVENUE NORTH
    ST PAUL,MN55105     		NONE PC GENERAL 50,000
    GREAT MN SCHOOLS
    1330 LAGOON AVE 4TH FLOOR
    MINNEAPOLIS,MN55408     		NONE PC GENERAL 669,506
    GREATER MINNEAPOLIS CRISIS NURSERY
    4544 FOURTH AVE S
    MINNEAPOLIS,MN55419     		NONE PC GENERAL 2,000
    GROVES ACADEMY
    3200 HIGHWAY 100 SOUTH
    ST LOUIS PARK,MN55416     		NONE PC GENERAL 175,000
    HIAWATHA ACADEMIES
    3500 EAST 28TH STREET
    MINNEAPOLIS,MN55406     		NONE PC GENERAL 75,000
    HOPE ACADEMY
    2300 CHICAGO AVE SO
    MINNEAPOLIS,MN55404     		NONE PC GENERAL 3,750
    GUTHRIE THEATER
    818 S 2ND STREET
    MINNEAPOLIS,MN55415     		NONE PC GENERAL 25,000
    KINGSWOOD COLLEGE
    BURTON ST
    GRAHAMSTOWN   6139
    SF     		NONE PC GENERAL 40,000
    Total .................................bullet 3a 18,435,006
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 12
    Part XV-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments ....          
    3 Interest on savings and temporary cash
    investments ...........     		    14 72,003  
    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 ............     		    14 9,948,140  
    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 19,940,463 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    19,940,463
    (See worksheet in line 13 instructions to verify calculations.)
    Part XV-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 13
    Part XVI
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

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


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


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description
    Schedule B
    (Form 990)
    Department of the Treasury
    Internal Revenue Service
    Schedule of Contributors

    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    Arrow Bullet Go to www.irs.gov/Form990 for the latest information.
    OMB No. 1545-0047
    2021
    Name of the organization
    WEM FOUNDATION
     
    Employer identification number

    41-1604640
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ






    Form 990-PF




    Check if your organization is covered by the General Rule or a Special Rule.  
    Note: Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
    General Rule
    Special Rules
    ......... Arrow Bullet $  
    Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
    990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
    or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
    990-EZ, or 990-PF).
    For Paperwork Reduction Act Notice, see the Instructions
    for Form 990, 990-EZ, or 990-PF.
    Cat. No. 30613XSchedule B (Form 990) (2021)
    Schedule B (Form 990) (2021) Page 2
    Name of organization
    WEM FOUNDATION
          		Employer identification number
    41-1604640
    Part I
    Contributors
    Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    1
    IRON 2003 CLAT
     
    PO BOX 5628
     
    MINNEAPOLIS, MN55440

    		$ 619,313


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    2
    IRON 2003 CLAT #2
     
    PO BOX 5628
     
    MINNEAPOLIS, MN55440

    		$ 573,862


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    3
    IRON 2005 CLAT
     
    PO BOX 5628
     
    MINNEAPOLIS, MN55440

    		$ 1,463,735


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    4
    IRON 2002 CLAT
     
    PO BOX 5628
     
    MINNEAPOLIS, MN55440

    		$ 2,269,558


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    5
    IRON 2010 CLAT
     
    2500 W 49TH STREET SUITE 203
     
    SIOUX FALLS, SD57105

    		$ 786,740


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    6
    W MACMILLAN JR 1992 TRUST
     
    PO BOX 5628
     
    MINNEAPOLIS, MN55440

    		$ 266,503


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990) (2021)
    Name of organization
    WEM FOUNDATION
          		Employer identification number
    41-1604640
    Part I
    Contributors
    Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    7
    ES MACMILLAN 1989 TRUST
     
    PO BOX 5628
     
    MINNEAPOLIS, MN55440

    		$ 430,461


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    8
    IRON 1995 NON-GST TRUST
     
    2500 W 49TH STREET SUITE 203
     
    SIOUX FALLS, SD57105

    		$ 19,506


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990) (2021)
    Schedule B (Form 990) (2021)
    Page 3
    Name of organization
    WEM FOUNDATION
          		Employer identification number

    41-1604640
    Part II
    Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    6
    		 450.0 SHARES ZEBRA TECHNOLOGY CORP $ 266,503  
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    7
    		 280 SHARES METTLER TOLEDO INTERNATIONAL $ 430,461  
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    Schedule B (Form 990) (2021)
    Schedule B (Form 990) (2021)
    Page 4
    Name of organization
    WEM FOUNDATION
          		Employer identification number

    41-1604640
    Part III
    Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
    Use duplicate copies of Part III if additional space is needed.
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    Schedule B (Form 990) (2021)
    Additional Data


    Software ID:  
    Software Version:  

    TY 2021 AccountingFeesSchedule
    Name:
    WEM FOUNDATION
    EIN:
    41-1604640
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 16,000 8,000   8,000

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

    TY 2021 DepreciationSchedule
    Name:
    WEM FOUNDATION
    EIN:
    41-1604640
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
    OFFICE FURNITURE 2019-10-25 12,292   200DB 7.000000000000 0 0    
    OFFICE FURNITURE 2019-11-22 5,394   200DB 7.000000000000 0 0    
    LAPTOP 2020-05-12 1,791   200DB 7.000000000000 0 0    
    OFFICE FURNITURE 2020-06-12 1,325   200DB 7.000000000000 0 0    
    OFFICE FURNITURE 2020-08-07 169   200DB 7.000000000000 0 0    
    OFFICE FURNITURE 2021-12-22 126   200DB 7.000000000000 126 0    

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

    TY 2021 ExpenditureResponsibilityStmt
    Name:
    WEM FOUNDATION
    EIN:
    41-1604640
    Grantee's Name Grantee's Address Grant Date Grant Amount Grant Purpose Amount Expended By Grantee Any Diversion By Grantee? Dates of Reports By Grantee Date of Verification Results of Verification
    KINGSWOOD COLLEGE
          		BURTON STREET
    GRAHAMSTOWN   6139
    SF     		2021-04-23 40,000 GENERAL OPERATING AND CURRENT SCHOLARSHIPS.   NONE 8/25/2022   KINGSWOOD HAS USED THE GRANT FUNDS RECEIVED FROM THE FOUNDATION, AND INCOME THEREON, ONLY FOR THE PURPOSES AND IN THE MANNER AGREED TO, AND HAVE NOT DIVERTED ANY PORTION OF THE FUNDS FOR ANY OTHER PURPOSE. SPECIFICALLY, GRANT FUNDS WERE USED TO PROVIDE ANNUAL SCHOLARSHIPS TO STUDENTS, TYPICALLY 8TH- 12TH GRADERS, WHO DISTINGUISH THEMSELVES IN ACADEMICS, SPORTS, OR A COMBINATION OF BOTH AND SHOW LEADERSHIP ABILITIES. IN 2021, KINGSWOOD USED THE ENTIRE GRANT OF $40,000 FOR SCHOLARSHIPS THAT WERE FOR TUITION AND GENERAL STUDIES.

    TY 2021 InvestmentsCorpStockSchedule
    Name:
    WEM FOUNDATION
    EIN:
    41-1604640
    Name of Stock End of Year Book Value End of Year Fair Market Value
    CARGILL, INC. 6,279 404,697,126

    TY 2021 InvestmentsOtherSchedule2
    Name:
    WEM FOUNDATION
    EIN:
    41-1604640
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    TAXABLE BOND FUND AT COST 37,365,632 37,452,546
    WW EXPORT LLC AT COST 36 0
    GLOBAL BOND FUND AT COST 17,407,011 16,940,215
    GLOBAL EQUITY FUND AT COST 49,197,771 70,918,743

    TY 2021 LegalFeesSchedule
    Name:
    WEM FOUNDATION
    EIN:
    41-1604640
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 3,815 1,907   1,908


    TY 2021 OtherDecreasesSchedule
    Name:
    WEM FOUNDATION
    EIN:
    41-1604640
    Description Amount
    UNREALIZED GAIN ON STOCK DONATION 651,492


    TY 2021 OtherExpensesSchedule
    Name:
    WEM FOUNDATION
    EIN:
    41-1604640
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EMPLOYEE EXPENSE REIMBURSEMENTS 991 0   0
    INSURANCE 4,853 0   0
    MISCELLANEOUS 8,491 0   0
    GLOBAL BOND FUND 261,630 261,630   0


    TY 2021 OtherIncomeSchedule2
    Name:
    WEM FOUNDATION
    EIN:
    41-1604640
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    GLOBAL EQUITY FUND 33,479 33,479 33,479
    OTHER INCOME - SERVICES FEE 10,000 10,000 10,000


    TY 2021 OtherProfessionalFeesSchedule
    Name:
    WEM FOUNDATION
    EIN:
    41-1604640
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    US BANK FEES 50 50   0
    INVESTMENT EXPENSES - TAXABLE BOND FUND 49,084 49,084   0
    INVESTMENT EXPENSES - GLOBAL BOND FUND 49,933 49,933   0
    INVESTMENT EXPENSES - GLOBAL EQUITY FUND 538,341 538,341   0


    TY 2021 TaxesSchedule
    Name:
    WEM FOUNDATION
    EIN:
    41-1604640
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FEDERAL TAXES 249,000 0   0
    PAYROLL TAXES 19,834 0   19,834
    FOREIGN TAXES - GLOBAL BOND FUND 8,725 8,725   0
    FOREIGN TAXES - GLOBAL EQUITY FUND 163,046 163,046   0