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

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2021
Open to Public Inspection
For calendar year 2021, or tax year beginning 01-01-2021 , and ending 12-31-2021
Name of foundation
ALLEGHANY FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)POST OFFICE BOX 1176
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
COVINGTON, VA24426
A Employer identification number

54-1027400
B Telephone number (see instructions)

(540) 962-0970
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$72,570,533J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 1,033,384 1,033,384  
5a Gross rents............ 1,660 1,660  
b Net rental income or (loss) -3,307
6a Net gain or (loss) from sale of assets not on line 10 6,943,652
b Gross sales price for all assets on line 6a 10,406,600
7 Capital gain net income (from Part IV, line 2)... 6,943,652
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 -37,088 145,762  
12 Total. Add lines 1 through 11........ 7,941,608 8,124,458  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 171,175 17,118   154,057
14 Other employee salaries and wages...... 109,515 18,483   91,032
15 Pension plans, employee benefits....... 67,111 8,543   58,568
16a Legal fees (attach schedule)......... Click to see attachment 11,714 2,343   9,371
b Accounting fees (attach schedule)....... Click to see attachment 42,476 24,160   18,316
c Other professional fees (attach schedule).... Click to see attachment 485,077 437,453   47,624
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 162,125 56,391   75
19 Depreciation (attach schedule) and depletion... 38,791 4,567  
20 Occupancy.............. 26,203 0   26,203
21 Travel, conferences, and meetings....... 38,073 3,807   34,266
22 Printing and publications.......... 13,949 0   13,949
23 Other expenses (attach schedule)....... Click to see attachment 60,245 400   59,845
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 1,226,454 573,265   513,306
25 Contributions, gifts, grants paid....... 2,710,948 1,794,771
26 Total expenses and disbursements. Add lines 24 and 25 3,937,402 573,265   2,308,077
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 4,004,206
b Net investment income (if negative, enter -0-) 7,551,193
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............. 433,873 234,243 234,243
2 Savings and temporary cash investments......... 250,879 250,877 250,877
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
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).......      
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).......... 51,001,667 Click to see attachment52,046,283 69,064,863
14 Land, buildings, and equipment: basis bullet1,435,392
Less: accumulated depreciation (attach schedule) bullet342,895 1,131,288 Click to see attachment1,092,497 1,092,497
15 Other assets (describe bullet) Click to see attachment2,403,109 Click to see attachment1,928,053 Click to see attachment1,928,053
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 55,220,816 55,551,953 72,570,533
Liabilities 17 Accounts payable and accrued expenses.......... 50,500  
18 Grants payable................. 1,469,316 2,385,493
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet) Click to see attachment167,145 Click to see attachment236,558
23 Total liabilities (add lines 17 through 22)......... 1,686,961 2,622,051
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........... 53,533,855 52,929,902
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds    
29 Total net assets or fund balances (see instructions)..... 53,533,855 52,929,902
30 Total liabilities and net assets/fund balances (see instructions). 55,220,816 55,551,953
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
53,533,855
2
Enter amount from Part I, line 27a .....................
2
4,004,206
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
57,538,061
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
4,608,159
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
52,929,902
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 FROM K-1: COMMONFUND CAPITAL - STCG P   2021-12-31
b FROM K-1: COMMONFUND CAPITAL - LTCG P   2021-12-31
c FROM K-1: COMMONFUND CAPITAL - 1231 GAIN P   2021-12-31
d FROM K-1: TRG FORESTRY FUND 8B - 1231 LOSS P   2021-12-31
e FROM K-1: PRIVATE ADVISORS SCBF III - STCL P   2021-12-31
FROM K-1: PRIVATE ADVISORS SCBF III - LTCG P   2021-12-31
FROM K-1: PRIVATE ADVISORS SCBF III - 1231 GAIN P   2021-12-31
FROM K-1: MIT PRIVATE EQUITY FUND II - STCG P   2021-12-31
FROM K-1: MIT PRIVATE EQUITY FUND II - LTCG P   2021-12-31
FROM K-1: MA INVESTORS FUND 1 - LTCG P   2021-12-31
FROM K-1: MA RESOURCES FUND 1 - LTCL P   2021-12-31
FROM K-1: TIFF SECONDARY PARTNERS II - STCL P   2021-12-31
FROM K-1: TIFF SECONDARY PARTNERS II - LTCG P   2021-12-31
FROM K-1: COLCHESTER GLOBAL BOND FUND - STCG P   2021-12-31
FROM K-1: COLCHESTER GLOBAL BOND FUND - LTCG P   2021-12-31
FROM K-1: MA ENDOWMENT PARTNERS, LP - STCG P   2021-12-31
FROM K-1: MA ENDOWMENT PARTNERS, LP - LTCL P   2021-12-31
FROM K-1: MA ENDOWMENT PARTNERS, LP - 1231 LOSS P   2021-12-31
FROM K-1: DRUM SPECIAL SITUATION PARTNERS IV-C, LP - LTCG P   2021-12-31
FROM K-1: GRYPHON PARTNERS V-A, LP - STCL P   2021-12-31
FROM K-1: GRYPHON PARTNERS V-A, LP - LTCG P   2021-12-31
FROM K-1: GRYPHON PARTNERS VI-A, LP - STCL P   2021-12-31
FROM K-1: ARDEN REAL ESTATE PARTNERS III, LP - LTCG P   2021-12-31
9,244.28 SH GLOBAL EQUITY FUND P   2021-12-31
26,572.188 SH TOTAL BOND MARKET INDEX ADM P   2021-12-31
P2 CAPITAL FUND, LTD. CLASS B SP 1 P   2021-12-31
IRONSIDES OFFSHORE DIRECT IV P   2021-12-31
STAR MOUNTAIN DIVERSIFIED CREDIT INCOME FUND III P   2021-12-31
CAPITAL GAINS DIVIDENDS P    
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 1,255     1,255
b     100,128 -100,128
c     2,756 -2,756
d     435 -435
e 1,063     1,063
    39,111 -39,111
    2,392 -2,392
    34 -34
102,712     102,712
    36,486 -36,486
    500 -500
    6 -6
    3,665 -3,665
1,100     1,100
6,839     6,839
935,786     935,786
3,790,975     3,790,975
600     600
191,481     191,481
6     6
83     83
33     33
2,704     2,704
4,265,400   2,947,426 1,317,974
300,000   291,090 8,910
93,530   38,919 54,611
1,852     1,852
1,608     1,608
709,573     709,573
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       1,255
b       -100,128
c       -2,756
d       -435
e       1,063
      -39,111
      -2,392
      -34
      102,712
      -36,486
      -500
      -6
      -3,665
      1,100
      6,839
      935,786
      3,790,975
      600
      191,481
      6
      83
      33
      2,704
      1,317,974
      8,910
      54,611
      1,852
      1,608
      709,573
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 6,943,652
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........................... 3 104,962
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- ..... 5 104,962
6 Credits/Payments:
a 2021 estimated tax payments and 2020 overpayment credited to 2021 6a 60,808
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 60,000
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 120,808
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 737
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 15,109
11 Enter the amount of line 10 to be: Credited to 2022 estimated taxBullet15,109 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)
    bulletVA
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2021 or the taxable year beginning in 2021? See the instructions for Part XIII.
    If "Yes," complete Part XIII .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 5
    Part VI-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletWWW.ALLEGHANYFOUNDATION.ORG
    14
    The books are in care ofbulletMARY FANT DONNAN Telephone no.bullet (540) 962-0970

    Located atbulletPO BOX 1176COVINGTONVA ZIP+4bullet24426
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2021, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16   No
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet
    Part VI-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
    1a(1)
     
    No
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person? ..............................
    1a(2)
     
    No
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
    1a(3)
     
    No
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
    1a(4)
    Yes
     
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)? ......................
    1a(5)
     
    No
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.) ...............
    1a(6)
     
    No
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
    1b
     
    No
    c
    ........bullet
    d
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2021? .............
    1d
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2021, did the foundation have any undistributed income (lines 6d
    and 6e, Part XII) for tax year(s) beginning before 2021?....................
    2a
     
    No
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year? ..............................
    3a
     
    No
    b
    If "Yes," did it have excess business holdings in 2021 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2021.) .....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2021? ..
    4b
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 6
    Part VI-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
    5a(1)
     
    No
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive? ....................
    5a(2)
     
    No
    (3) Provide a grant to an individual for travel, study, or other similar purposes? .............
    5a(3)
     
    No
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions ........................
    5a(4)
     
    No
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals? .............
    5a(5)
     
    No
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
    5b
     
     
    c
    .........bullet
    d
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant? .................
    5d
     
     
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract? .............................
    6a
     
    No
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    7a
     
    No
    b
    If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .........................
    8
     
    No
    Part VII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    MARY FANT DONNAN EXECUTIVE DIRECTOR
    40.00     		171,175 36,415 550
    206 GILPIN AVENUE
    COVINGTON,VA24426
    SUSAN W ROLLINSON PHD BOARD PRESIDENT (BEG JULY 2021)
    1.00     		0 0 0
    900 MORRIS HOLLOW ROAD
    CLIFTON FORGE,VA24422
    R MEADE SNYDER DIRECTOR (PRIOR BOARD PRESIDENT)
    1.00     		0 0 0
    PO BOX 6
    WARM SPRINGS,VA24484
    KELLY DEAN MADSEN SECRETARY/ TREASURER (BEG JULY 2021)
    1.00     		0 0 0
    500 COMMERICAL AVENUE
    CLIFTON FORGE,VA24422
    JANIE D BARNETTE DIRECTOR
    1.00     		0 0 0
    721 INGALLS STREET
    CLIFTON FORGE,VA24422
    BRANDON S CALDWELL DIRECTOR
    1.00     		0 0 0
    1312 HAMILTON AVE
    CLIFTON FORGE,VA24422
    DR DAVID E CRANDALL DIRECTOR
    1.00     		0 0 0
    901 MCCORMICK BLVD
    CLIFTON FORGE,VA24422
    JAMES R ELLER DIRECTOR
    1.00     		0 0 0
    1201 CRESTWOOD AVENUE
    CLIFTON FORGE,VA24422
    JACK A HAMMOND II DIRECTOR
    1.00     		0 0 0
    PO BOX 306
    IRON GATE,VA24481
    TERESA B JOHNSON DIRECTOR
    1.00     		0 0 0
    102 MAPLE LANE
    COVINGTON,VA24426
    LISA H SCHOPPMEYER DIRECTOR
    1.00     		0 0 0
    105 PIONEER ROAD
    COVINGON,VA24426
    MARTHA M ATHERHOLT DIRECTOR (PRIOR TO JULY 2021)
    1.00     		0 0 0
    1123 LOCUST BOTTOM ROAD
    EAGLE ROCK,VA24085
    DR MICHELE BALLOU DIRECTOR EMERITUS
    0.00     		0 0 0
    521 THORTON AVENUE
    CLIFTON FORGE,VA24422
    JACK A HAMMOND DIRECTOR EMERITUS
    0.00     		0 0 0
    PO BOX 306
    IRON GATE,VA24481
    HARRISON L FRIDLEY DIRECTOR EMERITUS
    0.00     		0 0 0
    11 SIXTY WEST DRIVE
    LEXINGTON,VA24450
    CHARLES W KAHLE DIRECTOR EMERITIS
    0.00     		0 0 0
    1235 CRESTWOOD DRIVE
    CLIFTON FORGE,VA24422
    GEORGE J KOSTEL DIRECTOR EMERITUS
    0.00     		0 0 0
    3113 LONGDALE FURNACE ROAD
    CLIFTON FORGE,VA24422
    DR LEO T MULCAHY DIRECTOR EMERITUS
    1.00     		0 0 0
    400 PINEY RIDGE ROAD
    COVINGTON,VA24426
    GEORGE C SNEAD JR DIRECTOR EMERITUS
    1.00     		0 0 0
    953 INGALLS STREET
    CLIFTON FORGE,VA24422
    JAMES D SNYDER DIRECTOR EMERITUS
    0.00     		0 0 0
    PO DRAWER 635
    CLIFTON FORGE,VA24422
    LYNDA THOMPSON DIRECTOR EMERITUS
    0.00     		0 0 0
    309 CLEARWATER DRIVE
    COVINGTON,VA24426
    ANNE L WRIGHT DIRECTOR EMERITIS
    0.00     		0 0 0
    1414 COVE CREEK ROAD
    COVINGTON,VA24426
    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
    MANGHAM ASSOCIATES INVESTMENT ADVISORY SERVICES 107,750
    630 PETER JEFFERSON PARKWAY SUITE
    250
    CHARLOTTESVILLE,VA22911
    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 N/A - THE FOUNDATION DOES NOT ACTIVELY CONDUCT CHARITABLE ACTIVITIES ITSELF, BUT RATHER FUNDS OTHER ORGANIZATIONS THAT DO. 0
    2  
    3  
    4  
    Part VIII-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1 NONE 0
    2  
    All other program-related investments. See instructions.
    3 Click to see attachment 0
    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
    67,996,729
    b
    Average of monthly cash balances.......................
    1b
    677,145
    c
    Fair market value of all other assets (see instructions)................
    1c
    2,093,684
    d
    Total (add lines 1a, b, and c).........................
    1d
    70,767,558
    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
    70,767,558
    4
    Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
    instructions) .............................
    4
    1,061,513
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. .......
    5
    69,706,045
    6
    Minimum investment return. Enter 5% (0.05) of line 5................
    6
    3,485,302
    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
    3,485,302
    2a
    Tax on investment income for 2021 from Part V, line 5.......
    2a
    104,962
    b
    Income tax for 2021. (This does not include the tax from Part V.) ...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    104,962
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    3,380,340
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    3,380,340
    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
    3,380,340
    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 3,380,340
    2 Undistributed income, if any, as of the end of 2021:
    a Enter amount for 2020 only....... 372,550
    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: bullet$ 2,308,077
    a Applied to 2020, but not more than line 2a 372,550
    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..... 1,935,527
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2021. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2021. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2022 ..........     		1,444,813
    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)
    Form 990-PF (2021)
    Page 10
    Part XIII
    Private Operating Foundations (see instructions and Part VI-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2021, enter the date of the ruling ....... bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2021 (b) 2020 (c) 2019 (d) 2018
             
    b 85% (0.85) of line 2a .........          
    c Qualifying distributions from Part XI,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part IX, line 6 for each year listed ..     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XIV
    Supplementary Information (Complete this part only if the foundation had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
    MARY FANT DONNAN EXECUTIVE DIRECTOR
    POST OFFICE BOX 1176
    COVINGTON,VA24426
    (540) 962-0970
    bThe form in which applications should be submitted and information and materials they should include:
    SEE STATEMENT 16 ELIGIBILITY CRITERIA: THE ALLEGHANY FOUNDATION IS ORGANIZED FOR CHARITABLE PURPOSES, AND GRANTS ARE AWARDED TO ORGANIZATIONS WHICH ARE TAX-EXEMPT UNDER THE IRS SECTION 501(C)(3) AND ARE NOT PRIVATE FOUNDATIONS AS DESCRIBED UNDER SECTION 509(A) AS WELL AS TO QUALIFYING POLITICAL SUBDIVISIONS. PRIORITY IS GIVEN TO ORGANIZATIONS SERVING THE ALLEGHANY COUNTY, COVINGTON, AND CLIFTON FORGE AREAS WITH AN EMPHASIS ON NEW AND DIFFERENT ENDEAVORS TO IMPROVE THE COMMUNITY'S QUALITY OF LIFE. ALTHOUGH THE FOUNDATION HAS NOT ESTABLISHED INFLEXIBLE LIMITATIONS UPON THE PURPOSES FOR WHICH IT WILL AWARD GRANTS, IN GENERAL, GRANTS WILL NOT BE MADE FOR DEBT REDUCTION, ENDOWMENT FUNDS, OR ONGOING GENERAL OPERATING EXPENSES OR EXISTING DEFICITS. WHEREAS THE ALLEGHANY FOUNDATION PLACES A PRIORITY ON PROJECT-SUPPORT, THERE ARE TIMES WHEN GENERAL OPERATING SUPPORT IS DEEMED CRITICAL TO SUSTAIN NON-PROFITS IN THE REGION. THUS, GENERAL OPERATING SUPPORT IS CONSIDERED ON A CASE BY CASE BASIS.
    cAny submission deadlines:
    APPLICATIONS ARE ACCEPTED YEAR-ROUND.
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    GRANTS ARE GENERALLY AWARDED ONLY TO ORGANIZATIONS WITHIN THE FOUNDATION'S GEOGRAPHIC AREA (ALLEGHANY COUNTY, CLIFTON FORGE & COVINGTON AREAS). GRANTS ARE NOT MADE TO INDIVIDUALS OR RELIGIOUS ORGANIZATIONS.
    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
    ALLEGHANY HIGHLANDS ARTS & CRAFTS CENTER
    PO BOX 273
    CLIFTON FORGE,VA24422     		NONE 509(A)(1) PUBLIC CHA FUNDRAISING MATCH 33,773
    ALLEGHANY HIGHLANDS ARTS COUNCIL
    111 N LEXINGTON AVENUE
    COVINGTON,VA24426     		NONE 509(A)(1) PUBLIC CHA 2020 NAVIGATING THE NEW NORMAL 30,500
    ALLEGHANY HIGHLANDS CHAMBER OF COMMERCE AND TOURISM
    110 MALL ROAD
    COVINGTON,VA24426     		NONE 509(A)(1) PUBLIC CHA VISION 2025 - GARDENS WORKING GROUP (CONTINUED) 11
    ALLEGHANY HIGHLANDS CHAMBER OF COMMERCE AND TOURISM
    110 MALL ROAD
    COVINGTON,VA24426     		NONE 509(A)(1) PUBLIC CHA RECRUITMENT, RETENTION & PROMOTION FOR THE ALLEGHANY HIGHLANDS 1,618
    ALLEGHANY HIGHLANDS CHAMBER OF COMMERCE AND TOURISM
    110 MALL ROAD
    COVINGTON,VA24426     		NONE 509(A)(1) PUBLIC CHA LIVE HERE WORK/ANYWHERE CAMPAIGN 48,175
    ALLEGHANY HIGHLANDS CHAMBER OF COMMERCE AND TOURISM
    110 MALL ROAD
    COVINGTON,VA24426     		NONE 509(A)(1) PUBLIC CHA OPERATIONAL FUNDS & PROGRAM SUPPORT 60,727
    ALLEGHANY HIGHLANDS CHAMBER OF COMMERCE AND TOURISM
    110 MALL ROAD
    COVINGTON,VA24426     		NONE 509(A)(1) PUBLIC CHA TOURISM MARKETING OF THE ALLEGHANY HIGHLANDS 2020-2022 75,605
    ALLEGHANY HIGHLANDS ECONOMIC DEVELOPMENT CORPORATION
    9212 WINTERBERRY AVENUE
    COVINGTON,VA24426     		NONE 509(A)(1) PUBLIC CHA EXECUTIVE DIRECTOR & PROJECT SUPPORT POSITIONS 229
    ALLEGHANY HIGHLANDS YMCA
    101 YMCA WAY
    COVINGTON,VA24426     		NONE 509(A)(1) PUBLIC CHA 2020-2022 DOLLY PARTON IMAGINATION LIBRARY PROGRAM 15,302
    ALLEGHANY HIGHLANDS YMCA
    101 YMCA WAY
    COVINGTON,VA24426     		NONE 509(A)(1) PUBLIC CHA 2021 ANNUAL CAMPAIGN MATCH 50,000
    ALLEGHANY HIGHLANDS YMCA
    101 YMCA WAY
    COVINGTON,VA24426     		NONE 509(A)(1) PUBLIC CHA STREAMIN3 IMPLEMENTATION 62,542
    ALLEGHANY HIGHLANDS YMCA
    101 YMCA WAY
    COVINGTON,VA24426     		NONE 509(A)(1) PUBLIC CHA EARLY LEARNING PROGRAM FINANCIAL ASSISTANCE 108,483
    ALLEGHANY HISTORICAL SOCIETY
    P O BOX 384
    COVINGTON,VA24426     		NONE 509(A)(1) PUBLIC CHA ALLEGHANY HIGHLANDS INDUSTRIAL HERITAGE AND TECHNOLOGY DISCOVERY CENTER 31,357
    BATH COUNTY COMMUNITY HOSPITAL
    PO DRAWER Z
    HOT SPRINGS,VA24445     		NONE 509(A)(1) PUBLIC CHA BATH COMMUNITY PHYSICIANS GROUP COVINGTON FACILITY EXPANSION - MONROE AVENUE 9,055
    GARTH NEWEL MUSIC CENTER
    PO BOX 240
    WARM SPRINGS,VA24484     		NONE 509(A)(1) PUBLIC CHA ALLEGHENY MOUNTAIN STRING PROJECT 9,790
    JACKSON RIVER ENTERPRISES
    825 WEST EDGEMONT DRIVE
    COVINGTON,VA24426     		NONE 509(A)(1) PUBLIC CHA JRE DAY SUPPORT INITIATIVE & EXPANDED COMMUNITY SUPPORT 3,300
    THE CLIFTON FORGE COMPANY
    PO BOX 406
    CLIFTON FORGE,VA24422     		NONE 509(A)(1) PUBLIC CHA CLIFTON FORGE SCHOOL OF THE ARTS MILL RENOVATION PROJECT 44,967
    THE MASONIC THEATRE PRESERVATION FOUNDATION
    PO BOX 119
    CLIFTON FORGE,VA24422     		NONE 509(A)(1) PUBLIC CHA OPERATIONAL/RELIEF FUNDING UNDER COVID-19 RESTRICTIONS 16,638
    THE MASONIC THEATRE PRESERVATION FOUNDATION
    PO BOX 119
    CLIFTON FORGE,VA24422     		NONE 509(A)(1) PUBLIC CHA OPERATING SUPPORT FOR REMAINING TAX CREDIT COMPLIANCE PERIOD & 2022 160,000
    TOWN OF CLIFTON FORGE
    PO BOX 631
    CLIFTON FORGE,VA24422     		NONE 509(A)(1) GOVERNMENT VISION 2025 - CORRIDOR CURB APPEAL WORKING GROUP (CONTINUED) 2,320
    ALLEGHANY COUNTY PUBLIC SCHOOLS
    PO DRAWER 140
    LOW MOOR,VA24457     		NONE 509(A)(1) GOVERNMENT JOINT SCHOOL CONSOLIDATION IMPLEMENTATION PLANNING 75,000
    ALLEGHANY HIGHLANDS CHAMBER OF COMMERCE AND TOURISM
    110 MALL ROAD
    COVINGTON,VA24426     		NONE 509(A)(1) PUBLIC CHA INCENTIVES FOR RELOCATION CAMPAIGN 32,378
    ALLEGHANY HIGHLANDS COMMUNITY SERVICES BOARD FOUNDATION
    205 E HAWTHORNE STREET
    COVINGTON,VA24426     		NONE 509(A)(1) PUBLIC CHA ADULT DRUG TREATMENT PROGRAM 790
    ALLEGHANY HIGHLANDS YMCA
    101 YMCA WAY
    COVINGTON,VA24426     		NONE 509(A)(1) PUBLIC CHA STREAMIN3 229,641
    ALLEGHANY HIGHLANDS YMCA
    101 YMCA WAY
    COVINGTON,VA24426     		NONE 509(A)(1) PUBLIC CHA EARLY LEARNING FINANCIAL ASSISTANCE 38,426
    ALLEGHANY HIGHLANDS YMCA
    101 YMCA WAY
    COVINGTON,VA24426     		NONE 509(A)(1) PUBLIC CHA EMERGENCY COVID RELIEF 53,612
    ALLEGHANY HISTORICAL SOCIETY
    PO BOX 384
    COVINGTON,VA24426     		NONE 509(A)(1) GOVERNMENT ALLEGHANY HIGHLANDS INDUSTRIAL HERITAGE AND TECHNOLOGY DISCOVERY CENTER RENOVATION COMPLETION 87,669
    BLUE RIDGE LEGAL SERVICES
    PO BOX 551
    HARRISONBURG,VA22802     		NONE 509(A)(1) PUBLIC CHA IMPROVING ACCESS TO CIVIL LEGAL ASSISTANCE FOR LOW-INCOME RESIDENTS OF THE ALLEGHANY HIGHLANDS 3,750
    CITY OF COVINGTON
    333 W LOCUST STREET
    COVINGTON,VA24426     		NONE 509(A)(1) GOVERNMENT REVITALIZATION PROPERTY MAINTENANCE FUNDS 15,000
    GARTH NEWEL MUSIC CENTER
    PO BOX 240
    WARM SPRINGS,VA24484     		NONE 509(A)(1) PUBLIC CHA ALLEGHENY MOUNTAIN STRING PROJECT 3,535
    INDUSTRIAL DEVELOPMENT AUTHORITY OF COVINGTON-ALLEGHANY COUNTY VIRGINIA
    9212 WINTERBERRY AVENUE
    COVINGTON,VA24426     		NONE 509(A)(1) GOVERNMENT DOWNTOWN REVITALIZATION PROPERTY DEVELOPMENT - 410 WEST MAIN STREET 271,500
    SPECIAL OLYMPICS - AREA 18
    260 SHILOH CHURCH RD
    EAGLE ROCK,VA24085     		NONE 509(A)(1) PUBLIC CHA BUS INSURANCE AND EQUIPMENT STORAGE 7,664
    THE ADVANCEMENT FOUNDATION
    1000 DABNEY DRIVE
    CLIFTON FORGE,VA24422     		NONE 509(A)(1) PUBLIC CHA THE ALLEGHANY HIGHLANDS GAUNTLET 2021 42,969
    THE MASONIC THEATRE PRESERVATION FOUNDATION
    PO BOX 119
    CLIFTON FORGE,VA24422     		NONE 509(A)(1) PUBLIC CHA STAFFING OPERATIONS 168,445
    Total .................................bullet 3a 1,794,771
    bApproved for future payment
    ALLEGHANY COUNTY PUBLIC SCHOOLS
    PO DRAWER 140
    LOW MOOR,VA24457     		NONE 509(A)(1) GOVERNMENT JOINT SCHOOL CONSOLIDATION IMPLEMENTATION PLANNING 25,000
    ALLEGHANY HIGHLANDS ARTS & CRAFTS CENTER
    PO BOX 273
    CLIFTON FORGE,VA24422     		NONE 509(A)(1) PUBLIC CHA MATCHING GENERAL OPERATING SUPPORT 45,000
    ALLEGHANY HIGHLANDS CHAMBER OF COMMERCE AND TOURISM
    110 MALL ROAD
    COVINGTON,VA24426     		NONE 509(A)(1) PUBLIC CHA INCENTIVES FOR RELOCATION CAMPAIGN 402,322
    ALLEGHANY HIGHLANDS CHAMBER OF COMMERCE AND TOURISM
    110 MALL ROAD
    COVINGTON,VA24426     		NONE 509(A)(1) PUBLIC CHA OPERATIONAL FUNDS & PROGRAM SUPPORT 2021-2024 30,000
    ALLEGHANY HIGHLANDS COMMUNITY SERVICES BOARD FOUNDATION
    205 E HAWTHORNE STREET
    COVINGTON,VA24426     		NONE 509(A)(1) PUBLIC CHA ADULT DRUG TREATMENT PROGRAM 43,540
    ALLEGHANY HIGHLANDS COMMUNITY SERVICES BOARD FOUNDATION
    205 E HAWTHRONE STREET
    COVINGTON,VA24426     		NONE 509(A)(1) PUBLIC CHA MOODY BUILDING ROOF REPLACEMENT PROJECT 234,165
    ALLEGHANY HIGHLANDS YMCA
    101 YMCA WAY
    COVINGTON,VA24426     		NONE 509(A)(1) PUBLIC CHA EARLY LEARNING FINANCIAL ASSISTANCE 65,118
    ALLEGHANY HIGHLANDS YMCA
    101 YMCA WAY
    COVINGTON,VA24426     		NONE 509(A)(1) PUBLIC CHA EMERGENCY COVID RELIEF 138,240
    ALLEGHANY HISTORICAL SOCIETY
    PO BOX 384
    COVINGTON,VA24426     		NONE 509(A)(1) GOVERNMENT ALLEGHANY HIGHLANDS INDUSTRIAL HERITAGE AND TECHNOLOGY DISCOVERY CENTER RENOVATION COMPLETION 207,526
    BLUE RIDGE LEGAL SERVICES
    PO BOX 551
    HARRISONBURG,VA22802     		NONE 509(A)(1) PUBLIC CHA IMPROVING ACCESS TO CIVIL LEGAL ASSISTANCE FOR LOW-INCOME RESIDENTS OF THE ALLEGHANY HIGHLANDS 750
    CITY OF COVINGTON
    333 W LOCUST STREET
    COVINGTON,VA24426     		NONE 509(A)(1) GOVERNMENT REVITALIZATION PROPERTY MAINTENANCE FUNDS 85,000
    CITY OF COVINGTON
    333 W LOCUST STREET
    COVINGTON,VA24426     		NONE 509(A)(1) GOVERNMENT ENGINEERING STUDY FOR CONSOLIDATED SPORTS FACILITIES 134,314
    COVINGTON CITY PUBLIC SCHOOLS
    304 E WALNUT STREET
    COVINGTON,VA24426     		NONE 509(A)(1) GOVERNMENT JOINT SCHOOL COMMUNICATIONS SPECIALIST 313,543
    GARTH NEWEL MUSIC CENTER
    PO BOX 240
    WARM SPRINGS,VA24484     		NONE 509(A)(1) PUBLIC CHA ALLEGHENY MOUNTAIN STRING PROJECT 6,465
    RECTOR & VISITORS OF THE UNIVERSITY OF VIRGINIA
    PO BOX 400195
    CHARLOTTESVILLE,VA22904     		NONE 509(A)(1) PUBLIC CHA HIGH SCHOOL COLLEGE ADVISERS 45,000
    THE ADVANCEMENT FOUNDATION
    1000 DABNEY DRIVE
    CLIFTON FORGE,VA24422     		NONE 509(A)(1) PUBLIC CHA THE ALLEGHANY HIGHLANDS GAUNTLET 2021 3,331
    THE MASONIC THEATRE PRESERVATION FOUNDATION
    PO BOX 119
    CLIFTON FORGE,VA24422     		NONE 509(A)(1) PUBLIC CHA STAFFING OPERATIONS 27,055
    Total .................................bullet 3b 1,806,369
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 12
    Part XV-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments ....          
    3 Interest on savings and temporary cash
    investments ...........     		         
    4 Dividends and interest from securities ....          
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....     16 -3,307  
    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 6,943,652  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aINCOME FROM PASSTHROUGHS     		    14 145,762  
    bLOSS FROM PASSTHROUGHS (UBIT) 523000 -182,850      
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e) .. -182,850 8,119,491 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    7,936,641
    (See worksheet in line 13 instructions to verify calculations.)
    Part XV-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 13
    Part XVI
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

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


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


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2021 AccountingFeesSchedule
    Name:
    ALLEGHANY FOUNDATION
    EIN:
    54-1027400
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 42,476 24,160   18,316

    TY 2021 AllOthProgRltdInvestmentsSch
    Name:
    ALLEGHANY FOUNDATION
    EIN:
    54-1027400
    Category Amount
    NONE 0

    TY 2021 GeneralExplanationAttachment
    Name:
    ALLEGHANY FOUNDATION
    EIN:
    54-1027400
    Identifier Return Reference Explanation
    RECONCILIATION OF GRANTS PAID TO EXPENSE FORM 990-PF, PART I, LINE 25 TOTAL GRANTS PAID (NET), CASH BASIS 1,794,771LESS: GRANTS PAID IN CURRENT YEAR, ACCRUED IN PY -764,392ADD: GRANTS AUTHORIZED IN CURRENT YEAR, BUT UNPAID 1,806,369LESS: CURRENT NET MODIFICATIONS TO PY ACCRUED GRANTS -125,800 -----------GRANT EXPENSE, ACCRUAL BASIS 2,710,948

    TY 2021 InvestmentsOtherSchedule2
    Name:
    ALLEGHANY FOUNDATION
    EIN:
    54-1027400
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    LTD PARTNERSHIP INTEREST - ALPINVEST CO-INVESTMENT PARTNERS VIII AT COST 284,512 282,991
    LTD PARTNERSHIP INTEREST - ARDEN REAL ESTATE PARTNERS III AT COST 828,284 1,113,074
    LTD PARTNERSHIP INTEREST - CCP IRONSIDES CO-INVESTMENT FUND VI AT COST 822,501 937,727
    LTD PARTNERSHIP INTEREST - COLCHESTER GLOBAL BOND AT COST 1,288,793 891,183
    LTD PARTNERSHIP INTEREST - COMMONFUND CNRP AT COST 371,397 409,422
    LTD PARTNERSHIP INTEREST - DRUM SPECIAL SITUATION PARTNERS IV-C LP AT COST 235,435 1,068,552
    LTD PARTNERSHIP INTEREST - GRYPHON PARTNERS V-A, LP AT COST 786,742 1,344,947
    LTD PARTNERSHIP INTEREST - GRYPHON PARTNERS VI, LP AT COST 210,325 242,578
    LTD PARTNERSHIP INTEREST - HUDSON VALLEY PRESERVATION FUND II AT COST 751,028 810,928
    LTD PARTNERSHIP INTEREST - IRONSIDES OFFSHORE DIRECT INVESTMENT FUND IV, LP AT COST 538,445 925,015
    LTD PARTNERSHIP INTEREST - IRONSIDES OFFSHORE DIRECT INVESTMENT FUND V, LP AT COST 722,197 1,543,008
    LTD PARTNERSHIP INTEREST - KCB REAL ESTATE VII, LP AT COST 730,000 704,295
    LTD PARTNERSHIP INTEREST - LLR PARTNERS VI AT COST 487,406 497,821
    LTD PARTNERSHIP INTEREST - MA ENDOWMENT PARTNERS AT COST 21,942,830 35,891,932
    LTD PARTNERSHIP INTEREST - MA INVESTORS FUND AT COST 1,598,969 934,967
    LTD PARTNERSHIP INTEREST - MA RESOURCES FUND AT COST 664,989 29,812
    LTD PARTNERSHIP INTEREST - MIT PRIVATE EQUITY FUND II LP AT COST 114,038 34,734
    LTD PARTNERSHIP INTEREST - P2 CAPITAL SERIES A AT COST 104,938 236,422
    LTD PARTNERSHIP INTEREST - PARTNERS GROUP PRIVATE EQUITY FUND II AT COST 1,300,000 1,618,090
    LTD PARTNERSHIP INTEREST - PRIVATE ADVISORS SMALL CO. BUYOUT FUND III AT COST 189,038 123,044
    LTD PARTNERSHIP INTEREST - PROPERTY HOLDINGS IV LLC AT COST 455,005 854,444
    LTD PARTNERSHIP INTEREST - SSGA REAL ASSETS AT COST 1,900,000 1,940,323
    LTD PARTNERSHIP INTEREST - STAR MOUNTAIN DIVERSIFIED CREDIT INCOME FUND III AT COST 697,083 722,718
    LTD PARTNERSHIP INTEREST - STAR MOUNTAIN DIVERSIFIED SMALL BUSINESS ACCESS AT COST 281,644 356,755
    LTD PARTNERSHIP INTEREST - TIFF SECONDARY PARTNERS II LLC AT COST 249,067 101,451
    LTD PARTNERSHIP INTEREST - TRG FORESTRY 8-B AT COST 19,685 9,999
    LTD PARTNERSHIP INTEREST - WIND POINT PARTNERS IX-B AT COST 533,122 675,522
    MUTUAL FUND - COHEN AND STEERS GLOBAL INFRA CL I AT COST 1,970,158 2,160,176
    MUTUAL FUND - VANGUARD FEDERAL MMF AT COST 159,049 159,049
    MUTUAL FUND - VANGUARD SHORT TERM BOND FUND AT COST 3,314,579 3,311,718
    MUTUAL FUND - VANGUARD GLOBAL EQUITY FUND AT COST 6,786,695 7,388,708
    MUTUAL FUND - VANGUARD TOTAL BOND MARKET FUND AT COST 1,708,329 1,743,458

    TY 2021 LandEtcSchedule2
    Name:
    ALLEGHANY FOUNDATION
    EIN:
    54-1027400
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    BUILDING - 214 W. MAIN ST 200,848 48,957 151,891 151,891
    ASSESSMENT AND ENGINEERING COST 3,700 902 2,798 2,798
    2013 RENOVATIONS AND IMPROVEMEN 500,971 101,238 399,733 399,733
    SITEWORK AT NEW LOCATION 65,427 26,443 38,984 38,984
    CABINETS FOR NEW BUILDING 12,998 2,275 10,723 10,723
    LANDSCAPING 4,196 1,573 2,623 2,623
    LANDSCAPING-PARKING LOT 2,700 956 1,744 1,744
    FINAL WORK FOR NEW BUILDING 14,776 2,894 11,882 11,882
    ELECTRIC OVEN 1,106 765 341 341
    WATER HEATER AND SEWER LINE 7,213 4,568 2,645 2,645
    FACADE AND BUILDING IMPROVEMENT 313,054 32,610 280,444 280,444
    HEATING AND COOLING UNIT 8,600 1,792 6,808 6,808
    RENTAL PROPERTY- FACADE AND BUI 91,331 9,514 81,817 81,817
    REMAINDER ON SUITE 2 DOOR INSTA 9,800 1,878 7,922 7,922
    CONSTRUCTION ON SUITE 2 57,300 2,746 54,554 54,554
    HVAC FOR SUITE 2 7,200 690 6,510 6,510
    LAND 20,000 0 20,000 20,000
    DESK(EXECUTIVE) 1,308 1,308 0  
    DESK(SECRETARY) 1,118 1,118 0  
    RETURN-2 FILE LH(SECRETARY) 696 696 0  
    CHAIR(1OF2 BURGANDY) 572 572 0  
    ARM CHAIR(ROBENS OFFICE) 758 758 0  
    ARM CHAIR(ROBENS OFFICE) 724 724 0  
    DESKTOP CMPTR, PRNTR & L(KIM TH 1,228 1,228 0  
    LAPTOP COMPUTER(INTERN) 583 583 0  
    HP LASERJET PRINTER(INTERN) 202 202 0  
    OFFICE FURNITURE(2 INTERN DESKS 1,953 1,953 0  
    ADT-HARDWARE PORTION ONLY 1,685 1,685 0  
    NEW BOARD TABLE 12,259 6,606 5,653 5,653
    WALL DECORATIONS 1,700 1,700 0  
    NEW PHONE SYSTEM 4,434 4,434 0  
    NEW OFFICE FURNITURE-MELANIE 3,484 3,484 0  
    NEW OFFICE FURNITURE-CATHERINE 5,506 5,506 0  
    NEW OFFICE FURNITURE-MARY 8,539 8,539 0  
    FILE CABINETS 7,996 7,996 0  
    BOARD CHAIRS 9,762 9,762 0  
    TWO LOBBY CHAIRS 1,053 1,053 0  
    NOTEBOOK AND DOCKING STATION-BO 1,030 1,030 0  
    NEW COMPUTER AND ACCESSORIES-ME 1,416 1,416 0  
    NEW COMPUTER AND ACCESSORIES-MA 1,462 1,462 0  
    ROPHO COPIER 10,777 10,777 0  
    VARIOUS ITEMS FOR NEW BOARD ROO 22,767 22,767 0  
    NEW COMPUTER AND ACCESSORIES-CA 2,753 2,431 322 322
    DESKTOP BACK OFFICE HP PRODESK 735 306 429 429
    INTERN-HP PROBOOK 450 #1 756 315 441 441
    INTERN-HP PROBOOK 450-2 756 315 441 441
    NEW SERVER 6,160 2,368 3,792 3,792


    TY 2021 LegalFeesSchedule
    Name:
    ALLEGHANY FOUNDATION
    EIN:
    54-1027400
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 11,714 2,343   9,371


    TY 2021 OtherAssetsSchedule
    Name:
    ALLEGHANY FOUNDATION
    EIN:
    54-1027400
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    TAX REFUNDS RECEIVABLE 76,109 39,863 39,863
    PROCEEDS RECEIVABLE 2,055,500 1,888,190 1,888,190
    BUILDING HELD FOR GRANTEE 271,500    


    TY 2021 OtherDecreasesSchedule
    Name:
    ALLEGHANY FOUNDATION
    EIN:
    54-1027400
    Description Amount
    NET TIMING DIFFERENCES FROM INVESTMENTS IN LIMITED PARTNERSHIPS 4,608,159


    TY 2021 OtherExpensesSchedule
    Name:
    ALLEGHANY FOUNDATION
    EIN:
    54-1027400
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INSURANCE 4,669 0   4,669
    OFFICE EXPENSES 53,738 0   53,738
    PUBLIC RELATIONS 1,438 0   1,438
    REPAIRS 400 400   0


    TY 2021 OtherIncomeSchedule2
    Name:
    ALLEGHANY FOUNDATION
    EIN:
    54-1027400
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    INCOME FROM PASSTHROUGHS 145,762 145,762 145,762
    LOSS FROM PASSTHROUGHS (UBIT) -182,850   -182,850


    TY 2021 OtherLiabilitiesSchedule
    Name:
    ALLEGHANY FOUNDATION
    EIN:
    54-1027400
    Description Beginning of Year - Book Value End of Year - Book Value
    DEFERRED TAX LIABILITY 167,145 236,558


    TY 2021 OtherProfessionalFeesSchedule
    Name:
    ALLEGHANY FOUNDATION
    EIN:
    54-1027400
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT FEES & EXPENSES 437,453 437,453   0
    CONSULTING FEES 47,624 0   47,624


    TY 2021 TaxesSchedule
    Name:
    ALLEGHANY FOUNDATION
    EIN:
    54-1027400
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FEDERAL EXCISE & INCOME TAX NET BENEFIT 105,659 0   0
    FOREIGN TAXES 56,391 56,391   0
    LICENSES & TAXES 75 0   75