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
The Cullen Foundation
 
Number and street (or P.O. box number if mail is not delivered to street address)2727 Allen Parkway 1050
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Houston, TX770192115
A Employer identification number

76-0647361
B Telephone number (see instructions)

(713) 651-8839
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$417,535,624J Accounting method:
Modified Cash
(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 7,465 7,465  
4 Dividends and interest from securities... 758,001 758,001  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 Click to see attachment 21,703,759
b Gross sales price for all assets on line 6a 24,454,012
7 Capital gain net income (from Part IV, line 2)... 20,252,641
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 5,102,388 4,658,212  
12 Total. Add lines 1 through 11........ 27,571,613 25,676,319  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 738,200 221,460   516,740
14 Other employee salaries and wages...... 275,846 91,000   174,846
15 Pension plans, employee benefits....... 205,457 65,418   140,039
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 29,075 12,538   14,537
c Other professional fees (attach schedule).... Click to see attachment 1,669,589 1,664,200   5,389
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 357,700 7,700   0
19 Depreciation (attach schedule) and depletion... Click to see attachment 25,063 7,492  
20 Occupancy.............. 71,449 20,720   50,729
21 Travel, conferences, and meetings....... 54 0   54
22 Printing and publications.......... 592 189   403
23 Other expenses (attach schedule)....... Click to see attachment 330,094 269,030   61,064
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 3,703,119 2,359,747   963,801
25 Contributions, gifts, grants paid....... 19,010,000 19,010,000
26 Total expenses and disbursements. Add lines 24 and 25 22,713,119 2,359,747   19,973,801
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 4,858,494
b Net investment income (if negative, enter -0-) 23,316,572
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............. 57,646 529,908 529,908
2 Savings and temporary cash investments......... 1,607,617 5,125,448 5,125,448
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)....... 26,821,020 Click to see attachment25,286,072 52,161,060
c Investments—corporate bonds (attach schedule)....... 9,980,457 Click to see attachment8,855,068 8,825,614
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 239,412,154 Click to see attachment242,946,055 350,771,886
14 Land, buildings, and equipment: basis bullet224,161
Less: accumulated depreciation (attach schedule) bullet102,453 126,871 Click to see attachment121,708 121,708
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 278,005,765 282,864,259 417,535,624
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)......... 0 0
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........... 278,005,765 282,864,259
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)..... 278,005,765 282,864,259
30 Total liabilities and net assets/fund balances (see instructions). 278,005,765 282,864,259
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
278,005,765
2
Enter amount from Part I, line 27a .....................
2
4,858,494
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
282,864,259
5
Decreases not included in line 2 (itemize) bullet
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
282,864,259
Form 990-PF (2021)
Form 990-PF (2021)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a Publicly traded securities      
b Passthrough K-1 capital gain      
c Eminence Fund Long Ltd P 2017-08-01 2021-06-01
d Security settlement proceeds      
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 17,056,774   8,492,090 8,564,684
b       6,673,491
c 7,397,238   2,397,238 5,000,000
d       14,466
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       8,564,684
b       6,673,491
c       5,000,000
d       14,466
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 20,252,641
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........................... 3 324,100
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- ..... 5 324,100
6 Credits/Payments:
a 2021 estimated tax payments and 2020 overpayment credited to 2021 6a 320,525
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.............. 7 320,525
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 3,575
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2022 estimated taxBullet   RefundedBullet 11  
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 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
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XIV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletTX
    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 Click to see attachment.............
    11
    Yes
     
    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.cullenfdn.org
    14
    The books are in care ofbulletPeggy Reid Telephone no.bullet (713) 651-8839

    Located atbullet2727 Allen Parkway Ste 1050HoustonTX ZIP+4bullet770192115
    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)
    Yes
     
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
    1a(4)
    Yes
     
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)? ......................
    1a(5)
     
    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
    Wilhelmina E Robertson Chair/Director
    10.00     		0 0 0
    2727 Allen Pkwy Ste 1050
    Houston,TX77019
    Carla Knobloch Vice Chair/Director
    2.00     		0 0 0
    2727 Allen Pkwy Ste 1050
    Houston,TX77019
    Meredith T Cullen Secretary/Director
    2.00     		0 0 0
    2727 Allen Pkwy Ste 1050
    Houston,TX77019
    Isaac Arnold III Director
    2.00     		0 0 0
    2727 Allen Pkwy Ste 1050
    Houston,TX77019
    Bert L Campbell Director (until May)
    2.00     		0 0 0
    2727 Allen Pkwy Ste 1050
    Houston,TX77019
    Marvin E Odum Director
    2.00     		0 0 0
    2727 Allen Pkwy Ste 1050
    Houston,TX77019
    Scott W Wise President/Treasurer
    40.00     		477,198 56,950 0
    2727 Allen Pkwy Ste 1050
    Houston,TX77019
    Laura Chapman Vice President
    40.00     		261,002 32,425 0
    2727 Allen Pkwy Ste 1050
    Houston,TX77019
    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
    Peggy Reid Controller
    40.00     		202,000 44,698 0
    2727 Allen Parkway Suite 1050
    Houston,TX770192115
    Gina McEvily Grants Administrator
    33.00     		73,845 17,837 0
    2727 Allen Parkway Suite 1050
    Houston,TX770192115
    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
    Silchester International Investors Investment Management 281,324
    780 Third Ave 42nd Fl
    New York,NY10017
    Northern Trust Company Custody/Investment Management 227,038
    50 South LaSalle
    Chicago,IL60603
    Albourne America LLC Investment Advisory 120,000
    655 Montgomery St Ste 1910
    San Francisco,CA94111
    Income Research Management Inc Investment Management 65,627
    100 Federal St 30th Fl
    Boston,IL02110
    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
    62,661,381
    b
    Average of monthly cash balances.......................
    1b
    3,860,604
    c
    Fair market value of all other assets (see instructions)................
    1c
    349,907,607
    d
    Total (add lines 1a, b, and c).........................
    1d
    416,429,592
    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
    416,429,592
    4
    Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
    instructions) .............................
    4
    6,246,444
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. .......
    5
    410,183,148
    6
    Minimum investment return. Enter 5% (0.05) of line 5................
    6
    20,509,157
    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
    20,509,157
    2a
    Tax on investment income for 2021 from Part V, line 5.......
    2a
    324,100
    b
    Income tax for 2021. (This does not include the tax from Part V.) ...
    2b
    267,508
    c
    Add lines 2a and 2b............................
    2c
    591,608
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    19,917,549
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    19,917,549
    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
    19,917,549
    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 19,917,549
    2 Undistributed income, if any, as of the end of 2021:
    a Enter amount for 2020 only....... 5,741,949
    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$ 19,987,731
    a Applied to 2020, but not more than line 2a 5,741,949
    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..... 14,245,782
    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 ..........     		5,671,767
    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:
    Gina McEvily The Cullen Foundation
    2727 Allen Parkway Suite 1050
    Houston,TX770192115
    (713) 651-8837
    gina@cullenfdn.org
    bThe form in which applications should be submitted and information and materials they should include:
    See www.cullenfdn.org for online application and information.
    cAny submission deadlines:
    None
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Restricted to Texas-based charitable organizations for programs in Texas, primarily in the Houston area.
    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
    A D Players
    5420 Westheimer Rd
    Houston,TX77056     		N/A PC COVID-19 Relief Support 100,000
    Asia Society
    1370 Southmore Blvd
    Houston,TX77004     		N/A PC Education Project 500,000
    Alley Theatre
    615 Texas Ave
    Houston,TX77002     		N/A PC Annual Giving Grant 150,000
    Alley Theatre
    615 Texas Ave
    Houston,TX77002     		N/A PC A Christmas Carol Adaptation by Rob Melrose 500,000
    The Children's Museum of Houston
    1500 Binz St
    Houston,TX77004     		N/A PC Annual Giving Grant 60,000
    Da Camera Society of Texas
    1402 Sul Ross St
    Houston,TX77006     		N/A PC Annual Giving Grant 75,000
    Emancipation Park Conservancy
    3018 Emancipation Ave
    Houston,TX77004     		N/A PC Cultural Heritage Welcome Center 300,000
    Houston Arts Alliance
    5280 Caroline St Ste 100
    Houston,TX77004     		N/A PC Houston BIPOC Arts Network & Fund (BANF) 200,000
    Houston Ballet Foundation
    601 Preston St
    Houston,TX77002     		N/A PC Annual Giving Grant 150,000
    Houston Grand Opera Association Inc
    510 Preston St
    Houston,TX77002     		N/A PC Annual Giving Grant 150,000
    Houston Grand Opera Association Inc
    510 Preston St
    Houston,TX77002     		N/A PC COVID-19 Relief Support 100,000
    Houston Museum of Natural Science
    5555 Hermann Park Dr
    Houston,TX77030     		N/A PC Annual Giving Grant 150,000
    Houston Public Media Foundation
    4343 Elgin St
    Houston,TX77204     		N/A PC Annual Giving Grant 75,000
    Houston Symphony Society
    615 Louisiana St Ste 102
    Houston,TX77002     		N/A PC Annual Giving Grant 150,000
    Houston Symphony Society
    615 Louisiana St Ste 102
    Houston,TX77002     		N/A PC COVID-19 Relief Support 100,000
    Lone Star Flight Museum
    11551 Aerospace Ave
    Houston,TX77034     		N/A PC STEM Education Program 100,000
    Menil Foundation Inc
    1519 Branard St
    Houston,TX77006     		N/A PC Annual Giving Grant 125,000
    The Museum of Fine Arts Houston
    PO Box 6826
    Houston,TX77265     		N/A PC Annual Giving Grant 150,000
    Society for the Performing Arts
    615 Louisiana St Ste 100
    Houston,TX77002     		N/A PC Houston Artist Commissioning Project 100,000
    The Beta Foundation dba Beta Academy
    9701 Almeda Genoa Rd
    Houston,TX77075     		N/A PC COVID-19 Related Summer School 175,000
    Breakthrough Houston
    2401 Claremont Ln
    Houston,TX77019     		N/A PC COVID-19 Relief Support 100,000
    Chinquapin Preparatory School
    2615 E Wallisville Rd
    Houston,TX77562     		N/A PC COVID-19 Relief Support 150,000
    EMERGE Fellowship
    11251 Northwest Fwy Ste 330
    Houston,TX77092     		N/A PC EMERGE college success program 400,000
    The Kinkaid School
    201 Kinkaid School Dr
    Houston,TX77024     		N/A PC Annual Giving Grant Engineering, Math and Science Institute 60,000
    University of Houston System
    212 East Cullen Building
    Houston,TX77204     		N/A GOV UH Cougar Tutor Instructional Recovery Partnership 500,000
    W Oscar Neuhaus Memorial Foundation
    4433 Bissonnet St
    Bellaire,TX77401     		N/A PC Annual Giving Grant 60,000
    Wonderland Educational Estate Association Inc
    5807 Calhoun Rd
    Houston,TX77021     		N/A PC COVID-19 Related Summer School 50,000
    Yellowstone Academy Inc
    3000 Trulley St
    Houston,TX77004     		N/A PC Capital Campaign - Yellowstone. Forever. 500,000
    Baylor College of Medicine
    One Baylor Plaza Ste 143A
    Houston,TX77030     		N/A PC Capital Campaign - Health Sciences Tower 8,000,000
    The Council on Recovery
    PO Box 2768
    Houston,TX77252     		N/A PC Annual Giving Grant 40,000
    Texas Children's Hospital
    1919 S Braesweed Blvd Ste 5214
    Houston,TX77030     		N/A PC The Cullen Fdn Distinguished Endowed Chair at the Jan & Dan Duncan Neurological Research Institute 600,000
    BridgeYear
    3414 Eastside St
    Houston,TX77098     		N/A PC BridgeYear Advising Expansion: Career Pathways Website + Ambassador Program 200,000
    Buffalo Bayou Partnership
    1019 Commerce St Ste 200
    Houston,TX77002     		N/A PC Lockwood South Housing Development in Buffalo Bayou East 1,500,000
    Evelyn's Park Conservancy
    4400 Bellaire Blvd
    Bellaire,TX77401     		N/A PC Capital Campaign - Evelyns Park Phase II: Give to Grow 100,000
    Greater Houston Community Foundation
    515 Post Oak Blvd Ste 1000
    Houston,TX77027     		N/A PC Texas Equitable Uptake Vaccine Fund 200,000
    Hermann Park Conservancy
    1700 Hermann Dr
    Houston,TX77004     		N/A PC Capital Campaign - Play Your Park 1,000,000
    Houston Arboretum & Nature Center
    4501 Woodway Dr
    Houston,TX77024     		N/A PC Annual Giving Grant 40,000
    Houston Area Women's Center Inc
    1010 Waugh Dr
    Houston,TX77019     		N/A PC Capital Campaign - Campaign for Courage 750,000
    Houston Botanic Garden
    8205 N Bayou Dr
    Houston,TX77017     		N/A PC Emergency Funding for Recovery from Winter Storm Uri 50,000
    Houston Habitat for Humanity Inc
    3750 N McCarty St
    Houston,TX77029     		N/A PC Robins Landing, Building Community from the Ground Up 500,000
    JUST Community Inc
    PO Box 153188
    Austin,TX78715     		N/A PC Investing in ambitious Texas women: JUST's expansion into Houston 100,000
    The Salvation Army - Houston Texas Area Command
    1500 Austin St
    Houston,TX77002     		N/A PC Salvation Army Greater Houston Area Command Near Northside Campus Project 250,000
    SPARK
    PO Box 1562
    Houston,TX77251     		N/A PC Four SPARK Parks 100,000
    The United Way of Greater Houston
    50 Waugh Dr
    Houston,TX77007     		N/A PC Annual Giving Grant 250,000
    Westchase District Community Fund
    10370 Richmond Ave Ste 1350
    Houston,TX77042     		N/A PC Wilcrest Park 50,000
    The WorkFaith Connection
    4555 Dacoma St Ste 200
    Houston,TX77092     		N/A PC WorkFaith Expansion 2021 50,000
    Total .................................bullet 3a 19,010,000
    bApproved for future payment
    Baylor College of Medicine
    One Baylor Plaza Ste 143A
    Houston,TX77030     		N/A PC Capital Campaign - Health Sciences Tower 12,000,000
    Texas Children's Hospital
    1919 S Braesweed Blvd Ste 5214
    Houston,TX77030     		N/A PC The Cullen Fdn Distinguished Endowed Chair at the Jan & Dan Duncan Neurological Research Institute 600,000
    Total .................................bullet 3b 12,600,000
    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 7,465  
    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 ............     		525990 1,451,118 18 20,252,641  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aOil & gas royalties     		    15 147,633  
    bPassthrough K-1 Income 525990 -22,732 14 4,497,131  
    cTax refund     01 480,356  
    d
    e
    12 Subtotal. Add columns (b), (d), and (e) .. 1,428,386 26,143,227 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    27,571,613
    (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:
    The Cullen Foundation
    EIN:
    76-0647361
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Audit fees 20,500 10,250   10,250
    Tax compliance 8,575 2,288   4,287

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

    TY 2021 DepreciationSchedule
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    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
    Leasehold improvements 2017-04-01 100,442 23,436 SL 15.000000000000 6,697 0    
    Equipment 2013-09-23 27,336 21,571 SL 5.000000000000 3,844 0    
    Furniture 2017-04-01 64,765 32,383 SL 7.000000000000 9,252 0    
    Software 2021-07-01 31,618   SL 3.000000000000 5,270 0    

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

    TY 2021 GainLossSaleOtherAssetsSch
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Name Date Acquired How Acquired Date Sold Purchaser Name Gross Sales Price Basis Basis Method Sales Expenses Total (net) Accumulated Depreciation
    Passthrough K-1 capital gain (UBTI)   Purchased         Cost 0 1,451,118  

    TY 2021 InvestmentsCorpBondsSchedule
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Name of Bond End of Year Book Value End of Year Fair Market Value
    PIMCO Short Term Fund Instl 8,855,068 8,825,614

    TY 2021 InvestmentsCorpStockSchedule
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Name of Stock End of Year Book Value End of Year Fair Market Value
    4,960 shs Abbott Laboratories 278,100 698,070
    570 shs Adobe Sys Inc 202,390 323,224
    1,000 shs Air Prod & Chem Inc 156,680 304,260
    600 shs Alphabet Inc Cap Stk Cl C 505,801 1,736,154
    505 shs Amazon Inc 941,775 1,683,842
    12,120 shs Apple Inc Stk 86,498 2,152,148
    550 shs Asml Hldg Nv Ny Reg 2012 55,790 437,877
    650 shs Automatic Data Processing Inc 24,360 160,277
    925 shs Blackrock Inc Stk 286,616 846,893
    1,600 shs Broadridge Finl Solutions 197,482 292,512
    4,400 shs Canadian Pac Ry Ltd Npv 111,319 316,536
    3,360 shs Chevron Corp 182,697 394,296
    8,000 shs Clarivate Plc 205,686 188,160
    8,620 shs Coca Cola Co 215,035 510,390
    9,980 shs cast Corp New-Cl A 325,777 502,293
    2,450 shs Estee Lauder panies Inc Cl A 208,422 906,990
    1,000 shs Gartner Inc 238,604 334,320
    3,000 shs Ihs Markit Stock Merger S&P Global 238,813 398,760
    3,550 shs Intercontinental Exchange Inc 203,791 485,534
    800 shs Intuit 221,509 514,576
    1,950 shs Intuitive Surgical Inc New Stk 218,660 700,635
    3,158 shs Jpmorgan Chase & Co 131,022 500,069
    3,100 shs Marriott Intl Inc New Stk Cl A 442,043 512,244
    850 shs Masimo Corp Stk 186,992 248,863
    850 shs Mastercard Inc Cl A 189,124 305,422
    1,720 shs Mc Donalds Corp 99,997 461,080
    5,050 shs Meta Platforms Inc 721,197 1,698,568
    8,150 shs Microsoft Corp 491,463 2,741,008
    3,630 shs Nestle S A Sp Adr Repstg Reg Sh 148,712 509,543
    130 shs Netflix Inc Stk 82,418 78,317
    3,400 shs Nike Inc Cl B 189,754 566,678
    4,350 shs Novo-Nordisk A S Adr 58,965 487,200
    1,400 shs Otis Worldwide Corp 99,278 121,898
    3,250 shs Pepsico Inc 284,826 564,558
    4,230 shs Philip Morris Intl Stk Npv 194,418 401,850
    4,700 shs Progressive Corp Oh 355,228 482,455
    3,100 shs Raytheon Technologies Corp 208,867 266,786
    1,550 shs S&P Global Inc 372,044 731,492
    1,050 shs Sherwin-Williams Co 159,449 369,768
    4,140 shs Texas Instruments Inc 107,939 780,266
    2,550 shs Union Pac Corp 271,284 642,422
    2,450 shs Unitedhealth Group Inc 612,925 1,230,243
    1,150 shs Verisk Analytics Inc 113,761 263,040
    3,400 shs Visa Inc Cl A Stk 267,043 736,814
    900 shs Zoetis Inc Cl A 144,125 219,626
    216,000 shs China Hongxing SPO HKD 1 1
    61,894 shs NTGI-QM Daily Russell 1000 Fd 14,247,392 23,353,102

    TY 2021 InvestmentsOtherSchedule2
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    AKO European Long-Only Fund Ltd AT COST 10,251,183 17,862,390
    AKO Global Fund Limited AT COST 12,000,000 14,482,324
    Atalan Offshore Fund, Ltd AT COST 12,000,000 13,261,435
    Blackgold Private Energy Ptrs LP AT COST 1,781,242 2,074,613
    Cedar Rock Capital Partners LLC AT COST 21,166,041 25,784,981
    Cevian Capital II Ltd AT COST 12,000,000 16,204,205
    Coatue Growth Fund V LP AT COST 3,166,166 3,712,813
    Coatue Offshore Fund Ltd AT COST 18,000,000 31,196,881
    CREA Partners II LP AT COST 8,022,161 10,313,896
    CREA Partners III LP AT COST 1,027,948 953,531
    Diameter Offshore Fund LP AT COST 17,000,000 22,283,108
    Eminence Fund Ltd AT COST 20,000,000 38,498,961
    Encap Flatrock Midstream Fd II-C LP AT COST 1,781,139 817,221
    GSR 2017 Opportunities Fund LP AT COST 826,103 1,411,090
    GSR Ventures VI LP AT COST 813,031 1,213,306
    GSR Ventures VII LP AT COST 1,344,380 2,285,190
    GSR Zebra SPV LP AT COST 243,635 317,652
    Highland Cap Invs Corp Hldg AT COST 384,621 1
    IR&M Core Plus Bond Fund LLC AT COST 21,708,385 21,978,989
    Meadow Real Estate V LP AT COST 5,582,720 7,357,825
    Merit Energy Partners K LP AT COST 2,708,847 3,485,450
    Oaktree Mezzanine Fund III LP AT COST 1,402 4,647
    OCM Opportunities Fund VIIB LP AT COST 59,980 6,519
    SCF-IX LP AT COST 1,410,155 1,778,541
    Silchester Intl Inv Intl V E Tr AT COST 25,810,074 26,916,971
    Silver Point Dist Opp Instl Pts AT COST 5,508,820 8,459,454
    Stonelake Opportunity Ptrs II LP AT COST 3,522,992 14,957,969
    Stonelake Opportunity Ptrs III LP AT COST 763,381 3,420,353
    Stonelake Opportunity Ptrs IV LP AT COST 2,042,262 6,750,752
    Stonelake Opportunity Ptrs V LP AT COST 3,176,746 5,232,249
    Stonelake Opportunity Ptrs VI LP AT COST 1,833,647 2,054,505
    Tremblant Long Fund Ltd AT COST 15,000,000 26,188,823
    ValueAct Capital Intl II LP AT COST 12,000,000 19,328,911
    OCM Opportunities Dist Rec AT COST 8,994 8,994
    Royalty Interests AT COST 0 167,336

    TY 2021 LandEtcSchedule2
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    Leasehold improvements 100,442 30,133 70,309 70,309
    Equipment 27,336 25,415 1,921 1,921
    Furniture 64,765 41,635 23,130 23,130
    Software 31,618 5,270 26,348 26,348


    TY 2021 OtherExpensesSchedule
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Bank charges 3,333 1,066   2,267
    Bank custodial fees 219,987 219,987   0
    Dues and registrations 8,814 0   8,814
    Insurance 33,403 10,689   22,714
    Oil & gas other deductions 23,607 23,607   0
    Other investment fees 848 848   0
    Other administrative exp 1,579 505   1,074
    Supplies and equipment 7,640 2,445   5,195
    Technology 30,883 9,883   21,000


    TY 2021 OtherIncomeSchedule2
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    Oil & gas royalties 147,633 147,633 147,633
    Passthrough K-1 Income 4,474,399 4,510,579 4,474,399
    Tax refund 480,356   480,356


    TY 2021 OtherProfessionalFeesSchedule
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Investment management fees 1,541,664 1,541,664   0
    Investment consulting fees 120,000 120,000   0
    Payroll services 7,925 2,536   5,389


    TY 2021 TaxesSchedule
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Excise tax 350,000 0   0
    Ad valorem taxes 2,802 2,802   0
    O & G production taxes 4,898 4,898   0


    TY 2021 TransfersFrmControlledEntities
    Name:
    The Cullen Foundation
    EIN:
    76-0647361
    Name US /
    Foreign Address    		 EIN Description Amount
    BlackGold Private Equity Partners 109 N Post Oak Ln Ste 500
    Houston,TX77024     		81-1616295 Distribution from investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B). 0
    Total     3,208,853