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 WILLIAM C BULLITT FOUNDATION INC
 
Number and street (or P.O. box number if mail is not delivered to street address)420 LEXINGTON AVE 331
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
NEW YORK, NY10170
A Employer identification number

13-4183316
B Telephone number (see instructions)

(212) 594-1447
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$24,787,782J 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) 0
2 Check bullet.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 151,787 151,787  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 4,771,691
b Gross sales price for all assets on line 6a 13,334,221
7 Capital gain net income (from Part IV, line 2)... 4,771,691
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 -654 -654  
12 Total. Add lines 1 through 11........ 4,922,824 4,922,824  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 126,500 0   126,500
14 Other employee salaries and wages......        
15 Pension plans, employee benefits....... 16,838 0   16,838
16a Legal fees (attach schedule)......... Click to see attachment 15,900 0   15,900
b Accounting fees (attach schedule)....... Click to see attachment 17,450 0   0
c Other professional fees (attach schedule).... Click to see attachment 253,125 250,420   2,705
17 Interest............... 51 51   0
18 Taxes (attach schedule) (see instructions)... Click to see attachment 36,571 9,435   9,749
19 Depreciation (attach schedule) and depletion...      
20 Occupancy.............. 9,945 0   9,945
21 Travel, conferences, and meetings....... 716 0   716
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 10,643 0   10,643
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 487,739 259,906   192,996
25 Contributions, gifts, grants paid....... 1,083,600 1,083,600
26 Total expenses and disbursements. Add lines 24 and 25 1,571,339 259,906   1,276,596
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 3,351,485
b Net investment income (if negative, enter -0-) 4,662,918
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............. 99,730 44,685 44,685
2 Savings and temporary cash investments......... 180,014 840,318 840,318
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)....... 12,768,027 Click to see attachment7,517,509 15,793,506
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).......... 0 Click to see attachment7,996,744 8,109,273
14 Land, buildings, and equipment: basis bullet2,384
Less: accumulated depreciation (attach schedule) bullet2,384      
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 13,047,771 16,399,256 24,787,782
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........... 13,047,771 16,399,256
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)..... 13,047,771 16,399,256
30 Total liabilities and net assets/fund balances (see instructions). 13,047,771 16,399,256
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
13,047,771
2
Enter amount from Part I, line 27a .....................
2
3,351,485
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
16,399,256
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
16,399,256
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 FIDELITY# 7419 - 7,604.118 SHS ARTISAN INTL VALUE FUND ADVISOR P 2021-03-03 2021-08-13
b FIDELITY# 7419 - 8,043.758 SHS FIDELITY GLOBAL COMMODITY STK FUND P 2021-07-21 2021-08-13
c FIDELITY# 7419 - 22,653.722 SHS GRANDEUR PEAK GLOBALCONTRARIAN P 2021-07-21 2021-09-21
d FIDELITY# 7419 - 10,006.254 SHS LS OPPPORTUNITY FDINSTITUTIONAL P 2021-03-03 2021-08-13
e FIDELITY# 7419 - 24,049.482 SHS ARTISAN GLOBAL OPPORTUNITIES ADV P 2011-03-15 2021-08-13
FIDELITY# 7419 - 15,274.854 SHS ARTISAN INTL VALUE FUND ADVISOR P 2020-07-29 2021-08-13
FIDELITY# 7419 - 66,029.457 SHS FIDELITY GLOBAL COMMODITY STK FD P 2019-06-25 2021-08-13
FIDELITY# 7419 - 36,196.911 SHS FIDELITY LATIN AMERICA P 2018-12-21 2021-08-13
FIDELITY# 7419 - 42,046.251 SHS LS OPPPORTUNITY FDINSTITUTIONAL P 2020-07-29 2021-08-13
FIDELITY# 7419 - 29,419.826 SHS MATTHEWS JAPAN FUND P 2011-11-02 2021-07-21
FIDELITY# 7419 - 69,029.383 SHS OAKMARK GLOBAL SELECT FD INSTL   2011-03-15 2021-08-13
FIDELITY# 7419 - 65,535.562 SHS SEAFARER OVERSEAS GROWTH&INC   2016-06-27 2021-08-13
FIDELITY# 7419 - 34,857.657 SHS VULCAN VALUE PARTNERFUND INVESTOR   2020-03-25 2021-08-13
FIDELITY# 9817 - CAPITAL GAIN DISTRIBUTIONS      
FIDELITY# 9817 - 17,020 SHARES AMERICAN WELL CORP CL A   2021-05-17 2021-08-19
FIDELITY# 9817 - 3,970 SHARES PELOTON INTERACTIVE INC CL A   2021-09-30 2021-12-30
FIDELITY# 9817 - CASH IN LIEU 0.80 SHARE SL GREEN RLTY CORP COM   2021-01-11 2021-01-21
FIDELITY# 9817 - 6,592 SHARES VONTIER CORPORATION COM   2020-10-27 2021-03-31
FIDELITY# 9817 - 1,520 SHARES ALIBABA GROUP HOLDING LTD   2019-02-04 2021-08-17
FIDELITY# 9817 - 65 SHARES ALPHABET INC CAP STKCL A   2019-02-27 2021-05-17
FIDELITY# 9817 - 950 SHARES AMGEN INC   2014-06-25 2021-02-10
FIDELITY# 9817 - 570 SHARES APPLE INC COM   2015-06-30 2021-01-06
FIDELITY# 9817 - 2,360 SHARES BLACKSTONE GROUP INC   2020-06-04 2021-07-22
FIDELITY# 9817 - 9,780 SHARES BOSTON SCIENTIFIC CORP   2015-02-19 2021-03-30
FIDELITY# 9817 - 2,600 SHARES FIRST REPUBLIC BANK SAN FRANCISCO COM   2011-07-08 2021-02-26
FIDELITY# 9817 - 830 SHARES HEALTHEQUITY INC COM   2019-02-04 2021-02-10
FIDELITY# 9817 - 1,800 SHARES MARSH & MCLENNAN COMPANIES INC   2018-08-01 2021-01-07
FIDELITY# 9817 - 300 SHARES METTLER-TOLEDO INTERNATIONAL INC   2020-05-18 2021-08-06
FIDELITY# 9817 - 260 SHARES PAYPAL HLDGS INC COM   2016-03-30 2021-01-06
FIDELITY# 9817 - 610 SHARES SCHWAB CHARLES CORP COM   2017-02-15 2021-05-17
FIDELITY# 9817 - 80 SHARES SHERWIN-WILLIAMS CO   2017-03-20 2021-01-06
FIDELITY# 9817 - 98 SHARES THERMO FISHER SCIENTIFIC INC   2019-02-04 2021-05-17
FIDELITY# 9817 - 720 SHARES WASTE CONNECTIONS INC   2018-09-12 2021-02-10
FIDELITY# 9817 - 1,870 SHARES ZOETIS INC   2016-06-07 2021-02-17
K-1 PORTOLAN EQUITY FUND LP      
K-1 PORTOLAN EQUITY FUND LP      
ALIBABA SECURITY LITIGATION SETTLEMENT      
WELLS FARGO SECURITY LITGATION SETTLEMENT      
(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 353,059   325,000 28,059
b 130,228   125,000 5,228
c 359,741   350,000 9,741
d 167,405   160,000 7,405
e 957,003   304,124 652,879
709,211   500,000 209,211
1,060,705   825,000 235,705
808,277   750,000 58,277
703,434   600,000 103,434
701,421   352,641 348,780
1,726,281   830,670 895,611
1,003,324   680,050 323,274
1,053,567   471,071 582,496
      22,721
172,040   267,197 -95,157
149,299   396,547 -247,248
51   49 2
202,651   184,834 17,817
266,036   262,265 3,771
148,569   68,609 79,960
226,549   113,416 113,133
72,942   17,903 55,039
235,252   134,836 100,416
370,597   177,204 193,393
429,590   87,135 342,455
73,478   49,793 23,685
204,773   149,565 55,208
456,942   215,741 241,201
59,077   10,006 49,071
44,494   25,721 18,773
57,657   24,891 32,766
44,383   23,902 20,481
71,106   55,719 15,387
315,079   90,439 224,640
      12,863
      30,708
      428
      78
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       28,059
b       5,228
c       9,741
d       7,405
e       652,879
      209,211
      235,705
      58,277
      103,434
      348,780
      895,611
      323,274
      582,496
      22,721
      -95,157
      -247,248
      2
      17,817
      3,771
      79,960
      113,133
      55,039
      100,416
      193,393
      342,455
      23,685
      55,208
      241,201
      49,071
      18,773
      32,766
      20,481
      15,387
      224,640
      12,863
      30,708
      428
      78
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 4,771,691
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 64,815
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 64,815
6 Credits/Payments:
a 2021 estimated tax payments and 2020 overpayment credited to 2021 6a 18,208
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 63,869
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 82,077
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 1,042
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 16,220
11 Enter the amount of line 10 to be: Credited to 2022 estimated taxBullet16,220 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)
    bulletNY, DE
    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 instructionsClick to see attachment.................
    12
    Yes
     
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletHTTP://WWW.WCBULLITTFOUND.ORG/
    14
    The books are in care ofbulletDANA W HISCOCK ESQ Telephone no.bullet (212) 336-2000

    Located atbullet1133 AVE OF THE AMERICASNEW YORKNY ZIP+4bullet100366710
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2021, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16   No
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet
    Part VI-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
    1a(1)
     
    No
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person? ..............................
    1a(2)
     
    No
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
    1a(3)
     
    No
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
    1a(4)
     
    No
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)? ......................
    1a(5)
     
    No
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.) ...............
    1a(6)
     
    No
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
    1b
     
     
    c
    ........bullet
    d
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2021? .............
    1d
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2021, did the foundation have any undistributed income (lines 6d
    and 6e, Part XII) for tax year(s) beginning before 2021?....................
    2a
     
    No
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year? ..............................
    3a
     
    No
    b
    If "Yes," did it have excess business holdings in 2021 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2021.) .....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2021? ..
    4b
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 6
    Part VI-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
    5a(1)
     
    No
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive? ....................
    5a(2)
     
    No
    (3) Provide a grant to an individual for travel, study, or other similar purposes? .............
    5a(3)
     
    No
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions ........................
    5a(4)
    Yes
     
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals? .............
    5a(5)
     
    No
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
    5b
     
    No
    c
    .........bullet
    d
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant? .................
    5d
    Yes
     
    If "Yes," attach the statement required by Regulations section 53.4945–5(d). Click to see attachment
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract? .............................
    6a
     
    No
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    7a
     
    No
    b
    If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .........................
    8
     
    No
    Part VII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    TRACY PENNOYER TRUSTEE & PRESIDENT
    1.00     		0 0 0
    BULLITT FDN 420 LEXINGTON AVE SUITE
    331
    NEW YORK,NY10170
    SHARON MYRIE TRUSTEE & VICE-PRESIDENT
    1.00     		0 0 0
    BULLITT FDN 420 LEXINGTON AVE SUITE
    331
    NEW YORK,NY10170
    DANA HISCOCK TRUSTEE & SECRETARY
    1.00     		0 0 0
    PBWT LLP 1133 AVE OF THE AMERICAS
    NEW YORK,NY10036
    ROBERT PENNOYER TRUSTEE & TREASURER
    2.00     		0 0 0
    PBWT LLP 1133 AVE OF THE AMERICAS
    NEW YORK,NY10036
    CHRISTINA PENNOYER TRUSTEE & DIRECTOR
    30.00     		126,500 27,725 0
    BULLITT FDN 420 LEXINGTON AVE SUITE
    331
    NEW YORK,NY10170
    MEGAN BELL TRUSTEE & ASSISTANT SECRETARY
    1.00     		0 0 0
    BULLITT FDN 420 LEXINGTON AVE SUITE
    331
    NEW YORK,NY10170
    JUSTIN ZAREMBY ASSISTANT SECRETARY
    1.00     		0 0 0
    BULLITT FDN 420 LEXINGTON AVE SUITE
    331
    NEW YORK,NY10170
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 7
    Part VII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part VIII-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1  
    2  
    3  
    4  
    Part VIII-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 8
    Part IX
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    22,414,658
    b
    Average of monthly cash balances.......................
    1b
    1,138,658
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    23,553,316
    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
    23,553,316
    4
    Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
    instructions) .............................
    4
    353,300
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. .......
    5
    23,200,016
    6
    Minimum investment return. Enter 5% (0.05) of line 5................
    6
    1,160,001
    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
    1,160,001
    2a
    Tax on investment income for 2021 from Part V, line 5.......
    2a
    64,815
    b
    Income tax for 2021. (This does not include the tax from Part V.) ...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    64,815
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    1,095,186
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    1,095,186
    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
    1,095,186
    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 1,095,186
    2 Undistributed income, if any, as of the end of 2021:
    a Enter amount for 2020 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2021:
    a From 2016...... 346,702
    b From 2017...... 206,622
    c From 2018...... 265,267
    d From 2019...... 199,230
    e From 2020...... 276,107
    f Total of lines 3a through e ........ 1,293,928
    4Qualifying distributions for 2021 from Part
    XI, line 4: bullet$ 1,276,596
    a Applied to 2020, but not more than line 2a 0
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		0
    d Applied to 2021 distributable amount..... 1,095,186
    e Remaining amount distributed out of corpus 181,410
    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 1,475,338
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2021. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2022 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8 Excess distributions carryover from 2016 not
    applied on line 5 or line 7 (see instructions) ...     		346,702
    9 Excess distributions carryover to 2022.
    Subtract lines 7 and 8 from line 6a ......     		1,128,636
    10 Analysis of line 9:
    a Excess from 2017.... 206,622
    b Excess from 2018.... 265,267
    c Excess from 2019.... 199,230
    d Excess from 2020.... 276,107
    e Excess from 2021.... 181,410
    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 email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 11
    Part XIV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    ADVOCATES FOR CHILDREN OF NEW YORK
    151 WEST 30TH STREET 5TH FLOOR
    NEW YORK,NY10001     		N/A PC CHILDREN/COMMUNITY SERVICES 25,000
    AGRICULTURAL STEWARDSHIP ASSOCIATION
    2531 STATE RT40
    GREENWICH,NY12834     		N/A PC CONSERVATION/ ENVIRONMENT 25,000
    ALI HASAN MANGI MEMORIAL TRUST
    BATH ISLAND ROAD HOUSE 2
    KARACHI   75600
    PK     		N/A NC COMMUNITY CLINIC AND MEDICAL ASSISTANCE FUND 25,000
    ALLIANCE FOR JUSTICE
    11 DUPONT CIRCLE NW
    WASHINGTON,DC20036     		N/A PC CIVIC ENGAGEMENT 35,000
    AMERICANS UNITED FOR SEPARATION OF CHURCH AND STATE
    1310 L STREET NW SUITE 200
    WASHINGTON,DC20005     		N/A PC CIVIC ENGAGEMENT 20,000
    ASPETUCK LAND TRUST
    PO BOX 444
    WESTPORT,CT06881     		N/A PC CONSERVATION/ ENVIRONMENT 10,000
    BEYOND PESTICIDES
    701 E STREET SE
    WASHINGTON,DC20003     		N/A PC CONSERVATION/ ENVIRONMENT 15,000
    BRENNAN CENTER FOR JUSTICE
    120 BROADWAY SUITE 1750
    NEW YORK,NY10271     		N/A PC CIVIC ENGAGEMENT 25,000
    BRIGID ALLIANCE
    P O BOX 58
    NEW YORK,NY10024     		N/A PC CHILDREN/COMMUNITY SERVICES 25,000
    BROADWAY HOUSING COMMUNITIES
    898 ST NICHOLAS AVENUE 9TH FLOOR
    NEW YORK,NY10032     		N/A PC CHILDREN/COMMUNITY SERVICES 30,000
    BROOKLYN BOTANIC GARDEN CORP
    1000 WASHINGTON AVENUE
    BROOKLYN,NY11225     		N/A PC CHILDREN/COMMUNITY SERVICES 18,000
    BROOKLYN COMMUNITY SERVICE
    151 LAWRENCE ST 4TH FLOOR
    BROOKLYN,NY11201     		N/A PC CHILDREN/COMMUNITY SERVICES 15,000
    BUZZARDS BAY COALITION
    114 FRONT STREET
    NEW BEDFORD,MA02740     		N/A PC CONSERVATION/ ENVIRONMENT 35,000
    COMMON CAUSE EDUCATION FUND
    805 15TH STREET NW SUITE 800
    WASHINGTON,DC20005     		N/A PC CIVIC ENGAGEMENT 25,000
    COURT APPOINTED SPECIAL ADVOCATES
    50 BROADWAY 31ST FLOOR
    NEW YORK,NY100041694     		N/A PC CHILDREN/COMMUNITY SERVICES 40,000
    DARTMOUTH NATURAL RESOURCES TRUST
    PO BOX 70567 404 ELM STREET
    DARTMOUTH,MA02747     		N/A PC CONSERVATION/ ENVIRONMENT 10,000
    EARTHWORKS
    1612 K STREET NW SUITE 904
    WASHINGTON,DC20006     		N/A PC CONSERVATION/ ENVIRONMENT 10,000
    ENVIRONMENT & HUMAN HEALTH INC
    1191 RIDGE ROAD
    NORTH HAVEN,CT06473     		N/A PC CONSERVATION/ ENVIRONMENT 15,000
    ENVIRONMENTAL ADVOCATES OF NEW YORK
    353 HAMILTON STREET
    ALBANY,NY12210     		N/A PC CONSERVATION/ ENVIRONMENT 15,000
    FIDELITY CHARITABLE GIFT FUND
    PO BOX 770001
    CINCINNATI,OH45277     		N/A PC DONOR-ADVISED FUND 125,000
    FUND FOR THE CITY OF NEW YORK HEALING COMMUNITIES NETWORK
    121 THE AVENUE OF AMERICAS 6TH
    FLOOR
    NEW YORK,NY10013     		N/A PC CHILDREN/COMMUNITY SERVICES 25,000
    GREEN CITY FORCE
    630 FLUSHING AVENUE 8TH FLOOR
    BROOKLYN,NY11206     		N/A PC CHILDREN/COMMUNITY SERVICES 25,000
    GREENFAITH
    101 SOUTH THIRD AVENUE
    HIGHLAND PARK,NJ08904     		N/A PC CONSERVATION/ ENVIRONMENT 25,000
    HAMPSHIRE COLLEGE
    893 WEST STREET
    AMHERST,MA01002     		N/A PC CHILDREN/COMMUNITY SERVICES 25,000
    HUMAN RIGHTS FIRST
    75 BROAD STREET 31ST FLOOR
    NEW YORK,NY10004     		N/A PC CIVIC ENGAGEMENT 25,000
    ISSUE ONE
    1401 K STREET NW SUITE 350
    WASHINGTON,DC20005     		N/A PC CIVIC ENGAGEMENT 15,000
    LEAGUE OF CONSERVATION VOTERS EDUCATION FUND
    740 15TH STREET NW 7TH FLOOR
    WASHINGTON,DC20005     		N/A PC CONSERVATION/ ENVIRONMENT 10,000
    LEGAL OUTREACH INC
    36-14 35TH STREET
    LONG ISLAND CITY,NY11106     		N/A PC CHILDREN/COMMUNITY SERVICES 35,000
    MID-FAIRFIELD CHILD GUIDANCE CENTER
    100 EAST AVENUE
    NORWALK,CT06851     		N/A PC CHILDREN/COMMUNITY SERVICES 25,000
    NATIONAL HEAD START ASSOCIATION
    1651 PRINCE STREET
    ALEXANDRIA,VA22314     		N/A PC CHILDREN/COMMUNITY SERVICES 20,000
    OUR SISTERS' SCHOOL INC
    145 BROWNELL AVENUE
    NEW BEDFORD,MA02740     		N/A PC CHILDREN/COMMUNITY SERVICES 15,000
    PHILANTHROPY NEW YORK
    79 FIFTH AVENUE 4TH FLOOR
    NEW YORK,NY10003     		N/A PC CHILDREN/COMMUNITY SERVICES 600
    PROSPECT PARK ALLIANCE
    95 PROSPECT PARK WEST
    BROOKLYN,NY11215     		N/A PC CHILDREN/COMMUNITY SERVICES 15,000
    REAL PARTNERS UGANDA INC
    5 SICOMAC ROAD 203
    NORTH HALEDON,NJ07508     		N/A PC CHILDREN/COMMUNITY SERVICES 25,000
    ROCKING THE BOAT
    812 EDGEWATER ROAD
    BRONX,NY10474     		N/A PC CHILDREN/COMMUNITY SERVICES 20,000
    SADIE NASH LEADERSHIP PROJECT
    4 WEST 43RD STREET SUITE 502
    NEW YORK,NY10035     		N/A PC CHILDREN/COMMUNITY SERVICES 20,000
    SF CHAMBERS OF COMMERCE FOUNDATION
    235 MONTGOMERY STREET SUITE 760
    SAN FRANCISCO,CA94104     		N/A PC CONSERVATION/ ENVIRONMENT 10,000
    THE AUDRE LORDE PROJECT
    85 SOUTH OXFORD STREET
    BROOKLYN,NY11217     		N/A PC CHILDREN/COMMUNITY SERVICES 10,000
    THE CHILDREN'S LAW CENTER
    44 COURT STREET 11TH FLOOR
    BROOKLYN,NY11201     		N/A PC CHILDREN/COMMUNITY SERVICES 40,000
    THE URBAN ASSEMBLY
    90 BROAD STREET SUITE 2101
    NEW YORK,NY10004     		N/A PC CHILDREN/COMMUNITY SERVICES 15,000
    TRUST WOMEN FOUNDATION
    P O BOX 322
    WICHITA,KS67201     		N/A PC CHILDREN/COMMUNITY SERVICES 30,000
    TYPE MEDIA CENTER
    116 EAST 16TH STREET 8TH FLOOR
    NEW YORK,NY10003     		N/A PC CIVIC ENGAGEMENT 10,000
    UNITED COMMUNITY CENTERS INC
    613 NEW LOTS AVENUE
    BROOKLYN,NY11207     		N/A PC CHILDREN/COMMUNITY SERVICES 35,000
    UNITED WAY OF COASTAL FAIRFIELD COUNTY
    855 MAIN STREET 10TH FLOOR
    BRIDGEPORT,CT06604     		N/A PC CHILDREN/COMMUNITY SERVICES 30,000
    YALE LAW SCHOOL
    PO BOX 208215
    NEW HAVEN,CT065208215     		N/A PC CIVIC ENGAGEMENT 10,000
    NURSE-FAMILY PARTNERSHIP
    1900 GRANT STREET 4TH FLOOR
    DENVER,CO80203     		N/A PC CHILDREN/COMMUNITY SERVICES 25,000
    Total .................................bullet 3a 1,083,600
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 12
    Part XV-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments ....          
    3 Interest on savings and temporary cash
    investments ...........     		         
    4 Dividends and interest from securities ....          
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6 Net rental income or (loss) from personal property          
    7 Other investment income .....          
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 4,771,691  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aK-1 PORTOLAN EQUITY FUND LP - OTHER INCOME     		    18 -654  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e) .. 0 4,922,824 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    4,922,824
    (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 WILLIAM C BULLITT FOUNDATION INC
    EIN:
    13-4183316
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 17,450 0   0

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

    TY 2021 ExpenditureResponsibilityStmt
    Name:
    THE WILLIAM C BULLITT FOUNDATION INC
    EIN:
    13-4183316
    Grantee's Name Grantee's Address Grant Date Grant Amount Grant Purpose Amount Expended By Grantee Any Diversion By Grantee? Dates of Reports By Grantee Date of Verification Results of Verification
    ALI HASAN MANGI MEMORIAL TRUST
          		BATH ISLAND ROAD HOUSE 2
    KARACHI   75600
    PK     		2021-01-05 25,000 GRANTEE SHALL USE THE GRANT FUNDS EXCLUSIVELY FOR ITS COMMUNITY CLINIC AND MEDICAL ASSISTANCE FUND 25,000 NONE 1/1/2022 2022-01-01 GRANT FUNDS WERE EXPENDED FOR CHARITABLE PURPOSES IN COMPLIANCE WITH THE TERMS OF THE GRANT AGREEMENT. NO PORTION OF THE GRANT FUNDS WAS DIVERTED FOR NONCHARITABLE PURPOSE.

    TY 2021 InvestmentsCorpStockSchedule
    Name:
    THE WILLIAM C BULLITT FOUNDATION INC
    EIN:
    13-4183316
    Name of Stock End of Year Book Value End of Year Fair Market Value
    FIDELITY ACCOUNT 9817 7,517,509 15,793,506

    TY 2021 InvestmentsOtherSchedule2
    Name:
    THE WILLIAM C BULLITT FOUNDATION INC
    EIN:
    13-4183316
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    PORTOLAN EQUITY FUND LP AT COST 7,996,744 8,109,273

    TY 2021 LegalFeesSchedule
    Name:
    THE WILLIAM C BULLITT FOUNDATION INC
    EIN:
    13-4183316
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 15,900 0   15,900


    TY 2021 OtherExpensesSchedule
    Name:
    THE WILLIAM C BULLITT FOUNDATION INC
    EIN:
    13-4183316
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    OFFICE EXPENSES 4,882 0   4,882
    INSURANCE EXPENSES 2,231 0   2,231
    MEMBERSHIP FEES 2,780 0   2,780
    STATE FILING FEE 750 0   750


    TY 2021 OtherIncomeSchedule2
    Name:
    THE WILLIAM C BULLITT FOUNDATION INC
    EIN:
    13-4183316
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    K-1 PORTOLAN EQUITY FUND LP - OTHER INCOME -654 -654 -654


    TY 2021 OtherProfessionalFeesSchedule
    Name:
    THE WILLIAM C BULLITT FOUNDATION INC
    EIN:
    13-4183316
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT MANAGEMENT FEES 250,420 250,420   0
    PAYCHEX FEES 2,705 0   2,705


    TY 2021 TaxesSchedule
    Name:
    THE WILLIAM C BULLITT FOUNDATION INC
    EIN:
    13-4183316
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 9,435 9,435   0
    PAYROLL TAXES 9,749 0   9,749
    FEDERAL EXCISE TAXES 17,387 0   0