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
WELFARE FOUNDATION INC
 
Number and street (or P.O. box number if mail is not delivered to street address)100 WEST 10TH STREET 1109
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
WILMINGTON, DE19801
A Employer identification number

51-6015916
B Telephone number (see instructions)

(302) 683-8245
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$130,716,773J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 931,286 931,286  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 5,856,420
b Gross sales price for all assets on line 6a 10,283,660
7 Capital gain net income (from Part IV, line 2)... 5,856,420
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 43,979 43,979  
12 Total. Add lines 1 through 11........ 6,831,685 6,831,685  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 222,038 111,019   111,019
14 Other employee salaries and wages...... 71,000 35,500   35,500
15 Pension plans, employee benefits....... 87,830 43,915   43,820
16a Legal fees (attach schedule)......... Click to see attachment 940 0   659
b Accounting fees (attach schedule)....... Click to see attachment 18,900 6,300   12,600
c Other professional fees (attach schedule).... Click to see attachment 413,256 411,910   1,346
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 283,502 57,216   8,735
19 Depreciation (attach schedule) and depletion... 6,880 0  
20 Occupancy.............. 12,200 0   12,200
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 82,109 0   89,559
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 1,198,655 665,860   315,438
25 Contributions, gifts, grants paid....... 5,761,226 5,066,226
26 Total expenses and disbursements. Add lines 24 and 25 6,959,881 665,860   5,381,664
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -128,196
b Net investment income (if negative, enter -0-) 6,165,825
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............. 460,570 55,077 55,077
2 Savings and temporary cash investments......... 9,920,897 7,628,151 7,628,151
3 Accounts receivable bullet154,266
Less: allowance for doubtful accounts bullet   605,230 154,266 154,266
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) bullet2,250,000
Less: allowance for doubtful accounts bullet0 2,250,000 2,250,000 2,250,000
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges.......... 49,185 11,267 11,267
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 15,647,853 Click to see attachment15,329,180 29,423,654
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis bullet127,983
Less: accumulated depreciation (attach schedule) bullet   127,983 127,983 850,000
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 57,984,788 Click to see attachment59,192,505 90,241,519
14 Land, buildings, and equipment: basis bullet117,446
Less: accumulated depreciation (attach schedule) bullet14,607 109,719 102,839 102,839
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 87,156,225 84,851,268 130,716,773
Liabilities 17 Accounts payable and accrued expenses.......... 67,308 36,819
18 Grants payable................. 1,170,000 1,865,000
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet) Click to see attachment568,296 Click to see attachment659,612
23 Total liabilities (add lines 17 through 22)......... 1,805,604 2,561,431
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........... 85,350,621 82,289,837
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)..... 85,350,621 82,289,837
30 Total liabilities and net assets/fund balances (see instructions). 87,156,225 84,851,268
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
85,350,621
2
Enter amount from Part I, line 27a .....................
2
-128,196
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
85,222,425
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
2,932,588
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
82,289,837
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 LITIGATION PROCEEDS P 2021-01-01 2021-12-31
b WILMINGTON TRUST 017432-001 ST CAPITAL GAINS P 2021-01-01 2021-12-31
c GQG PARTNERS EMERGING MARKETS EQUITY FUND GQG K-1 P 2021-01-01 2021-12-31
d WELLINGTON TRUST COMPANY, NA K-1 P 2021-01-01 2021-12-31
e CASDIN PRIVATE GROWTH EQUITY FUND, L.P. P 2021-01-01 2021-12-31
ECHO STREET GOODCO SELECT II L.P K-1 P 2021-01-01 2021-12-31
KABOUTER INTERNATIONAL OPPORTUNITIES FUND, II, LLC K-1 LOSS P 2021-01-01 2021-12-31
EDGEWOOD GROWTH FUND - INS P 2021-01-01 2021-12-31
SPDR S&P 500 ETF P 2021-01-01 2021-12-31
WILMINGTON TRUST 017432-001 LT CAPITAL GAINS P 2021-01-01 2021-12-31
VANGUARD SHORT TERM INVESTMENT GRADE P 2021-01-01 2021-12-31
THE CANYON VALUE FUND P 2021-01-01 2021-12-31
KING STREET P 2021-01-01 2021-12-31
GQG PARTNERS EMERGING MARKETS EQUITY FUND GQG K-1 P 2021-01-01 2021-12-31
WELLINGTON TRUST COMPANY, NA K-1 P 2021-01-01 2021-12-31
ECHO STREET GOODCO SELECT II L.P K-1 P 2021-01-01 2021-12-31
KABOUTER INTERNATIONAL OPPORTUNITIES FUND, II, LLC K-1 LOSS P 2021-01-01 2021-12-31
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 1,977     1,977
b 61,712     61,712
c     193,082 -193,082
d 193,062     193,062
e 11,168     11,168
103,874     103,874
    91,258 -91,258
1,500,000   523,227 976,773
1,001,001   584,126 416,875
678,114     678,114
8,659     8,659
4,003,503   3,000,000 1,003,503
76,683   35,547 41,136
1,050,293     1,050,293
668,243     668,243
318,776     318,776
606,595     606,595
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       1,977
b       61,712
c       -193,082
d       193,062
e       11,168
      103,874
      -91,258
      976,773
      416,875
      678,114
      8,659
      1,003,503
      41,136
      1,050,293
      668,243
      318,776
      606,595
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 5,856,420
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 85,705
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 85,705
6 Credits/Payments:
a 2021 estimated tax payments and 2020 overpayment credited to 2021 6a 110,000
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.............. 7 110,000
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 24,295
11 Enter the amount of line 10 to be: Credited to 2022 estimated taxBullet24,295 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)
    bulletDE
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2021 or the taxable year beginning in 2021? See the instructions for Part XIII.
    If "Yes," complete Part XIII .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 5
    Part VI-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletWWW.WELFAREFOUNDATIONDE.ORG
    14
    The books are in care ofbulletCHRISTOPHER GRUNDNER Telephone no.bullet (302) 683-8245

    Located atbullet100 W 10TH ST STE 1109WILMINGTONDE ZIP+4bullet19801
    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
    Yes
     
    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
     
    No
    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
    ROBERT H BOLLING III TRUSTEE
    1.00     		0 0 0
    100 W 10TH STREET SUITE 1109
    WILMINGTON,DE19801
    WILLIAM L KITCHEL III TREASURER/TRUSTEE
    1.00     		0 0 0
    100 W 10TH STREET SUITE 1109
    WILMINGTON,DE19801
    E BRADFORD DUPONT JR CHAIRMAN/TRUSTEE
    1.00     		0 0 0
    100 W 10TH STREET SUITE 1109
    WILMINGTON,DE19801
    LEATRICE D ELLIMAN SECRETARY/TRUSTEE
    1.00     		0 0 0
    100 W 10TH STREET SUITE 1109
    WILMINGTON,DE19801
    AVERY STABLER TRAVIS TRUSTEE
    1.00     		0 0 0
    100 W 10TH STREET SUITE 1109
    WILMINGTON,DE19801
    W LAIRD STABLER VICE PRESIDENT/TRUSTEE
    1.00     		0 0 0
    100 W 10TH STREET SUITE 1109
    WILMINGTON,DE19801
    CHRISTOPHER GRUNDNER PRESIDENT/ASST SECRETARY/T
    40.00     		222,038 33,576 1,758
    100 W 10TH STREET SUITE 1109
    WILMINGTON,DE19801
    MARGARET L LAIRD TRUSTEE
    1.00     		0 0 0
    100 W 10TH STREET SUITE 1109
    WILMINGTON,DE19801
    R HUNTINGTON BOLLING TRUSTEE
    0.00     		0 0 0
    100 W 10TH STREET SUITE 1109
    WILMINGTON,DE19801
    D TROWBRIDGE ELLIMAN TRUSTEE
    0.00     		0 0 0
    100 W 10TH STREET SUITE 1109
    WILMINGTON,DE19801
    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
    MONTICELLO ASSOCIATES INVESTMENT ADVICE 125,000
    127 PUBLIC SQUARE
    CLEVELAND,OH44114
    WELLINGTON MANAGEMENT COMPANY LLP INVESTMENT ADVICE 94,417
    280 CONGRESS STREET
    BOSTON,MA02210
    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
    126,014,663
    b
    Average of monthly cash balances.......................
    1b
    167,328
    c
    Fair market value of all other assets (see instructions)................
    1c
    850,000
    d
    Total (add lines 1a, b, and c).........................
    1d
    127,031,991
    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
    127,031,991
    4
    Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
    instructions) .............................
    4
    1,905,480
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. .......
    5
    125,126,511
    6
    Minimum investment return. Enter 5% (0.05) of line 5................
    6
    6,256,326
    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
    6,256,326
    2a
    Tax on investment income for 2021 from Part V, line 5.......
    2a
    85,705
    b
    Income tax for 2021. (This does not include the tax from Part V.) ...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    85,705
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    6,170,621
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    6,170,621
    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
    6,170,621
    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 6,170,621
    2 Undistributed income, if any, as of the end of 2021:
    a Enter amount for 2020 only....... 1,035,970
    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$ 5,381,664
    a Applied to 2020, but not more than line 2a 1,035,970
    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..... 4,345,694
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2021. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2021. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2022 ..........     		1,824,927
    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:
    CHRIS GRUNDNER
    100 W 10TH STREET SUITE 1109
    WILMINGTON,DE19801
    (302) 683-8245
    bThe form in which applications should be submitted and information and materials they should include:
    SEE WEBSITE FOR THE WELFARE FOUNDATION INC (WWW.WELFAREFOUNDATIONDE.ORG) FOR GRANT SUBMISSION AND INFORMATION NEEDED TO APPLY
    cAny submission deadlines:
    APRIL 15 AND OCTOBER 15
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    LIMITED TO DELAWARE AND GREATER WILMINGTON 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
    BOYS AND GIRLS CLUBS OF DELAWARE
    669 S UNION STREET
    WILMINGTON,DE19805     		NONE PC CHARLIE GUMMEY FUND GRANT 10,000
    BRANDYWINE CONSERVANCY & MUSEUM OF ART
    PO BOX 141 1 HOFFMANS MILL ROAD
    CHADDS FORD,PA19317     		NONE PC BRMA ELEVATED MECHANICAL ROOM 175,000
    BRANDYWINE VALLEY SPCA
    600 SOUTH STREET
    NEW CASTLE,DE19720     		NONE PC NEW NEW CASTLE CAMPUS & CLINIC 100,000
    CAMP ARROWHEAD
    35268 HOMESTEAD WAY
    LEWES,DE19958     		NONE PC DINING HALL AND COMMUNITY CENTER 150,000
    CATHOLIC CHARITIES
    2601 W 4TH STREET
    WILMINGTON,DE19805     		NONE PC ENERGY UPGRADES FOR CLIENT SERVICES 35,000
    CHILDREN & FAMILIES FIRST DELAWARE INC
    809 N WASHINGTON STREET
    WILMINGTON,DE19801     		NONE PC CFF APRICOT 360 CASE MANAGEMENT SYSTEM 75,000
    CONNECTING GENERATIONS INC
    100 W 10TH ST SUITE 1115
    WILMINGTON,DE19801     		NONE PC SUPPORT FOR SPECIAL POPULATIONS 30,000
    CULTURE RESTORATION PROJECT INC
    PO BOX 1926
    WILMINGTON,DE19899     		NONE PC CULTURE RESTORATION PROJECT, INC. 30,000
    DELAWARE ART MUSEUM
    2301 KENTMERE PARKWAY
    WILMINGTON,DE19806     		NONE PC DELART'S ART SENTRY SECURITY PROGRAM 75,000
    DELAWARE BLACK CHAMBER OF COMMERCE
    108 PATRIOT DR SUITE A
    MIDDLETOWN,DE19709     		NONE PC DEBCC CAPITAL PROJECT 50,000
    DELAWARE BOTANIC GARDENS
    PO BOX 1390
    OCEAN VIEW,DE19970     		NONE PC DBG FINANCIAL SUSTAINABILITY 100,000
    DELAWARE CENTER FOR THE INLAND BAYS
    39375 INLET RD
    REHOBOTH BEACH,DE19971     		NONE PC JAMES FARM MASTER PLAN IMPLEMENTATION 75,000
    DELAWARE COMMUNITY FOUNDATION
    L 00 W TENTH STREET
    WILMINGTON,DE19801     		NONE PC LOCAL JOURNALISM ASSESSMENT 15,000
    DELAWARE GUIDANCE SERVICES FOR CHILDREN AND
    1213 DELAWARE AVENUE
    WILMINGTON,DE19806     		NONE PC CRITICAL MULTI-SITE HVAC UPGRADES 29,000
    DELAWARE MUSEUM OF NATURAL HISTORY
    4840 KENNETT PIKE PO BOX 3937
    WILMINGTON,DE19807     		NONE PC DMNH MUSEUM METAMORPHOSIS PAVING 200,000
    DELAWARE SPCA
    455 STANTON CHRISTIANA RD
    NEWARK,DE19713     		NONE PC ELECTRIC SERVICE REPLACEMENT 50,000
    DELAWARE STATE UNIVERSITY FOUNDATION
    1200 N DUPONT HWY
    DOVER,DE19901     		NONE PC CONWELL HALL BUILDING REMEDIATION 200,000
    DELAWARE WILD LANDS INC
    PO BOX 505
    ODESSA,DE19730     		NONE PC DWL'S 60TH ANNIVERSARY CAPITAL CAMPAIGN 150,000
    DELMARVA ADULT & TEEN CHALLENGE INC
    611 THIRD NORTH STREET
    SEAFORD,DE19973     		NONE PC DATC MEN'S CAMPUS TRANSITION HOME 100,000
    DELMARVA COMMUNITY WELLNET
    PO BOX 422
    LEWES,DE19958     		NONE PC SCHOOL NUTRITION AGRI-CULTURE 30,000
    DOMESTIC VIOLENCE CENTER OF CHESTER COUNTY
    PO BOX 832
    WEST CHESTER,PA19381     		NONE PC WEST GROVE/JENNERSVILLE OUTREACH OFFICE 50,000
    DOVER INTERFAITH MISSION FOR HOUSING
    684 FOREST STREET
    DOVER,DE19904     		NONE PC NEW DOVER INTERFAITH SHELTER 75,000
    DOVER LIBRARY FOUNDATION INC
    35 LOOCKERMAN PLAZA
    DOVER,DE19901     		NONE PC DOVER LIBRARY ANNIVERSARY PROJECTS 25,000
    EDGE FOR TOMORROW
    503 DUNCAN RD
    WILMINGTON,DE19809     		NONE PC A SAFE LEARNING SPACE FOR ALL 46,000
    FRIENDS HOME IN KENNETT
    147 W STATE STREET
    KENNETT SQUARE,PA19348     		NONE PC ENCLOSED WALKWAY FOR JACKSON BUILDING 50,000
    FRIENDS OF COOCH'S BRIDGE HISTORIC SITE
    PO BOX 85
    WILMINGTON,DE19710     		NONE PC BUILT ENVIRONMENT RESTORATION 100,000
    FRIENDS OF THE DELAWARE VETERANS HOME INC
    100 DELAWARE VETERANS DRIVE
    MILFORD,DE19963     		NONE PC FRIENDS OF DE VETERANS HOME DENTAL SUITE 40,000
    GOOD NEIGHBORS INC
    224 EAST STREET ROAD SUITE 2
    KENNETT SQUARE,PA19348     		NONE PC TRUCK/TRAILER FOR LOW-INCOME HOME REPAIR 50,000
    GOOD SAMARITAN SERVICES
    POBOX 551 104 HIGH STREET
    PHOENIXVILLE,PA19460     		NONE PC KENNETT SQUARE EMERGENCY SHELTER 25,000
    GRAND OPERA HOUSE
    818 N MARKET STREET
    WILMINGTON,DE19801     		NONE PC RE-BUILDING THE GRAND 150,000
    GREATER HARRINGTON HISTORICAL SOCIETY
    L 08 FLEMING ST
    HARRINGTON,DE19952     		NONE PC RAILROAD CAPITAL PROJECTS 10,000
    GREATER LEWES FOUNDATION
    PO BOX 802
    LEWES,DE19958     		NONE PC OIL STILL BLEEDS 35,000
    HABITAT FOR HUMANITY OF NEW CASTLE COUNTY
    1920 HUTTON STREET
    WILMINGTON,DE19802     		NONE PC AFFORDABLE HOMEOWNERSHIP PROGRAM 175,000
    HARAMBEE DELAWARE FUND CO DELAWARE COMMUNITY FOUNDATION
    100 W TENTH STREET SUITE 115
    WILMINGTON,DE19801     		NONE PC HARAMBEE DELAWARE 50,000
    HARPERS HEART
    112 S FRENCH STREET
    WILMINGTON,DE19801     		NONE PC HARPER'S HEART OPERATIONS EXPANSION 38,760
    HARRY K FOUNDATION
    313 S BOARDWALK
    REHOBOTH BEACH,DE19971     		NONE PC DESERT OASIS FEEDING PROGRAM 35,000
    HOLY ANGELS SCHOOL
    82 POSSUM PARK ROAD
    NEWARK,DE19711     		NONE PC HOLY ANGELS SCHOOL ROOF REPLACEMENT 48,000
    INDEPENDENCE SCHOOL
    1300 PAPER MILL ROAD
    NEWARK,DE19711     		NONE PC FOUNDATION FOR THE FUTURE CAMPAIGN 78,000
    KENNETT LIBRARY
    P 0 BOX 730 216 EAST STATE STREET
    KENNETT SQUARE,PA19348     		NONE PC NEW KENNETT LIBRARY & RESOURCE CENTER 175,000
    LEADERSHIP DELAWARE
    112 S FRENCH STREET SUITE 208
    WILMINGTON,DE19801     		NONE PC A TRANSFORMATIONAL JOURNEY 30,000
    LOVE AND HOPE RESCUE MISSION
    101 MEDERIA CIRCLE
    NEWARK,DE19702     		NONE PC LOVE AND HOPE RESCUE MISSION 5,000
    LOVE INC OF MID DELMARVA INC
    PO BOX 542
    SEAFORD,DE19973     		NONE PC SUSSEX CTY CENTRALIZED DISTRIBUTION CTR 40,000
    LUTHERAN SENIOR SERVICES INC
    1201 N HARRISON ST
    WILMINGTON,DE19806     		NONE PC BATHROOM RENOVATIONS 75,000
    MARY CAMPBELL CENTER
    4641 WELDIN ROAD
    WILMINGTON,DE19803     		NONE PC EXPANSION OF PT AND PD PROGRAMS 100,000
    METROPOLITAN WILMINGTON URBAN LEAGUE
    100 WEST 10TH STREET SUITE 602
    WILMINGTON,DE19801     		NONE PC EQUITABLE WORKFORCE PROJECT 5,000
    MILFORD HOUSING DEVELOPMENT CORPORATION
    977 E MASTEN CIRCLE
    MILFORD,DE19963     		NONE PC NONPROFIT CAPITAL PLAN 100,000
    NABVETS
    PO BOX 2231
    WILMINGTON,DE19899     		NONE PC NABVETS OPERATIONS AND CAPACITY 20,000
    NANTICOKE INDIAN ASSOCIATION INC
    27073 JOHN J WILLIAMS HIGHWAY
    MILLSBORO,DE19966     		NONE PC NIA CULTURAL COMMUNITY CENTER RENOVATION 100,000
    NEWARK DAY NURSERY AND CHILDREN'S CENTER
    921 BARKSDALE RD
    NEWARK,DE197113205     		NONE PC INFRASTRUCTURE, SAFETY, AND LONGEVITY 75,000
    NEWARK UNION CORPORATION
    8 NEWARK UNION PUBLIC ROAD
    WILMINGTON,DE19803     		NONE PC RESTORATION OF THE NEWARK UNION CHURCH 10,000
    PARTNERS FOR JUSTICE
    360 CABRINI BOULEVARD 8K
    NEW YORK,NY10040     		NONE PC SUPPORTING JUSTICE AND SOCIAL SERVICES 60,000
    PEACE BY PIECE INC
    4185 KIRKWOOD ST GEORGES ROAD
    BEAR,DE19701     		NONE PC EMPOWER 66,317
    PENNSYLVANIA PARKS AND FORESTS FOUNDATION
    704 LISBURN ROAD SUITE 102
    CAMP HILL,PA17011     		NONE PC WHITE CLAY CREEK PENN-DEL TRAIL CULVERT 15,600
    REACH RIVERSIDE DEVELOPMENT CORPORATION
    2300 BOWERS ST
    WILMINGTON,DE198024610     		NONE PC HURRICANE IDA RESPONSE FUND 60,000
    REHOBOTH BEACH HISTORICAL SOCIETY INC
    511 REHOBOTH AVENUE
    REHOBOTH BEACH,DE19971     		NONE PC REHOBOTH BEACH MUSEUM HYAC REPLACEMENT 30,000
    SCIENCE TECHNOLOGY AND RESEARCH INSTITUTE OF DELAWARE
    272 QUIGLEY BOULEVARD
    NEW CASTLE,DE19720     		NONE PC DETECTING PFAS IN DRINKING WATER 40,000
    SEAFORD DISTRICT LIBRARY
    600 N MARKET STREET EXT
    SEAFORD,DE19973     		NONE PC SOCIAL SERVICES AND TECH IN THE LIBRARY 25,000
    SERVIAM GIRLS ACADEMY
    900 N WASHINGTON STREET
    WILMINGTON,DE19801     		NONE PC COMMUNITY SPACE RENOVATION PROJECT 64,549
    ST MICHAEL'S SCHOOL AND NURSERY INC
    700 N WALNUT STREET
    WILMINGTON,DE19801     		NONE PC IMPROVING OUR CENTER'S HEALTH & SAFETY 250,000
    THE BRYAN ALLEN STEVENSON SCHOOL OF EXCELLENCE
    16683 SAND HILL RD
    MILTON,DE19968     		NONE PC BRYAN A. STEVENSON SCHOOL OF EXCELLENCE 200,000
    THE DELAWARE CONTEMPORARY
    200 S MADISON ST
    WILMINGTON,DE19801     		NONE PC HVAC PROJECT: PHASE 2 - URGENT NEEDS 30,000
    THE EVERETT INC
    51 W MAIN STREET
    MIDDLETOWN,DE19709     		NONE PC EVERETT THEATRE REPAIRS & IMPROVEMENTS. 75,000
    THE SUMMER LEARNING COLLABORATIVE INC
    1200 N FRENCH ST
    WILMINGTON,DE19801     		NONE PC 1:1 SEL AND TUTORING 100,000
    TRAUMA MATTERS DELAWARE CO CHILDREN & FAMILIES FIRST DELAWARE INC
    112 S FRENCH STREET
    WILMINGTON,DE19801     		NONE PC TRAUMA MATTERS DELAWARE 30,000
    UPLAND COUNTRY DAY SCHOOL
    420 W STREET ROAD
    KENNETT SQUARE,PA19348     		NONE PC BEESCHOOL PRESCHOOL RENOVATION PROJECT 200,000
    URBAN BIKE PROJECT OF WILMINGTON INC
    PO BOX 729
    WILMINGTON,DE19899     		NONE PC URBAN BIKE EXPLORERS 30,000
    VILLAGE EDUCATION TUTORS FOUNDATION
    1201 NORTH ORANGE STREET SUITE 7004
    WILMINGTON,DE19801     		NONE PC ALGEBRA 1 EQUITY PROGRAM 100,000
    WEST END NEIGHBORHOOD HOUSE
    710 N LINCOLN ST
    WILMINGTON,DE19805     		NONE PC FOSTERING THE FUTURE CAPITAL CAMPAIGN 100,000
    WILMINGTON INSTITUTE FREE LIBRARY
    PO BOX 2303
    WILMINGTON,DE19899     		NONE PC EXPANDING THE NORTH WILMINGTON LIBRARY 75,000
    YEAR UP WILMINGTON
    320 NORTH DUPONT HIGHWAY THE GREEN
    303
    NEW CASTLE,DE19720     		NONE PC EQUIPMENT UPGRADE FOR TECH TRAINING 20,000
    Total .................................bullet 3a 5,066,226
    bApproved for future payment
    1 IN 7B FOUNDATION
    162 WALNUT RUN RD
    LANDENBERG,PA19350     		NONE PC 1IN7B MOBILE SHOWER-LAUNDRY TRAILER 60,000
    CHA BAD AT UNIVERSITY OF DELAWARE
    262 S COLLEGE AVENUE
    NEW CASTLE,DE19711     		NONE PC REBUILDING CHABAD AT UD 80,000
    DELAWARE TECHNICAL & COMMUNITY COLLEGE
    OFFICE OF THE PRESIDENT PO BOX 897
    DOVER,DE19903     		NONE PC DTCC CULINARY ARTS KITCHEN EXPANSION 200,000
    FAME INC
    2005 BAYNARD BOULEVARD
    WILMINGTON,DE19802     		NONE PC ALIGNING MEANINGFUL EMPLOYMENT 300,000
    FIRST STATE SQUASH INC
    501 W 11TH STREET
    WILMINGTON,DE19801     		NONE PC THE COURT CAMPAIGN 125,000
    IMMACULATE HEART OF MARY SCHOOL
    1000 SHIPLEY ROAD
    WILMINGTON,DE19803     		NONE PC IHM "COOL THE SCHOOL" 50,000
    KINGSWOOD COMMUNITY CENTER INC
    2300 BOWERS STREET
    WILMINGTON,DE19802     		NONE PC NEW KINGSWOOD COMMUNITY CENTER 300,000
    LATIN AMERICAN COMMUNITY CENTER
    403 N VAN BUREN STREET
    WILMINGTON,DE19805     		NONE PC LACC EDUCATION EXPANSION PROJECT 250,000
    POLICE ATHLETIC LEAGUE OF WILMINGTON INC
    P 0 BOX 9674
    WILMINGTON,DE19809     		NONE PC PALW ADVENTURE PARK PROJECT 100,000
    SUNDAY BREAKFAST MISSION
    110 N POPLAR STREET
    WILMINGTON,DE19801     		NONE PC MISSION NEXT LEVEL 150,000
    THE RESIDENTIAL ACADEMY CO DELAWARE COMMUNITY FOUNDATION
    100 W TENTH STREET SUITE 115
    WILMINGTON,DE19801     		NONE PC RESIDENTIAL ACADEMY VIABILITY RESEARCH 50,000
    YMCA OF DELAWARE
    100 W 10TH STREET SUITE 1100
    WILMINGTON,DE19801     		NONE PC MIDDLETOWN YMCA CAPITAL CAMPAIGN 200,000
    Total .................................bullet 3b 1,865,000
    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 ...........     		         
    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 5,856,420  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e) .. 0 6,831,685 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    6,831,685
    (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:
    WELFARE FOUNDATION INC
    EIN:
    51-6015916
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    BUMPERS & COMPANY 12,900 4,300   8,600
    MY OFFICE OPS 6,000 2,000   4,000

    TY 2021 InvestmentsCorpStockSchedule
    Name:
    WELFARE FOUNDATION INC
    EIN:
    51-6015916
    Name of Stock End of Year Book Value End of Year Fair Market Value
    EDGEWOOD GROWTH FUND 5,346,914 13,572,977
    VANGUARD ST CORP BOND FUND 2,364,725 2,378,912
    SPIDER S&P 500 7,617,541 13,471,765

    TY 2021 InvestmentsOtherSchedule2
    Name:
    WELFARE FOUNDATION INC
    EIN:
    51-6015916
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    ECHOSTREET GOODCO SELECT II, L.P AT COST 5,000,000 7,028,576
    FARALLON EQUITY PARNTERS INTERNATIONAL AT COST 5,000,000 7,365,897
    MARSHALL WACE EUREKA FUND AT COST 1,869,561 3,638,666
    THE CHILDRENS INVESTMENT FUND AT COST 5,000,000 7,479,000
    KING STREET FUND AT COST 126,172 270,087
    KABOUTER INTERNATIONAL AT COST 4,500,000 5,198,313
    ABDIEL QUALIFIED OFFSHORE FUND AT COST 2,500,000 9,996,579
    KYLIN OFFSHORE FUND AT COST 2,000,000 2,287,080
    GQG PARTNERS EMERGING MARKETS AT COST 4,500,000 6,815,986
    WELLINGT SELECT LEADERS AT COST 2,579,652 5,075,855
    AKO GLOBAL LONG ONLY FUN AT COST 5,000,000 8,546,281
    VANGUARD MID CAP AT COST 6,458,146 9,126,028
    WHALE ROCK FLAGSHIP FUND AT COST 2,000,000 2,439,933
    WELLINGTON INTERNATIONAL QUALITY GROWTH AT COST 5,068,357 7,300,261
    RA CAPITAL HEALTHCARE INTERNATIONAL QUALITY AT COST 3,000,000 2,254,636
    CASPIN PRIVATE GROWTH EQUITY FUND AT COST 1,800,000 1,984,309
    SOUND POINT DISTRESSED LOAN OPP FUND AT COST 1,480,735 1,801,757
    SENATOR LIQUIDATING CLASS FUND AT COST 159,772 370,342
    STEPSTONE VC SECONDARIES FUND AT COST 362,610 385,193
    TIGER GLOBAL PRIVATE INVESTMENT AT COST 412,500 505,171
    CASDIN PRIVATE GROWTH EQUITY FUND II AT COST 375,000 371,569

    TY 2021 LegalFeesSchedule
    Name:
    WELFARE FOUNDATION INC
    EIN:
    51-6015916
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    SAUL EWING LLP 940 0   659


    TY 2021 OtherDecreasesSchedule
    Name:
    WELFARE FOUNDATION INC
    EIN:
    51-6015916
    Description Amount
    K-1 INCOME/LOSS ON TAX RETURN NOT ON BOOKS - NET 2,932,588


    TY 2021 OtherExpensesSchedule
    Name:
    WELFARE FOUNDATION INC
    EIN:
    51-6015916
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    CELLULAR TELEPHONE 4,675 0   4,675
    INSURANCE EXPENSE 24,532 0   31,968
    COMPUTER CONSULTANTS 1,450 0   1,450
    SEMINARS, TRAVEL, & LODGING 8,955 0   8,955
    OFFICE SUPPLIES 854 0   868
    DUES AND SUBSCRIPTIONS 41,243 0   41,243
    BOARD PORTAL FEE 400 0   400


    TY 2021 OtherIncomeSchedule2
    Name:
    WELFARE FOUNDATION INC
    EIN:
    51-6015916
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    OTHER PORTFOLIO INCOME 43,979 43,979 43,979


    TY 2021 OtherLiabilitiesSchedule
    Name:
    WELFARE FOUNDATION INC
    EIN:
    51-6015916
    Description Beginning of Year - Book Value End of Year - Book Value
    DEFERRED EXCISE TAXES PAYABLE 568,296 659,612


    TY 2021 OtherProfessionalFeesSchedule
    Name:
    WELFARE FOUNDATION INC
    EIN:
    51-6015916
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    MONTICELLO ASSOCIATES 125,000 125,000   0
    WILMINGTON TRUST CO - CUSTODY FEES 4,123 4,123   0
    PAYCHEX 2,692 1,346   1,346
    GQG PARTNERS 55,671 55,671   0
    KABOUTER INTERNATIONAL OPPORTUNITIES FUND II, LLC 64,387 64,387   0
    WELLINGTON 96,170 96,170   0
    ECHO STREET 44,312 44,312   0
    CASDIN 20,901 20,901   0


    TY 2021 TaxesSchedule
    Name:
    WELFARE FOUNDATION INC
    EIN:
    51-6015916
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    REAL ESTATE TAXES 2,530 2,530   0
    EXCISE TAX 217,551 0   0
    PAYROLL TAXES 17,470 8,735   8,735
    FOREIGN TAXES PAID ON DIVIDENDS 45,951 45,951   0