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
DAN L DUNCAN FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 4735
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
HOUSTON, TX77210
A Employer identification number

20-0265572
B Telephone number (see instructions)

(713) 381-5200
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$931,374,095J 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) 305,279
2 Check bullet.............
3 Interest on savings and temporary cash investments 321 321  
4 Dividends and interest from securities... 14,242,575 14,242,575  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 49,829,605
b Gross sales price for all assets on line 6a 245,337,771
7 Capital gain net income (from Part IV, line 2)... 49,886,699
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 13,539,149 13,575,667  
12 Total. Add lines 1 through 11........ 77,916,929 77,705,262  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0   0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment 19,166 0   19,166
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment 513,430 513,430   0
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 683,239 41,948   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 15,759 15,759   0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 1,231,594 571,137   19,166
25 Contributions, gifts, grants paid....... 35,866,832 35,866,832
26 Total expenses and disbursements. Add lines 24 and 25 37,098,426 571,137   35,885,998
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 40,818,503
b Net investment income (if negative, enter -0-) 77,134,125
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............. 14,571 10,007 10,007
2 Savings and temporary cash investments......... 1,204,943 1,650,205 1,650,205
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) 59,974,437 Click to see attachment74,726,031 71,731,700
b Investments—corporate stock (attach schedule)....... 274,624,438 Click to see attachment229,771,286 274,298,885
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).......... 337,177,022 Click to see attachment425,971,380 583,683,298
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 672,995,411 732,128,909 931,374,095
Liabilities 17 Accounts payable and accrued expenses.......... 518,237 899,816
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons   17,933,416
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)......... 518,237 18,833,232
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here bullet
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 0 0
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 672,477,174 713,295,677
29 Total net assets or fund balances (see instructions)..... 672,477,174 713,295,677
30 Total liabilities and net assets/fund balances (see instructions). 672,995,411 732,128,909
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
672,477,174
2
Enter amount from Part I, line 27a .....................
2
40,818,503
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
713,295,677
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
713,295,677
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 PASSTHROUGH ST GAIN/LOSS P    
b PASSTHROUGH ST GAIN/LOSS - UBTI P    
c PASSTHROUGH LT GAIN/LOSS P    
d PASSTHROUGH LT GAIN/LOSS - UBTI P    
e BROKERAGE ACCOUNTS - ST P    
BROKERAGE ACCOUNTS - LT P    
BROKERAGE ACCOUNTS - CAPITAL GAIN DISTRIBUTION P    
BRIDGEWATER PURE ALPHA MAJOR MARKETS III P    
SLPV CAYMAN FORT FEEDER P    
THE CHILDREN'S INVESTMENT FUND P    
SMH PRIVATE EQUITY GROUP II P    
PASSTHROUGH ST 1256 P    
PASSTHROUGH LT 1256 P    
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a     4,604,051 -4,604,051
b 4   4 0
c 25,678,787     25,678,787
d 94,750   94,750 0
e 87,873,234   82,427,394 5,445,840
120,499,620   108,324,873 12,174,747
8,131,489     8,131,489
1,647,108     1,647,108
5,091     5,091
1,325,600     1,325,600
37,211     37,211
17,951     17,951
26,926     26,926
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       -4,604,051
b       0
c       25,678,787
d       0
e       5,445,840
      12,174,747
      8,131,489
      1,647,108
      5,091
      1,325,600
      37,211
      17,951
      26,926
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 49,886,699
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 1,072,164
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 1,072,164
6 Credits/Payments:
a 2021 estimated tax payments and 2020 overpayment credited to 2021 6a 568,018
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 520,000
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 1,088,018
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 1,159
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 14,695
11 Enter the amount of line 10 to be: Credited to 2022 estimated taxBullet14,695 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
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XIV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletTX
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2021 or the taxable year beginning in 2021? See the instructions for Part XIII.
    If "Yes," complete Part XIII .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 5
    Part VI-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    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 addressbulletN/A
    14
    The books are in care ofbulletLAURA LIANG Telephone no.bullet (713) 381-5200

    Located atbulletDUNCAN FAMILY OFFICE1100 LOUISIANASTHOUSTONTX ZIP+4bullet77002
    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)
    Yes
     
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
    1a(3)
    Yes
     
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
    1a(4)
     
    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
     
    No
    c
    ........bullet
    d
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2021? .............
    1d
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2021, did the foundation have any undistributed income (lines 6d
    and 6e, Part XII) for tax year(s) beginning before 2021?....................
    2a
     
    No
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year? ..............................
    3a
     
    No
    b
    If "Yes," did it have excess business holdings in 2021 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2021.) .....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2021? ..
    4b
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 6
    Part VI-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
    5a(1)
     
    No
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive? ....................
    5a(2)
     
    No
    (3) Provide a grant to an individual for travel, study, or other similar purposes? .............
    5a(3)
     
    No
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions ........................
    5a(4)
     
    No
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals? .............
    5a(5)
     
    No
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
    5b
     
     
    c
    .........bullet
    d
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant? .................
    5d
     
     
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract? .............................
    6a
     
    No
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    7a
     
    No
    b
    If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .........................
    8
     
    No
    Part VII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    RANDA DUNCAN WILLIAMS CHAIR/PRES/DIR
    1.00     		0 0 0
    PO BOX 4735
    HOUSTON,TX77210
    RICHARD H BACHMANN VICE PRES/DIR
    0.50     		0 0 0
    PO BOX 4735
    HOUSTON,TX77210
    DANNINE GALE DUNCAN VICE PRES/DIR
    0.50     		0 0 0
    PO BOX 4735
    HOUSTON,TX77210
    MILANE DUNCAN FRANTZ VICE PRES/DIR
    0.50     		0 0 0
    PO BOX 4735
    HOUSTON,TX77210
    SCOTT D DUNCAN VICE PRES/DIR
    0.50     		0 0 0
    PO BOX 4735
    HOUSTON,TX77210
    W RANDALL FOWLER EVP/CFO
    0.50     		0 0 0
    PO BOX 4735
    HOUSTON,TX77210
    GREGG HAMMER EVP/CIO
    0.50     		0 0 0
    PO BOX 4735
    HOUSTON,TX77210
    LAURA LIANG SVP/CGO/ASST SEC
    1.00     		0 0 0
    PO BOX 4735
    HOUSTON,TX77210
    HARRY P WEITZEL EVP/SEC/GEN COUN
    0.50     		0 0 0
    PO BOX 4735
    HOUSTON,TX77210
    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
    POLEN GROWTH INVESTMENT MANAGEMENT 342,526
    1825 NW CORPORATE BLVD 300
    BOCA RATON,FL33431
    BERNZOTT CAPITAL ADVISORS INVESTMENT MANAGEMENT 86,941
    2802 FLINTROCK TRACE SUITE B111
    AUSTIN,TX78738
    MACQUARIE INVESTMENT MANAGEMENT ADVISERS INVESTMENT MANAGEMENT 79,557
    2005 MARKET STREET
    PHILADELPHIA,PA191037094
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part VIII-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1  
    2  
    3  
    4  
    Part VIII-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 8
    Part IX
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    505,737,697
    b
    Average of monthly cash balances.......................
    1b
    1,856,454
    c
    Fair market value of all other assets (see instructions)................
    1c
    386,299,199
    d
    Total (add lines 1a, b, and c).........................
    1d
    893,893,350
    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
    893,893,350
    4
    Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
    instructions) .............................
    4
    13,408,400
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. .......
    5
    880,484,950
    6
    Minimum investment return. Enter 5% (0.05) of line 5................
    6
    44,024,248
    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
    44,024,248
    2a
    Tax on investment income for 2021 from Part V, line 5.......
    2a
    1,072,164
    b
    Income tax for 2021. (This does not include the tax from Part V.) ...
    2b
    16,402
    c
    Add lines 2a and 2b............................
    2c
    1,088,566
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    42,935,682
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    42,935,682
    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
    42,935,682
    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 42,935,682
    2 Undistributed income, if any, as of the end of 2021:
    a Enter amount for 2020 only....... 35,866,832
    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$ 35,885,998
    a Applied to 2020, but not more than line 2a 35,866,832
    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..... 19,166
    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 ..........     		42,916,516
    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 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
    BAYLOR COLLEGE OF MEDICINE
    3200 SOUTHWEST FWY STE 1180
    HOUSTON,TX77027     		N/A SO I MEDICAL PROGRAMS 600,000
    BOYS AND GIRLS CLUBS OF GREATER HOUSTON INC
    815 CROSBY ST
    HOUSTON,TX770193054     		N/A PC SOCIAL SERVICES 5,000
    BRENDA AND JOHN H DUNCAN RISE SCHOOL OF HOUSTON
    5618 H MARK CROSSWELL JR ST
    HOUSTON,TX770211079     		N/A PC EDUCATIONAL SERVICES 25,000
    BROOKWOOD COMMUNITY
    1752 FARM TO MARKET 1489
    BROOKSHIRE,TX77423     		N/A PC SOCIAL SERVICES 500,000
    CAMP ARANZAZU FOUNDATION
    5420 LOOP 1781
    ROCKPORT,TX783827622     		N/A PC SOCIAL SERVICES 500,000
    CHRISTIAN COMMUNITY SERVICE CENTER
    P O BOX 27924
    HOUSTON,TX772277924     		N/A PC SOCIAL SERVICES 5,000
    CITIZENS FOR ANIMALS OF MIDLAND ODESSA INC
    PO BOX 921 PINEHURST
    PINEHURST,TX773620921     		N/A SO I ANIMAL RESCUE 5,000
    EPISCOPAL HIGH SCHOOL
    4650 BISSONNET
    BELLAIRE,TX77401     		N/A PC EDUCATIONAL SERVICES 10,000
    GALVESTON BAY FOUNDATION
    1725 TX-146
    KEMAH,TX77565     		N/A PC ENVIRONMENTAL SERVICES 690,000
    GALVESTON HISTORICAL FOUNDATION
    2228 BROADWAY AVENUE J
    GALVESTON,TX77550     		N/A PC HISTORICAL PRESERVATION 600,000
    GRACEWOOD INC
    1617 ELMVIEW DRIVE
    HOUSTON,TX77080     		N/A PC SOCIAL SERVICES 61,000
    GREATER HOUSTON COMMUNITY FOUNDATION
    5120 WOODWAY DRIVE SUITE 6000
    HOUSTON,TX77056     		N/A PC EDUCATION AND SUPPORT OF THE HOUSTON COMMUNITY 17,933,416
    GREATER HOUSTON GERMAN SHEPHERD DOG RESCUE
    PO BOX 610150
    HOUSTON,TX772080150     		N/A PC ANIMAL RESCUE 5,000
    HELPING PAWS IN CHAMBERS COUNTY
    PO BOX E
    ANAHUAC,TX775141705     		N/A PC ANIMAL RESCUE 5,000
    HEROES FOR CHILDREN
    1701 GATEWAY BLVD SUITE 410
    RICHARDSON,TX75080     		N/A PC SOCIAL SERVICES 5,000
    HOUSTON ARBORETUM AND NATURE CENTER
    4501 WOODWAY DR
    HOUSTON,TX77024     		N/A PC ENVIRONMENTAL SERVICES 600,000
    HOUSTON MUSEUM OF NATURAL SCIENCE
    ONE HERMANN CIRCLE DRIVE
    HOUSTON,TX77030     		N/A PC EDUCATION AND HISTORICAL PRESERVATION 250,000
    HOUSTON SPCA
    7007 OLD KATY ROAD
    HOUSTON,TX77024     		N/A PC ANIMAL RESCUE 255,000
    HOUSTON WELCOMES REFUGEES
    946 W 17TH ST
    HOUSTON,TX770083434     		N/A PC SOCIAL SERVICES 5,000
    HOUSTON ZOO INC
    1513 CAMBRIDGE
    HOUSTON,TX77030     		N/A PC ANIMAL AND WILDLIFE HABITAT CONSERVATION 892,300
    JACINTO CITY DOG POUND RESCUE
    21320 PLAZA CIRCLE
    CROSBY,TX77532     		N/A PC ANIMAL RESCUE 5,000
    K-9 ANGELS RESCUE
    9415 WINSOME LANE
    HOUSTON,TX77063     		N/A PC ANIMAL PROTECTION AND WELFARE 5,000
    KIPP INC
    10711 KIPP WAY ST
    HOUSTON,TX77009     		N/A PC EDUCATIONAL SERVICES 325,000
    MD ANDERSON CANCER CENTER
    PO BOX 4486
    HOUSTON,TX77210     		N/A GOV MEDICAL PROGRAMS 5,000
    MEMORIAL HERMANN FOUNDATION
    929 GESSNER SUITE 2650
    HOUSTON,TX77024     		N/A SO I MEDICAL PROGRAMS 600,000
    MOTHER'S MILK BANK AUSTIN
    5925 DILLARD CIRCLE
    AUSTIN,TX78752     		N/A PC SOCIAL SERVICES 5,000
    MUSTARD SEED - A COMMUNITY CAFE
    201 E SUNSET RD
    EL PASO,TX79922     		N/A PC SOCIAL SERVICES 5,000
    PANOLA COLLEGE
    1109 W PANOLA ST
    CATHAGE,TX75633     		N/A PC EDUCATIONAL SERVICES 107,552
    PARTNERSHIP FOR THE ADVANCEMENT AND IMMERSION OF REFUGEES
    3300 CHIMNEY ROCK SUITE 105
    HOUSTON,TX77056     		N/A PC SOCIAL SERVICES 5,000
    PEREGRINE FUND
    5668 WEST FLYING HAWK LANE
    BOISE,ID83709     		N/A PC ANIMAL AND WILDLIFE HABITAT CONSERVATION 100,000
    PRO-VISION INC
    4590 WILMINGTON ST
    HOUSTON,TX77051     		N/A PC EDUCATIONAL SERVICES 100,000
    RECIPE FOR SUCCESS FOUNDATION
    PO BOX 56405
    HOUSTON,TX77256     		N/A PC SOCIAL SERVICES 76,447
    RICE UNIVERSITY
    6100 MAIN ST
    HOUSTON,TX77005     		N/A PC EDUCATIONAL SERVICES 650,334
    RIVER OAKS CHAMBER ORCHESTRA
    1934 WEST GRAY 311
    HOUSTON,TX77019     		N/A PC PERFORMING ARTS AND ARTS EDUCATION 50,000
    RONALD MCDONALD HOUSE OF HOUSTON
    1907 HOLCOMBE BOULEVARD
    HOUSTON,TX77030     		N/A PC SOCIAL SERVICES 400,000
    SAN ANTONIO AREA FOUNDATION
    303 PEARL PARKWAY SUITE 114
    SAN ANTONIO,TX78215     		N/A PC EDUCATIONAL SERVICES 480,000
    SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS OF GALVESTON CO
    3000 AVENUE R
    SAN LEON,TX775393177     		N/A PC ANIMAL RESCUE 5,000
    SOUTHWESTERN UNIVERSITY
    PO BOX 770
    GEORGETOWN,TX786270770     		N/A PC EDUCATIONAL SERVICES 200,000
    SPRINGSPIRIT
    8526 PITNER RD
    HOUSTON,TX77080     		N/A PC SOCIAL SERVICES 500,000
    ST ANDREWS PRESBYTERIAN CHURCH
    5308 BUFFALO SPEEDWAY
    HOUSTON,TX77005     		N/A PC EDUCATIONAL SERVICES 5,000
    STAR OF HOPE
    4848 LOOP CENTRAL DR SUITE 500
    HOUSTON,TX77081     		N/A PC SOCIAL SERVICES 500,000
    TEACH FOR AMERICA
    25 BROADWAY 12TH FLOOR
    NEW YORK,NY10004     		N/A PC EDUCATIONAL SERVICES 316,667
    TEXAS A&M UNIVERSITY - KINGSVILLE FOUNDATION INC (CKWRI)
    700 UNIVERSITY BLVD
    KINGSVILLE,TX78363     		N/A PC EDUCATIONAL SERVICES 800,000
    TEXAS SCHOOL VENTURE FUND
    3900 ESSEX LN STE 1200
    HOUSTON,TX77027     		N/A PC EDUCATIONAL SERVICES 200,000
    THE FOUNDATION FOR THE COUNCIL ON RECOVERY
    PO BOX 2768
    HOUSTON,TX77252     		N/A PC SOCIAL SERVICES 125,000
    THE SUNSHINE KIDS FOUNDATION
    2814 VIRGINIA
    HOUSTON,TX77098     		N/A PC SOCIAL SERVICES 5,000
    THE UNIVERSITY OF TEXAS AT SAN ANTONIO
    1 UTSA CIRCLE
    SAN ANTONIO,TX78249     		N/A PC EDUCATIONAL SERVICES 10,000
    TODAY'S HARBOR FOR CHILDREN
    514 BAYBRIDGE ROAD
    LA PORTE,TX77571     		N/A PC EDUCATIONAL SERVICES 5,000
    TRINITY UNIVERSITY
    1 TRINITY PLACE
    SAN ANTONIO,TX78212     		N/A PC EDUCATIONAL SERVICES 510,000
    UNIVERSITY OF HOUSTON
    4800 CALHOUN ROAD
    HOUSTON,TX77004     		N/A PC EDUCATIONAL SERVICES 3,000,000
    UNIVERSITY OF TEXAS HEALTH SCIENCE CENTER AT HOUSTON
    700 FANNIN ST 1200
    HOUSTON,TX77030     		N/A PC MEDICAL PROGRAMS 2,611,827
    WEST UNIVERSITY METHODIST CHURCH
    3611 UNIVERSITY BOULEVARD
    HOUSTON,TX77005     		N/A PC CAPITAL CAMPAIGN 10,000
    WONDERLAND EDUCATIONAL ESTATE ASSOCIATION DBA BEATRICE MAYES INSTITUTE
    5807 CALHOUN ROAD
    HOUSTON,TX77021     		N/A PC SOCIAL SERVICES 192,289
    YELLOWSTONE ACADEMY
    300 TRULLEY STREET
    HOUSTON,TX77004     		N/A PC EDUCATIONAL SERVICES 1,000,000
    Total .................................bullet 3a 35,866,832
    bApproved for future payment
    CONCORDIA UNIVERSITY
    11400 CONCORIDA UNIVERSITY DR
    AUSTIN,TX78726     		N/A PC EDUCATIONAL SERVICES 25,000
    HOUSTON MUSEUM OF NATURAL SCIENCE
    ONE HERMANN CIRCLE DRIVE
    HOUSTON,TX77030     		N/A PC EDUCATION AND HISTORICAL PRESERVATION 250,000
    RICE UNIVERSITY
    6100 MAIN ST
    HOUSTON,TX77005     		N/A PC EDUCATIONAL SERVICES 349,674
    SAN ANTONIO AREA FOUNDATION
    303 PEARL PARKWAY SUITE 114
    SAN ANTONIO,TX78215     		N/A PC EDUCATIONAL SERVICES 6,195,750
    SOUTHWESTERN UNIVERSITY
    PO BOX 770
    GEORGETOWN,TX786270770     		N/A PC EDUCATIONAL SERVICES 200,000
    UNIVERSITY OF TEXAS HEALTH SCIENCE CENTER AT HOUSTON
    700 FANNIN ST 1200
    HOUSTON,TX77030     		N/A PC MEDICAL PROGRAMS 738,129
    WONDERLAND EDUCATIONAL ESTATE ASSOCIATION DBA BEATRICE MAYES INSTITUTE
    5807 CALHOUN ROAD
    HOUSTON,TX77021     		N/A PC SOCIAL SERVICES 807,711
    Total .................................bullet 3b 8,566,264
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 12
    Part XV-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments ....          
    3 Interest on savings and temporary cash
    investments ...........     		    14 321  
    4 Dividends and interest from securities ....          
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6 Net rental income or (loss) from personal property          
    7 Other investment income .....          
    8 Gain or (loss) from sales of assets other than
    inventory ............     		525990 94,754 18 49,734,851  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aPASSTHROUGH K-1 INCOME - UBTI     		525990 -15,650      
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e) .. 79,104 77,532,546 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    77,611,650
    (See worksheet in line 13 instructions to verify calculations.)
    Part XV-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 13
    Part XVI
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

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


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


    Software ID:  
    Software Version:  


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

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

    20-0265572
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ






    Form 990-PF




    Check if your organization is covered by the General Rule or a Special Rule.  
    Note: Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
    General Rule
    Special Rules
    ......... Arrow Bullet $  
    Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
    990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
    or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
    990-EZ, or 990-PF).
    For Paperwork Reduction Act Notice, see the Instructions
    for Form 990, 990-EZ, or 990-PF.
    Cat. No. 30613XSchedule B (Form 990) (2021)
    Schedule B (Form 990) (2021) Page 2
    Name of organization
    DAN L DUNCAN FOUNDATION
          		Employer identification number
    20-0265572
    Part I
    Contributors
    Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    1
    ESTATE OF DAN L DUNCAN
     
    PO BOX 4735
     
    HOUSTON, TX77210

    		$ 305,279


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

    		$  


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

    		$  


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

    		$  


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

    		$  


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

    		$  


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

    20-0265572
    Part II
    Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    Schedule B (Form 990) (2021)
    Schedule B (Form 990) (2021)
    Page 4
    Name of organization
    DAN L DUNCAN FOUNDATION
          		Employer identification number

    20-0265572
    Part III
    Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
    Use duplicate copies of Part III if additional space is needed.
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    Schedule B (Form 990) (2021)
    Additional Data


    Software ID:  
    Software Version:  

    TY 2021 InvestmentsCorpStockSchedule
    Name:
    DAN L DUNCAN FOUNDATION
    EIN:
    20-0265572
    Name of Stock End of Year Book Value End of Year Fair Market Value
    PUBLICLY TRADED SECURITY 1 1,499,863 1,666,897
    PUBLICLY TRADED SECURITY 2 1,806,025 3,200,427
    PUBLICLY TRADED SECURITY 3 738,665 2,621,614
    PUBLICLY TRADED SECURITY 4 771,791 3,211,260
    PUBLICLY TRADED SECURITY 5 1,365,985 1,944,147
    PUBLICLY TRADED SECURITY 6 344,147 394,045
    PUBLICLY TRADED SECURITY 7 118,496 139,308
    PUBLICLY TRADED SECURITY 8 374,212 1,097,490
    PUBLICLY TRADED SECURITY 9 198,784 195,017
    PUBLICLY TRADED SECURITY 10 5,117,970 5,098,205
    PUBLICLY TRADED SECURITY 11 343,160 435,906
    PUBLICLY TRADED SECURITY 12 299,311 481,770
    PUBLICLY TRADED SECURITY 13 24,327,775 27,303,826
    PUBLICLY TRADED SECURITY 14 289,227 218,671
    PUBLICLY TRADED SECURITY 15 399,334 487,855
    PUBLICLY TRADED SECURITY 16 347,463 343,560
    PUBLICLY TRADED SECURITY 17 653,121 725,187
    PUBLICLY TRADED SECURITY 18 689,294 807,312
    PUBLICLY TRADED SECURITY 19 337,488 359,885
    PUBLICLY TRADED SECURITY 20 273,354 276,690
    PUBLICLY TRADED SECURITY 21 269,329 291,555
    PUBLICLY TRADED SECURITY 22 422,373 399,040
    PUBLICLY TRADED SECURITY 23 11,545,572 11,840,636
    PUBLICLY TRADED SECURITY 24 279,746 296,695
    PUBLICLY TRADED SECURITY 25 495,990 569,184
    PUBLICLY TRADED SECURITY 26 208,467 244,080
    PUBLICLY TRADED SECURITY 27 231,063 260,493
    PUBLICLY TRADED SECURITY 28 807,973 749,766
    PUBLICLY TRADED SECURITY 29 939,938 941,483
    PUBLICLY TRADED SECURITY 30 1,018,068 900,907
    PUBLICLY TRADED SECURITY 31 464,509 440,565
    PUBLICLY TRADED SECURITY 32 1,207,045 1,124,448
    PUBLICLY TRADED SECURITY 33 328,517 389,772
    PUBLICLY TRADED SECURITY 34 1,937,638 2,743,842
    PUBLICLY TRADED SECURITY 35 604,480 722,418
    PUBLICLY TRADED SECURITY 36 479,039 612,168
    PUBLICLY TRADED SECURITY 37 285,847 350,744
    PUBLICLY TRADED SECURITY 38 349,436 433,745
    PUBLICLY TRADED SECURITY 39 347,128 275,740
    PUBLICLY TRADED SECURITY 40 355,831 343,764
    PUBLICLY TRADED SECURITY 41 25,277,905 23,948,217
    PUBLICLY TRADED SECURITY 42 241,359 394,709
    PUBLICLY TRADED SECURITY 43 173,542 150,414
    PUBLICLY TRADED SECURITY 44 294,487 422,164
    PUBLICLY TRADED SECURITY 45 382,816 447,525
    PUBLICLY TRADED SECURITY 46 177,463 348,455
    PUBLICLY TRADED SECURITY 47 170,621 380,021
    PUBLICLY TRADED SECURITY 48 2,109,523 4,094,052
    PUBLICLY TRADED SECURITY 49 1,082,888 1,002,230
    PUBLICLY TRADED SECURITY 50 866,906 851,078
    PUBLICLY TRADED SECURITY 51 120,156 114,805
    PUBLICLY TRADED SECURITY 52 397,532 389,295
    PUBLICLY TRADED SECURITY 53 356,691 310,059
    PUBLICLY TRADED SECURITY 54 640,161 682,534
    PUBLICLY TRADED SECURITY 55 303,598 389,275
    PUBLICLY TRADED SECURITY 56 2,541,747 6,064,965
    PUBLICLY TRADED SECURITY 57 559,395 1,772,988
    PUBLICLY TRADED SECURITY 58 190,271 104,135
    PUBLICLY TRADED SECURITY 59 619,106 659,899
    PUBLICLY TRADED SECURITY 60 914,177 1,018,710
    PUBLICLY TRADED SECURITY 61 353,427 345,978
    PUBLICLY TRADED SECURITY 62 249,834 207,284
    PUBLICLY TRADED SECURITY 63 451,767 778,550
    PUBLICLY TRADED SECURITY 64 327,028 293,035
    PUBLICLY TRADED SECURITY 65 384,337 414,751
    PUBLICLY TRADED SECURITY 66 741,874 956,818
    PUBLICLY TRADED SECURITY 67 52,217,486 62,742,027
    PUBLICLY TRADED SECURITY 68 59,839 68,330
    PUBLICLY TRADED SECURITY 69 913,255 1,044,308
    PUBLICLY TRADED SECURITY 70 265,323 227,540
    PUBLICLY TRADED SECURITY 71 313,511 274,891
    PUBLICLY TRADED SECURITY 72 7,189,710 7,290,304
    PUBLICLY TRADED SECURITY 73 869,916 1,295,636
    PUBLICLY TRADED SECURITY 74 613,953 1,768,887
    PUBLICLY TRADED SECURITY 75 397,283 394,818
    PUBLICLY TRADED SECURITY 76 786,870 959,458
    PUBLICLY TRADED SECURITY 77 290,999 378,526
    PUBLICLY TRADED SECURITY 78 435,423 373,378
    PUBLICLY TRADED SECURITY 79 426,575 558,182
    PUBLICLY TRADED SECURITY 80 68,269 75,086
    PUBLICLY TRADED SECURITY 81 1,612,402 2,836,113
    PUBLICLY TRADED SECURITY 82 498,825 592,008
    PUBLICLY TRADED SECURITY 83 138,710 113,795
    PUBLICLY TRADED SECURITY 84 855,746 896,732
    PUBLICLY TRADED SECURITY 85 58,948 46,231
    PUBLICLY TRADED SECURITY 86 344,196 911,070
    PUBLICLY TRADED SECURITY 87 1,531,139 4,045,257
    PUBLICLY TRADED SECURITY 88 1,436,652 1,621,166
    PUBLICLY TRADED SECURITY 89 442,560 1,308,693
    PUBLICLY TRADED SECURITY 90 960,446 2,211,518
    PUBLICLY TRADED SECURITY 91 670,348 629,784
    PUBLICLY TRADED SECURITY 92 76,852 66,930
    PUBLICLY TRADED SECURITY 93 129,947 139,312
    PUBLICLY TRADED SECURITY 94 766,709 736,346
    PUBLICLY TRADED SECURITY 95 256,705 265,608
    PUBLICLY TRADED SECURITY 96 620,843 1,256,509
    PUBLICLY TRADED SECURITY 97 381,743 298,284
    PUBLICLY TRADED SECURITY 98 59,265 63,152
    PUBLICLY TRADED SECURITY 99 426,444 473,282
    PUBLICLY TRADED SECURITY 100 795,823 783,146
    PUBLICLY TRADED SECURITY 101 785,444 1,493,005
    PUBLICLY TRADED SECURITY 102 1,273,786 1,471,750
    PUBLICLY TRADED SECURITY 103 374,837 338,435
    PUBLICLY TRADED SECURITY 104 1,238,899 1,197,390
    PUBLICLY TRADED SECURITY 105 219,242 323,119
    PUBLICLY TRADED SECURITY 106 497,764 483,084
    PUBLICLY TRADED SECURITY 107 279,149 573,250
    PUBLICLY TRADED SECURITY 108 458,968 525,450
    PUBLICLY TRADED SECURITY 109 398,117 333,720
    PUBLICLY TRADED SECURITY 110 422,105 516,288
    PUBLICLY TRADED SECURITY 111 193,645 207,853
    PUBLICLY TRADED SECURITY 112 8,958,682 9,258,248
    PUBLICLY TRADED SECURITY 113 522,079 452,322
    PUBLICLY TRADED SECURITY 114 494,773 541,629
    PUBLICLY TRADED SECURITY 115 662,684 259,299
    PUBLICLY TRADED SECURITY 116 383,138 601,777
    PUBLICLY TRADED SECURITY 117 1,685,532 2,516,224
    PUBLICLY TRADED SECURITY 118 520,384 250,801
    PUBLICLY TRADED SECURITY 119 905,055 2,300,160
    PUBLICLY TRADED SECURITY 120 18,586,194 18,999,157
    PUBLICLY TRADED SECURITY 121 761,109 697,366
    PUBLICLY TRADED SECURITY 122 469,929 526,144
    PUBLICLY TRADED SECURITY 123 6,999,903 6,887,600
    PUBLICLY TRADED SECURITY 124 1,369,408 1,501,774
    PUBLICLY TRADED SECURITY 125 496,271 481,740
    PUBLICLY TRADED SECURITY 126 277,690 742,063
    PUBLICLY TRADED SECURITY 127 821,719 2,590,867

    TY 2021 InvestmentsGovtObligationsSch
    Name:
    DAN L DUNCAN FOUNDATION
    EIN:
    20-0265572
    US Government Securities - End of Year Book Value:

    48,560,634
    US Government Securities - End of Year Fair Market Value:

    48,105,030
    State & Local Government Securities - End of Year Book Value:


    26,165,397
    State & Local Government Securities - End of Year Fair Market Value:


    23,626,670


    TY 2021 InvestmentsOtherSchedule2
    Name:
    DAN L DUNCAN FOUNDATION
    EIN:
    20-0265572
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    NON-MARKETABLE CORPORATE EQUITY SECURITY 1 AT COST 4,863,738 5,059,671
    ALTERNATIVE INVESTMENT 1 AT COST 44,507,883 57,452,205
    ALTERNATIVE INVESTMENT 2 AT COST 18,319,439 27,885,680
    ALTERNATIVE INVESTMENT 3 AT COST 35,598,915 58,316,471
    ALTERNATIVE INVESTMENT 4 AT COST 2,660,678 2,733,500
    ALTERNATIVE INVESTMENT 5 AT COST 9,004,404 17,928,126
    ALTERNATIVE INVESTMENT 6 AT COST 18,113,798 21,548,035
    ALTERNATIVE INVESTMENT 7 AT COST 5,116,437 5,390,455
    ALTERNATIVE INVESTMENT 8 AT COST 11,581 15,800
    ALTERNATIVE INVESTMENT 9 AT COST 8,021,633 8,113,075
    ALTERNATIVE INVESTMENT 10 AT COST 6,046,455 27,190,850
    ALTERNATIVE INVESTMENT 11 AT COST 8,368,897 18,117,091
    ALTERNATIVE INVESTMENT 12 AT COST 30,000,000 34,562,667
    ALTERNATIVE INVESTMENT 13 AT COST 20,000,000 15,000,000
    ALTERNATIVE INVESTMENT 14 AT COST 10,000,000 7,390,000
    ALTERNATIVE INVESTMENT 15 AT COST 8,550,000 8,550,000
    ALTERNATIVE INVESTMENT 16 AT COST 20,000,000 20,090,998
    ALTERNATIVE INVESTMENT 17 AT COST 20,000,000 26,161,438
    ALTERNATIVE INVESTMENT 18 AT COST 20,000,000 25,885,066
    ALTERNATIVE INVESTMENT 19 AT COST 20,000,000 31,075,163
    ALTERNATIVE INVESTMENT 20 AT COST 20,000,000 20,471,767
    ALTERNATIVE INVESTMENT 21 AT COST 17,100,000 33,545,070
    ALTERNATIVE INVESTMENT 22 AT COST 20,000,000 26,934,611
    ALTERNATIVE INVESTMENT 23 AT COST 9,727,625 11,472,241
    ALTERNATIVE INVESTMENT 24 AT COST 4,724,959 9,870,458
    ALTERNATIVE INVESTMENT 25 AT COST 10,091,485 7,566,937
    ALTERNATIVE INVESTMENT 26 AT COST 7,154,174 13,600,403
    ALTERNATIVE INVESTMENT 27 AT COST 9,612,778 7,318,425
    ALTERNATIVE INVESTMENT 28 AT COST 2,815,239 5,676,989
    ALTERNATIVE INVESTMENT 29 AT COST 8,442,579 12,646,303
    ALTERNATIVE INVESTMENT 30 AT COST 3,733,346 8,403,740
    ALTERNATIVE INVESTMENT 31 AT COST 1,425,000 2,193,732
    ALTERNATIVE INVESTMENT 32 AT COST 1,659,692 5,215,686
    ANTICIPATORY RIGHT TO ASSETS FROM THE ESTATE OF DAN L. DUNCAN AT COST 300,645 300,645

    TY 2021 LegalFeesSchedule
    Name:
    DAN L DUNCAN FOUNDATION
    EIN:
    20-0265572
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 19,166 0   19,166


    TY 2021 OtherExpensesSchedule
    Name:
    DAN L DUNCAN FOUNDATION
    EIN:
    20-0265572
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    TRUST EXPENSES - COMMON TRUST FUND 15,759 15,759   0


    TY 2021 OtherIncomeSchedule2
    Name:
    DAN L DUNCAN FOUNDATION
    EIN:
    20-0265572
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    PASSTHROUGH K-1 INCOME 8,794,004 8,814,872 0
    PFIC ORDINARY INCOME INCLUSION 4,662,437 4,662,437 0
    ROYALTY INCOME 98,358 98,358 0
    PASSTHROUGH K-1 INCOME - UBTI -15,650 0 -15,650


    TY 2021 OtherProfessionalFeesSchedule
    Name:
    DAN L DUNCAN FOUNDATION
    EIN:
    20-0265572
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT MANAGEMENT FEES 513,430 513,430   0


    TY 2021 TaxesSchedule
    Name:
    DAN L DUNCAN FOUNDATION
    EIN:
    20-0265572
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAX 41,948 41,948   0
    EXCISE TAX 641,291 0   0