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
RICHARD AND ETHEL HERZFELD
FOUNDATION INC
Number and street (or P.O. box number if mail is not delivered to street address)219 N MILWAUKEE STREET 7 FL
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
MILWAUKEE, WI53202
A Employer identification number

23-7230686
B Telephone number (see instructions)

(414) 727-1136
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$88,729,812J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 1,203,968 1,203,968  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 6,289,702
b Gross sales price for all assets on line 6a 30,877,794
7 Capital gain net income (from Part IV, line 2)... 6,289,702
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 49,465 49,465  
12 Total. Add lines 1 through 11........ 7,543,135 7,543,135  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 208,200 0   208,200
14 Other employee salaries and wages...... 145,000 0   145,000
15 Pension plans, employee benefits....... 38,127 0   38,127
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 8,500 4,250   4,250
c Other professional fees (attach schedule).... Click to see attachment 182,300 180,180   2,120
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 124,909 5,909   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy.............. 55,930 0   55,930
21 Travel, conferences, and meetings....... 95 0   95
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 35,927 0   35,927
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 798,988 190,339   489,649
25 Contributions, gifts, grants paid....... 3,260,400 3,260,400
26 Total expenses and disbursements. Add lines 24 and 25 4,059,388 190,339   3,750,049
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 3,483,747
b Net investment income (if negative, enter -0-) 7,352,796
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............. 75,546 163,254 163,254
2 Savings and temporary cash investments......... 1,893,205 4,788,954 4,788,954
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 56,936,670 Click to see attachment60,173,004 60,173,004
c Investments—corporate bonds (attach schedule)....... 16,814,055 Click to see attachment16,681,484 16,681,483
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 5,237,624 Click to see attachment6,896,992 6,896,992
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment25,750 Click to see attachment26,125 Click to see attachment26,125
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 80,982,850 88,729,813 88,729,812
Liabilities 17 Accounts payable and accrued expenses.......... 2,622  
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)......... 2,622 0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here bullet
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
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........ 80,980,228 88,729,813
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 0 0
29 Total net assets or fund balances (see instructions)..... 80,980,228 88,729,813
30 Total liabilities and net assets/fund balances (see instructions). 80,982,850 88,729,813
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
80,980,228
2
Enter amount from Part I, line 27a .....................
2
3,483,747
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
4,265,838
4
Add lines 1, 2, and 3 ..........................
4
88,729,813
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
88,729,813
Form 990-PF (2021)
Form 990-PF (2021)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a PUBLICLY TRADED SECURITIES      
b K-1 CAPITAL GAINS      
c
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 30,859,210   24,588,092 6,271,118
b 18,584     18,584
c
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       6,271,118
b       18,584
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 6,289,702
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........................... 3 102,204
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- ..... 5 102,204
6 Credits/Payments:
a 2021 estimated tax payments and 2020 overpayment credited to 2021 6a 71,070
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 138,500
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 209,570
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 124
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 10 107,242
11 Enter the amount of line 10 to be: Credited to 2022 estimated taxBullet107,242 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
     
    No
    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)
    bulletWI
    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.HERZFELDFOUNDATION.ORG
    14
    The books are in care ofbulletRITZ HOLMAN LLP Telephone no.bullet (414) 271-1451

    Located atbullet330 E KILBOURN AVENUE STE 550MILWAUKEEWI ZIP+4bullet53202
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2021, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16   No
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet
    Part VI-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
    1a(1)
     
    No
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person? ..............................
    1a(2)
     
    No
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
    1a(3)
     
    No
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
    1a(4)
    Yes
     
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)? ......................
    1a(5)
     
    No
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.) ...............
    1a(6)
     
    No
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
    1b
     
    No
    c
    ........bullet
    d
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2021? .............
    1d
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2021, did the foundation have any undistributed income (lines 6d
    and 6e, Part XII) for tax year(s) beginning before 2021?....................
    2a
     
    No
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year? ..............................
    3a
     
    No
    b
    If "Yes," did it have excess business holdings in 2021 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2021.) .....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2021? ..
    4b
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 6
    Part VI-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
    5a(1)
     
    No
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive? ....................
    5a(2)
     
    No
    (3) Provide a grant to an individual for travel, study, or other similar purposes? .............
    5a(3)
     
    No
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions ........................
    5a(4)
     
    No
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals? .............
    5a(5)
     
    No
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
    5b
     
    No
    c
    .........bullet
    d
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant? .................
    5d
     
     
    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
    CARMEN HABERMAN PRESIDENT
    40.00     		167,000 0 0
    219 N MILWAUKEE ST
    MILWAUKEE,WI53202
    DONNA BAUMGARTNER DIRECTOR
    2.00     		10,000 0 0
    219 N MILWAUKEE ST
    MILWAUKEE,WI53202
    FRED HABERMAN TREASURER
    2.00     		10,600 0 0
    219 N MILWAUKEE ST
    MILWAUKEE,WI53202
    KATHERINE A HEIL DIRECTOR
    2.00     		10,000 0 0
    219 N MILWAUKEE ST
    MILWAUKEE,WI53202
    SARAH HABERMAN DIRECTOR
    2.00     		10,600 0 0
    219 N MILWAUKEE ST
    MILWAUKEE,WI53202
    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
    JULIETTE DAHMS VICE PRESIDENT
    40.00     		145,000 0 0
    219 N MILWAUKEE ST 7TH FLOOR
    MILWAUKEE,WI53202
    Total number of other employees paid over $50,000...................bullet 0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 7
    Part VII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part VIII-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1  
    2  
    3  
    4  
    Part VIII-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 8
    Part IX
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    86,813,111
    b
    Average of monthly cash balances.......................
    1b
    455,773
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    87,268,884
    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
    87,268,884
    4
    Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
    instructions) .............................
    4
    1,309,033
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. .......
    5
    85,959,851
    6
    Minimum investment return. Enter 5% (0.05) of line 5................
    6
    4,297,993
    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
    4,297,993
    2a
    Tax on investment income for 2021 from Part V, line 5.......
    2a
    102,204
    b
    Income tax for 2021. (This does not include the tax from Part V.) ...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    102,204
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    4,195,789
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    4,195,789
    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
    4,195,789
    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 4,195,789
    2 Undistributed income, if any, as of the end of 2021:
    a Enter amount for 2020 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2021:
    a From 2016...... 929,147
    b From 2017...... 1,538,459
    c From 2018...... 5,452,528
    d From 2019...... 1,915,677
    e From 2020...... 420,058
    f Total of lines 3a through e ........ 10,255,869
    4Qualifying distributions for 2021 from Part
    XI, line 4: bullet$ 3,750,049
    a Applied to 2020, but not more than line 2a 0
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		0
    d Applied to 2021 distributable amount..... 3,750,049
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2021. 445,740 445,740
    (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 9,810,129
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2021. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2022 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8 Excess distributions carryover from 2016 not
    applied on line 5 or line 7 (see instructions) ...     		483,407
    9 Excess distributions carryover to 2022.
    Subtract lines 7 and 8 from line 6a ......     		9,326,722
    10 Analysis of line 9:
    a Excess from 2017.... 1,538,459
    b Excess from 2018.... 5,452,528
    c Excess from 2019.... 1,915,677
    d Excess from 2020.... 420,058
    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:
    RICHARD AND ETHEL HERZFELD FOUNDATI
    219 N MILWAUKEE ST
    MILWAUKEE,WI53202
    (414) 727-1136
    bThe form in which applications should be submitted and information and materials they should include:
    PRELIMINARY APPLICATIONS CAN BE OBTAINED FROM HERZFELDFOUNDATION.ORG AND SHOULD BE E-MAILED TO MAIL@HERZFELDFOUNDATION.ORG
    cAny submission deadlines:
    FEBRUARY 1, MAY 1, AND AUGUST 1
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    FUNDING IS RESTRICTED TO WISCONSIN-BASED ORGANIZATIONS WITH AN EMPHASIS ON THOSE THAT BENEFIT THE PEOPLE OF THE GREATER MILWAUKEE 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
    AMERICAN PLAYERS THEATRE
    PO BOX 819
    SPRING GREEN,WI53588     		  PC EDUCATION - POTENCY OF POETRY RESIDENCIES AT MPS 21-22 9,000
    ARTISTS WORKING IN EDUCATION
    4315 W VLIET ST
    MILWAUKEE,WI53208     		  PC EDUCATION - ARTIST-IN-RESIDENCE PROGRAMMING 21-22 30,000
    ARTS AT LARGE
    908 S 5TH STREET
    MILWAUKEE,WI53204     		  PC ARTS AND CULTURE - SERVICES FOR MILWAUKEE STUDENTS AND FAMILIES 30,000
    ARTS AT LARGE
    908 S 5TH STREET
    MILWAUKEE,WI53204     		  PC ARTS AND CULTURE - COVID RELIEF 35,000
    BETTY BRINN CHILDREN'S MUSEUM
    929 E WISCONSIN AVENUE
    MILWAUKEE,WI53202     		  PC EDUCATION - EQUITABLE ACCESS FOR ALL PROGRAMMING 21-22 20,000
    BRADLEY FAMILY FOUNDATION
    2145 W BROWN DEER ROAD
    MILWAUKEE,WI53217     		  POF CIVIC AND COMMUNITY - FREE ADMISSION TO LYNDEN 21-22 25,000
    CITY YEAR MILWAUKEE
    648 PLANKINTON AVE 190
    MILWAUKEE,WI53203     		  PC CIVIC AND COMMUNITY - WHOLE SCHOOL WHOLE CHILD PROGRAM IN MPS 21-22 100,000
    COA YOUTH AND FAMILY CENTERS
    909 E NORTH AVE
    MILWAUKEE,WI53212     		  PC EDUCATION - HOME INSTRUCTION FOR PARENTS OF PRESCHOOL YOUNGSTERS (HIPPY) 21-22 35,000
    COLLEGE POSSIBLE
    1555 N RIVERCENTER DR 211
    MILWAUKEE,WI53202     		  PC CIVIC AND COMMUNITY - GENERAL OPERATIONS 21-22 60,000
    DANCEWORKS
    1661 N WATER ST
    MILWAUKEE,WI53202     		  PC ARTS AND CULTURE - GENERAL OPERATIONS 15,000
    FIRST STAGE CHILDREN'S THEATER
    325 W WALNUT ST
    MILWAUKEE,WI53212     		  PC ARTS AND CULTURE - COVID RELIEF 35,000
    FIRST STAGE CHILDREN'S THEATER
    325 WEST WALNUT STREET
    MILWAUKEE,WI53212     		  PC EDUCATION - 21-22 GENERAL OPERATIONS 70,000
    FLORENTINE OPERA COMPANY
    930 E BURLEIGH ST LL
    MILWAUKEE,WI53212     		  PC ARTS AND CULTURE - COVID RELIEF 35,000
    FLORENTINE OPERA COMPANY
    930 E BURLEIGH STREET LL
    MILWAUKEE,WI53212     		  PC ARTS AND CULTURE - SEASON CHALLENGE 65,000
    IMAGINE MKE INC
    1087 W MCKINLEY AVE
    MILWAUKEE,WI53205     		  PC ARTS AND CULTURE - COVID RELIEF 20,000
    IMAGINE MKE INC
    1087 W MCKINLEY AVE
    MILWAUKEE,WI53205     		  PC ARTS AND CULTURE - $100K GENERAL OPERATIONS, $25K RESEARCH PROJECT 125,000
    JOHN MICHAEL KOHLER ARTS CENTER
    608 NEW YORK AVE
    SHEBOYGAN,WI53081     		  PC ARTS AND CULTURE - 21-22 EXHIBITION 15,000
    LA CAUSA
    136 W GREENFIELD AVENUE
    MILWAUKEE,WI53204     		  PC EDUCATION - EARLY CHILDHOOD EDUCATION PROGRAMMING 21-22 20,000
    LYNDEN INC
    2145 W BROWN DEER ROAD
    MILWAUKEE,WI53217     		  PC CIVIC AND COMMUNITY - COVID RELIEF 34,500
    MARCUS CENTER FOR THE PERFORMING ARTS
    900 N WATER STREET
    MILWAUKEE,WI53202     		  PC ARTS AND CULTURE - 21-22 PROGRAMMING 75,000
    MEDICAL COLLEGE OF WISCONSIN - REACH OUT AND READ INC
    8701 W WATERTOWN PLANK RD
    MILWAUKEE,WI53226     		  PC EDUCATION - "BEGINNING AT BIRTH" PROGRAM PILOT IN 16 CITY OF MILWAUKEE MEDICAL CLINICS IN 2021 30,000
    MILWAUKEE ART MUSEUM
    700 N ART MUSEUM DRIVE
    MILWAUKEE,WI53202     		  PC ARTS AND CULTURE - JUNIOR DOCENT PROGRAM 33,000
    MILWAUKEE ART MUSEUM
    700 N ART MUSEUM DR
    MILWAUKEE,WI53202     		  PC ARTS AND CULTURE - HERZFELD PHOTOGRAPHY CENTER PROGRAMMING AND ACQUISITION 100,000
    MILWAUKEE BALLET
    504 W NATIONAL AVENUE
    MILWAUKEE,WI53204     		  PC ARTS AND CULTURE - COVID RELIEF 35,000
    MILWAUKEE BALLET
    504 W NATIONAL AVENUE
    MILWAUKEE,WI53204     		  PC ARTS AND CULTURE - DATA MANAGEMENT SYSTEMS 65,000
    MILWAUKEE BALLET
    504 W NATIONAL AVE
    MILWAUKEE,WI53204     		  PC ARTS AND CULTURE - 20-21 GENERAL OPERATIONS 100,000
    MILWAUKEE CHAMBER THEATRE
    158 N BROADWAY ST
    MILWAUKEE,WI53202     		  PC ARTS AND CULTURE - GENERAL OPERATIONS 30,000
    MILWAUKEE CHAMBER THEATRE
    158 N BROADWAY
    MILWAUKEE,WI53202     		  PC ARTS AND CULTURE - COVID RELIEF 35,000
    MILWAUKEE DOWNTOWN INC
    600 E WELLS ST
    MILWAUKEE,WI53202     		  PC CIVIC AND COMMUNITY - REIMAGINE RED ARROW PARK PHASE 1 (2021) 40,000
    MILWAUKEE FILM INC
    229 E WISCONSIN AVE 200
    MILWAUKEE,WI53202     		  PC ARTS AND CULTURE - ART CRITIC DOCUMENTARY 10,000
    MILWAUKEE FILM INC
    229 E WISCONSIN AVE SUITE 200
    MILWAUKEE,WI53202     		  PC ARTS AND CULTURE - COVID RELIEF 35,000
    MILWAUKEE FILM INC
    229 E WISCONSIN AVE SUITE 200
    MILWAUKEE,WI53202     		  PC ARTS AND CULTURE - GENERAL OPERATIONS 151,500
    MILWAUKEE INSTITUTE OF ART & DESIGN
    273 E ERIE STREET
    MILWAUKEE,WI53202     		  PC EDUCATION - FIRST IN MY FAMILY SCHOLARSHIP PROGRAM 21-22 50,000
    MILWAUKEE INSTITUTE OF ART & DESIGN
    273 E ERIE STREET
    MILWAUKEE,WI53202     		  PC EDUCATION - FIRST IN MY FAMILY SCHOLARSHIP PROGRAM 22-23 50,000
    MILWAUKEE PUBLIC LIBRARY FOUNDATION
    814 W WISCONSIN AVENUE
    MILWAUKEE,WI53233     		  PC EDUCATION - READY TO READ PROGRAM SUPPORT 2021 80,000
    MILWAUKEE PUBLIC MUSEUM
    800 W WELLS ST
    MILWAUKEE,WI53233     		  PC ARTS AND CULTURE - 21-22 ANNUAL FUND 75,000
    MILWAUKEE REPERTORY THEATER
    108 E WELLS ST
    MILWAUKEE,WI53202     		  PC ARTS AND CULTURE - 21-22 GENERAL OPERATIONS 172,000
    MILWAUKEE SYMPHONY ORCHESTRA
    1101 N MARKET ST 100
    MILWAUKEE,WI53202     		  PC ARTS AND CULTURE - 21-22 GENERAL OPERATIONS 155,000
    MILWAUKEE YOUTH SYMPHONY ORCHESTRA
    325 W WALNUT ST
    MILWAUKEE,WI53212     		  PC ARTS AND CULTURE - COVID RELIEF 35,000
    MILWAUKEE YOUTH SYMPHONY ORCHESTRA
    325 W WALNUT STREET
    MILWAUKEE,WI53212     		  PC EDUCATION - COMMUNITY PARTNERSHIP PROGRAMS EXPANSION 21-22 75,000
    NEIGHBORHOOD HOUSE OF MILWAUKEE
    2819 N RICHARDSON PL
    MILWAUKEE,WI53208     		  PC EDUCATION - EARLY CHILDHOOD EDUCATION PROGRAM SUPPORT 21-22 15,000
    NEXT ACT THEATRE
    PO BOX 394
    MILWAUKEE,WI53201     		  PC ARTS AND CULTURE - GENERAL OPERATIONS 21-22 25,000
    NEXT ACT THEATRE
    PO BOX 394
    MILWAUKEE,WI53201     		  PC ARTS AND CULTURE - COVID RELIEF 30,000
    NEXT DOOR FOUNDATION
    2545 N 29TH STREET
    MILWAUKEE,WI53210     		  PC EDUCATION - GENERAL OPERATIONS 21-22 100,000
    OPTIMIST THEATER
    929 N WATER ST
    MILWAUKEE,WI53202     		  PC ARTS AND CULTURE - COVID RELIEF 10,000
    OPTIMIST THEATER
    929 N WATER ST
    MILWAUKEE,WI53202     		  PC ARTS AND CULTURE - FREE SHAKESPEAR IN THE PARK 2021 15,000
    PEARLS FOR TEEN GIRLS
    2100 N PALMER STREET
    MILWAUKEE,WI53212     		  PC EDUCATION - GENERAL OPERATIONS 21-22 25,000
    PENFIELD CHILDREN'S CENTER
    833 N 26TH STREET
    MILWAUKEE,WI53233     		  PC EDUCATION - EARLY CHILDHOOD EDUCATION PROGRAM SUPPORT 2021 20,000
    RACINE ART MUSEUM
    411 MAIN STREET
    RACINE,WI53403     		  PC ARTS AND CULTURE - COVID RELIEF 15,000
    RADIO FOR MILWAUKEE
    220 E PITTSBURGH AVENUE
    MILWAUKEE,WI53204     		  PC CIVIC AND COMMUNITY - COMMUNITY STORIES 2021 25,000
    RADIO FOR MILWAUKEE
    220 E PITTSBURGH AVENUE
    MILWAUKEE,WI53204     		  PC CIVIC AND COMMUNITY - COVID RELIEF 35,000
    RENAISSANCE THEATERWORKS
    158 N BROADWAY ST
    MILWAUKEE,WI53202     		  PC ARTS AND CULTURE - 20-21 GENERAL OPERATIONS 30,000
    RENAISSANCE THEATERWORKS INC
    158 N BROADWAY
    MILWAUKEE,WI53202     		  PC ARTS AND CULTURE - COVID RELIEF 30,000
    RIVERWORKS DEVELOPMENT CORPORATION
    526 E CONCORDIA AVE
    MILWAUKEE,WI53212     		  PC CIVIC AND COMMUNITY - BEERLINE TRAIL: PLACE-MAKING THROUGH ARTS, CULTURE, AND CIVIC ENGAGEMENT 25,000
    SCULPTURE MILWAUKEE
    735 N WATER ST STE 516
    MILWAUKEE,WI53202     		  PC CIVIC AND COMMUNITY - SCULPTURE MILWAUKEE 2021 30,000
    SHARP LITERACY INC
    5775 N GLEN PARK RD 202
    MILWAUKEE,WI53209     		  PC EDUCATION - DESIGN THROUGH CODE PROGRAM AT THREE MPS SCHOOLS 21-22 35,000
    SKYLIGHT MUSIC THEATRE
    158 N BROADWAY
    MILWAUKEE,WI53202     		  PC ARTS AND CULTURE - 20-21 GENERAL OPERATIONS 35,000
    STORYVILLE CENTER FOR THE SPOKEN WORD
    481 BROADWAY 3RD FLOOR
    NEW YORK,NY10013     		  PC ARTS AND CULTURE - 2021 MILWAUKEE STORYSLAMS 25,000
    STORYVILLE CENTER FOR THE SPOKEN WORD
    481 BROADWAY THIRD FLOOR
    NEW YORK,NY10013     		  PC ARTS AND CULTURE - COVID RELIEF 35,000
    STUDIO K FLAMENCO
    3317 S KINNICKINNIC AVE
    MILWAUKEE,WI53207     		  PC ARTS AND CULTURE - THE FLAMENCO NUTCRACKER 2021 5,000
    TEENS GROW GREENS
    322 E MICHIGAN ST 204
    MILWAUKEE,WI53202     		  PC CIVIC AND COMMUNITY - LEAD AND APPRENTICESHIP POSITIONS 2021 54,400
    UNITED COMMUNITY CENTER
    1028 S 9TH STREET
    MILWAUKEE,WI53204     		  PC EDUCATION - CAPITAL SUPPORT: PREPARATION OF EARLY LEARNING ACADEMY FOR APRIL 2021 OCCUPANCY 300,000
    URBAN ECOLOGY CENTER
    1500 EAST PARK PLACE
    MILWAUKEE,WI53211     		  PC EDUCATION - NEIGHBORHOOD & PRESCHOOL ENVIRONMENTAL EDUCATION PROGRAMS (NEEP & PEEP) 20-21 18,000
    URBAN ECOLOGY CENTER
    1500 EAST PARK PLACE
    MILWAUKEE,WI53211     		  PC EDUCATION - MPS NEIGHBORHOOD & PRESCHOOL ENVIRONMENTAL EDUCATION PROGRAMS (NEEP AND PEEP) 20-21 30,000
    WILD SPACE DANCE COMPANY
    820 E KNAPP STREET
    MILWAUKEE,WI53203     		  PC ARTS AND CULTURE - COVID RELIEF 20,500
    WISCONSIN POLICY FORUM
    633 W WISCONSIN AVE 406
    MILWAUKEE,WI53233     		  PC CIVIC AND COMMUNITY - VIDEOGRAPHER FOR SALUTE TO LOCAL GOVERNMENT EVENT 7,500
    WISCONSIN POLICY FORUM
    633 W WISCONSIN AVE 406
    MILWAUKEE,WI53233     		  PC CIVIC AND COMMUNITY - RESEARCH PROJECT 10,000
    WOODLAND PATTERN
    720 E LOCUST STREET
    MILWAUKEE,WI53212     		  PC ARTS AND CULTURE - COVID RELIEF 25,000
    YMCA OF GREATER MILWAUKEE
    161 W WISCONSIN AVE 4000
    MILWAUKEE,WI53203     		  PC EDUCATION - EARLY CHILDHOOD EDUCATION PROGRAM: NORTHWEST AND NORTHSIDE LOCATIONS 21-22 20,000
    Total .................................bullet 3a 3,260,400
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 12
    Part XV-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments ....          
    3 Interest on savings and temporary cash
    investments ...........     		         
    4 Dividends and interest from securities ....          
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6 Net rental income or (loss) from personal property          
    7 Other investment income .....          
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 6,289,702  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aPASS-THROUGH K-1S     		    18 49,465  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e) .. 0 7,543,135 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    7,543,135
    (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:
    RICHARD AND ETHEL HERZFELD
     
    FOUNDATION INC
    EIN:
    23-7230686
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 8,500 4,250   4,250

    TY 2021 InvestmentsCorpBondsSchedule
    Name:
    RICHARD AND ETHEL HERZFELD
     
    FOUNDATION INC
    EIN:
    23-7230686
    Name of Bond End of Year Book Value End of Year Fair Market Value
    BIMIX 13,778,089 13,778,088
    BSIIX 2,868,073 2,868,073
    KRNT 35,322 35,322

    TY 2021 InvestmentsCorpStockSchedule
    Name:
    RICHARD AND ETHEL HERZFELD
     
    FOUNDATION INC
    EIN:
    23-7230686
    Name of Stock End of Year Book Value End of Year Fair Market Value
    VINIX 18,757,392 18,757,392
    VMCIX 12,511,576 12,511,576
    PISKX 4,084,552 4,084,552
    DFGEX 1,457,342 1,457,342
    DFCEX 1,832,346 1,832,346
    DFISX 4,714,007 4,714,007
    WCMIX 4,240,465 4,240,465
    MFMIX 1,430,114 1,430,114
    SHEPHERD INVESTMENTS INTERNATIONAL, LTD 135,023 135,023
    SHEPHERD SELECT ASSET LTD. 12,892 12,892
    HELE 229,802 229,802
    AEO 139,766 139,766
    DFH 80,328 80,328
    GIL 178,462 178,462
    HBI 89,118 89,118
    MBUU 95,535 95,535
    SRI 84,092 84,092
    WGO 228,506 228,506
    INGR 55,085 55,085
    BOOM 118,038 118,038
    ESNT 152,525 152,525
    RNR 99,905 99,905
    CBSH 74,170 74,170
    FCFS 144,383 144,383
    GBCI 138,915 138,915
    NWLI 55,754 55,754
    SIGI 95,050 95,050
    UMPQ 151,804 151,804
    WSFS 154,370 154,370
    PRGO 123,313 123,313
    IART 127,951 127,951
    SYNH 132,457 132,457
    VREX 72,249 72,249
    GTES 61,572 61,572
    AYI 44,461 44,461
    AL 114,556 114,556
    AMWD 153,872 153,872
    AWI 92,896 92,896
    BV 63,219 63,219
    CFX 146,185 146,185
    EPAC 66,721 66,721
    GRC 29,403 29,403
    HII 52,287 52,287
    IAA 167,046 167,046
    PGTI 157,205 157,205
    RUSHA 105,160 105,160
    SCS 78,641 78,641
    WWD 128,068 128,068
    MKSI 83,602 83,602
    ONTO 54,664 54,664
    PLXS 131,369 131,369
    BWXT 106,294 106,294
    FUL 110,970 110,970
    RS 102,199 102,199
    SWM 100,464 100,464
    BOOT 122,558 122,558
    CCS 88,824 88,824
    CTRN 33,352 33,352
    CROX 42,697 42,697
    DECK 31,136 31,136
    DRVN 37,217 37,217
    EWCZ 56,451 56,451
    EVRI 36,124 36,124
    FLL 65,576 65,576
    LAD 58,796 58,796
    LOVE 113,702 113,702
    SHOO 64,407 64,407
    ONEW 80,054 80,054
    PRCH 68,456 68,456
    RMBL 57,713 57,713
    SKY 81,665 81,665
    STKS 29,974 29,974
    BLD 209,416 209,416
    XPOF 18,723 18,723
    YETI 24,021 24,021
    CELH 167,559 167,559
    SKIN 68,953 68,953
    ASPN 119,496 119,496
    WHD 30,923 30,923
    CRC 69,446 69,446
    DEN 76,667 76,667
    SBOW 31,131 31,131
    AX 34,496 34,496
    BRP 128,299 128,299
    FOCS 58,406 58,406
    LPLA 157,689 157,689
    SI 42,533 42,533
    WTFC 59,760 59,760
    APEN 23,461 23,461
    APYX 38,511 38,511
    ARWR 33,946 33,946
    AXNX 11,816 11,816
    BLFS 37,531 37,531
    CDXS 66,543 66,543
    CYRX 23,964 23,964
    INFU 24,983 24,983
    INSP 129,064 129,064
    NOTV 119,437 119,437
    NTLA 34,290 34,290
    IRMD 69,731 69,731
    ITMR 27,536 27,536
    OPRX 83,786 83,786
    ORMP 34,429 34,429
    FNA 15,408 15,408
    SWAV 73,472 73,472
    VCYT 25,668 25,668
    VRAY 38,080 38,080
    VCRA 72,426 72,426
    TGLS 113,115 113,115
    WMS 104,003 104,003
    ARCB 71,071 71,071
    ATKR 18,680 18,680
    GNRC 55,955 55,955
    MEG 154,840 154,840
    ROLL 42,010 42,010
    SAIA 138,856 138,856
    SHYF 68,979 68,979
    TTEK 72,165 72,165
    TREX 49,691 49,691
    VICR 49,649 49,649
    CYBR 91,838 91,838
    SSYS 35,290 35,290
    ACMR 59,604 59,604
    AEHR 41,686 41,686
    ASAN 53,005 53,005
    BLZE 8,445 8,445
    AZTA 91,871 91,871
    DIOD 58,968 58,968
    EXLS 58,053 58,053
    HLIT 55,942 55,942
    INVE 6,444 6,444
    PISKX 58,453 58,453
    LSCC 52,709 52,709
    RPD 110,393 110,393
    SITM 231,107 231,107
    SPT 117,988 117,988
    TENB 60,522 60,522
    VRNS 71,609 71,609
    ZUO 36,407 36,407
    PACK 148,516 148,516
    SUM 92,563 92,563
    EXPI 23,886 23,886
    IAS 54,526 54,526
    ZIP 115,722 115,722

    TY 2021 InvestmentsOtherSchedule2
    Name:
    RICHARD AND ETHEL HERZFELD
     
    FOUNDATION INC
    EIN:
    23-7230686
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    CAPITAL MIDWEST FUND II FMV 241,131 241,131
    FRANKLIN STREET PROPERTIES: SATELLITE PLACE CORP FMV 162,903 162,903
    FRONTIER MARKET SELECT OFFSHORE FUND FMV 1,965,372 1,965,372
    GREENLIGHT MASTERS OFFSHORE FMV 3,467,548 3,467,548
    MINDFUL INVESTORS FUND I LP FMV 120,095 120,095
    WISCONSIN SUPER ANGEL FUND FMV 147,487 147,487
    HUNTER STREET MASTER FUND I LP FMV 792,456 792,456

    TY 2021 OtherAssetsSchedule
    Name:
    RICHARD AND ETHEL HERZFELD
     
    FOUNDATION INC
    EIN:
    23-7230686
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    PROGRAM-RELATED INVESTMENTS 25,750 26,125 26,125


    TY 2021 OtherExpensesSchedule
    Name:
    RICHARD AND ETHEL HERZFELD
     
    FOUNDATION INC
    EIN:
    23-7230686
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    OFFICE EXPENSES 7,149 0   7,149
    INSURANCE 7,910 0   7,910
    MISCELLANEOUS 2,360 0   2,360
    INFORMATION TECHNOLOGY 18,508 0   18,508


    TY 2021 OtherIncomeSchedule2
    Name:
    RICHARD AND ETHEL HERZFELD
     
    FOUNDATION INC
    EIN:
    23-7230686
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    PASS-THROUGH K-1S 49,465 49,465 49,465


    TY 2021 OtherIncreasesSchedule
    Name:
    RICHARD AND ETHEL HERZFELD
     
    FOUNDATION INC
    EIN:
    23-7230686
    Description Amount
    UNREALIZED GAIN ON INVESTMENTS 4,265,838


    TY 2021 OtherProfessionalFeesSchedule
    Name:
    RICHARD AND ETHEL HERZFELD
     
    FOUNDATION INC
    EIN:
    23-7230686
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    PAYROLL PROCESSING FEES 2,120 0   2,120
    INVESTMENT MANAGEMENT FEES 180,180 180,180   0


    TY 2021 TaxesSchedule
    Name:
    RICHARD AND ETHEL HERZFELD
     
    FOUNDATION INC
    EIN:
    23-7230686
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXCISE TAX 119,000 0   0
    FOREIGN TAX 5,909 5,909   0