Form990-PF
Click to see attachment
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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
Adams Family Foundation of Nora Springs Iowa
 
% Foundation Source
Number and street (or P.O. box number if mail is not delivered to street address)Foundation Source 501 Silverside Rd
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Wilmington, DE198091377
A Employer identification number

25-5100130
B Telephone number (see instructions)

(800) 839-1754
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$23,079,743J 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) 8,333
2 Check bullet.............
3 Interest on savings and temporary cash investments 772 772  
4 Dividends and interest from securities... 309,846 309,846  
5a Gross rents............ 181,321 181,321  
b Net rental income or (loss) 144,802
6a Net gain or (loss) from sale of assets not on line 10 3,768,180
b Gross sales price for all assets on line 6a 23,349,795
7 Capital gain net income (from Part IV, line 2)... 3,765,760
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 28,900 25,400  
12 Total. Add lines 1 through 11........ 4,297,352 4,283,099  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 52,500     52,500
14 Other employee salaries and wages......        
15 Pension plans, employee benefits....... 2,869     2,869
16a Legal fees (attach schedule)......... Click to see attachment 450 0 0 450
b Accounting fees (attach schedule)....... Click to see attachment 80 0 0 80
c Other professional fees (attach schedule).... Click to see attachment 119,948 106,250   13,698
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 55,950 19,660    
19 Depreciation (attach schedule) and depletion... Click to see attachment 1,247 1,247  
20 Occupancy..............        
21 Travel, conferences, and meetings....... 449     449
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 77,335 28,394   48,933
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 310,828 155,551 0 118,979
25 Contributions, gifts, grants paid....... 1,338,020 1,338,020
26 Total expenses and disbursements. Add lines 24 and 25 1,648,848 155,551 0 1,456,999
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 2,648,504
b Net investment income (if negative, enter -0-) 4,127,548
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.............      
2 Savings and temporary cash investments......... 1,210,281 630,217 630,217
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)....... 10,397,672 Click to see attachment14,007,707 14,258,383
c Investments—corporate bonds (attach schedule)....... 1,462,657    
11 Investments—land, buildings, and equipment: basis bullet8,638,657
Less: accumulated depreciation (attach schedule) bullet   9,024,908 Click to see attachment8,638,657 6,064,807
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 516,701 Click to see attachment2,006,726 2,126,336
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) 22,612,219 25,283,307 23,079,743
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)   Click to see attachment2,119
23 Total liabilities (add lines 17 through 22)......... 0 2,119
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........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds 22,612,219 25,281,188
29 Total net assets or fund balances (see instructions)..... 22,612,219 25,281,188
30 Total liabilities and net assets/fund balances (see instructions). 22,612,219 25,283,307
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
22,612,219
2
Enter amount from Part I, line 27a .....................
2
2,648,504
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
25,000
4
Add lines 1, 2, and 3 ..........................
4
25,285,723
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
4,535
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
25,281,188
Form 990-PF (2021)
Form 990-PF (2021)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a Publicly-traded Securities      
b Passthrough K1 Capital Gain/(Loss)      
c LAND IMPROV - FARMLAND - SEC 31 - 146.13 ACRES - ROCK TOWNSHIP P 2015-12-22 2021-12-31
d LAND IMPROV - FARMLAND - SEC 31- 146.13 ACRES - ROCK P 2015-06-22 2021-12-31
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 23,349,795   19,587,828 3,761,967
b       15,263
c     9,708 -9,708
d     1,762 -1,762
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        
b        
c        
d       -1,762
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 3,765,760
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  
3 Add lines 1 and 2........................... 3 57,373
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 57,373
6 Credits/Payments:
a 2021 estimated tax payments and 2020 overpayment credited to 2021 6a 36,305
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 23,200
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 59,505
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 2,132
11 Enter the amount of line 10 to be: Credited to 2022 estimated taxBullet2,132 RefundedBullet 11  
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
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)
    bulletIA
    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 addressbulletN/A
    14
    The books are in care ofbulletFoundation Source Telephone no.bullet (800) 839-1754

    Located atbullet501 Silverside Road Suite 123WilmingtonDE ZIP+4bullet198091377
    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
     
     
    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
    Lori M Jost Dir, Sec
    3.0     		5,500 0 0
    Foundation Source 501 Silverside Rd
    Wilmington,DE198091377
    Kenneth Kirk Dir
    3.0     		3,000 0 0
    Foundation Source 501 Silverside Rd
    Wilmington,DE198091377
    Michael Marth Dir, VP
    3.0     		3,000 0 0
    Foundation Source 501 Silverside Rd
    Wilmington,DE198091377
    Debra O'Banion Treas, Dir
    10.0     		18,000 0 0
    Foundation Source 501 Silverside Rd
    Wilmington,DE198091377
    Angie L Pippert Dir, Pres
    10.0     		23,000 0 0
    Foundation Source 501 Silverside Rd
    Wilmington,DE198091377
    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
     
    Total number of other employees paid over $50,000...................bullet  
    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
    Charles Schwab & Co INVESTMENT MGMT 65,405
    211 Main Street
    SAN FRANCISCO,CA94105
    Total number of others receiving over $50,000 for professional services.............bullet  
    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.........................bullet  
    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
    13,975,680
    b
    Average of monthly cash balances.......................
    1b
    1,699,239
    c
    Fair market value of all other assets (see instructions)................
    1c
    7,934,879
    d
    Total (add lines 1a, b, and c).........................
    1d
    23,609,798
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    23,609,798
    4
    Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
    instructions) .............................
    4
    354,147
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. .......
    5
    23,255,651
    6
    Minimum investment return. Enter 5% (0.05) of line 5................
    6
    1,162,783
    Part X
    Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
    1
    Minimum investment return from Part IX, line 6..................
    1
    1,162,783
    2a
    Tax on investment income for 2021 from Part V, line 5.......
    2a
    57,373
    b
    Income tax for 2021. (This does not include the tax from Part V.) ...
    2b
    917
    c
    Add lines 2a and 2b............................
    2c
    58,290
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    1,104,493
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    25,000
    5
    Add lines 3 and 4............................
    5
    1,129,493
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
    7
    1,129,493
    Part XI
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
     
    b
    Program-related investments—total from Part VIII-B..................
    1b
     
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4.
    4
     
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 9
    Part XII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2020     		(c)
    2020     		(d)
    2021
    1 Distributable amount for 2021 from Part X, line 7 1,129,493
    2 Undistributed income, if any, as of the end of 2021:
    a Enter amount for 2020 only....... 956,765
    b Total for prior years:2019, 2018, 2017  
    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 ........  
    4Qualifying distributions for 2021 from Part
    XI, line 4: bullet$ 1,456,999
    a Applied to 2020, but not more than line 2a 956,765
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		 
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		 
    d Applied to 2021 distributable amount..... 500,234
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2021.    
    (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 ..........     		 
    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......     		 
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		 
    e Undistributed income for 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2021. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2022 ..........     		629,259
    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) .......     		 
    8 Excess distributions carryover from 2016 not
    applied on line 5 or line 7 (see instructions) ...     		 
    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.... 0
    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).)
    NONE
    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:
    Angie Peppert
    PO BOX 236
    Nora Springs,IA504580236
    APIPPERT@HOTMAIL.COM
    bThe form in which applications should be submitted and information and materials they should include:
    FSREQUESTS.COM/ADAMSFAMILYNORASPRINGS
    cAny submission deadlines:
    FSREQUESTS.COM/ADAMSFAMILYNORASPRINGS
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    FSREQUESTS.COM/ADAMSFAMILYNORASPRINGS
    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
    CENTRAL SPRINGS COMMUNITY SCHOOL DISTRICT
    PO BOX 190
    MANLY,IA50456     		N/A GOV Wee Soar Preschool, Central Springs CSD 21-22 46,956
    CITY OF NORA SPRINGS
    PO BOX 336
    NORA SPRINGS,IA50458     		N/A GOV Old Mill Pond Park Improvements Project #131-3 Boat Ramp Project 5,625
    CITY OF NORA SPRINGS
    PO BOX 336
    NORA SPRINGS,IA50458     		N/A GOV Parks & Rec #131-4 for Old Mill Pond Park Improvements 75,000
    CITY OF NORA SPRINGS
    PO BOX 336
    NORA SPRINGS,IA50458     		N/A GOV Old Mill Pond East Parking Lot Improvement Project 360,000
    CITY OF NORA SPRINGS
    PO BOX 336
    NORA SPRINGS,IA50458     		N/A GOV Parks & Rec Project #133 for Little Free Libraries 2,500
    CITY OF NORA SPRINGS
    PO BOX 336
    NORA SPRINGS,IA50458     		N/A GOV Parks & Rec Project #115-4 for Trail Construction 70,000
    CITY OF NORA SPRINGS
    PO BOX 336
    NORA SPRINGS,IA50458     		N/A GOV Aquatic Center storage shed Project 7,200
    CITY OF NORA SPRINGS
    PO BOX 336
    NORA SPRINGS,IA50458     		N/A GOV Parks & Rec Project #132 for purchase of picnic tables, benches & pads at Shell Rock River City Park and Old Mill Pond Park 15,000
    CITY OF NORA SPRINGS
    PO BOX 336
    NORA SPRINGS,IA50458     		N/A GOV General & Unrestricted (See General Explanation attachment) 369,000
    CITY OF NORA SPRINGS
    PO BOX 336
    NORA SPRINGS,IA50458     		N/A GOV Nora Springs Public Library Eco Auto-Smart Disc Repair Machine 3,995
    CITY OF NORA SPRINGS
    PO BOX 336
    NORA SPRINGS,IA50458     		N/A GOV Nora Springs Holiday Display 11,266
    CITY OF NORA SPRINGS
    PO BOX 336
    NORA SPRINGS,IA50458     		N/A GOV Aquatic Center LED Stop Sign 5,180
    CITY OF PLYMOUTH
    PO BOX 278
    PLYMOUTH,IA50464     		N/A GOV General & Unrestricted 10,000
    FIRST CHURCH OF CHRIST SCIENTIST
    210 MASSACHUSETTS AVE P02-02
    BOSTON,MA02115     		N/A PC General & Unrestricted 1,000
    FLOYD COUNTY CONSERVATION
    PO BOX 495
    ROCKFORD,IA50468     		N/A GOV Fossil & Prairie Center Foundation - Fossil & Prairie Park Trail Bridge Project 4,000
    FLOYD COUNTY CONSERVATION
    PO BOX 495
    ROCKFORD,IA50468     		N/A GOV Floyd County Conservation Board 3,940
    NORA SPRINGS FARM FIRE SERVICE COMPANY
    30 N HAWKEYE AVE
    NORA SPRINGS,IA50458     		N/A PC to purchase Self Contained Breathing Apparatus (SCBA) Replacement 62,848
    NORA SPRINGS HISTORICAL SOCIETY WEST CONGRESS
    PO BOX 722
    NORA SPRINGS,IA50458     		N/A PC Old Wagon Shop Replacement 37,010
    NORA SPRINGS HISTORICAL SOCIETY WEST CONGRESS
    PO BOX 722
    NORA SPRINGS,IA50458     		N/A PC General & Unrestricted 5,000
    NORTH IOWA AREA COMMUNITY COLLEGE FOUNDATION
    500 COLLEGE DR
    MASON CITY,IA50401     		N/A SO I Adams Family Foundation of Nora Springs, Iowa Scholarship Fund 240,000
    UNITED WAY OF NORTH CENTRAL IOWA
    PO BOX 1465
    MASON CITY,IA50402     		N/A PC Dolly Parton Imagination Library 2,500
    Total .................................bullet 3a 1,338,020
    bApproved for future payment
    Total .................................bullet 3b  
    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 ...........     		    14 772  
    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     16 144,802  
    7 Other investment income .....          
    8 Gain or (loss) from sales of assets other than
    inventory ............     		525990 2,420 18 3,765,760  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aK-1 Inc/Loss     		525990 3,431 14 25,433  
    bCLASS ACTION LAWSUIT PROCEEDS     01 36  
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e) .. 5,851 4,246,649  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    4,252,500
    (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
    Adams Family Foundation of Nora Springs Iowa
     
    Employer identification number

    25-5100130
    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
    Adams Family Foundation of Nora Springs Iowa
          		Employer identification number
    25-5100130
    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
    SBA
    409 3rd St SW
     
    Washington, DC20416

    		$ 8,333


    (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
    Adams Family Foundation of Nora Springs Iowa
          		Employer identification number

    25-5100130
    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
    Adams Family Foundation of Nora Springs Iowa
          		Employer identification number

    25-5100130
    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 AccountingFeesSchedule
    Name:
    Adams Family Foundation of Nora Springs Iowa
    EIN:
    25-5100130
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Bookkeeping 80     80

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

    TY 2021 DepreciationSchedule
    Name:
    Adams Family Foundation of Nora Springs Iowa
    EIN:
    25-5100130
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
    FARMLAND - SEC 31   1,951,625   L       0  
    FARMLAND - SEC 4 R   533,797   L       0  
    FARMLAND - SEC 9 R   3,677,567   L       0  
    LAND IMPROVEMENTS 2015-06-22 3,109 1,140 SL 15 207 207 207  
    LAND IMPROVEMENTS 2015-12-22 9,238 3,080 SL 15 616 616 616  
    LAND IMPROV-SEC 31 2016-10-13 6,355 1,766 SL 15 424 424 424  
    TIMBERLAND - SEC 8   245,535   L          
    FARMLAND - SEC 8 R   128,000   L          
    FARMLAND - SEC 8 R   2,475,668   L       0  

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

    TY 2021 ExpenditureResponsibilityStmt
    Name:
    Adams Family Foundation of Nora Springs Iowa
    EIN:
    25-5100130
    Grantee's Name Grantee's Address Grant Date Grant Amount Grant Purpose Amount Expended By Grantee Any Diversion By Grantee? Dates of Reports By Grantee Date of Verification Results of Verification
    PARK CEMETERY ASSOCIATION
          		1055 135TH STREET
    NORA SPRINGS,IA50458     		2013-12-18 21,840 TO FUND THE PRESERVATION OF HISTORICAL INFORMATION AND SUBSIDIZE BURIALS OF LOW INCOME INDIVIDUALS   NO SEE GENERAL EXPLANATION FOR DATES OF REPORTS   NO VERIFICATION WAS NECESSARY
    PARK CEMETERY ASSOCIATION
          		1055 135TH STREET
    NORA SPRINGS,IA50458     		2013-10-07 5,000 TO FUND THE PRESERVATION OF HISTORICAL INFORMATION AND SUBSIDIZE BURIALS OF LOW INCOME INDIVIDUALS   NO SEE GENERAL EXPLANATION FOR DATES OF REPORTS   NO VERIFICATION WAS NECESSARY
    NORA SPRINGS VOLUNTEER AMBULANCE SERVICE
          		PO BOX 625
    NORA SPRINGS,IA50458     		2013-10-03 42,500 PROMOTE HEALTH OF COMMUNITY BY FUNDING CONSTRUCTION OF HOUSING FOR ON CALL AMBULANCE CREW 42,500 NO SEE GENERAL EXPLANATION FOR DATES OF REPORTS   NO VERIFICATION WAS NECESSARY

    TY 2021 GeneralExplanationAttachment
    Name:
    Adams Family Foundation of Nora Springs Iowa
    EIN:
    25-5100130
    Identifier Return Reference Explanation
    FORM 990-PF, PART VI-B, LINE 5D - EXPENDITURE RESPONSIBILITY Form 990-PF, Part VI-B, Line 5D Expenditure Responsibility GRANTEE'S NAME: PARK CEMETERY ASSOCIATION GRANT DATE: 12/18/2013 DATES OF ANNUAL REPORTS: 10/22/2014, 4/15/2015, 4/7/2016, 4/4/2017, 4/4/2018, 3/27/2019, 4/1/2020, AND 4/12/2021
    FORM 990-PF, PART VI-B, LINE 5D - EXPENDITURE RESPONSIBILITY Form 990-PF, Part VI-B, Line 5D Expenditure Responsibility GRANTEE'S NAME: PARK CEMETERY ASSOCIATION GRANT DATE: 10/07/2013 DATES OF ANNUAL REPORTS: 10/22/2014, 4/15/2015, 4/7/2016, 4/4/2017, 4/4/2018, 3/27/19, 4/1/2020, AND 4/12/2021
    FORM 990-PF, PART VI-B, LINE 5D - EXPENDITURE RESPONSIBILITY Form 990-PF, Part VI-B, Line 5D Expenditure Responsibility GRANTEE'S NAME: NORA SPRINGS VOLUNTEER AMBULANCE SERVICE GRANT DATE: 10/03/2013 DATES OF ANNUAL REPORTS: 3/4/2014, 6/7/2014, 11/21/2014, 4/20/2015, 4/7/2016, 4/3/2017, 4/4/2018, 3/27/2019, 4/3/2020, AND 4/12/2021
    Form 926 Form 926 The Foundation has prepared this form to the best of its ability based on the limited information provided to it by the investment on which the Foundation is reporting and on the basis of having received no information to the contrary. Any missing or incomplete information is due to the Foundation's inability to obtain such information and is not a willful attempt to withhold such information.
    In-Kind Grants PART I LINE 25 AND PART XIV LINE 3A PART I LINE 25 AND PART XIV LINE 3A DISTRIBUTIONS OF PROPERTY VALUE AT FAIR MARKET VALUE AT DATE OF DISTRIBUTION METHOD FOR DETERMINING VALUE OF LAND: APPRAISAL VALUE TOTAL FAIR MARKET VALUE OF PROPERTY: $369,000 TOTAL BOOK VALUE OF PROPERTY: $373,535 TOTAL AMOUNT OF GRANTS: $369,000 FORM 990-PF, PART III, LINE 3 - OTHER INCREASES/DECREASES: $(4,535) DETAILS OF ITEMS GRANTED: DESCRIPTION OF PROPERTY: Timberland UNITS: 32.54 acres DATE OF DISTRIBUTION: 12/28/2021 GRANT RECIPIENT: CITY OF NORA SPRINGS FMV OF PROPERTY: $241,000 BOOK VALUE OF PROPERTY: $245,535 TOTAL AMOUNT OF GRANT: $241,000 DESCRIPTION OF PROPERTY: Farmland UNITS: 9.87 acres DATE OF DISTRIBUTION: 12/28/2021 GRANT RECIPIENT: CITY OF NORA SPRINGS FMV OF PROPERTY: $128,000 BOOK VALUE OF PROPERTY: $128,000 TOTAL AMOUNT OF GRANT: $128,000
    PART I LINE 6A (990-PF) PART I LINE 6A (990-PF) RECONCILIATION OF NET GAIN/(LOSS) FROM SALES OF ASSETS NOT INCLUDED IN PART IV TOTAL INCLUDED IN PART IV: (DETAILS BELOW) NET GAIN/(LOSS): $3,765,760 TOTAL NOT INCLUDED IN PART IV: PASSTHROUGH K-1 CAPITAL GAIN/(LOSS) - UBI NET GAIN/(LOSS): $2,420 TOTAL PART I, LINE 6A: $3,768,180 DETAILS OF ASSETS INCLUDED IN PART IV: PUBLICLY-TRAIDED SECURITIES GROSS SALES PRICE: $23,349,795 BOOK BASIS: $19,587,828 NET GAIN/(LOSS): $3,761,967 PASSTHROUGH K-1 CAPITAL GAIN/(LOSS) - NON UBI NET GAIN/(LOSS): $15,263 SALES OF OTHER ITEMIZED ASSETS - Land Improv NET GAIN/(LOSS): $(11,470)

    TY 2021 InvestmentsCorpStockSchedule
    Name:
    Adams Family Foundation of Nora Springs Iowa
    EIN:
    25-5100130
    Name of Stock End of Year Book Value End of Year Fair Market Value
    ALPHABET INC CL A 91,023 127,470
    AMAZON COM 86,937 116,702
    AMERICAN CAPITAL AGENCY CORP 154,665 133,856
    ANNALY MTG MGMT INC. COM 149,726 132,745
    APOLLO GLOBAL MANAGEMENT, INC 121,568 119,510
    APPLE INC 81,038 148,271
    ARES CAPITAL CORPORATION - CLO 135,084 148,330
    BLACKROCK STRAT INC OPP PORTFO 650,230 637,050
    BLOCK INC 123,654 78,332
    BOEING CO 116,750 117,772
    BORG WARNER INC 115,713 121,689
    CAMBIUM NETWORKS CORPORATION 171,516 114,054
    DEERE CO 130,279 128,584
    FIDELITY NATIONAL INFORMATION 121,775 109,150
    GOLDMAN SACHS GQG PARTNERS INT 490,000 523,379
    GOLDMAN SACHS GROUP 112,215 114,765
    ISHARES BARCLAYS TIPS BOND FUN 652,936 671,840
    JACKSON SQUARE MID CAP GROWTH 1,077,000 777,698
    JANUS FORTY FUND CLASS I SHS 981,668 1,064,519
    JEFFERIES GROUP INC 109,335 113,490
    MARQETA ORD SHS CLASS A 164,762 108,171
    MATTHEWS CHINA FD 610,000 466,056
    MEDICAL PROPERTIES TRUST, INC 147,913 168,364
    META PLATFORMS INC 79,713 121,086
    MICROSOFT CORP 72,629 134,528
    NETFLIX INC 101,342 117,476
    PARNASSUS EQUITY INCOME FUND I 796,602 877,780
    PAYPAL HOLDINGS, INC 139,678 113,148
    PIMCO INCOME FUND 650,523 647,266
    PRUDENTIAL TOTAL RETURN BD FD 650,293 654,816
    PULTE GROUP INC 121,129 142,900
    PUTNAM INCOME FUND CLASS Y 650,000 620,125
    QUALCOMM INC 103,524 173,727
    RINGCENTRAL INC 113,082 93,675
    SPDR S&P 500 ETF TRUST 2,498,691 2,985,123
    STEEL DYNAMICS INC 124,740 121,037
    SUNRUN INC 128,815 82,320
    TWITTER INC 129,658 103,080
    UBER 142,347 110,066
    VANGUARD TOTAL INTERNATIONAL S 663,915 667,485
    VISA INC 130,561 140,862
    VMWARE INC 114,678 110,086

    TY 2021 InvestmentsLandSchedule2
    Name:
    Adams Family Foundation of Nora Springs Iowa
    EIN:
    25-5100130
    Category/ Item Cost/Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    FARMLAND - SEC 31 1,951,625   1,951,625 1,340,000
    FARMLAND - SEC 4 R 533,797   533,797 350,000
    FARMLAND - SEC 9 R 3,677,567   3,677,567 2,570,000
    LAND IMPROVEMENTS        
    LAND IMPROVEMENTS        
    LAND IMPROV-SEC 31        
    TIMBERLAND - SEC 8        
    FARMLAND - SEC 8 R        
    FARMLAND - SEC 8 R 2,475,668   2,475,668 1,804,807

    TY 2021 InvestmentsOtherSchedule2
    Name:
    Adams Family Foundation of Nora Springs Iowa
    EIN:
    25-5100130
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    BLACKSTONE REAL ESTATE INCOME   250,000 305,164
    CRYSTAL CAPITAL FUND SER LLC   1,008,857 1,013,451
    FORTRESS LENDING FUND 2 A   270,378 270,793
    MARCH CAPITAL OPPORTUNITY FUND   108,565 110,730
    MS DIRECT LENDING FUND   182,908 188,194
    OAK STREET RE CAPITAL FD V LP   186,018 238,004

    TY 2021 LegalFeesSchedule
    Name:
    Adams Family Foundation of Nora Springs Iowa
    EIN:
    25-5100130
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Document Review/Drafting 200     200
    General Consultations 250     250


    TY 2021 OtherDecreasesSchedule
    Name:
    Adams Family Foundation of Nora Springs Iowa
    EIN:
    25-5100130
    Description Amount
    GRANT OF TIMBERLAND 4,535


    TY 2021 OtherExpensesSchedule
    Name:
    Adams Family Foundation of Nora Springs Iowa
    EIN:
    25-5100130
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Administrative Fees 45,000     45,000
    Bank Charges 734 734    
    Foundation Dues & Memberships 1,560     1,560
    Indemnification Insurance 2,250     2,250
    K-1 Exp CRYSTAL CAPITAL FUND S 19,690 19,687    
    K-1 Exp FORTRESS LENDING FUND 56 56    
    K-1 Exp MARCH CAPITAL OPPORTUN 35 30    
    K-1 Exp OAK STREET RE CAPITAL 4,255 4,255    
    PROPERTY MAINTENANCE 1,766 1,766    
    OFFICE SUPPLIES 30     30
    Postage/Delivery Service 93     93
    Property insurance 1,866 1,866    


    TY 2021 OtherIncomeSchedule2
    Name:
    Adams Family Foundation of Nora Springs Iowa
    EIN:
    25-5100130
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    K-1 Inc/Loss CRYSTAL CAPITAL FUND SER LLC 13,904 10,404  
    K-1 Inc/Loss FORTRESS LENDING FUND 2 A 12,261 12,261  
    K-1 Inc/Loss MARCH CAPITAL OPPORTUNITY FUND 4, LP -16,400 -16,400  
    K-1 Inc/Loss OAK STREET RE CAPITAL FD V LP 19,099 19,099  
    Class Action Lawsuit Proceeds 36 36  


    TY 2021 OtherIncreasesSchedule
    Name:
    Adams Family Foundation of Nora Springs Iowa
    EIN:
    25-5100130
    Description Amount
    RETURNED GRANT 25,000


    TY 2021 OtherLiabilitiesSchedule
    Name:
    Adams Family Foundation of Nora Springs Iowa
    EIN:
    25-5100130
    Description Beginning of Year - Book Value End of Year - Book Value
    OUTSTANDING OPTIONS   2,119


    TY 2021 OtherProfessionalFeesSchedule
    Name:
    Adams Family Foundation of Nora Springs Iowa
    EIN:
    25-5100130
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    SCHOLARSHIP ADMIN SERVICES 12,000     12,000
    Investment Management Services 94,214 94,214    
    PROPERTY MANAGEMENT SERVICES 13,734 12,036   1,698


    TY 2021 TaxesSchedule
    Name:
    Adams Family Foundation of Nora Springs Iowa
    EIN:
    25-5100130
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    990-PF Estimated Tax for 2021 36,100      
    990-PF Extension for 2020 190      
    Foreign Tax Paid 56 56    
    Property Taxes 19,604 19,604