Form990-PF
Click to see attachment

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. 1545-0052
2020
Open to Public Inspection
For calendar year 2020, or tax year beginning 12-01-2020 , and ending 11-30-2021
Name of foundation
Ippolito Charitable Foundation of Galveston
 
% 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

76-0671962
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$21,510,883J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule) 0
2 Check bullet.............
3 Interest on savings and temporary cash investments 1,658 1,658  
4 Dividends and interest from securities... 369,733 369,733  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 1,767,481
b Gross sales price for all assets on line 6a 5,464,087
7 Capital gain net income (from Part IV, line 2)... 1,767,481
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 7,421 1,017  
12 Total. Add lines 1 through 11........ 2,146,293 2,139,889  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 106,620     106,620
14 Other employee salaries and wages......        
15 Pension plans, employee benefits....... 5,972     5,972
16a Legal fees (attach schedule)......... Click to see attachment 4,198 0 0 4,198
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment 188,930 188,930    
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 30,100      
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings....... 28,089 84   28,005
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 62,037 7,033   55,004
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 425,946 196,047 0 199,799
25 Contributions, gifts, grants paid....... 671,100 671,100
26 Total expenses and disbursements. Add lines 24 and 25 1,097,046 196,047 0 870,899
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 1,049,247
b Net investment income (if negative, enter -0-) 1,943,842
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2020)
Form 990-PF (2020)
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......... 843,068 789,578 789,578
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)....... 13,894,361 Click to see attachment14,938,054 19,009,902
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 1,150,974 Click to see attachment1,210,018 1,561,403
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment150,000 Click to see attachment150,000 Click to see attachment150,000
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 16,038,403 17,087,650 21,510,883
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)......... 0 0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here bullet
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
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 16,038,403 17,087,650
29 Total net assets or fund balances (see instructions)..... 16,038,403 17,087,650
30 Total liabilities and net assets/fund balances (see instructions). 16,038,403 17,087,650
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
16,038,403
2
Enter amount from Part I, line 27a .....................
2
1,049,247
3
Other increases not included in line 2 (itemize) bullet
3
 
4
Add lines 1, 2, and 3 ..........................
4
17,087,650
5
Decreases not included in line 2 (itemize) bullet
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
17,087,650
Form 990-PF (2020)
Form 990-PF (2020)
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
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 5,464,087   3,696,606 1,767,481
b
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       1,767,481
b
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 1,767,481
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  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
SECTION 4940(e) REPEALED ON DECEMBER 20, 2019 - DO NOT COMPLETE
1 Reserved
(a)
Reserved 		(b)
Reserved 		(c)
Reserved 		(d)
Reserved
2
Reserved...........................
2
3
Reserved...........................
3
4
Reserved...........................
4
5
Reserved...........................
5
6
Reserved...........................
6
7
Reserved...........................
7
8
Reserved,..........................
8
Form 990-PF (2020)
Form 990-PF (2020)
Page 4
Part VI
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 Reserved................................ 1 27,019
c All other domestic foundations enter 1.39% of line 27b. Exempt foreign organizations enter 4% 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 27,019
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 27,019
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 23,764
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 5,800
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 29,564
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8  
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 2,545
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet2,545 RefundedBullet 11  
Part VII-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
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletTX
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2020 or the taxable year beginning in 2020? See the instructions for Part XIV.
    If "Yes," complete Part XIV .............................
    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 (2020)
    Form 990-PF (2020)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructionsClick to see attachment.................
    12
    Yes
     
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletIPPOLITOFOUNDATION.ORG
    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 2020, 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 VII-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?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?......................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (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)?...............
    (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.).......
    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
    ........bullet
    c
    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 2020?.............
    1c
     
    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 2020, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2020?.............
    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?......................
    b
    If "Yes," did it have excess business holdings in 2020 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 2020.)..................
    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 2020?
    4b
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 6
    Part VII-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))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?.............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?.....
    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
    .........bullet
    c
    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?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d). Click to see attachment
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    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?
    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? .................
    Part VIII
    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
    MJ Alvarado VP
    5.0     		17,475 0 0
    Foundation Source 501 Silverside Rd
    Wilmington,DE198091377
    Pepper I Ammann Treas
    12.0     		26,217 0 0
    Foundation Source 501 Silverside Rd
    Wilmington,DE198091377
    Crys C Ippolito VP
    1.0     		6,000 0 0
    Foundation Source 501 Silverside Rd
    Wilmington,DE198091377
    John C Ippolito PRES
    3.0     		30,711 0 0
    Foundation Source 501 Silverside Rd
    Wilmington,DE198091377
    Lee I Jurewitz Sec
    15.0     		26,217 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 (2020)
    Form 990-PF (2020)
    Page 7
    Part VIII
    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
    Morgan Stanley INVESTMENT MGMT 124,681
    600 TRAVIS SUITE 3700
    HOUSTON,TX77002
    Merrill Lynch INVESTMENT MGMT 64,249
    607 W 3RD STREET SUITE 2600
    AUSTIN,TX78701
    Foundation Source Administrative 54,389
    55 Walls Drive 3rd Floor
    Fairfield,CT06824
    Total number of others receiving over $50,000 for professional services.............bullet  
    Part IX-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 IX-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 LITTLE RED BOX, LLC PRI - TO PROVIDE ACCESS TO DIVERSE GROCERY PRODUCTS FOR HOUSEHOLDS LOCATED IN LOW INCOME FOOD DESERTS. 50,000
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet50,000
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 8
    Part X
    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
    18,859,832
    b
    Average of monthly cash balances.......................
    1b
    812,731
    c
    Fair market value of all other assets (see instructions)................
    1c
    1,428,745
    d
    Total (add lines 1a, b, and c).........................
    1d
    21,101,308
    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
    21,101,308
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    316,520
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    20,784,788
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    1,039,239
    Part XI
    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 X, line 6....................
    1
    1,039,239
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    27,019
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    27,019
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    1,012,220
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    50,000
    5
    Add lines 3 and 4............................
    5
    1,062,220
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    1,062,220
    Part XII
    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
    870,899
    b
    Program-related investments—total from Part IX-B..................
    1b
    50,000
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
    0
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    920,899
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b. See instructions.................
    5
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    920,899
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2019     		(c)
    2019     		(d)
    2020
    1 Distributable amount for 2020 from Part XI, line 7 1,062,220
    2 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only....... 789,790
    b Total for prior years:2018, 2017, 2016  
    3 Excess distributions carryover, if any, to 2020:
    a From 2015......  
    b From 2016......  
    c From 2017......  
    d From 2018......  
    e From 2019......  
    fTotal of lines 3a through e........  
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$ 920,899
    a Applied to 2019, but not more than line 2a 789,790
    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 2020 distributable amount..... 131,109
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2020.    
    (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 2020. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2021 ..........     		931,111
    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 2015 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2021.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2016....  
    b Excess from 2017....  
    c Excess from 2018....  
    d Excess from 2019....  
    e Excess from 2020.... 0
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-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 2020, 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) 2020 (b) 2019 (c) 2018 (d) 2017
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    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 X, 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 XV
    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:
    MJ ALVARO
    55 WALLS DRIVE 3RD FLOOR
    FAIRFIELD,CT06824
    GRANTS@IPPOLITOFOUNDATION.ORG
    bThe form in which applications should be submitted and information and materials they should include:
    WWW.IPPOLITOFOUNDATION.ORG/GRANTS
    cAny submission deadlines:
    April 1st
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    MUST BE SUBMITTED VIA EMAIL IN A WORD DOCUMENT, NO PDF OR OTHER FORM ARE ACCEPTED
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 11
    Part XV
    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
    1894 INC
    2020 POST OFC ST
    GALVESTON,TX77550     		N/A PC Serious Fun Children's Series and Grand Kids Festival 20,000
    ADVOCACY CENTER FOR CHILDREN OF GALVESTON COUNTY
    5710 AVE S 12
    GALVESTON,TX77551     		N/A PC Outreach and Prevention Program 5,000
    ALCOHOL DRUG ABUSE WOMENS CENTER INC
    201 1ST ST
    GALVESTON,TX77550     		N/A PC General & Unrestricted 10,000
    AMERICAN ENTERPRISE INSTITUTE FOR PUBLIC POLICY RE
    1789 MASSACHUSETTS AVE NW
    WASHINGTON,DC20036     		N/A PC General & Unrestricted 1,000
    ANDREW S RODDICK FOUNDATION INC
    8509 FM 969 RD STE 509
    AUSTIN,TX78724     		N/A PC General & Unrestricted 500
    ARTIST BOAT INC
    13330 SETTEGAST RD
    GALVESTON,TX77554     		N/A PC General & Unrestricted 10,000
    AUSTIN CHRISTIAN EDUCATIONAL FOUNDATION
    300 E HUNTLAND DR
    AUSTIN,TX78752     		N/A PC General & Unrestricted 1,000
    BALL HIGH SCHOOL
    4115 AVE O
    GALVESTON,TX77550     		N/A GOV CTE Field Trips - Sea Star Base Youth Sailing Program 10,000
    BOYS AND GIRLS CLUBS OF GREATER HOUSTON INC
    815 CROSBY ST
    HOUSTON,TX77019     		N/A PC Library at the Galveston Club 5,000
    BOYS AND GIRLS CLUBS OF GREATER HOUSTON INC
    815 CROSBY ST
    HOUSTON,TX77019     		N/A PC The Galveston Club 15,000
    BRYAN TEXANA FOUNDATION
    1331 LAMAR ST 1075
    HOUSTON,TX77010     		N/A PC General & Unrestricted 15,000
    CAPTAINS FOR CLEAN WATER INC
    2031 JACKSON ST STE 150
    FORT MYERS,FL33901     		N/A PC General & Unrestricted 1,000
    CATHOLIC CHARITIES OF THE ARCHDIOCESE OF GALVESTON
    2900 LOUISIANA ST
    HOUSTON,TX77006     		N/A PC Beacon of Hope Center 15,000
    CEDAR CREEK BOOSTER CLUB INC
    3301 PINNACLE RD
    AUSTIN,TX78746     		N/A PC General & Unrestricted 500
    CHRISTUS FOUNDATION FOR HEALTHCARE
    PO BOX 1919
    HOUSTON,TX77251     		N/A PC Our Daily Bread 10,000
    COURT APPOINTED SPECIAL ADVOCATES CASA
    10000 EMMET F LOWRY EXPY STE 4000 U
    TEXAS CITY,TX77591     		N/A PC General & Unrestricted 10,000
    EANES EDUCATION FOUNDATION
    601 CAMP CRAFT RD
    W LAKE HILLS,TX78746     		N/A PC General & Unrestricted 400
    FAMILY SERVICE CENTER OF GALVESTON COUNTY TEXAS
    2200 MARKET ST STE 600
    GALVESTON,TX77550     		N/A PC General & Unrestricted 10,000
    GALVESTON ARTS CENTER INC
    2127 STRAND ST
    GALVESTON,TX77550     		N/A PC General & Unrestricted 5,000
    GALVESTON BAY FOUNDATION
    1725 HWY 146
    KEMAH,TX77565     		N/A PC General & Unrestricted 5,000
    GALVESTON CHAMBER PARTNERSHIP INC
    2228 MECHANIC ST STE 101
    GALVESTON,TX77550     		N/A PC Lemonade Day 5,000
    GALVESTON CHILDRENS MUSEUM
    2618 BROADWAY ST
    GALVESTON,TX77550     		N/A PC General & Unrestricted 2,500
    GALVESTON COUNTY FOOD BANK
    624 4TH AVE N
    TEXAS CITY,TX77590     		N/A PC General & Unrestricted 10,000
    GALVESTON HISTORICAL FOUNDATION INC
    2002 STRAND ST STE 200
    GALVESTON,TX77550     		N/A PC Mitchell Menard House repairs Fund 20,000
    GALVESTON HISTORICAL FOUNDATION INC
    2002 STRAND ST STE 200
    GALVESTON,TX77550     		N/A PC Elissa Ship repairs FUnd 10,000
    GALVESTON INDEPENDENT SCHOOL DISTRICT EDUCATIONAL
    3904 AVE T
    GALVESTON,TX77550     		N/A PC Teachers and Schools Fund and Operations Fund 15,000
    GALVESTON ISLAND MEALS ON WHEELS INC
    2803 53RD ST
    GALVESTON,TX77551     		N/A PC General & Unrestricted 20,000
    GALVESTON ISLAND NATURE TOURISM COUNCIL
    PO BOX 1468
    GALVESTON,TX77553     		N/A PC Bird City TX Program 5,000
    GALVESTON URBAN MINISTRIES
    3727 BALL ST
    GALVESTON,TX77550     		N/A PC Retreat Center 100,000
    GALVESTON URBAN MINISTRIES
    3727 BALL ST
    GALVESTON,TX77550     		N/A PC Operations Fund 20,000
    GALVESTON-HOUSTON IMMIGRANT REPRESENTATION PROJECT
    1501 BROADWAY ST
    GALVESTON,TX77550     		N/A PC General & Unrestricted 10,000
    HOLY FAMILY PARISH
    2601 AVE N
    GALVESTON,TX77550     		N/A PC General & Unrestricted 10,000
    JESSE TREE INC
    2622 MARKET ST
    GALVESTON,TX77550     		N/A PC General & Unrestricted 10,000
    LEUKEMIA & LYMPHOMA SOCIETY INC
    3 INTERNATIONAL DR STE 200
    RYE BROOK,NY10573     		N/A PC 2021 Students of the Year fundraising program 200
    LONE STAR LEGAL AID
    1415 FANNIN ST 3RD FL
    HOUSTON,TX77002     		N/A PC Galveston Office 5,000
    MOODY EARLY CHILDHOOD CENTER
    1110 21ST ST
    GALVESTON,TX77550     		N/A PC General & Unrestricted 20,000
    NAMI GULF COAST
    PO BOX 4096
    ALVIN,TX77512     		N/A PC General & Unrestricted 10,000
    NATIONAL ASSISTANCE LEAGUE
    PO BOX 591131
    HOUSTON,TX77259     		N/A PC Assistance League Of Bay Area Operation School Bell 5,000
    NIA CULTURAL CENTER
    PO BOX 1491
    GALVESTON,TX77553     		N/A PC Children's Defense Fund and Freedom School Fund 10,000
    NIA CULTURAL CENTER
    PO BOX 1491
    GALVESTON,TX77553     		N/A PC Independence Sponsor of the Juneteenth Legacy Project 2,500
    RAWSON-SAUNDERS SCHOOL
    2600 EXPOSITION BLVD
    AUSTIN,TX78703     		N/A PC General & Unrestricted 500
    RESOURCE AND CRISIS CENTER OF GALVESTON COUNTY
    1204 45TH ST
    GALVESTON,TX77550     		N/A PC General & Unrestricted 20,000
    SER-JOBS FOR PROGRESS OF THE TEXAS GULF COAST INC
    1710 TELEPHONE RD
    HOUSTON,TX77023     		N/A PC Galveston Workforce Development Programs and Services 20,000
    SHRINERS HOSPITALS FOR CHILDREN
    815 MARKET ST
    GALVESTON,TX77550     		N/A PC General & Unrestricted 10,000
    SMART FAMILY LITERACY INC
    2728 AVE Q
    GALVESTON,TX77550     		N/A PC General & Unrestricted 20,000
    ST JUDE CHILDRENS RESEARCH HOSPITAL INC
    501 ST JUDE PL
    MEMPHIS,TN38105     		N/A PC General & Unrestricted 1,000
    ST VINCENTS EPISCOPAL HOUSE & PRESCHOOL
    2817 POST OFC ST
    GALVESTON,TX77550     		N/A PC General & Unrestricted 20,000
    SUNSHINE CENTER INC
    1726 21ST ST
    GALVESTON,TX77550     		N/A PC General & Unrestricted 2,500
    TEEN HEALTH CENTER INC
    4115 AVE O
    GALVESTON,TX77550     		N/A PC General & Unrestricted 20,000
    THE SALVATION ARMY
    601 51ST ST
    GALVESTON,TX77551     		N/A PC General & Unrestricted 5,000
    THE UNIVERSITY OF TEXAS MD ANDERSON CANCER CENTER
    PO BOX 4486
    HOUSTON,TX77210     		N/A GOV Robert Ammann Fund 2,000
    THE UNIVERSITY OF TEXAS MD ANDERSON CANCER CENTER
    PO BOX 4486
    HOUSTON,TX77210     		N/A GOV The Robert Ammann Cutaneous T-Cell Lymphoma Research Fund 2,500
    TURTLE ISLAND RESTORATION NETWORK
    PO BOX 370
    FOREST KNOLLS,CA94933     		N/A PC Texas Sea Turtle Recovery Program 5,000
    UNITED WAY OF GALVESTON INC
    PO BOX 2250
    GALVESTON,TX77553     		N/A PC Galveston County Recovery Fund 10,000
    UNITED WAY OF GALVESTON INC
    PO BOX 2250
    GALVESTON,TX77553     		N/A PC Galveston County Recovery Fund 25,000
    UNIVERSITY OF TEXAS MEDICAL BRANCH AT GALVESTON
    301 UNIVERSITY BLVD
    GALVESTON,TX77555     		N/A GOV OLLI (Osher Lifelong Learning Institute) 3,000
    UPWARD HOPE ACADEMY INC
    101 14TH ST
    GALVESTON,TX77550     		N/A PC General & Unrestricted 15,000
    VISION GALVESTON INC
    306 22ND ST STE 200
    GALVESTON,TX77550     		N/A PC General & Unrestricted 50,000
    Total .................................bullet 3a 671,100
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 12
    Part XVI-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 1,658  
    4 Dividends and interest from securities....     14 369,733  
    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 1,767,481  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aK-1 Inc/Loss     		    14 1,017  
    bFederal Tax Refund     01 6,404  
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   2,146,293  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    2,146,293
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-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 XVI-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 (2020)
    Form 990-PF (2020)
    Page 13
    Part XVII
    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 (2020)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

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

    TY 2020 DepreciationSchedule
    Name:
    Ippolito Charitable Foundation of Galveston
    EIN:
    76-0671962
    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

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

    TY 2020 ExpenditureResponsibilityStmt
    Name:
    Ippolito Charitable Foundation of Galveston
    EIN:
    76-0671962
    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
    LITTLE RED BOX LLC
          		2901 BAMMEL LANE NO 30
    HOUSTON,TX77098     		2020-03-30 75,000 PRI INVEST-SEE GENERAL EXPLANATION FOR PURPOSE & ADDTL DETAILS RE AMT EXPENDED & LACK OF DIVERSION   NO 2/25/2022   THE GRANTOR HAS NO REASON TO DOUBT THE ACCURACY OR RELIABILITY OF THE REPORTS FROM THE GRANTEE; THEREFORE, NO INDEPENDENT VERIFICATION OF THE REPORTS WERE MADE.
    LITTLE RED BOX LLC
          		2901 BAMMEL LANE NO 30
    HOUSTON,TX77098     		2020-11-05 25,000 PRI INVEST-SEE GENERAL EXPLANATION FOR PURPOSE & ADDTL DETAILS RE AMT EXPENDED & LACK OF DIVERSION   NO 02/25/2022   THE GRANTOR HAS NO REASON TO DOUBT THE ACCURACY OR RELIABILITY OF THE REPORTS FROM THE GRANTEE; THEREFORE, NO INDEPENDENT VERIFICATION OF THE REPORTS WERE MADE.
    LITTLE RED BOX LLC
          		2901 BAMMEL LANE NO 30
    HOUSTON,TX77098     		2021-03-01 50,000 PRI INVEST-SEE GENERAL EXPLANATION FOR PURPOSE & ADDTL DETAILS RE AMT EXPENDED & LACK OF DIVERSION   NO 03/24/2022   THE GRANTOR HAS NO REASON TO DOUBT THE ACCURACY OR RELIABILITY OF THE REPORTS FROM THE GRANTEE; THEREFORE, NO INDEPENDENT VERIFICATION OF THE REPORTS WERE MADE.

    TY 2020 GeneralExplanationAttachment
    Name:
    Ippolito Charitable Foundation of Galveston
    EIN:
    76-0671962
    Identifier Return Reference Explanation
    FORM 990-PF, PART VII-B, LINE 5C - EXPENDITURE RESPONSIBILITY FORM 990-PF, PART VII-B, LINE 5C - EXPENDITURE RESPONSIBILITY PRI RECIPIENT: LITTLE RED BOX, LLC DATE OF PRI: 03/30/2020 PURPOSE OF PRI: TO PROVIDE ACCESS TO DIVERSE GROCERY PRODUCTS FOR HOUSEHOLDS LOCATED IN LOW INCOME FOOD DESERTS. REPORTS OF AMOUNTS EXPENDED: RECIPIENT HAS SUBMITTED A FULL AND COMPLETE FINANCIAL REPORT OF THE TYPE ORDINARILY REQUIRED BY COMMERCIAL INVESTORS UNDER SIMILAR CIRCUMSTANCES AND A STATEMENT THAT IT HAS COMPLIED WITH THE TERMS OF THE INVESTMENT. THIS INVESTMENT REMAINED ON THE FOUNDATION'S BOOKS AS OF 11/30/2021. DIVERSIONS: TO THE KNOWLEDGE OF THE GRANTOR, NO FUNDS HAVE BEEN DIVERTED TO ANY ACTIVITY OTHER THAN THE ACTIVITY FOR WHICH THE INVESTMENT WAS ORIGINALLY MADE.
    FORM 990-PF, PART VII-B, LINE 5C - EXPENDITURE RESPONSIBILITY FORM 990-PF, PART VII-B, LINE 5C - EXPENDITURE RESPONSIBILITY PRI RECIPIENT: LITTLE RED BOX, LLC DATE OF PRI: 11/05/2020 PURPOSE OF PRI: TO PROVIDE ACCESS TO DIVERSE GROCERY PRODUCTS FOR HOUSEHOLDS LOCATED IN LOW INCOME FOOD DESERTS. REPORTS OF AMOUNTS EXPENDED: RECIPIENT HAS SUBMITTED A FULL AND COMPLETE FINANCIAL REPORT OF THE TYPE ORDINARILY REQUIRED BY COMMERCIAL INVESTORS UNDER SIMILAR CIRCUMSTANCES AND A STATEMENT THAT IT HAS COMPLIED WITH THE TERMS OF THE INVESTMENT. THIS INVESTMENT REMAINED ON THE FOUNDATION'S BOOKS AS OF 11/30/2021. DIVERSIONS: TO THE KNOWLEDGE OF THE GRANTOR, NO FUNDS HAVE BEEN DIVERTED TO ANY ACTIVITY OTHER THAN THE ACTIVITY FOR WHICH THE INVESTMENT WAS ORIGINALLY MADE.
    FORM 990-PF, PART VII-B, LINE 5C - EXPENDITURE RESPONSIBILITY FORM 990-PF, PART VII-B, LINE 5C - EXPENDITURE RESPONSIBILITY PRI RECIPIENT: LITTLE RED BOX, LLC DATE OF PRI: 03/01/2021 PURPOSE OF PRI: TO PROVIDE ACCESS TO DIVERSE GROCERY PRODUCTS FOR HOUSEHOLDS LOCATED IN LOW INCOME FOOD DESERTS. REPORTS OF AMOUNTS EXPENDED: RECIPIENT HAS SUBMITTED A FULL AND COMPLETE FINANCIAL REPORT OF THE TYPE ORDINARILY REQUIRED BY COMMERCIAL INVESTORS UNDER SIMILAR CIRCUMSTANCES AND A STATEMENT THAT IT HAS COMPLIED WITH THE TERMS OF THE INVESTMENT. THIS INVESTMENT REMAINED ON THE FOUNDATION'S BOOKS AS OF 11/30/2021. DIVERSIONS: TO THE KNOWLEDGE OF THE GRANTOR, NO FUNDS HAVE BEEN DIVERTED TO ANY ACTIVITY OTHER THAN THE ACTIVITY FOR WHICH THE INVESTMENT WAS ORIGINALLY MADE.

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    Ippolito Charitable Foundation of Galveston
    EIN:
    76-0671962
    Name of Stock End of Year Book Value End of Year Fair Market Value
    ABBOTT LABS 140,318 204,376
    ABBVIE INC 60,421 64,672
    ACCENTURE PLC 31,988 82,202
    ADOBE SYSTEMS, INC 36,849 136,649
    AIR PRODS & CHEM INC 98,307 102,904
    AIRBNB 54,355 62,977
    ALIGN TECHNOLOGY, INC 18,018 36,080
    ALPHABET INC CL A 179,344 431,368
    ALPHABET INC CL C 48,356 153,848
    AMAZON COM 377,486 533,075
    AMGEN INC 55,858 49,521
    ANTHEM INC 33,146 50,779
    APPLE INC 234,687 506,810
    AT&T, INC 64,866 48,902
    AUTODESK, INC 51,230 62,785
    BANK NEW YORK MELLON CORP COM 109,409 141,797
    BANK OF AMERICA CORP 79,293 142,838
    BARINGS ACTIVE SHORT DURATION 68,290 67,466
    BARON SMALL CAP INSTL CL 325,906 424,440
    BLACKROCK EQUITY DIVIDEND FUND 761,000 716,893
    BLACKROCK INC 63,476 117,599
    BRISTOL-MYERS SQUIBB CO 162,726 146,034
    BROADCOM INC 104,867 117,934
    CAPITAL ONE FINANCIAL CORP 70,268 81,367
    CARRIER GLOBAL 87,037 103,856
    CHEVRON CORP 182,464 242,558
    CISCO SYSTEMS INC 181,203 229,451
    CITIGROUP INC 129,404 131,795
    COMCAST CORP 170,790 206,967
    CONOCOPHILLIPS 71,148 82,894
    COSTCO WHOLESALE CORPORATION 81,499 128,912
    CVS CAREMARK CORP 91,383 134,302
    DANAHER CORP 106,682 164,680
    EQUITY RESIDENTIAL PPTYS TR 88,687 99,471
    EXELON CORPORATION 183,197 243,929
    EXPEDIA INC 50,196 46,555
    EXXON MOBIL CORP 134,846 122,313
    FORD MOTOR COMPANY 48,348 68,777
    GARMIN LTD 39,575 42,332
    GARTNER INC 23,129 59,640
    GILEAD SCIENCES INC 46,623 47,562
    HILTON WORLDWIDE HOLDINGS, INC 40,444 53,758
    HOME DEPOT INC 141,170 264,803
    HONEYWELL INTL 154,835 232,980
    ILLUMINA INC COM 33,764 36,898
    INTERNATIONAL BUSINESS MACHINE 98,720 81,970
    INTERNATIONAL PAPER CO 45,452 35,005
    INTUITIVE SURGICAL 33,053 42,813
    INVESCO EMERGING MARKETS SOVER 79,075 69,874
    INVESCO PREFERRED ETF 24,495 23,748
    INVESCO S&P 500 PURE VALUE ETF 114,775 137,609
    ISHARE MSCI EMU INDX 448,137 501,704
    ISHARE MSCI SWEDEN 33,380 45,466
    ISHARE MSCI UK INDEX 315,644 326,231
    ISHARES 20+ YR TREAS BD 77,422 77,614
    ISHARES BARCLAYS MBS BOND FUND 521,598 516,228
    ISHARES BARCLAYS TIPS BOND FUN 124,704 137,569
    ISHARES CORE MSCI EMERGING MAR 316,572 352,363
    ISHARES IBOXX $ HIGH YIELD COR 36,526 36,226
    ISHARES IBOXX $ INVESTMENT GRA 137,897 147,164
    ISHARES INC MSCI SWITZERLAND I 113,717 153,078
    ISHARES MSCI CANADA INDEX FD 96,835 130,232
    ISHARES MSCI PACIFIC EX-JAPAN 205,373 221,662
    ISHARES MSCI-JAPAN 162,868 186,785
    JOHNSON & JOHNSON 39,543 43,193
    JP MORGAN CHASE 219,887 339,896
    KBW REGIONAL BANKING ETF 252,906 264,999
    L3HARRIS TECHNOLOGIES 69,677 65,651
    LOCKHEED MARTIN CORP 67,440 81,663
    MARKET VECTORS ETF TR FALLEN A 22,413 24,250
    MARVELL TECHNOLOGY, INC 119,262 175,078
    MASTERCARD INC 62,788 90,697
    MCDONALD'S CORP 81,168 113,739
    MEDTRONIC PLC 89,065 95,390
    MERCK & CO INC 104,223 101,428
    META PLATFORMS INC 59,170 121,673
    METLIFE INC 88,969 112,979
    MICROCHIP TECHNOLOGY INC 49,355 86,100
    MICROSOFT CORP 166,032 532,580
    MSCI INC 13,662 34,620
    NETFLIX INC 52,739 62,906
    NEXTERA ENERGY, INC 53,981 109,343
    NIKE INC-CL B 19,203 47,387
    PARKER HANNIFIN CP 107,845 114,783
    PAYPAL HOLDINGS, INC 28,341 47,147
    PNC FINANCIAL GROUP INC 89,697 166,662
    PROCTER GAMBLE CO 45,631 49,302
    PROLOGIS 54,335 113,666
    QUALCOMM INC 157,501 221,908
    RAYTHEON TECHNOLOGIES CORP 87,573 120,085
    REALTY INCOME CORP 195,846 217,480
    SALESFORCE.COM 72,794 109,995
    SCH ST US TRSR ETF 438,555 443,205
    SERVICE NOW 38,254 79,019
    SHERWIN-WILLIAMS CO 105,628 122,890
    STARBUCKS CORP COM 33,173 51,202
    THE COCA-COLA CO 124,955 117,803
    THERMO FISHER SCIENTIFIC INC 34,613 87,331
    TRUIST FINANCIAL CORPORATION 80,266 102,132
    UNION PACIFIC 99,801 151,517
    UNITEDHEALTH GROUP INC 183,638 266,532
    VANGUARD INTERMEDIATE TERM COR 134,755 133,655
    VANGUARD SHORT TERM CORPORATE 61,519 60,999
    VANGUARD SMALL-CAP GROWTH ETF 157,105 228,701
    VANGUARD SMALL-CAP VALUE ETF 386,136 472,985
    VANGUARD ST BOND ETF 704,074 710,086
    VANGUARD TOTAL INTL BD IDX ETF 75,135 74,113
    VIRTUS EMERGING MARKETS OPPTS 210,571 212,115
    VIRTUS FOREIGN OPPORTUNITIES F 848,625 909,823
    VISA INC 143,398 224,579
    WAL-MART STORES INC 85,515 118,129
    WALT DISNEY HOLDINGS CO 109,422 111,573
    ZOETIS INC 108,739 215,823

    TY 2020 InvestmentsOtherSchedule2
    Name:
    Ippolito Charitable Foundation of Galveston
    EIN:
    76-0671962
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    HOMETOWN BANK   121,000 302,500
    IRONWOOD MULTI-STRAT LLC   900,000 1,039,299
    TRUE WEALTH VENTURES FUND I, L   144,018 174,604
    TRUE WEALTH VENTURES FUND II,   45,000 45,000

    TY 2020 LegalFeesSchedule
    Name:
    Ippolito Charitable Foundation of Galveston
    EIN:
    76-0671962
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    General Consultations 4,198     4,198


    TY 2020 OtherAssetsSchedule
    Name:
    Ippolito Charitable Foundation of Galveston
    EIN:
    76-0671962
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    PRI- LITTLE RED BOX, LLC   150,000 150,000


    TY 2020 OtherExpensesSchedule
    Name:
    Ippolito Charitable Foundation of Galveston
    EIN:
    76-0671962
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Administrative Fees 54,389     54,389
    Bank Charges 60 60    
    K-1 Exp TRUE WEALTH VENTURES F 6,973 6,973    
    OFFICE SUPPLIES 99     99
    Postage/Delivery Service 18     18
    Website Hosting/Support 498     498


    TY 2020 OtherIncomeSchedule2
    Name:
    Ippolito Charitable Foundation of Galveston
    EIN:
    76-0671962
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    K-1 Inc/Loss TRUE WEALTH VENTURES FUND I, L.P 1,017 1,017  
    Federal Tax Refund 6,404    


    TY 2020 OtherProfessionalFeesSchedule
    Name:
    Ippolito Charitable Foundation of Galveston
    EIN:
    76-0671962
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Investment Management Services 188,930 188,930    


    TY 2020 TaxesSchedule
    Name:
    Ippolito Charitable Foundation of Galveston
    EIN:
    76-0671962
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    990-PF Estimated Tax for 2021 21,300      
    990-PF Extension for 2020 8,800