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 12-01-2021 , and ending 11-30-2022
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$18,916,824J 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 1,455 1,455  
4 Dividends and interest from securities... 405,797 405,797  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 1,326,664
b Gross sales price for all assets on line 6a 9,331,285
7 Capital gain net income (from Part IV, line 2)... 1,326,664
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 1,763 1,763  
12 Total. Add lines 1 through 11........ 1,735,679 1,735,679  
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....... 5,973     5,973
16a Legal fees (attach schedule)......... Click to see attachment 6,355 0 0 6,355
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment 177,116 177,116    
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 25,977 377    
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings....... 34,640 130   34,510
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 68,560 11,873   56,687
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 425,241 189,496 0 210,145
25 Contributions, gifts, grants paid....... 792,420 792,420
26 Total expenses and disbursements. Add lines 24 and 25 1,217,661 189,496 0 1,002,565
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 518,018
b Net investment income (if negative, enter -0-) 1,546,183
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......... 789,578 496,598 496,598
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)....... 14,938,054 Click to see attachment15,733,132 16,665,354
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).......... 1,210,018 Click to see attachment1,240,938 1,604,872
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) 17,087,650 17,620,668 18,916,824
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 17,087,650 17,620,668
29 Total net assets or fund balances (see instructions)..... 17,087,650 17,620,668
30 Total liabilities and net assets/fund balances (see instructions). 17,087,650 17,620,668
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
17,087,650
2
Enter amount from Part I, line 27a .....................
2
518,018
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
15,000
4
Add lines 1, 2, and 3 ..........................
4
17,620,668
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
17,620,668
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
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 9,331,285   8,004,621 1,326,664
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       1,326,664
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 1,326,664
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 21,492
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 21,492
6 Credits/Payments:
a 2021 estimated tax payments and 2020 overpayment credited to 2021 6a 22,345
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c  
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 22,345
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 10 853
11 Enter the amount of line 10 to be: Credited to 2022 estimated taxBullet853 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
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XIV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletTX
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2021 or the taxable year beginning in 2021? See the instructions for Part XIII.
    If "Yes," complete Part XIII .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 5
    Part VI-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructionsClick to see attachment.................
    12
    Yes
     
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website 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 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
    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 (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
    Morgan Stanley INVESTMENT MGMT 117,675
    600 travis suite 3700
    HOUSTON,TX77002
    Merrill Lynch INVESTMENT MGMT 59,442
    607 w 3rd street suite 2600
    AUSTIN,TX78701
    Foundation Source Administrative 56,105
    55 Walls Drive 3rd Floor
    FAIRFIELD,CT06824
    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
    17,385,690
    b
    Average of monthly cash balances.......................
    1b
    835,193
    c
    Fair market value of all other assets (see instructions)................
    1c
    1,590,120
    d
    Total (add lines 1a, b, and c).........................
    1d
    19,811,003
    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
    19,811,003
    4
    Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
    instructions) .............................
    4
    297,165
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. .......
    5
    19,513,838
    6
    Minimum investment return. Enter 5% (0.05) of line 5................
    6
    975,692
    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
    975,692
    2a
    Tax on investment income for 2021 from Part V, line 5.......
    2a
    21,492
    b
    Income tax for 2021. (This does not include the tax from Part V.) ...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    21,492
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    954,200
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    15,000
    5
    Add lines 3 and 4............................
    5
    969,200
    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
    969,200
    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 7 969,200
    2 Undistributed income, if any, as of the end of 2021:
    a Enter amount for 2020 only....... 931,111
    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$ 1,002,565
    a Applied to 2020, but not more than line 2a 931,111
    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..... 71,454
    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 ..........     		897,746
    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:
    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:
    https://ippolitofoundation.org/#grants
    cAny submission deadlines:
    April 1
    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 (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
    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 7,500
    ALPHA DELTA PI FOUNDATION INC
    1386 PONCE DE LEON AVE NE
    ATLANTA,GA30306     		N/A PC General & Unrestricted 500
    AUSTIN CHRISTIAN EDUCATIONAL FOUNDATION
    300 HUNTLAND DR
    AUSTIN,TX78752     		N/A PC General & Unrestricted 500
    CAPTAINS FOR CLEAN WATER INC
    2031 JACKSON ST STE 150
    FORT MYERS,FL33901     		N/A PC General & Unrestricted 1,000
    CARITAS OF AUSTIN
    611 NECHES ST
    AUSTIN,TX78701     		N/A PC General & Unrestricted 500
    CEDAR CREEK BOOSTER CLUB INC
    3301 PINNACLE RD
    AUSTIN,TX78746     		N/A PC General & Unrestricted 200
    CHRISTUS FOUNDATION FOR HEALTHCARE
    PO BOX 1919
    HOUSTON,TX77251     		N/A PC Our Daily Bread 15,000
    COMMUNITIES IN SCHOOLS OF CENTRAL TEXAS
    3000 S IH 35 200
    AUSTIN,TX78704     		N/A PC Gonzalo Garza Independence High School Support Another organization 200
    COURT APPOINTED SPECIAL ADVOCATES CASA
    600 GULF FREEWAY STE 228
    TEXAS CITY,TX77591     		N/A PC General & Unrestricted 5,000
    FAMILY SERVICE CENTER OF GALVESTON COUNTY TEXAS
    2200 MARKET ST STE 600
    GALVESTON,TX77550     		N/A PC General & Unrestricted 10,000
    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 Everybody Plays Program 5,000
    GALVESTON COUNTY COMMUNITY ORCHESTRA INC CO AUSTI
    PO BOX 16987
    GALVESTON,TX77552     		N/A PC Galveston Symphony Orchestra 10,000
    GALVESTON COUNTY FOOD BANK
    624 4TH AVE N
    TEXAS CITY,TX77590     		N/A PC General & Unrestricted 10,000
    GALVESTON DIAPER BANK
    PO BOX 193
    GALVESTON,TX77553     		N/A PC General & Unrestricted 5,000
    GALVESTON HISTORICAL FOUNDATION INC
    2002 THE STRAND
    GALVESTON,TX77550     		N/A PC Ashton Villa New Roof Fund 20,000
    GALVESTON INDEPENDENT SCHOOL DISTRICT EDUCATIONAL
    3904 AVE T
    GALVESTON,TX77550     		N/A PC Grants to Teachers, Schools and operations 13,500
    GALVESTON INDEPENDENT SCHOOL DISTRICT EDUCATIONAL
    3904 AVE T
    GALVESTON,TX77550     		N/A PC Sam Mixon Scholarship FUND 5,000
    GALVESTON INDEPENDENT SCHOOL DISTRICT EDUCATIONAL
    3904 AVE T
    GALVESTON,TX77550     		N/A PC Ball High School Biomedical and STEM program 10,000
    GALVESTON INDEPENDENT SCHOOL DISTRICT EDUCATIONAL
    3904 AVE T
    GALVESTON,TX77550     		N/A PC Mason Nelson Scholarship Fund 5,000
    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 Sanctuary Certification 10,000
    GALVESTON ISLAND SWIM TEAM GIST
    4424 AVE N 1/2
    GALVESTON,TX77550     		N/A PC Free Swim Lessons 10,000
    GALVESTON ISLAND TREE CONSERVANCY
    PO BOX 2123
    GALVESTON,TX77553     		N/A PC General & Unrestricted 6,000
    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 10,000
    GALVESTON-HOUSTON IMMIGRANT REPRESENTATION PROJECT
    6001 SAVOY DR
    HOUSTON,TX77036     		N/A PC Survivors Crime & Human Trafficking Program 10,000
    GALVESTONS OWN FARMERS MARKET INC
    PO BOX 2153
    GALVESTON,TX77553     		N/A PC General & Unrestricted 10,000
    GALVESTONS OWN FARMERS MARKET INC
    PO BOX 2153
    GALVESTON,TX77553     		N/A PC Food Gardeners and Young Gardeners 5,000
    GARZA INDEPENDENCE H S
    1600 CHICON
    AUSTIN,TX78702     		N/A GOV General & Unrestricted 200
    HOLY FAMILY PARISH
    2601 AVE N
    GALVESTON,TX77550     		N/A PC Parish Life Center 10,000
    HOSPICE CARE TEAM INC
    11441 32ND AVE N STE B
    TEXAS CITY,TX77591     		N/A PC General & Unrestricted 5,000
    INTERNATIONAL SOCIAL SERVICE UNITED STATES OF AMER
    1120 N CHARLES ST STE 300
    BALTIMORE,MD21201     		N/A PC Ukrainian Support Effort 480
    INVEST FOR BETTER INC
    2 ROSS CIR
    OAKLAND,CA94618     		N/A PC General & Unrestricted 250
    JESSE TREE INC
    1619 SEALY ST
    GALVESTON,TX77550     		N/A PC General & Unrestricted 7,500
    JUSTICE FORWARD
    515 CAROLINE ST
    HOUSTON,TX77002     		N/A PC General & Unrestricted 20,000
    LA IZQUIERDA FEST INC
    2930 REVERE ST STE 301
    HOUSTON,TX77098     		N/A PC General & Unrestricted 5,000
    MEADOWS MENTAL HEALTH POLICY INSTITUTE FOR TEXAS
    4441 BUENA VISTA ST
    DALLAS,TX75205     		N/A PC Multi-Disciplinary Response Teams 20,000
    MOODY EARLY CHILDHOOD CENTER
    1110 21ST ST
    GALVESTON,TX77550     		N/A PC Equity Access Scholarship Fund and Operations Fund 20,000
    MOODY EARLY CHILDHOOD CENTER
    1110 21ST ST
    GALVESTON,TX77550     		N/A PC General & Unrestricted 5,000
    NATIONAL ASSISTANCE LEAGUE
    PO BOX 591131
    HOUSTON,TX77259     		N/A PC Assistance League Of Bay Area; Operation School Bell 7,500
    NEW LIFE DAY SCHOOL
    6328 HEARDS LN
    GALVESTON,TX77551     		N/A PC Day School Fund 10,000
    PROJECT GRADUATION INC
    4115 AVE O
    GALVESTON,TX77550     		N/A PC Charitable Event 2,500
    RESOURCE AND CRISIS CENTER OF GALVESTON COUNTY
    1204 45TH ST
    GALVESTON,TX77550     		N/A PC Commercial Fridge 5,032
    SER-JOBS FOR PROGRESS OF THE TEXAS GULF COAST INC
    1710 TELEPHONE RD
    HOUSTON,TX77023     		N/A PC General & Unrestricted 10,000
    SMART FAMILY LITERACY INC
    1713 DRIFTWOOD LN
    GALVESTON,TX77551     		N/A PC General & Unrestricted 15,000
    ST JUDE CHILDRENS RESEARCH HOSPITAL INC
    501 ST JUDE PL
    MEMPHIS,TN38105     		N/A PC Charitable Event 200
    ST JUDE CHILDRENS RESEARCH HOSPITAL INC
    501 ST JUDE PL
    MEMPHIS,TN38105     		N/A PC General & Unrestricted 1,200
    ST VINCENTS EPISCOPAL HOUSE & PRESCHOOL
    2817 POST OFC ST
    GALVESTON,TX77550     		N/A PC General & Unrestricted 15,000
    SUNSHINE CENTER INC
    1726 21ST ST
    GALVESTON,TX77550     		N/A PC General & Unrestricted 10,000
    TEEN HEALTH CENTER INC
    4115 AVE O
    GALVESTON,TX77550     		N/A PC General & Unrestricted 20,000
    TEXAS CAMPAIGN FOR THE ENVIRONMENT FUND
    PO BOX 42278
    AUSTIN,TX78704     		N/A PC General & Unrestricted 400
    THE FOUNDATION FOR RESEARCH ON EQUAL OPPORTUNITY
    201 W 5TH ST STE 1100
    AUSTIN,TX78701     		N/A PC General & Unrestricted 1,000
    THE SATO PROJECT INC
    130 WATER ST
    BROOKLYN,NY11201     		N/A PC General & Unrestricted 300
    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 6,000
    UNITED WAY OF GALVESTON INC
    123 25TH ST 2030
    GALVESTON,TX77550     		N/A PC Recovery Fund 10,000
    UPBRING
    8305 CROSS PARK DR
    AUSTIN,TX78754     		N/A PC Galveston location kitchen renovation 9,958
    UPWARD HOPE ACADEMY INC
    101 14TH ST
    GALVESTON,TX77550     		N/A PC General & Unrestricted 15,000
    VISION GALVESTON INC
    2121 MARKET ST SUITE 109
    GALVESTON,TX77550     		N/A PC General & Unrestricted 50,000
    VISION GALVESTON INC
    2121 MARKET ST SUITE 109
    GALVESTON,TX77550     		N/A PC Philanthropitch 50,000
    VISION GALVESTON INC
    2121 MARKET ST SUITE 109
    GALVESTON,TX77550     		N/A PC Philanthropitch 50,000
    VISION GALVESTON INC
    2121 MARKET ST SUITE 109
    GALVESTON,TX77550     		N/A PC Incubate Galveston Initiative 75,000
    Total .................................bullet 3a 792,420
    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 1,455  
    4 Dividends and interest from securities ....          
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6 Net rental income or (loss) from personal property          
    7 Other investment income .....          
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 1,326,664  
    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 1,763  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e) ..   1,735,679  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    1,735,679
    (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

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

    TY 2021 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 2021 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, 3/24/2022, 8/10/2023   THE GRANTOR HAS NO REASON TO DOUBT THE ACCURACY OR RELIABILITY OF THE REPORTS FROM THE GRANTEE; THEREFORE, NO INDEPENDENT VERIFICATION OF THE REPORTS WAS 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 2/25/2022, 3/24/2022, 8/10/2023   THE GRANTOR HAS NO REASON TO DOUBT THE ACCURACY OR RELIABILITY OF THE REPORTS FROM THE GRANTEE; THEREFORE, NO INDEPENDENT VERIFICATION OF THE REPORTS WAS 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, 08/10/2023   THE GRANTOR HAS NO REASON TO DOUBT THE ACCURACY OR RELIABILITY OF THE REPORTS FROM THE GRANTEE; THEREFORE, NO INDEPENDENT VERIFICATION OF THE REPORTS WAS MADE.

    TY 2021 GeneralExplanationAttachment
    Name:
    Ippolito Charitable Foundation of Galveston
    EIN:
    76-0671962
    Identifier Return Reference Explanation
    FORM 990-PF, PART VI-B, LINE 5D - EXPENDITURE RESPONSIBILITY FORM 990-PF, PART VII-B, LINE 5D - EXPENDITURE RESPONSIBILITY PRI RECIPIENT: LITTLE RED BOX, LLC DATE OF PRI: 03/30/2020 AMOUNT OF PRI: $75,000 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 11/30/2022. 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 VI-B, LINE 5D - EXPENDITURE RESPONSIBILITY FORM 990-PF, PART VII-B, LINE 5D - EXPENDITURE RESPONSIBILITY PRI RECIPIENT: LITTLE RED BOX, LLC DATE OF PRI: 11/05/2020 AMOUNT OF PRI: $25,000 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 11/30/2022. 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 VI-B, LINE 5D - EXPENDITURE RESPONSIBILITY FORM 990-PF, PART VI-B, LINE 5D - EXPENDITURE RESPONSIBILITY PRI RECIPIENT: LITTLE RED BOX, LLC DATE OF PRI: 03/01/2021 AMOUNT OF PRI: $50,000 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 11/30/2022. 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 2021 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 84,861 99,727
    ABBVIE INC 36,682 54,479
    ACCENTURE PLC 172,529 208,845
    ADOBE SYSTEMS, INC 55,983 79,334
    AIR PRODS & CHEM INC 132,171 155,390
    AIRBNB 71,057 47,495
    ALIGN TECHNOLOGY, INC 18,018 11,603
    ALPHABET INC CL A 180,016 256,818
    ALPHABET INC CL C 29,597 54,986
    AMAZON COM 426,147 319,258
    AMGEN INC 43,689 55,848
    APOLLO GLOBAL MANAGEMENT, INC 78,485 81,533
    APPLE INC 269,975 437,872
    AT&T, INC 157,502 156,284
    AUTODESK, INC 63,063 56,344
    BANK OF AMERICA CORP 200,469 223,088
    BARINGS ACTIVE SHORT DURATION 68,290 58,489
    BARON SMALL CAP INSTL CL 296,394 295,700
    BLACKROCK EQUITY DIVIDEND FUND 591,865 525,033
    BRISTOL-MYERS SQUIBB CO 105,444 110,867
    BROADCOM INC 162,116 159,799
    CAPITAL ONE FINANCIAL CORP 111,454 90,025
    CHEVRON CORP 95,711 134,733
    CIGNA CORPORATION 90,207 111,494
    CONOCOPHILLIPS 45,174 87,445
    COSTCO WHOLESALE CORPORATION 109,733 155,843
    CROWN CASTLE INTL 115,461 99,991
    DANAHER CORP 98,938 90,225
    DOCUSIGN INC 47,275 17,557
    EATON CORP PLC 242,878 261,357
    ELEVANCE HEALTH INC 60,757 69,280
    EQUITY RESIDENTIAL PPTYS TR 104,715 88,793
    EXXON MOBIL CORP 221,514 368,424
    FORD MOTOR COMPANY 44,288 43,424
    FRANKLIN FTSE CANADA ETF 107,374 114,911
    FRANKLIN FTSE JAPAN ETF 150,870 158,446
    FRANKLIN FTSE LATIN AMERICA ET 31,157 36,487
    FRANKLIN FTSE UNITED KINGDOM E 261,365 281,579
    GARTNER INC 13,865 39,592
    HILTON WORLDWIDE HOLDINGS, INC 76,038 88,710
    HOME DEPOT INC 110,764 155,839
    HONEYWELL INTL 98,008 153,905
    ILLUMINA INC COM 52,981 43,616
    INTERNATIONAL BUSINESS MACHINE 108,430 114,951
    INVESCO EMERGING MARKETS SOVER 86,342 87,849
    INVESCO PREFERRED ETF 49,136 42,292
    INVESCO S&P 500 PURE VALUE ETF 130,095 165,056
    ISHARE MSCI EMU INDX 416,874 396,319
    ISHARE MSCI SWEDEN 41,289 39,686
    ISHARES 20+ YR TREAS BD 164,261 150,294
    ISHARES BARCLAYS MBS BOND FUND 550,503 488,371
    ISHARES BARCLAYS TIPS BOND FUN 115,383 106,932
    ISHARES CORE MSCI EMERGING MAR 385,368 346,281
    ISHARES IBOXX $ HIGH YIELD COR 21,301 21,412
    ISHARES IBOXX $ INVESTMENT GRA 233,286 213,365
    ISHARES INC MSCI SWITZERLAND I 106,609 117,905
    ISHARES MSCI PACIFIC EX-JAPAN 206,522 200,604
    ISHARES SHORT MATURITY BOND ET 41,959 42,036
    JOHNSON & JOHNSON 187,288 199,538
    JP MORGAN CHASE 309,701 396,438
    KBW REGIONAL BANKING ETF 174,826 166,139
    KRANSHARES EMG MRK COSM TECH E 30,175 20,187
    L3HARRIS TECHNOLOGIES 62,795 65,626
    LOCKHEED MARTIN CORP 78,243 131,972
    MARKET VECTORS ETF TR FALLEN A 21,441 21,434
    MARVELL TECHNOLOGY, INC 129,062 119,649
    MASTERCARD INC 52,763 65,221
    MCDONALD'S CORP 85,013 85,929
    MEDTRONIC PLC 156,524 122,117
    MERCK & CO INC 46,808 66,953
    MICROSOFT CORP 393,190 588,097
    NETFLIX INC 76,275 83,715
    NEXTERA ENERGY, INC 205,498 237,414
    NIKE INC-CL B 136,074 175,065
    PALO ALTO NETWORKS INC 84,324 85,800
    PARKER HANNIFIN CP 62,135 63,375
    PAYPAL HOLDINGS, INC 52,560 36,931
    PEPSICO INC 108,961 125,034
    PFIZER INC 118,447 117,906
    PROCTER GAMBLE CO 188,413 189,135
    PROGRESSIVE CORP OHIO 114,689 133,736
    PROLOGIS 173,944 183,281
    REALTY INCOME CORP 221,724 226,800
    SALESFORCE.COM 77,001 66,985
    SCH ST US TRSR ETF 347,769 336,924
    SCHLUMBERGER LTD 52,400 67,273
    SERVICE NOW 55,192 67,024
    STARBUCKS CORP COM 78,704 90,038
    TESLA MOTORS INC 91,431 73,013
    THE COCA-COLA CO 127,657 145,667
    THERMO FISHER SCIENTIFIC INC 145,218 183,192
    TORONTO DOMINION 135,172 130,343
    UNION PACIFIC 118,260 111,542
    UNITEDHEALTH GROUP INC 175,636 310,580
    VALERO ENERGY CORP 114,864 118,655
    VANGUARD INTERMEDIATE TERM COR 246,380 233,776
    VANGUARD SHORT TERM CORPORATE 215,732 211,098
    VANGUARD SMALL-CAP GROWTH ETF 115,590 114,344
    VANGUARD SMALL-CAP VALUE ETF 222,035 228,031
    VANGUARD TOTAL INTL BD IDX ETF 180,471 169,173
    VERIZON COMMUNICATIONS 138,314 112,496
    VIRTUS EMERGING MARKETS OPPTS 208,563 143,461
    VIRTUS FOREIGN OPPORTUNITIES F 781,841 604,514
    VISA INC 264,452 332,661
    WAL-MART STORES INC 185,423 218,113
    XCEL ENERGY INC 45,490 43,888
    ZOETIS INC 146,426 171,250

    TY 2021 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   121,000 387,200
    IRONWOOD MULTI-STRAT LLC   900,000 972,792
    TRUE WEALTH VENTURES FUND I, L   173,782 205,118
    TRUE WEALTH VENTURES FUND II,   46,156 39,762

    TY 2021 LegalFeesSchedule
    Name:
    Ippolito Charitable Foundation of Galveston
    EIN:
    76-0671962
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    General Consultations 6,355     6,355


    TY 2021 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 2021 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 56,105     56,105
    Bank Charges 30 30    
    K-1 Exp TRUE WEALTH VENTURES F 6,999 6,999    
    K-1 Exp TRUE WEALTH VENTURES F 4,844 4,844    
    Postage/Delivery Service 82     82
    DIGITAL SUBSCRIPTIONS 500     500


    TY 2021 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 1,763 1,763  


    TY 2021 OtherIncreasesSchedule
    Name:
    Ippolito Charitable Foundation of Galveston
    EIN:
    76-0671962
    Description Amount
    RETURNED GRANTS 15,000


    TY 2021 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 177,116 177,116    


    TY 2021 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 2022 19,800      
    990-PF Extension for 2021 5,800      
    Foreign Tax Paid 377 377