TY 2021 Form 990PF

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)
	1	Contributions, gifts, grants, etc., received (attach schedule)	40,802
2	Check .............
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	264,857	264,857	264,857
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		113,380
b	Gross sales price for all assets on line 6a 2,600,948
7	Capital gain net income (from Part IV, line 2)...		113,380
8	Net short-term capital gain.........			0
9	Income modifications...........
10a	Gross sales less returns and allowances	1,100
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....		1,100		1,100
11	Other income (attach schedule).......		9,667	0	9,667
12	Total. Add lines 1 through 11........	429,806	378,237	275,624
	13	Compensation of officers, directors, trustees, etc.	94,017	0	0	94,017
14	Other employee salaries and wages......	126,016	0	4,624	121,392
15	Pension plans, employee benefits.......	48,459	1,527	2,513	45,946
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......		25,755	12,878	13,148	12,607
c	Other professional fees (attach schedule)....		75,661	56,478	56,881	17,292
17	Interest...............
18	Taxes (attach schedule) (see instructions)...		8,200	0	0	0
19	Depreciation (attach schedule) and depletion...		4,139	0	87
20	Occupancy..............	94,555	4,728	6,616	59,895
21	Travel, conferences, and meetings.......	4,616	0	97	4,519
22	Printing and publications..........
23	Other expenses (attach schedule).......		115,537	677	3,087	111,403
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	596,955	76,288	87,053	467,071
25	Contributions, gifts, grants paid.......	0			0
26	Total expenses and disbursements. Add lines 24 and 25	596,955	76,288	87,053	467,071
	27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-167,149
b	Net investment income (if negative, enter -0-)		301,949
c	Adjusted net income (if negative, enter -0-)...			188,571

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............	102,738	79,328	79,328
	2	Savings and temporary cash investments.........		551,408	551,408
	3	Accounts receivable 8,985
		Less: allowance for doubtful accounts	8,909	8,985	8,985
	4	Pledges receivable
		Less: allowance for doubtful accounts
	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)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............	31,897	31,897	31,897
	9	Prepaid expenses and deferred charges..........		8,656	8,656
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......
	c	Investments—corporate bonds (attach schedule).......	995,065	929,647	929,647
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	8,024,434	5,830,476	5,830,476
	14	Land, buildings, and equipment: basis 50,062
		Less: accumulated depreciation (attach schedule) 31,688	14,306	18,374	18,374
	15	Other assets (describe )	12,188	13,700	38,401,225
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	9,189,537	7,472,471	45,859,996
	17	Accounts payable and accrued expenses..........	6,395	52,254
	18	Grants payable.................
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......	40,802
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22).........	47,197	52,254
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........	9,142,340	7,420,217
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		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
	29	Total net assets or fund balances (see instructions).....	9,142,340	7,420,217
	30	Total liabilities and net assets/fund balances (see instructions).	9,189,537	7,472,471

(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
1 a	PUBLICLY TRADED SECURITES	P
b	PUBLICLY TRADED SECURITES	P
c	CAPITAL GAIN DISTRIBUTIONS	P
d
e

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	1,702,946	1,613,032	89,914
b	830,677	874,536	-43,859
c	67,325		67,325
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			89,914
b			-43,859
c			67,325
d
e

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	113,380
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 ...................		3	-43,859

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2	0
3	Add lines 1 and 2...........................	3	4,197
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4	0
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	4,197
6	Credits/Payments:

a	2021 estimated tax payments and 2020 overpayment credited to 2021	6a
b	Exempt foreign organizations—tax withheld at source......	6b
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	0
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8	169
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9	4,366
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2022 estimated tax	Refunded	11

(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
CYNTHIA WILLIAMS	PRESIDENT 2.00	0	0	0
5-26 46TH AVENUE LONG ISLAND CITY,NY11101
RON HOINA	TREASURER 1.00	0	0	0
5-26 46TH AVENUE LONG ISLAND CITY,NY11101
PAUL DOROS	SECRETARY 2.00	0	0	0
5-26 46TH AVENUE LONG ISLAND CITY,NY11101
MARY CHEEK MILLS	TRUSTEE 1.00	0	0	0
5-26 46TH AVENUE LONG ISLAND CITY,NY11101
JEANNE PELLETIER	TRUSTEE 1.00	0	0	0
5-26 46TH AVENUE LONG ISLAND CITY,NY11101
NADIA WATTS	TRUSTEE 1.00	0	0	0
5-26 46TH AVENUE LONG ISLAND CITY,NY11101
LINDSY PARROTT	DIRECTOR/CURATOR 40.00	94,017	20,739	0
5-26 46TH AVENUE LONG ISLAND CITY,NY11101

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	EXHIBITIONS: FOR OVER 25 YEARS, THE NEUSTADT HAS ACTIVELY SHARED ITS RENOWNED TIFFANY COLLECTION WITH MUSEUMS ACROSS THE COUNTRY THROUGH ORIGINAL TRAVELING EXHIBITIONS. TO DATE, THESE SPECIAL EXHIBITIONS HAVE BEEN ENJOYED BY MORE THAN ONE MILLION VISITORS. ADDITIONALLY, SINCE 1995, THE NEUSTADT HAS PARTNERED WITH THE QUEENS MUSEUM TO PRESENT THE ARTWORK OF LOUIS C. TIFFANY TO THE NEW YORK METROPOLITAN AREA. PORTIONS OF THE COLLECTION ARE ON CONTINUOUS DISPLAY IN THE NEUSTADT'S DEDICATED GALLERY. RELATED EDUCATIONAL PROGRAMMING FOR CHILDREN AND ADULTS IS FUNDED BY THE NEUSTADT AND AVAILABLE AT BOTH THE QUEENS MUSEUM AND VARIOUS OFF-SITE LOCATIONS. DEDICATED TO PRESERVATION, SCHOLARSHIP, EDUCATION, AND CONNOISSEURSHIP, THE NEUSTADT COLLECTION OF TIFFANY GLASS PROVIDES DIVERSE AUDIENCES WITH AN IN-DEPTH LOOK AT THE ARTISTRY OF THE TIFFANY STUDIOS AND ITS CONTRIBUTION TO A UNIQUE CHAPTER IN THE HISTORY OF AMERICAN DESIGN.	321,896
2	COLLECTION CONSERVATION AND MAINTENANCE: THE NEUSTADT IS ONE OF THE COUNTRY'S LEADING PUBLIC COLLECTIONS OF TIFFANY LAMPS, WINDOWS, AND METALWORK. IT IS ALSO THE REPOSITORY OF A VAST, ONE-OF-A-KIND COLLECTION OF FLAT GLASS AND GLASS "JEWELS" USED BY THE TIFFANY STUDIOS. THE NEUSTADT'S CONSERVATOR AND CURATORS ARE WORKING TO SORT, ORGANIZE AND CATALOGUE THIS TIFFANY GLASS ARCHIVE, WHICH INCLUDES MORE THAN A QUARTER OF A MILLION PIECES OF ORIGINAL GLASS. IN ADDITION, ALL ARTWORKS ARE CAREFULLY EXAMINED BY THE CONSERVATOR AND, IF NECESSARY, CLEANED AND CONSERVED, BEFORE BEING EXHIBITED.	125,336
3


4

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

		(a) Corpus	(b) Years prior to 2020	(c) 2020	(d) 2021
1 Distributable amount for 2021 from Part X, line 7
2 Undistributed income, if any, as of the end of 2021:
a Enter amount for 2020 only.......
b Total for prior years:20, 20, 20
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: $
a Applied to 2020, but not more than line 2a
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.....
e Remaining amount distributed out of corpus
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
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 ..........
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 ......
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....

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	(e) Total
	188,571	96,561	157,526	132,644	575,302
b 85% (0.85) of line 2a .........	160,285	82,077	133,897	112,747	489,007
c Qualifying distributions from Part XI, line 4 for each year listed .....	475,278	426,989	366,935	472,768	1,741,970
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........	0	0	0	0	0
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....	475,278	426,989	366,935	472,768	1,741,970
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......	45,859,996	47,577,062	46,824,871	46,544,896	186,806,825
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)	38,437,796	38,433,728	38,437,055	38,440,318	153,748,897
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part IX, line 6 for each year listed ..					0
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) ....					0
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....					0
(3) Largest amount of support from an exempt organization					0
(4) Gross investment income					0

aThe name, address, and telephone number or email address of the person to whom applications should be addressed:

bThe form in which applications should be submitted and information and materials they should include:

cAny submission deadlines:

dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:

Line No.	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.)
1A	EXHIBITION FEES - INCOME DERIVED FROM OTHER MUSEUMS AND
1A	INSTITUTIONS WHICH PRESENT EXHIBITIONS CURATED BY THE MUSEUM.
10	INCOME DERIVED FROM THE SALE OF A REFERENCE BOOK ("THE LAMPS OF
10	TIFFANY") PUBLISHED BY THE MUSEUM AS AN EDUCATIONAL RESOURCE.

(a) Line No.	(b) Amount involved	(c) Name of noncharitable exempt organization	(d) Description of transfers, transactions, and sharing arrangements

(a) Name of organization	(b) Type of organization	(c) Description of relationship


(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
SUSAN TOMLIN	CONSERVATOR 21.00	59,810	9,315	0
5-26 46TH AVENUE LONG ISLAND CITY,NY11101	CONSERVATOR 21.00	59,810	9,315	0








Total number of other employees paid over $50,000...................				0

3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
NONE

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)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year

Total ................................. 3a				0

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	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments ....
3 Interest on savings and temporary cash investments ...........
4 Dividends and interest from securities ....
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....
6 Net rental income or (loss) from personal property
7 Other investment income .....
8 Gain or (loss) from sales of assets other than inventory ............			18	113,380
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory					1,100
11 Other revenue: aOTHER INCOME			01	8,883
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..		0		387,120	1,884

Paid Preparer Use Only	Print/Type preparer's name	Preparer's Signature	Date	Check if self- employed	PTIN
	Firm's name				Firm's EIN
	Firm's address				Phone no.

bApproved for future payment

Total ................................. 3b				0

Name of organization THE NEUSTADT COLLECTION OF TIFFANY GLASS

Part I Contributors	Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
1	US SMALL BUSINESS ADMINISTRATION - PAYCHECK PROTECTION PROGRAM 409 3RD ST SW WASHINGTON, DC20416	$ 40,802	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
Schedule B (Form 990) (2021)

Name of organization THE NEUSTADT COLLECTION OF TIFFANY GLASS		Employer identification number 23-7361022

Part II	Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
Schedule B (Form 990) (2021)


Name of organization THE NEUSTADT COLLECTION OF TIFFANY GLASS			Employer identification number 23-7361022
Part III Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $ Use duplicate copies of Part III if additional space is needed.

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ACCOUNTING FEES	22,963	11,482	11,723	11,240
TAX RETURN PREPARATION	2,792	1,396	1,425	1,367

Description of Property	Cost or Other Basis	Prior Years' Depreciation	Computation Method	Rate / Life (# of years)	Current Year's Depreciation Expense	Adjusted Net Income
FURNITURE AND FIXTURES	15,601	13,680	SL	5.000000000000	1,793	1,793
LEASEHOLD IMPROVEMENTS	16,201	6,865	SL	7.000000000000	415	415
EQUIPMENT	18,260	7,004	SL	15.000000000000	1,931	1,931

Name of Bond	End of Year Book Value	End of Year Fair Market Value
MOSAIC CO 20000 SHS	19,976	19,976
ELEVANCE HEALTH INC 21000 SHS	20,957	20,957
WELLS FARGO & CO 20000 SHS	19,922	19,922
MORGAN STANLEY 8000 SHS	7,977	7,977
AMERN EXPRESS CO 22000 SHS	21,907	21,907
ST STR CORP 20000 SHS	19,831	19,831
WASTE MGMT INC 22000 SHS	21,720	21,720
ENTERGY LA LLC 20000 SHS	19,823	19,823
ROGERS COMMUNICATIONS IN 18000 SHS	17,859	17,859
MARSH & MCLENNAN COS INC 21000 SHS	20,835	20,835
DUPONT DE NEMOURS INC 19000 SHS	18,881	18,881
CAP ONE FINL CO 21000 SHS	20,694	20,694
KROGER CO 20000 SHS	19,751	19,751
UN PAC CORP 21000 SHS	20,689	20,689
VALERO ENERGY CORP 22000 SHS	20,790	20,790
PNC FINL SERVICES 20000 SHS	19,708	19,708
PACKAGING CORP OF AMERIC 21000 SHS	20,484	20,484
D.R. HORTON INC 23000 SHS	21,871	21,871
EASTN ENERGY GAS 11000 SHS	10,435	10,435
ORACLE CORP 21000 SHS	20,037	20,037
EQUINIX INC 22000 SHS	20,820	20,820
SVB FINL GROUP 20000 SHS	19,130	19,130
VERIZON COMMUNICATIONS 20000 SHS	19,362	19,362
ANALOG DEVICES INC 22000 SHS	21,145	21,145
GEN DYNAMICS CORP 21000 SHS	20,281	20,281
HUMANA INC 20000 SHS	19,714	19,714
$ TREE INC 14000 SHS	13,564	13,564
PAYPAL HOLDINGS INC 22000 SHS	20,252	20,252
AMERN TOWER CORP 21000 SHS	18,624	18,624
AVALONBAY COMMUNITIES 19000 SHS	18,174	18,174
REP SERVICES INC 22000 SHS	19,338	19,338
INTERCONTINENTALEXCHANGE 20000 SHS	19,331	19,331
TYCO ELECTRONICS GROUP S 20000 SHS	19,246	19,246
ELECTR ARTS INC 19000 SHS	18,859	18,859
PUB SVC ELEC 23000 SHS	20,164	20,164
ASTRAZENECA PLC 22000 SHS	19,011	19,011
US BANCORP 21000 SHS	19,621	19,621
ABBVIE INC 22000 SHS	20,565	20,565
DUKE RLTY LP 21000 SHS	19,378	19,378
SYSCO CORP 19000 SHS	17,766	17,766
MORGAN STANLEY 14000 SHS	13,334	13,334
NETFLIX INC 10000 SHS	9,440	9,440
BROADCOM CRP / CAYMN FI 24000 SHS	22,077	22,077
GOLDMAN SACHS GROUP INC 24000 SHS	22,300	22,300
CIGNA CORP 24000 SHS	22,060	22,060
CHARLES SCHWAB CORP 24000 SHS	21,538	21,538
TOYOTA MTR CR CORP 16000 SHS	14,734	14,734
ANHEUSER-BUSCH INBEV WOR 19000 SHS	18,049	18,049
CONSTELLATION BRANDS INC 18000 SHS	17,623	17,623

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
FIDELITY 500 INDEX FUND 16270.068 SHS	FMV	2,032,620	2,032,620
SIX CIRCLES US UNCONSTR EQ 60722.137 SHS	FMV	680,088	680,088
FIDELITY INTL INDX-INST PRM 2364.048 SHS	FMV	84,491	84,491
JPMORGAN BETABUILDERS CANADA 2355 SHS	FMV	125,875	125,875
SIX CIRCLES INTL UNCON EQ 60026.037 SHS	FMV	474,806	474,806
JPMORGAN BETABUILDERS JAPAN ETF 4772 SHS	FMV	194,841	194,841
JPMORGAN BETABUILDERS DEVELO 2530 SHS	FMV	107,057	107,057
US DOLLAR JPM DEPOSIT SWEEP	FMV	123,541	123,541
ISHARES 7-10 YEAR TREASURY B 1436 SHS	FMV	137,842	137,842
ISHARES US TREASURY BOND ETF 4790 SHS	FMV	109,020	109,020
PIMCO INCOME FUND-INS 7212.71 SHS	FMV	74,075	74,075
VANGUARD TOTAL BOND MARKET 2831 SHS	FMV	201,935	201,935
VANGUARD MORTGAGE-BACKED SEC 3108 SHS	FMV	140,140	140,140
SIX CIRCLES ULTR SHRT DUR 7567.51 SHS	FMV	73,935	73,935
VANGUARD TOTAL INTL BOND ETF 15166 SHS	FMV	723,873	723,873
VANGUARD TTL INTL BND-ADM 21671.29 SHS	FMV	413,488	413,488
SIX CIRCLES CREDIT OPPORT 15834.2 SHS	FMV	132,849	132,849

Category / Item	Cost / Other Basis	Accumulated Depreciation	Book Value	End of Year Fair Market Value
FURNITURE AND FIXTURES	15,601	15,473	128	128
LEASEHOLD IMPROVEMENTS	16,201	7,280	8,921	8,921
EQUIPMENT	18,260	8,935	9,325	9,325

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
INTEREST RECEIVABLE	7,988	9,500	9,500
SECURITY DEPOSIT	4,200	4,200	4,200
ART COLLECTION			38,387,525

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Software Version:

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
OFFICE EXPENSE	10,434	0	219	10,215
WEBSITE	8,491	0	178	8,313
INSURANCE	29,658	0	623	33,307
EXHIBITION EXPENSES	20,981	0	441	15,540
COLLECTION MAINTENANCE AND CONSERVATION	13,231	0	278	12,953
MEMBERSHIPS AND SUBSCRIPTIONS	1,651	677	697	954
ADVERTISING/PROMOTION	25,566	0	537	25,029
MISCELLANEOUS	5,356	0	114	5,092
PENALTIES	169	0	0	0

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT FEES	56,478	56,478	56,478	0
OTHER FEES	19,183	0	403	17,292