Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
right arrowDo not enter social security numbers on this form as it may be made public.
right arrowGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2022
Open to Public Inspection
For calendar year 2022, or tax year beginning 05-01-2022 , and ending 04-30-2023
Name of foundation
Liberty Fund Inc
 
% SANDRA J SCHALLER
Number and street (or P.O. box number if mail is not delivered to street address)11301 N Meridian Street
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Carmel, IN46032
A Employer identification number

35-1320021
B Telephone number (see instructions)

(317) 842-0880
C right arrow
G Check all that apply:

D 1. Foreign organizations, check here............. right arrow
2. Foreign organizations meeting the 85%
test, check here and attach computation ... right arrow
E right arrow
H Check type of organization:
F right arrow
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)right arrow$405,688,220J Accounting method:
MODIFIED CASH
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule) 2,033
2 Check right arrow.............
3 Interest on savings and temporary cash investments 5,730 5,730 5,730
4 Dividends and interest from securities... 8,322,566 8,322,566 8,322,566
5a Gross rents............ 400   400
b Net rental income or (loss) 400
6a Net gain or (loss) from sale of assets not on line 10 4,276,757
b Gross sales price for all assets on line 6a 20,854,597
7 Capital gain net income (from Part IV, line 2)... 4,276,757
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
List of Attached Documents:
// Content
323,850   323,850
12 Total. Add lines 1 through 11........ 12,931,336 12,605,053 8,652,546
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 1,946,171 40,181 40,181 1,905,990
14 Other employee salaries and wages...... 3,187,545     3,187,546
15 Pension plans, employee benefits....... 1,301,588 1,627 1,627 1,299,961
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
50,257 5,025 5,025 45,231
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
49,220 3,445 4,922 44,298
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
4,556,879 217,762 217,762 4,339,117
17 Interest............... 548,945 8,234 8,234 540,711
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
14     14
19 Depreciation (attach schedule) and depletion... Click to see attachment
List of Attached Documents:
// Content
977,471 14,662 14,662
20 Occupancy.............. 829,453 7,131 7,131 822,322
21 Travel, conferences, and meetings....... 3,511,307 7,060 7,060 3,504,247
22 Printing and publications.......... 805,362   306,712 498,650
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
801,425 11,458 11,458 789,967
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 18,565,637 316,585 624,774 16,978,054
25 Contributions, gifts, grants paid....... 42,500 42,500
26 Total expenses and disbursements. Add lines 24 and 25 18,608,137 316,585 624,774 17,020,554
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -5,676,801
b Net investment income (if negative, enter -0-) 12,288,468
c Adjusted net income (if negative, enter -0-)... 8,027,772
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2022)
Form 990-PF (2022)
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............. 333,314 156,292 156,292
2 Savings and temporary cash investments......... 460,196 115,926 115,926
3 Accounts receivable right arrow  
Less: allowance for doubtful accounts right arrow        
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow        
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) right arrow  
Less: allowance for doubtful accounts right arrow        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges.......... 178 340 340
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 211,726,544 Click to see attachment
List of Attached Documents:
// Content
209,752,182 		270,813,836
c Investments—corporate bonds (attach schedule)....... 128,882,870 Click to see attachment
List of Attached Documents:
// Content
125,506,168 		112,626,030
11 Investments—land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 125,000 Click to see attachment
List of Attached Documents:
// Content
700,000 		1,377,733
14 Land, buildings, and equipment: basis right arrow26,723,308
Less: accumulated depreciation (attach schedule) right arrow6,601,845 21,095,426 20,121,463 20,121,463
15 Other assets (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
249,557 		Click to see attachment
List of Attached Documents:
// Content
237,057 		Click to see attachment
List of Attached Documents:
// Content
476,600
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 362,873,085 356,589,428 405,688,220
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)...... 21,125,000 20,515,000
22 Other liabilities (describe right arrow) 21,366 24,510
23 Total liabilities (add lines 17 through 22)......... 21,146,366 20,539,510
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here right arrow
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions........... 341,726,719 336,049,918
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here right arrow
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)..... 341,726,719 336,049,918
30 Total liabilities and net assets/fund balances (see instructions). 362,873,085 356,589,428
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
341,726,719
2
Enter amount from Part I, line 27a .....................
2
-5,676,801
3
Other increases not included in line 2 (itemize) right arrow
3
 
4
Add lines 1, 2, and 3 ..........................
4
336,049,918
5
Decreases not included in line 2 (itemize) right arrow
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
336,049,918
Form 990-PF (2022)
Form 990-PF (2022)
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-ST P    
b PUBLICLY TRADED SECURITIES-LT P    
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 3,465,431   3,949,004 -483,573
b 17,389,166   12,628,836 4,760,330
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       -483,573
b       4,760,330
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 4,276,757
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 -483,573
Form 990-PF (2022)
Form 990-PF (2022)
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 right arrow and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter: 1989-02-16(attach copy of letter if necessary–see instructions) 1 N/A
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 0
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 0
6 Credits/Payments:
a 2022 estimated tax payments and 2021 overpayment credited to 2022 6a  
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 0
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2221 is attached. 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9 0
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10  
11 Enter the amount of line 10 to be: Credited to 2023 estimated taxright arrow   Refundedright arrow 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. right arrow$   (2) On foundation managers.right arrow$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet 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)
right arrowIN, MN, TN
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 2022 or the taxable year beginning in 2022? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
Yes
 
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 (2022)
Form 990-PF (2022)
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 Click to see attachment
List of Attached Documents:
// Content
.............
11
Yes
 
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressright arrowwww.libertyfund.org
14
The books are in care ofright arrowSANDRA J SCHALLER Telephone no.right arrow (317) 842-0880

Located atright arrow11301 NORTH MERIDIAN STREETCARMELIN ZIP+4right arrow46032
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2022, 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 right arrow
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
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
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 2022? .............
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 2022, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2022?....................
2a
 
No
If "Yes," list the years right arrow20, 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.
right arrow20, 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 2022 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 2022.) .....................
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 2022? ..
4b
 
No
Form 990-PF (2022)
Form 990-PF (2022)
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
Organizations relying on a current notice regarding disaster assistance check .........right arrow
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
TERRY W ANKERClick to see attachment
List of Attached Documents:
// Content
DIRECTOR
3.0 		51,000 392 9,626
11301 N Meridian Street
Carmel,IN46032
LUIS H BALLClick to see attachment
List of Attached Documents:
// Content
DIRECTOR
3.0 		51,000 392 7,523
11301 N Meridian Street
Carmel,IN46032
NATHAN FELTMANClick to see attachment
List of Attached Documents:
// Content
DIRECTOR, CHAIRMAN
10.0 		90,000 392 0
11301 N Meridian Street
Carmel,IN46032
STEPHANIE L KAUFMANClick to see attachment
List of Attached Documents:
// Content
ASST SEC,SPEC PROJ,Office MGR
40.0 		101,782 14,347 0
11301 N Meridian Street
Carmel,IN46032
MARY A O'GRADYClick to see attachment
List of Attached Documents:
// Content
DIRECTOR
3.0 		51,000 392 0
11301 N Meridian Street
Carmel,IN46032
EMILIO J PACHECOClick to see attachment
List of Attached Documents:
// Content
DIRECTOR/SVP & PFG RES SCHOLAR
40.0 		280,800 57,383 0
11301 N Meridian Street
Carmel,IN46032
BEN A RASTClick to see attachment
List of Attached Documents:
// Content
DIRECTOR
3.0 		51,000 393 11,358
11301 N Meridian Street
Carmel,IN46032
SANDRA J SCHALLERClick to see attachment
List of Attached Documents:
// Content
VP & CONTROLLER, SEC-TREASURER
40.0 		228,871 57,801 0
11301 N Meridian Street
Carmel,IN46032
SEAN R SHELBYClick to see attachment
List of Attached Documents:
// Content
DIRECTOR, PRESIDENT & CEO
40.0 		456,625 69,612 0
11301 N Meridian Street
Carmel,IN46032
DANE STARBUCKClick to see attachment
List of Attached Documents:
// Content
DIRECTOR
3.0 		54,000 392 6,213
11301 N Meridian Street
CARMEL,IN46032
BRIAN J PAWLOWSKIClick to see attachment
List of Attached Documents:
// Content
VICE PRESIDENT & COO
40.0 		215,000 55,055 23,822
11301 N Meridian Street
Carmel,IN46032
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
DOUGLAS J DEN UYL VP EMERITUS
40.0 		190,037 46,911 0
11301 N MERIDIAN ST
CARMEL,IN46032
JAMES F COTE DIR OF INFO SYS
40.0 		189,037 50,813 0
11301 N MERIDIAN ST
CARMEL,IN46032
CAROL L HOMMEL DIR OF CONFERENCES
40.0 		161,750 46,622 0
11301 N MERIDIAN ST
CARMEL,IN46032
HANS L EICHOLZ SENIOR FELLOW
40.0 		159,700 28,093 0
11301 N MERIDIAN ST
CARMEL,IN46032
AMY M WILLIS DIR ECONLIB WEB
40.0 		150,000 52,984 0
11301 N MERIDIAN ST
CARMEL,IN46032
Total number of other employees paid over $50,000...................right arrow 24
Form 990-PF (2022)
Form 990-PF (2022)
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
CHARTIS INTERACTIVE LLC CONSULTING 948,952
322 9TH STREET
JERSEY CITY,NJ07302
SONDHI SOLUTIONS LLC CONSULTING 245,539
47 S PENNSYLVANIA ST SUITE 400
INDIANAPOLIS,IN46204
WALTER LEE DAVIS JR CONSULTING 164,940
428 North 13th Street 3F
PHILADELPHIA,PA19123
RUSSELL ROBERTS CONSULTING 72,400
OVADYA MBARTENURA 11
JERUSALEM    
IS
LAUREN LANDSBURG CONSULTING 65,520
35 COMMONWEALTH ROAD
ROCHESTER,NY14618
Total number of others receiving over $50,000 for professional services.............right arrow  
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 LIBERTY FUND COLLOQUIA AND SYMPOSIUMS - SEE ATTACHMENT 6,067,246
2 LIBERTY FUND WEBSITES - SEE ATTACHMENT 3,180,763
3 LIBERTY FUND PUBLISHING - SEE ATTACHMENT 1,646,860
4 CO-SPONSORED PROGRAMS - SEE ATTACHMENT 1,266,689
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.........................right arrow  
Form 990-PF (2022)
Form 990-PF (2022)
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
374,523,506
b
Average of monthly cash balances.......................
1b
767,603
c
Fair market value of all other assets (see instructions)................
1c
1,078,302
d
Total (add lines 1a, b, and c).........................
1d
376,369,411
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
376,369,411
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
5,645,541
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
370,723,870
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
18,536,194
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
 
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
 
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
 
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
 
4
Recoveries of amounts treated as qualifying distributions................
4
 
5
Add lines 3 and 4............................
5
 
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
 
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
17,020,554
b
Program-related investments—total from Part VIII-B..................
1b
0
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
3,456
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 XII, line 4. .......
4
17,024,010
Form 990-PF (2022)
Form 990-PF (2022)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2021 		(c)
2021 		(d)
2022
1 Distributable amount for 2022 from Part X, line 7 0
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2021 only....... 0
b Total for prior years:2020, 2019, 2018  
3 Excess distributions carryover, if any, to 2022:
a From 2017......  
b From 2018......  
c From 2019......  
d From 2020......  
e From 2021...... 0
f Total of lines 3a through e ........ 0
4Qualifying distributions for 2022 from Part
XI, line 4: right arrow$ 0
a Applied to 2021, but not more than line 2a 0
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 2022 distributable amount.....  
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2022.    
(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 2021. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		0
f Undistributed income for 2022. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2023 .......... 		0
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		 
8 Excess distributions carryover from 2017 not
applied on line 5 or line 7 (see instructions) ... 		 
9 Excess distributions carryover to 2023.
Subtract lines 7 and 8 from line 6a ...... 		0
10 Analysis of line 9:
a Excess from 2018....  
b Excess from 2019....  
c Excess from 2020....  
d Excess from 2021....  
e Excess from 2022.... 0
Form 990-PF (2022)
Form 990-PF (2022)
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 2022, enter the date of the ruling ...... right arrow
1989-02-16
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 IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2022 (b) 2021 (c) 2020 (d) 2019
8,027,772 9,158,506 7,220,527 11,322,809 35,729,614
b 85% (0.85) of line 2a ......... 6,823,606 7,784,730 6,137,448 9,624,388 30,370,172
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		17,024,010 16,360,811 13,628,258 15,560,715 62,573,794
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		42,500   6,500 35,000 84,000
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		16,981,510 16,360,811 13,621,758 15,525,715 62,489,794
3 Complete 3a, b, or c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ...... 405,688,220 417,518,324 469,009,412 364,015,112 1,656,231,068
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		         0
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		12,357,462 14,564,875 13,205,117 11,526,412 51,653,866
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
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.
NONE
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here right arrow
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:
Form 990-PF (2022)
Form 990-PF (2022)
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

NOUS EV

GOETHESTR 10
FRIEBURG,BADEN-WURTTEMBERG79100
GM 		NONE GOV "ADAM SMITH @ 300" SPONSORSHIP 20,000

America's Future Foundation dba Talent Market LLC

1633 Connecticut Ave NW Suite 300
Washington,DC20009 		NONE PC General Support 10,000

The Remnant Trust

39 E Main Street
Cambridge City,IN47327 		none PC DONATION OF ARTWORK 12,500
Total .................................right arrow 3a 42,500
bApproved for future payment
Total ................................. right arrow 3b  
Form 990-PF (2022)
Form 990-PF (2022)
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 5,730  
4 Dividends and interest from securities ....     14 8,322,566  
5 Net rental income or (loss) from real estate:
aDebt-financed property...... 531120 400      
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 4,276,757  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aPUBLICATION SALES 		        303,912
bPUBLISHING RIGHTS         2,800
cMISCELLANEOUS INCOME     01 11,582  
dGRANTS RETURNED         5,556
e
12 Subtotal. Add columns (b), (d), and (e) .. 400 12,616,635 312,268
13Total. Add line 12, columns (b), (d), and (e)..................
13
12,929,303
(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.)
11B INCOME CONTRIBUTES IMPORTANTLY TO THE CONTINUED PUBLICATION OF WRITINGS OF CLASSIC THINKERS AS WELL AS CURRENT WRITINGS DEEMED UNPROFITABLE BY COMMERCIAL PUBLISHERS AND TO PROMOTE THE STUDY OF LIBERTY AND PERSONAL RESPONSIBILITY.
11C INCOME CONTRIBUTES IMPORTANTLY TO THE CONTINUED PUBLICATION OF WRITINGS OF CLASSIC THINKERS ON A WORLDWIDE BASIS.
Form 990-PF (2022)
Form 990-PF (2022)
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.
right arrow right arrow
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 Check if self-
employed right arrow		 PTIN
Firm's name SmallBullet
 Firm's EIN SmallBullet
Firm's address SmallBullet


 Phone no.
Form 990-PF (2022)
Additional Data


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

TY 2022 AccountingFeesSchedule
Name:
Liberty Fund Inc
EIN:
35-1320021
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
AUDIT & TAX PREPARATION FEES 49,220 3,445 4,922 44,298

TY 2022 CompensationExplanation
Name:
Liberty Fund Inc
EIN:
35-1320021
Person Name Explanation
DANE STARBUCK $3,000 OF COMPENSATION ABOVE IS FOR WORK ON A BOOK TO DOCUMENT THE HISTORY OF LIBERTY FUND AND IS SEPARATE FROM HIS COMPENSATION AS A DIRECTOR.

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

TY 2022 DepreciationSchedule
Name:
Liberty Fund Inc
EIN:
35-1320021
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

TY 2022 GeneralExplanationAttachment
Name:
Liberty Fund Inc
EIN:
35-1320021
Identifier Return Reference Explanation
DEPRECIATION DISCLOSURE DEPRECIATION DISCLOSURE PART I, LINE 19 AND PART II, LINE 14: LIBERTY FUND, INC. E.I. #35-1320021 A STATEMENT ATTACHED TO AND MADE PART OF U.S. PRIVATE FOUNDATION INCOME TAX RETURN FOR THE YEAR ENDED APRIL 30, 2023 PART I, LINE 19 - DEPRECIATION PART II, LINE 14 - LAND, BUILDINGS, AND EQUIPMENT LAND: 3,844,298 LAND IMPROVEMENTS: 2,122,155 OFFICE FURNITURE: 2,943,862 EQUIPMENT AND OTHER: 157,809 BUILDING: 17,655,184 LESS: ACCUMULATED DEPRECIATION: (6,601,846) ----------- NET FIXED ASSETS: 20,121,462 DEPRECIATION EXPENSE: 977,471 DEPRECIATION CALCULATED USING THE STRAIGHT-LINE METHOD.
PART VIII-A PART VIII-A LIBERTY FUND COLLOQUIA AND SYMPOSIUMS COLLOQUIM AND SYMPOSIUMS WERE DEVELOPED AND CONDUCTED IN THE UNITED STATES, LATIN AMERICA, AND EUROPE. COLLOQUIUM AND SYMPOSIUMS ARE TO FOSTER THOUGHT AND ENCOURAGE DISCOURSE ON ENDURING ISSUES PERTAINING TO LIBERTY. LIBERTY FUND WEBSITES THE LIBRARY OF THE CLASSICS OF LIBERTY - HTTP://OLL.LIBERTYFUND.ORG - IS A WEBSITE DEDICATED TO MAKING THE CLASSIC TEXTS WHICH CONTRIBUTED TO OUR MODERN UNDERSTANDING OF THE NATURE OF LIMITED GOVERNMENT, INDIVIDUAL LIBERTY, AND THE FREE MARKET MORE ACCESSIBLE TO SCHOLARS, STUDENTS AND OTHER INTERESTED INDIVIDUALS. THE LIBRARY OF ECONOMICS AND LIBERTY WWW.ECONLIB.ORG - IS A WEBSITE DEDICATED TO ADVANCING THE STUDY OF ECONOMICS, MARKETS, AND LIBERTY. THE LIBRARY OF LAW AND LIBERTY - WWW.LAWLIBERTY.ORG - IS A WEBSITE DEDICATED TO THE CONTENT, STATUS, AND DEVELOPMENT OF LAW IN THE CONTEXT OF REPUBLICAN AND LIMITED GOVERNMENT AND THE WAYS THAT LIBERTY AND LAW MUTUALLY REINFORCE THE OTHER. WWW.ADAMSMITHWORKS.ORG IS A WEBSITE FOCUSING ON THE WORKS OF ADAM SMITH. All of these sites are part of the Liberty Fund Network, and can be accessed under the organization's homepage www.libertyfund.org. LIBERTY FUND PUBLISHING LIBERTY FUND PUBLISHED ONE NEW TITLE AND CONDUCTED EDITORIAL WORK ON OTHER UPCOMING PUBLICATIONS. TITLES SELECTED FOR PUBLISHING ARE THOSE THAT WILL PRESERVE THE WISDOM AND LEARNING OF THE AGES, AND STRENGTHEN, IN PARTICULAR, THE UNDERSTANDING AND APPRECIATION OF INDIVIDUAL LIBERTY AND RESPONSIBILITY. TITLES INCLUDE CLASSICS IN THE FIELDS OF HISTORY, POLITICS, PHILOSOPHY, LAW, EDUCATION, AND ECONOMICS. CO-SPONSORED PROGRAMS LIBERTY FUND ADMINISTERED CO-SPONSORED PROGRAMS WITH TWELVE OTHER NON-PROFIT ORGANIZATIONS WITH SIMILAR EDUCATIONAL AND PUBLIC PURPOSES. LIBERTY FUND AND THE CO-SPONSORS HAVE JOINT OR SHARED RESPONSIBILITIES OVER PLANNING, DEVELOPING, COORDINATING, CONDUCTING, AND EVALUATING THE CONFERENCE PROGRAMS HELD. AS WITH THE LIBERTY FUND COLLOQUIA AND SYMPOSIUMS, THE CO-SPONSORED PROGRAMS ARE TO FOSTER THOUGHT AND ENCOURAGE DISCOURSE ON ENDURING ISSUES PERTAINING TO LIBERTY.

TY 2022 InvestmentsCorpBondsSchedule
Name:
Liberty Fund Inc
EIN:
35-1320021
Name of Bond End of Year Book Value End of Year Fair Market Value
MUTUAL FUNDS - BONDS 125,506,168 112,626,030

TY 2022 InvestmentsCorpStockSchedule
Name:
Liberty Fund Inc
EIN:
35-1320021
Name of Stock End of Year Book Value End of Year Fair Market Value
MUTUAL FUNDS - INTERNATIONAL 89,684,889 108,676,598
MUTUAL FUNDS - DOMESTIC 120,067,293 162,137,238

TY 2022 InvestmentsOtherSchedule2
Name:
Liberty Fund Inc
EIN:
35-1320021
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
INVESTMENTS-ALTERNATIVES   700,000 1,377,733

TY 2022 LegalFeesSchedule
Name:
Liberty Fund Inc
EIN:
35-1320021
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
LEGAL CONSULTING FEES 50,257 5,025 5,025 45,231


TY 2022 OtherAssetsSchedule
Name:
Liberty Fund Inc
EIN:
35-1320021
Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
ART COLLECTION 249,557 237,057 476,600


TY 2022 OtherExpensesSchedule
Name:
Liberty Fund Inc
EIN:
35-1320021
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INSURANCE 144,012 180 180 143,832
ADMINISTRATIVE EXPENSES 502,192 0 0 502,192
EQUIPMENT LEASING 11,505 173 173 11,332
EDUCATIONAL MATERIALS 110,641 11,064 11,064 99,577
MISCELLANEOUS EXPENSES 33,075 41 41 33,034


TY 2022 OtherIncomeSchedule2
Name:
Liberty Fund Inc
EIN:
35-1320021
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
PUBLICATION SALES 303,912   303,912
PUBLISHING RIGHTS 2,800   2,800
MISCELLANEOUS INCOME 11,582   11,582
GRANTS RETURNED 5,556   5,556


TY 2022 OtherProfessionalFeesSchedule
Name:
Liberty Fund Inc
EIN:
35-1320021
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT FEES 216,370 216,370 216,370  
CONFERENCE & PROGRAM FEES 1,361,074     1,361,074
WEBSITE DEVELOPMENT FEES 1,865,949     1,865,949
OTHER PROFESSIONAL FEES 1,113,486 1,392 1,392 1,112,094


TY 2022 TaxesSchedule
Name:
Liberty Fund Inc
EIN:
35-1320021
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
TAX DEPOSITS 14     14


TY 2022 TransfersFrmControlledEntities
Name:
Liberty Fund Inc
EIN:
35-1320021
Name US /
Foreign Address		 EIN Description Amount
PIERRE F AND ENID GOODRICH FOUNDATION 11301 NORTH MERIDIAN STREET
CARMEL,IN46032 		35-6056960 RELATED ENTITY REIMBURSEMENT OF OPERATING EXPENSES TO FOUNDATION 138,164
Total     138,164