TY 2021 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Trust Treated as Private Foundation

Do not enter social security numbers on this form as it may be made public.
bullet

Go 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 07-01-2021 , and ending 06-30-2022

Name of foundation
FUND FOR WISCONSIN SCHOLARS INC

Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 5506
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
MADISON, WI53705

A Employer identification number

26-1412296

B Telephone number (see instructions)

(608) 238-2400

C If exemption application is pending, check here bullet

G Check all that apply: Initial returnInitial return of a former public charity
Final returnAmended return
Address change Name change

D 1. Foreign organizations, check here............. bullet

2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet

E If private foundation status was terminated
under section 507(b)(1)(A), check here ....... bullet

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trust Other taxable private foundation

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here ....... bullet

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16) bullet

$273,321,225J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

	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	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)	5,000,000
2	Check .............
3	Interest on savings and temporary cash investments	13,039		13,039
4	Dividends and interest from securities...	1,575,749		3,273,738
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		14,687,244
b	Gross sales price for all assets on line 6a 23,849,094
7	Capital gain net income (from Part IV, line 2)...			22,344,933
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).......		734,164	96,814
12	Total. Add lines 1 through 11........	22,010,196		25,728,524
13	Compensation of officers, directors, trustees, etc.	294,912		52,728	263,184
14	Other employee salaries and wages......	132,209		14,852	117,357
15	Pension plans, employee benefits.......	62,353		4,177	58,176
16a	Legal fees (attach schedule).........		4,503	0	6,137
b	Accounting fees (attach schedule).......		56,385	2,500	40,325
c	Other professional fees (attach schedule)....		1,690,590	1,542,140	160,966
17	Interest...............
18	Taxes (attach schedule) (see instructions)...		290,633	57,020	0
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......	10,412		0	9,545
22	Printing and publications..........	10,698		0	9,871
23	Other expenses (attach schedule).......		210,163	2,212,867	198,802
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	2,762,858		3,886,284	864,363
25	Contributions, gifts, grants paid.......	11,296,218			11,294,228
26	Total expenses and disbursements. Add lines 24 and 25	14,059,076		3,886,284	12,158,591
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	7,951,120
b	Net investment income (if negative, enter -0-)			21,842,240
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	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.............	152,752	105,285	105,285
	2	Savings and temporary cash investments.........	14,007,834	8,106,501	8,106,501
	3	Accounts receivable
		Less: allowance for doubtful accounts
	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..............
	9	Prepaid expenses and deferred charges..........	41,871	86,323	86,323
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	18,020,711	16,362,195	16,362,195
	c	Investments—corporate bonds (attach schedule).......
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	271,479,845	245,561,011	245,561,011
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	308,394	3,099,910	3,099,910
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	304,011,407	273,321,225	273,321,225
	17	Accounts payable and accrued expenses..........	178,315	215,186
	18	Grants payable.................	56,010	58,000
	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 )	314,419	25,219
	23	Total liabilities (add lines 17 through 22).........	548,744	298,405
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........	302,962,663	273,022,820
	25	Net assets with donor restrictions............	500,000	0
		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).....	303,462,663	273,022,820
	30	Total liabilities and net assets/fund balances (see instructions).	304,011,407	273,321,225

Part III

Analysis of Changes in Net Assets or Fund Balances

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) ...............

303,462,663

Enter amount from Part I, line 27a .....................

7,951,120

Other increases not included in line 2 (itemize) bullet

Add lines 1, 2, and 3 ..........................

311,413,783

Decreases not included in line 2 (itemize) bullet

38,390,963

Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .

273,022,820

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	(d) Date sold (mo., day, yr.)
1 a	K-1 CAPITAL GAINS	P
b	PUBLICLY TRADED SECURTIES
c	IR&M INTERMEDIATE FD	P	2022-03-04
d	ACACIA INSTITUTIONAL PARTNERS	P	2022-06-30
e	MML CAPITAL V LP - DISTRIBUTIONS	P
	LEGACY VENTURE VI (QP) LLC - DISTRIBUTIONS	P
	STEPSTONE SECONDARY OPPORTUNITIES FUND II - DISTRIBUTIONS	P
	ALPINE INVESTORS V LP - DISTRIBUTIONS	P
	CENTRE LANE PARTNERS IV LP - DISTRIBUTIONS	P
	LEGACY VENTURE VIII LLC - DISTRIBUTIONS	P
	GENERAL ATLANTIC INVESTMENT PARTNERS 2017 LP - DISTRIBUTIONS	P
	PARTNERS FOR GROWTH IV LP - DISTRIBUTIONS	P
	LEGACY VENTURE IX LLC - DISTRIBUTIONS	P
	SIGULER GUFF SM BUYOUT OPP FD IV T LP - DISTRIBUTIONS	P
	BAIN CAP DIST & SS 2013 (A2) - DISTRIBUTIONS	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	15,500,826		15,500,826
b	10,978,965	5,708,714	5,270,251
c	2,500,000	2,420,211	79,789
d	2,526,992	1,032,925	1,494,067
e	336	336	0
	1,125,773	1,125,773	0
	117,174	117,174	0
	1,125,353	1,125,353	0
	350,665	350,665	0
	1,379,774	1,379,774	0
	2,978,616	2,978,616	0
	248,000	248,000	0
	236,221	236,221	0
	233,701	233,701	0
	47,524	47,524	0

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			15,500,826
b			5,270,251
c			79,789
d			1,494,067
e			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0

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	22,344,933
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

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 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	303,607
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	303,607
6	Credits/Payments:

a	2021 estimated tax payments and 2020 overpayment credited to 2021	6a	745,322
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	0
d	Backup withholding erroneously withheld ...........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............		7	745,322
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	441,715
11	Enter the amount of line 10 to be: Credited to 2022 estimated tax441,715	Refunded	11	0

Part VI-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions

for the definition.................................

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.

Did the foundation file Form 1120-POL for this year?.....................

Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:

(1) On the foundation. bullet

$ 0(2) On foundation managers. bullet

$ 0

Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed

on foundation managers. bullet

$ 0

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If "Yes," attach a detailed description of the activities.

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....

Did the foundation have unrelated business gross income of $1,000 or more during the year?.........

Yes

If "Yes," has it filed a tax return on Form 990-T for this year?...................

Yes

Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........

If "Yes," attach the statement required by General Instruction T.

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?................

Yes

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..................................

Yes

Enter the states to which the foundation reports or with which it is registered (see instructions)

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 .

Yes

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 .............................

Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names

and addresses. ...............................

Form 990-PF (2021)

Page 5

Part VI-A

Statements Regarding Activities (continued)

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 .............

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.................

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website address bullet

WWW.FFWS.ORG

The books are in care of bullet

MARY GULBRANDSEN Telephone no. bullet

(608) 238-2400

Located at bullet

PO BOX 5506MADISONWI ZIP+4 bullet

53705

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

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

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)

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person? ..............................

1a(2)

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........

1a(3)

(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)

(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)

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 ..........

Organizations relying on a current notice regarding disaster assistance check here........ bullet

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? .............

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)):

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?....................

If "Yes," list the years bullet

20, 20, 20, 20

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.) ..............

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at

any time during the year? ..............................

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.) .....................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

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? ..

Form 990-PF (2021)

Page 6

Part VI-B

Statements Regarding Activities for Which Form 4720 May Be Required (continued)

During the year did the foundation pay or incur any amount to:

Yes

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........

5a(1)

(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)

(3) Provide a grant to an individual for travel, study, or other similar purposes? .............

5a(3)

(4) Provide a grant to an organization other than a charitable, etc., organization described

in section 4945(d)(4)(A)? See instructions ........................

5a(4)

(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)

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 ........

Organizations relying on a current notice regarding disaster assistance check here ......... bullet

If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the

tax because it maintained expenditure responsibility for the grant? .................

If "Yes," attach the statement required by Regulations section 53.4945–5(d).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on

a personal benefit contract? .............................

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....

If "Yes" to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?

If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....

Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or

excess parachute payment during the year? .........................

Part 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
JOHN P MORGRIDGE	CHAIR 5.00	0	0
PO BOX 5506 MADISON,WI53705	CHAIR 5.00	0	0
TASHIA F MORGRIDGE	TRUSTEE 5.00	0	0
PO BOX 5506 MADISON,WI53705	TRUSTEE 5.00	0	0
REBECCA SPLITT	VICE-CHAIR/TRUSTEE 2.00	15,000	0
PO BOX 5506 MADISON,WI53705	VICE-CHAIR/TRUSTEE 2.00	15,000	0
DAVID WARD	VICE-CHAIR/TRUSTEE 2.00	15,000	0
PO BOX 5506 MADISON,WI53705	VICE-CHAIR/TRUSTEE 2.00	15,000	0
MARY W GULBRANDSEN	SECRETARY/EXEC. DIR. 40.00	210,912	10,267
PO BOX 5506 MADISON,WI53705	SECRETARY/EXEC. DIR. 40.00	210,912	10,267
TED KELLNER	TREASURER 2.00	9,000	0
PO BOX 5506 MADISON,WI53705	TREASURER 2.00	9,000	0
JOHN W DANIELS JR	TRUSTEE 2.00	15,000	0
PO BOX 5506 MADISON,WI53705	TRUSTEE 2.00	15,000	0
MICHAEL LOVELL	TRUSTEE 2.00	15,000	0
PO BOX 5506 MADISON,WI53705	TRUSTEE 2.00	15,000	0
JOHN D MORGRIDGE	TRUSTEE 2.00	15,000	0
PO BOX 5506 MADISON,WI53705	TRUSTEE 2.00	15,000	0

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
ANGELA SWENSON-HOLZINGER	MENTOR COORDINATOR 40.00	72,800	24,660	4,783
PO BOX 5506 MADISON,WI53705	MENTOR COORDINATOR 40.00	72,800	24,660	4,783
LISA LINNEMANSTONS	ACCOUNTANT 12.00	59,408	0	0
PO BOX 5506 MADISON,WI53705	ACCOUNTANT 12.00	59,408	0	0






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

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
GENERAL ATLANTIC	INVESTMENT MANAGEMENT	496,301
677 WASHINGTON BLVD 8TH FLOOR STAMFORD,CT06901	INVESTMENT MANAGEMENT	496,301
MARQUETTE ASSOCIATES INC	INVESTMENT MANAGEMENT	195,000
180 N LA SALLE ST SUITE 3500 CHICAGO,IL60601	INVESTMENT MANAGEMENT	195,000
HIG CAPITAL	INVESTMENT MANAGEMENT	181,626
2811 PONCE DE LEON 6TH FLOOR CORAL GABLES,FL33134	INVESTMENT MANAGEMENT	181,626
CLARION PARTNERS	INVESTMENT MANAGEMENT	114,626
230 PARK AVENUE NEW YORK,NY10169	INVESTMENT MANAGEMENT	114,626
BNY MELLON	INVESTMENT MANAGEMENT	100,000
240 GREENWICH STREET NEW YORK,NY10286	INVESTMENT MANAGEMENT	100,000

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)

Page 8

Part IX

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

108,115,581

Average of monthly cash balances.......................

8,689,834

Fair market value of all other assets (see instructions)................

174,377,206

Total (add lines 1a, b, and c).........................

291,182,621

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) .............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d.........................

291,182,621

Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see

instructions) .............................

4,367,739

Net value of noncharitable-use assets. Subtract line 4 from line 3. .......

286,814,882

Minimum investment return. Enter 5% (0.05) of line 5................

14,340,744

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.)

Minimum investment return from Part IX, line 6..................

14,340,744

Tax on investment income for 2021 from Part V, line 5.......

303,607

Income tax for 2021. (This does not include the tax from Part V.) ...

156,268

Add lines 2a and 2b............................

459,875

Distributable amount before adjustments. Subtract line 2c from line 1............

13,880,869

Recoveries of amounts treated as qualifying distributions................

Add lines 3 and 4............................

13,880,869

Deduction from distributable amount (see instructions).................

Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...

13,880,869

Part XI

Qualifying Distributions (see instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........

Program-related investments—total from Part VIII-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes...............................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4.

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				13,880,869
2 Undistributed income, if any, as of the end of 2021:
a Enter amount for 2020 only.......			1,005,013
b Total for prior years:20, 20, 20		0
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 ........	0
4Qualifying distributions for 2021 from Part
XI, line 4: $ 12,158,591
a Applied to 2020, but not more than line 2a			1,005,013
b Applied to undistributed income of prior years (Election required—see instructions).....		0
c Treated as distributions out of corpus (Election required—see instructions)........	0
d Applied to 2021 distributable amount.....				11,153,578
e Remaining amount distributed out of corpus	0
5 Excess distributions carryover applied to 2021.	0			0
(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 ..........		0
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......		0
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........		0
e Undistributed income for 2019. Subtract line 4a from line 2a. Taxable amount—see instructions .............			0
f Undistributed income for 2021. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2022 ..........				2,727,291
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) .......	0
8 Excess distributions carryover from 2016 not applied on line 5 or line 7 (see instructions) ...	0
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....

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 4942(j)(3) or4942(j)(5)

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

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).)

JOHN P MORGRIDGE

TASHIA F MORGRIDGE

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

if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, b, c, and d. See instructions

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 (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)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
UNIVERSITY OF WISCONSIN SYSTEM 1860 VAN HISE HALL 1220 LINDEN DRIVE MADISON,WI53706	NONE	PC	STIPENDS AND NEED-BASED GRANTS FOR HIGHER EDUCATION	11,238,778
WISCONSIN TECHNICAL COLLEGE SYSTEM 4622 UNIVERSITY AVENUE MADISON,WI53705	NONE	PC	STIPENDS AND NEED-BASED GRANTS FOR HIGHER EDUCATION	4,950
101 INDIVIDUAL GRANT RECIPIENTS DET VARIOUS MADISON,WI53705	NONE	I	GRANT RECIPIENT GRADUATION GIFTS ($500/EACH)	50,500
Total ................................. 3a				11,294,228

bApproved for future payment
109 INDIVIDUAL GRANT RECIPIENTS DET VARIOUS MADISON,WI53705	NONE	I	GRANT RECIPIENT GRADUATION GIFTS ($500/EACH)	54,500
UNIVERSITY OF WISCONSIN SYSTEM 1860 VAN HISE HALL 1220 LINDEN DRIVE MADISON,WI53706	NONE	PC	STIPENDS AND NEED-BASED GRANTS FOR HIGHER EDUCATION	3,500
Total ................................. 3b				58,000

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	(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 ...........			14	13,039
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 ............	523000	505,261	18	14,181,983
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..		769,669		16,240,527	0

13Total. Add line 12, columns (b), (d), and (e)..................

17,010,196

(See worksheet in line 13 instructions to verify calculations.)

Part XV-B

Relationship of Activities to the Accomplishment of Exempt Purposes

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.)

Form 990-PF (2021)

Page 13

Part XVI

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations

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

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash...................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

(4) Reimbursement arrangements...........................

1b(4)

(5) Loans or loan guarantees.............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

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

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? ...........Yes No

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.
				May the IRS discuss this return with the preparer shown below? See instructions. Yes No
	Signature of officer or trustee	Date	Title

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.

Form 990-PF (2021)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

Schedule B
(Form 990)

Department of the Treasury
Internal Revenue Service

Schedule of Contributors

Attach to Form 990, 990-EZ, or 990-PF.

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2021

Name of the organization

FUND FOR WISCONSIN SCHOLARS INC

Employer identification number

26-1412296

Organization type (check one):

Filers of:

Section:

Form 990 or 990-EZ

501(c)( ) (enter number) organization

4947(a)(1) nonexempt charitable trust not treated as a private foundation

527 political organization

Form 990-PF

501(c)(3) exempt private foundation

4947(a)(1) nonexempt charitable trust treated as a private foundation

501(c)(3) taxable private foundation

Check if your organization is covered by the General Rule or a Special Rule.
Note: Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.

General Rule

For an organization filing Form 990, 990-EZ, or 990-PF that received, during the year, contributions totaling $5,000 or more (in money or other property) from any one contributor. Complete Parts I and II. See instructions for determining a contributor's total contributions.

Special Rules

For an organization described in section 501(c)(3) filing Form 990 or 990-EZ that met the 33¹/3% support test of the regulations
under sections 509(a)(1) and 170(b)(1)(A)(vi), that checked Schedule A (Form 990 or 990-EZ), Part II, line 13, 16a, or 16b, and that received from any one contributor, during the year, total contributions of the greater of (1) $5,000 or (2) 2% of the amount on (i) Form 990, Part VIII, line 1h, or (ii) Form 990-EZ, line 1. Complete Parts I and II.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, total contributions of more than $1,000 exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals. Complete Parts I, II, and III.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, contributions exclusively for religious, charitable, etc., purposes, but no such contributions totaled more than $1,000. If this box is checked, enter here the total contributions that were received during the year for an exclusively religious, charitable, etc., purpose. Don't complete any of the parts unless the General Rule applies to this organization because it received nonexclusively religious, charitable, etc., contributions totaling $5,000 or more during the year ......... Arrow Bullet

Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).

For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.

Cat. No. 30613XSchedule B (Form 990) (2021)

Schedule B (Form 990) (2021) Page 2

Name of organization FUND FOR WISCONSIN SCHOLARS INC

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	TOSA FOUNDATION 3130 ALPINE ROAD SUITE 288 PMB 705 PORTOLA VALLEY, CA94028	$ 5,000,000	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)

Schedule B (Form 990) (2021)

Page 3

Name of organization FUND FOR WISCONSIN SCHOLARS INC		Employer identification number 26-1412296

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

Schedule B (Form 990) (2021)

Page 4


Name of organization FUND FOR WISCONSIN SCHOLARS INC			Employer identification number 26-1412296
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.

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

Schedule B (Form 990) (2021)

Additional Data

Software ID:
Software Version:

- TIN:

TY 2021 AccountingFeesSchedule

Name:

FUND FOR WISCONSIN SCHOLARS INC

EIN:

26-1412296

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ACCOUNTING FEES	56,385	2,500		40,325

- TIN:

TY 2021 InvestmentsCorpStockSchedule

Name:

FUND FOR WISCONSIN SCHOLARS INC

EIN:

26-1412296

Name of Stock	End of Year Book Value	End of Year Fair Market Value
ACTIVISION BLIZZARD INC	128,468	128,468
ACUITY BRANDS INC	107,828	107,828
ACUSHNET HOLDINGS CORP	226,947	226,947
AERCAP HOLDINGS NV	192,418	192,418
ALLSCRIPTS HEALTHCARE SOLUTION	97,878	97,878
ALLSTATE CORP/THE	95,048	95,048
AMDOCS LTD	44,154	44,154
AMERICAN EAGLE OUTFITTERS INC	98,831	98,831
AMETEK INC	114,286	114,286
APTARGROUP INC	53,050	53,050
ARCH CAPITAL GROUP LTD	210,619	210,619
ARMSTRONG WORLD INDUSTRIES INC	116,938	116,938
ARROW ELECTRONICS INC	246,598	246,598
ARTISAN PARTNERS ASSET MANAGEM	163,124	163,124
ASPEN TECHNOLOGY INC	124,282	124,282
ATMOS ENERGY CORP	147,972	147,972
ATRION CORP	71,690	71,690
AUTOHOME INC	118,265	118,265
AXALTA COATING SYSTEMS LTD	216,678	216,678
BANCFIRST CORP	220,803	220,803
BAXTER INTERNATIONAL INC	149,014	149,014
BWX TECHNOLOGIES INC	280,959	280,959
BWX TECHNOLOGIES INC	148,743	148,743
CADENCE BANK	211,907	211,907
CARMAX INC	140,244	140,244
CARTER'S INC	232,584	232,584
CBOE GLOBAL MARKETS INC	79,233	79,233
CHANNELADVISOR CORP	71,005	71,005
CLEARWATER ANALYTICS HOLDINGS	38,191	38,191
COMMERCE BANCSHARES INC/MO	72,379	72,379
COMPASS MINERALS INTERNATIONAL	80,158	80,158
CORVEL CORP	189,095	189,095
DENTSPLY SIRONA INC	156,140	156,140
DEVON ENERGY CORP	75,997	75,997
DONALDSON CO INC	64,074	64,074
DRIL-QUIP INC	55,805	55,805
ECOVYST INC	200,940	200,940
EMCOR GROUP INC	243,603	243,603
ENOVIS CORP	95,315	95,315
ESAB CORP	120,006	120,006
ESSENT GROUP LTD	155,600	155,600
EVO PAYMENTS INC	176,400	176,400
FACTSET RESEARCH SYSTEMS INC	183,824	183,824
FIDELITY NATIONAL FINANCIAL IN	179,256	179,256
FIRST HAWAIIAN INC	201,983	201,983
FIRSTCASH HOLDINGS INC	195,949	195,949
FTI CONSULTING INC	417,401	417,401
GATES INDUSTRIAL CORP PLC	85,075	85,075
GENERAL MILLS INC	139,583	139,583
GENTEX CORP	201,384	201,384
GILDAN ACTIVEWEAR INC	170,665	170,665
GLOBE LIFE INC	209,561	209,561
GRACO INC	194,211	194,211
GRAPHIC PACKAGING HOLDING CO	235,750	235,750
HANESBRANDS INC	130,683	130,683
HANESBRANDS INC	197,568	197,568
HASBRO INC	115,942	115,942
HELEN OF TROY LTD	228,998	228,998
HUNTINGTON INGALLS INDUSTRIES	106,732	106,732
IAA INC	166,799	166,799
IMAX CORP	84,450	84,450
INFINERA CORP	201,000	201,000
INGREDION INC	79,344	79,344
INGREDION INC	211,584	211,584
INTEGRA LIFESCIENCES HOLDINGS	147,502	147,502
JACK HENRY & ASSOCIATES INC	111,612	111,612
LABORATORY CORP OF AMERICA HOL	110,149	110,149
LANDSTAR SYSTEM INC	211,877	211,877
LCI INDUSTRIES	156,408	156,408
LEIDOS HOLDINGS INC	104,235	104,235
LIBERTY MEDIA CORP-LIBERTY BRA	50,300	50,300
LIBERTY MEDIA CORP-LIBERTY BRA	146,400	146,400
LIONS GATE ENTERTAINMENT CORP	223,841	223,841
MADISON SQUARE GARDEN SPORTS C	188,750	188,750
MANHATTAN ASSOCIATES INC	203,988	203,988
MKS INSTRUMENTS INC	168,313	168,313
MOELIS & CO	165,349	165,349
MOHAWK INDUSTRIES INC	224,603	224,603
OMNICOM GROUP INC	162,206	162,206
PACCAR INC	82,340	82,340
PERRIGO CO PLC	167,148	167,148
PRICESMART INC	92,618	92,618
PRIMERICA INC	235,909	235,909
PROGRESSIVE CORP/THE	198,822	198,822
RBC BEARINGS INC	170,524	170,524
RENAISSANCERE HOLDINGS LTD	139,169	139,169
RIGHTMOVE PLC	210,956	210,956
RLI CORP	137,926	137,926
SIMPSON MANUFACTURING CO INC	233,516	233,516
STANLEY BLACK & DECKER INC	169,873	169,873
STATE STREET CORP	185,875	185,875
SYNCHRONY FINANCIAL	67,669	67,669
SYNEOS HEALTH INC	150,528	150,528
TE CONNECTIVITY LTD	159,542	159,542
TELEDYNE TECHNOLOGIES INC	148,544	148,544
TORO CO/THE	162,645	162,645
TREEHOUSE FOODS INC	276,012	276,012
ULTRA CLEAN HOLDINGS INC	199,459	199,459
URBAN OUTFITTERS INC	218,322	218,322
VAREX IMAGING CORP	225,665	225,665
WATTS WATER TECHNOLOGIES INC	178,609	178,609
WHIRLPOOL CORP	116,153	116,153
WILLIAMS COS INC/THE	146,687	146,687
WOODWARD INC	141,140	141,140

- TIN:

TY 2021 InvestmentsOtherSchedule2

Name:

FUND FOR WISCONSIN SCHOLARS INC

EIN:

26-1412296

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
ACACIA INST'L PARNTERS	FMV	757,199	757,199
ALPINE INVESTORS V	FMV	5,462,938	5,462,938
BAIN CAP DIST & SS 2013	FMV	670,835	670,835
BGF GLOBAL ALPHA EQ-K	FMV	4,649,564	4,649,564
CAUSEWAY INTERNATL VAL-INST	FMV	9,727,233	9,727,233
CENTRE LANE PARTNERS IV LP	FMV	4,399,868	4,399,868
CLARION LION PROPERTIES FUND	FMV	14,239,431	14,239,431
DFW CAPITAL PARTNERS VII	FMV	23,493	23,493
EMINENCE FUND LONG	FMV	4,737,914	4,737,914
GENERAL ATLANTIC 2017 LP	FMV	36,439,095	36,439,095
GENERAL ATLANTIC INVEST 2021	FMV	2,349,523	2,349,523
GQG EMERGING MARKETS	FMV	3,942,475	3,942,475
HIG MIDDLE MARKET LBO FD	FMV	2,972,864	2,972,864
HRDNG LVNR GLBL EQTY-INST	FMV	3,498,820	3,498,820
HRDNG LVNR INTL SM CO-INST	FMV	8,035,869	8,035,869
IR&M INTERMEDIATE	FMV	13,869,671	13,869,671
ISHARES RUSSELL 2000 ETF	FMV	304,848	304,848
KINDERHOOD CAP FUND 7	FMV	209,870	209,870
LEGACY VENTURE IX	FMV	8,030,289	8,030,289
LEGACY VENTURE VI	FMV	5,170,688	5,170,688
LEGACY VENTURE VIII	FMV	22,477,076	22,477,076
LEGACY VENTURE X	FMV	1,216,630	1,216,630
MERCED PARTNERS IV	FMV	728,581	728,581
MML CAPITAL PARTNERS V	FMV	6,320	6,320
NEUBERGER BERMAN	FMV	12,033,381	12,033,381
NINE TEN PARTNERS LP	FMV	5,240,531	5,240,531
PARTNERS FOR GROWTH	FMV	1,306,726	1,306,726
RCP MULTI-STRATEGY FUND	FMV	2,027,356	2,027,356
RCP SECONDARY OPPORTUNITY	FMV	33,843	33,843
REGIMENT SPECIAL SITUATIONS V	FMV	51,541	51,541
SIGULER GUFF IV	FMV	11,277,800	11,277,800
SIGULER GUFF V	FMV	42,328	42,328
STEPSTONE SECONDARY OPP. II	FMV	724,012	724,012
STONEHILL INST'L PARTNERS	FMV	3,652,412	3,652,412
VANGUARD INST INDEX-INST	FMV	33,396,120	33,396,120
VANGUARD M/C GROW INDX-ADM	FMV	5,350,417	5,350,417
VANGUARD TOTAL INTERNATIONAL STOCK INDEX	FMV	8,990,017	8,990,017
VR GLOBAL OFFSHORE	FMV	3,590,750	3,590,750
WELLINGTON EMERGING MARKETS	FMV	3,145,585	3,145,585
WIF-TARPON INVESTIMENTOS	FMV	777,098	777,098

- TIN:

TY 2021 LegalFeesSchedule

Name:

FUND FOR WISCONSIN SCHOLARS INC

EIN:

26-1412296

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
LEGAL FEES	4,503	0		6,137

- TIN:

TY 2021 OtherAssetsSchedule

Name:

FUND FOR WISCONSIN SCHOLARS INC

EIN:

26-1412296

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
INTEREST & DIVIDEND RECEIVABLE	8,742	19,427	19,427
GRANTS TO BE RETURNED	2,000	165	165
RECEIVABLE FROM BROKER FOR SECURITIES	297,652	2,564,655	2,564,655
TAXES RECEIVABLE	0	513,675	513,675
OTHER RECEIVABLES	0	1,988	1,988

- TIN:

TY 2021 OtherDecreasesSchedule

Name:

FUND FOR WISCONSIN SCHOLARS INC

EIN:

26-1412296

Description	Amount
UNREALIZED LOSS	38,390,963

- TIN:

TY 2021 OtherExpensesSchedule

Name:

FUND FOR WISCONSIN SCHOLARS INC

EIN:

26-1412296

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
MISCELLANEOUS	6,235	0	6,235
DUES & SUBSCRIPTIONS	5,388	0	5,388
PHONE & INTERNET	4,301	0	3,252
K-1 CHARITABLE CONTRIBUTIONS	0	0	541
OTHER/PORTFOLIO EXPENSES FROM K-1S	0	2,212,867	0
INSURANCE	19,863	0	22,860
POSTAGE & MAILING	8,665	0	8,665
UW CAMPUS MENTORING	93,558	0	79,708
NONCASH GIFTS FOR GRANT RECIPIENTS	72,153	0	72,153

- TIN:

TY 2021 OtherIncomeSchedule2

Name:

FUND FOR WISCONSIN SCHOLARS INC

EIN:

26-1412296

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
K-1 ACTIVITY		96,814
PARTNERSHIP INCOME	734,164	0	734,164

- TIN:

TY 2021 OtherLiabilitiesSchedule

Name:

FUND FOR WISCONSIN SCHOLARS INC

EIN:

26-1412296

Description	Beginning of Year - Book Value	End of Year - Book Value
TAXES PAYABLE	252,142	3,560
TRUSTEE FEES PAYABLE	21,000	0
PAYABLE TO BROKER FOR SECURITIES	41,277	21,659

- TIN:

TY 2021 OtherProfessionalFeesSchedule

Name:

FUND FOR WISCONSIN SCHOLARS INC

EIN:

26-1412296

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT FEES	1,542,140	1,542,140		0
OUTSIDE SERVICES	148,450	0		160,966

- TIN:

TY 2021 TaxesSchedule

Name:

FUND FOR WISCONSIN SCHOLARS INC

EIN:

26-1412296

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
FEDERAL EXCISE & UBI TAX	290,633	0		0
K-1 FOREIGN TAX	0	57,020		0