Form990-PF


Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2021
Open to Public Inspection
For calendar year 2021, or tax year beginning 07-01-2021 , and ending 06-30-2022
Name of foundation
FREY FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)90 SOUTH SEVENTH STREET SUITE 5000
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
MINNEAPOLIS, MN55402
A Employer identification number

36-3588505
B Telephone number (see instructions)

(612) 359-6200
C bullet
G Check all that apply:

D 1. Foreign organizations, check here............. bullet
2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet
E bullet
H Check type of organization:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$28,995,110J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule) 1,573,267
2 Check bullet.............
3 Interest on savings and temporary cash investments 219 187,454  
4 Dividends and interest from securities... 35,789 481,611  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 161,079
b Gross sales price for all assets on line 6a 2,232,526
7 Capital gain net income (from Part IV, line 2)... 2,232,526
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 46,361 -257,856  
12 Total. Add lines 1 through 11........ 1,816,715 2,643,735  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 129,100 0   129,100
14 Other employee salaries and wages...... 54,244 0   54,244
15 Pension plans, employee benefits....... 50,470 0   50,470
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment 3,326 0   3,326
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 25 16,323   25
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings....... 60 0   60
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 223,367 164,400   58,967
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 460,592 180,723   296,192
25 Contributions, gifts, grants paid....... 1,170,344 1,170,344
26 Total expenses and disbursements. Add lines 24 and 25 1,630,936 180,723   1,466,536
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 185,779
b Net investment income (if negative, enter -0-) 2,463,012
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2021)
Form 990-PF (2021)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 1,772,359 256,867 256,867
2 Savings and temporary cash investments.........      
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 53,296 Click to see attachment1,569,817 1,529,115
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 4,276,620 Click to see attachment4,461,370 26,596,628
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment612,500 Click to see attachment612,500 Click to see attachment612,500
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 6,714,775 6,900,554 28,995,110
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)......... 0 0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here bullet
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 0 0
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 6,714,775 6,900,554
29 Total net assets or fund balances (see instructions)..... 6,714,775 6,900,554
30 Total liabilities and net assets/fund balances (see instructions). 6,714,775 6,900,554
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
6,714,775
2
Enter amount from Part I, line 27a .....................
2
185,779
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
6,900,554
5
Decreases not included in line 2 (itemize) bullet
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
6,900,554
Form 990-PF (2021)
Form 990-PF (2021)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a WABASH INVESTMENTS LIMITED PARTNERSHIP K-1 P    
b CAPITAL GAINS FROM IRA D    
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 2,071,447     2,071,447
b 161,079     161,079
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       2,071,447
b       161,079
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 2,232,526
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Form 990-PF (2021)
Form 990-PF (2021)
Page 4
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here Bullet and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 34,236
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 34,236
6 Credits/Payments:
a 2021 estimated tax payments and 2020 overpayment credited to 2021 6a 8,303
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 44,500
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 52,803
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 799
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 17,768
11 Enter the amount of line 10 to be: Credited to 2022 estimated taxBullet17,768 RefundedBullet 11 0
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
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:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XIV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletMN, CA
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2021 or the taxable year beginning in 2021? See the instructions for Part XIII.
    If "Yes," complete Part XIII .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 5
    Part VI-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletHTTP://WWW.FREYFOUNDATIONMN.ORG/
    14
    The books are in care ofbulletFLOR TREVINO FREY Telephone no.bullet (612) 359-6200

    Located atbullet90 S 7TH STREET SUITE 5000MINNEAPOLISMN ZIP+4bullet55402
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2021, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16   No
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet
    Part VI-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
    1a(1)
     
    No
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person? ..............................
    1a(2)
     
    No
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
    1a(3)
    Yes
     
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
    1a(4)
    Yes
     
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)? ......................
    1a(5)
     
    No
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.) ...............
    1a(6)
     
    No
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
    1b
     
    No
    c
    ........bullet
    d
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2021? .............
    1d
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2021, did the foundation have any undistributed income (lines 6d
    and 6e, Part XII) for tax year(s) beginning before 2021?....................
    2a
     
    No
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year? ..............................
    3a
     
    No
    b
    If "Yes," did it have excess business holdings in 2021 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2021.) .....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2021? ..
    4b
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 6
    Part VI-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
    5a(1)
     
    No
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive? ....................
    5a(2)
     
    No
    (3) Provide a grant to an individual for travel, study, or other similar purposes? .............
    5a(3)
     
    No
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions ........................
    5a(4)
    Yes
     
    (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
     
    No
    c
    .........bullet
    d
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant? .................
    5d
    Yes
     
    If "Yes," attach the statement required by Regulations section 53.4945–5(d). Click to see attachment
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract? .............................
    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
    EUGENE U FREY CHAIRMAN & DIRECTOR
    0.28     		0 0 0
    90 S 7TH STREET SUITE 5000
    MINNEAPOLIS,MN55402
    JAMES R FREY DIRECTOR
    0.28     		0 0 0
    90 S 7TH STREET SUITE 5000
    MINNEAPOLIS,MN55402
    MARY W FREY DIRECTOR
    0.28     		0 0 0
    90 S 7TH STREET SUITE 5000
    MINNEAPOLIS,MN55402
    JOHN J FREY DIRECTOR
    0.28     		0 0 0
    90 S 7TH STREET SUITE 5000
    MINNEAPOLIS,MN55402
    JANE E LETOURNEAU DIRECTOR
    0.28     		0 0 0
    90 S 7TH STREET SUITE 5000
    MINNEAPOLIS,MN55402
    CAROL F WOLFE DIRECTOR
    0.28     		0 3,563 0
    90 S 7TH STREET SUITE 5000
    MINNEAPOLIS,MN55402
    DANIEL T WOLFE DIRECTOR
    0.28     		0 0 0
    90 S 7TH STREET SUITE 5000
    MINNEAPOLIS,MN55402
    PETER J FREY DIRECTOR
    0.28     		0 0 0
    90 S 7TH STREET SUITE 5000
    MINNEAPOLIS,MN55402
    SARAH F WILSON SECRETARY & DIRECTOR
    0.28     		0 0 0
    90 S 7TH STREET SUITE 5000
    MINNEAPOLIS,MN55402
    ANDREW F WOLFE DIRECTOR
    0.28     		0 0 0
    90 S 7TH STREET SUITE 5000
    MINNEAPOLIS,MN55402
    FLOR TREVINO FREY PRESIDENT & DIRECTOR
    30.00     		129,100 38,421 0
    90 S 7TH STREET SUITE 5000
    MINNEAPOLIS,MN55402
    ANDREW WILSON DIRECTOR
    0.28     		0 0 0
    90 S 7TH STREET SUITE 5000
    MINNEAPOLIS,MN55402
    MOLLY F WOLFE DIRECTOR
    0.28     		0 0 0
    90 S 7TH STREET SUITE 5000
    MINNEAPOLIS,MN55402
    JACK F WOLFE DIRECTOR
    0.28     		0 0 0
    90 S 7TH STREET SUITE 5000
    MINNEAPOLIS,MN55402
    MORGAN E WOLFE DIRECTOR
    0.28     		0 0 0
    90 S 7TH STREET SUITE 5000
    MINNEAPOLIS,MN55402
    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
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 7
    Part VII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    WABASH CAPITAL MANAGEMENT INC INVESTMENT MANAGEMENT AND ADVISORY SERVICES 164,400
    90 S 7TH STREET SUITE 5000
    MINNEAPOLIS,MN55402
    Total number of others receiving over $50,000 for professional services.............bullet0
    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.........................bullet0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 8
    Part IX
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    29,120,023
    b
    Average of monthly cash balances.......................
    1b
    926,155
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    30,046,178
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    30,046,178
    4
    Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
    instructions) .............................
    4
    450,693
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. .......
    5
    29,595,485
    6
    Minimum investment return. Enter 5% (0.05) of line 5................
    6
    1,479,774
    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
    1,479,774
    2a
    Tax on investment income for 2021 from Part V, line 5.......
    2a
    34,236
    b
    Income tax for 2021. (This does not include the tax from Part V.) ...
    2b
    1,718
    c
    Add lines 2a and 2b............................
    2c
    35,954
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    1,443,820
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    1,443,820
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
    7
    1,443,820
    Part XI
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
     
    b
    Program-related investments—total from Part VIII-B..................
    1b
     
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4.
    4
     
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 9
    Part XII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2020     		(c)
    2020     		(d)
    2021
    1 Distributable amount for 2021 from Part X, line 7 1,443,820
    2 Undistributed income, if any, as of the end of 2021:
    a Enter amount for 2020 only....... 366,473
    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: bullet$ 1,466,536
    a Applied to 2020, but not more than line 2a 366,473
    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..... 1,100,063
    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 ..........     		343,757
    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)
    Form 990-PF (2021)
    Page 10
    Part XIII
    Private Operating Foundations (see instructions and Part VI-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2021, enter the date of the ruling ....... bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2021 (b) 2020 (c) 2019 (d) 2018
             
    b 85% (0.85) of line 2a .........          
    c Qualifying distributions from Part XI,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part IX, line 6 for each year listed ..     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XIV
    Supplementary Information (Complete this part only if the foundation had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    EUGENE U FREY
    JAMES R FREY
    MARY W FREY
    JOHN J FREY
    JANE E LETOURNEAU
    CAROL F WOLFE
    DANIEL T WOLFE
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
    HTTPSWWWFREYFOUNDATIONMNORG
    90 SOUTH SEVENTH STREET SUITE 5000
    MINNEAPOLIS,MN55402
    (612) 359-6200
    EMAIL@FREYFOUNDATIONMN.ORG
    bThe form in which applications should be submitted and information and materials they should include:
    SEE HTTPS://WWW.FREYFOUNDATIONMN.ORG
    cAny submission deadlines:
    SUPPORTIVE AFFORDABLE HOUSING: APRIL 25; HEALTH & HUMAN SERVICES: AUGUST 25; EDUCATION: JANUARY 25
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    FREY FOUNDATION DOES NOT AWARD GRANTS TO ENDOWMENTS, SCHOLARSHIPS, OR OTHER TYPES OF SUPPORT FOR INDIVIDUALS. GRANTS ARE MADE PRIMARILY IN THE TWIN CITIES METROPOLITAN AREA OF MINNESOTA. OUR KEY AREAS OF INTEREST ARE SUPPORTIVE AFFORDABLE HOUSING, HEALTH AND HUMAN SERVICES, AND EDUCATION.
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 11
    Part XIV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    ACACIA GLOBAL
    PO BOX 2128
    KETCHUM,ID83340     		  PC GENERAL OPERATING SUPPORT 48,750
    ACE IN THE CITY
    PO BOX 7497
    MINNEAPOLIS,MN55407     		  PC GENERAL OPERATING SUPPORT 18,000
    AEON
    901 N 3RD STREET SUITE 150
    MINNEAPOLIS,MN55401     		  PC GENERAL OPERATING SUPPORT 70,000
    AGATE HOUSING SERVICES
    2309 NICOLLET AVENUE S
    MINNEAPOLIS,MN55404     		  PC GENERAL OPERATING SUPPORT 85,000
    APLASTIC ANEMIA & MDS INT'L FOUNDATION
    4330 EAST WEST HIGHWAY SUITE 230
    BETHESDA,MD20814     		  PC GENERAL OPERATING SUPPORT 300
    ASCENSION PLACE DBA HAVEN HOUSE
    1803 BRYANT AVENUE N
    MINNEAPOLIS,MN55411     		  PC GENERAL OPERATING SUPPORT 15,000
    AVIVO
    1900 CHICAGO AVENUE
    MINNEAPOLIS,MD55404     		  PC GENERAL OPERATING SUPPORT 200
    BANYAN FOUNDATION
    2529 13TH AVE S
    MINNEAPOLIS,MN55404     		  PC GENERAL OPERATING SUPPORT 10,000
    BEACON INTERFAITH HOUSING COLLABORATIVE
    2610 UNIVERSITY AVENUE WEST SUITE
    100
    ST PAUL,MN55114     		  PC GENERAL OPERATING SUPPORT 30,000
    BEST FRIENDS ANIMAL SOCIETY
    5001 ANGEL CANYON ROAD
    KANAB,UT84741     		  PC GENERAL OPERATING SUPPORT 100
    BLAINE COUNTY HUNGER COALITION
    121 HONEYSUCKLE STREET
    BELLEVUE,ID83313     		  PC GENERAL OPERATING SUPPORT 50,000
    THE BRIDGE FOR YOUTH
    111 WEST 22ND STREET
    MINNEAPOLIS,MN55405     		  PC GENERAL OPERATING SUPPORT 25,000
    CATHOLIC CHARITIES
    1007 E 14TH STREET
    MINNEAPOLIS,MN55404     		  PC GENERAL OPERATING SUPPORT 100,000
    CLOSEKNIT
    1007 W BROADWAY AVENUE
    MINNEAPOLIS,MN55411     		  PC GENERAL OPERATING SUPPORT 10,000
    EVANS SCHOLARS FOUNDATION
    2501 PATRIOT BLVD
    GLENVIEW,IL60026     		  PC GENERAL OPERATING SUPPORT 3,110
    FRIENDS OF THE BOUNDARY WATERS
    401 N THIRD STREET SUITE 2
    MINNEAPOLIS,MN55401     		  PC GENERAL OPERATING SUPPORT 100
    FRIENDS OF HENNEPIN LIBRARY
    300 NICOLLET MALL
    MINNEAPOLIS,MN55401     		  PC GENERAL OPERATING SUPPORT 200
    GRACE TRINITY COMMUNITY CHURCH
    1430 W 28TH ST
    MINNEAPOLIS,MN55408     		  PC GENERAL OPERATING SUPPORT 66,680
    GREATER MN HOUSING FUND
    332 MINNESOTA STREET SUITE 1201 E
    ST PAUL,MN55101     		  PC GENERAL OPERATING SUPPORT 45,000
    HABITAT FOR HUMANITY TWIN CITIES
    1954 UNIVERSITY AVE W
    ST PAUL,MN55104     		  PC GENERAL OPERATING SUPPORT 50,000
    HABITAT FOR HUMANITY COLLIER COUNTY
    11145 TAMIAMI TRAIL EAST
    NAPLES,FL34113     		  PC GENERAL OPERATING SUPPORT 104
    HEART TO HEART INTERNATIONAL
    PO BOX 15566
    LENEXA,KS15566     		  PC GENERAL OPERATING SUPPORT 100
    HUNGER IMPACT PARTNERS
    111 THIRD AVENUE S SUITE 190
    MINNEAPOLIS,MN55401     		  PC GENERAL OPERATING SUPPORT 50,000
    INTERFAITH OUTREACH & COMMUNITY PARTNERS
    1605 COUNTY ROAD 101 N
    PLYMOUTH,MN55447     		  PC GENERAL OPERATING SUPPORT 25,000
    MICROGRANTS
    3817 PLEASANT AVENUE S
    MINNEAPOLIS,MN55409     		  PC GENERAL OPERATING SUPPORT 50,000
    MINNESOTA COUNCIL ON FOUNDATION
    800 WASHINGTON AVENUE NORTH
    MINNEAPOLIS,MN55401     		  PC GENERAL OPERATING SUPPORT 48,750
    MINNESOTA PUBLIC RADIO
    480 CEDAR ST
    ST PAUL,MN55101     		  PC GENERAL OPERATING SUPPORT 300
    MINNESOTANS MILITARY APPRECIATION FUND
    PO BOX 2070
    MINNEAPOLIS,MN55402     		  PC GENERAL OPERATING SUPPORT 100
    NATIONAL CATHOLIC REPORTER
    115 E ARMOUR BLVD
    KANSAS CITY,MO64111     		  PC GENERAL OPERATING SUPPORT 100,000
    NORTHERN STAR SCOUTING
    393 MARSHALL AVENUE
    ST PAUL,MN55102     		  PC GENERAL OPERATING SUPPORT 18,000
    OASIS FOR YOUTH
    2200 W OLD SHAKOPEE ROAD
    BLOOMINGTON,MN55431     		  PC GENERAL OPERATING SUPPORT 20,000
    OUR LADY OF GRACE
    5071 EDEN AVENUE EDINA MN 55436
    EDINA,MN55436     		  PC GENERAL OPERATING SUPPORT 8,000
    PLANNED PARENTHOOD FEDERATION
    123 WILLAM ST 10 STREET
    NEW YORK,NY10038     		  PC GENERAL OPERATING SUPPORT 100
    PROJECT FOR PRIDE IN LIVING INC (PPL)
    1035 EAST FRANKLIN AVENUE
    MINNEAPOLIS,MN55404     		  PC GENERAL OPERATING SUPPORT 65,000
    RELATE INC
    5125 COUNTY ROAD 101 SUITE 300
    MINNETONKA,MN55345     		  PC GENERAL OPERATING SUPPORT 100
    SECONDHAND HARVEST HEARTLAND
    1140 GERVAIS AVENUE
    ST PAUL,MN55109     		  PC GENERAL OPERATING SUPPORT 250
    SHAKOPEE DOLLARS FOR SCHOLARS
    PO BOX 734
    SHAKOPEE,MN55379     		  PC GENERAL OPERATING SUPPORT 1,500
    TWIN CITIES PUBLIC TELEVISION
    172 E 4TH STREET
    ST PAUL,MN55101     		  PC GENERAL OPERATING SUPPORT 200
    UJAAMA PLACE
    1821 UNIVERSITY AVENUE SUITE N187
    ST PAUL,MN55104     		  PC GENERAL OPERATING SUPPORT 90,000
    UNICEF USA
    125 MAIDEN LANE
    NEW YORK,NY10038     		  PC GENERAL OPERATING SUPPORT 200
    UNIVERSITY OF MN FOUNDATION
    MCNAMARA ALUMNI CENTER 200 OAK
    STREET SE SUITE 5
    MINNEAPOLIS,MN55455     		  PC GENERAL OPERATING SUPPORT 200
    UNIVESITY OF ST THOMAS
    2115 SUMMIT AVENUE
    ST PAUL,MN55105     		  PC GENERAL OPERATING SUPPORT 15,000
    YOUTHPRISE
    3001 BROADWAY STREET NE SUITE 330
    MINNEAPOLIS,MN55439     		  PC GENERAL OPERATING SUPPORT 50,000
    Total .................................bullet 3a 1,170,344
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 12
    Part XV-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments ....          
    3 Interest on savings and temporary cash
    investments ...........     		    14 219  
    4 Dividends and interest from securities ....          
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6 Net rental income or (loss) from personal property          
    7 Other investment income .....          
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 161,079  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aTAX REFUND     		    01 19,974  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e) .. 0 219,481 23,967
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    243,448
    (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.)
    1A THE INTEREST INCOME IS AS A RESULT OF THE FREY FOUNDATION PARTNERING WITH THE MINNEAPOLIS FOUNDATION AND THE SAINT PAUL & MINNESOTA FOUNDATION TO INVEST IN SUNRISE BANKS COMMUNITY IMPACT COMMUNITY DEVELOPMENT CORPORATION, ESTABLISHED BY SUNRISE BANKS FOR PURPOSE OF ACQUISITION AND PRESERVATION OF AT RISK AFFORDABLE HOUSING IN THE TWIN CITIES BY AEON, A NONPROFIT DEVELOPER.
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 13
    Part XVI
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below?
    See instructions.
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's name SmallBullet
    		 Firm's EIN SmallBullet
    Firm's address SmallBullet


    		 Phone no.
    Form 990-PF (2021)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description
    Schedule B
    (Form 990)
    Department of the Treasury
    Internal Revenue Service
    Schedule of Contributors

    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    Arrow Bullet Go to www.irs.gov/Form990 for the latest information.
    OMB No. 1545-0047
    2021
    Name of the organization
    FREY FOUNDATION
     
    Employer identification number

    36-3588505
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ






    Form 990-PF




    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
    Special Rules
    ......... 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
    FREY FOUNDATION
          		Employer identification number
    36-3588505
    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
    THE ESTATE OF MARY F FREY
     
    90 S 7TH STREET SUITE 5000
     
    MINNEAPOLIS, MN55402

    		$ 1,573,267


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990) (2021)
    Schedule B (Form 990) (2021)
    Page 3
    Name of organization
    FREY FOUNDATION
          		Employer identification number

    36-3588505
    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
    1
    		 IRA ACCOUNT CONSISTING CASH AND PUBLICLY TRADED SECURITIES $ 1,920,217  
    (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
    FREY FOUNDATION
          		Employer identification number

    36-3588505
    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 $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
    Use duplicate copies of Part III if additional space is needed.
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use 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 (c) Use 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 (c) Use 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 (c) Use 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:  

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    TY 2021 ExpenditureResponsibilityStmt
    Name:
    FREY FOUNDATION
    EIN:
    36-3588505
    Grantee's Name Grantee's Address Grant Date Grant Amount Grant Purpose Amount Expended By Grantee Any Diversion By Grantee? Dates of Reports By Grantee Date of Verification Results of Verification
    SUNRISE BANKS COMMUNITY IMPACT COMMUNITY DEVELOPMENT CORPORATION
          		2525 WABASH AVENUE
    ST PAUL,MN55114     		2019-12-20 612,500 FREY FOUNDATION HAS PARTNERED WITH THE MINNEAPOLIS FOUNDATION AND THE SAINT PAUL & MINNESOTA FOUNDATION TO INVEST IN SUNRISE BANKS COMMUNITY IMPACT COMMUNITY DEVELOPMENT CORPORATION, ESTABLISHED BY SUNRISE BANKS FOR PURPOSES OF ACQUISITION AND PRESERVATION OF ATRISK AFFORDABLE HOUSING IN THE TWIN CITIES BY AEON, A NONPROFIT DEVELOPER.   N/A DECEMBER 16, 2020; MARCH 31, 2023    

    TY 2021 InvestmentsCorpStockSchedule
    Name:
    FREY FOUNDATION
    EIN:
    36-3588505
    Name of Stock End of Year Book Value End of Year Fair Market Value
    ACI WORLDWIDE INC COM 6,891 9,838
    ALPHABET INC CAP 13,945 30,624
    EVEREST RE GROUP COM 9,205 15,696
    JONES LANG LASALLE INC COM 6,197 10,667
    UNITED PARCEL SVC INC CL B 17,058 33,040
    HARTFORD TOTAL RETURN BO 214,202 183,456
    VANGUARD INFLATION-PROTE 29,256 27,607
    WESTERN ASSET CORE PLUS 208,140 173,267
    ACADIAN EMERGING MARKETS 186,776 155,053
    AMERICAN BEACON INTERNAT 27,516 22,125
    AMERICAN BEACON LARGE CA 62,366 53,640
    BARON ASSET RETAIL 4,131 5,084
    BNY MELLON MIDCAP INDEX 67,976 55,157
    BNY MELLON SMALL CAP STO 53,124 48,628
    CARILLON SCOUT SMALL CAP 6,399 5,971
    HARBOR CAPITAL APPRECIAT 62,371 44,153
    HARDING LOEVNER INTL SMA 17,668 19,413
    NORTHERN SMALL CAP VALUE 7,181 6,204
    SCHWAB FDMTL INTL SM CO 38,501 31,457
    SCHWAB INTERNATIONAL COR 185,866 167,614
    SCHWAB S&P 500 INDEX 329,354 413,097
    WILLIAM BLAIR INTERNATIO 15,694 17,324

    TY 2021 InvestmentsOtherSchedule2
    Name:
    FREY FOUNDATION
    EIN:
    36-3588505
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    WABASH INVESTMENT, LP AT COST 4,461,370 26,596,628

    TY 2021 OtherAssetsSchedule
    Name:
    FREY FOUNDATION
    EIN:
    36-3588505
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    SUNRISE BANKS COMMUNITY IMPACT COMMUNITY DEVELOPMENT CORPORATION - PRI 612,500 612,500 612,500


    TY 2021 OtherExpensesSchedule
    Name:
    FREY FOUNDATION
    EIN:
    36-3588505
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    WABASH MANAGEMENT FEE 164,400 164,400   0
    GRANT MANAGEMENT SOFTWARE 18,054 0   18,054
    CONSULTING FEE 30,163 0   30,163
    DUES 10,750 0   10,750


    TY 2021 OtherIncomeSchedule2
    Name:
    FREY FOUNDATION
    EIN:
    36-3588505
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    INCOME FROM WABASH INVESTMENT, LP   -284,243  
    IRA OTHER INCOME 2,420 2,420 2,420
    SUNRISE BANK COMMUNITY IMPACT COMMUNITY DEVELOPMENT CORPORATION 23,967 23,967 23,967
    TAX REFUND 19,974   19,974


    TY 2021 OtherProfessionalFeesSchedule
    Name:
    FREY FOUNDATION
    EIN:
    36-3588505
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    PROFESSIONAL FEES 3,326 0   3,326


    TY 2021 TaxesSchedule
    Name:
    FREY FOUNDATION
    EIN:
    36-3588505
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAX PAID - FROM WABASH INVESTMENT 0 16,323   0
    FILING FEES 25 0   25