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 11-01-2021 , and ending 10-31-2022
Name of foundation
DILLON FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 537
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
STERLING, IL61081
A Employer identification number

36-6059349
B Telephone number (see instructions)

(815) 626-9000
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$61,156,138J 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)  
2 Check bullet.............
3 Interest on savings and temporary cash investments 1,566 1,566  
4 Dividends and interest from securities... 1,464,514 1,464,514  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 1,264,100
b Gross sales price for all assets on line 6a 13,670,180
7 Capital gain net income (from Part IV, line 2)... 1,264,100
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).......      
12 Total. Add lines 1 through 11........ 2,730,180 2,730,180  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc.        
14 Other employee salaries and wages...... 18,342     18,342
15 Pension plans, employee benefits....... 1,650     1,650
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 63,550 31,775   31,775
c Other professional fees (attach schedule).... Click to see attachment 456,981 456,981    
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 58,508 20,101    
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 22,318     22,318
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 621,349 508,857   74,085
25 Contributions, gifts, grants paid....... 2,688,883 2,688,883
26 Total expenses and disbursements. Add lines 24 and 25 3,310,232 508,857   2,762,968
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -580,052
b Net investment income (if negative, enter -0-) 2,221,323
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2021)
Form 990-PF (2021)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 2,592,711 899,754 899,754
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) 1,951,553 Click to see attachment4,288,137 4,288,137
b Investments—corporate stock (attach schedule)....... 38,416,646 Click to see attachment32,244,283 32,244,283
c Investments—corporate bonds (attach schedule)....... 7,895,854 Click to see attachment7,536,274 7,536,274
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 20,693,488 Click to see attachment16,158,690 16,158,690
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment29,000 Click to see attachment29,000 Click to see attachment29,000
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 71,579,252 61,156,138 61,156,138
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
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........... 71,579,252 61,156,138
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds    
29 Total net assets or fund balances (see instructions)..... 71,579,252 61,156,138
30 Total liabilities and net assets/fund balances (see instructions). 71,579,252 61,156,138
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
71,579,252
2
Enter amount from Part I, line 27a .....................
2
-580,052
3
Other increases not included in line 2 (itemize) bullet
3
 
4
Add lines 1, 2, and 3 ..........................
4
70,999,200
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
9,843,062
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
61,156,138
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 MILLENNIUM P 2021-11-01 2022-10-31
b BLACKSTONE P 2021-11-01 2022-10-31
c DOUBLELINE P 2021-11-01 2022-10-31
d STRATEGIC OPPORTUNITIES FUND III P 2021-11-01 2022-10-31
e SCHAFER CULLEN P 2021-11-01 2022-10-31
SAGE ADVISORY SERVICES P 2021-11-01 2022-10-31
OPPORTUNISTIC PORTFOLIO P 2021-11-01 2022-10-31
LAZARD P 2021-11-01 2022-10-31
STRUCTURED NOTES P 2021-11-01 2022-10-31
LOOMIS SAYLES P 2021-11-01 2022-10-31
CAMBIAR P 2021-11-01 2022-10-31
RIVERBRIDGE P 2021-11-01 2022-10-31
(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 469,881     469,881
b 153,884     153,884
c     80,431 -80,431
d     3,299 -3,299
e 626,596   513,088 113,508
1,287,871   1,301,885 -14,014
1,596,900   1,560,512 36,388
824,848   714,680 110,168
4,872,250   5,000,000 -127,750
2,567,124   1,870,104 697,020
943,219   884,489 58,730
327,607   477,592 -149,985
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       469,881
b       153,884
c       -80,431
d       -3,299
e       113,508
      -14,014
      36,388
      110,168
      -127,750
      697,020
      58,730
      -149,985
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 1,264,100
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 1,264,100
Form 990-PF (2021)
Form 990-PF (2021)
Page 4
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here Bullet and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2  
3 Add lines 1 and 2........................... 3 30,876
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 30,876
6 Credits/Payments:
a 2021 estimated tax payments and 2020 overpayment credited to 2021 6a 43,167
b Exempt foreign organizations—tax withheld at source...... 6b  
c Tax paid with application for extension of time to file (Form 8868)... 6c  
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 43,167
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8  
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 12,291
11 Enter the amount of line 10 to be: Credited to 2022 estimated taxBullet12,291 RefundedBullet 11  
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XIV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletIL
    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 addressbulletN/A
    14
    The books are in care ofbulletPETER DILLON Telephone no.bullet (815) 626-9000

    Located atbulletPO BOX 537STERLINGIL ZIP+4bullet61081
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2021, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16   No
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet
    Part VI-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
    1a(1)
     
    No
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person? ..............................
    1a(2)
     
    No
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
    1a(3)
     
    No
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
    1a(4)
     
    No
    (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
     
     
    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
     
     
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2021, did the foundation have any undistributed income (lines 6d
    and 6e, Part XII) for tax year(s) beginning before 2021?....................
    2a
     
    No
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year? ..............................
    3a
     
    No
    b
    If "Yes," did it have excess business holdings in 2021 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2021.) .....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2021? ..
    4b
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 6
    Part VI-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
    5a(1)
     
    No
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive? ....................
    5a(2)
     
    No
    (3) Provide a grant to an individual for travel, study, or other similar purposes? .............
    5a(3)
     
    No
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions ........................
    5a(4)
     
    No
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals? .............
    5a(5)
     
    No
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
    5b
     
     
    c
    .........bullet
    d
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant? .................
    5d
     
     
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract? .............................
    6a
     
    No
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    7a
     
    No
    b
    If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .........................
    8
     
    No
    Part VII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    PETER W DILLON PRESIDENT
    12.00     		0 0 0
    2804 W LEFEVRE
    STERLING,IL61081
    PATRICK W DILLON VICE PRESIDE
    1.00     		0 0 0
    2804 W LEFEVRE
    STERLING,IL61081
    GALE D INGLEE ASST. TREASU
    1.00     		0 0 0
    2804 W LEFEVRE
    STERLING,IL61081
    JAMES BOESEN SECRETARY
    1.00     		0 0 0
    2804 W LEFEVRE
    STERLING,IL61081
    JOHN VAN OSDOL TREASURER
    1.00     		0 0 0
    2804 W LEFEVRE
    STERLING,IL61081
    CHRISTINE TRIZULNY DIRECTOR
    1.00     		0 0 0
    2804 W LEFEVRE
    STERLING,IL61081
    DOUGLAS INGLEE DIRECTOR
    1.00     		0 0 0
    2804 W LEFEVRE
    STERLING,IL61081
    DEBORAH HAGLUND DIRECTOR
    1.00     		0 0 0
    2804 W LEFEVRE
    STERLING,IL61081
    JOHN GVOZDJAK DIRECTOR
    1.00     		0 0 0
    2804 W LEFEVRE
    STERLING,IL61081
    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  
    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
    NONE
    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 N/A  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet  
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 8
    Part IX
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    64,899,329
    b
    Average of monthly cash balances.......................
    1b
    128,772
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    65,028,101
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
     
    3
    Subtract line 2 from line 1d.........................
    3
    65,028,101
    4
    Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
    instructions) .............................
    4
    975,422
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. .......
    5
    64,052,679
    6
    Minimum investment return. Enter 5% (0.05) of line 5................
    6
    3,202,634
    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
    3,202,634
    2a
    Tax on investment income for 2021 from Part V, line 5.......
    2a
    30,876
    b
    Income tax for 2021. (This does not include the tax from Part V.) ...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    30,876
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    3,171,758
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    3,171,758
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
    7
    3,171,758
    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 3,171,758
    2 Undistributed income, if any, as of the end of 2021:
    a Enter amount for 2020 only.......  
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2021:
    a From 2016...... 24,741
    b From 2017...... 250,819
    c From 2018...... 235,304
    d From 2019...... 234,568
    e From 2020......  
    f Total of lines 3a through e ........ 745,432
    4Qualifying distributions for 2021 from Part
    XI, line 4: bullet$ 2,762,968
    a Applied to 2020, but not more than line 2a  
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		 
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		 
    d Applied to 2021 distributable amount..... 2,762,968
    e Remaining amount distributed out of corpus  
    5 Excess distributions carryover applied to 2021. 408,790 408,790
    (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 5 336,642
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		 
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		 
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		 
    e Undistributed income for 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2021. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2022 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		 
    8 Excess distributions carryover from 2016 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9 Excess distributions carryover to 2022.
    Subtract lines 7 and 8 from line 6a ......     		336,642
    10 Analysis of line 9:
    a Excess from 2017....  
    b Excess from 2018.... 102,074
    c Excess from 2019.... 234,568
    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).)
    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:
    PETER DILLON
    PO BOX 537
    STERLING,IL61081
    (815) 626-9000
    bThe form in which applications should be submitted and information and materials they should include:
    SUBMIT A LETTER STATING PURPOSE OF GRANT AND INCLUDE COPY OF EXEMPTION LETTER
    cAny submission deadlines:
    NONE
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    NONE
    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
    ABRAHAM LINCOLN PRESIDENTIAL
    LIBRARY FOUNDATION
    500 EAST MADISON
    SPRINGFIELD,IL62701     		    IN SUPPORT OF HUMAN SERVICE 5,000
    ALZHEIMER'S DISEASE AND RELATED
    DISORDERS
    225 N MICHIGAN AVE
    CHICAGO,IL606017652     		    IN SUPPORT OF MEDICAL RESEARCH 3,000
    AMERICAN BATTLEFIELD TRUST
    1156 15TH ST NW SUITE 900
    WASHINGTON,DC20005     		    TO SUPPORT ARTS, CULTURE, HUMANITIES 5,000
    AMERICAN CANCER SOCIETY - NORTHERN
    REGION
    100 TRI-STATE INTERNATION
    SUITE 125
    LINCOLNSHIRE,IL60069     		    TO SUPPORT MISSIONS RELATED TO DISEA 6,000
    AMERICAN RED CROSS
    PO BOX 37839
    BOONE,IA500370839     		    IN SUPPORT OF HUMAN SERVICE 1,000
    AMERICAN RED CROSS - LINCOLN LAND
    CHAPTER
    112 W SECOND ST
    ROCK FALLS,IL61071     		    IN SUPPORT OF HUMAN SERVICE 5,000
    ARLY KRUSE EDUCATIONAL FOUNDATION
    3434 47TH
    SUITE 220
    BOULDER,CO80301     		    TO SUPPORT ARTS, CULTURE, HUMANITIES 2,000
    AUGUSTANA COLLEGE -WVIK
    639 38TH ST
    ROCK ISLAND,IL61201     		    TO SUPPORT ARTS, CULTURE, HUMANITIES 2,000
    BEDS FOR KIDS
    1800 CAMDEN ROAD
    SUITE 107-17
    CHARLOTTE,NC28203     		    IN SUPPORT OF HUMAN SERVICE 500
    BEREA COLLEGE
    220 N MAIN STREET
    BEREA,KY40404     		    TO SUPPORT EDUCATION/INSTRUCTION 9,000
    BI-COUNTY COOPERATIVE FOUNDATION
    506 W FOURTH ST
    STERLING,IL61081     		    IN SUPPORT OF EDUCATION/INSTRUCTION 8,500
    BIG BROTHER-BIG SISTER OF THE
    MISSISSIPPI VALLEY
    300 FIRST VALLEY
    ROCK FALLS,IL61071     		    IN SUPPORT OF YOUTH DEVELOPMENT 6,500
    BOY SCOUTS OF AMERICA BLACKHAWK
    AREA COUNCIL
    1800 7TH AVE
    PO BOX 4085
    ROCKFORD,IL61110     		    IN SUPPORT OF YOUTH DEVELOPMENT 7,500
    BOY SCOUTS OF AMERICA DENVER COUNCI
    2901 W 19TH AVE
    DENVER,CO80204     		    IN SUPPORT OF YOUTH DEVELOPMENT 2,000
    BOYLAN CATHOLIC HIGH SCHOOL
    4000 ST FRANCIS DRIVE
    ROCKFORD,IL61107     		    TO SUPPORT EDUCATION/INSTRUCTION 500
    CANDID
    32 OLD SLIP 24TH FLOOR
    NEW YORK,NY10005     		    TO SUPPORT PHILANTHROPY/VOLUNTARISM 3,600
    CAPITAL RESEARCH CENTER
    1513 16TH STREET NW
    WASHINGTON,DC20036     		    TO SUPPORT PUBLIC AFFAIRS 3,000
    CASEY STRALE FOUNDATION
    445 NORTH 5TH STREET
    SUITE 120
    PHOENIX,AZ85004     		    IN SUPPORT OF MEDICAL RESEARCH 3,000
    CENTER FOR TEEN EMPOWERMENT
    392 GENESEE ST
    ROCHESTER,NY14611     		    IN SUPPORT OF YOUTH DEVELOPMENT 8,000
    CGH HEALTH FOUNDATION
    100 E LEFEVRE
    STERLING,IL61081     		    TO SUPPORT HEALTH/GENERAL AND RELATE 20,500
    CHILDREN'S DIABETES FOUNDATION AT
    DENVER
    777 GRANT ST
    SUITE 302
    DENVER,CO80203     		    TO SUPPORT HEALTH/DISEASE/DISORDER 1,000
    CHINESE CHILDRENS CHARITIES
    6920 SOUTH HOLLY CIRCLE
    CENTENNIAL,CO80112     		    IN SUPPORT OF HUMAN SERVICE 3,000
    CHRIST LUTHERAN CHURCH
    2000 18TH AVENUE
    STERLING,IL61081     		    IN SUPPORT OF EDUCATION/INSTRUCTION 2,568
    CITY OF GOD
    PO BOX 745
    STERLING,IL61081     		    TO SUPPORT RELIGION/SPIRITUAL DEVELO 3,500
    CITY OF STERLING
    212 THIRD AVE
    STERLING,IL61081     		    TO SUPPORT COMMUNITY IMPROVEMENT 49,544
    CITY OF STERLING - STERLING
    MUNICIPAL BAND
    212 THIRD AVENUE
    STERLING,IL61081     		    TO SUPPORT COMMUNITY IMPROVEMENT 12,000
    CITY OF STERLING FIRE DEPARTMENT
    110 WEST 5TH STREET
    STERLING,IL61081     		    TO SUPPORT PUBLIC SAFETY 2,000
    CLINTON SYMPHONY ORCHESTRA
    ASSOCIATION
    PO BOX 116
    CLINTON,IA52733     		    TO SUPPORT ARTS, CULTURE, HUMANITIES 3,500
    COLOMA TOWNSHIP PARK DISTRICT
    508 EAST 11ST STREET
    ROCK FALLS,IL61071     		    TO SUPPORT RECREATION, LEISURE, SPOR 10,000
    COMMUNITY CHRISTMAS FOR CHILDREN
    409 WEST 21ST ST
    STERLING,IL61081     		    TO SUPPORT HUMAN SERVICE ACTIVITIES 9,000
    COMMUNITY UNIT SCHOOL DISTRICT 5
    410 E LE FEVRE RD
    STERLING,IL61081     		    IN SUPPORT OF EDUCATION/INSTRUCTION 276,965
    CULTURAL LITERACY FOUNDATION
    801 E HIGH ST
    CHARLOTTESVILLE,VA22901     		    TO SUPPORT EDUCATION/INSTRUCTION 4,000
    DENVER ZOOLOGICAL FOUNDATION INC
    2300 STEELE ST
    DENVER,CO80205     		    TO SUPPORT ARTS, CULTURE, HUMANITIES 4,000
    DISCOVERY CENTER MUSEUM OF ROCKFORD
    INC
    711 NORTH MAIN
    ROCKFORD,IL61103     		    TO SUPPORT ARTS, CULTURE, HUMANITIES 500
    EAST COLOMA SCHOOL DISTRICT 12
    1602 DIXON RD
    ROCK FALLS,IL61071     		    IN SUPPORT OF EDUCATION/INSTRUCTION 4,584
    EUREKA COLLEGE
    300 E COLLEGE AVE
    EUREKA,IL61503     		    IN SUPPORT OF EDUCATION/INSTRUCTION 4,500
    EXPONENT PHILANTHROPY
    1720 N ST NW
    WASHINGTON,DC20036     		    IN SUPPORT OF EDUCATION/INSTRUCTION 4,400
    FEEDING WORCHESTER
    200 CLEARBROOK ROAD
    ELMSFORD,NY10523     		    TO SUPPORT FOOD, NUTRITION, AND AG 3,125
    FIRST PRESBYTERIAN CHURCH
    410 2ND AVE
    STERLING,IL61081     		    IN SUPPORT OF RELIGION/SPIRITUAL DEV 31,250
    FIRST UNITED METHODIST CHURCH
    501 BROADWAY
    STERLING,IL61081     		    IN SUPPORT OF RELIGION/SPIRITUAL DEV 2,000
    FLIGHT FOR LIFE - COLORADO
    11600 W 2ND PLACE
    LAKEWOOD,CO80228     		    IN SUPPORT OF HUMAN SERVICE 4,000
    FOX VALLEY HANDS OF HOPE
    PO BOX 707
    GENEVA,IL60134     		    IN SUPPORT OF HUMAN SERVICE 250
    FRANKLIN CREEK CONSERVATION
    ASSOCIATION
    1893 TWIST ROAD
    FRANKLIN GROVE,IL61031     		    TO SUPPORT ENVIRONMENTAL QUALITY 9,000
    FREEDOMS FOUNDATION AT VALLEY FORGE
    PO BOX 706
    VALLEY FORGE,PA19481     		    IN SUPPORT OF ARTS/CULTURE/HUMANITIE 3,000
    FRIENDS OF FOOTHILLS ANIMAL SHELTER
    580 MCINTYRE STREET
    GOLDEN,CO804015026     		    IN SUPPORT OF ANIMALS 1,000
    GAFFEY HOSPICE FOUNDATION
    3408 EAST 23RD STREET
    STERLING,IL61081     		    IN SUPPORT OF HUMAN SERVICE 2,500
    GIRL SCOUTS OF NORTHERN ILLINOIS
    5040 W BUSINESS ROUTE 20
    FREEPORT,IL61032     		    IN SUPPORT OF YOUTH DEVELOPMENT 8,500
    GRACE EPISCOPAL CHURCH
    707 FIRST AVENUE
    STERLING,IL61081     		    TO SUPPORT RELIGION/SPIRITUAL DEVELO 36,000
    GREATER STERLING DEVELOPMENT CORP
    1741 INDUSTRIAL DRIVE
    STERLING,IL61081     		    TO SUPPORT COMMUNITY IMPROVEMENT 482,500
    GUIDING EYES FOR THE BLIND
    611 GRANITE SPRINGS RD
    YORKTOWN HEIGHTS,NY10598     		    TO SUPPORT HEALTH/GENERAL RELATED 2,500
    HAPPY TAILS HUMANE SOCIETY
    1408 MCNEIL ROAD
    ROCK FALLS,IL61071     		    IN SUPPORT OF ANIMALS 5,500
    HOME OF HOPE OF THE ROCK RIVER
    VALLEY INC
    1632 PLOCK RD
    DIXON,IL61021     		    IN SUPPORT OF HUMAN SERVICE ACTIVITI 7,000
    ILLINOIS FAIRGROUNDS FOUNDATION
    PO BOX 5666
    SPRINGFIELD,IL62705     		    TO SUPPORT ARTS, CULTURE, HUMANITIES -2,500
    JOHNSON O'CONNOR RESEARCH
    FOUNDATION INC
    347 BEACON ST
    BOSTON,MA02116     		    IN SUPPORT OF EDUCATION/INSTRUCTION 2,100
    JUNIOR ACHIEVEMENT OF HEARTLAND
    INC
    800 12TH AVENUE
    MOLINE,IL61265     		    IN SUPPORT OF YOUTH DEVELOPMENT 6,500
    JUNIOR TACKLE FOOTBALL INC OF
    STERLING IL
    3806 WOODLAWN ROAD
    STERLING,IL61081     		    TO SUPPORT RECREATION, LEISURE, SPOR 3,500
    KING RANCH INSTITUTE FOR RANCH
    MANAGEMENT
    700 UNIVERSITY BLVD
    MSC 137
    KINGSVILLE,TX78363     		    TO SUPPORT EDUCATION/INSTRUCTION 4,000
    KIWANIS CLUB OF STERLING FOUNDATION
    PO BOX 44
    STERLING,IL61081     		    IN SUPPORT OF HUMAN SERVICE ACTIVITI 4,750
    LIVING WELL CANCER RESOURCE CENTER
    1803 W STATE STREET
    GENEVA,IL60134     		    IN SUPPORT OF HEALTH/GENERAL RELATED 5,250
    LUTHERAN SOCIAL SERVICES OF
    ILLINOIS
    1901 FIRST AVENUE
    STERLING,IL61081     		    TO SUPPORT ARTS, CULTURE, HUMANITIES 8,000
    MARCH OF DIMES BIRTH DEFECTS
    FOUNDATION - N IL DIVISION
    5411 EAST STATE ST 8
    ROCKFORD,IL61108     		    IN SUPPORT OF MEDICAL RESEARCH 2,500
    MAYO FOUNDATION FOR MEDICAL EDUCATI
    AND RESEARCH
    200 FIRST ST SW
    ROCHESTER,MN55905     		    TO SUPPORT HEALTH/GENERAL 17,000
    MEMORIAL SLOAN - KETTERING CANCER
    CENTER
    PO BOX 599 LENNOX HILL
    NEW YORK,NY10021     		    IN SUPPORT OF MEDICAL RESEARCH 4,000
    MERCY SHIPS
    PO BOX 2020
    GARDEN VALLEY,TX757719968     		    IN SUPPORT OF HUMAN SERVICE 500
    MONTMORENCY SCHOOL DISTRICT 12
    9415 HOOVER RD
    ROCK FALLS,IL61071     		    IN SUPPORT OF EDUCATION/INSTRUCTION 4,560
    MR GREY'S STRAYS INC
    18 EAST AVENUE
    BROCKPORT,NY14420     		    IN SUPPORT OF ANIMALS 5,000
    NATIONAL FIRE SAFETY COUNCIL INC
    110 WEST 5TH ST
    STERLING,IL61081     		    PUBLIC SAFETY, DISASTER, PREPAREDNES 600
    NATIONAL JEWISH HEALTH
    155 NORTH PFINGSTEN ROAD
    SUITE 109
    DEERFIELD,IL60015     		    TO SUPPORT HEALTH/GENERAL AND RELATE 2,750
    NATIONAL TRUST FOR HISTORIC
    PRESERVATION
    53 W JACKSON BLVD
    SUITE 350
    CHICAGO,IL60604     		    TO SUPPORT ARTS, CULTURE, HUMANITIES 4,000
    NEWMAN CENTRAL CATHOLIC HIGH SCHOOL
    1101 WEST ST
    STERLING,IL61081     		    IN SUPPORT OF EDUCATION/INSTRUCTION 6,236
    NORTHERN ILLINOIS UNIVERSITY
    FOUNDATION - WNIU
    801 N FIRST ST
    DEKALB,IL60115     		    TO SUPPORT ARTS, CULTURE, HUMANITIES 7,000
    NORTHWESTERN ILLINOIS CENTER FOR
    INDEPENDENT LIVING
    229 FIRST AVE
    SUITE 2
    ROCK FALLS,IL61071     		    IN SUPPORT OF HUMAN SERVICE 2,400
    ONE GOAT FOUNDATION
    6621 SOUTH HIGH STREET
    CENTENNIAL,CO80121     		    IN SUPPORT OF HUMAN SERVICE 2,000
    OPERATION SMILE
    6435 TIDEWATER DR
    NORFOLK,VA23509     		    IN SUPPORT OF HUMAN SERVICE 500
    PARK NICOLLET FOUNDATION
    PO BOX 650
    MINNEAPOLIS,MN554400650     		    TO SUPPORT HEALTH/GENERAL 5,000
    PAWS OF WAR
    PO BOX 1727
    SMITHTOWN,NY117879808     		    IN SUPPORT OF ANIMALS 1,000
    PENQUIN PROJECT OF THE SAUK
    VALLEY INC
    1101 EAST 13TH STREET
    STERLING,IL61081     		    TO SUPPORT ARTS, CULTURE, HUMANITIES 500
    PFLAG
    PO BOX 261
    DIXON,IL61021     		    IN SUPPORT OF HUMAN SERVICE 500
    PRESBYTERIAN CHURCH (USA) FOUNDATIO
    200 EAST 12TH STREET
    JEFFERSONVILLE,IN47130     		    TO SUPPORT RELIGION/SPIRITUAL DEVELO 9,000
    ROCK FALLS ELEMENTARY SCHOOL
    602 4TH AVE
    ROCK FALLS,IL61071     		    IN SUPPORT OF EDUCATION/INSTRUCTION 14,208
    ROCK FALLS PUBLIC LIBRARY
    1007 7TH AVE
    ROCK FALLS,IL61071     		    TO SUPPORT ARTS, CULTURE, HUMANITIES 9,500
    ROCK FALLS TOWNSHIP HIGH SCHOOL
    DISTRICT 301
    101 12TH AVE
    ROCK FALLS,IL61071     		    TO SUPPORT EDUCATION/INSTRUCTION 9,072
    ROCK FALLS YOUTH FOOTBALL
    220 E 10TH STREET
    ROCK FALLS,IL61071     		    TO SUPPORT RECREATION, LEISURE, SPOR 1,500
    ROCK HOUSE KIDS
    1325 7TH STREET
    ROCKFORD,IL61104     		    IN SUPPORT OF YOUTH DEVELOPMENT 1,000
    ROCK RIVER HOSPICE AND HOME
    2706 AVENUE E
    STERLING,IL61081     		    IN SUPPORT OF HUMAN SERVICE 40,000
    ROCK RIVER VALLEY SELF HELP
    ENTERPRISES
    2300 W LEFEVRE RD
    STERLING,IL61081     		    TO SUPPORT EDUCATION/INSTRUCTION 14,000
    ROCKFORD ART MUSEUM
    711 N MAIN STREET
    ROCKFORD,IL61103     		    TO SUPPORT ARTS, CULTURE, HUMANITIES 500
    ROCKFORD UNIVERSITY
    5050 EAST STATE ST
    ROCKFORD,IL61108     		    TO SUPPORT EDUCATION/INSTRUCTION 8,000
    RONALD REAGAN BOYHOOD HOME
    PRESERVATION
    816 S HENNEPIN AVE
    DIXON,IL61021     		    TO SUPPORT ARTS, CULTURE, HUMANITIES 3,000
    SAUK VALLEY COMMUNITY COLLEGE
    FOUNDATION
    173 ILLINOIS ROUTE 2
    DIXON,IL61021     		    TO SUPPORT EDUCATION/INSTRUCTION 74,114
    SAUK VALLEY FOODBANK
    1801 PLANT RD
    STERLING,IL61081     		    TO SUPPORT FOOD, NUTRITION, AND AG 18,625
    SAVE ELLIS ISLAND INC
    500 INTERNATIONAL DR
    BUDD LAKE,NJ07828     		    TO SUPPORT COMMUNITY IMPROVEMENT 1,000
    SEVENTH DAY ADVENTIST CHURCH
    501 W SECOND ST
    ROCK FALLS,IL61071     		    TO SUPPORT RELIGION/SPIRITUAL DEVELO 1,500
    SEYMOUR LIBRARY
    161 EAST AVENUE
    BROCKPORT,NY14420     		    TO SUPPORT ARTS, CULTURE, HUMANITIES 4,000
    SHELTER BOX USA
    8374 MARKET STREET 203
    LAKEWOOD RANCH,FL34202     		    IN SUPPORT OF YOUTH DEVELOPMENT 1,500
    SISKIN CHILDREN'S INSTITUTE
    1 SISKIN PLAZA
    CHATTANOOGA,TN37403     		    TO SUPPORT HEALTH/GENERAL RELATED 5,500
    SPECIAL OLYMPICS OF ILLINOIS
    605 E WILLOW ST
    NORMAL,IL61761     		    TO SUPPORT RECREATION, LEISURE, SPOR 4,000
    ST ANDREW'S CATHOLIC ELEMENTARY
    SCHOOL
    701 11TH AVE
    ROCK FALLS,IL61071     		    TO SUPPORT EDUCATION/INSTRUCTION 2,964
    ST ANTHONY HEALTH FOUNDATION
    11600 W 2ND PLACE
    LAKEWOOD,CO80228     		    IN SUPPORT OF HUMAN SERVICE 2,000
    ST CHARLES LIBRARY FOUNDATION
    77 BOONE HILLS
    ST PETERS,MO63376     		    TO SUPPORT ARTS, CULTURE, HUMANITIES 2,000
    ST JUDE CHILDREN'S RESEARCH HOSPITA
    501 ST JUDE PL
    MEMPHIS,TN38105     		    TO SUPPORT HEALTH/GENERAL AND RELATE 7,000
    ST MARK'S EPISCOPAL CHURCH
    320 FRANKLIN STREET
    GENEVA,IL61034     		    TO SUPPORT RELIGION/SPIRITUAL DEVELO 15,250
    ST MARY'S GRADE SCHOOL
    5 W SIXTH STREET
    STERLING,IL61081     		    IN SUPPORT OF EDUCATION/INSTRUCTION 3,792
    ST VINCENT DE PAUL - STERLING ROCK
    FALLS
    7 W SIXTH STREET
    STERLING,IL61081     		    TO SUPPORT COMMUNITY IMPROVEMENT 1,600
    STARS AND STRIPES HONOR FLIGHT INC
    PO BOX 867
    MENOMONEE FALLS,WI53052     		    IN SUPPORT OF HUMAN SERVICE 1,000
    STERLING MAIN STREET
    PO BOX 261
    STERLING,IL61081     		    TO SUPPORT COMMUNITY IMPROVEMENT 5,000
    STERLING PARK DISTRICT
    211 E ST MAYS
    PO BOX 958
    STERLING,IL61081     		    TO SUPPORT COMMUNITY IMPROVEMENT 246,500
    STERLING PARK DISTRICT - MUSEUM
    ASSOCIATION
    211 E ST MAYS
    PO BOX 958
    STERLING,IL61081     		    TO SUPPORT ARTS, CULTURE, HUMANITIES 176,850
    STERLING PUBLIC LIBRARY
    102 WEST 3RD STREET
    STERLING,IL61081     		    TO SUPPORT ARTS, CULTURE, HUMANITIES 26,000
    STERLING ROCK FALLS COMMUNITY TRUST
    302 FIRST AVE
    STERLING,IL61081     		    TO SUPPORT COMMUNITY IMPROVEMENT 4,000
    STERLING ROCK FALLS DAY CARE AGENCY
    INC
    1840 W LE FEVRE
    STERLING,IL61081     		    IN SUPPORT OF YOUTH DEVELOPMENT 6,000
    STERLING ROCK FALLS FAMILY YMCA
    2505 YMCA WAY
    STERLING,IL61081     		    IN SUPPORT OF HUMAN SERVICE 55,000
    STERLING ROCK FALLS HISTORICAL
    SOCIETY
    1005 E 3RD
    STERLING,IL61081     		    TO SUPPORT ARTS, CULTURE, HUMANITIES 35,000
    STERLING SCHOOLS FOUNDATION
    PO BOX 1046
    STERLING,IL61081     		    TO SUPPORT EDUCATION/INSTRUCTION 63,226
    STERLING TOWNSHIP
    108 4TH AVE
    STERLING,IL61081     		    TO SUPPORT COMMUNITY IMPROVEMENT 6,000
    SUSTAINABLE BEREA INC
    PO BOX 1302
    BEREA,KY40403     		    TO SUPPORT EDUCATION/INSTRUCTION 5,000
    THE ASSOCIATED COLLEGES OF ILLINOIS
    150 N WACKER DR
    SUITE 11740
    CHICAGO,IL60606     		    TO SUPPORT EDUCATION/INSTRUCTION 12,500
    THE CARING CENTER
    2800 E HILL DRIVE
    ROCK FALLS,IL61071     		    IN SUPPORT OF HUMAN SERVICE 3,500
    THE CHARLEMAGNE INSTITUTE
    8011 34TH AVE S
    SUITE C-11
    BLOOMINGTON,MN55425     		    TO SUPPORT EDUCATION/INSTRUCTION 4,000
    THE CULVER EDUCATIONAL FOUNDATION
    1300 ACADEMY RD 29
    CULVER,IN46511     		    TO SUPPORT EDUCATION/INSTRUCTION 8,750
    THE FUND FOR AMERICAN STUDIES
    260 RUSSEL BLVD SUITE B
    DAVIS,CA95616     		    IN SUPPORT OF EDUCATION/INSTRUCTION 4,000
    THE JOSEPH F GLIDDEN HOMESTEAD
    FOUNDATION
    2944 GREENWOOD ACRES DR
    DEKALB,IL60115     		    TO SUPPORT ARTS, CULTURE, HUMANITIES 5,000
    THE MUSEUM OF FLIGHT
    9404 E MARGINAL WAY S
    SEATTLE,WA98108     		    TO SUPPORT ARTS, CULTURE, HUMANITIES 7,000
    THE NATIONAL ARBOR DAY FOUNDATION
    100 ARBOR AVENUE
    NEBRASKA CITY,NE68410     		    TO SUPPORT ENVIRONMENTAL QUALITY 3,500
    THE NATURE CONSERVANCY OF IL
    CHAPTER
    8 S MICHIGAN SUITE 900
    CHICAGO,IL60603     		    TO SUPPORT ENVIRONMENTAL QUALITY 7,500
    THE PHILANTHROPY ROUNDTABLE
    1150 17TH ST NW
    SUITE 503
    WASHINGTON,DC20063     		    TO SUPPORT PHILANTHROPY/VOLUNTARISM 1,500
    THE SALVATION ARMY
    PO BOX 366
    STERLING,IL61081     		    TO SUPPORT HUMAN SERVICE ACTIVITIES 21,000
    THE UNITED STATES OLYMPIC COMMITTEE
    1 OLYMPIC PLAZA
    COLORADO SPRINGS,CO80909     		    TO SUPPORT RECREATION, LEISURE, SPOR 3,000
    TIMBER LAKE PLAYHOUSE
    PO BOX 29
    MOUNT CARROLL,IL61053     		    TO SUPPORT ARTS, CULTURE, HUMANITIES 5,000
    TUNNEL TO TOWERS FOUNDATION
    2361 HYLAN BLVD
    STATEN ISLAND,NY10306     		    TO SUPPORT FOOD, NUTRITION, AND AG 1,000
    TWIN CITY PUBLIC ACTION TO DELIVER
    SHELTER INC
    507 W 3RD ST
    STERLING,IL61081     		    TO SUPPORT PUBLIC SAFETY/EMERGENCY 4,000
    UNION LEAGUE BOYS & GIRLS CLUBS
    65 W JACKSON BLVD
    CHICAGO,IL606043507     		    IN SUPPORT OF YOUTH DEVELOPMENT 4,000
    UNITED WAY OF WHITESIDE COUNTY
    PO BOX 806
    STERLING,IL61081     		    TO SUPPORT HUMAN SERVICE ACTIVITIES 182,250
    UNIVERSITY OF COLORADO FOUNDATION
    INC
    4200 E 9TH AVE B188
    DENVER,CO80262     		    TO SUPPORT EDUCATION/INSTRUCTION 8,000
    UNIVERSITY OF DUBUQUE
    200 UNIVERSITY AVE
    DUBUQUE,IA52001     		    TO SUPPORT EDUCATION/INSTRUCTION 8,750
    UNIVERSITY OF NORTH CAROLINA
    601 SOUTH COLLEGE ROAD
    WILMINGTON,NC28403     		    IN SUPPORT OF EDUCATION/INSTRUCTION 7,000
    WHITESIDE AREA CAREER CENTER
    1608 5TH AVE
    STERLING,IL61081     		    TO SUPPORT EDUCATION/INSTRUCTION 84,000
    WHITESIDE COUNTY COMMUNITY HEALTH
    CLINIC
    1300 W 2ND ST
    ROCK FALLS,IL61071     		    TO SUPPORT HEALTH/GENERAL AND RELATE 5,000
    WHITESIDE COUNTY SENIOR CENTER
    1207 W 9TH ST
    STERLING,IL61081     		    TO SUPPORT HUMAN SERVICE ACTIVITES 15,500
    WOODALWN ARTS ACADEMY
    3807 WOODLAWN RD
    STERLING,IL61081     		    TO SUPPORT ARTS, CULTURE, HUMANITIES 176,500
    YMCA AT UNIVERSITY OF ILLINOIS
    1001 S WRIGHT ST
    CHAMPAIGN,IL61820     		    TO SUPPORT HUMAN SERVICE ACTIVITIES 7,500
    YWCA OF THE SAUK VALLEY
    412 FIRST AVE
    STERLING,IL61081     		    TO SUPPORT HUMAN SERVICE ACTIVITIES 22,500
    Total .................................bullet 3a 2,688,883
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 12
    Part XV-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments ....          
    3 Interest on savings and temporary cash
    investments ...........     		    14 1,566  
    4 Dividends and interest from securities ....          
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6 Net rental income or (loss) from personal property          
    7 Other investment income .....          
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 1,264,100  
    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) ..   2,730,180  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    2,730,180
    (See worksheet in line 13 instructions to verify calculations.)
    Part XV-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 13
    Part XVI
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

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


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


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2021 AccountingFeesSchedule
    Name:
    DILLON FOUNDATION
    EIN:
    36-6059349
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING AND AUDIT 63,550 31,775   31,775

    TY 2021 InvestmentsCorpBondsSchedule
    Name:
    DILLON FOUNDATION
    EIN:
    36-6059349
    Name of Bond End of Year Book Value End of Year Fair Market Value
    SPX R2K SX5E NOTE 9617 7,536,274 7,536,274

    TY 2021 InvestmentsCorpStockSchedule
    Name:
    DILLON FOUNDATION
    EIN:
    36-6059349
    Name of Stock End of Year Book Value End of Year Fair Market Value
    SCHAFER CULLEN LARGE CAP VALUE 8,014,163 8,014,163
    LAZARD 5,841,687 5,841,687
    OPPORTUNISTIC PORTFOLIO 8,955,717 8,955,717
    LOOMIS SAYLES 4,613,466 4,613,466
    CAMBIAR 2,721,778 2,721,778
    RIVERBRIDGE 2,097,472 2,097,472

    TY 2021 InvestmentsGovtObligationsSch
    Name:
    DILLON FOUNDATION
    EIN:
    36-6059349
    US Government Securities - End of Year Book Value:

    4,288,137
    US Government Securities - End of Year Fair Market Value:

    4,288,137
    State & Local Government Securities - End of Year Book Value:


     
    State & Local Government Securities - End of Year Fair Market Value:


     


    TY 2021 InvestmentsOtherSchedule2
    Name:
    DILLON FOUNDATION
    EIN:
    36-6059349
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    MILLENNIUM FMV 4,147,724 4,147,724
    DOUBLELINE FMV 145,645 145,645
    STRATEGIC OPPORTUNITIES FMV 548,712 548,712
    BLACKSTONE ENERGY PARTNERS FMV 2,718,984 2,718,984
    STRATEGIC OPPORTUNITIES FUND II FMV 1,434,115 1,434,115
    STRATEGIC OPPORTUNITIES FUND III FMV 2,764,659 2,764,659
    MORGAN STANLEY 8579 FMV 10,444 10,444
    INTERNATIONAL EQUITY NOTE FMV 4,388,407 4,388,407

    TY 2021 OtherAssetsSchedule
    Name:
    DILLON FOUNDATION
    EIN:
    36-6059349
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    REAL ESTATE 29,000 29,000 29,000


    TY 2021 OtherDecreasesSchedule
    Name:
    DILLON FOUNDATION
    EIN:
    36-6059349
    Description Amount
    UNREALIZED LOSS ON INVESTMENTS 9,843,062


    TY 2021 OtherExpensesSchedule
    Name:
    DILLON FOUNDATION
    EIN:
    36-6059349
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXPENSES        
    INSURANCE 15,478     15,478
    OFFICE SUPPLIES 475     475
    DUES & SUBSCRIPTIONS 1,185     1,185
    MISCELLANEOUS 1,503     1,503
    TELEPHONE 185     185
    BANK SERVICE CHARGES 2,868     2,868
    POSTAGE 348     348
    REPAIRS & MAINTENANCE 21     21
    BOX RENT 255     255


    TY 2021 OtherProfessionalFeesSchedule
    Name:
    DILLON FOUNDATION
    EIN:
    36-6059349
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT FEES 456,981 456,981    


    TY 2021 TaxesSchedule
    Name:
    DILLON FOUNDATION
    EIN:
    36-6059349
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXCISE TAX 38,407      
    FOREIGN TAXES PAID 20,101 20,101