Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
right arrowDo not enter social security numbers on this form as it may be made public.
right arrowGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2022
Open to Public Inspection
For calendar year 2022, or tax year beginning 01-01-2022 , and ending 12-31-2022
Name of foundation
The Cullen Foundation
 
Number and street (or P.O. box number if mail is not delivered to street address)2727 Allen Parkway 1050
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Houston, TX770192115
A Employer identification number

76-0647361
B Telephone number (see instructions)

(713) 651-8839
C right arrow
G Check all that apply:

D 1. Foreign organizations, check here............. right arrow
2. Foreign organizations meeting the 85%
test, check here and attach computation ... right arrow
E right arrow
H Check type of organization:
F right arrow
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)right arrow$351,795,965J Accounting method:
Modified Cash
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check right arrow.............
3 Interest on savings and temporary cash investments 81,606 81,606  
4 Dividends and interest from securities... 1,592,869 1,592,869  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 Click to see attachment
List of Attached Documents:
// Content
15,678,430
b Gross sales price for all assets on line 6a 16,776,349
7 Capital gain net income (from Part IV, line 2)... 14,741,289
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
1,472,578 1,918,608  
12 Total. Add lines 1 through 11........ 18,825,483 18,334,372  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 1,026,847 340,867   675,393
14 Other employee salaries and wages...... 73,267 0   73,267
15 Pension plans, employee benefits....... 213,346 67,582   145,764
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
31,780 13,891   15,891
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
1,356,913 1,344,409   12,505
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
708,990 14,907   0
19 Depreciation (attach schedule) and depletion... Click to see attachment
List of Attached Documents:
// Content
28,409 8,478  
20 Occupancy.............. 76,040 22,052   53,988
21 Travel, conferences, and meetings....... 4,789 4,298   406
22 Printing and publications.......... 1,190 381   809
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
305,935 229,920   76,014
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 3,827,506 2,046,785   1,054,037
25 Contributions, gifts, grants paid....... 17,900,000 17,900,000
26 Total expenses and disbursements. Add lines 24 and 25 21,727,506 2,046,785   18,954,037
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -2,902,023
b Net investment income (if negative, enter -0-) 16,287,587
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2022)
Form 990-PF (2022)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 529,908 261,213 261,213
2 Savings and temporary cash investments......... 5,125,448 4,863,659 4,863,659
3 Accounts receivable right arrow  
Less: allowance for doubtful accounts right arrow        
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) right arrow  
Less: allowance for doubtful accounts right arrow        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 25,286,072 Click to see attachment
List of Attached Documents:
// Content
25,936,899 		41,747,236
c Investments—corporate bonds (attach schedule)....... 8,855,068 Click to see attachment
List of Attached Documents:
// Content
25,568,305 		24,937,467
11 Investments—land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 242,946,055 Click to see attachment
List of Attached Documents:
// Content
223,207,755 		279,861,985
14 Land, buildings, and equipment: basis right arrow245,867
Less: accumulated depreciation (attach schedule) right arrow121,462 121,708 Click to see attachment
List of Attached Documents:
// Content
124,405 		124,405
15 Other assets (describe right arrow)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 282,864,259 279,962,236 351,795,965
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 right arrow)    
23 Total liabilities (add lines 17 through 22)......... 0 0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here right arrow
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions........... 282,864,259 279,962,236
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here right arrow
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds    
29 Total net assets or fund balances (see instructions)..... 282,864,259 279,962,236
30 Total liabilities and net assets/fund balances (see instructions). 282,864,259 279,962,236
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
282,864,259
2
Enter amount from Part I, line 27a .....................
2
-2,902,023
3
Other increases not included in line 2 (itemize) right arrow
3
0
4
Add lines 1, 2, and 3 ..........................
4
279,962,236
5
Decreases not included in line 2 (itemize) right arrow
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
279,962,236
Form 990-PF (2022)
Form 990-PF (2022)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a Publicly traded securities      
b Passthrough K-1 capital gain      
c Security settlement proceeds      
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 16,776,349   16,026,325 750,024
b       13,983,096
c       8,169
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       750,024
b       13,983,096
c       8,169
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 14,741,289
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 (2022)
Form 990-PF (2022)
Page 4
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here right arrow and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions) 1 226,397
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........................... 3 226,397
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- ..... 5 226,397
6 Credits/Payments:
a 2022 estimated tax payments and 2021 overpayment credited to 2022 6a 325,000
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 325,000
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2221 is attached. Click to see attachment
List of Attached Documents:
// Content
8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10 98,603
11 Enter the amount of line 10 to be: Credited to 2023 estimated taxright arrow98,603 Refundedright arrow 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. right arrow$ 0(2) On foundation managers.right arrow$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$ 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 changesClick to see attachment
List of Attached Documents:
// Content
....
3
Yes
 
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
right arrowTX
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
8b
Yes
 
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2022 or the taxable year beginning in 2022? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
 
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 (2022)
Form 990-PF (2022)
Page 5
Part VI-A
Statements Regarding Activities (continued)
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions Click to see attachment
List of Attached Documents:
// Content
.............
11
Yes
 
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressright arrowwww.cullenfdn.org
14
The books are in care ofright arrowPeggy Reid Telephone no.right arrow (713) 651-8839

Located atright arrow2727 Allen Parkway Ste 1050HoustonTX ZIP+4right arrow770192115
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2022, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country right arrow
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
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
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2022? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2022, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2022?....................
2a
 
No
If "Yes," list the years right arrow20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
right arrow20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2022 as a result of (1) any purchase by the foundation
or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
if the foundation had excess business holdings in 2022.) .....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2022? ..
4b
 
No
Form 990-PF (2022)
Form 990-PF (2022)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........right arrow
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
No
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
(a) Name and address (b) Title, and average
hours per week
devoted to position 		(c) Compensation
 (If not paid, enter
-0-) 		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
other allowances
Wilhelmina E Robertson Chairman/Dir
10.00 		0 0 0
2727 Allen Pkwy Ste 1050
Houston,TX77019
Carla Knobloch Vice Chairman/Dir
2.00 		0 0 0
2727 Allen Pkwy Ste 1050
Houston,TX77019
Meredith T Cullen Secretary/Dir
2.00 		0 0 0
2727 Allen Pkwy Ste 1050
Houston,TX77019
Isaac Arnold III Director
2.00 		0 0 0
2727 Allen Pkwy Ste 1050
Houston,TX77019
Marvin E Odum Director
2.00 		0 0 0
2727 Allen Pkwy Ste 1050
Houston,TX77019
Scott W Wise President, CEO, CIO
40.00 		521,984 60,140 0
2727 Allen Pkwy Ste 1050
Houston,TX77019
Laura Chapman COO/VP Investments
40.00 		287,863 35,509 0
2727 Allen Pkwy Ste 1050
Houston,TX77019
Peggy Reid CAO/Controller
40.00 		217,000 45,669 0
2727 Allen Pkwy Ste 1050
Houston,TX77019
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
Gina McEvily Grants Administrator
32.00 		73,267 18,884 0
2727 Allen Parkway Suite 1050
Houston,TX770192115
Total number of other employees paid over $50,000...................right arrow 0
Form 990-PF (2022)
Form 990-PF (2022)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
Silchester International Investors Investment Mgmt 245,541
780 Third Ave 42nd Fl
New York,NY10017
Northern Trust Company Custody/Investment Mgmt 185,236
50 South LaSalle
Chicago,IL60603
Albourne America LLC Investment Advisory 120,000
655 Montgomery St Ste 1910
San Francisco,CA94111
Fayez Sarofim & Co Investment Mgmt 68,877
909 Fannin Ste 2907
Houston,TX77002
Income Research Management Inc Investment Mgmt 62,008
100 Federal St 30th Fl
Boston,IL02110
Total number of others receiving over $50,000 for professional services.............right arrow0
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.........................right arrow0
Form 990-PF (2022)
Form 990-PF (2022)
Page 8
Part IX
Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
1
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:
a
Average monthly fair market value of securities...................
1a
75,001,237
b
Average of monthly cash balances.......................
1b
6,586,157
c
Fair market value of all other assets (see instructions)................
1c
279,289,308
d
Total (add lines 1a, b, and c).........................
1d
360,876,702
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
360,876,702
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
5,413,151
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
355,463,551
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
17,773,178
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
17,773,178
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
226,397
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
90,166
c
Add lines 2a and 2b............................
2c
316,563
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
17,456,615
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
17,456,615
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
17,456,615
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
18,954,037
b
Program-related investments—total from Part VIII-B..................
1b
0
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
22,084
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
18,976,121
Form 990-PF (2022)
Form 990-PF (2022)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2021 		(c)
2021 		(d)
2022
1 Distributable amount for 2022 from Part X, line 7 17,456,615
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2021 only....... 5,671,767
b Total for prior years:20, 20, 20 0
3 Excess distributions carryover, if any, to 2022:
a From 2017......  
b From 2018......  
c From 2019......  
d From 2020......  
e From 2021......  
f Total of lines 3a through e ........ 0
4Qualifying distributions for 2022 from Part
XI, line 4: right arrow$ 18,976,121
a Applied to 2021, but not more than line 2a 5,671,767
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 2022 distributable amount..... 13,304,354
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2022. 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 2021. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		0
f Undistributed income for 2022. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2023 .......... 		4,152,261
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 2017 not
applied on line 5 or line 7 (see instructions) ... 		0
9 Excess distributions carryover to 2023.
Subtract lines 7 and 8 from line 6a ...... 		0
10 Analysis of line 9:
a Excess from 2018....  
b Excess from 2019....  
c Excess from 2020....  
d Excess from 2021....  
e Excess from 2022....  
Form 990-PF (2022)
Form 990-PF (2022)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2022, enter the date of the ruling ...... right arrow
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2022 (b) 2021 (c) 2020 (d) 2019
         
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 right arrow
aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
Gina McEvily The Cullen Foundation
2727 Allen Parkway Suite 1050
Houston,TX770192115
(713) 651-8837
gina@cullenfdn.org
bThe form in which applications should be submitted and information and materials they should include:
See www.cullenfdn.org for online application and information.
cAny submission deadlines:
None
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
Restricted to Texas-based charitable organizations for programs in Texas, primarily in the Houston area.
Form 990-PF (2022)
Form 990-PF (2022)
Page 11
Part XIV
Supplementary Information (continued)
3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient If recipient is an individual,
show any relationship to
any foundation manager
or substantial contributor
 Foundation
status of
recipient 		Purpose of grant or
contribution 		Amount
Name and address (home or business)
aPaid during the year

Alley Theatre

615 Texas Avenue
Houston,TX77002 		N/A PC Annual Giving Grant 150,000

Baylor College of Medicine

3200 Southwest Freeway Ste 1180
Houston,TX77027 		N/A PC Baylor College of Medicines Health Sciences Tower 6,000,000

The Beta Foundation dba Beta Academy

9701 Almeda Genoa Rd
Houston,TX77075 		N/A PC Joy Campaign Phase II 500,000

Children's Museum Inc

1500 Binz Street
Houston,TX77004 		N/A PC Annual Giving Grant 60,000

The Council on Recovery

303 Jackson Hill Street
Houston,TX77007 		N/A PC Annual Giving Grant 40,000

Da Camera Society of Texas

1402 Sul Ross Street
Houston,TX77006 		N/A PC Annual Giving Grant 75,000

The Foundation for Jones Hall

55 Waugh Drive 601
Houston,TX77007 		N/A SOI Overture to the Future 1,000,000

Good Reason Houston Inc

8 Greenway Plaza Ste 900
Houston,TX77046 		N/A PC Good Reason Houston's Phase II 1,000,000

Harmony Public Schools

9321 West Sam Houston Pkwy S
Houston,TX77099 		N/A PC Harmony Public Schools - Houston Capital Campaign 750,000

Holocaust Museum Houston

5401 Caroline Street
Houston,TX77004 		N/A PC Strengthening HMH Field Trips 80,000

Houston Arboretum & Nature Center

4501 Woodway Drive
Houston,TX77024 		N/A PC Annual Giving Grant 40,000

Houston Ballet Foundation

601 Preston Street
Houston,TX77002 		N/A PC Annual Giving Grant 150,000

Houston Food Bank

535 Portwall Street
Houston,TX77029 		N/A PC Food for Better Lives Expansion Campaign 1,000,000

Houston Grand Opera Association Inc

510 Preston Street
Houston,TX77002 		N/A PC Annual Giving Grant 150,000

Houston Hospice

1905 Holcombe Blvd
Houston,TX77030 		N/A PC Marketing Initiative 250,000

Houston Museum of Natural Science

5555 Hermann Park Drive
Houston,TX77030 		N/A PC Annual Giving Grant 150,000

Houston Public Media Foundation

4343 Elgin
Houston,TX77204 		N/A PC Annual Giving Grant 75,000

Houston Symphony Society

615 Louisiana Street Suite 102
Houston,TX77002 		N/A PC Annual Giving Grant 150,000

Kids' Meals Inc

330 Garden Oaks Blvd
Houston,TX77018 		N/A PC Building Hope Capital Campaign 1,000,000

The Kinkaid School Inc

201 Kinkaid School Drive
Houston,TX77024 		N/A PC Annual Giving Grant - The 2022 Kinkaid Engineering, Math and Science Institute 60,000

The Kinkaid School Inc

201 Kinkaid School Drive
Houston,TX77024 		N/A PC Comprehensive Campaign 500,000

Lawndale Art Center

4912 Main Street
Houston,TX77002 		N/A PC 4900 Main Street Lot Acquisition 150,000

Making It Better dba Literacy Now

14781 Memorial Drive 25
Houston,TX77079 		N/A PC Literacy Now Reading Intervention Expansion 125,000

Menil Foundation Inc

1519 Branard Street
Houston,TX77006 		N/A PC Annual Giving Grant 125,000

The Museum of Fine Arts Houston

P O Box 6826
Houston,TX77265 		N/A PC Annual Giving Grant 150,000

Project Row Houses

PO Box 1011
Houston,TX77251 		N/A PC The Road to Eldorado - A Capital Campaign for the Eldorado Ballroom 300,000

Rothko Chapel

1409 Sul Ross Street
Houston,TX77006 		N/A PC Phase II of Rothko Chapel's Opening Spaces Campaign 500,000

Small Steps Nurturing Center

2902 Jensen Drive
Houston,TX77026 		N/A PC Fifth Ward Campus Expansion Campaign 200,000

Teach For America Inc - Houston

2 Greenway Plaza Ste 500
Houston,TX77046 		N/A PC Igniting the Potential of Houstons Next Generation of Education Leaders 400,000

Texas Children's Hospital

1919 South Braeswood Blvd Ste 5214
Houston,TX77030 		N/A PC Support for the Jan and Dan Duncan Neurological Research Institute 600,000

Transform Houston Foundation

3471 Westheimer Rd
Houston,TX77027 		N/A PC Building a Community Center in Gulfton 250,000

United Way of Greater Houston

50 Waugh Drive
Houston,TX77007 		N/A PC Annual Giving Grant 250,000

University of Houston System

212 E Cullen Building
Houston,TX77204 		N/A GOV Houston Housing Action Plan 110,000

W Oscar Neuhaus Memorial Foundation

4433 Bissonnet Street
Houston,TX77401 		N/A PC Annual Giving Grant 60,000

Willow Waterhole Greenspace Conservancy Inc

11415 Chimney Rock Ste 201
Houston,TX77035 		N/A PC Discover Your Greenway: A Campaign for Willow Waterhole Greenspace Conservancy 1,000,000

Wonderland Educational Estate Association Inc dba Beatrice Mayes Institute

5807 Calhoun Rd
Houston,TX77021 		N/A PC The WonderWorks Campaign 500,000
Total .................................right arrow 3a 17,900,000
bApproved for future payment

Baylor College of Medicine
3200 Southwest Freeway Ste 1180
Houston,TX77027 		N/A PC Baylor College of Medicines Health Sciences Tower 6,000,000
Total ................................. right arrow 3b 6,000,000
Form 990-PF (2022)
Form 990-PF (2022)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		    14 81,606  
4 Dividends and interest from securities ....     14 1,592,869  
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 ............ 		525990 937,141 18 14,741,289  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aOil & gas royalties 		    15 226,795  
bPassthrough K-1 Income 525990 -446,484 14 1,691,453  
cTax refund     01 814  
d
e
12 Subtotal. Add columns (b), (d), and (e) .. 490,657 18,334,826 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
18,825,483
(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 (2022)
Form 990-PF (2022)
Page 13
Part XVI
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
1
Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
Yes
No
a
Transfers from the reporting foundation to a noncharitable exempt organization of:
(1) Cash...................................
1a(1)
 
No
(2) Other assets.................................
1a(2)
 
No
b
Other transactions:
(1) Sales of assets to a noncharitable exempt organization....................
1b(1)
 
No
(2) Purchases of assets from a noncharitable exempt organization..................
1b(2)
 
No
(3) Rental of facilities, equipment, or other assets.......................
1b(3)
 
No
(4) Reimbursement arrangements...........................
1b(4)
 
No
(5) Loans or loan guarantees.............................
1b(5)
 
No
(6) Performance of services or membership or fundraising solicitations................
1b(6)
 
No
c
Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
1c
 
No
d
If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
(a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
2a
Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
b
If "Yes," complete the following schedule.

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


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


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

TY 2022 AccountingFeesSchedule
Name:
The Cullen Foundation
EIN:
76-0647361
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Audit fees 21,000 10,500   10,500
Tax compliance 10,780 3,391   5,391

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

TY 2022 DepreciationSchedule
Name:
The Cullen Foundation
EIN:
76-0647361
Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
Life (# of years)		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
Leasehold improvements 2017-04-01 100,442 30,133 SL 15.000000000000 6,697 0    
Equipment 2013-09-23 17,937 16,016 SL 5.000000000000 1,921 0    
Furniture 2017-04-01 64,765 41,635 SL 7.000000000000 9,252 0    
Software 2021-07-01 31,618 5,270 SL 3.000000000000 10,539 0    
Leasehold improvements 2022-04-01 31,105   SL 15.000000000000 0 0    

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

TY 2022 GainLossSaleOtherAssetsSch
Name:
The Cullen Foundation
EIN:
76-0647361
Name Date Acquired How Acquired Date Sold Purchaser Name Gross Sales Price Basis Basis Method Sales Expenses Total (net) Accumulated Depreciation
Passthrough K-1 capital gain (UBTI)   Purchased         Cost 0 937,141  

TY 2022 InvestmentsCorpBondsSchedule
Name:
The Cullen Foundation
EIN:
76-0647361
Name of Bond End of Year Book Value End of Year Fair Market Value
2632831 Shs PIMCO Short Term Fd-Instl 25,568,305 24,937,467

TY 2022 InvestmentsCorpStockSchedule
Name:
The Cullen Foundation
EIN:
76-0647361
Name of Stock End of Year Book Value End of Year Fair Market Value
3100 Shs Marriott Intl Inc New Com Stk Cl A 442,042 461,559
1050 Shs Automatic Data Processing Inc Com 106,268 250,803
6250 Shs Novo-Nordisk 266,807 845,875
1000 Shs Air Products and Chemicals Inc 156,680 308,260
3550 Shs Intercontinental Exchange Inc Com 203,791 364,195
3400 Shs Visa Inc Com Cl A 267,043 706,384
12120 Shs Apple Inc Com 86,498 1,574,752
570 Shs Adobe Sys Inc Com 202,390 191,822
9980 Shs Comcast Corp New-Cl A 325,777 349,001
1600 Shs Procter & Gamble Com 253,835 242,496
4230 Shs Philip Morris Intl Com 194,418 428,118
550 Shs Asml Holding 55,790 300,520
7000 Shs Amazon Com Inc Com 680,678 588,000
3100 Shs RTX Corporation Com 208,867 312,852
4960 Shs Abbott Laboratories Com 278,100 544,558
8150 Shs Microsoft Corp Com 491,463 1,954,533
2550 Shs Union Pac Corp Com 271,284 528,029
6800 Shs Exxon Mobil Corp Com 559,124 750,040
1150 Shs Verisk Analytics Inc Com 113,761 202,883
2000 Shs EOG Resources Inc Com 237,080 259,040
1950 Shs Intuitive Surgical Inc Com New 218,660 517,433
3400 Shs Nike Inc Cl B 189,754 397,834
1400 Shs Otis Worldwide Corp Com 99,278 109,634
5400 Shs Hess Corp Com 505,944 765,828
8620 Shs Coca Cola Co Com 215,035 548,318
850 Shs Mastercard Inc Cl A 189,124 295,571
1600 Shs Broadridge Finl Solutions Inc Com 197,482 214,608
5000 Shs Alphabet Inc Cap 247,150 443,650
1720 Shs Mc Donalds Corp. Com 99,997 453,272
2450 Shs Unitedhealth Group Inc Com 612,925 1,298,941
900 Shs Zoetis Inc Com Cl 'A' 144,126 131,895
800 Shs Intuit Com 221,509 311,376
1050 Shs Sherwin-Williams Co Com 159,449 249,197
3630 Shs Nestle S A 148,712 418,684
1400 Shs S&P Global Inc Com 337,173 468,916
3250 Shs Pepsico Inc Com 284,826 587,145
4400 Shs Canadian Pac Ry Ltd C 111,319 328,196
4140 Shs Texas Instruments Inc Com 107,939 684,011
1000 Shs Gartner Inc Com 238,604 336,140
925 Shs Blackrock Inc Com 286,616 655,483
2600 Shs Progressive Corp., Ohio, Com 198,946 337,246
3158 Shs JPMorgan Chase & Co Com 131,022 423,488
1850 Shs Estee Lauder Companies Inc Cl A 157,380 459,004
2000 Shs Johnson & Johnson Com 337,384 353,300
6660 Shs Chevron Corp Com 622,424 1,195,400
61875 Shs NTGI-Qm Common Daily Russell 1000 14,472,425 18,598,946

TY 2022 InvestmentsOtherSchedule2
Name:
The Cullen Foundation
EIN:
76-0647361
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
AKO European Long-Only Fund Ltd AT COST 10,251,183 14,559,735
AKO Global Fund Limited AT COST 12,000,000 12,930,647
Atalan Offshore Fund, Ltd AT COST 12,000,000 11,360,110
Blackgold Private Energy Partners LP AT COST 639,088 1,490,862
Cedar Rock Capital Partners LLC AT COST 18,003 1
Cevian Capital II Ltd AT COST 12,000,000 15,565,995
Coatue Growth Fund V LP AT COST 3,527,944 2,448,724
Coatue Offshore Fund Ltd AT COST 18,000,000 25,219,529
CREA Partners II LP AT COST 4,241,666 3,634,302
CREA Partners III LP AT COST 1,750,735 1,725,992
Diameter Offshore Fund LP AT COST 20,000,000 25,277,171
Eminence Fund Ltd AT COST 20,000,000 29,239,916
Encap Flatrock Midstream Fund II-C LP AT COST 1,572,038 581,379
GSR 2017 Opportunities Fund LP AT COST 905,923 1,513,280
GSR 2021 Opportunities Fund LP AT COST 148,649 145,429
GSR Ventures VI LP AT COST 862,615 1,479,209
GSR Ventures VII LP AT COST 1,594,688 2,572,774
GSR Ventures VIII LP AT COST 150,306 146,777
GSR Zebra SPV LP AT COST 243,649 311,390
Highland Cap Invs Corp Hldg (Red River) AT COST 1 1
IR&M Core Plus Bond Fund LLC AT COST 21,786,539 19,015,996
Meadow Real Estate V LP AT COST 6,044,691 8,162,952
Merit Energy Partners K LP AT COST 2,727,128 2,446,513
Oaktree Mezzanine Fund III LP AT COST 1,402 3,335
OCM Opportunities Fund VIIB LP AT COST 56,263 2,883
SCF-IX LP AT COST 2,000,422 2,797,599
Silchester Intl Investors Intl Value Equity Trust AT COST 27,312,774 25,194,694
Silver Point Distressed Opp Instl Pts (Offshore) LP AT COST 7,267,963 9,714,736
Stonelake Opportunity Partners II LP AT COST 1,148,602 15,994,134
Stonelake Opportunity Partners III LP AT COST 1,336,623 3,133,785
Stonelake Opportunity Partners IV LP AT COST 595,387 2,051,821
Stonelake Opportunity Partners V LP AT COST 2,793,458 4,578,832
Stonelake Opportunity Partners VI LP AT COST 3,230,015 3,996,709
Tremblant Long Fund Ltd AT COST 15,000,000 17,000,041
ValueAct Capital Intl II LP AT COST 12,000,000 15,293,303
Royalty Interests AT COST 0 271,429

TY 2022 LandEtcSchedule2
Name:
The Cullen Foundation
EIN:
76-0647361
Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
Leasehold improvements 100,442 36,830 63,612  
Equipment 17,937 17,937 0  
Furniture 64,765 50,887 13,878  
Software 31,618 15,809 15,809  
Leasehold improvements 31,105 0 31,105  


TY 2022 OtherExpensesSchedule
Name:
The Cullen Foundation
EIN:
76-0647361
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Bank charges 3,407 1,090   2,317
Bank custodial fees 179,140 179,140   0
Dues and registrations 10,618 0   10,618
Insurance 38,636 12,364   26,272
Oil & gas other deductions 19,578 19,578   0
Other investment fees 428 428   0
Other administrative exp 3,325 1,064   2,261
Supplies and equipment 11,745 3,758   7,987
Technology 39,058 12,498   26,559


TY 2022 OtherIncomeSchedule2
Name:
The Cullen Foundation
EIN:
76-0647361
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
Oil & gas royalties 226,795 226,795 226,795
Passthrough K-1 Income 1,244,969 1,691,813 1,244,969
Tax refund 814   814


TY 2022 OtherProfessionalFeesSchedule
Name:
The Cullen Foundation
EIN:
76-0647361
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Investment management fees 1,221,818 1,221,818   0
Investment consulting fees 120,000 120,000   0
Payroll services 8,095 2,591   5,505
HR Recruiting 7,000 0   7,000


TY 2022 TaxesSchedule
Name:
The Cullen Foundation
EIN:
76-0647361
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Excise tax 328,575 0   0
Income tax 365,508 0   0
Ad valorem taxes 2,816 2,816   0
O & G production taxes 12,091 12,091   0


TY 2022 TransfersFrmControlledEntities
Name:
The Cullen Foundation
EIN:
76-0647361
Name US /
Foreign Address		 EIN Description Amount
BlackGold Private Energy Partners 109 N Post Oak Ln Ste 500
Houston,TX77024 		81-1616295 Distribution from investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B). 0
Total     1,277,358