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
Cummings Foundation Inc
 
% WILLIAM F GRANT
Number and street (or P.O. box number if mail is not delivered to street address)200 West Cummings Park
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Woburn, MA01801
A Employer identification number

04-3073023
B Telephone number (see instructions)

(781) 935-8000
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$2,568,302,446J 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) 3,756,000
2 Check right arrow.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 19,619,383 19,619,383 19,619,383
5a Gross rents............ 98,838 98,838 98,838
b Net rental income or (loss) 75,292
6a Net gain or (loss) from sale of assets not on line 10 77,187,762
b Gross sales price for all assets on line 6a 189,650,670
7 Capital gain net income (from Part IV, line 2)... 73,511,800
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
210,145,010 93,008,602 211,161,060
12 Total. Add lines 1 through 11........ 310,806,993 186,238,623 230,879,281
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 513,628     513,628
14 Other employee salaries and wages...... 58,161,964     58,298,535
15 Pension plans, employee benefits....... 1,366,668     1,474,088
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
95,186 0 0 48,638
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
5,546     5,546
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
3,162,460 347,408    
19 Depreciation (attach schedule) and depletion... Click to see attachment
List of Attached Documents:
// Content
511,888   511,888
20 Occupancy.............. 4,290,116     4,285,471
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
82,189,104 28,879,581 6,779 53,112,920
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 150,296,560 29,226,989 518,667 117,738,826
25 Contributions, gifts, grants paid....... 37,022,600 17,313
26 Total expenses and disbursements. Add lines 24 and 25 187,319,160 29,226,989 518,667 117,756,139
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 123,487,833
b Net investment income (if negative, enter -0-) 157,011,634
c Adjusted net income (if negative, enter -0-)... 230,360,614
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............. 1,096,435 2,606,319 2,606,319
2 Savings and temporary cash investments......... 25,067,354 15,103,044 15,103,044
3 Accounts receivable right arrow8,215,439
Less: allowance for doubtful accounts right arrow   3,724,712 8,215,439 8,215,439
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.............. 32,521 32,828 32,828
9 Prepaid expenses and deferred charges.......... 741,330 387,817 387,817
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 435,770,270 Click to see attachment
List of Attached Documents:
// Content
461,696,851 		649,879,711
c Investments—corporate bonds (attach schedule).......      
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).......... 1,318,578,074 Click to see attachment
List of Attached Documents:
// Content
1,476,338,494 		1,885,991,277
14 Land, buildings, and equipment: basis right arrow16,258,227
Less: accumulated depreciation (attach schedule) right arrow10,172,216 6,084,101 6,086,011 6,086,011
15 Other assets (describe right arrow)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 1,791,094,797 1,970,466,803 2,568,302,446
Liabilities 17 Accounts payable and accrued expenses.......... 1,318,221 1,968,753
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) Click to see attachment
List of Attached Documents:
// Content
32,029,133 		Click to see attachment
List of Attached Documents:
// Content
35,642,774
23 Total liabilities (add lines 17 through 22)......... 33,347,354 37,611,527
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........... 1,757,747,443 1,932,855,276
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)..... 1,757,747,443 1,932,855,276
30 Total liabilities and net assets/fund balances (see instructions). 1,791,094,797 1,970,466,803
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
1,757,747,443
2
Enter amount from Part I, line 27a .....................
2
123,487,833
3
Other increases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
3
51,620,000
4
Add lines 1, 2, and 3 ..........................
4
1,932,855,276
5
Decreases not included in line 2 (itemize) right arrow
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
1,932,855,276
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 - SHORT TERM P    
b PUBLICLY TRADED SECURITIES - LONG TERM P    
c M LYNCH SLP V P    
d M LYNCH SLP VI P    
e M LYNCH ORBIMED P    
KKR P    
APOLLO INVESTMENT FUND IX, LP P    
APOLLO INVESTMENT FUND IX, LP P    
APOLLO INVESTMENT FUND IX, LP SEC 1256 P    
CARLYLE EUROPE PARTNERS V, C.C.SP. P    
CARLYLE EUROPE PARTNERS V, C.C.SP. P    
COMMONFUND CAPITAL INTERNATIONAL PARTNERS VII LP P    
COMMONFUND CAPITAL INTERNATIONAL PARTNERS VII LP P    
COMMONFUND CAPITAL NATURAL RESOURCES IX LP P    
COMMONFUND CAPITAL NATURAL RESOURCES IX LP P    
COMMONFUND CAPITAL NATURAL RESOURCES IX LP SEC 1231 P    
COMMONFUND CAPITAL NATURAL RESOURCES IX LP SEC 1256 P    
COMMONFUND CAPITAL PRIVATE EQUITY PARTNERS VIII LP P    
COMMONFUND CAPITAL PRIVATE EQUITY PARTNERS VIII LP P    
COMMONFUND CAPITAL PRIVATE EQUITY PARTNERS VIII LP SEC 1231 P    
COMMONFUND CAPITAL VENTURE PARTNERS IX LP P    
COMMONFUND CAPITAL VENTURE PARTNERS IX LP P    
COMMONFUND GLOBAL DISTRESSED INVESTORS LLC P    
COMMONFUND GLOBAL DISTRESSED INVESTORS LLC P    
COMMONFUND STRATEGIC SOLUTIONS GLOBAL EQUITY LLC P    
COMMONFUND STRATEGIC SOLUTIONS GLOBAL EQUITY LLC P    
COMMONFUND STRATEGIC SOLUTIONS GLOBAL EQUITY LLC SEC 1256 P    
CRESCENT MEZZANINE PARTNERS VIIB, L.P. P    
CRESCENT MEZZANINE PARTNERS VIIB, L.P. P    
CUMMINGS FOUNDATION PRIVATE CAPITAL FUND, LP P    
CUMMINGS FOUNDATION PRIVATE CAPITAL FUND, LP P    
CUMMINGS FOUNDATION PRIVATE CAPITAL FUND, LP SEC 1231 P    
CUMMINGS FOUNDATION PRIVATE CAPITAL FUND, LP SEC 1256 P    
HIGHLAND CAPITAL PARTNERS 10 P    
PROVIDENCE EQUITY PARTNERS VII LP P    
PROVIDENCE EQUITY PARTNERS VIII LP P    
STRATEGIC PARTNERS VIII, L.P. P    
STRATEGIC PARTNERS VIII, L.P. P    
STRATEGIC PARTNERS VIII, L.P. SEC 1231 P    
STRATEGIC PARTNERS VIII, L.P. SEC 1256 P    
TPG HEALTHCARE PARTNERS, LP P    
TPG PARTNERS VIII, LP P    
WCAS XIII, LP P    
TPG VIII DE AIV I-A, L.P. P    
TPG HC DE AIV I, L.P. P    
HUNTER POINT CAPITAL INVESTORS (OFFSHORE) LP P    
HUNTER POINT CAPITAL INVESTORS (OFFSHORE) LP P    
HUNTER POINT CAPITAL INVESTORS (OFFSHORE) LP SEC 1231 P    
AP IX (PMC WARRANT AIV), L.P. P    
COMMONFUND STRATEGIC DIRECT SERIES LLC P    
COMMONFUND STRATEGIC DIRECT SERIES LLC P    
US RESEARCH EQUITY EXTENDED FUND, L.P. P    
US RESEARCH EQUITY EXTENDED FUND, L.P. P    
US RESEARCH EQUITY EXTENDED FUND, L.P. SEC 1256 P    
COMMONFUND SSGA MSCI NON K1      
(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 34,677,990   37,830,903 -3,152,913
b 94,428,277   74,318,344 20,109,933
c 192,954     192,954
d 512     512
e 928,527     928,527
614,113     614,113
86,479     86,479
133,622     133,622
    4,283 -4,283
30,557     30,557
230     230
1,652     1,652
138,385     138,385
    10,379 -10,379
    112,217 -112,217
200,904     200,904
    1,955 -1,955
4,539     4,539
388,590     388,590
15,833     15,833
8,034     8,034
612,342     612,342
    128 -128
    1,707,625 -1,707,625
4,520,850     4,520,850
6,260,098     6,260,098
63,874     63,874
3,452     3,452
    50,464 -50,464
282,372     282,372
33,090,693     33,090,693
471,079     471,079
    39,092 -39,092
130,463     130,463
2,553,886     2,553,886
1,148,385     1,148,385
63,923     63,923
1,875,604     1,875,604
15,127     15,127
2,712     2,712
350     350
82     82
4,547,531     4,547,531
177,421     177,421
1,110,508     1,110,508
58     58
76     76
    4 -4
75,181     75,181
    495,872 -495,872
    101,586 -101,586
    12,331,878 -12,331,878
12,310,775     12,310,775
    254,196 -254,196
    397,314 -397,314
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       -3,152,913
b       20,109,933
c       192,954
d       512
e       928,527
      614,113
      86,479
      133,622
      -4,283
      30,557
      230
      1,652
      138,385
      -10,379
      -112,217
      200,904
      -1,955
      4,539
      388,590
      15,833
      8,034
      612,342
      -128
      -1,707,625
      4,520,850
      6,260,098
      63,874
      3,452
      -50,464
      282,372
      33,090,693
      471,079
      -39,092
      130,463
      2,553,886
      1,148,385
      63,923
      1,875,604
      15,127
      2,712
      350
      82
      4,547,531
      177,421
      1,110,508
      58
      76
      -4
      75,181
      -495,872
      -101,586
      -12,331,878
      12,310,775
      -254,196
      -397,314
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 73,511,800
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 -10,858,791
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 2,182,462
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 2,182,462
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 2,182,462
6 Credits/Payments:
a 2022 estimated tax payments and 2021 overpayment credited to 2022 6a 1,800,000
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 700,000
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 2,500,000
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 82
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 10 317,456
11 Enter the amount of line 10 to be: Credited to 2023 estimated taxright arrow317,456 Refundedright arrow 11  
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? Click to see list of attachments
List of Attached Documents:
// Content
....................
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 list of attachments
List of Attached Documents:
// Content
....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.Click to see list of attachments
List of Attached Documents:
// Content
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 arrowMA
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
8b
Yes
 
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2022 or the taxable year beginning in 2022? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
Yes
 
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
Form 990-PF (2022)
Form 990-PF (2022)
Page 5
Part VI-A
Statements Regarding Activities (continued)
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions Click to see attachment
List of Attached Documents:
// Content
.............
11
Yes
 
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressright arrowhttp://www.cummingsfoundation.org
14
The books are in care ofright arrowWILLIAM F GRANT Telephone no.right arrow (781) 935-8000

Located atright arrow200 WEST CUMMINGS PARKWOBURNMA ZIP+4right arrow01801
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
Yes
 
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
 
No
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)
Yes
 
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
No
c
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
Yes
 
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
Joyce M Cummings TRUSTEE & TREASURER
1.0 		0 0 0
200 West Cummings Park
Woburn,MA01801
Patricia A Cummings PSY D TRUSTEE & Vice President
1.0 		0 0 0
200 West Cummings Park
Woburn,MA01801
William S Cummings TRUSTEE & PRESIDENT
1.0 		0 0 0
200 West Cummings Park
Woburn,MA01801
Steven Disalvo Trustee
1.0 		0 0 0
200 West Cummings Park
Woburn,MA01801
Anthony P Monaco MD PHD Trustee
1.0 		0 0 0
Tufts University
Medford,MA02155
HON Margot Botsford Trustee
1.0 		0 0 0
200 WEST CUMMINGS PARK
WOBURN,MA01801
Paul C Casey Trustee
1.0 		0 0 0
200 West Cummings Park
Woburn,MA01801
Carol A Donovan Trustee
1.0 		0 0 0
200 West Cummings Park
Woburn,MA01801
DEBORAH T KOCHEVAR DVM PHD Trustee (THRU 7/2022)
1.0 		0 0 0
TUFTS UNIVERSITY
MEDFORD,MA02155
Marilyn Cummings Morris MD MPH Trustee
1.0 		0 0 0
Childrens Hospital
New York,NY10001
Richard C Ockerbloom Trustee
1.0 		0 0 0
200 West Cummings Park
Woburn,MA01801
Arlan F Fuller MD Trustee
1.0 		0 0 0
200 West Cummings Park
Woburn,MA01801
Thomas Pappas TRUSTEE
1.0 		0 0 0
200 WEST CUMMINGS PARK
WOBURN,MA01801
David Harris PHD Trustee
1.0 		0 0 0
200 West Cummings Park
Woburn,MA01801
ERIC S ANDERSON TRUSTEE
1.0 		0 0 0
200 West Cummings Park
Woburn,MA01801
DENNIS A CLARKE TRUSTEE
1.0 		0 0 0
200 West Cummings Park
Woburn,MA01801
WILLIAM F GRANT TRUSTEE
1.0 		0 0 0
200 West Cummings Park
Woburn,MA01801
CHRISTINE COAKLEY EXEC DIRECTOR, NHC
50.0 		149,890 36,187 0
200 West Cummings Park
Woburn,MA01801
Marie Connoly Exec Director, NHM
50.0 		180,918 16,356 30,000
200 West Cummings Park
Woburn,MA01801
Joyce Vyriotes Exec Dir & Clerk
30.0 		0 0 0
200 West Cummings Park
Woburn,MA01801
Laura Hiller Deputy Dir & Asst Clerk
50.0 		97,075 3,203 0
200 West Cummings Park
Woburn,MA01801
AISHA FRANCIS PHD TRUSTEE
1.0 		0 0 0
Benjamin Franklin Cummings Institut
BOSTON,MA02116
Robert Keefe Esq Trustee (AS OF 1/2022)
1.0 		0 0 0
200 West Cummings Park
Woburn,MA01801
Jack Connors Jr Trustee (AS OF 1/2022)
1.0 		0 0 0
Connors Family Office
BOSTON,MA01801
Agnes Binagwaho M D PhD TRUSTEE (AS OF 4/2022)
1.0 		0 0 0
200 West Cummings Park
Woburn,MA01801
IOANNIS MIAOULIS PHD TRUSTEE (AS OF 4/2022)
1.0 		0 0 0
Roger Williams University
BRISTOL,RI02809
JOHN KEENAN J D TRUSTEE (AS OF 7/2022)
1.0 		0 0 0
SALEM STATE UNIVERSITY
SALEM,MA01970
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
KARA MURPHY SR. ACCOUNT MANAGER
50.0 		177,290 16,685 0
200 WEST CUMMINGS PARK
WOBURN,MA01801
DAVID HARVEY ACCOUNT MANAGER
50.0 		174,537 12,474 0
200 WEST CUMMINGS PARK
WOBURN,MA01801
MICHAEL DONAGHEY TEAM LEADER
50.0 		164,412 29,228 0
200 WEST CUMMINGS PARK
WOBURN,MA01801
BRANDON ADAMS TEAM LEADER
50.0 		159,609 5,318 0
200 WEST CUMMINGS PARK
WOBURN,MA01801
MICHAEL RAHN ASSOC. DIVISION MGR
50.0 		145,359 11,101 0
200 WEST CUMMINGS PARK
WOBURN,MA01801
Total number of other employees paid over $50,000...................right arrow 96
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
COMMONFUND INVESTMENT SVCS 2,374,115
15 OLD DANBURY ROAD
WILTON,CT068970812
Aveanna Healthcare ASSISTED LIVING 1,762,675
238 Littleton Rd
WESTFORD,MA01886
MERRILL LYNCH TRUST CO INVESTMENT SVCS 1,710,606
ONE FEDERAL STREET
BOSTON,MA02134
Strategic Partners VIII LP INVESTMENT SVCS 1,277,194
345 Park Avenue 12th Floor
NEW YORK,NY10154
Mary Ann Morse at New Horizons Assisted Living 598,988
747 Water Street
FRAMINGHAM,MA01701
Total number of others receiving over $50,000 for professional services.............right arrow3
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 SEE GENERAL EXPLANATION ATTACHMENT - CUMMINGS SCHOOL OF VETERINARY MEDICINE 87,546,442
2 SEE GENERAL EXPLANATION ATTACHMENT - NEW HORIZONS AT MARLBOROUGH 13,105,652
3 SEE GENERAL EXPLANATION ATTACHMENT - CHS, LLC AT ENDICOTT COLLEGE 12,098,499
4 SEE GENERAL EXPLANATION ATTACHMENT - NEW HORIZONS AT CHOATE 5,032,115
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................right arrow  
Form 990-PF (2022)
Form 990-PF (2022)
Page 8
Part IX
Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
1
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:
a
Average monthly fair market value of securities...................
1a
2,079,683,750
b
Average of monthly cash balances.......................
1b
6,987,471
c
Fair market value of all other assets (see instructions)................
1c
543,077,681
d
Total (add lines 1a, b, and c).........................
1d
2,629,748,902
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
 
2
Acquisition indebtedness applicable to line 1 assets..................
2
0
3
Subtract line 2 from line 1d.........................
3
2,629,748,902
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
39,446,234
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
2,590,302,668
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
129,515,133
Part X
Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
1
Minimum investment return from Part IX, line 6..................
1
 
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
 
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
 
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
 
4
Recoveries of amounts treated as qualifying distributions................
4
 
5
Add lines 3 and 4............................
5
 
6
Deduction from distributable amount (see instructions).................
6
 
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
 
Part XI
Qualifying Distributions (see instructions)
1
Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
a
Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
1a
117,756,139
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
518,781
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
0
b
Cash distribution test (attach the required schedule) .................
3b
0
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
118,274,920
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  
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2021 only.......  
b Total for prior years:2020, 2019, 2018  
3 Excess distributions carryover, if any, to 2022:
a From 2017......  
b From 2018......  
c From 2019......  
d From 2020......  
e From 2021......  
f Total of lines 3a through e ........  
4Qualifying distributions for 2022 from Part
XI, line 4: right arrow$  
a Applied to 2021, 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 2022 distributable amount.....  
e Remaining amount distributed out of corpus  
5 Excess distributions carryover applied to 2022.    
(If an amount appears in column (d), the
same amount must be shown in column (a).)
6Enter the net total of each column as
indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5  
b Prior years’ undistributed income. Subtract
line 4b from line 2b .......... 		 
c Enter the amount of prior years’ undistributed
income for which a notice of deficiency has
been issued, or on which the section 4942(a)
tax has been previously assessed...... 		 
d Subtract line 6c from line 6b. Taxable amount
—see instructions ........... 		 
e Undistributed income for 2021. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		 
f Undistributed income for 2022. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2023 .......... 		 
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		 
8 Excess distributions carryover from 2017 not
applied on line 5 or line 7 (see instructions) ... 		 
9 Excess distributions carryover to 2023.
Subtract lines 7 and 8 from line 6a ...... 		 
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
1990-04-27
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
129,515,133 114,953,729 85,232,250 74,899,506 404,600,618
b 85% (0.85) of line 2a ......... 110,087,863 97,710,670 72,447,413 63,664,580 343,910,526
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		118,274,920 98,747,853 91,132,818 92,048,897 400,204,488
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		22,600 8,823 117,250 127,495 276,168
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		118,252,320 98,739,030 91,015,568 91,921,402 399,928,320
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)		         0
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		86,343,422 76,635,819 56,821,500 49,933,004 269,733,745
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		        0
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		        0
(3) Largest amount of support
from an exempt organization		         0
(4) Gross investment income         0
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
WILLIAM S CUMMINGS PATRICIA A CU
JOYCE CUMMINGS AND JASON Z MORRIS
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
NONE
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here right arrow
aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
bThe form in which applications should be submitted and information and materials they should include:
cAny submission deadlines:
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
Form 990-PF (2022)
Form 990-PF (2022)
Page 11
Part XIV
Supplementary Information (continued)
3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient If recipient is an individual,
show any relationship to
any foundation manager
or substantial contributor
 Foundation
status of
recipient 		Purpose of grant or
contribution 		Amount
Name and address (home or business)
aPaid during the year

ST CHARLES BORROMEO PARISH

280 MAIN STREET
WOBURN,MA01801 		N/A PC Community Welfare Program 5,000

ALZHEIMER'S ASSOCIATION

309 WAVERLY OAKS RD
WALTHAM,MA02452 		N/A PC HEALTH RESEARCH AND PROGRAMS 2,600

DANA-FARBER CANCER INSTITUTE

10 BROOKLINE PLACE WEST 6TH FL
BROOKLINE,MA02445 		N/A PC HEALTH RESEARCH AND PROGRAMS 10,000

FRIENDS FOREVER

1 MORGAN WAY
DURHAM,NH038243310 		N/A PC LEADERSHIP PROGRAMS 1,000

WINCHESTER SENIORS ASSOCIATION INC

109 SKILLINGS ROAD
WINCHESTER,MA018902884 		N/A PC ELDER SERVICES 1,000

MEDFORD JINGLE BELL FESTIVAL

74 HIGH STREET
MEDFORD,MA02155 		N/A PC COMMUNITY HEALTHCARE PROGRAM 1,000

WINCHESTER FOUNDATION FOR EDUCATIONAL EXCELLENCE

PO BOX 1005
WINCHESTER,MA01890 		N/A PC EDUCATIONAL PROGRAMMING 1,000

WINCHESTER PUBLIC LIBRARY

80 WASHINGTON STREET
WINCHESTER,MA01890 		N/A PC EDUCATIONAL PROGRAMMING 1,000

Oneworld Boston Inc

200 WEST CUMMINGS PARK
WOBURN,MA01801 		  PF TRANSFER WAS MADE FOR ENDOWMENT PURPOSES 37,000,000
Total .................................right arrow 3a 37,022,600
bApproved for future payment
Total ................................. right arrow 3b  
Form 990-PF (2022)
Form 990-PF (2022)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
aSENIOR FACILITY REVENUE         20,921,309
bHOME HEALTH CARE REVENUE         2,381,250
cCUMMINGS HEALTH SCIENCES, LLC         94,833,047
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		         
4 Dividends and interest from securities ....     14 19,619,383  
5 Net rental income or (loss) from real estate:
aDebt-financed property......          
bNot debt-financed property.....     16 75,292  
6 Net rental income or (loss) from personal property          
7 Other investment income .....     14 93,002,050  
8 Gain or (loss) from sales of assets other than
inventory ............ 		901101 3,706,919 18 73,480,843  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aVENDING INCOME 		    01 23,404  
bFLOW-THROUGH PARTNERSHIP LOSSES 901101 -1,022,602      
cBOOK SALES INCOME     01 6,552  
d
e
12 Subtotal. Add columns (b), (d), and (e) .. 2,684,317 186,207,524 118,135,606
13Total. Add line 12, columns (b), (d), and (e)..................
13
307,027,447
(See worksheet in line 13 instructions to verify calculations.)
Part XV-B
Relationship of Activities to the Accomplishment of Exempt Purposes
Line No.
DownArrow 		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
instructions.)
1A PART OF THE PRIMARY EXEMPT PURPOSE OF CUMMINGS FOUNDATION IS TO OPERATE TWO NOT-FOR PROFIT RESIDENTIAL INDEPENDENT AND ASSISTED LIVING FACILITIES FOR SENIORS. SENIOR FACILITY REVENUE IS INCOME FROM THE OPERATION OF SUCH FACILITIES.
1B PART OF THE PRIMARY EXEMPT PURPOSE OF CUMMINGS FOUNDATION IS TO PROVIDE HOME HEALTH CARE TO SENIORS. HOME HEALTH CARE REVENUE IS INCOME FROM THE PROVISION OF SUCH CARE TO SENIORS.
1C CUMMINGS FOUNDATION ENTERED INTO A LONG-TERM AGREEMENT WITH TUFTS UNIVERSITY IN 2004 TO OPERATE ITS VETERINARY SCHOOL THROUGH A SUBSIDIARY CALLED Cummings Health Sciences, LLC (FKA Veterinary School at Tufts, LLC.) DURING THE TERM OF THE AGREEMENT, CUMMINGS FOUNDATION WILL CONTRIBUTE AT LEAST $50 MILLION TO SUPPORT THE RENAMED CUMMINGS SCHOOL OF VETERINARY MEDICINE. THE IRS ISSUED A PRIVATE LETTER RULING ON MAY 6, 2004, CONFIRMING THAT THE EXPENDITURES DIRECTED TO TUFTS UNIVERSITY AND THE EXPENSES CUMMINGS FOUNDATION INCURS IN OPERATING THE CUMMINGS SCHOOL CONSTITUTE QUALIFIED DISTRIBUTIONS DIRECTLY FOR THE ACTIVE CONDUCT OF CUMMINGS FOUNDATION'S EXEMPT PURPOSES.
1D Cummings Foundation, Inc. entered into a long-term agreement with Endicott College effective January 1, 2022, to operate the Cummings School of Nursing and Health Sciences (CSNHS) on Endicott College's campus through a subsidiary called Cummings Health Sciences, LLC (CHSL). The manner of operation of CSNHS by CHSL is virtually identical to CHSL's operation of Cummings School of Veterinary Medicine at Tufts University, approved in a letter ruling issued by the IRS on May 6, 2004.
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)
Yes
 
(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
1b(3) 0 HEM REALTY INC SEE ATTACHED
1b(3) 0 NHC REALTY INC SEE ATTACHED
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
HEM REALTY INC 501(C)(2) A DIVISION OF CFI
NHC REALTY INC 501(C)(2) A DIVISION OF CFI
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
Schedule B
(Form 990)
Department of the Treasury
Internal Revenue Service
Schedule of Contributors

Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
Arrow Bullet Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2022
Name of the organization
Cummings Foundation Inc
 
Employer identification number

04-3073023
Organization type (check one):
Filers of:
Section:
Form 990 or 990-EZ






Form 990-PF




Check if your organization is covered by the General Rule or a Special Rule.  
Note: Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
General Rule
Special Rules
......... Arrow Bullet $  
Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).
For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.
Cat. No. 30613XSchedule B (Form 990) (2022)
Schedule B (Form 990) (2022) Page 2
Name of organization
Cummings Foundation Inc
  		Employer identification number
04-3073023
Part I
Contributors
Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
1
William S Cummings
200 West Cummings Park
 
Woburn, MA01801

$ 3,600,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
2
Kevin Cummings
200 West Cummings Park
 
Woburn, MA01801

$ 130,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
3
Knutrud Family Giving Fund
245 Summer Street
 
BOSTON, MA02210

$ 26,000


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

$  


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

$  


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

$  


(Complete Part II for noncash contributions.)
Schedule B (Form 990) (2022)
Schedule B (Form 990) (2022)
Page 3
Name of organization
Cummings Foundation Inc
  		Employer identification number

04-3073023
Part II
Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
Schedule B (Form 990) (2022)
Schedule B (Form 990) (2022)
Page 4
Name of organization
Cummings Foundation Inc
  		Employer identification number

04-3073023
Part III
Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
Use duplicate copies of Part III if additional space is needed.
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
Schedule B (Form 990) (2022)
Additional Data


Software ID:  
Software Version:  

TY 2022 AccountingFeesSchedule
Name:
Cummings Foundation Inc
EIN:
04-3073023
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING FEES 95,186     48,638

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

TY 2022 DepreciationSchedule
Name:
Cummings Foundation Inc
EIN:
04-3073023
Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
Life (# of years)		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included

TY 2022 GeneralExplanationAttachment
Name:
Cummings Foundation Inc
EIN:
04-3073023
Identifier Return Reference Explanation
SUMMARY OF DIRECT CHARITABLE ACTIVITIES SUMMARY OF DIRECT CHARITABLE ACTIVITIES FORM 990-PF, PART VIII-A CUMMINGS SCHOOL OF VETERINARY MEDICINE - $87,546,442. CUMMINGS FOUNDATION ENTERED INTO A LONG-TERM AGREEMENT WITH TUFTS UNIVERSITY in 2004 TO OPERATE ITS VETERINARY SCHOOL THROUGH A SUBSIDIARY CALLED Cummings Health Sciences, LLC (FKA Veterinary School At Tufts, LLC). DURING THE TERM OF AGREEMENT, CUMMINGS FOUNDATION WILL CONTRIBUTE AT LEAST $50 MILLION TO SUPPORT THE RENAMED CUMMINGS SCHOOL OF VETERINARY MEDICINE. THE IRS ISSUED A LETTER RULING ON MAY 6, 2004, CONFIRMING THAT THE EXPENDITURES DIRECTED TO TUFTS UNIVERSITY AND THE EXPENSES CUMMINGS FOUNDATION INCURS IN OPERATING THE CUMMINGS SCHOOL CONSTITUTE QUALIFIED DISTRIBUTIONS DIRECTLY FOR THE ACTIVE CONDUCT OF CUMMINGS FOUNDATION'S EXEMPT PURPOSES. NEW HORIZONS AT MARLBOROUGH - $13,105,652. ESTABLISHED IN 1993 AND ACCOMMODATES APPROXIMATELY 500 RESIDENTS AT ITS MARLBOROUGH, MASSACHUSETTS CAMPUS. THE FACILITY HAS THE ABILITY TO ACCOMMODATE ACTIVE AND INDEPENDENT SENIORS, SENIORS REQUIRING ASSISTANCE WITH ACTIVITIES OF DAILY LIVING (ASSISTED LIVING RESIDENTS) AND SENIORS SUFFERING FROM ALZHEIMER'S DISEASE. Cummings School of Nursing and Health Sciences $12,098,499. Cummings Foundation, Inc. entered into a long-term agreement with Endicott College effective January 1, 2022, to operate the Cummings School of Nursing and Health Sciences (CSNHS) on Endicott College's campus through a subsidiary called Cummings Health Sciences, LLC (CHSL). During the term of the agreement and in accordance therewith, the building housing CSNHS is leased by CHSL, and CSNHS's revenues and expenses are accounted for by CHSL. The manner of operation of CSNHS by CHSL is virtually identical to CHSL's operation of Cummings School of Veterinary Medicine at Tufts University, approved in a letter ruling issued by the IRS on May 6, 2004. NEW HORIZONS AT CHOATE - $5,032,115. ESTABLISHED IN 1990 AND ACCOMMODATES 125 SENIORS. THE FACILITY IS LOCATED IN WOBURN, MA. FORMERLY THE CHOATE MEMORIAL HOSPITAL PROPERTY, THIS PROPERTY WAS CONVERTED TO A RETIREMENT COMMUNITY WHICH INCLUDES SUITES FOR INDEPENDENT LIVING AND ASSISTED LIVING UNITS. THE FACILITY HAS THE ABILITY TO ACCOMMODATE ACTIVE AND INDEPENDENT SENIORS, SENIORS REQUIRING ASSISTANCE WITH ACTIVITIES OF DAILY LIVING (ASSISTED LIVING RESIDENTS) AND SENIORS SUFFERING FROM ALZHEIMER'S DISEASE.
DESCRIPTION OF RENTAL OF FACILITIES DESCRIPTION OF RENTAL OF FACILITIES FORM 990-PF, PART XVI, LINE 1D REPORTING ORGANIZATION HAS A DIVISION CALLED NEW HORIZONS AT MARLBOROUGH, LLC (EIN: 75-3031923) ("NHM"). NHM IS LESSEE OF REAL PROPERTY FROM HEM REALTY, INC. (EIN: 30-0553220) ("HEM REALTY"), WHICH IT USES IN OPERATIONS. HEM REALTY IS A 501(C)(2) TITLE HOLDING COMPANY THAT IS RELATED TO REPORTING ORGANIZATION. BECAUSE HEM REALTY HOLDS TITLE FOR REPORTING ORGANIZATION, AND CONSISTENT WITH ITS PURPOSES WOULD TURN OVER ANY RENT IT COLLECTS TO REPORTING ORGANIZATION, HEM REALTY WAIVES PAYMENT OF RENT FROM REPORTING ORGANIZATION'S DIVISION, NHM. REPORTING ORGANIZATION HAS A DIVISION CALLED NEW HORIZONS AT CHOATE, LLC (EIN: 75-3031909) ("NHC"). NHC IS LESSEE OF REAL PROPERTY FROM NHC REALTY, INC.(EIN: 30-0553218) ("NHC REALTY"), WHICH IT USES IN OPERATIONS. NHC REALTY IS A 501 (C)(2) TITLE HOLDING COMPANY THAT IS RELATED TO REPORTING ORGANIZATION. BECAUSE NHC REALTY HOLDS TITLE FOR REPORTING ORGANIZATION, AND CONSISTENT WITH ITS PURPOSES WOULD TURN OVER ANY RENT IT COLLECTS TO REPORTING ORGANIZATION, NHC REALTY WAIVES PAYMENT OF RENT FROM REPORTING ORGANIZATION'S DIVISION, NHC.

TY 2022 InvestmentsCorpStockSchedule
Name:
Cummings Foundation Inc
EIN:
04-3073023
Name of Stock End of Year Book Value End of Year Fair Market Value
PREFERRED DEPOSIT 4,467,069 4,467,069
ALPHABET INC SHS CL A 1,130,432 8,823,000
ALPHABET INC SHS CL C 1,129,969 8,920,914
AMAZON COM INC COM 10,118,351 8,998,836
AMER EXPRESS COMPANY 10,109,072 9,752,239
AMERICAN TOWER REIT INC 1,902 1,707
AMGEN INC COM 3,109,178 4,661,860
APPLE INC 4,534,676 45,267,612
APPLIED MATERIAL INC 10,046,549 7,201,251
AUTOMATIC DATA PROC 3,020,444 11,823,570
BAXTER INTERNTL INC 820,241 1,529,100
BERKSHIRE HATHAWAYINC 10,178,736 15,954,685
BLACKROCK TECHNOLOGY 15,496,899 7,854,260
CITIGROUP INC COM NEW 10,496,335 7,870,020
COMCAST CORP NEW CL A 2,402,595 9,232,080
CVS HEALTH CORP 10,107,457 9,668,463
DISNEY (WALT) CO COM STK 18,620,279 9,956,448
DOVER CORP 10,057,506 9,681,815
EMERSON ELEC CO 7,493,755 7,828,890
FEDEX CORP DELAWARE COM 3,479,744 5,715,600
GENERAL ELEC CO REG SHS 14,048,967 11,437,335
GENL DYNAMICS CORP COM 3,029,947 11,785,225
HOME DEPOT INC 4,750,071 15,161,280
HONEYWELL INTL INC DEL 3,390,097 9,643,500
INTEL CORP 5,330,939 4,017,360
JPMORGAN CHASE & CO 2,939,306 9,319,950
MARRIOTT INTL INC NEW A 6,123,149 7,102,053
MARVELL TECH INC 10,007,108 8,829,669
MASTERCARD INC 1,419 1,469
MCDONALDS CORP COM 2,299,208 10,976,025
META PLATFORMS INC 1,784,954 7,822,100
MONDELEZ INTERNATIONAL 4,000,532 13,330,000
NVIDIA 15,241,761 17,106,383
ORACLE CORP $0.01 DEL 3,227,803 9,808,800
PALO ALTO NETWORKS INC 9,939,088 8,052,853
PFIZER INC 1,453,852 1,588,440
RAYTHEON TECHNOLOGIES 5,586,292 9,673,182
SALESFORCE INC 593,630 7,955,400
SOUTHWEST AIRLNS CO 6,131,380 4,208,750
STARBUCKS CORP 2,825,811 12,201,600
TAIWAN S MANUFCTRING ADR 10,647,160 7,772,734
THERMO FISHER SCIENTIFIC 1,148,156 13,822,319
UNION PACIFIC CORP 1,502,245 9,939,360
VANGUARD SMALL CAP VALUE 15,833,274 17,547,400
VERIZON COMMUNICATNS COM 5,011,190 3,349,000
VISA INC CL A SHRS 15,144,494 14,432,464
WALMART INC 10,730,098 15,596,900
XOMETRY INC CL A 2,331,864 1,550,553
ACUITY BRANDS INC 862,939 1,175,107
ADVANCED DRAIN SYS INC 515,359 362,635
AFFILIATED MANAGERS GRP 1,911,903 3,242,459
APTARGROUP INC 1,791,639 2,563,127
ARAMARK SHS 3,051,821 3,857,295
BIO TECHNE CORP COM STK 535,102 1,262,861
BLACK KNIGHT HOLDCO CORP 1,641,813 1,310,582
BLACKBAUD INC 877,599 1,376,222
BOOZ ALLEN HAMILTON HLDG 1,836,964 2,441,901
BROADRIDGE FINL 611,794 1,115,747
BROWN & BROWN INC FLA 1,863,938 2,442,247
BURLINGTON STORES INC 1,773,833 2,180,278
CACI INTL INC CL A 1,715,008 2,175,370
CARLISLE COS INC 2,409,099 3,954,151
CASEYS GEN STORES INC 1,331,526 1,493,722
CHOICE HOTELS INTL NEW 1,448,189 2,049,034
COLUMBIA SPORTSWEAR CO 1,281,883 1,787,378
DECKERS OUTDOORS CORP 835,370 1,134,413
DOLBY LABORATORIES INC 2,318,005 1,932,726
ENVISTA HOLDINGS CORP 2,614,243 3,127,034
FACTSET RESH SYS INC 245,936 880,690
FTI CONSULTING INC COM 1,371,692 1,255,314
GARTNER INC 331,439 998,672
GODADDY INC SHS CL A 2,293,438 2,312,237
GRACO INC 395,549 1,200,425
HEXCEL CORP NEW COM 1,113,457 1,771,679
HUNT J B TRANS SVCS INC 1,161,075 2,112,263
IAA INC REG SHS WHEN 2,016,430 1,715,680
IDEX CORP DELAWARE COM 512,764 1,814,607
JACK HENRY & ASSOC INC 311,475 896,317
JONES LANG LASALLE INC 1,276,256 1,688,580
KIRBY CORP COM 1,761,359 1,626,189
LANDSTAR SYS INC COM 873,835 2,019,579
LENNOX INTL INC 1,889,805 2,126,485
LKQ CORP 1,317,320 1,957,744
MANHATTAN ASSOCS INC 482,249 1,063,950
MARKEL CORP COM 1,642,364 2,731,157
MORNINGSTAR INC 770,969 1,795,485
NORDSON CORP 825,690 1,467,278
POOL CORPORATION 536,964 893,083
PROSPERITY BANCSHARES 1,023,078 1,126,976
RPM INTERNATIONAL INC 1,898,027 2,949,479
SCHEIN (HENRY) INC COM 533,814 691,035
SEI INVT CO PA PV $0.01 1,854,975 2,438,749
SERVICE CORP INTL 766,799 1,257,797
TELEFLEX INC 2,813,538 2,615,758
TRIMBLE INC 1,400,061 1,339,132
ULTA BEAUTY INC 538,893 1,269,303
UMPQUA HLDGS CORP ORE 762,551 859,989
W R BERKLEY CORP 2,199,655 4,460,538
WEX INC 1,753,931 2,025,660
WOODWARD INC 902,260 719,841
ABB LTD 901,930 1,012,911
ADIDAS AG 349,706 138,670
ADYEN N.V. SHS ADR 334,779 250,994
AIA GROUP LTD 1,066,861 1,392,740
AIR LIQUIDE FN 531,514 510,107
AIRBUS SE 688,744 702,874
AMADEUS IT GROUP SA 497,552 475,661
AMERICA MOVIL SAB DE CV 273,944 273,346
ANHEUSER-BUSCH INBEV SA/ 761,779 773,377
AON PLC REG SHS 194,731 315,747
ASAHI KASEI CORP 3407 513,413 372,396
ASML HOLDING N.V. ORD SH 888,609 1,387,216
ASSA ABLOY AB SHS 221,239 221,026
ASTRAZENECA PLC SHS FN 1,087,966 1,819,952
B AND M EUROPEAN VALUE R 296,126 174,246
BEIGENE LTD 358,437 469,132
BHP GROUP LTD 261,974 269,831
BRITISH AMERICAN TOBACCO 923,207 1,004,590
CARLSBERG AS-B 836,018 897,913
CIE FINANCIERE RICHEMONT 296,080 432,324
DAIICHI SANKYO CO LTD 278,747 403,047
DAIKIN INDUSTRIES 6367 324,306 228,722
DANONE S.A 419,463 364,895
DBS GROUP HOLDINGS LTD 630,430 800,906
DEUTSCHE BOERSE AG 236,046 291,225
DNB BANK ASA REG SHS 484,951 548,668
DSV A/S 208,546 378,150
ENEL SPA 481,930 368,881
ENGIE 410,328 435,207
EPIROC AB REG SHS 555,936 449,703
ESSILORLUXOTTICA 1,019,066 1,342,964
FUJITSU LTD 6702 486,742 427,474
GENMAB A/S 548,322 1,008,775
GIVAUDAN SA UNSP ADR 530,356 620,028
HDFC BANK LTD ADR 684,247 763,511
HERMES INTL S A 355,805 791,136
HONG KONG EXCHANGES AND 141,875 104,206
IBERDROLA SA, BILBAO 632,268 712,428
INDUSTRIA DE DISENO TEXT 654,848 670,798
ING GROUP NV SHS 251,906 253,504
INPEX CORPORATION 184,581 173,186
JARDINE MATHESON HLDGS 230,257 275,267
KERING 959,554 937,311
KEYENCE CORP 6861 FN 1,074,918 1,298,893
KONINKLIJKE KPN NV FN 541,522 532,156
L OREAL 698,294 693,199
L.V.M.H. EUR 0.3 606,248 863,492
LONDON STK EXCHANGE GROU 882,993 1,054,703
MERCADOLIBRE INC 323,026 455,678
MTU AERO ENGINES AG 372,027 416,826
NESTLE SA CHAM UND VEVE 798,699 1,024,268
NETEASE INC REG SHS 322,666 198,076
NICE LTD ADR 287,641 196,146
NIDEC CORP 6594 296,550 233,555
NIPPON TEL & TEL 9432 717,344 687,277
NITORI HOLDINGS 591,920 394,768
NOKIA(AB)OY EUR0.06 324,362 261,322
NOVO NORDISK A/S SHS 1,136,165 2,123,467
ORSTED A/S 377,897 223,696
RECKITT BENCKISER GROUP 761,861 644,251
RECRUIT HOLDINGS CO.LTD. 474,581 419,234
RELX PLC 367,606 354,983
SAFRAN SA 1,129,057 1,283,641
SAP SE 965,851 753,716
SHIN ETSU CHEMICAL 4063 639,005 704,727
SHIONOGI & CO LTD 4507 425,433 375,158
SHOPIFY INC CL A 189,091 221,033
SIKA AG NAMEN-AKT 413,230 412,153
SMC CORP 6273 624,884 679,031
SOCIEDAD Q&M CHLE SPDADR 320,415 233,612
ST MICROELEC SIC 1.04EUR 686,257 612,123
STRAUMANN HLDG AG NAMEN- 361,362 469,105
TAIWAN S MANUFCTRING ADR 783,072 950,583
TENCENT HOLDINGS LTD SHS 682,622 556,013
TERUMO 4543 FN 294,185 235,244
TFI INTERNATIONAL INC 327,034 695,565
TOKYO ELECTRON 8035 FN 143,892 120,519
TOTALENERGIES SE 1,005,974 1,263,464
UNI CHARM CO LTD 8113 FN 291,084 325,369
WORLDLINE SA ACT. 150,082 132,827
ABB LTD SPON ADR 132,729 160,768
ACCENTURE PLC SHS 199,154 189,190
AON PLC REG SHS 155,639 257,075
ARGENX SE 92,957 98,496
ASML HLDG NV NY REG SHS 125,649 195,611
ASTRAZENECA PLC SPND ADR 249,139 305,236
ATLASSIAN CORP 101,087 102,815
BANK OF MONTREAL COM 339,618 265,458
BRITISH AMN TOBACO SPADR 173,301 159,240
CANADIAN PACIFIC RAILWAY 182,155 201,169
CNH INDUSTRIAL NV 103,619 104,647
COCA-COLA EUROPACIFIC 226,592 223,493
DIAGEO PLC SPSD ADR NEW 280,446 299,181
EATON CORP PLC 155,723 146,120
ELASTIC N V 157,185 112,991
EQUINOR ASA 166,845 264,170
FERRARI NV 263,712 206,722
FRANCO NEV CORP 173,379 151,629
HDFC BANK LTD ADR 214,440 267,620
ICICI BANK LTD SPD ADR 191,540 190,005
ISHARES CHINA LARGECAP 308,093 332,780
ISHARES INTL SELECT 175,106 159,864
ISHARES MSCI INDONESIA 146,644 139,154
ISHARES MSCI JAPAN ETF 272,935 258,590
ISHARES MSCI SAUDI 146,440 129,945
JD COM INC CL A ADR 214,817 216,718
LINDE PLC REG SHS 103,695 201,905
LULULEMON ATHLETICA INC 76,450 101,560
MEDTRONIC PLC SHS 111,839 104,282
MITSUBISHI UFJ FINL GRP 238,496 256,368
NATIONAL GRID PLC SHS 355,725 330,433
NOVO NORDISK A S ADR 114,482 285,026
NUTRIEN LTD REG SHS 151,498 189,586
RELX PLC 167,965 207,494
RYANAIR HOLDINGS PLC SHS 142,398 114,233
SANOFI ADR 247,767 266,946
SHELL PLC 213,600 245,056
SK TELECOM CO LTD 155,351 153,416
SONY GROUP CORP 282,779 297,797
SUNCOR ENERGY INC NEW 210,803 177,942
TAIWAN S MANUFCTRING ADR 284,402 376,845
TECK RESOURCES LTD CLS B 204,339 235,619
TELEFONICA SA SPAIN ADR 202,225 154,056
TELUS CORP COM 317,432 299,749
THOMSON REUTERS CORP REG 151,454 208,976
TORONTO DOMINION BANK 393,702 354,043
TOYOTA MOTOR CORP ADR 147,385 141,087
UBS GROUP AG NAMEN-AKT 311,289 285,632
ZTO EXPRESS CAYMAN ADR 213,280 212,998
DUKE ENERGY CORP NEW 7,403 7,068
PPG INDUSTRIES INC SHS 3,079 2,311
ABM INDUSTRIES INC COM 244,152 325,865
AGIOS PHARMACEUTICALS 235,662 167,946
ALLEGIANT TRAVEL CO 395,252 168,275
AMERESCO CLASS A 208,320 344,954
AMERICAN EQUITY INVT 59,954 114,054
AMICUS THERAPEUTICS INC 385,495 334,078
APELLIS PHARMACEUTICALS 341,107 356,385
APPLIED INDUSTRL TECH 238,886 481,057
ARMADA HOFFLER PPTYS INC 218,745 166,118
ARTIVION INC 318,122 134,823
ASGN INC 330,646 389,556
ATN INTERNATIONAL INC 166,627 132,577
ATRICURE INC 347,585 270,052
AZENTA INC 175,746 215,530
BALCHEM CORP COM 91,129 110,876
BARNES GROUP INC DE $.01 198,292 137,215
BJS WHSL CLUB HLDGS INC 89,491 121,602
BLACK HILLS CORP 266,335 228,113
BLACKLINE INC 217,255 197,168
BLUEPRINT MEDICINES CORP 452,070 247,483
BOISE CASCADE CO DEL 293,525 650,992
BOX INC CL A 193,632 271,672
BRIGHTVIEW HLDGS INC 162,659 76,107
BRINKER INTL INC 285,429 148,190
CASELLA WASTE SYS INC A 117,860 243,958
CHART INDS INC 152,500 92,760
CHUYS HLDGS INC 112,601 129,501
CITY HOLDING CO CHARLSTN 199,186 243,430
COHERENT CORP 221,608 205,511
COLUMBUS MCKINNON CP N.Y 238,059 207,646
CONMED CORP COM 291,295 326,993
CONSENSUS CLOUD 207,836 249,016
DANA INC 175,721 188,626
DIAMONDROCK HOSPITALITY 240,715 204,291
EARTHSTONE ENERGY INC 122,181 168,071
EASTGROUP PROPERTIES INC 167,813 223,867
ENTERPRISE FINL SVCS CRP 194,671 226,391
ESCO TECHNOLOGIES INC 132,110 144,966
ESSENT GROUP LTD 320,772 306,141
EXLSERVICE HLDGS INC 225,345 555,222
FEDERAL SIGNAL CORP 256,721 468,511
FIRST BANCORP N C COM 194,897 258,882
FIRST FINANCIAL BANCORP 313,216 293,958
FIRST FNDTN INC SHS 186,078 135,662
FIRST INTST BANCSYSTEM 408,333 394,848
FOCUS FINL PARTNERS INC 305,422 306,061
FOUR CORNERS PROPERTY TR 244,403 223,128
HALOZYME THERAPEUTICS 262,643 500,265
HAMILTON LANE INC REG SH 225,872 277,048
HELEN OF TROY LTD 239,755 129,432
HIBBETT SPORTS INC 121,629 154,245
HUB GROUP INC CL A 219,937 377,737
HUNTSMAN CORP 96,041 91,646
ICHOR HOLDINGS LTD REG 173,372 108,460
IMAX CORP 160,801 128,979
INDEPENDENCE RLTY TR INC 366,258 333,440
INDEPENDENT BK CORP MASS 261,523 289,595
INDEPENDENT BK GROUP INC 194,782 211,422
INSMED INC 379,013 250,609
INSPIRE MED SYS INC 320,270 426,937
INSTRUCTURE HOLDINGS INC 136,817 139,538
INTERCEPT PHARMACEUTICAL 224,722 36,343
J & J SNACK FOODS CRP 459,536 407,810
JACK IN THE BOX INC 211,559 162,115
KADANT INC 186,005 316,181
KAISER ALUM CORP 285,864 235,932
KB HOME 226,703 280,822
KBR INC 83,650 206,976
KEMPER CORP DEL 241,654 204,524
KITE REALTY GROUP TR SHS 321,195 370,759
LA-Z-BOY INC MICHIGAN 172,486 103,352
LIGAND PHARMACEUTICALS 174,186 215,497
LIGAND PHARMACEUTICALXPN    
LIGAND PHARMACEUTICALXPN    
LXP INDUSTRIAL TRUST 181,171 173,637
MACOM TECHNOLOGY 98,912 170,361
MALIBU BOATS INC SHS 224,944 290,378
MATIV INC 361,589 175,226
MAXLINEAR INC CL A 198,294 317,467
MERIT MEDICAL SYS INC 227,182 435,867
MINERALS TECHNOLOGIES 453,945 462,814
MYR GROUP INC DEL 116,663 337,252
NATIONAL STORAGE 162,637 167,705
NEOGENOMICS INC 300,631 77,459
NETGEAR INC 122,911 83,179
NEXSTAR MEDIA GROUP INC 70,184 127,597
NEXTIER OILFIELD 218,352 182,000
NMI HOLDINGS INC SHS 282,820 325,915
NORTHWESTERN CORP 298,332 274,566
NUVASIVE INC 318,021 216,386
OLD NATL BANCORP IND 401,410 405,089
OMNIAB INC REG SHS 111,250 56,905
OMNICELL INC 325,439 157,310
PACIFIC BIOSCIENCES 322,386 153,858
PACIFIC PREMIER BANCORP 170,998 232,029
PATTERSON UTI ENERGY INC 323,310 589,400
PDC ENERGY INC 252,358 505,809
PEBBLEBROOK HOTEL TRUST 234,177 130,204
PHYSICIANS RLTY TR 276,684 243,299
PRESTIGE CONSUMER 272,654 504,055
PTC THERAPEUTICS 294,602 211,386
Q2 HOLDINGS INC SHS 358,279 194,539
QUAKER HOUGHTON 221,389 218,472
RAPID7 ORD 223,732 162,424
REGAL REXNORD CORP 124,487 227,722
RPT RLTY SH BEN INT 196,628 149,215
SELECTIVE INS GRP INC 353,072 453,772
SEMTECH CORPORATION 252,487 144,110
SHOCKWAVE MEDICAL INC 97,562 393,949
SILICON LABS INC 265,545 353,420
SONIC AUTOMOTIVE INC A 108,729 116,868
SOUTHSTATE CORP 367,693 356,678
SOUTHWESTERN ENERGY CO 301,616 350,204
SPIRE INC 371,616 337,605
SPROUT SOCIAL INC REG 208,401 167,009
SPS COMM INC 186,559 209,084
STEVEN MADDEN LTD SHS 393,988 416,183
STIFEL FINANCIAL CORP 92,135 129,114
SUMMIT MATLS INC 356,266 373,868
SUN CTRY AIRLINES 230,853 158,267
SUPERNUS PHARMACEUTICALS 241,441 363,299
TAYLOR MORRISON HOME 252,780 354,488
TETRA TECH INC NEW 114,408 189,328
TEXAS ROADHOUSE INC-CL A 242,320 425,555
TRANSMEDICS GROUP INC 169,240 437,348
TRAVERE THERAPEUTICS INC 282,407 346,722
ULTRAGENYX 242,320 209,041
UMPQUA HLDGS CORP ORE 168,188 173,663
UNITED COMMUNITY BANKS 261,999 339,453
UPWORK INC 223,977 71,420
VALLEY NATL BANCORP N J 265,628 285,227
VANDA PHARMACEUTICALS IN 159,898 79,960
VARONIS SYSTEMS INC SHS 353,697 219,650
VERINT SYSTEMS INC 195,507 168,992
WENDYS CO 205,195 246,192
WERNER ENTERPRISES INC 335,352 347,645
WESBANCO INC 246,954 271,433
WESCO INTERNATIONAL INC 175,074 214,593
WILLSCOT MOBILE MINI 77,566 223,185
WNS HOLDINGS LTD SPN ADR 260,522 369,954
WORTHINGTON INDSTRS OHIO 317,135 378,641
WSFS FINANCIAL CORP 324,652 384,386
YELP INC CL A 220,925 187,908
YETI HLDGS INC 77,180 78,076
ZIFF DAVIS INC 320,835 359,351
ZURN ELKAY WATER 114,616 180,135
GREENLIGHT BIO 5,000,000 1,505,102

TY 2022 InvestmentsOtherSchedule2
Name:
Cummings Foundation Inc
EIN:
04-3073023
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
PROPERTY 1   3,074,736 2,739,895
PROPERTY 2   8,500,000 8,500,000
PROPERTY 3   4,000,000 4,000,000
PROPERTY 4   5,300,000 5,300,000
PROPERTY 5   17,500,000 17,500,000
PROPERTY 6   7,409,869 7,409,869
PROPERTY 7   5,000,000 5,000,000
PROPERTY 8   5,700,000 5,700,000
PROPERTY 9   5,900,000 5,900,000
PROPERTY 10   460,000 460,000
PROPERTY 11   2,100,000 2,100,000
PROPERTY 12   3,300,000 3,300,000
PROPERTY 13   19,400,000 19,400,000
PROPERTY 14   9,600,000 9,600,000
PROPERTY 15   19,800,000 19,800,000
PROPERTY 16   3,300,000 3,300,000
PROPERTY 17   3,800,000 3,800,000
PROPERTY 18   8,100,000 8,100,000
PROPERTY 19   49,700,000 49,700,000
PROPERTY 20   11,800,000 11,800,000
PROPERTY 21   1,280,000 1,280,000
PROPERTY 22   5,300,000 5,300,000
PROPERTY 23   7,600,000 7,600,000
PROPERTY 24   4,400,000 4,400,000
PROPERTY 25   3,500,000 3,500,000
PROPERTY 26   5,500,000 5,500,000
PROPERTY 27   3,100,000 3,100,000
PROPERTY 28   11,300,000 11,300,000
PROPERTY 29   22,800,000 22,800,000
PROPERTY 30   13,800,000 13,800,000
PROPERTY 31   5,400,000 5,400,000
PROPERTY 32   15,100,000 15,100,000
PROPERTY 33   17,200,000 17,200,000
PROPERTY 34   12,700,000 12,700,000
PROPERTY 35   18,000,000 18,000,000
PROPERTY 36   5,200,000 5,200,000
PROPERTY 37   6,200,000 6,200,000
PROPERTY 38   18,540,000 18,540,000
PROPERTY 39   5,300,000 5,300,000
PROPERTY 40   20,000,000 20,000,000
PROPERTY 41   23,200,000 23,200,000
PROPERTY 43   351,800 351,800
PROPERTY 44   3,500,000 3,500,000
PROPERTY 45   3,400,000 3,400,000
PROPERTY 46   9,200,000 9,200,000
PROPERTY 47   7,000,000 7,000,000
PROPERTY 48   6,000,000 6,000,000
PROPERTY 49   7,600,000 7,600,000
PROPERTY 50   6,900,000 6,900,000
PROPERTY 51   9,900,000 9,900,000
PROPERTY 52   13,400,000 13,400,000
PROPERTY 53   10,800,000 10,800,000
PROPERTY 54   13,600,000 13,600,000
PROPERTY 55   21,500,000 21,500,000
PROPERTY 56   3,750,000 3,750,000
COMMONFUND   593,437,439 905,007,518
COURTAGEN LIFE   190,441 34,562
PROVIDENCE EQUITY PARTNERS VII   9,698,714 20,104,569
PROV EQUITY VIII LP   16,640,699 24,644,455
CARLYLE GROUP   2,374,597 1,485,379
BLACKSTONE ALTERNATIVES   2,755,285 2,173,458
KKR   20,128,855 17,409,560
LONGWOOD V   2,433,775 3,055,103
TPG PTRS HEALTHCARE   8,572,654 10,666,254
TPG PTRS VIII LP   9,722,001 14,210,162
HIGHLAND PTRS CLEARBANE SPV   1,671,491 0
HIGHLAND PTS LEADERS   9,948,007 15,917,133
HIGHLAND CAPITAL PRTS   8,450,294 14,519,564
SJC ONSHORE   26,874,870 25,553,968
CRESCENT MEZZANINE PTRS   11,696,087 12,376,913
CLAREANT SCF   7,481,661 5,922,881
CARLYLE EUROPE   21,269,609 32,448,112
STRATEGIC PARTNER OFFSHORE VII   769,515 26,975,154
STRATEGIC PARTNERS OFFSHORE VI   25,316,607 36,726,353
APOLLO INVESTMENT IX LP   16,380,199 22,518,898
CARLYLE BUYOUT VII   14,523,367 16,581,041
OAK V DISTRESSED   114,561 73,840
ORBIMED HEALTHCARE   5,678,434 7,140,659
SLP V TECHNOLOGY   16,379,223 22,228,260
SJC ONSHORE FUND IV   40,000,303 40,693,108
BLACKSTONE LIFE SCIENCES   5,037,414 5,322,821
WCAS XIII, LP   17,239,182 21,179,103
SLP VI TECHNOLOGY   9,210,616 9,085,370
THE CHILDRENS   20,500,000 18,933,800
STP IX LP   6,743,285 8,208,449
CYBERNETIX   1,138,079 1,101,160
HIGHLANDX FUND I   6,692,942 6,637,420
LONGWOOD VI   742,236 1,127,594
WCAS XIV   459,570 175,272
TPG HC PTRS II   0 21,820
TPG PTRS IX   0 0
APOLLO INVESTMENT X LP   77 0

TY 2022 OtherExpensesSchedule
Name:
Cummings Foundation Inc
EIN:
04-3073023
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
VET MATERIALS, SUPPLIES & SRVC 47,237,502     47,049,396
INVESTMENT EXPENSE 28,879,581 28,879,581    
CONTRACT SERVICES 2,368,273     2,349,113
SUPPLIES 1,975,850     1,977,092
REPAIR & MAINTENANCE 848,701   5,010 845,496
INSURANCE 198,033   1,769 212,383
TELEPHONE 128,972     128,972
ADVERTISING 103,285     101,670
ACTIVITIES & SERVICES 200,906     198,411
OFFICE SERVICES 62,811     68,311
DUES & SUBSCRIPTIONS 12,145     12,145
STAFF TRAINING\SEMINARS 1,949     1,949
ADP PAYROLL FEES 13,996     13,996
EMPLOYEE APPRECIATION 15,199     15,199
MISC PETTY CASH EXPENSE 17,546     17,656
SALES EXPENSE 104,415     104,415
LICENSE & FEES 17,940     14,716
STATE FILING FEES 2,000     2,000


TY 2022 OtherIncomeSchedule2
Name:
Cummings Foundation Inc
EIN:
04-3073023
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
Cummings Health Sciences, LLC INCOME 94,833,047   94,833,047
INVESTMENT INCOME - DISREGARDED ENTITY 77,476,044 77,476,044 77,476,044
PROGRAM SERVICE REVENUE 20,921,309   20,921,309
OTHER PARTNERSHIP INCOME - K-1 14,255,013 14,255,013 14,255,013
INVESTMENT INCOME - ALTERNATIVE INVEST 1,270,993 1,270,993 1,270,993
BOOK SALES INCOME 6,552 6,552  
VENDING INCOME 23,404   23,404
UNRELATED BUSINESS INCOME FROM K-1'S -1,022,602    
contract revenue 2,381,250   2,381,250


TY 2022 OtherIncreasesSchedule
Name:
Cummings Foundation Inc
EIN:
04-3073023
Description Amount
UNREALIZED GAINS ON PROPERTY 51,620,000


TY 2022 OtherLiabilitiesSchedule
Name:
Cummings Foundation Inc
EIN:
04-3073023
Description Beginning of Year - Book Value End of Year - Book Value
DEPOSITS & PREPAYMENTS 32,029,133 35,642,774


TY 2022 OtherProfessionalFeesSchedule
Name:
Cummings Foundation Inc
EIN:
04-3073023
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
PROFESSIONAL FEES 5,546     5,546


TY 2022 TaxesSchedule
Name:
Cummings Foundation Inc
EIN:
04-3073023
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FEDERAL TAXES PAID 2,815,052      
FOREIGN TAXES PAID 347,408 347,408    


TY 2022 TransfersToControlledEntities
Name:
Cummings Foundation Inc
EIN:
04-3073023
Name US /
Foreign Address		 EIN Description Amount
NHC REALTY INC 200 WEST CUMMINGS PARK
WOBURN,MA01801 		30-0553218 No transfers were made in 2022. Not an excess business holding. 0
HEM REALTY INC 200 WEST CUMMINGS PARK
WOBURN,MA01801 		30-0553220 No transfers were made in 2022. Not an excess business holding. 0
OneWorld Boston Inc 200 West Cummings Park
Woburn,MA01801 		80-0681389 ENDOWMENT GRANT. Not an excess business holding 37,000,000
CUMMINGS FOUNDATION PRIVATE CAPITAL LP 15 OLD DANBURY ROAD
WILTON,CT06897 		90-1028644 CONTRIBUTION & DISTRIBUTION IN 2022. Not an excess business holding. 48,720,000
Total     85,720,000