Form990-PF


Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2021
Open to Public Inspection
For calendar year 2021, or tax year beginning 11-01-2021 , and ending 10-31-2022
Name of foundation
PAUL L JONES FUND
% WEBSTER BANK NA
Number and street (or P.O. box number if mail is not delivered to street address)123 BANK STREET
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
WATERBURY, CT06702
A Employer identification number

06-6222118
B Telephone number (see instructions)

(860) 692-1751
C bullet
G Check all that apply:

D 1. Foreign organizations, check here............. bullet
2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet
E bullet
H Check type of organization:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$7,710,611J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet.............
3 Interest on savings and temporary cash investments 88 88  
4 Dividends and interest from securities... 157,166 157,166  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 -36,972
b Gross sales price for all assets on line 6a 1,774,199
7 Capital gain net income (from Part IV, line 2)... 0
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule).......      
12 Total. Add lines 1 through 11........ 120,282 157,254  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 60,213 60,213   0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 1,200 0   1,200
c Other professional fees (attach schedule)....        
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 1,349 0   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 1,533 0   1,533
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 64,295 60,213   2,733
25 Contributions, gifts, grants paid....... 380,000 380,000
26 Total expenses and disbursements. Add lines 24 and 25 444,295 60,213   382,733
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -324,013
b Net investment income (if negative, enter -0-) 97,041
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2021)
Form 990-PF (2021)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 458,596 299,265 299,265
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges.......... 2,017 668 668
10a Investments—U.S. and state government obligations (attach schedule) 1,695 Click to see attachment510,752 509,683
b Investments—corporate stock (attach schedule)....... 2,368,175 Click to see attachment2,109,464 5,598,258
c Investments—corporate bonds (attach schedule)....... 1,876,622 Click to see attachment1,462,943 1,302,737
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........      
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 4,707,105 4,383,092 7,710,611
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)......... 0 0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here bullet
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 2,017 668
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 4,705,088 4,382,424
29 Total net assets or fund balances (see instructions)..... 4,707,105 4,383,092
30 Total liabilities and net assets/fund balances (see instructions). 4,707,105 4,383,092
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
4,707,105
2
Enter amount from Part I, line 27a .....................
2
-324,013
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
4,383,092
5
Decreases not included in line 2 (itemize) bullet
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
4,383,092
Form 990-PF (2021)
Form 990-PF (2021)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a GINNIE MAE I POOL GN 490800 6% 15 NOV 2028   1998-12-04 2021-11-15
b GINNIE MAE I POOL GN 490800 6% 15 NOV 2028   1998-12-04 2021-12-15
c APPLE INC   2008-01-16 2022-01-11
d APPLE INC   2008-01-23 2022-01-11
e MICROSOFT CORP   2012-08-16 2022-01-11
MEDTRONIC PLC   2020-01-30 2022-01-11
GINNIE MAE I POOL GN 490800 6% 15 NOV 2028   1998-12-04 2022-01-18
METROPOLITAN WEST TOTAL RETURN BOND FUND   2015-06-09 2022-01-19
BRISTOL-MYERS SQUIBB CO   2017-03-01 2022-01-24
ISHARES MSCI EMERGING MARKETS ETF   2016-08-05 2022-01-24
ISHARES MSCI EMERGING MARKETS ETF   2016-09-01 2022-01-24
GINNIE MAE I POOL GN 490800 6% 15 NOV 2028   1998-12-04 2022-02-15
JPMORGAN ULTRA-SHORT INCOME ETF   2018-11-19 2022-03-11
GINNIE MAE I POOL GN 490800 6% 15 NOV 2028   1998-12-04 2022-03-15
WISDOMTREE FLOATING RATE TREASURY FUND   2022-03-11 2022-03-24
GINNIE MAE I POOL GN 490800 6% 15 NOV 2028   1998-12-04 2022-04-15
HARBOR BOND FUND   2006-07-19 2022-04-28
HARBOR BOND FUND   2007-12-17 2022-04-28
HARBOR BOND FUND   2008-02-26 2022-04-28
HARBOR BOND FUND   2010-02-22 2022-04-28
HARBOR BOND FUND   2010-04-01 2022-04-28
HARBOR BOND FUND   2013-03-22 2022-04-28
SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF   2017-09-11 2022-04-28
GINNIE MAE I POOL GN 490800 6% 15 NOV 2028   1998-12-04 2022-05-16
GINNIE MAE I POOL GN 490800 6% 15 NOV 2028   1998-12-04 2022-06-15
ISHARES CORE U.S. AGGREGATE BOND ETF   2020-01-07 2022-06-22
NETFLIX INC   2021-04-28 2022-06-22
PAYPAL HOLDINGS INC   2019-06-05 2022-06-22
WESTERN ASSET CORE PLUS BOND FUND   2015-03-31 2022-06-22
GINNIE MAE I POOL GN 490800 6% 15 NOV 2028   1998-12-04 2022-07-15
GINNIE MAE I POOL GN 490800 6% 15 NOV 2028   1998-12-04 2022-08-15
GINNIE MAE I POOL GN 490800 6% 15 NOV 2028   1998-12-04 2022-09-15
ISHARES CORE U.S. AGGREGATE BOND ETF   2020-01-07 2022-10-14
ISHARES CORE U.S. AGGREGATE BOND ETF   2020-09-14 2022-10-14
ISHARES CORE U.S. AGGREGATE BOND ETF   2021-10-05 2022-10-14
GINNIE MAE I POOL GN 490800 6% 15 NOV 2028   1998-12-04 2022-10-17
CLASS ACTION METLIFE   2022-07-26 2022-07-26
CAPITAL GAINS DIVIDENDS P    
(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 18   18 0
b 187   186 1
c 80,491   2,738 77,753
d 17,460   473 16,987
e 47,387   4,634 42,753
45,442   49,975 -4,533
17   16 1
196,757   198,970 -2,213
62,131   56,812 5,319
65,858   50,250 15,608
65,425   50,096 15,329
16   16 0
129,889   130,197 -308
17   17 0
130,285   130,285 0
18   18 0
303   321 -18
22,550   25,000 -2,450
237   266 -29
21,890   25,000 -3,110
8,693   10,000 -1,307
42,908   50,000 -7,092
108,459   123,827 -15,368
17   17 0
17   17 0
249,857   279,913 -30,056
35,801   99,958 -64,157
51,963   76,868 -24,905
103,937   125,000 -21,063
17   17 0
17   17 0
17   17 0
58,810   70,204 -11,394
159,694   200,096 -40,402
41,129   49,915 -8,786
17   17 0
271     271
26,197     26,197
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       0
b       1
c       77,753
d       16,987
e       42,753
      -4,533
      1
      -2,213
      5,319
      15,608
      15,329
      0
      -308
      0
      0
      0
      -18
      -2,450
      -29
      -3,110
      -1,307
      -7,092
      -15,368
      0
      0
      -30,056
      -64,157
      -24,905
      -21,063
      0
      0
      0
      -11,394
      -40,402
      -8,786
      0
      271
      26,197
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 -36,972
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Form 990-PF (2021)
Form 990-PF (2021)
Page 4
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here Bullet and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 1,349
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 1,349
6 Credits/Payments:
a 2021 estimated tax payments and 2020 overpayment credited to 2021 6a 2,017
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 2,017
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 668
11 Enter the amount of line 10 to be: Credited to 2022 estimated taxBullet668 RefundedBullet 11 0
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XIV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bullet
    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 .Click to see attachment
    8b
     
    No
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2021 or the taxable year beginning in 2021? See the instructions for Part XIII.
    If "Yes," complete Part XIII .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 5
    Part VI-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletWEBSTER BANK NA Telephone no.bullet (203) 578-2450

    Located atbulletPO BOX 191WATERBURYCT ZIP+4bullet067209982
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2021, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16   No
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet
    Part VI-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
    1a(1)
     
    No
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person? ..............................
    1a(2)
     
    No
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
    1a(3)
     
    No
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
    1a(4)
     
    No
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)? ......................
    1a(5)
     
    No
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.) ...............
    1a(6)
     
    No
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
    1b
     
     
    c
    ........bullet
    d
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2021? .............
    1d
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2021, did the foundation have any undistributed income (lines 6d
    and 6e, Part XII) for tax year(s) beginning before 2021?....................
    2a
     
    No
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year? ..............................
    3a
     
    No
    b
    If "Yes," did it have excess business holdings in 2021 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2021.) .....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2021? ..
    4b
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 6
    Part VI-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
    5a(1)
     
    No
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive? ....................
    5a(2)
     
    No
    (3) Provide a grant to an individual for travel, study, or other similar purposes? .............
    5a(3)
     
    No
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions ........................
    5a(4)
     
    No
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals? .............
    5a(5)
     
    No
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
    5b
     
     
    c
    .........bullet
    d
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant? .................
    5d
     
     
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract? .............................
    6a
     
    No
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    7a
     
    No
    b
    If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .........................
    8
     
    No
    Part VII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    WEBSTER BANK NA TRUSTEE
    2.00     		60,213 0 0
    123 BANK STREET
    WATERBURY,CT06702
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 7
    Part VII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part VIII-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1  
    2  
    3  
    4  
    Part VIII-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 8
    Part IX
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    8,399,933
    b
    Average of monthly cash balances.......................
    1b
    378,931
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    8,778,864
    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
    8,778,864
    4
    Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
    instructions) .............................
    4
    131,683
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. .......
    5
    8,647,181
    6
    Minimum investment return. Enter 5% (0.05) of line 5................
    6
    432,359
    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
    432,359
    2a
    Tax on investment income for 2021 from Part V, line 5.......
    2a
    1,349
    b
    Income tax for 2021. (This does not include the tax from Part V.) ...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    1,349
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    431,010
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    431,010
    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
    431,010
    Part XI
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
     
    b
    Program-related investments—total from Part VIII-B..................
    1b
     
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4.
    4
     
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 9
    Part XII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2020     		(c)
    2020     		(d)
    2021
    1 Distributable amount for 2021 from Part X, line 7 431,010
    2 Undistributed income, if any, as of the end of 2021:
    a Enter amount for 2020 only....... 50,717
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2021:
    a From 2016......  
    b From 2017......  
    c From 2018......  
    d From 2019......  
    e From 2020......  
    f Total of lines 3a through e ........ 0
    4Qualifying distributions for 2021 from Part
    XI, line 4: bullet$ 382,733
    a Applied to 2020, but not more than line 2a 50,717
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		0
    d Applied to 2021 distributable amount..... 332,016
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2021. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2021. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2022 ..........     		98,994
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8 Excess distributions carryover from 2016 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9 Excess distributions carryover to 2022.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2017....  
    b Excess from 2018....  
    c Excess from 2019....  
    d Excess from 2020....  
    e Excess from 2021....  
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 10
    Part XIII
    Private Operating Foundations (see instructions and Part VI-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2021, enter the date of the ruling ....... bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2021 (b) 2020 (c) 2019 (d) 2018
             
    b 85% (0.85) of line 2a .........          
    c Qualifying distributions from Part XI,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part IX, line 6 for each year listed ..     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XIV
    Supplementary Information (Complete this part only if the foundation had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 11
    Part XIV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    CENTRAL CONNECTICUT STATE UNIVERSITY
    1615 STANLEY STREET
    NEW BRITAIN,CT06050     		NONE N/A SCHOLARSHIPS 20,000
    FAIRFIELD UNIVERSITY
    1073 NORTH BENSON RD
    FAIRFIELD,CT06824     		NONE N/A SCHOLARSHIPS 40,000
    MANCHESTER COMMUNITY COLLEGE FOUNDATION
    161 HILLSTOWN RD
    MANCHESTER,CT06045     		NONE N/A SCHOLARSHIPS 40,000
    MIDDLESEX COMMUNITY COLLEGE FOUNDATION
    100 TRAINING HILL RD
    MIDDLETOWN,CT06457     		NONE N/A SCHOLARSHIPS 10,000
    QUINNIPIAC UNIVERSITY
    275 MOUNT CARMEL AVE
    HAMDEN,CT06518     		NONE N/A SCHOLARSHIPS 40,000
    SACRED HEART UNIVERSITY
    5151 PARK AVENUE
    FAIRFIELD,CT06825     		NONE N/A SCHOLARSHIPS 30,000
    SOUTHERN CONN STATE UNIVERSITY FOUNDATION
    501 CRESCENT STREET
    NEW HAVEN,CT06515     		NONE N/A SCHOLARSHIPS 20,000
    ST VINCENT'S AT SACRED HEAT UNIVERSITY
    5151 PARK AVENUE
    FAIRFIELD,CT06825     		NONE N/A SCHOLARSHIPS 20,000
    ST VINCENT'S MEDICAL CENTER FOUNDATION
    2800 MAIN STREET
    BRIDGEPORT,CT06606     		NONE N/A SCHOLARSHIPS 20,000
    THREE RIVERS COMMUNITY COLLEGE
    574 NEW LONDON TURNPIKE
    NORWICH,CT06360     		NONE N/A SCHOLARSHIPS 20,000
    UNIVERSITY OF BRIDGEPORT
    126 PARK AVE
    BRIDGEPORT,CT06604     		NONE N/A SCHOLARSHIPS 20,000
    UNIVERSITY OF CONNECTICUT FOUNDATION
    2390 ALUMNI DR UNIT 3206
    STORRS,CT06269     		NONE N/A SCHOLARSHIPS 40,000
    UNIVERSITY OF ST JOSEPH
    1678 ASYLUM AVE
    HARTFORD,CT06117     		NONE N/A SCHOLARSHIPS 40,000
    WESTERN CONNECTICUT STATE UNIVERSITY
    181 WHITE STREET
    DANBURY,CT06810     		NONE N/A SCHOLARSHIPS 20,000
    Total .................................bullet 3a 380,000
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 12
    Part XV-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments ....          
    3 Interest on savings and temporary cash
    investments ...........     		    14 88  
    4 Dividends and interest from securities ....          
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6 Net rental income or (loss) from personal property          
    7 Other investment income .....          
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 -36,972  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e) .. 0 120,282 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    120,282
    (See worksheet in line 13 instructions to verify calculations.)
    Part XV-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 13
    Part XVI
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

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


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


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2021 AccountingFeesSchedule
    Name:
    PAUL L JONES FUND
     
    % WEBSTER BANK NA
    EIN:
    06-6222118
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    KIRCALDIE RANDALL & MCNAB LLC 1,200 0   1,200

    TY 2021 ExplnOfNonFilingWithAGStmt
    Name:
    PAUL L JONES FUND
     
    % WEBSTER BANK NA
    EIN:
    06-6222118
    Statement:
    NOT REQUIRED BECAUSE FOUNDATION DOES NOT SOLICIT FUNDS

    TY 2021 InvestmentsCorpBondsSchedule
    Name:
    PAUL L JONES FUND
     
    % WEBSTER BANK NA
    EIN:
    06-6222118
    Name of Bond End of Year Book Value End of Year Fair Market Value
    VANGUARD INT TERM CORP, 24881.986 SHARES 250,000 200,300
    VANGUARD S-T BOND ETF, 2087 SHARES 165,133 155,607
    LORD ABBETT FLOATING RATE, 35301.64 SHARES 297,810 277,118
    T ROWE PRICE HIGH YIELD FUND, 22569.481 SHARES 150,000 124,809
    COHEN & STEWERS LOW DURATION PREDFERRED AND INC FD 150,000 131,827
    FEDERATED HERMES TOTAL RET BD, 18281.536 SHARES 200,000 169,470
    LORD ABBETT SHORT DURATION, 63938.618 SHARES 250,000 243,606

    TY 2021 InvestmentsCorpStockSchedule
    Name:
    PAUL L JONES FUND
     
    % WEBSTER BANK NA
    EIN:
    06-6222118
    Name of Stock End of Year Book Value End of Year Fair Market Value
    ABBVIE, 1000 SHARES 64,370 146,400
    ALPHABET, 2840 SHARES 88,362 268,408
    AMAZON, 1800 SHARES 22,459 184,392
    APPLE, 2700 SHARES 12,764 414,018
    BANK OF AMERICA, 4231 SHARES 33,086 152,485
    BLACKROCK, 250 SHARES 36,642 161,478
    CAPITAL ONE FINANCIAL, 1250 SHARES 68,569 132,525
    CARRIER GLOBAL, 950 SHARES 3,805 37,772
    CISCO, 2250 SHARES 49,468 102,218
    CONSTELLATIN BRANDS, 439 SHARES 75,295 108,468
    CVS, 1535 SHARES 78,284 145,365
    DANAHER, 1132 SHARES 24,064 284,890
    FASTENAL, 5000 SHARES 107,681 241,650
    FISERV, 2000 SHARES 45,005 205,480
    ISHARES NASDAQ BIOTECH INDEX FD, 675 SHARES 28,077 86,798
    JOHNSON & JOHNSON, 675 SHARES 15,094 117,430
    JP MORGAN CHASE, 1200 SHARES 21,644 151,056
    LABORATORY CORP OF AMERICA, 650 SHARES 46,814 144,209
    MCDONALDS, 300 SHARES 75,855 81,798
    META PLATFORMS, 500 SHARES 52,894 46,580
    MICROSOFT, 1100 SHARES 35,130 255,343
    ORACLE, 2000 SHARES 40,694 156,140
    PAYCHEX, 1,300 SHARES 81,426 153,803
    PEPSICO, 950 SHARES 33,974 172,501
    PNC FINANCIAL, 600 SHARES 44,292 97,098
    PRUDENTIAL FINANCIAL, 1000 SHARES 110,985 105,190
    RAYTHEON TECHNOLOGIES, 950 SHARES 12,694 90,079
    SALESFORCE.COM, 675 SHARES 50,009 109,748
    THERMO FISHER SCIENTIFIC, 500 SHARES 26,102 256,985
    VISA, 650 SHARES 49,880 134,654
    WALMART, 500 SHARES 50,639 71,165
    BANK OF AMERICA 7.25% PFD, 40 SHARES 34,889 46,418
    SPDR BLOOMBERG CONVERTIBLE SECS, 2,903 SHARES 134,253 188,956
    ISHARES MSCI EAFE, 4,365 SHARES 251,265 258,888
    MFS INT'L FUND, 7,269.455 SHARES 203,000 287,870

    TY 2021 InvestmentsGovtObligationsSch
    Name:
    PAUL L JONES FUND
     
    % WEBSTER BANK NA
    EIN:
    06-6222118
    US Government Securities - End of Year Book Value:

    510,752
    US Government Securities - End of Year Fair Market Value:

    509,683
    State & Local Government Securities - End of Year Book Value:


    0
    State & Local Government Securities - End of Year Fair Market Value:


    0


    TY 2021 OtherExpensesSchedule
    Name:
    PAUL L JONES FUND
     
    % WEBSTER BANK NA
    EIN:
    06-6222118
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    PROBATE FEES 1,533 0   1,533


    TY 2021 TaxesSchedule
    Name:
    PAUL L JONES FUND
     
    % WEBSTER BANK NA
    EIN:
    06-6222118
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXCISE TAX, FYE 10/31/22 1,349 0   0