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 10-01-2021 , and ending 09-30-2022
Name of foundation
THE CLIFTON FOUNDATION INC
 
Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 242
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
CHESTERTOWN, MD21620
A Employer identification number

52-2256618
B Telephone number (see instructions)

(302) 793-3278
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$15,868,557J 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      
4 Dividends and interest from securities... 333,744 333,744  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 684,331
b Gross sales price for all assets on line 6a 4,712,777
7 Capital gain net income (from Part IV, line 2)... 684,331
8 Net short-term capital gain......... 0
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........ 1,018,075 1,018,075  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc.        
14 Other employee salaries and wages......   0 0 0
15 Pension plans, employee benefits.......   0 0  
16a Legal fees (attach schedule).........       0
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment 146,740 88,569   58,171
17 Interest............... 329 329   0
18 Taxes (attach schedule) (see instructions)... Click to see attachment 29,930 4,220   0
19 Depreciation (attach schedule) and depletion... 0 0  
20 Occupancy..............        
21 Travel, conferences, and meetings.......   0 0  
22 Printing and publications..........   0 0  
23 Other expenses (attach schedule)....... Click to see attachment 1,713     1,713
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 178,712 93,118 0 59,884
25 Contributions, gifts, grants paid....... 883,500 883,500
26 Total expenses and disbursements. Add lines 24 and 25 1,062,212 93,118 0 943,384
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -44,137
b Net investment income (if negative, enter -0-) 924,957
c Adjusted net income (if negative, enter -0-)... 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............. 113,404 214,957 214,957
2 Savings and temporary cash investments.........      
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet     0 0
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 bullet0      
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 8,776,037 Click to see attachment8,916,979 11,510,365
c Investments—corporate bonds (attach schedule)....... 4,986,818 Click to see attachment4,670,448 4,143,235
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........     0
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) 13,876,259 13,802,384 15,868,557
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22).........   0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here bullet
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
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........ 13,876,259 13,802,384
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)..... 13,876,259 13,802,384
30 Total liabilities and net assets/fund balances (see instructions). 13,876,259 13,802,384
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
13,876,259
2
Enter amount from Part I, line 27a .....................
2
-44,137
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
13,832,122
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
29,738
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
13,802,384
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 1. GOLDMAN SACHS & CO   2022-01-01 2022-09-30
b 1. GOLDMAN SACHS & CO   2021-01-01 2022-09-30
c CAPITAL GAIN DIVIDENDS P    
d CAPITAL GAIN DIVIDENDS P    
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 873,023   952,744 -79,721
b 3,768,077   3,075,702 692,375
c       71,677
d       71,677
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       -79,721
b       692,375
c        
d        
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 684,331
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 12,857
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 12,857
6 Credits/Payments:
a 2021 estimated tax payments and 2020 overpayment credited to 2021 6a 17,000
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 17,000
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 4,143
11 Enter the amount of line 10 to be: Credited to 2022 estimated taxBullet4,143 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$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XIV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletMD
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2021 or the taxable year beginning in 2021? See the instructions for Part XIII.
    If "Yes," complete Part XIII .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 5
    Part VI-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbullet  
    14
    The books are in care ofbulletLONN SELBST Telephone no.bullet (302) 793-3278

    Located atbullet200 BELLEVUE PARKWAY SUITE 250WILMINGTONDE ZIP+4bullet198093747
    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
    RICHARD L GOODALL DIR. & PRES.
    1     		0    
    PO BOX 242
    CHESTERTOWN,MD21620
    LAURA K G GRAY DIR. & SEC.
    1     		0    
    PO BOX 242
    CHESTERTOWN,MD21620
    RICHARD T GOODALL DIR. & TREAS.
    1     		0    
    PO BOX 242
    CHESTERTOWN,MD21620
    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.........................bullet  
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 8
    Part IX
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    18,356,694
    b
    Average of monthly cash balances.......................
    1b
    216,329
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    18,573,023
    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
    18,573,023
    4
    Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
    instructions) .............................
    4
    278,595
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. .......
    5
    18,294,428
    6
    Minimum investment return. Enter 5% (0.05) of line 5................
    6
    914,721
    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
    914,721
    2a
    Tax on investment income for 2021 from Part V, line 5.......
    2a
    12,857
    b
    Income tax for 2021. (This does not include the tax from Part V.) ...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    12,857
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    901,864
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    901,864
    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
    901,864
    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 7 901,864
    2 Undistributed income, if any, as of the end of 2021:
    a Enter amount for 2020 only....... 927,804
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2021:
    a From 2016...... 0
    b From 2017...... 0
    c From 2018...... 0
    d From 2019...... 0
    e From 2020...... 0
    f Total of lines 3a through e ........ 0
    4Qualifying distributions for 2021 from Part
    XI, line 4: bullet$ 943,384
    a Applied to 2020, but not more than line 2a 927,804
    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..... 15,580
    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 ..........     		886,284
    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.... 0
    b Excess from 2018.... 0
    c Excess from 2019.... 0
    d Excess from 2020.... 0
    e Excess from 2021.... 0
    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
    KENT COUNTY HIGH SCHOOL ATHLETIC
    BOOSTERS
    25301 LAMBS MEADOW RD
    WORTON,MD21678     		NONE PC GENERAL CHARITABLE PURPOSES 1,500
    HORIZONS OF KENT AND QUEEN
    116 S LYNCHBURG ST STE B
    CHESTERTOWN,MD21620     		NONE PC GENERAL CHARITABLE PURPOSES 80,000
    CHANGING PERSPECTIVES INC
    PO BOX 694
    BRADFORD,VT05033     		NONE PC GENERAL CHARITABLE PURPOSES 50,000
    BAY AREA YOUNG LIFE
    PO BOX 503
    CENTREVILLE,MD21617     		NONE PC GENERAL CHARITABLE PURPOSES 7,500
    YMCA OF THE CHESAPEAKE
    111-1 E DOVER STREET
    EASTON,MD21601     		NONE PC GENERAL CHARITABLE PURPOSES 315,000
    KENT SCHOOL
    6788 WILKINS LN
    CHESTERTOWN,MD21620     		NONE PC GENERAL CHARITABLE PURPOSES 14,000
    COMPASS REGIONAL HOSPICE
    160 COURSEVALL DR
    CENTREVILLE,MD21617     		NONE PC GENERAL CHARITABLE PURPOSES 9,000
    MID-SHORE COMMUNITY FOUNDATION
    102 E DOVER ST
    Easton,MD21601     		NONE PC GENERAL CHARITABLE PURPOSES 6,560
    MARYLAND LEADERSHIP WORKSHOPS
    134 HOLIDAY CT STE 318
    ANNAPOLIS,MD21401     		NONE PC GENERAL CHARITABLE PURPOSES 6,940
    TALBOT INTERFAITH SHELTER
    107 GOLDSBOROUGH
    EASTON,MD21601     		NONE PC GENERAL CHARITABLE PURPOSES 50,000
    BOY SCOUTS OF AMERICA
    81 DEL-MAR-VA 1100 N MARKET ST
    Wilmington,DE19890     		NONE PC GENERAL CHARITABLE PURPOSES 2,500
    CHESTERTOWN CHRISTIAN ACADEMY
    401 MORGNEC RD
    Chestertown,MD21620     		NONE PC GENERAL CHARITABLE PURPOSES 5,000
    POCONO PLATEAU PROGRAM CENTER
    POCONO PLATEAU RD
    Cresco,PA18326     		NONE PC GENERAL CHARITABLE PURPOSES 12,000
    1ST UNITED METHODIST CHURCH
    105 N MILL STREET
    CHESTERTOWN,MD21620     		NONE PC GENERAL CHARITABLE PURPOSES 20,000
    SAMARITAN GROUP
    PO BOX 934
    CHESTERTOWN,MD21620     		NONE PC GENERAL CHARITABLE PURPOSES 2,500
    VMI FOUNDATION
    PO BOX 932
    LEXINGTON,VA24450     		NONE PC GENERAL CHARITABLE PURPOSES 3,000
    CHESAPEAKE CHARITIES
    101 LOG CANOE CIRCLE - SUITE O
    STEVENSVILLE,MD21666     		NONE PC GENERAL CHARITABLE PURPOSES 208,000
    GIRL SCOUTS OF THE CHESAPEAKE BAY
    225 S OLD BALTIMORE PIKE
    NEWARK,DE19702     		NONE PC GENERAL CHARITABLE PURPOSES 5,000
    NORTHERN OKLAHOMA COLLEGE FOUNDATION
    1220 E GRAND AVE
    TONKAWA,OK74653     		NONE PC GENERAL CHARITABLE PURPOSES 20,000
    PECOMETH UNITED METHODIST CAMP AND
    RETREAT MINISTRIES
    136 BOOKERS WHARF ROAD
    CENTREVILLE,MD21617     		NONE PC GENERAL CHARITABLE PURPOSES 50,000
    KENT COUNTY COMMUNITY FOOD PANTRY
    401 HIGH ST
    CHESTERTOWN,MD21620     		NONE PC GENERAL CHARITABLE PURPOSE 5,000
    TONKAWA PUBLIC SCHOOLS
    500 EAST NORTH AVENUE
    TONKAWA,OK74653     		NONE PC GENERAL CHARITABLE PURPOSES 10,000
    Total .................................bullet 3a 883,500
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 12
    Part XV-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments ....          
    3 Interest on savings and temporary cash
    investments ...........     		         
    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 ............     		    18 684,331  
    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) ..   1,018,075  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    1,018,075
    (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 InvestmentsCorpBondsSchedule
    Name:
    THE CLIFTON FOUNDATION INC
    EIN:
    52-2256618
    Name of Bond End of Year Book Value End of Year Fair Market Value
    912828RJ1 U.S. TREASURY NOTE 1    
    912828RM4 U.S. TREASURY NOTE 1    
    912828V72 U.S. TREASURY NOTE 1    
    912828Z29 U.S. TREASURYNOTE 2.    
    00828ECZ0 AFRICAN DEVELOPMENT    
    38148U692 GS FINANCIAL SQUARE    
    38143H845 GS INVESTMENT GRADE    
    38141W307 GS SHORT DURATION GO    
    USD U S DOLLAR    
    912828L57 U.S. TREASURY NOTE 1    
    912828XX3 U.S. TREASURY NOTE 1 31,954 27,713
    9128285Z9 U.S. TREASURY NOTE 2    
    9128284D9 U.S. TREASURY NOTE 2    
    912828S35 U.S. TREASURY NOTE 2    
    91282CBC4 U.S. TREASURY NOTE 2    
    912828R28 U.S. TREASURY NOTE 2    
    912828XZ8 U.S. TREASURY NOTE 1 133,762 118,092
    912828ZL7 U.S. TREASURY NOTE 2    
    912828ZT0 U.S. TREASURY NOTE 2    
    91282CAB7 U.S. TREASURY NOTE 2    
    912810FE3 U.S. TREASURY NOTE 2    
    9128285F3 U.S. TREASURY NOTE 2    
    9128285K2 U.S. TREASURY NOTE 2    
    9128285C0 U.S. TREASURY NOTE 3    
    314211103 FEDERATED HERMES INS    
    912828W48 U.S. TREASURY NOTE 1 232,263 195,448
    912828Y79 U.S. TREASURY NOTE 1 41,772 36,519
    912828YG9 'U.S. TREASURYNOTE 2    
    025537AM3 AMERICAN ELECTRIC PO 16,640 14,235
    035240AL4 ANHEUSER-BUSCH INBEV 59,829 52,965
    046353AV0 ASTRAZENECA PLC 0.7% 53,723 47,730
    00206RHJ4 AT&T INC. 4.35% 03/0 55,382 46,894
    05526DBN4 B.A.T. CAPITAL CORPO 22,307 18,138
    06051GHT9 BANK OF AMERICA CORP 74,794 65,731
    0641593U8 BANK OF NOVA SCOTIA    
    064159TF3 BANK OF NOVA SCOTIA 20,507 18,743
    101137AX5 BOSTON SCIENTIFIC CO    
    05565QDA3 BP CAPITAL MARKETS P    
    11135FBC4 BROADCOM INC. 4.7% 0    
    172967KA8A CITIGROUP INC 4.45% 8,799 7,404
    172967LD1 CITIGROUP INC. HYBRI 32,525 27,880
    174610AT2 CITIZENS FINANCIAL G 57,780 45,647
    20030NBL4 COMCAST CORPORATION 57,965 53,350
    22822VAK7 CROWN CASTLE INTERNA 21,407 18,201
    126650CX6 CVS HEALTH CORPORATI 19,832 17,027
    29273RBG3 ENERGY TRANSFER PART 37,628 34,090
    30161NAX9 EXELON CORPORATION 4 71,335 60,097
    30231GAF9 EXXON MOBIL CORPORAT 46,722 43,078
    35137LAH8 FOX CORPORATION 4.70 50,653 42,643
    361448BF9 GATX CORP 4.0% 06/30 49,406 39,432
    369550AX6 GENERAL DYNAMICS COR    
    369550BG2 GENERAL DYNAMICS COR 42,492 39,393
    38141W273B GS FINANCIAL SQUARE   5,806
    38141W273C GS FINANCIAL SQUARE 67,502 67,502
    458140AN0 INTEL CORPORATION 4. 34,637 27,181
    24422EUE7 JOHN DEERE CAPITAL C 26,506 24,296
    46647PBH8 JPMORGAN CHASE & CO. 30,577 27,506
    46647PBD7 JPMORGAN CHASE & CO. 43,186 35,500
    49446RAW9 KIMCO REALTY CORPORA 45,124 36,864
    539830BE8 LOCKHEED MARTIN CORP    
    606822AT1 MITSUBISHI UFJ FINAN 60,726 59,879
    61744YAP3 MORGAN STANLEY HYBRI 70,165 58,834
    64110DAK0 NETAPP, INC. 2.7% 06 45,055 36,883
    74251VAS1 PRINCIPAL FINANCIAL 53,505 43,340
    78015K7D0 ROYAL BANK OF CANADA 30,138 29,941
    86562MAF7 SUMITOMO MITSUI FINA    
    87165BAL7 SYNCHRONY FINANCIAL 31,713 27,602
    89236TGT6 TOYOTA MOTOR CREDIT 50,902 46,790
    912828Z94 U.S. TREASURY NOTE 1    
    912828X1X3 U.S. TREASURY NOTE 222,957 210,771
    912827Y79 U.S. TREASURY NOTE 2 140,643 133,166
    912828YQ3 U.S. TREASURY NOTE 2    
    912828W42 U.S. TREASURY NOTE 2    
    9128285C2 U.S. TREASURY NOTE 2 43,484 41,205
    9128285P3 U.S. TREASURY NOTE 2 1,006 968
    9128285TB U.S. TREASURY NOTE 2 29,797 27,395
    912828L51 U.S. TREASURY NOTE 2 197,299 186,158
    912829V72 U.S. TREASURY NOTE 2 3,947 3,874
    912828V8O U.S. TREASURY NOTE 2 1,060 942
    91282811X3 U.S. TREASURY NOTE    
    9127685T3 U.S. TREASURY NOTE 2    
    9134285T9 U.S. TREASURY NOTE 3 82,851 77,225
    92340LAF6 VEREIT OPERATING PAR    
    92343VEA8 VERIZON COMMUNICATIO    
    95000U2K8 WELLS FARGO & COMPAN 25,563 23,050
    94974BFY1 WELLS FARGO & COMPAN 48,732 43,431
    961214DF7 WESTPAC BANKING CORP 77,685 59,952
    31420B300 FEDERATED HERMES INS 985,892 850,574
    031162CZ1 AMGEN INC. 2.0% 01/1 20,221 16,114
    053332AZ5 AUTOZONE INC 4.0% 04 23,710 21,054
    120568BC3 BUNGE LIMITED FINANC 45,670 41,427
    260543CK7 DOW CHEMICAL CO/THE 41,139 37,310
    31428XAX4 FEDEX CORPORATION 4. 38,793 34,289
    37045VAN0 GENERAL MOTORS CO 4. 19,318 17,801
    68389XCE3 ORACLE CORPORATION 2 35,801 27,605
    756109BH6 REALTY INCOME CORP 3 53,487 45,812
    912828ZV5 U.S. TREASURY NOTE 0 172,286 164,568
    912828ZQ6 U.S. TREASURY NOTE 0 107,674 101,163
    91282CAY7 U.S. TREASURY NOTE 0 204,106 181,318
    91282CCR0 U.S. TREASURY NOTE 1 32,053 30,400
    91282CCS8 U.S. TREASURY NOTE 1 37,285 34,816
    91282CDP3 U.S. TREASURY NOTE 1 102,918 90,274
    92343VCQ5 VERIZON COMMUNICATIO 45,858 42,199

    TY 2021 InvestmentsCorpStockSchedule
    Name:
    THE CLIFTON FOUNDATION INC
    EIN:
    52-2256618
    Name of Stock End of Year Book Value End of Year Fair Market Value
    000375204 ABB LTD SPONSORED AD 13,212 12,471
    001317205 AIA GROUP LIMITED SP 13,808 14,988
    009126202 AIR LIQUIDE SA ADR C 4,627 5,620
    009279100 AIRBUS S.E. ADR CMN 6,034 6,509
    02364W105 AMERICA MOVIL SAB DE 3,562 3,389
    03524A108 ANHEUSER-BUSCH INBEV 7,373 6,955
    G0403H108 AON PUBLIC LIMITED C 2,241 4,018
    043400100 ASHAI KASEI CORP ADR 5,841 4,066
    9EQ2XFYN3 ASML HOLDING N.V. AD    
    9EQ3YTMV5 ASSA ABLOY AB UNSPON    
    046353108 ASTRAZENECA PLC SPON 8,887 15,904
    05946K101 BANCO BILBAO VIZCAYA    
    BGNE BEIGENE, LTD. SPONSORED A    
    05565A202 BNP PARIBAS SPONSORE    
    110448107 BRITISH AMERICAN TOB 10,737 11,562
    13605WWF4 CANADIAN IMPERIAL BA    
    136375102 CANADIAN NATIONAL RA    
    142795202 CARLSBERG A/S SPONSO 11,077 12,200
    172967GF2 CITIGROUP INC. LINKE    
    23381D102 DAIICHI SANKYO CO LT 2,868 3,975
    23381B106 DAIKIN INDUSTRIES, L 4,844 4,745
    23636T100 DANONE SPONSORED ADR    
    251542106 DEUTSCHE BOERSE AG U 2,353 3,132
    25243Q205 DIAGEO PLC SPON ADR 1,760 2,578
    23328E106 DNB ASA SPONSORED AD    
    26251A108 DSV PANALPINA A/S UN 1,293 2,656
    29250N105 ENBRIDGE INC. CMN    
    29265W207 ENEL SOCIETA PER AZI 6,407 4,697
    29286D105 ENGIE SPONSORED ADR 6,968 6,091
    297284200 ESSILOR INTERNATIONA 10,903 11,756
    PDYPY FLUTTER ENTERTAINMENT PU    
    GLPG GALAPAGOS NV SPONSORED AD    
    GMAB GENMAB A/S SPONSORED ADR    
    GVDNY GIVAUDAN SA ADR CMN    
    GRFS GRIFOLS S A ADR CMN    
    38148U692 GS FINANCIAL SQUARE    
    HDB HDFC BANK LIMITED SPONSORE    
    HESAY HERMES INTERNATIONAL UNS    
    HKXCY HONG KONG EXCHANGES & CL    
    HOCPY HOYA CORP SPONSORED ADR    
    HCM HUTCHISON CHINA MEDITECH L    
    IBDRY IBERDROLA SOCIEDAD ANONI    
    EEM ISHARES MSCI EMERGING MKTS    
    JMHLY JARDINE MATHESON HOLDING    
    BPJMXE72 JPMORGAN CHASE & CO.    
    PPRUY KERING ADR CMN    
    KYCCF KEYENCE CORPORATION CMN    
    KKPNY KONINKLIJKE KPN N.V. SPO    
    PHG KONINKLIJKE PHILIPS N.V.    
    LRLCY L'OREAL CO (ADR) ADR CMN    
    LNSTY LONDON STOCK EXCHANGE GR    
    LVMUY LVMH MOET HENNESSY LOUIS    
    MELI MERCADOLIBRE, INC. CMN    
    61768DZQ1 MORGAN STANLEY FINAN    
    MRAAY MURATA MANUFACTURING CO.    
    NSRGY NESTLE SA SPONSORED ADR    
    NJDCY NIDEC CORPORATION SPONSO    
    NTTYY NIPPON TELEG & TEL SPON    
    NCLTY NITORI HOLDINGS CO., LTD    
    NVS NOVARTIS AG-ADR SPONSORED    
    NVO NOVO-NORDISK A/S ADR ADR C    
    PDRDY PERNOD RICARD UNSPONSORR    
    PROSY PROSUS NV SPONSORED ADR    
    RBGLY RECKITT BENCKISER GROUP    
    RCRUY RECRUIT HOLDINGS CO., LT    
    RELX REED ELSEVIER PLC SPONSOR    
    SAFRY SAFRAN SA SPONSORED ADR    
    SAXPY SAMPO OYJ UNSPONSORED AD    
    SAP SAP SE (SPON ADR)    
    SHECY SHIN-ETSU CHEMICAL CO.,    
    SGIOY SHIONOGI & CO., LTD. UNS    
    SMECF SMC CORP. CMN    
    SFTBY SOFTBANK GRP CORP UNSPON    
    SONVY SONOVA HOLDING AG (THE)    
    SSHQX STATE STREET HEDGED INTE    
    SAUHY STRAUMANN HOLDING AG UNS    
    SZKMY SUZUKI MOTOR CORPORATION    
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    TCEHY TENCENT HOLDINGS LIMITED    
    TRUMY TERUMO CORPORATION ADR C    
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    G06242104 ATLASSIAN CORPORATIO 3,594 3,369
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    13605WN98 CANADIAN IMPERIAL BA    
    172967KA8 CITIGROUP INC. LINKE    
    204319107 COMPAGNIE FINANCIERE 4,792 5,158
    23304Y100 DBS GROUP HOLDINGS S 9,593 11,170
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    38141W273 GS FINANCIAL SQUARE 2,795 2,795
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    42751Q105 HERMES INTERNATIONAL 3,382 7,392
    43858F109 HONG KONG EXCHANGES    
    443251103 HOYA CORP SPONSORED 1,877 3,077
    44842L103 HUTCHMED (CHINA) LIM    
    450737101 IBERDROLA SOCIEDAD A 4,455 5,407
    455793109 INDUSTRIA DE DISENO 9,130 7,432
    456837103 ING GROEP N.V. SPONS 3,596 2,533
    464287234 ISHARES MSCI EMERGIN 343,367 329,002
    471115402 JARDINE MATHESON HOL 2,490 3,120
    48132PWN0 JPMORGAN CHASE & CO.    
    492089107 KERING ADR CMN 5,800 8,355
    J32491102 KEYENCE CORPORATION 6,332 10,371
    780641205 KONINKLIJKE KPN N.V. 7,421 6,372
    500472303 KONINKLIJKE PHILIPS    
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    54211N101 LONDON STOCK EXCHANG 7,654 12,073
    502441306 LVMH MOET HENNESSY L 1,872 4,425
    58733R102 MERCADOLIBRE, INC. C 1,902 4,139
    626425102 MURATA MANUFACTURING    
    641069406 NESTLE SA SPONSORED 6,806 9,465
    64110W102 NETEASE INC SPONSORE 3,004 1,890
    653656108 NICE SYSTEMS LTD 1 A 4,181 2,824
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    756255204 RECKITT BENCKISER GR 7,770 6,351
    75629J101 RECRUIT HOLDINGS CO. 2,948 3,099
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    771195104 ROCHE HOLDING AG ADR 3,398 3,368
    786584102 SAFRAN SA SPONSORED 8,829 9,647
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    88032Q109 TENCENT HOLDINGS LIM 8,105 5,769
    88156J105 TERUMO CORPORATION A 5,147 4,435
    87241L109 TFI INTERNATIONAL IN 5,381 8,615
    064159XL5 THE BANK OF NOVA SCO    
    889110102 TOKYO ELECTRON LIMIT 3,277 2,328
    89151E109 TOTALENERGIES SE SPO 8,568 9,403
    90460M204 UNICHARM CORP. SPONS 4,081 4,863
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    13605WN98A CANADIAN IMPERIAL B 198,000 201,820
    22552XGE7 CREDIT SUISSE AG LIN 235,000 220,971
    38141W273A GS FINANCIAL SQUARE 50,160 50,160
    40428HPB2 HSBC USA INC. LINKED    
    40433UTK2 HSBC USA INC. LINKED    
    464287622 ISHARES RUSSELL 1000 735,306 1,190,184
    48132PWN0A JPMORGAN CHASE & CO 198,000 205,643
    78016ENX1 ROYAL BANK OF CANADA 80,000 82,840
    78016E4P9 ROYAL BANK OF CANADA 78,000 77,290
    83369MY30A SOCIETE GENERALE LI    
    89114TKR2 TORONTO DOMINION BAN 194,000 172,990
    90261XHC9 UBS AG LINKED TO S&P    
    00783V104 ADYEN N.V. ADR CMN 4,331 2,933
    9EQ2DLT99 AMADEUS IT GROUP SA 2,998 2,253
    05601W3H2 BNP PARIBAS LINKED T 65,000 52,624
    05592Q4U6 BNP PARIBAS LINKED T 112,000 101,158
    17330PAW9 CITIGROUP INC. LINKE 219,000 182,033
    55715304 DANONE SPONSORED ADR 4,365 3,759
    359590304 FUJITSU LTD ADR (5 C 3,521 2,740
    40439JU60 HSBC USA INC. LINKED 152,000 133,198
    40439JZ40 HSBC USA INC. LINKED 75,000 65,520
    45790H101 INPEX CORPORATION UN 2,891 2,404
    48133L4B5 JPMORGAN CHASE & CO. 143,000 126,898
    48133MQU7 JPMORGAN CHASE & CO. 112,000 99,613
    61773H6V6 MORGAN STANLEY FINAN 157,000 120,764
    61774HQC5 MORGAN STANLEY FINAN 102,000 93,259
    62473G102 MTU AERO ENGINES HOL 4,299 3,249
    654902204 NOKIA CORPORATION SP 3,924 3,010
    714264306 PERNOD RICARD SPONSO 2,149 3,071
    9EQ53N5A2 RELX PLC SPONSORED A 5,472 6,345
    78016F5G5 ROYAL BANK OF CANADA 120,000 90,264
    78016FST2 ROYAL BANK OF CANADA 112,000 99,646
    82674R103 SIKA AG ADR CMN 5,543 4,914
    833635105 SOCIEDAD QUIMICA MIN 3,027 2,759
    83369NM23 SOCIETE GENERALE LIN 199,000 179,399
    83369NK90 SOCIETE GENERALE LIN 11,000 9,232
    90279FBP5 UBS AG LINKED TO MSC 147,000 126,729
    38141W273B1 GS FINANCIAL SQUAR 5,806  

    TY 2021 OtherDecreasesSchedule
    Name:
    THE CLIFTON FOUNDATION INC
    EIN:
    52-2256618
    Description Amount
    COST BASIS ADJUSTMENT 29,738


    TY 2021 OtherExpensesSchedule
    Name:
    THE CLIFTON FOUNDATION INC
    EIN:
    52-2256618
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    OTHER CHARITABLE EXPENSES 1,713 0   1,713


    TY 2021 OtherProfessionalFeesSchedule
    Name:
    THE CLIFTON FOUNDATION INC
    EIN:
    52-2256618
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    GSTC FIDUCIARY FEES 58,171     58,171
    INVESTMENT MANAGEMENT FEES 88,569 88,569    


    TY 2021 TaxesSchedule
    Name:
    THE CLIFTON FOUNDATION INC
    EIN:
    52-2256618
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES WITHHELD 4,220 4,220   0
    ESTIMATED TAXES PAID 17,000 0   0
    FEDERAL EXCISE TAX 8,710 0   0