TY 2022 Form 990PF

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)
	1	Contributions, gifts, grants, etc., received (attach schedule)	131,092
2	Check .............
3	Interest on savings and temporary cash investments	15	15	15
4	Dividends and interest from securities...	775,484	776,345	775,484
5a	Gross rents............	11,196	11,196	11,196
b	Net rental income or (loss) 11,196
6a	Net gain or (loss) from sale of assets not on line 10		27,406
b	Gross sales price for all assets on line 6a 5,853,467
7	Capital gain net income (from Part IV, line 2)...		7,985
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).......	List of Attached Documents: // Content	70,763	-33,234	70,763
12	Total. Add lines 1 through 11........	1,015,956	762,307	857,458
	13	Compensation of officers, directors, trustees, etc.	121,658	0	121,658	0
14	Other employee salaries and wages......	341,596	0	341,596	0
15	Pension plans, employee benefits.......	36,889	0	36,889	0
16a	Legal fees (attach schedule).........	List of Attached Documents: // Content	10,510	0	10,510	0
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	46,437	0	46,437	0
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	113,676	107,889	113,676	0
17	Interest...............
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	111,694	21,694	21,694	0
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............	501,208	0	501,208	0
21	Travel, conferences, and meetings.......	8,241	0	8,241	0
22	Printing and publications..........	316	0	316	0
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	212,820	0	-1,050,718	1,264,743
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	1,505,045	129,583	151,507	1,264,743
25	Contributions, gifts, grants paid.......	0			0
26	Total expenses and disbursements. Add lines 24 and 25	1,505,045	129,583	151,507	1,264,743
	27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-489,089
b	Net investment income (if negative, enter -0-)		632,724
c	Adjusted net income (if negative, enter -0-)...			705,951

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............	85,708	9,002	9,002
	2	Savings and temporary cash investments.........	1,496,117	616,797	616,797
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	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)
		Less: allowance for doubtful accounts
	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).......	11,689,476	List of Attached Documents: // Content 10,394,215	10,394,215
	c	Investments—corporate bonds (attach schedule).......	10,713,301	List of Attached Documents: // Content 7,910,487	7,910,487
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	11,141,660	List of Attached Documents: // Content 8,427,855	8,427,855
	14	Land, buildings, and equipment: basis 9,651,812
		Less: accumulated depreciation (attach schedule)	7,682,547	List of Attached Documents: // Content 9,651,812	9,651,812
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	42,808,809	37,010,168	37,010,168
	17	Accounts payable and accrued expenses..........	16,687	15,081
	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 )
	23	Total liabilities (add lines 17 through 22).........	16,687	15,081
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........	42,789,338	36,986,266
	25	Net assets with donor restrictions............	2,784	8,821
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........
	27	Paid-in or capital surplus, or land, bldg., and equipment fund
	28	Retained earnings, accumulated income, endowment, or other funds
	29	Total net assets or fund balances (see instructions).....	42,792,122	36,995,087
	30	Total liabilities and net assets/fund balances (see instructions).	42,808,809	37,010,168

Part III

Analysis of Changes in Net Assets or Fund Balances

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) ...............

42,792,122

Enter amount from Part I, line 27a .....................

-489,089

Other increases not included in line 2 (itemize) right arrow

Add lines 1, 2, and 3 ..........................

42,303,033

Decreases not included in line 2 (itemize) right arrow

List of Attached Documents:

// Content

5,307,946

Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .

36,995,087

(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
1 a	Publicly Traded Securities	P
b	Publicly Traded Securities	P
c	Capital Gain Dividends - Tax Basis	P
d	Capital Losses from Partnership Interests	P
e

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	2,956,623	3,228,026	-271,403
b	2,515,598	2,607,794	-92,196
c	381,246		381,246
d		9,662	-9,662
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			-271,403
b			-92,196
c			381,246
d			-9,662
e

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	7,985
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 ...................		3	-92,196

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)	1	8,795
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	8,795
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	8,795
6	Credits/Payments:

a	2022 estimated tax payments and 2021 overpayment credited to 2022	6a	35,010
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	35,010
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2221 is attached.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	26,215
11	Enter the amount of line 10 to be: Credited to 2023 estimated tax26,215	Refunded	11	0

(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
Charles A Weyerhaeuser	President/Trustee/Member 40.00	121,658	0	0
189 Alden Street PO Box 2814 Duxbury,MA02331
Melissa M Davis	Board Member 0.15	0	0	0
189 Alden Street PO Box 2814 Duxbury,MA02331
Kelli Bentinck-Smith	Board Member 0.15	0	0	0
189 Alden Street PO Box 2814 Duxbury,MA02331
E Rodman Titcomb Jr	Board Member 0.15	0	0	0
189 Alden Street PO Box 2814 Duxbury,MA02331
Henry Weyerhaeuser	Board Member 0.15	0	0	0
189 Alden Street PO Box 2814 Duxbury,MA02331
Roya Weyerhaeuser	Board Member 0.15	0	0	0
189 Alden Street PO Box 2814 Duxbury,MA02331
Carrie W Farmer	Trustee/Board Member 0.15	0	0	0
189 Alden Street PO Box 2814 Duxbury,MA02331
M Britain Rothrock	Trustee/Board Member 0.15	0	0	0
189 Alden Street PO Box 2814 Duxbury,MA02331
Ian Weyerhaeuser	Trustee/Board Member 0.15	0	0	0
189 Alden Street PO Box 2814 Duxbury,MA02331
Andrew Bentinck-Smith	Vice President/Trustee/Board Member 0.15	0	0	0
189 Alden Street PO Box 2814 Duxbury,MA02331
Joseph S Micallef	Treasurer/Trustee/Board Member 0.15	0	0	0
189 Alden Street PO Box 2814 Duxbury,MA02331
Justin Weyerhaeuser	Asst. Treasurer/Trustee/Board Member 0.15	0	0	0
189 Alden Street PO Box 2814 Duxbury,MA02331
Nancy Gardiner	Clerk 0.15	0	0	0
189 Alden Street PO Box 2814 Duxbury,MA02331
Michele Bria	Assistant Clerk 0.15	0	0	0
189 Alden Street PO Box 2814 Duxbury,MA02331


(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
Julia Courtney	Collections Curator 40.00	74,200	0	0
189 Alden Street PO Box 2814 Duxbury,MA02331	Collections Curator 40.00	74,200	0	0
Mary Curran	Assistant to the Dir 40.00	55,311	0	0
189 Alden Street PO Box 2814 Duxbury,MA02331	Assistant to the Dir 40.00	55,311	0	0
Lori Ledoux	Publicist 40.00	50,625	0	0
189 Alden Street PO Box 2814 Duxbury,MA02331	Publicist 40.00	50,625	0	0




Total number of other employees paid over $50,000...................				0


Turner Construction Company	Construction and Renovations	1,411,543
157 Berkeley Street Boston,MA02116
William Thomas	Grounds, Maintenance, and Repairs	273,265
189 Alden Street PO Box 2814 Duxbury,MA02332
Fidelity Counselling Inc	Investment Advisory	107,714
30 East Seventh Street St Paul,MN55101
Mystic Scenic Studios Inc	Construction and Renovations	76,526
293 Lenox Street Norwood,MA02062

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	The Art Complex Museum, located in the historic town of Duxbury, Massachusetts, 33 miles south of Boston, serves as a regional art center and houses the impressive collection of the Carl A. Weyerhaeuser family. In addition to a gallery for rotating objects from the permanent collection, and exhibition spaces that feature painting, sculpture, prints and craft objects created by contemporary artists, the Museum also houses the Carl A. Weyerhaeuser Reference Library of over 5,000 publications, which is located on the grounds is a Japanese tea hut, itself part of the Museum's Asian collection. The Museum offers a year-round schedule of exhibitions, lectures, concerts, classes, education programs, demonstrations, and tea ceremonies, fulfilling the founders' vision that their family's many interests be shared with the community. This unique venue truly offers visitors an inviting place for viewing and learning about art in an intimate and comfortable setting.	1,222,728
2


3


4

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

		(a) Corpus	(b) Years prior to 2021	(c) 2021	(d) 2022
1 Distributable amount for 2022 from Part X, line 7
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2021 only.......
b Total for prior years:20, 20, 20
3 Excess distributions carryover, if any, to 2022:
a From 2017......
b From 2018......
c From 2019......
d From 2020......
e From 2021......
f Total of lines 3a through e ........
4Qualifying distributions for 2022 from Part
XI, line 4: $
a Applied to 2021, but not more than line 2a
b Applied to undistributed income of prior years (Election required—see instructions).....
c Treated as distributions out of corpus (Election required—see instructions)........
d Applied to 2022 distributable amount.....
e Remaining amount distributed out of corpus
5 Excess distributions carryover applied to 2022.
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........
e Undistributed income for 2021. Subtract line 4a from line 2a. Taxable amount—see instructions .............
f Undistributed income for 2022. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2023 ..........
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......
8 Excess distributions carryover from 2017 not applied on line 5 or line 7 (see instructions) ...
9 Excess distributions carryover to 2023. Subtract lines 7 and 8 from line 6a ......
10 Analysis of line 9:
a Excess from 2018....
b Excess from 2019....
c Excess from 2020....
d Excess from 2021....
e Excess from 2022....

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part IX for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2022	(b) 2021	(c) 2020	(d) 2019	(e) Total
	705,951	1,233,874	856,938	945,099	3,741,862
b 85% (0.85) of line 2a .........	600,058	1,048,793	728,397	803,334	3,180,583
c Qualifying distributions from Part XI, line 4 for each year listed .....	3,260,759	4,966,505	1,556,482	1,252,415	11,036,161
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........	0	0	0	0	0
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....	3,260,759	4,966,505	1,556,482	1,252,415	11,036,161
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......					0
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)					0
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part IX, line 6 for each year listed ..	972,830	1,172,353	960,908	985,365	4,091,456
c “Support" alternative test—enter:
(1) Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) ....					0
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....					0
(3) Largest amount of support from an exempt organization					0
(4) Gross investment income					0

Charles A Weyerhaeuser

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:

Line No.	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.)
11a	The Art Complex does not charge admission for exhibitions. Therefore, the Organization receives only a very small amount of its annual revenues directly from its educational and museum programs. Proceeds from educational activities are used to defray the cost of exhibitions and, to the extent available, to contribute to expenses for operating the Foundation's Museum and related educational activities.

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)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year

Total ................................. 3a				0

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	(e) Related or exempt function income (See instructions.)
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	15
4 Dividends and interest from securities ....			14	775,484
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....			16	11,196
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	27,406
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aPass-through investment income	525990	-16,754		-33,234
b(Adjustment for amount per book)				98,652
cEducation and Museum Programs					22,099
d
e
12 Subtotal. Add columns (b), (d), and (e) ..		-16,754		879,519	22,099

(a) Line No.	(b) Amount involved	(c) Name of noncharitable exempt organization	(d) Description of transfers, transactions, and sharing arrangements

Paid Preparer Use Only	Print/Type preparer's name	Preparer's Signature	Date	Check if self- employed	PTIN
	Firm's name				Firm's EIN
	Firm's address				Phone no.

Name of organization The Art Complex Inc

Part I Contributors	Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
1	Cherbec Advancement Foundation 30 East Seventh Street Suite 2000 St Paul, MN55101	$ 128,744	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
Schedule B (Form 990) (2022)

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
Turner Construction Company	Construction and Renovations	1,411,543
157 Berkeley Street Boston,MA02116	Construction and Renovations	1,411,543
William Thomas	Grounds, Maintenance, and Repairs	273,265
189 Alden Street PO Box 2814 Duxbury,MA02332	Grounds, Maintenance, and Repairs	273,265
Fidelity Counselling Inc	Investment Advisory	107,714
30 East Seventh Street St Paul,MN55101	Investment Advisory	107,714
Mystic Scenic Studios Inc	Construction and Renovations	76,526
293 Lenox Street Norwood,MA02062	Construction and Renovations	76,526

bApproved for future payment

Total ................................. 3b				0

Name of organization The Art Complex Inc		Employer identification number 04-6155696

Part II	Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
Schedule B (Form 990) (2022)


Name of organization The Art Complex Inc			Employer identification number 04-6155696
Part III Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $ Use duplicate copies of Part III if additional space is needed.

Name of Bond	End of Year Book Value	End of Year Fair Market Value
89931.482 Units Guggenheim Total Return Bond Fund	2,086,410	2,086,410
107678.867 Units Performance Trust Strategic Bond	2,054,513	2,054,513
159204.616 Units Pimco All Asset Inst Class (PAAIX)	1,673,240	1,673,240
202543.349 Units Pimco Income Fund Institutional Fund	2,096,324	2,096,324

Name of Stock	End of Year Book Value	End of Year Fair Market Value
81684.567 Units AQR Emerging Multi Style II CL R6	734,344	734,344
34704.033 Units Baron Small Cap Fund (BSCFX)	854,760	854,760
137294.9 Units Blackrock Systematic Multi-Strategy Instl	1,326,269	1,326,269
25407.879 Units Clearwater Select Equity Fund	383,151	383,151
4057 Units Potlatchdeltic Corporation Com	178,467	178,467
1870.582 Units Primecap Odyssey Stock Fund (POSKX)	59,709	59,709
122535.077 Units Royce Pennsylvania Mutual INVST	932,492	932,492
6701.756 Units Vanguard 500 Index Admiral (VFIAX)	2,373,159	2,373,159
25234.909 Units Vanguard Emerging MKTS STK Index	622,040	622,040
42732.165 Units Vanguard Primecap Core Fd Investor	1,161,460	1,161,460
49632.229 Units Vanguard Selected Value Investor	1,239,813	1,239,813
35274.6 Units WCM Focused Emerging Markets Fund	454,337	454,337
2394 Units Weyerhaeuser Co. MTN BE Company New	74,214	74,214

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
256716.169 Units Clearwater International Fund	FMV	4,315,400	4,315,400
47989.758 Units Third Avenue Real Estate Value Fund Z	FMV	889,250	889,250
7752.936 Units Vanguard Real Estate Index Admiral	FMV	906,086	906,086
SPELL CAPITAL MESSANINE SBIC I	FMV	444,502	444,502
SPELL CAPITAL MESSANINE SBIC II	FMV	1,515,965	1,515,965
NORTHCOAST MEZZANINE SBIC III, LP	FMV	356,652	356,652

Category / Item	Cost / Other Basis	Book Value	End of Year Fair Market Value
Buildings	9,290,782	9,290,782	9,290,782
Furniture, fixtures, and equipment	350,184	350,184	350,184
Land	10,846	10,846	10,846

Description	Revenue and Expenses per Books	Adjusted Net Income	Disbursements for Charitable Purposes
Insurance	62,423	62,423	0
Office Expenses	40,637	40,637	0
IT Support	1,134	1,134	0
Advertising and Media	14,440	14,440	0
Education and Museum Programs	83,519	83,519	0
Security	1,835	1,835	0
Annual Fees	8,832	8,832	0
Accrual to Cash Adjustment	0	0	1,205
Charitable Expenditures in Excess of Income	0	-1,263,538	1,263,538

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
Pass-through investment income	-49,988	-33,234	-49,988
(Adjustment for amount per book)	98,652		98,652
Education and Museum Programs	22,099		22,099

Software ID:
Software Version:

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Consulting Fees	5,962	0	5,962	0
Inventment Advisory Fees	107,714	107,889	107,714	0

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Foreign Investment Taxes	21,694	21,694	21,694	0
Excise Taxes	90,000	0	0	0