Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
right arrowDo not enter social security numbers on this form as it may be made public.
right arrowGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2023
Open to Public Inspection
For calendar year 2023, or tax year beginning 01-01-2023 , and ending 12-31-2023
Name of foundation
THE SMART FAMILY FUND
 
Number and street (or P.O. box number if mail is not delivered to street address)1001 WARRENVILLE ROAD 500
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
LISLE, IL605324306
A Employer identification number

81-2297831
B Telephone number (see instructions)

(331) 702-2760
C right arrow
G Check all that apply:

D 1. Foreign organizations, check here............. right arrow
2. Foreign organizations meeting the 85%
test, check here and attach computation ... right arrow
E right arrow
H Check type of organization:
F right arrow
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)right arrow$35,899,004J 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) 47,210
2 Check right arrow.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 382,151 382,151  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 458,845
b Gross sales price for all assets on line 6a 4,567,878
7 Capital gain net income (from Part IV, line 2)... 458,845
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........ 888,206 840,996  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 120,000 12,000   108,000
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
3,496 0   3,496
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
24,000 6,000   18,000
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
229,486 229,486   0
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
24,902 14,902   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy.............. 4,800 480   4,320
21 Travel, conferences, and meetings....... 5,799 580   5,219
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
14,922 3,017   11,905
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 427,405 266,465   150,940
25 Contributions, gifts, grants paid....... 1,575,000 1,575,000
26 Total expenses and disbursements. Add lines 24 and 25 2,002,405 266,465   1,725,940
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -1,114,199
b Net investment income (if negative, enter -0-) 574,531
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2023)
Form 990-PF (2023)
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............. 14,630 137,206 137,206
2 Savings and temporary cash investments......... 1,206,734 1,053,847 1,053,847
3 Accounts receivable right arrow  
Less: allowance for doubtful accounts right arrow        
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) right arrow  
Less: allowance for doubtful accounts right arrow        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 16,174,923 Click to see attachment
List of Attached Documents:
// Content
15,091,134 		34,707,951
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........      
14 Land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
15 Other assets (describe right arrow)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 17,396,287 16,282,187 35,899,004
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
1,548 		Click to see attachment
List of Attached Documents:
// Content
1,647
23 Total liabilities (add lines 17 through 22)......... 1,548 1,647
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here right arrow
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here right arrow
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 0 0
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 17,394,739 16,280,540
29 Total net assets or fund balances (see instructions)..... 17,394,739 16,280,540
30 Total liabilities and net assets/fund balances (see instructions). 17,396,287 16,282,187
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
17,394,739
2
Enter amount from Part I, line 27a .....................
2
-1,114,199
3
Other increases not included in line 2 (itemize) right arrow
3
0
4
Add lines 1, 2, and 3 ..........................
4
16,280,540
5
Decreases not included in line 2 (itemize) right arrow
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
16,280,540
Form 990-PF (2023)
Form 990-PF (2023)
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 RUANNE CUNNIFF(PUBLICY TRADED SECURITIES)      
b RUANNE CUNNIFF(PUBLICY TRADED SECURITIES)      
c FIRST MANHATTAN(PUBLICLY TRADED SECURITIES)      
d FIRST MANHATTAN(PUBLICLY TRADED SECURITIES)      
e VANGUARD ( PUBLICLY TRADED SECURITIES)      
VANGUARD ( PUBLICLY TRADED SECURITIES)      
(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 2,583,957   2,280,472 303,485
b 613,445   742,977 -129,532
c 545,023   491,579 53,444
d 493,866   323,192 170,674
e 4,079   3,090 989
327,508   267,723 59,785
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       303,485
b       -129,532
c       53,444
d       170,674
e       989
      59,785
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 2 458,845
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  
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here right arrow and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions) 1 7,986
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 7,986
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 7,986
6 Credits/Payments:
a 2023 estimated tax payments and 2022 overpayment credited to 2023 6a 23,837
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 23,837
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.......right arrow 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10 15,851
11 Enter the amount of line 10 to be: Credited to 2024 estimated taxright arrow15,851 Refundedright arrow 11 0
Form 990-PF (2023)
Form 990-PF (2023)
Page 4
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. right arrow$ 0(2) On foundation managers.right arrow$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the 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:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
right arrowIL
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 2023 or the taxable year beginning in 2023? 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
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 addressright arrowN/A
14
The books are in care ofright arrowTHE FOUNDATION Telephone no.right arrow (331) 702-2760

Located atright arrow1001 WARRENVILLE ROAD 500LISLEIL ZIP+4right arrow605324306
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2023, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country right arrow
Form 990-PF (2023)
Form 990-PF (2023)
Page 5
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)
Yes
 
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
No
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2023? .............
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 2023, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2023?....................
2a
 
No
If "Yes," list the years right arrow20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
right arrow20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2023 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 2023.) .....................
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 2023? ..
4b
 
No
Form 990-PF (2023)
Form 990-PF (2023)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........right arrow
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
No
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
(a) Name and address (b) Title, and average
hours per week
devoted to position 		(c) Compensation
 (If not paid, enter
-0-) 		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
other allowances
DAVID ARCHIBALD SMART PRESIDENT AND DIRECTOR
5.00 		40,000 0 0
1001 WARRENVILLE ROAD SUITE 500
LISLE,IL605324306
ROLAND M SMART VP/TREASURER AND DIRECTOR
5.00 		40,000 0 0
1001 WARRENVILLE ROAD SUITE 500
LISLE,IL605324306
JESSE SAFIR VP/SECRETARY AND DIRECTOR
5.00 		40,000 0 0
1001 WARRENVILLE ROAD SUITE 500
LISLE,IL605324306
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...................right arrow 0
Form 990-PF (2023)
Form 990-PF (2023)
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
RUANE CUNNIFF & GOLDFARB INC INVESTMENT MANAGEMENT 141,010
767 FIFTH AVENUE
NEW YORK,NY10153
FIRST MANHATTAN INVESTMENT MANAGEMENT 85,190
399 PARK AVENUE
NEW YORK,NY10022
Total number of others receiving over $50,000 for professional services.............right arrow0
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1  
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................right arrow0
Form 990-PF (2023)
Form 990-PF (2023)
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
33,804,760
b
Average of monthly cash balances.......................
1b
215,738
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, b, and c).........................
1d
34,020,498
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
34,020,498
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
510,307
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
33,510,191
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
1,675,510
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
1,675,510
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
7,986
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
7,986
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
1,667,524
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
1,667,524
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
1,667,524
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
1,725,940
b
Program-related investments—total from Part VIII-B..................
1b
0
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
 
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
1,725,940
Form 990-PF (2023)
Form 990-PF (2023)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2022 		(c)
2022 		(d)
2023
1 Distributable amount for 2023 from Part X, line 7 1,667,524
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only....... 1,690,972
b Total for prior years:20 , 20, 20 0
3 Excess distributions carryover, if any, to 2022:
a From 2018......  
b From 2019......  
c From 2020......  
d From 2021......  
e From 2022......  
f Total of lines 3a through e ........ 0
4Qualifying distributions for 2023 from Part
XI, line 4: right arrow$ 1,725,940
a Applied to 2022, but not more than line 2a 1,690,972
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 2023 distributable amount..... 34,968
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2023. 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 2022. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		0
f Undistributed income for 2023. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2024 .......... 		1,632,556
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 2018 not
applied on line 5 or line 7 (see instructions) ... 		0
9 Excess distributions carryover to 2024.
Subtract lines 7 and 8 from line 6a ...... 		0
10 Analysis of line 9:
a Excess from 2019....  
b Excess from 2020....  
c Excess from 2021....  
d Excess from 2022....  
e Excess from 2023....  
Form 990-PF (2023)
Form 990-PF (2023)
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 2023, enter the date of the ruling ...... right arrow
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2023 (b) 2022 (c) 2021 (d) 2020
         
b 85% (0.85) of line 2a .........          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, b, or c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here right arrow
aThe name, address, and telephone number or 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 (2023)
Form 990-PF (2023)
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

BLAIR HOUSE RESTORATION FUND

P O BOX 27208
WASHINGTON,DC20038 		NONE PC 2024 ONGOING SUPPORT 50,000

CAPITAL AREA FOOD BANK

4900 PUERTO RICO AVE NE
WASHINGTON,DC20017 		NONE PC 2024 DIRECT FOOD SUPPORT 10,000

DARIEN ARTS CENTER

2 RENSHAW RD
DARIEN,CT06820 		NONE PC DARIEN ARTS CENTER -ONGOING GRANT 15,000

EXPERIENCE CAMPS

136 MAIN STREET SUITE 206
WESTPORT,CT06880 		NONE PC EXPERIENCE CAMPS - ONGOING GRANT 2023 30,000

FAIR CHANCE

1100 NEW JERSEY AVENUE SUITE 710
WASHINGTON,DC20003 		NONE PC 2024 ONGOING SUPPORT 25,000

FORD'S THEATRE SOCIETY

514 TENTH STREET NW
WASHINGTON,DC20004 		NONE PC 2024 ANNUAL SUPPORT 25,000

GOLDEN GATE NATIONAL PARKS ASSOCIATION

ATTN ONE TAM DEVELOPMENT 201 FORT
MASON 3RD FLOOR
SAN FRANCISCO,CA94123 		NONE PC ONE TAM REQUEST 2023 5,000

GRAND TETON NATIONAL PARK FOUNDATION

P O BOX 249
MOOSE,WY83012 		NONE PC GTNPA 5,000

GREATER WASHINGTON COMMUNITY FOUNDATION

1325 G STREET NORTHWEST
WASHINGTON,DC20005 		NONE PC 2024 ANNUAL SUPPORT 50,000

HORIZONS GREATER WASHINGTON INC

3000 CATHEDRAL AVENUE NW
WASHINGTON,DC20008 		NONE PC 2024 CAPACITY BUILDING GRANT YEAR 3/3 25,000

HORIZONS GREATER WASHINGTON INC

3000 CATHEDRAL AVENUE NW
WASHINGTON,DC20008 		NONE PC 2024 ANNUAL SUPPORT YEAR 3/3 60,000

HORIZONS NATIONAL STUDENT ENRICHMENT PROGRAM INC

120 POST ROAD WEST SUITE 202
WESTPORT,CT06880 		NONE PC HORIZONS NATIONAL FUNDING REQUEST 2023 100,000

KEN'S KREW

1 ROCKEFELLER PLAZA STE 1506
NEW YORK,NY10020 		NONE PC KEN'S KREW - ONGOING GRANT 25,000

KICKSTART INTERNATIONAL INC

1849 GEARY BLVD
SAN FRANCISCO,CA94115 		NONE PC KICKSTART REQUEST 2023 25,000

LETS GET READY INC

82 NASSAU STREET 61819
NEW YORK,NY10038 		NONE PC LETS GET READY - ONGOING GRANT 2023 100,000

MARET SCHOOL INC

3000 CATHEDRAL AVENUE NW
WASHINGTON,DC20008 		NONE PC 2024 ANNUAL FUND 30,000

MIGHTY WRITERS

12 E CHURCH LN
PHILADELPHIA,PA19144 		NONE PC MIGHTY WRITERS - ONGOING GRANT 2023 30,000

MILL VALLEY LIVEARTS

P O BOX 1058
MILL VALLEY,CA94942 		NONE PC THROCKMORTON THEATER FUNDING REQUEST 2023 5,000

MILL VALLEY SCHOOLS COMMUNITY FOUNDATION

409 SYCAMORE AVENUE
MILL VALLEY,CA94941 		NONE PC KIDDO FUNDING REQUEST 2023 20,000

NEWS LITERACY PROJECT INC

5335 WISCONSIN AVE NW SUITE 440
WASHINGTON,DC20015 		NONE PC 2024-2027 MULTI-YEAR CAPACITY BUILDING 1/3 50,000

PHILADELPHIA CHILDRENS ALLIANCE

300 E HUNTING PARK AVENUE
PHILADELPHIA,PA19124 		NONE PC 2024 ANNUAL SUPPORT 50,000

REACT DC

7459 DIGBY GREEN
ALEXANDRIA,VA22315 		NONE PC 2024 ONGOING SUPPORT 10,000

RECIDIVIZ INC

1322 WEBSTER STREET STE 402
OAKLAND,CA94612 		NONE PC RECIDIVIZ FUNDING REQUEST 2023 300,000

ST JOHNS COLLEGE

60 COLLEGE AVENUE
ANNAPOLIS,MD21401 		NONE PC 2024 STUDENT SUPPORT SERVICES 50,000

ST JOHNS COLLEGE

60 COLLEGE AVENUE
ANNAPOLIS,MD21401 		NONE PC 2024 ANNUAL FUND 25,000

THE BRAVE HOUSE

155 WATER STREET 3RD FLOOR
BROOKLYN,NY11201 		NONE PC THE BRAVE HOUSE - ONGOING GRANT 2023 50,000

THE UNIVERSITY OF MARYLAND COLLEGE PARK FOUNDATION

4603 CALVERT ROAD
COLLEGE PARK,MD20740 		NONE PC 2024 PHILIP MERRILL COLLEGE OF JOURNALISM SCHOLARSHIPS 25,000

TRUST FOR THE NATIONAL MALL

1730 PENNSYLVANIA AVE NW
WASHINGTON,DC20006 		NONE PC 2024 ONGOING SUPPPORT 25,000

TRUSTEES OF PRINCETON UNIVERSITY

PO BOX 5357
PRINCETON,NJ08543 		NONE PC PRINCETON UNIVERSITY - ONGOING GRANT 2023 20,000

VOTINGWORKS

548 MARKET STREET STE 53001
SAN FRANCISCO,CA94104 		NONE PC VOTINGWORKS FUNDING REQUEST 2023 200,000

WILDLIFE OF THE AMERICAN WEST

P O BOX 6825
JACKSON,WY83002 		NONE PC WILDLIFE OF THE AMERICAN WEST REQUEST 2023 10,000

CAREER TECHNICAL EDUCATION SOLUTIONS

48 BYERS ROAD
MARIETTA,OH45750 		NONE PC CAREER TECHNICAL EDUCATION SOLUTIONS (CTES) - INITIAL GRANT 2023 50,000

THE GLOBAL GOOD FUND

3066 HOBBS ROAD
GLENWOOD,MD21738 		NONE PC THE GLOBAL GOOD FUND - INITIAL GRANT 2023 75,000
Total .................................right arrow 3a 1,575,000
bApproved for future payment
Total ................................. right arrow 3b 0
Form 990-PF (2023)
Form 990-PF (2023)
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 ....     14 382,151  
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 ............ 		    18 458,845  
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) .. 0 840,996 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
840,996
(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 (2023)
Form 990-PF (2023)
Page 13
Part XVI
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
1
Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
Yes
No
a
Transfers from the reporting foundation to a noncharitable exempt organization of:
(1) Cash...................................
1a(1)
 
No
(2) Other assets.................................
1a(2)
 
No
b
Other transactions:
(1) Sales of assets to a noncharitable exempt organization....................
1b(1)
 
No
(2) Purchases of assets from a noncharitable exempt organization..................
1b(2)
 
No
(3) Rental of facilities, equipment, or other assets.......................
1b(3)
 
No
(4) Reimbursement arrangements...........................
1b(4)
 
No
(5) Loans or loan guarantees.............................
1b(5)
 
No
(6) Performance of services or membership or fundraising solicitations................
1b(6)
 
No
c
Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
1c
 
No
d
If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
(a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
2a
Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
b
If "Yes," complete the following schedule.

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


 Phone no.
Form 990-PF (2023)
Additional Data


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

TY 2023 AccountingFeesSchedule
Name:
THE SMART FAMILY FUND
EIN:
81-2297831
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING FEES 24,000 6,000   18,000

TY 2023 GeneralExplanationAttachment
Name:
THE SMART FAMILY FUND
EIN:
81-2297831
Identifier Return Reference Explanation
  PART VII-B, LINE 1A(4) IN 2023 THE SMART FAMILY FUND ("THE FOUNDATION") PAID ITS DIRECTORS COMPENSATION FOR SERVICES RENDERED TO THE FOUNDATION. THE COMPENSATION WAS NOT EXCESSIVE AND THE SERVICES RENDERED BY THE DIRECTORS WERE REASONABLE AND NECESSARY FOR CARRYING OUT THE EXEMPT PURPOSE OF THE FOUNDATION.

TY 2023 InvestmentsCorpStockSchedule
Name:
THE SMART FAMILY FUND
EIN:
81-2297831
Name of Stock End of Year Book Value End of Year Fair Market Value
ALPHABET INC CAP STK CL C 98,495 1,120,534
ASHTEAD CROUP OLC SHS ISIN#GB0000536739 391,493 476,749
BERKSHIRE HATHAWAY INC DEL CL A 117,119 8,139,375
BERKSHIRE HATHAWAY INC DEL CL B NEW 2,655 181,897
CAPITAL ONE FINL CORP COM 542,808 670,285
CARMAX INC COM 331,669 511,626
CONSTELLATION SOFTWARE INC COM ISIN#CA21037X1006 176,011 1,086,451
CREDIT ACCEP CORP MICH COM 249,311 598,789
ELEVANCE HEALTH INC COM 761,696 929,445
EUROFINS SCIENTIFIC SE ACT ISIN#FR0014000MR3 539,914 661,596
INTERCONTINENTAL EXCHANGE INC COM 949,080 1,230,616
JACOBS SOLUTIONS INC COM 248,860 580,336
LIBERTY BROADBAND CORP COM SER A 53,522 52,013
LIBERTY BROADBAND CORP COM SER C 494,144 452,352
LIBERTY MEDIA CORP DEL COM SER A FORMULA ONE 80,941 115,844
LIBERTY MEDIA CORP DEL COM SER C FORMULA ONE 240,315 629,406
LUMINE GROUP INC REGISTERED SHS ISIN#CA55027C1068 0 31,909
META PLATFORMS INC CL A 157,156 357,854
ROLLS-ROYCE HOLDINGS PLC LONDON SHS ISIN#GB00B63H8491 285,578 864,292
SAP AG SYSTEME ASWENDUNGEN PRODUKTE IN DER DATENVERARBEI TUNG ORD ISIN#DE007 393,391 657,201
SCHWAB CHARLES CORP NEW COM 474,605 940,840
TAIWAN SEMICONDUCTOR MFG CO SPONSORED ADR ISIN#US8740391003 314,086 656,760
UNITEDHEALTH GROUP INC COM 477,264 910,267
UNIVERSAL MUSIC GROUP N V BEARER AND REGISTERED SHS ISIS#NL0015000LY2 755,513 867,872
ALPHABET INC CLASS C 153,192 521,441
AMERICAN TOWER CORP COMMON 280,427 259,056
APPLE INC COMMON 83,819 693,108
ASML HLDS NV NY ERO .09NY REG 2012 301,090 435,229
AUTOZONE INC COMMON 255,298 801,539
BROADCOM INC COMMON 205,591 279,063
BROOKFIELD CORP CL A LIMITED VOT SHS 47,267 210,630
COPART INC COMMOM 310,480 450,800
DANAHER CORP COMMON 96,585 439,546
HONEYWELL INTL INC COMMON 79,674 272,623
INTER CONTINENTAL EX COM 193,599 308,232
KKR & CO INC COMMON UNIT 339,903 497,100
LOUIS VUITTON MOET H ORD 195,373 264,487
MICROSOFT CORP COMMON 93,374 1,316,140
NESTLE S A ADS (1 ORD SHRS) 50,088 242,823
NEXTERA ENERGY INC COMMON 218,508 206,516
NEXTERA ENERGY LPU COM UNIT RP IN 214,511 109,476
NIKE INC CLASS B 238,790 227,997
ORACLE CORP COMMON 223,875 557,198
PHILIP MORRIS INTL COMMON 160,882 282,240
S&P GLOBAL INC COMMON 325,382 396,468
THERMO FISHER SCI COMMON 249,325 305,204
UNITED HEALTHGROUP INC COMMON 299,128 473,823
EMERGINING MKTS STKIDX ADM 275,619 245,032
EUROPEAN STOCK INDEX ADM 279,019 317,250
HIGH YIELD CORP FUND ADM 289,724 268,675
INFLATION PROTECT SEC ADM 258,892 216,701
PACIFIC STOCK INDEX ADM 276,263 274,072
REAL ESTATE INDEX ADMIRAL 138,289 148,953
SHORT TERM INVEST GR ADM 200,268 187,406
SMALL CAP INDEX FUND ADM 396,652 482,749
TOTAL STOCK MKT IDX ADM 224,621 292,065

TY 2023 LegalFeesSchedule
Name:
THE SMART FAMILY FUND
EIN:
81-2297831
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
LEGAL FEES 3,496 0   3,496


TY 2023 OtherExpensesSchedule
Name:
THE SMART FAMILY FUND
EIN:
81-2297831
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
OFFICE EXPENSE 7,890 789   7,101
BANK CHARGES 220 22   198
INSURANCE EXPENSE 2,174 217   1,957
DUES & SUBSCRIPTIONS 1,701 170   1,531
MEMBERSHIPS 750 75   675
MEALS AND ENTERTAINMENT 461 46   415
POSTAGE 31 3   28
MISC INVESTMENT EXPENSE 1,695 1,695   0


TY 2023 OtherLiabilitiesSchedule
Name:
THE SMART FAMILY FUND
EIN:
81-2297831
Description Beginning of Year - Book Value End of Year - Book Value
OTHER 1,548 1,647


TY 2023 OtherProfessionalFeesSchedule
Name:
THE SMART FAMILY FUND
EIN:
81-2297831
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT FEES-RUANE CUNNIFF & GOLDFARB 141,010 141,010   0
INVESTMENT CUSTODIAN FEES 3,286 3,286   0
INVESTMENT FEES - FIRST MANHATTAN 85,190 85,190   0


TY 2023 TaxesSchedule
Name:
THE SMART FAMILY FUND
EIN:
81-2297831
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT INCOME EXCISE TAX 10,000 0   0
FOREIGN TAXES 14,902 14,902   0