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 07-01-2023 , and ending 06-30-2024
Name of foundation
John Ruan Foundation Trust
 
Number and street (or P.O. box number if mail is not delivered to street address)11207 NW Aurora Avenue
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Urbandale, IA50322
A Employer identification number

42-6059463
B Telephone number (see instructions)

(515) 245-2552
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$86,342,448J 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 right arrow.............
3 Interest on savings and temporary cash investments 3,584 3,584  
4 Dividends and interest from securities... 5,115,808 5,115,808  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 -12,862
b Gross sales price for all assets on line 6a 30,157,260
7 Capital gain net income (from Part IV, line 2)... 0
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule).......      
12 Total. Add lines 1 through 11........ 5,106,530 5,119,392  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0   0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
2,925 1,463   1,462
c Other professional fees (attach schedule)....        
17 Interest............... 4,577 4,577   0
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
122,238 2,386   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
254,696 212,812   41,884
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 384,436 221,238   43,346
25 Contributions, gifts, grants paid....... 4,050,000 4,050,000
26 Total expenses and disbursements. Add lines 24 and 25 4,434,436 221,238   4,093,346
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 672,094
b Net investment income (if negative, enter -0-) 4,898,154
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.............      
2 Savings and temporary cash investments......... 95,312 338,556 338,556
3 Accounts receivable right arrow21,156
Less: allowance for doubtful accounts right arrow   21,601 21,156 21,156
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)....... 13,787,123 Click to see attachment
List of Attached Documents:
// Content
14,228,386 		14,950,712
c Investments—corporate bonds (attach schedule)....... 83,974,374 Click to see attachment
List of Attached Documents:
// Content
83,068,648 		69,388,550
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).......... 900,000 Click to see attachment
List of Attached Documents:
// Content
1,793,758 		1,643,474
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) 98,778,410 99,450,504 86,342,448
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)    
23 Total liabilities (add lines 17 through 22)......... 0 0
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........ 102,941,520 98,778,410
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds -4,163,110 672,094
29 Total net assets or fund balances (see instructions)..... 98,778,410 99,450,504
30 Total liabilities and net assets/fund balances (see instructions). 98,778,410 99,450,504
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
98,778,410
2
Enter amount from Part I, line 27a .....................
2
672,094
3
Other increases not included in line 2 (itemize) right arrow
3
0
4
Add lines 1, 2, and 3 ..........................
4
99,450,504
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
99,450,504
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 Sale of Publicly Traded Securities P    
b Sale of Publicly Traded Securities P    
c
d
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 16,234,037   15,989,734 244,303
b 13,923,223   14,180,388 -257,165
c
d
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       244,303
b       -257,165
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 -12,862
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 68,084
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 68,084
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 68,084
6 Credits/Payments:
a 2023 estimated tax payments and 2022 overpayment credited to 2023 6a 63,605
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 5,000
d Backup withholding erroneously withheld .......... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 68,605
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment
List of Attached Documents:
// Content
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 10 521
11 Enter the amount of line 10 to be: Credited to 2024 estimated taxright arrow521 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 arrowIA
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 arrowTracey Ball Telephone no.right arrow (515) 245-2552

Located atright arrow11207 NW Aurora AvenueUrbandaleIA ZIP+4right arrow50322
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)
Yes
 
(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
 
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)
Yes
 
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
No
c
Organizations relying on a current notice regarding disaster assistance check .........right arrow
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
Yes
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d). Click to see attachment
List of Attached Documents:
// Content
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
John Ruan IV Trustee
0.50 		0 0 0
11207 NW Aurora Avenue
Urbandale,IA50322
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
NONE
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
85,972,164
b
Average of monthly cash balances.......................
1b
344,045
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, b, and c).........................
1d
86,316,209
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
86,316,209
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
1,294,743
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
85,021,466
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
4,251,073
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
4,251,073
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
68,084
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
68,084
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
4,182,989
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
4,182,989
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
4,182,989
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
4,093,346
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
4,093,346
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 4,182,989
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only....... 252,883
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$ 4,093,346
a Applied to 2022, but not more than line 2a 252,883
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..... 3,840,463
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 .......... 		342,526
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).)
John Ruan IV
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 e-mail address of the person to whom applications should be addressed:
John Ruan IV
11207 NW Aurora Avenue
Urbandale,IA50322
(515) 245-2575
bThe form in which applications should be submitted and information and materials they should include:
No special form
cAny submission deadlines:
None
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
None
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

ABOVE AND BEYOND CANCER

1305 50th Street
West Des Moines,IA50266 		None PC Health Services and Related Activities 10,000

AMERICAN HEART ASSOCIATION

PO Box 4002902
Des Moines,IA503402902 		None PC Health Services and Related Activities 5,000

AVON OLD FARMS SCHOOL

500 OLD FARMS ROAD
Avon,CT060019958 		None PC Schools, Colleges and Related Activities 5,000

BALLET DES MOINES

121 S 11th Street
West Des Moines,IA50265 		None PC Cultural, Historical or Other Education Activities 255,000

BERGMAN ACADEMY

100 45th Street
Des Moines,IA50312 		None PC Schools, Colleges and Related Activities 10,000

BEST BUDDIES INTERNATIONAL

7518 Hickman Road
Des Moines,IA50324 		None PC Activities Directed to Other Organizations 10,000

BLANK PARK ZOO FOUNDATION

7401 SW 9th Street
Des Moines,IA50315 		None PC Cultural, Historical or Other Education Activities 510,000

BLUE RIBBON FOUNDATION

PO Box 57130
Des Moines,IA50317 		None PC Activities Directed to Other Organizations 5,000

BOY SCOUTS OF AMERICA MID IOWA COUNCIL

1659 East Euclid Avenue
Des Moines,IA50313 		None PC Youth Activities 2,500

BRENTON ARBORETUM

25141 260th Street
Dallas Center,IA50063 		None PC Activities Directed to Other Organizations 2,500

CHILDSERVE

5406 Merle Hay Road
Johnston,IA50131 		None PC Health Services and Related Activities 500,000

CIVIC CENTER OF GREATER DES MOINES

221 Walnut Street
Des Moines,IA50309 		None PC Cultural, Historical or Other Education Activities 10,000

CULVER EDUCATIONAL FOUNDATION

1300 Acadeny Road
Culver,IN46511 		None PC Schools, Colleges and Related Activities 5,000

DES MOINES AREA COMMUNITY COLLEGE

2006 S Ankeny Blvd
Ankeny,IA50021 		None PC Schools, Colleges and Related Activities 505,000

DES MOINES ART CENTER

4700 Grand Ave
Des Moines,IA503122099 		None PC Cultural, Historical or Other Education Activities 10,000

DES MOINES ARTS FESTIVAL

400 Locust Street Suite 255
Des Moines,IA50309 		None PC Cultural, Historical or Other Education Activities 5,000

DES MOINES BOTANICAL CENTER

909 E River Drive
Des Moines,IA50309 		None PC Activities Directed to Other Organizations 5,000

DES MOINES COMMUNITY PLAYHOUSE

831 42nd Street
Des Moines,IA50312 		None PC Activities Directed to Other Organizations 2,500

DES MOINES METROPOLITAN OPERA

106 West Boston Avenue
Indianola,IA50125 		None PC Cultural, Historical or Other Education Activities 7,500

DES MOINES SYMPHONY

221 Walnut Street
Des Moines,IA50309 		None PC Activities Directed to Other Organizations 25,000

DES MOINES UNIVERSITY

3200 Grand Avenue
Des Moines,IA503124198 		None PC Schools, Colleges and Related Activities 2,500

DOWLING CATHOLIC HIGH SCHOOL

1400 Buffalo Road
West Des Moines,IA502651699 		None PC Schools, Colleges and Related Activities 10,000

DOWNTOWN EVENTS GROUP

700 Locust Street Suite 100
Des Moines,IA50309 		None PC Activities Directed to Other Organizations 10,000

DRAKE UNIVERSITY

2507 University Avenue
Des Moines,IA50311 		None PC Schools, Colleges and Related Activities 20,000

FOOD BANK OF IOWA

2220 E 17th Street
Des Moines,IA50316 		None PC Inner City or Community Activities 5,000

FRIENDS OF DES MOINES PARKS

1551 E Martin Luther King Parkway
Des Moines,IA50317 		None PC Activities Directed to Other Organizations 352,500

GDM HABITAT FOR HUMANITY

95 University Avenue Suite 1
Des Moines,IA50314 		None PC Activities Directed to Other Organizations 250,000

IOWA COLLEGE FOUNDATION

505 5th Avenue
Des Moines,IA503092396 		None PC Schools, COlleges and Related Activities 5,000

IOWA CONFLUENCE WATER TRAILS

501 SW 7th Street Suite G
Des Moines,IA50309 		None PC Conservation, Environment and Beautification Activities 200,000

IOWA HISTORICAL FOUNDATION

600 East Locust Street
Des Moines,IA50309 		None PC Cultural, Historical or Other Education Activities 2,500

IOWA LAW SCHOOL FOUNDATION

PO Box 4550
Iowa City,IA52244 		None PC Schools, Colleges and Related Activities 5,000

IOWA NATURAL HERITAGE FOUNDATION

505 5th Avenue 444
Des Moines,IA50309 		None PC Conservation, Environment and Beautification Activities 100,000

ISU FOUNDATION

2505 University Drive
Ames,IA500104648 		None PC Schools, Colleges and Related Activities 25,000

JOPPA

2326 Euclid Avenue
Des Moines,IA50310 		None PC Inner City or Community Activities 50,000

LOST TREE CHARITABLE FOUNDATION

11555 Lost Tree Way
North Palm Beach,FL33408 		None PC Activities Directed to Other Organizations 5,000

MACNIDER ART MUSEUM

303 Second Street SE
Mason City,IA504013988 		None PC Cultural, Historical or Other Education Activities 2,500

MAYO CLINIC

2000 First Street SW
Rochester,MN55905 		None PC Health Services and Related Activities 5,000

MULTIPLE SCLEROSIS SOCIETY OF IOWA

8187 University Avenue
Clive,IA50325 		None PC Health Services and Related Activities 2,500

NATURE CONSERVANCY

505 Fifth Avenue Suite 930
Des Moines,IA50309 		None PC Conservation, Environment and Beautification Activities 5,000

NORTHWESTERN UNIVERSITY

2701 Ashland Avenue
Evanston,IL60208 		None PC Sports, Athletic 10,000

ORCHARD PLACE

925 SW Porter Avenue
Des Moines,IA503150304 		None PC Health Services and Related Activities 2,500

PUBLIC LIBRARY OF DES MOINES FOUNDATION

1000 Grand Avenue
Des Moines,IA503125309 		None PC Activities Directed to Other Organizations 5,000

ROOSEVELT HIGH SCHOOL FOUNDATION

4419 Center Street
Des Moines,IA50312 		None PC Schools, Colleges and Related Activities 10,000

SALISBURY HOUSE FOUNDATION

4025 Tonawanda Drive
Des Moines,IA50312 		None PC Cultural, Historical or Other Education Activities 5,000

SCIENCE CENTER OF IOWA

401 W ML King Parkway
Des Moines,IA50309 		None PC Cultural, Historical or Other Education Activities 10,000

SOUTHERN METHODIST UNIVERSITY

PO Box 750315
Dallas,TX75275 		None PC Schools, Colleges and Related Activities 10,000

ST AUGUSTIN CATHOLIC SCHOOL

4320 Grand Avenue
Des Moines,IA50312 		None PC Youth Activities 10,000

TERRACE HILL PARTNERSHIP

2300 Grand Avenue
Des Moines,IA503125308 		None PC Activities Directed to Other Organizations 2,500

UNIVERSITY OF IOWA

PO Box 4550
Iowa City,IA522444550 		None PC Sports, Athletic 1,000,000

WESLEY LIFE

5508 NW 88th Street
Johnston,IA50131 		None PC Health Services and Related Activities 2,500

WORLD FOOD PRIZE

100 Locust Street
Des Moines,IA50309 		None POF Activities Directed to Other Organizations 25,000

YMCA

501 Grand Avenue
Des Moines,IA50309 		None PC Activities Directed to Other Organizations 10,000
Total .................................right arrow 3a 4,050,000
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 ........... 		    14 3,584  
4 Dividends and interest from securities ....     14 5,115,808  
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 -12,862  
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 5,106,530 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
5,106,530
(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:
John Ruan Foundation Trust
EIN:
42-6059463
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Accounting Fees 2,925 1,463   1,462

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

TY 2023 ExpenditureResponsibilityStmt
Name:
John Ruan Foundation Trust
EIN:
42-6059463
Grantee's Name Grantee's Address Grant Date Grant Amount Grant Purpose Amount Expended By Grantee Any Diversion By Grantee? Dates of Reports By Grantee Date of Verification Results of Verification
World Food Prize Foundation
  		100 Locust Street
Des Moines,IA50309 		2024-02-01 25,000 The grant was made to the grantee to assist in fulfilling its tax exempt purpose. The World Food Prize Foundation is an operating private foundation. 25,000 None   2024-06-30  
World Food Prize Foundation
  		100 Locust Street
Des Moines,IA50309 		2018-06-11 100,000 The grant was made to the grantee to assist in fulfilling it tax exempt purpose. There have been some difficulties getting the African youth charity set up. The funds are still being held and they do still anticipate directing the funds for their intended purpose. The World Food Prize Foundation is an operating private foundation. 0 None   2024-06-30  

TY 2023 InvestmentsCorpBondsSchedule
Name:
John Ruan Foundation Trust
EIN:
42-6059463
Name of Bond End of Year Book Value End of Year Fair Market Value
SELECT MILK PRODUCERS 7% PREFERRED 500,000 500,000
OWL ROCK CAPITAL CORP 3.400% 441,412 471,125
CELANESE US HOLDINGS 6.165% 503,347 507,455
ADVANCE AUTO PARTS 5.950% 249,495 247,998
BGC GROUP INC 8.000% 855,183 842,872
SIXTH STREET SPECIALTY 6.950% UNSECURED 310,024 306,507
SIXTH STREET SPECIALTY 6.950% UNSECURED 185,747 183,904
PACIFIC GAS & ELECTRIC 6.100% 250,535 255,865
BARINGS BDC INC 7.000% UNSECURED 823,238 822,804
MAIN STREET CAPITAL CORP 6.950% UNSECURED 440,865 434,803
GENERAL MOTORS ACCEPTANCE CORP 8.000% 558,587 551,085
TAPESTRY INC 7.850% SR UNSECURED 644,323 631,956
TAPESTRY INC 7.850% SR UNSECURED 651,637 631,956
ALLY FINANCIAL INC 7.000% 400,000 394,684
MONSANTO CO 5.500% SENIOR NOTES 868,621 816,953
SELECTIVE INSURANCE GROUP 6.700% SENIOR 723,142 694,288
WESTERN UNION CO NOTES 6.20% 258,007 254,198
WESTERN UNION CO NOTES 6.20% 277,380 254,198
WESTERN UNION CO NOTES 6.20% 558,557 508,395
WESTERN UNION CO NOTES 6.20% 223,847 203,358
WESTERN UNION CO NOTES 6.20% 142,267 129,132
WESTERN UNION CO NOTES 6.20% 117,114 105,746
WESTERN UNION CO NOTES 6.20% 282,792 254,198
WESTERN UNION CO NOTES 6.20% 359,201 324,356
BANK OF AMERICA 6.50% SENIOR NOTES 114,396 103,519
VF CORP 6.450% 413,524 380,004
NORDSTROM INC 7.00% SENIOR NOTES 287,102 227,273
PACIFICORP FIRST MORTGAGE 6.350% 614,539 627,096
OHIO EDISON FIRST MORTGAGE 8.250% 356,886 378,571
PACIFICORP FIRST MORTGAGE 6.000% 394,087 406,072
SAN DIEGO G&E FIRST MORTGAGE 6.000% 649,975 685,178
XEROX CORP 6.75% SR UNSECURED 540,062 401,540
XEROX CORP 6.75% SR UNSECURED 545,382 401,540
XEROX CORP 6.75% SR UNSECURED 818,272 602,310
XEROX CORP 6.75% SR UNSECURED 253,757 200,770
REYNOLDS AMERICAN 8.125% 447,507 454,972
REYNOLDS AMERICAN 8.125% 674,377 682,458
PARAMOUNT GLOBAL (CBS CORP) 5.9% 888,757 721,773
EXELON GENERATION 5.75% UNSECURED 1,050,890 933,645
KYNDRYL HOLDINGS INC 4.100% ' 731,317 723,355
INTERNATIONAL PAPER 6.000% UNSECURED 1,989,201 2,009,260
SUNOCO LOGISTICS PARTNER 6.100% 505,462 489,140
ENERGY TRANSFER PARTNERS 5.95% SENIOR 938,934 822,188
ENERGY TRANSFER PARTNERS 5.95% SENIOR 994,741 870,552
ENERGY TRANSFER PARTNERS 5.95% SENIOR 277,039 241,820
GENERAL MOTORS CO 6.100% UNSECURED 400,310 388,370
BUCKEYE PARTNERS LP 5.85% UNSECURED 996,829 772,362
WESTERN GAS PARTNERS 5.450% 231,967 225,282
ENTERGY LOUISIANA 4.950% 262,547 262,920
BOEING CO 5.805% UNSECURED 104,353 90,120
BOEING CO 5.93% UNSECURED 105,195 89,405
FORD MOTOR 7.70% DEBENTURES 951,937 792,412
FORD MOTOR 7.70% DEBENTURES 331,767 264,137
FORD MOTOR 7.70% DEBENTURES 655,947 528,275
FORD MOTOR 7.70% DEBENTURES 662,462 528,275
BANK OF MONTREAL 5.000% 2,000,000 1,950,000
BANK OF MONTREAL 5.000% 1,000,000 977,500
ARCELORMITTAL SR UNSECURED 6.800% 259,079 263,365
BANCO SANTANDER 6.921% 421,719 417,588
SOCIETE GENERALE MED TERM 6.050% 336,007 336,504
FAIRFAX FINANCIAL 7.75% SENIOR NOTES 1,173,328 999,693
FAIRFAX FINANCIAL 7.75% SENIOR NOTES 912,534 777,539
FAIRFAX FINANCIAL 7.75% SENIOR NOTES 193,141 166,615
HSBC HOLDINGS 6.800% 644,402 740,075
ROYAL BANK OF CANADA 6.000% 497,557 497,670
ARCELORMITTAL SR UNSECURED 7.000% 437,707 429,616
ARCELORMITTAL SR UNSECURED 6.750% 486,007 509,995
AFFIL MGR GROUP 4.200% PREFERRED 25,000 16,650
AG MORTGAGE 9.500% PREFERRED 475,000 476,520
AGREE REALTY 4.25% SERIES A 1,000,000 705,600
AMERICAN EQ INV 5.95% PREFERRED 687,500 667,425
ARCH CAPITAL GROUP 4.55% SERIES G 250,000 192,500
ASPEN INSURANCE 5.625% NON-CUM. 167,275 130,407
AT&T 4.75% PREFERRED 1,900,000 1,532,160
ATHENE HOLDINGS 4.875% PREFERRED 1,000,000 753,200
BANK OF AMERICA 4.25% PREFERRED 1,000,000 745,200
BANK OZK 4.625% PREFERRED 2,000,000 1,248,000
BERMUDA 5.125% PREFERRED 2,000,000 1,435,200
BRIGHTHOUSE FINL 6.6% PREFERRED 727,800 671,031
BROOKFIELD 4.625% PREFERRED 375,000 232,350
BROOKFIELD 4.875% PREFERRED 1,625,000 1,066,650
BROOKFIELD 4.50% PREFERRED 500,000 314,600
BROOKFIELD 4.625% PREFERRED 892,250 588,885
BROOKFIELD 5.000% PREFERRED 2,000,000 1,412,000
CAPITAL ONE FINANCIAL 4.80% SERIES J 750,000 564,300
CHARLES SCHWAB 4.45% PREFERRED 330,050 264,568
CHIMERA INV CORP 9.000% PREFERRED 1,000,000 1,003,200
CHS INC CLASS B RESET RA 7.50% PERPETUAL 250,000 260,000
DTE ENERGY 4.375% PREFERRED 2,000,000 1,588,000
FIRST REPUBLIC BANK 4.50% PREFERRED 1,000,000 800
HEARTLAND FINANCIAL 7.00% PREFERRED 1,810,000 1,818,688
HUDSON PACIFIC 4.75% PREFERRED 1,371,325 750,938
HUNTINGTON 4.50% PREFERRED 1,600,000 1,143,680
JP MORGAN 4.625% SER LL FIXED PREFERRED 1,000,000 837,600
KKR GROUP 4.625% PREFERRED 625,000 480,500
M&T BANK CORP 7.500% PREFERRED 300,000 309,720
MIDCAP FIN INVESTMENT 8.00% PREFERRED 300,000 301,860
MORGAN STANLEY 4.25% PREFERRED 1,000,000 766,000
NEW MTN FIN 8.25% PREFERRED 2,000,000 2,032,800
NEW YORK MORT 7.00% PREFERRED SERIES G 2,000,000 1,571,200
OFFICE PROP 6.375% PREFERRED 287,500 115,000
PARTNERRE LTD 4.875% PREFERRED 121,125 94,478
PENNYMAC 6.75% PERPETUAL SERIES C 1,000,000 774,800
RITHM CAPITAL VAR% PREFERRED 1,250,000 1,157,500
SCE TRUST IV 5.000% PERPETUAL 250,000 197,800
SCE TRUST VIII 6.950% PREFERRED 62,500 64,350
STIFEL FINANCIAL 4.500% PREFERRED 1,500,000 1,029,000
SVB FINANCIAL GROUP 5.25% PREFERRED 510,000 2,040
TRUIST FINANCIAL 4.75% PREFERRED 1,750,000 1,389,500
UNITED COMM. 6.875% PREFERRED 125,000 117,000
US BANCORP 4.50% PREFERRED SERIES0 2,000,000 1,577,600
VORNADO REALTY 4.45% SERIES 0 500,000 268,800
WASHINGTON FED INC 4.875% PREFERRED 500,000 293,200
WELLS FARGO & COMPANY 4.375% SERIES C 750,000 578,700
WELLS FARGO & COMPANY 4.70% SERIES AA 400,000 324,960
WELLS FARGO & COMPANY 4.75% SERIES Z 500,000 408,200
WESBANCO INC. 6.75% PREFERRED 425,000 414,800

TY 2023 InvestmentsCorpStockSchedule
Name:
John Ruan Foundation Trust
EIN:
42-6059463
Name of Stock End of Year Book Value End of Year Fair Market Value
ALPINE INCOME PROPERTY TR INC - (PINE) 39,727 31,120
ALPINE INCOME PROPERTY TR INC - (PINE) 38,247 31,120
AMERICAN WATER WORKS CO - (AWK) 325,200 309,984
ARES CAPITAL CORP - (ARCC) 223,880 241,744
ARES CAPITAL CORP - (ARCC) 54,955 60,436
ARES CAPITAL CORP - (ARCC) 105,448 116,704
BLACK HILLS CORP - (BKH) 49,977 57,915
BROADSTONE NET LEASE INC - (BNL) 72,804 63,480
BROADSTONE NET LEASE INC - (BNL) 73,395 63,480
CAPITAL SOUTHWEST CORP - (CSWC) 268,620 386,132
CHEVRON CORPORATION - (CVX) 367,674 391,050
COLGATE-PALMOLIVE CO - (CL) 182,732 242,600
COLGATE-PALMOLIVE CO - (CL) 186,082 242,600
CSX CORP - (CSX) 118,610 133,800
CSX CORP - (CSX) 131,558 133,800
DOLLAR GENERAL CORP - (DG) 313,938 264,460
INTEL CORP (INTC) 4,911,243 4,465,440
JOHNSON CTLS INTL - (JCI) 133,103 132,940
KKR REAL ESTATE FINANCE - (KREF) 788,000 362,000
LAUDER ESTEE COS (EL) 112,354 106,400
LOWES COMPANIES INC - (LOW) 103,855 110,230
LOWES COMPANIES INC - (LOW) 101,572 110,230
MICROSOFT CORP - (MSFT) 135,787 223,475
NEXTERA ENERGY INC (NEE) 279,747 283,240
NOVO NORDISK - (NVO) 166,475 428,220
ONEOK INC - (OKE) 129,557 163,100
ONEOK INC - (OKE) 128,017 163,100
PFIZER INC - (PFE) 211,950 125,910
PFIZER INC - (PFE) 44,767 27,980
RPM INTERNATIONAL INC (RPM) 262,776 323,040
RAYTHEON TECHNOLOGIES (RTX) 296,013 301,170
SIXTH STREET SPECIALTY LENDING INC - (TSLX) 140,487 143,856
TRINITY CAPITAL INC - (TRIN) 202,300 197,960
UNION PACIFIC CORP - (UNP) 118,344 135,756
UNION PACIFIC CORP - (UNP) 133,776 135,756
UNITED HEALTH GROUP - (UNH) 310,454 305,556
UNITED HEALTH GROUP - (UNH) 98,130 101,852
ABBOTT LABORATORIES - (ABT) 65,694 84,088
ACCENTURE PLC - (ACN) 70,057 93,844
AFLAC INC - (AFL) 58,255 93,670
AIR PRODUCTS & CHEMICALS - (APD) 60,455 72,503
AMERICAN TOWER CORP - (AMT) 32,106 39,241
AMGEN INC - (AMGN) 60,749 83,407
ANALOG DEVICES - (ADI) 63,714 120,315
APPLE INC - (AAPL) 119,331 237,259
AUTOMATIC DATAPROCESSING-(ADP) 76,362 97,450
BLACKROCK INC - (BLK) 54,233 72,547
CARRIER GLOBAL CORP (CARR) 12,254 24,293
CHEVRON CORPORATION - (CVX) 60,599 61,797
CHUBB LTD - (CB) 55,958 76,528
CISCO SYSTEMS INC - (CSCO) 50,785 57,296
CMS ENERGY CORP - (CMS) 36,936 42,019
COLGATE-PALMOLIVE CO - (CL) 46,237 61,264
COMCAST CORP - (CMCSA) 48,136 43,410
COSTCO WHSL CORP - (COST) 55,479 85,126
EMERSON ELECTRIC CO - (EMR) 29,210 45,717
EXXON MOBIL CORP - (XOM) 54,555 64,196
FACTSET RESEARCH SYSTEMS - (FDS) 75,380 93,116
GENERAL DYNAMICS CORP - (GD) 51,679 65,011
GRAINGER WW INC - (GWW) 46,666 58,776
ILLINOIS TOOL WORKS INC - (ITW) 53,785 66,231
ISHARES RUSELL 2000 GROWTH - (IWO) 50,299 58,703
!SHARES RUSELL 2000 VALUE - (IWN) 50,554 55,430
JOHNSON & JOHNSON - (JNJ) 51,870 47,901
JPMORGAN CHASE & CO - (JPM) 51,662 89,322
LINDE PLC - (LIN) 71,162 128,922
LOWES COMPANIES INC - (LOW) 81,118 120,947
L3 HARRIS CORP DEL - (HRS) 65,589 72,181
MCDONALDS CORP - (MCD) 60,283 67,980
MICROSOFT CORP - (MSFT) 92,696 241,316
NEXTERA ENERGY INC - (NEE) 70,998 82,224
NIKE INC - (NKE) 60,378 57,129
NORFOLK SOUTHERN CORP - (NSC) 64,575 73,853
NOVARTIS AG - (NVS) 39,426 56,850
OTIS WORLDWIDE CORP (OTIS) 12,871 18,555
PPG INDUSTRIES INC - (PPG) 51,824 50,605
PAYCHEX INC - (PAYX) 66,155 81,524
PEPSICO INCORPORATED - (PEP) 61,026 65,317
PHILLIPS 66 - (PSX) 48,865 68,171
PROCTOR & GAMBLE CO - (PG) 58,897 84,456
S&P GLOBAL INC - (SPGI) 53,191 64,806
SANDOZ GROUP AG - (SDZNY) 18,144 21,937
STARBUCKS CORP - (SBUX) 78,746 64,768
TARGET CORP - (TGT) 92,894 112,463
UNITED HEALTH GROUP - (UNH) 63,239 61,373
WAL-MART STORES INC - (WMT) 57,894 95,081
WEC ENERGY GROUP INC - (WEC) 53,861 52,158

TY 2023 InvestmentsOtherSchedule2
Name:
John Ruan Foundation Trust
EIN:
42-6059463
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
CALAMOS DYNAMIC CONVERTIBLE & INCOME AT COST 507,833 456,531
VIRTUS ALLIANZGI DIVERSIFIED INCOME & CONV. FUN AT COST 204,355 174,027
TEKLA WORLD HEALTHCARE FUND AT COST 203,533 134,879
FIDELITY TREASURY PORTFOLIO - (FRBXX) AT COST 460 460
FIDELITY TREASURY PORTFOLIO - (FRBXX) AT COST 121,184 121,184
CRESTLINE SUNDANCE FUND, LP AT COST 756,393 756,393

TY 2023 OtherExpensesSchedule
Name:
John Ruan Foundation Trust
EIN:
42-6059463
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Miscellaneous Expense 1,893 947   946
Management Fees 215,158 174,220   40,938
Investment Management Fees 37,645 37,645   0


TY 2023 TaxesSchedule
Name:
John Ruan Foundation Trust
EIN:
42-6059463
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Federal Excise Tax 119,852 0   0
Foreign Tax 2,386 2,386   0