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
GEORGE C LOVELAND TESTAMENTARY
J KUHN P GORMAN GREG HICKS
Number and street (or P.O. box number if mail is not delivered to street address)513 W 2ND ST
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
DIXON, IL61021
A Employer identification number

36-1381197
B Telephone number (see instructions)

(815) 284-2741
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$3,323,870J 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) 5,000
2 Check right arrow.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 99,095 99,095 99,095
5a Gross rents............ 31,058 31,058 31,058
b Net rental income or (loss) 31,058
6a Net gain or (loss) from sale of assets not on line 10 -104
b Gross sales price for all assets on line 6a 70,007
7 Capital gain net income (from Part IV, line 2)... 0
8 Net short-term capital gain......... 0
9 Income modifications...........  
10a Gross sales less returns and allowances 370
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule)..... 370 370
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
41,691 0 41,691
12 Total. Add lines 1 through 11........ 177,110 130,153 172,214
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0 0 0
14 Other employee salaries and wages...... 63,379 63,379 63,379 0
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
10,985 10,985 10,985 0
c Other professional fees (attach schedule)....        
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
5,811 5,811 5,811 0
19 Depreciation (attach schedule) and depletion... Click to see attachment
List of Attached Documents:
// Content
14,667 0 14,667
20 Occupancy.............. 26,250 26,250 26,250 0
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
59,665 59,664 59,664 0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 180,757 166,089 180,756 0
25 Contributions, gifts, grants paid....... 0 0
26 Total expenses and disbursements. Add lines 24 and 25 180,757 166,089 180,756 0
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -3,647
b Net investment income (if negative, enter -0-) 0
c Adjusted net income (if negative, enter -0-)... 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............. 17,552 28,808 28,808
2 Savings and temporary cash investments.........      
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) 340,083 Click to see attachment
List of Attached Documents:
// Content
272,268 		272,268
b Investments—corporate stock (attach schedule)....... 2,045,401 Click to see attachment
List of Attached Documents:
// Content
2,078,187 		2,078,187
c Investments—corporate bonds (attach schedule)....... 625,692 Click to see attachment
List of Attached Documents:
// Content
634,474 		634,474
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).......... 6,164 Click to see attachment
List of Attached Documents:
// Content
27,866 		27,866
14 Land, buildings, and equipment: basis right arrow501,381
Less: accumulated depreciation (attach schedule) right arrow219,114 292,625 Click to see attachment
List of Attached Documents:
// Content
282,267 		282,267
15 Other assets (describe right arrow)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 3,327,517 3,323,870 3,323,870
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........... 3,289,759 3,292,550
25 Net assets with donor restrictions............ 37,758 31,320
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........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds    
29 Total net assets or fund balances (see instructions)..... 3,327,517 3,323,870
30 Total liabilities and net assets/fund balances (see instructions). 3,327,517 3,323,870
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
3,327,517
2
Enter amount from Part I, line 27a .....................
2
-3,647
3
Other increases not included in line 2 (itemize) right arrow
3
0
4
Add lines 1, 2, and 3 ..........................
4
3,323,870
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
3,323,870
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 NET LEASE OFFICE PPTYS P 2023-11-02 2023-11-02
b MONTGOMERY CNTY VA ECON DEV P 2014-01-09 2023-06-01
c NEW JERSEY ECONOMIC DEV AUTH P 2023-06-12 2023-02-15
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 7   8 -1
b 25,000   25,103 -103
c 45,000   45,000 0
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       -1
b       -103
c       0
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 -104
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 -1
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 0
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 0
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 0
6 Credits/Payments:
a 2023 estimated tax payments and 2022 overpayment credited to 2023 6a 0
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 0
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 0
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10  
11 Enter the amount of line 10 to be: Credited to 2024 estimated taxright arrow   Refundedright arrow 11  
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 arrowLOVELANDCOMMUNITYHOUSE.ORG
14
The books are in care ofright arrowWIPFLI LLP Telephone no.right arrow (815) 626-1277

Located atright arrow403 E 3RD STREETSTERLINGIL ZIP+4right arrow61081
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)
 
No
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
 
c
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
GREG HICKS TRUSTEE
0.00 		0 0 0
852 RIVERSIDE DR
DIXON,IL61021
JEANNE KUHN TRUSTEE
0.00 		0 0 0
2134 THORN WOOD DR
DIXON,IL61021
PATRICK GORMAN TRUSTEE
0.00 		0 0 0
3732 W CEDAR ST
DIXON,IL61021
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 OPERATE AND MAINTAIN LOVELAND COMMUNITY HOUSE, 513 WEST SECOND STREET, DIXON, ILLINOIS 61021 0
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
3,015,068
b
Average of monthly cash balances.......................
1b
23,180
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, b, and c).........................
1d
3,038,248
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
3,038,248
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
45,574
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
2,992,674
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
149,634
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
 
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
 
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
 
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
 
4
Recoveries of amounts treated as qualifying distributions................
4
 
5
Add lines 3 and 4............................
5
 
6
Deduction from distributable amount (see instructions).................
6
 
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
 
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
0
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
0
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  
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only.......  
b Total for prior years:20 , 20, 20  
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 ........  
4Qualifying distributions for 2023 from Part
XI, line 4: right arrow$  
a Applied to 2022, but not more than line 2a  
b Applied to undistributed income of prior years
(Election required—see instructions)..... 		 
c Treated as distributions out of corpus (Election
required—see instructions)........ 		 
d Applied to 2023 distributable amount.....  
e Remaining amount distributed out of corpus  
5 Excess distributions carryover applied to 2023.    
(If an amount appears in column (d), the
same amount must be shown in column (a).)
6Enter the net total of each column as
indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5  
b Prior years’ undistributed income. Subtract
line 4b from line 2b .......... 		 
c Enter the amount of prior years’ undistributed
income for which a notice of deficiency has
been issued, or on which the section 4942(a)
tax has been previously assessed...... 		 
d Subtract line 6c from line 6b. Taxable amount
—see instructions ........... 		 
e Undistributed income for 2022. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		 
f Undistributed income for 2023. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2024 .......... 		 
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		 
8 Excess distributions carryover from 2018 not
applied on line 5 or line 7 (see instructions) ... 		 
9 Excess distributions carryover to 2024.
Subtract lines 7 and 8 from line 6a ...... 		 
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
1973-02-15
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
0 0 161,627 28,650 190,277
b 85% (0.85) of line 2a ......... 0 0 137,383 24,353 161,735
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		0 0 0 0 0
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		0 0 0 0 0
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		0 0 0 0 0
3 Complete 3a, b, or c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......         0
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		         0
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		        0
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		        0
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		        0
(3) Largest amount of support
from an exempt organization		         0
(4) Gross investment income 140,682 -214,261     -73,579
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 e-mail address of the person to whom applications should be addressed:
NA
513 W 2ND ST
DIXON,IL61021
(815) 284-2741
bThe form in which applications should be submitted and information and materials they should include:
N/A
cAny submission deadlines:
N/A
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
N/A
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
Total .................................right arrow 3a 0
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 ....         99,095
5 Net rental income or (loss) from real estate:
aDebt-financed property......          
bNot debt-financed property.....         31,058
6 Net rental income or (loss) from personal property          
7 Other investment income .....          
8 Gain or (loss) from sales of assets other than
inventory ............ 		        -104
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory         370
11 Other revenue:
aUNREALIZED GAIN/LOSS ON INVESTMENTS 		        41,691
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. 0 0 172,110
13Total. Add line 12, columns (b), (d), and (e)..................
13
172,110
(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.)
11A THE WILL OF GEORGE C LOVELAND PROVIDED FOR CONSTRUCTION OF A COMMUNITY HOUSE AND AN ENDOWMENT FUND TO MAINTAIN AND SUPPORT THE BUILDING AND ITS ACTIVITIES. THE LOVELAND COMMUNITY HOUSE CONSISTS OF MEETING ROOMS, AN AUDITORIUM, A DINING ROOM AND KITCHEN. THE VARIOUS ROOMS ARE USED BY INDIVIDUALS, SOCIAL AND COMMERCIAL CLUBS, AND EDUCATIONAL ORGANIZATIONS FOR MEETINGS AND SOCIAL EVENTS. A MUSEUM IS LOCATED ON THE TOP FLOOR. THE ENDOWMENT FUND IS NO LONGER SUFFICIENT TO SUPPORT THE BUILDING, SO SERVICE CHARGES ARE CHARGED, AS PROVIDED BY THE WILL, FOR THE USE OF THE ROOMS AND FACILITIES TO SUPPLEMENT THE ENDOWMENT INCOME. THERE IS NO CHARGE TO VISIT THE MUSEUM, ALTHOUGH VOLUNTARY CONTRIBUTIONS ARE ACCEPTED. THE ENTIRE AMOUNT OF INCOME FROM THE ENDOWMENT FUND AND SERVICE CHARGES ARE USED TO SUPPORT THE BUILDING AND ITS ACTIVITIES AND NO FUNDS ARE DISTRIBUTED TO ANY INDIVIDUALS OR GROUPS. DURING THE LAST FEW YEARS THE LOVELAND TRUST HAS RECEIVED SEVERAL BEQUESTS FROM ESTATES OF LOCAL INDIVI
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:
GEORGE C LOVELAND TESTAMENTARY
 
J KUHN P GORMAN GREG HICKS
EIN:
36-1381197
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING FEES 10,985 10,985 10,985 0

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

TY 2023 DepreciationSchedule
Name:
GEORGE C LOVELAND TESTAMENTARY
 
J KUHN P GORMAN GREG HICKS
EIN:
36-1381197
Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
Life (# of years)		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
BUILDING 1973-02-15 1 1 SL 39.000000000000 0 0 0  
REPLACEMENT OF WINDOWS 2005-06-09 193,451 87,010 SL 39.000000000000 4,960 0 4,960  
WINDOW REPLACEMENT 2006-02-24 86,235 37,313 SL 39.000000000000 2,211 0 2,211  
PLUMBING 2006-04-28 7,654 5,128 SL 25.000000000000 306 0 306  
ROOF REPAIR 2006-05-10 8,500 3,624 SL 39.000000000000 218 0 218  
ROOF REPAIR 2007-09-17 7,020 2,753 SL 39.000000000000 180 0 180  
REPAVE PARKING LOT 2008-09-30 33,000 31,533 SL 15.000000000000 1,467 0 1,467  
HANDRAILS (SOUTHSIDE) 2010-09-14 2,000 631 SL 39.000000000000 51 0 51  
WATER HEATER & SUPPLIES 2011-04-08 8,728 2,630 SL 39.000000000000 224 0 224  
BOILER, PARTS & MATERIALS 2011-07-05 45,846 13,520 SL 39.000000000000 1,176 0 1,176  
ROOF REPAIRS 2011-08-22 4,590 1,345 SL 39.000000000000 118 0 118  
2 SPLIT SYSTEM A/C 2012-08-16 10,836 2,895 SL 39.000000000000 278 0 278  
BOILER PARTS & MATERIALS 2012-08-31 9,726 2,596 SL 39.000000000000 249 0 249  
SEAL PARKING LOT & OTHER MAINT 2012-09-14 5,423 3,738 SL 15.000000000000 362 0 362  
2 SPLIT SYSTEM A/C 2013-07-01 9,104 2,216 SL 39.000000000000 233 0 233  
NEW METAL ROOF/REPAIR 2014-07-01 12,225 2,663 SL 39.000000000000 313 0 313  
CONCRETE STAIRS, STONE RAILING & TUCK POINT REPAIRS 2019-10-17 8,270 1,745 SL 15.000000000000 551 0 551  
CLAY TILE ROOF REPAIR & MAINT 2019-11-18 7,778 614 SL 39.000000000000 199 0 199  
ALARM/CAMERA SYSTEM 2019-11-26 4,070 1,791 SL 7.000000000000 581 0 581  
EXTERIOR HANDICAP ENTRANCE 2020-04-28 3,141 216 SL 39.000000000000 81 0 81  
11 LAVATORY SINKS, 4 URINALS & 9 TOILETS 2022-03-03 21,619 462 SL 39.000000000000 554 0 554  
MITSUBISHI SPLIT SYSTEM 2022-10-06 3,665 23 SL 39.000000000000 94 0 94  
CRASH BARS FOR DOORS 2022-12-29 4,190   SL 39.000000000000 107 0 107  
VIVITEK 3D COMPACT LASER PROJECTOR & CART 2023-09-21 4,309   SL 7.000000000000 154 0 154  

TY 2023 InvestmentsCorpBondsSchedule
Name:
GEORGE C LOVELAND TESTAMENTARY
 
J KUHN P GORMAN GREG HICKS
EIN:
36-1381197
Name of Bond End of Year Book Value End of Year Fair Market Value
AT&T SENIOR NOTES 47,459 47,459
BANK OF AMERICA CORP 5/15 23,349 23,349
GENERAL ELECTRIC CAP CORP MTN 49,567 49,567
SBC COMMUNICATIONS INC NOTE 52,376 52,376
VANGUARD TOTAL BOND MKT INDEX 225,227 225,227
VANGUARD TOTAL BOND MKT INDEX 176,772 176,772
CANADIAN IMERIAL BK 5.150% 24,965 24,965
GOLDMAN SACH GROUP 4.5% 34,759 34,759

TY 2023 InvestmentsCorpStockSchedule
Name:
GEORGE C LOVELAND TESTAMENTARY
 
J KUHN P GORMAN GREG HICKS
EIN:
36-1381197
Name of Stock End of Year Book Value End of Year Fair Market Value
APPLE INC 269,542 269,542
TRUIST FINL CORP 36,920 36,920
BHP GROUP PLC 40,986 40,986
BP PLC 8,850 8,850
CATERPILLAR INC 73,917 73,917
COCA-COLA 38,599 38,599
CONOCO PHILLIPS SCR 81,250 81,250
CSX CORP 156,015 156,015
CVS CORP 23,688 23,688
DEERE & CO. 99,967 99,967
EMERSON ELECTRIC CO 58,398 58,398
FORD MOTOR CORP SPEC COMM 36,570 36,570
GENERAL MILLS 65,140 65,140
INTEL CORP 27,637 27,637
JOHNSON & JOHNSON 78,370 78,370
KINDERMORGAN 13,230 13,230
MCDONALDS CORP 88,953 88,953
MERCK & CO INV 81,765 81,765
NOVARTIS AG ADR 50,485 50,485
PFIZER INC 46,064 46,064
PPL CORP 40,650 40,650
PROCTOR & GAMBLE 146,540 146,540
TARGET CORP 78,331 78,331
TIME WARNER INC 46,046 46,046
TC ENERGY CORP 19,545 19,545
VF CORP 11,280 11,280
W P CAREY INC 20,091 20,091
WALGREENS BOOTS ALLIANCE 73,108 73,108
EVERGY INC 31,320 31,320
ROYAL DUTCH SHELL PLC 76,591 76,591
KONTOOR BRANDS 5,306 5,306
CISCO SYSTEMS 37,890 37,890
BCE INC 27,566 27,566
DIGITAL REALTY TRUST INC 53,832 53,832
VERIZON COMMUNICATIONS 30,160 30,160
NET LEASE OFFICE PPTYS 370 370
SANDOZ GROUP AG 3,215 3,215

TY 2023 InvestmentsGovtObligationsSch
Name:
GEORGE C LOVELAND TESTAMENTARY
 
J KUHN P GORMAN GREG HICKS
EIN:
36-1381197
US Government Securities - End of Year Book Value:

0
US Government Securities - End of Year Fair Market Value:

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


272,268
State & Local Government Securities - End of Year Fair Market Value:


272,268


TY 2023 InvestmentsOtherSchedule2
Name:
GEORGE C LOVELAND TESTAMENTARY
 
J KUHN P GORMAN GREG HICKS
EIN:
36-1381197
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
EDWARD JONES MONEY MARKET AT COST 7 7
FEDERATED PRIME CASH AT COST 27,859 27,859

TY 2023 LandEtcSchedule2
Name:
GEORGE C LOVELAND TESTAMENTARY
 
J KUHN P GORMAN GREG HICKS
EIN:
36-1381197
Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
BUILDING 1 1 0  
REPLACEMENT OF WINDOWS 193,451 91,970 101,481  
WINDOW REPLACEMENT 86,235 39,524 46,711  
PLUMBING 7,654 5,434 2,220  
ROOF REPAIR 8,500 3,842 4,658  
ROOF REPAIR 7,020 2,933 4,087  
REPAVE PARKING LOT 33,000 33,000 0  
HANDRAILS (SOUTHSIDE) 2,000 682 1,318  
WATER HEATER & SUPPLIES 8,728 2,854 5,874  
BOILER, PARTS & MATERIALS 45,846 14,696 31,150  
ROOF REPAIRS 4,590 1,463 3,127  
2 SPLIT SYSTEM A/C 10,836 3,173 7,663  
BOILER PARTS & MATERIALS 9,726 2,845 6,881  
SEAL PARKING LOT & OTHER MAINT 5,423 4,100 1,323  
2 SPLIT SYSTEM A/C 9,104 2,449 6,655  
NEW METAL ROOF/REPAIR 12,225 2,976 9,249  
CONCRETE STAIRS, STONE RAILING & TUCK POINT REPAIRS 8,270 2,296 5,974  
CLAY TILE ROOF REPAIR & MAINT 7,778 813 6,965  
ALARM/CAMERA SYSTEM 4,070 2,372 1,698  
EXTERIOR HANDICAP ENTRANCE 3,141 297 2,844  
11 LAVATORY SINKS, 4 URINALS & 9 TOILETS 21,619 1,016 20,603  
MITSUBISHI SPLIT SYSTEM 3,665 117 3,548  
CRASH BARS FOR DOORS 4,190 107 4,083  
VIVITEK 3D COMPACT LASER PROJECTOR & CART 4,309 154 4,155  


TY 2023 OtherExpensesSchedule
Name:
GEORGE C LOVELAND TESTAMENTARY
 
J KUHN P GORMAN GREG HICKS
EIN:
36-1381197
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INSURANCE 20,894 20,894 20,894 0
FILING FEE 15 15 15 0
ELEVATOR MAINTENANCE 3,195 3,195 3,195 0
REPAIRS AND MAINTENANCE 21,551 21,550 21,550 0
MISCELLANEOUS 348 348 348 0
SUPPLIES 9,182 9,182 9,182 0
ADVERTISING 4,248 4,248 4,248 0
DUES & SUBSCRIPTIONS 232 232 232 0


TY 2023 OtherIncomeSchedule2
Name:
GEORGE C LOVELAND TESTAMENTARY
 
J KUHN P GORMAN GREG HICKS
EIN:
36-1381197
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
UNREALIZED GAIN/LOSS ON INVESTMENTS 41,691   41,691


TY 2023 TaxesSchedule
Name:
GEORGE C LOVELAND TESTAMENTARY
 
J KUHN P GORMAN GREG HICKS
EIN:
36-1381197
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
PAYROLL TAXES 5,811 5,811 5,811 0