Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
right arrowDo not enter social security numbers on this form as it may be made public.
right arrowGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2023
Open to Public Inspection
For calendar year 2023, or tax year beginning 01-01-2023 , and ending 12-31-2023
Name of foundation
The Dunn Foundation
 
% Foundation Source
Number and street (or P.O. box number if mail is not delivered to street address)Foundation Source 501 Silverside Rd
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Wilmington, DE198091377
A Employer identification number

65-0415977
B Telephone number (see instructions)

(800) 839-1754
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$95,843,855J 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) 0
2 Check right arrow.............
3 Interest on savings and temporary cash investments 69,110 69,110  
4 Dividends and interest from securities... 1,566,612 1,566,612  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 -11,871,246
b Gross sales price for all assets on line 6a 18,250,587
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)....... Click to see attachment
List of Attached Documents:
// Content
1,822,205 1,822,205  
12 Total. Add lines 1 through 11........ -8,413,319 3,457,927  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 80,000     80,000
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
268,014 268,014    
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
48,603 1,803    
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings....... 1,452     1,452
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
95,011 111   94,900
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 493,080 269,928   176,352
25 Contributions, gifts, grants paid....... 10,077,000 10,077,000
26 Total expenses and disbursements. Add lines 24 and 25 10,570,080 269,928   10,253,352
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -18,983,399
b Net investment income (if negative, enter -0-) 3,187,999
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......... 1,433,650 1,691,923 1,691,923
3 Accounts receivable right arrow  
Less: allowance for doubtful accounts right arrow        
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) right arrow  
Less: allowance for doubtful accounts right arrow        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 52,454,723 Click to see attachment
List of Attached Documents:
// Content
48,146,217 		49,959,898
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 59,106,009 Click to see attachment
List of Attached Documents:
// Content
44,172,843 		44,192,034
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) 112,994,382 94,010,983 95,843,855
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........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds 112,994,382 94,010,983
29 Total net assets or fund balances (see instructions)..... 112,994,382 94,010,983
30 Total liabilities and net assets/fund balances (see instructions). 112,994,382 94,010,983
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
112,994,382
2
Enter amount from Part I, line 27a .....................
2
-18,983,399
3
Other increases not included in line 2 (itemize) right arrow
3
 
4
Add lines 1, 2, and 3 ..........................
4
94,010,983
5
Decreases not included in line 2 (itemize) right arrow
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
94,010,983
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 Publicly-traded Securities      
b Passthrough K1 Capital Gain/(Loss)      
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 18,250,587   20,267,247 -2,016,660
b       -9,854,586
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       -2,016,660
b        
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 -11,871,246
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 44,313
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  
3 Add lines 1 and 2........................... 3 44,313
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 44,313
6 Credits/Payments:
a 2023 estimated tax payments and 2022 overpayment credited to 2023 6a 76,610
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c  
d Backup withholding erroneously withheld .......... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 76,610
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 32,297
11 Enter the amount of line 10 to be: Credited to 2024 estimated taxright arrow32,297 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$   (2) On foundation managers.right arrow$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$  
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 arrowFL
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 arrow  
14
The books are in care ofright arrowFoundation Source Telephone no.right arrow (800) 839-1754

Located atright arrow55 WALLS DRIVE FL 3FairfieldCT ZIP+4right arrow06824
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2023, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country right arrow
Form 990-PF (2023)
Form 990-PF (2023)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
Yes
 
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
No
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2023? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2023, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2023?....................
2a
 
No
If "Yes," list the years right arrow20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
right arrow20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2023 as a result of (1) any purchase by the foundation
or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
if the foundation had excess business holdings in 2023.) .....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2023? ..
4b
 
No
Form 990-PF (2023)
Form 990-PF (2023)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........right arrow
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
No
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
(a) Name and address (b) Title, and average
hours per week
devoted to position 		(c) Compensation
 (If not paid, enter
-0-) 		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
other allowances
Tom Beach Trustee
20.0 		40,000 0 0
Foundation Source 501 Silverside Rd
Wilmington,DE198091377
David Dreyer Trustee
8.0 		0 0 0
Foundation Source 501 Silverside Rd
Wilmington,DE198091377
Rebecca Walter Dunn Trustee
20.0 		40,000 0 0
Foundation Source 501 Silverside Rd
Wilmington,DE198091377
William A Dunn Trustee Emeritus
0.0 		0 0 0
Foundation Source 501 Silverside Rd
Wilmington,DE198091377
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
 
Total number of other employees paid over $50,000...................right arrow  
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
RBC Wealth Management Investment Mgmt 206,786
8800 FIRETHORN LANE SUITE 200
LINCOLN,NE68520
Foundation Source Administrative 94,900
55 Walls Drive 3rd Fl
Fairfield,CT06824
LDR Capital Management LLC Investment Mgmt 55,625
300 Park Ave Suite 501
New York,NY10022
Total number of others receiving over $50,000 for professional services.............right arrow  
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 arrow  
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
48,623,703
b
Average of monthly cash balances.......................
1b
2,542,844
c
Fair market value of all other assets (see instructions)................
1c
53,250,052
d
Total (add lines 1a, b, and c).........................
1d
104,416,599
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
 
2
Acquisition indebtedness applicable to line 1 assets..................
2
0
3
Subtract line 2 from line 1d.........................
3
104,416,599
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
1,566,249
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
102,850,350
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
5,142,518
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
5,142,518
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
44,313
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
44,313
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
5,098,205
4
Recoveries of amounts treated as qualifying distributions................
4
 
5
Add lines 3 and 4............................
5
5,098,205
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
5,098,205
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
10,253,352
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
0
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
0
b
Cash distribution test (attach the required schedule) .................
3b
0
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
10,253,352
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 5,098,205
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only.......  
b Total for prior years:2021, 2020, 2019  
3 Excess distributions carryover, if any, to 2022:
a From 2018......  
b From 2019...... 1,615,721
c From 2020...... 418,980
d From 2021...... 1,864,821
e From 2022...... 4,109,032
f Total of lines 3a through e ........ 8,008,554
4Qualifying distributions for 2023 from Part
XI, line 4: right arrow$ 10,253,352
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..... 5,098,205
e Remaining amount distributed out of corpus 5,155,147
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 13,163,701
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 .......... 		0
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 ...... 		13,163,701
10 Analysis of line 9:
a Excess from 2019.... 1,615,721
b Excess from 2020.... 418,980
c Excess from 2021.... 1,864,821
d Excess from 2022.... 4,109,032
e Excess from 2023.... 5,155,147
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).)
NONE
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here right arrow
aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
bThe form in which applications should be submitted and information and materials they should include:
cAny submission deadlines:
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
Form 990-PF (2023)
Form 990-PF (2023)
Page 11
Part XIV
Supplementary Information (continued)
3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient If recipient is an individual,
show any relationship to
any foundation manager
or substantial contributor
 Foundation
status of
recipient 		Purpose of grant or
contribution 		Amount
Name and address (home or business)
aPaid during the year

ACCURACY IN MEDIA INC

1717 K ST NW STE 900
WASHINGTON,DC20006 		N/A PC General & Unrestricted 10,000

ALLIANCE DEFENDING FREEDOM

15100 N 90TH ST
SCOTTSDALE,AZ85260 		N/A PC General & Unrestricted 226,000

AMERICA FIRST INC

1635 ROGERS RD
FORT WORTH,TX76107 		N/A PC General & Unrestricted 200,000

AMERICA FIRST LEGAL FOUNDATION

611 PENNSYLVANIA AVE SE 231
WASHINGTON,DC20003 		N/A PC General & Unrestricted 100,000

AMERICAN ACCOUNTABILITY FOUNDATION

300 INDEPENDENCE AVE SE WASHINGTON
WASHINGTON,DC20003 		N/A PC General & Unrestricted 25,000

AMERICAN MOMENT INC

300 INDEPENDENCE AVE SE
WASHINGTON,DC20003 		N/A PC General & Unrestricted 35,000

AMERICAN MOVEMENT FOUNDATION

2340 DULLES CORNER BLVD STE 1000
HERNDON,VA20171 		N/A PC General & Unrestricted 50,000

AMERICANS FOR FAIR TREATMENT INC

1200 NW 63RD ST STE 5000
OKLAHOMA CITY,OK73116 		N/A PC General & Unrestricted 500,000

ATLAS ECONOMIC RESEARCH FOUNDATION - ATLAS NETWORK

4075 WILSON BLVD STE 310 2 LIBERTY
ARLINGTON,VA22203 		N/A PC General & Unrestricted 270,000

CATO INSTITUTE

1000 MASSACHUSETTS AVE NW
WASHINGTON,DC20001 		N/A PC General & Unrestricted 50,000

CENTER FOR RACE AND OPPORTUNITY

1201 EDWARDS MILL RD STE 300
RALEIGH,NC27607 		N/A PC General & Unrestricted 5,000

CITIZENS DEFENDING FREEDOM

590 NW 3RD ST
MULBERRY,FL33860 		N/A PC General & Unrestricted 300,000

COMMONWEALTH FOUNDATION FOR PUBLIC POLICY ALTERNAT

225 STATE ST STE 302
HARRISBURG,PA17101 		N/A PC General & Unrestricted 250,000

COMPETITIVE ENTERPRISE INSTITUTE

1310 L ST NW 7TH FL
WASHINGTON,DC20005 		N/A PC General & Unrestricted 90,000

CONSERVATIVE PARTNERSHIP INSTITUTE

300 INDEPENDENCE AVE SE
WASHINGTON,DC20003 		N/A PC The Academy 2,500,000

DAILY CALLER NEWS FOUNDATION

1775 EYE ST NW STE 1150-290
WASHINGTON,DC20006 		N/A PC General & Unrestricted 20,000

EMERGENT ORDER FOUNDATION INC

4450 FRONTIER TRAIL
AUSTIN,TX78745 		N/A PC General & Unrestricted 30,000

EPOCH TIMES ASSOCIATION INC

229 W 28TH ST FL 6
NEW YORK,NY10001 		N/A PC General & Unrestricted 100,000

EVERGREEN FREEDOM FOUNDATION

PO BOX 552
OLYMPIA,WA98507 		N/A PC Miami Dade School District 100,000

FAIRNESS CENTER INC

500 N 3RD ST
HARRISBURG,PA17101 		N/A PC General & Unrestricted 250,000

FEDERALIST SOCIETY FOR LAW & PUBLIC POLICY STUDIES

1776 I ST NW STE 300
WASHINGTON,DC20006 		N/A PC General & Unrestricted 50,000

FLORIDA COUNCIL ON ECONOMIC EDUCATION INC

501 S DAKOTA AVE
TAMPA,FL33606 		N/A PC General & Unrestricted 10,000

FOUNDATION FOR ECONOMIC EDUCATION INC

1819 PEACHTREE RD NE STE 300
ATLANTA,GA30309 		N/A PC General & Unrestricted 125,000

FOUNDATION FOR GOVERNMENT ACCOUNTABILITY INC

15275 COLLIER BLVD STE 201-279
NAPLES,FL34119 		N/A PC General & Unrestricted 625,000

FOUNDATION FOR INDIVIDUAL RIGHTS AND EXPRESSION IN

510 WALNUT ST STE 1250
PHILADELPHIA,PA19106 		N/A PC General & Unrestricted 600,000

FREE PRESS

PO BOX 60238
FLORENCE,MA01062 		N/A PC General & Unrestricted 10,000

FREE TO CHOOSE NETWORK

2002 FILMORE AVE
ERIE,PA16506 		N/A PC General & Unrestricted 15,000

FREEDOMWORKS FOUNDATION

111 K ST NE 6TH FL
WASHINGTON,DC20002 		N/A PC General & Unrestricted 100,000

FUTURE OF FREEDOM FOUNDATION INC

11350 RANDOM HILLS RD STE 800
FAIRFAX,VA22030 		N/A PC General & Unrestricted 5,000

HEARTLAND INSTITUTE

3939 N WILKE RD
ARLINGTON HEIGHTS,IL60004 		N/A PC General & Unrestricted 25,000

HERITAGE FOUNDATION

214 MASSACHUSETTS AVE NE
WASHINGTON,DC20002 		N/A PC General & Unrestricted 50,000

HILLSDALE COLLEGE

33 E COLLEGE ST
HILLSDALE,MI49242 		N/A PC General & Unrestricted 50,000

ILLINOIS POLICY INSTITUTE

300 S RIVERSIDE PLAZA STE 1650
CHICAGO,IL60606 		N/A PC General & Unrestricted 20,000

INSTITUTE FOR HUMANE STUDIES

PO BOX 45951
BALTIMORE,MD21297 		N/A PC General & Unrestricted 11,000

INSTITUTE FOR JUSTICE

901 N GLEBE RD STE 900
ARLINGTON,VA22203 		N/A PC Scientific study on reliability of Drug-Detecting Dog Alerts 150,000

LEADERSHIP INSTITUTE

1101 N HIGHLAND ST
ARLINGTON,VA22201 		N/A PC General & Unrestricted 75,000

LIBERTAS INSTITUTE

2183 W MAIN ST STE A102
LEHI,UT84043 		N/A PC General & Unrestricted 20,000

LUCY BURNS INSTITUTE INC

8383 GREENWAY BLVD STE 600
MIDDLETON,WI53562 		N/A PC General & Unrestricted 50,000

MACKINAC CENTER

140 W MAIN ST
MIDLAND,MI48640 		N/A PC General & Unrestricted 30,000

MOMS FOR AMERICA

1440 STATE HWY 248 STE Q304
BRANSON,MO65616 		N/A PC General & Unrestricted 50,000

MOVING PICTURE INSTITUTE

375 GREENWICH ST
NEW YORK,NY10013 		N/A PC General & Unrestricted 25,000

NATIONAL FOUNDATION FOR GUN RIGHTS INC

PO BOX 1776
LOVELAND,CO80539 		N/A PC General & Unrestricted 53,250

NATIONAL TAXPAYERS UNION FOUNDATION

122 C ST NW 700
WASHINGTON,DC20001 		N/A PC General & Unrestricted 75,000

NETWORK OF ENLIGHTENED WOMEN INC

6501 DEAN RD
INDIANAPOLIS,IN46220 		N/A PC General & Unrestricted 10,000

PACIFIC LEGAL FOUNDATION

555 CAPITOL MALL STE 1290
SACRAMENTO,CA95814 		N/A PC General & Unrestricted 125,000

PERSONNEL POLICY ORGANIZATION

300 INDEPENDENCE AVE SE
WASHINGTON,DC20003 		N/A PC General & Unrestricted 50,000

POLICY CIRCLE CO

4347 W NW HWY STE 130 PMB 2
DALLAS,TX75220 		N/A PC General & Unrestricted 25,000

PRAGER UNIVERSITY FOUNDATION

15021 VENTURA BLVD 552
SHERMAN OAKS,CA91403 		N/A PC General & Unrestricted 500,000

PROPERTY & ENVIRONMENT RESEARCH CTR

2048 ANALYSIS DR STE A
BOZEMAN,MT59718 		N/A PC General & Unrestricted 75,000

REAL CLEAR FOUNDATION

666 DUNDEE RD STE 600
NORTHBROOK,IL60062 		N/A PC General & Unrestricted 19,750

STATE POLICY NETWORK

1655 N FORT MYER DR STE 360
ARLINGTON,VA22209 		N/A PC General & Unrestricted 100,000

STUDENTS FOR LIBERTY INCORPORATED

1750 TYSONS BLVD STE 1500
MCLEAN,VA22102 		N/A PC General & Unrestricted 205,000

THE ATLAS SOCIETY LTD

22001 NORTHPARK DR STE 250
KINGWOOD,TX77339 		N/A PC General & Unrestricted 5,000

THE INDEPENDENT INSTITUTE

100 SWAN WAY
OAKLAND,CA94621 		N/A PC General & Unrestricted 50,000

THE JAMES MADISON INSTITUTE FOR PUBLIC POLICY STUD

100 N DUVAL ST
TALLAHASSEE,FL32301 		N/A PC General & Unrestricted 100,000

THE NRA FOUNDATION INC

11250 WAPLES MILL RD
FAIRFAX,VA22030 		N/A PC General & Unrestricted 10,000

THE PHILANTHROPY ROUNDTABLE INC

1120 20TH ST NW STE 400N
WASHINGTON,DC20036 		N/A PC General & Unrestricted 60,000

THE REASON FOUNDATION

5737 MESMER AVE
LOS ANGELES,CA90230 		N/A PC General & Unrestricted 100,000

TURNING POINT USA INC

4940 EAST BEVERLY RD
PHOENIX,AZ85044 		N/A PC General & Unrestricted 27,000

TURNING POINT USA INC

4940 EAST BEVERLY RD
PHOENIX,AZ85044 		N/A PC Citizen Journalism fund 100,000

TURNING POINT USA INC

4940 EAST BEVERLY RD
PHOENIX,AZ85044 		N/A PC General & unrestricted 1,000,000

YOUNG AMERICANS AGAINST SOCIALISM

PO BOX 162
BOERNE,TX78006 		N/A PC General & Unrestricted 115,000

YOUNG AMERICANS FOR LIBERTY FOUNDATION

500 N CAPITAL OF TEXAS HWY BLDG 5
AUSTIN,TX78746 		N/A PC General & Unrestricted 40,000

YOUNG VOICES

1701 RHODE ISLAND AVE NW
WASHINGTON,DC20036 		N/A PC General & Unrestricted 25,000
Total .................................right arrow 3a 10,077,000
bApproved for future payment
Total ................................. right arrow 3b  
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 69,110  
4 Dividends and interest from securities ....     14 1,566,612  
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 -11,871,246  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aK-1 Inc/Loss 		    14 1,686,942  
bDIV INC-BLUE OWL CR INC     14 135,263  
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..   -8,413,319  
13Total. Add line 12, columns (b), (d), and (e)..................
13
-8,413,319
(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


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Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

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

TY 2023 DepreciationSchedule
Name:
The Dunn Foundation
EIN:
65-0415977
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

TY 2023 GeneralExplanationAttachment
Name:
The Dunn Foundation
EIN:
65-0415977
Identifier Return Reference Explanation
Form 8886 FORM 8886 The Foundation has prepared this form to the best of its ability based on the limited information provided to it by the investment on which the Foundation is reporting and on the basis of having received no information to the contrary. Any missing or incomplete information is due to the Foundation's inability to obtain such information and is not a willful attempt to withhold such information.
Form 8865 FORM 8865 The Foundation has prepared this form to the best of its ability based on the limited information provided to it by the investment on which the Foundation is reporting and on the basis of having received no information to the contrary. Any missing or incomplete information is due to the Foundation's inability to obtain such information and is not a willful attempt to withhold such information.

TY 2023 InvestmentsCorpStockSchedule
Name:
The Dunn Foundation
EIN:
65-0415977
Name of Stock End of Year Book Value End of Year Fair Market Value
ACCREDITED MORTGAGE LOAN REIT 224,681 234,600
ADOBE SYSTEMS, INC 227,810 372,875
ADVANCED MICRO DEVICES INC 286,782 414,075
AGNC INV CORP 6.125% SER F 113,483 119,158
AGNC INVT PREF SHS SER C 150,232 158,912
ALEXANDER AND BALDWIN HOLDINGS 308,232 354,856
ALPHABET INC CL A 288,415 320,030
AMAZON COM 265,355 350,526
AMEREN CORPORATION 230,873 199,803
AMERICAN ELECTRIC POWER INC 301,658 268,026
AMPHENOL CORPORATION 200,464 286,089
ANALOG DEVICES INC 367,109 437,229
ANNALY CAPITAL MANAGEMENT PFD 219,409 223,419
APARTMENT INCOME REIT CORP 662,608 582,596
APPLE INC 284,264 496,150
ARBOR REALTY TRUST - 12/31/204 138,881 116,825
AT&T, INC 398,427 335,734
BLACKROCK INC 409,227 405,900
BOEING CO 241,462 325,825
BRANDYWINE RLTY TR 493,410 212,760
BRIXMOR PPTY GROUP INC COM 242,540 437,988
BROADCOM INC 188,874 437,570
CHEVRON CORP 283,003 346,051
CISCO SYSTEMS INC 428,671 413,607
CITY OFFICE REIT PREF CL A 84,323 66,748
CLOROX CO 366,089 367,169
CME GROUP, INC 285,657 283,889
CROWN CASTLE INTL 447,458 312,050
CVS CAREMARK CORP 237,822 217,219
DB X TRACKERS MSCI EAFE HEDGED 1,629,023 1,729,111
DEERE CO 191,966 229,525
DIAMONDBACK ENERGY INC 239,626 232,620
DIGITAL REALTY TRU CUM RED PRF 118,749 121,936
DIGITAL RLTY TR INC 466,329 464,436
DIGITALBRIDGE GROUP PFD SER H 170,491 170,808
DOCUSIGN INC 278,328 146,425
DOMINION ENERGY INC 444,362 304,936
DTE ENERGY CO COM 242,617 230,995
DUCKHORN PORTFOLIO INC 274,757 141,771
DUKE ENERGY CO 402,944 379,815
ENTERGY CORP 231,315 222,112
FINANCIAL SELECT SECTOR SPDR F 931,813 1,007,492
FIRST TRUST FINANCIAL ALPHADEX 1,864,479 1,923,606
FIRST TRUST NASDAQ CYBERSECURI 882,871 1,022,260
FIRST TRUST SMALL CAP CORE ALP 1,517,865 1,522,368
FISERV, INC 228,189 294,506
GENERAC HOLDING INC 471,556 250,855
GILEAD SCIENCES INC 325,398 367,623
GLOBAL NET LEASE PREF SER B 165,184 147,334
GOLDMAN SACHS GQG PARTNERS INT 2,920,210 3,405,713
GSK PLC 357,485 370,600
HEALTHCARE CUM REDEEM PERP SER 165,977 107,646
HEALTHCARE REALTY TRUST 832,068 677,311
HEALTHPEAK PROPERTIES INC 676,141 567,191
HILTON WORLDWIDE HOLDINGS, INC 193,184 292,983
HOME DEPOT INC 167,616 248,130
HUDSON PAC PPTYS INC COM CUML 238,792 195,930
INTERNATIONAL BUSINESS MACHINE 382,606 471,351
INVENTRUST PROPERTIES 311,182 320,475
IQVIA HOLDINGS INC 244,509 233,925
JOHN HANCOCK MULTIFACTOR DEVEL 1,551,912 1,699,014
JOHN HANCOCK MULTIFACTOR MID C 2,296,706 2,341,580
KENNEDY WILSON HOLDINGS INC 533,957 464,881
KIMCO REALTY DEP SH REPSTG PFD 109,034 121,961
KINDER MORGAN INC 358,581 381,694
KKR REAL ESTATE FINANCE TRUST 175,829 179,358
LOCKHEED MARTIN CORP 235,624 229,793
LXP INDUSTRIAL TRUST 6.500% PF 179,409 182,403
META PLATFORMS INC 330,553 353,960
MICROSOFT CORP 150,856 344,453
MODERNA, INC 188,546 124,313
NETFLIX INC 83,457 214,227
NEXTERA ENERGY, INC 243,790 190,784
NIKE INC-CL B 272,121 204,546
NORTHROP GRUMMAN CORP 193,980 245,305
PALO ALTO NETWORKS INC 343,630 726,879
PAYPAL HOLDINGS, INC 268,621 174,404
PEBBLEBROOK HOTEL PREF SHS SER 130,234 135,021
PEBBLEBROOK HOTEL PREF SHS SER 127,838 131,251
PEPSICO INC 374,008 388,764
PHYSICIANS REALTY TRUST 356,377 309,378
PNC FINANCIAL GROUP INC 435,361 370,401
PRINCIPAL INVESTORS DIVERSIFIE 343,808 337,514
PUBLIC STORAGE 4.10% PFD SER S 138,049 124,549
REGENCY CENTERS CORP. SERIES A 173,345 186,375
RESTAURANT BRANDS INTL 370,788 451,591
RITHM CAPITAL CORP 7.000% PFD 117,505 101,899
RLJ LODGING TR 1.95 SER A 117,308 122,720
RPT RLTY TR 7.25% PFD 268,525 303,189
SALESFORCE.COM 219,956 364,975
SAUL CENTERS INC 6.000% PFD SE 147,734 178,677
SERVICE NOW 283,200 363,136
SITE CENTERS CORP 6.375 CL A P 216,099 233,333
SL GREEN RLTY CORP PFD SER I - 262,791 256,159
SPIRIT RLTY CAP INC NEW PFD SE 152,241 160,900
STAG INDUSTRIAL INC 301,897 353,536
STARBUCKS CORP COM 445,908 432,045
STARWOOD PROPERTY TRUST INC 209,977 268,951
SUN COMMUNITIES INC 273,065 198,470
SUNSTONE HOTEL INVS PREF SHS 164,587 162,125
THE NECESSITY RETAIL REIT INC 93,976 83,486
THE TRADE DESK INC 323,361 273,448
UBER 178,090 430,128
UMH PROPERTIES INC PFD 6.375% 293,080 287,348
UMH PROPERTIES, INC 591,117 493,917
UNION PACIFIC 392,564 459,555
UNITEDHEALTH GROUP INC 131,931 261,656
URBAN EDGE PROPERTIES 526,437 547,939
US BANCORP 441,355 346,932
VAIL RESORTS INC 245,900 197,033
VERIS RESIDENTIAL ORD SHS 306,691 380,351
VERIZON COMMUNICATIONS 457,874 359,394
VERTEX PHARMCTLS INC 155,025 312,492
VISA INC 171,945 267,119
VORNADO RLTY TR PFD SER L - 5. 358,909 277,874
WALT DISNEY HOLDINGS CO 329,830 193,943
WILLIAM BLAIR EMERGING MARKETS 2,795,874 2,278,485
WILLIAMS COS 327,751 429,454
WORKDAY INC 205,879 303,666
XCEL ENERGY INC 236,661 214,766
XYLEM INC 209,162 265,086
ZOETIS INC 280,747 281,844

TY 2023 InvestmentsOtherSchedule2
Name:
The Dunn Foundation
EIN:
65-0415977
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
BLUE OWL CREDIT INCOME CORP CL   7,669,013 7,603,032
BROOKFIELD INFRAST PARTNERS LP   193,373 176,995
DUNN-WMA, LLC   36,310,457 36,412,007

TY 2023 OtherExpensesSchedule
Name:
The Dunn Foundation
EIN:
65-0415977
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ADMIN FEES - FOUNDATION SOURCE 94,900     94,900
Bank Charges 111 111    


TY 2023 OtherIncomeSchedule2
Name:
The Dunn Foundation
EIN:
65-0415977
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
K-1 Inc/Loss BROOKFIELD INFRAST PARTNERS LP 5.125 11,570 11,570  
K-1 Inc/Loss DUNN-WMA, LLC 1,675,372 1,675,372  
div inc - blue owl cr inc 135,263 135,263  


TY 2023 OtherProfessionalFeesSchedule
Name:
The Dunn Foundation
EIN:
65-0415977
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Investment Management Services 268,014 268,014    


TY 2023 TaxesSchedule
Name:
The Dunn Foundation
EIN:
65-0415977
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
990-PF Estimated Tax for 2023 46,800      
Foreign Tax Paid 1,803 1,803