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
NORFOLK FOUNDATION INC
 
Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 333
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
NORFOLK, CT060580333
A Employer identification number

47-5535228
B Telephone number (see instructions)

(860) 542-7185
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$5,868,046J 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) 171,956
2 Check right arrow.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 38,093 38,093 38,093
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 27,512
b Gross sales price for all assets on line 6a 812,387
7 Capital gain net income (from Part IV, line 2)... 33,911
8 Net short-term capital gain......... 6,332
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
181,380 0 181,380
12 Total. Add lines 1 through 11........ 418,941 72,004 225,805
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 70,958 3,548 10,644 60,314
14 Other employee salaries and wages...... 36,514 0 0 36,514
15 Pension plans, employee benefits....... 9,830 492 983 8,847
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
21,962 4,392 7,073 14,889
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
38,583 25,688 34,815 3,768
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
30,738 0 23,323 6,888
19 Depreciation (attach schedule) and depletion... Click to see attachment
List of Attached Documents:
// Content
62,352 0 44,000
20 Occupancy.............. 37,504 0 27,186 10,318
21 Travel, conferences, and meetings....... 7,828 0 0 7,828
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see list of attachments
List of Attached Documents:
// Content
156,108 0 69,491 83,553
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 472,377 34,120 217,515 232,919
25 Contributions, gifts, grants paid....... 0 0
26 Total expenses and disbursements. Add lines 24 and 25 472,377 34,120 217,515 232,919
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -53,436
b Net investment income (if negative, enter -0-) 37,884
c Adjusted net income (if negative, enter -0-)... 8,290
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............. 246,912 165,258 165,258
2 Savings and temporary cash investments.........      
3 Accounts receivable right arrow  
Less: allowance for doubtful accounts right arrow   3,600    
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) 731,233 Click to see attachment
List of Attached Documents:
// Content
717,058 		717,058
b Investments—corporate stock (attach schedule)....... 2,143,964 Click to see attachment
List of Attached Documents:
// Content
2,809,355 		2,809,355
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........      
14 Land, buildings, and equipment: basis right arrow2,423,324
Less: accumulated depreciation (attach schedule) right arrow314,774 2,094,913 Click to see attachment
List of Attached Documents:
// Content
2,108,550 		2,108,550
15 Other assets (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
26,093 		Click to see attachment
List of Attached Documents:
// Content
67,825 		Click to see attachment
List of Attached Documents:
// Content
67,825
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 5,246,715 5,868,046 5,868,046
Liabilities 17 Accounts payable and accrued expenses.......... 4,122 -5,711
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
2,200 		Click to see attachment
List of Attached Documents:
// Content
2,200
23 Total liabilities (add lines 17 through 22)......... 6,322 -3,511
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........... 2,272,299 2,337,007
25 Net assets with donor restrictions............ 2,968,094 3,534,550
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)..... 5,240,393 5,871,557
30 Total liabilities and net assets/fund balances (see instructions). 5,246,715 5,868,046
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
5,240,393
2
Enter amount from Part I, line 27a .....................
2
-53,436
3
Other increases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
3
684,600
4
Add lines 1, 2, and 3 ..........................
4
5,871,557
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
5,871,557
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 PUBLICLY TRADED SECURITIES      
c PUBLICLY TRADED SECURITIES      
d PUBLICLY TRADED SECURITIES      
e CAPITAL GAINS DIVIDENDS P    
(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 4,385   4,522 -137
b 29,829   29,167 662
c 750,000   743,531 6,469
d 22,006   1,256 20,750
e 6,167     6,167
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       -137
b       662
c       6,469
d       20,750
e       6,167
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 33,911
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 6,332
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) 1 527
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........................... 3 527
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- ..... 5 527
6 Credits/Payments:
a 2023 estimated tax payments and 2022 overpayment credited to 2023 6a 1,491
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 1,491
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 10 964
11 Enter the amount of line 10 to be: Credited to 2024 estimated taxright arrow964 Refundedright arrow 11 0
Form 990-PF (2023)
Form 990-PF (2023)
Page 4
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. right arrow$ 0(2) On foundation managers.right arrow$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
right arrowCT
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
Yes
 
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 arrowWWW.NORFOLKFOUNDATION.NET
14
The books are in care ofright arrowNORFOLK FOUNDATION INC Telephone no.right arrow (860) 542-7185

Located atright arrow2 STATION PLACENORFOLKCT ZIP+4right arrow06058
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
ELIZABETH BORDEN PRESIDENT
3.00 		0 0 0
PO BOX 333
NORFOLK,CT060580333
LISA ATKIN CO-PRESIDENT
10.00 		0 0 0
PO BOX 333
NORFOLK,CT060580333
VISHAL GROVER TREASURER
3.00 		0 0 0
PO BOX 333
NORFOLK,CT060580333
MICHAEL SELLECK SECRETARY
6.00 		0 0 0
PO BOX 333
NORFOLK,CT060580333
HEATHER TIRRELL ADAMS BOARD MEMBER
1.00 		0 0 0
PO BOX 333
NORFOLK,CT060580333
JONATHAN BARBAGALLO BOARD MEMBER
1.00 		0 0 0
PO BOX 333
NORFOLK,CT060580333
MARK BURKE BOARD MEMBER
3.00 		0 0 0
PO BOX 333
NORFOLK,CT060580333
GEORGE CRONIN BOARD MEMBER
3.00 		0 0 0
PO BOX 333
NORFOLK,CT060580333
CAROL GOODSTEIN BOARD MEMBER
3.00 		0 0 0
PO BOX 333
NORFOLK,CT060580333
COLLEEN HELLERMAN BOARD MEMBER
2.00 		0 0 0
PO BOX 333
NORFOLK,CT060580333
ELIZA LITTLE BOARD MEMBER
2.00 		0 0 0
PO BOX 333
NORFOLK,CT060580333
TOM SANSONE BOARD MEMBER
5.00 		0 0 0
PO BOX 333
NORFOLK,CT060580333
BARBARA SPIEGEL BOARD MEMBER
1.00 		0 0 0
PO BOX 333
NORFOLK,CT060580333
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
CHRISTAL PRESZLER SPECIAL PROJECTS AND
20.00 		70,958 0 0
PO BOX 333
NORFOLK,CT060580333
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 ACTIVITIES TO BETTER COORDINATE THE DIVERSE ENERGIES OF THE TOWN'S BURGEONING NON-GOVERNMENTAL ORGANIZATION COMMUNITY BY PROVIDING A MANAGED CENTRAL CO-WORKING SPACE: THE ESTABLISHMENT OF THE NORFOLK HUB BRINGS A GREATER SHARED AWARENESS OF THE TOWN'S MANY VOLUNTEER ORGANIZATIONS, IS USED FOR COMMUNITY WORK SPACE/EVENTS/PRESENTATIONS, AND OFFERS WORK, MEETING SPACE AND PROFESSIONAL SUPPORT TO ITS MEMBER ORGANIZATIONS. 144,768
2 ACTIVITIES TO CONTRIBUTE TO THE VITALITY OF NORFOLK'S RICH CULTURAL HERITAGE: ANNUAL LITERARY FESTIVAL, NOW IN ITS FIFTH YEAR, IN SUPPORT OF ESTABLISHING NORFOLK AS A MAJOR CENTER FOR ARTS AND CULTURE IN THE REGION, BRINGING TO NORFOLK AWARD WINNING AUTHORS AND WRITERS INTO CONVERSATION ON A WIDE RANGE OF TOPICS TO CELEBRATE IDEAS AND DISCOURSE. CONTINUING PARTNERSHIP WITH YALE NORFOLK SCHOOL OF ART BY SUPPORTING ANNUAL THEMATIC LECTURE SERIES. 53,586
3 CONTRIBUTING TO A THRIVING DOWNTOWN INCLUDING THE OWNERSHIP AND MAINTENANCE/IMPROVEMENT OF THREE PROMINENT BUILDINGS IN THE DOWNTOWN AREA. 2 STATION PLACE - AS A COLLABORATIVE CO-WORKING WORK SPACE WITH ADDITIONAL SPACE RENTED TO A HAIR SALON; 6 STATION PLACE AS A CONVENIENCE MARKET/DELI; 3 STATION PLACE (PURCHASED IN NOV 2021) HAS BOTH COMMERCIAL AND RESIDENTIAL TENANTS (PARTNERSHIP WITH FOUNDATION FOR NORFOLK LIVING AS MASTER TENANT FOR THE RESIDENTIAL UNITS). THESE ACTIVITIES ARE AN IMPORTANT PART OF THE ORGANIZATION'S MISSION BUT ARE NOT DEEMED DIRECT CHARITABLE ACTIVITIES. 0
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
3,238,436
b
Average of monthly cash balances.......................
1b
178,632
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, b, and c).........................
1d
3,417,068
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
3,417,068
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
51,256
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
3,365,812
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
168,291
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
232,919
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
19,850
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
252,769
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
2018-03-26
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
8,290 0 3,546 0 11,836
b 85% (0.85) of line 2a ......... 7,047 0 3,014 0 10,061
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		252,769 288,866 205,888 178,785 926,308
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		34,565 38,036 21,103 23,218 116,922
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		218,204 250,830 184,785 155,567 809,386
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 .. 		112,194 18,593 22,021 18,725 171,533
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		        0
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		        0
(3) Largest amount of support
from an exempt organization		         0
(4) Gross investment income         0
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here right arrow
aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
bThe form in which applications should be submitted and information and materials they should include:
cAny submission deadlines:
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
Form 990-PF (2023)
Form 990-PF (2023)
Page 11
Part XIV
Supplementary Information (continued)
3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient If recipient is an individual,
show any relationship to
any foundation manager
or substantial contributor
 Foundation
status of
recipient 		Purpose of grant or
contribution 		Amount
Name and address (home or business)
aPaid during the year
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
aSUSTAINABLE DOWNTOWN - RENTAL INCOME         157,537
bHUB - PROGRAM REVENUE         9,629
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		    14    
4 Dividends and interest from securities ....     14 38,093  
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 27,512  
9 Net income or (loss) from special events:         5,571
10 Gross profit or (loss) from sales of inventory          
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. 0 65,605 172,737
13Total. Add line 12, columns (b), (d), and (e)..................
13
238,342
(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.)
1 SUPPORTS THE DEVELOPMENT OF A SUSTAINABLE DOWNTOWN NORFOLK BY PROVIDING A CONVENIENCE MARKET/DELI AND A HAIR SALON TO THE LOCAL COMMUNITY. THE HUB SERVES AS A CO-WORKING SPACE FOR NORFOLK'S NON-PROFIT MEMBERS AND A COMMUNITY GATHERING SPACE. THE ROYAL ARCANUM RENTS SPACE TO VARIOUS BUSINESSES AS WELL AS RESIDENTIAL TENANTS
9 THE ANNUAL LITERARY FESTIVAL BRINGS IN AWARD WINNING WRITERS AND CONTRIBUTES TO THE VITALITY OF NORFOLK'S CULTURAL HERITAGE WHILE PROVIDING AN EVENT THAT CAN BE ENJOYED BY THE SURROUNDING COMMUNITY.
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
Schedule B
(Form 990)
Department of the Treasury
Internal Revenue Service
Schedule of Contributors

Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
Arrow Bullet Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2023
Name of the organization
NORFOLK FOUNDATION INC
 
Employer identification number

47-5535228
Organization type (check one):
Filers of:
Section:
Form 990 or 990-EZ






Form 990-PF




Check if your organization is covered by the General Rule or a Special Rule.  
Note: Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
General Rule
Special Rules
......... Arrow Bullet $  
Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).
For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.
Cat. No. 30613XSchedule B (Form 990) (2023)
Schedule B (Form 990) (2023) Page 2
Name of organization
NORFOLK FOUNDATION INC
  		Employer identification number
47-5535228
Part I
Contributors
Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
1
THE WILLIAM AND MARY GREVE FOUNDATION
 
270 LAFAYETTE STREET SUITE 1002
 
NEW YORK, NY10012

$ 150,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
2
ANNE L GARRELS 2017 IRREVOCABLE TRUST
 
338 S MAIN STREET
 
SUFFIELD, CT06078

$ 10,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
Schedule B (Form 990) (2023)
Schedule B (Form 990) (2023)
Page 3
Name of organization
NORFOLK FOUNDATION INC
  		Employer identification number

47-5535228
Part II
Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
Schedule B (Form 990) (2023)
Schedule B (Form 990) (2023)
Page 4
Name of organization
NORFOLK FOUNDATION INC
  		Employer identification number

47-5535228
Part III
Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
Use duplicate copies of Part III if additional space is needed.
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
Schedule B (Form 990) (2023)
Additional Data


Software ID:  
Software Version:  

TY 2023 AccountingFeesSchedule
Name:
NORFOLK FOUNDATION INC
EIN:
47-5535228
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING AND LEGAL 21,962 4,392 7,073 14,889

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

TY 2023 AmortizationSchedule
Name:
NORFOLK FOUNDATION INC
EIN:
47-5535228
Description of Amortized Expenses Date Acquired, Completed, or Expended Amount Amortized Deduction for Prior Years Amortization Method Current Year Amortization Net Investment Income Adjusted Net Income Total Amount of Amortization
CLOSING COSTS 2016-05-20 1,181 1,181 36.000000000000   0 0 1,181
CLOSING COSTS - ROYAL ARCANUM (3 STATION PLACE) 2021-11-01 9,192 3,575 36.000000000000 3,064 0 3,064 6,639

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TY 2023 DepreciationSchedule
Name:
NORFOLK FOUNDATION INC
EIN:
47-5535228
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
HAIR SALON 2016-07-13 14,045 2,107 SL 40.000000000000 351 0 351  
BUILDING - COUNTRY STORE 2016-05-20 215,106 35,743 SL 40.000000000000 5,378 0 5,378  
LAND 2016-05-20 70,000   L 0 % 0 0 0  
BUILDING IMPROVEMENTS 2016-12-31 35,044 5,292 SL 40.000000000000 876 0 876  
BUILDING IMPROVEMENTS 2017-01-04 66,185 9,928 SL 40.000000000000 1,655 0 1,655  
SHED 2017-05-24 3,454 1,928 SL 10.000000000000 345 0 345  
REFRIGERATOR 2016-08-24 23,145 23,145 SL 5.000000000000 0 0 0  
REFRIGERATOR INSTALLATION 2017-01-31 6,490 6,490 SL 5.000000000000 0 0 0  
HOOD 2016-11-15 14,211 14,211 SL 5.000000000000 0 0 0  
HOOD INSTALLATION 2017-01-05 5,034 5,034 SL 5.000000000000 0 0 0  
FREEZER LIGHTS 2017-04-24 1,637 1,637 SL 5.000000000000 0 0 0  
FREEZER DOOR 2017-10-11 3,191 3,191 SL 5.000000000000 0 0 0  
AIR CONDITIONERS - WALL UNITS 2017-07-10 9,548 9,548 SL 5.000000000000 0 0 0  
BUILDING - HUB 2016-07-13 99,599 14,940 SL 40.000000000000 2,490 0 2,490  
LAND 2016-07-13 70,800   L 0 % 0 0 0  
3 DESK 4 SIDE CHAIRS 2018-10-01 1,577 670 SL 10.000000000000 158 0 158  
2 SOFAS 4 OFFICE FILE CABINETS 2018-10-01 5,349 2,273 SL 10.000000000000 535 0 535  
40 STACKABLE CHAIRS FOR HUB MAIN SPACE 2018-10-01 3,214 1,366 SL 10.000000000000 321 0 321  
OLSSON INTERIOR AIRT 2018-10-01 1,072 456 SL 10.000000000000 107 0 107  
TV MONITORS FOR HUB 2018-10-01 3,499 2,974 SL 5.000000000000 525 0 525  
BUILDING IMPROVEMENTS 2018-12-01 500,566 51,099 SL 40.000000000000 12,514 0 12,514  
HAIR SALON SINK AND BOOTHS 2018-05-31 4,298 1,970 SL 10.000000000000 430 0 430  
HUB MAIN SPACE LIGHT FIXTURE 2018-03-13 2,236 2,161 SL 5.000000000000 75 0 75  
HUB REFRIGERATOR AND DISHWASHER 2018-05-09 1,298 1,211 SL 5.000000000000 87 0 87  
HUB MICROWAVE 2018-05-04 299 279 SL 5.000000000000 20 0 20  
HUB CHAIRS 2018-05-04 339 158 SL 10.000000000000 34 0 34  
EVERSOURCE LOAN PURCHASES (DIRECT FROM EVERSOURCE) 2018-12-31 79,115 7,912 SL 40.000000000000 1,978 0 1,978  
CONFERENCE ROOM CHAIRS 2018-05-23 1,627 746 SL 10.000000000000 163 0 163  
LOCKERS 2018-07-19 1,857 820 SL 10.000000000000 186 0 186  
SHELVING FOR BROCHURES 2018-07-26 281 124 SL 10.000000000000 28 0 28  
MOVEABLE CORKBOARD WALLS 2018-07-26 883 390 SL 10.000000000000 88 0 88  
CONFERENCE ROOM/MAIN SPACE TECHNOLOGY 2019-01-28 3,104 2,431 SL 5.000000000000 621 0 621  
FIRE PANELS 2020-02-13 2,982 870 SL 10.000000000000 298 0 298  
ATTIC INSULATION 2020-09-25 5,577 1,255 SL 10.000000000000 558 0 558  
ROYAL ARCANUM (3 STATION PLACE) 2021-11-01 950,000 27,708 SL 40.000000000000 23,750 0 23,750  
RECONFIGURATION OF OVERLOADED ELECTRICAL PANELS 2021-11-10 3,640 425 SL 10.000000000000 364 0 364  
FIRE EQUIPMENT INSTALLATIONS AND INSPECTIONS 2021-11-29 1,513 164 SL 10.000000000000 151 0 151  
INTALLATION - ELECTRICAL FEEDS 2021-12-08 1,014 110 SL 10.000000000000 101 0 101  
WATER HEATER 2021-06-10 1,962 311 SL 10.000000000000 196 0 196  
MASONRY - CHIMNEY 6SP 2021-12-11 1,600 173 SL 10.000000000000 160 0 160  
HUB BACK WALL REPAIR 2022-08-01 3,683 38 SL 40.000000000000 92 0 92  
A.B. BAZZANO FUELS, INC. - 59254S 2022-02-01 5,722 262 SL 20.000000000000 286 0 286  
A.B. BAZZANO FUELS, INC. - 60514S - ADA BASEMENT BATHROOM 2022-06-01 4,413 129 SL 20.000000000000 221 0 221  
A.B. BAZZANO FUELS, INC. -61442S - REPLACE WATER HEATER TANK ONLY 2022-11-01 3,216 27 SL 20.000000000000 161 0 161  
ALARMS OF BERKSHIRE COUNTY - 226740 2022-03-01 1,540 257 SL 5.000000000000 308 0 308  
ALARMS OF BERKSHIRE COUNTY 229614 - NEW FIRE PANEL INSTALL 2022-06-01 3,390 198 SL 10.000000000000 339 0 339  
D. SCOTT REEVE CONSTRUCTION, LLC 1695 - FIRE DOOR AT ARCANUM FOR RESTA 2022-03-01 2,937 61 SL 40.000000000000 73 0 73  
DIVERSIFIED SALES COMPANY GREASE TRAP REPLACEMENT FOR NORFOLK HUB 2022-01-01 1,595 160 SL 10.000000000000 160 0 160  
FINNEY ELECTRIC, LLC - 2026 2022-02-22 812 68 SL 10.000000000000 81 0 81  
FINNEY ELECTRIC, LLC 8083 - THIRD FLOOR 2022-06-22 1,880 94 SL 10.000000000000 188 0 188  
FINNEY ELECTRIC, LLC 2160 - APT 5 BATH FAN AND DUCT 2022-07-22 5,503 229 SL 10.000000000000 550 0 550  
FINNEY ELECTRIC, LLC 2199 - WIRING FOR NEW PANEL BOX TO FEED TO ICE ME 2022-09-22 4,716 118 SL 10.000000000000 472 0 472  
FINNEY ELECTRIC, LLC 2244 - HEATER FOR GUILDED ARTISAN BASEMENT SPACE 2022-10-22 1,131 19 SL 10.000000000000 113 0 113  
HERRINGTON'S 2205-587199 - MATERIALS FOR ADA BATH 2022-05-22 758 11 SL 40.000000000000 19 0 19  
HOUSING ENTERPRISES, INC. 396 - 1/2 INVOICE - DAVID BERTO - NF SUPPORT 2022-04-22 2,500 83 SL 20.000000000000 125 0 125  
HTH AUTOMATIC SPRINKLER -8710/8709 2022-03-22 12,170 456 SL 20.000000000000 609 0 609  
HTH AUTOMATIC SPRINKLER - 8785 - FINAL ADJUSTED BILL FOR 2ND FL APARTM 2022-04-22 18,040 601 SL 20.000000000000 902 0 902  
JAMES E. KOCHISS - BASEMENT BATHROOM FLOOR 2022-05-22 778 11 SL 40.000000000000 19 0 19  
PATRIQUIN ARCHITECTS, PC 2211-02 2022-10-22 8,175 68 SL 20.000000000000 409 0 409  
PATRIQUIN ARCHITECTS, PC INV. 2211-01 RA - CONCEPTUAL DESIGN + REGULAT 2022-11-22 15,660 65 SL 20.000000000000 783 0 783  
R&M INSULATION, LLC - 5943 - INSULATION OF HEALING NEST CEILING AND RO 2022-09-22 9,170 57 SL 40.000000000000 229 0 229  
FNL - ARCANUM 2961 - UNIT 4 REHAB DEPOSIT PAID FROM FNL ACCOUNT 2022-02-22 5,395 225 SL 20.000000000000 270 0 270  
NORTHERN IMPROVEMENT COMPANY, LLC 3084 - UNIT 5 REHAB FINAL 2022-05-22 2,748 80 SL 20.000000000000 137 0 137  
A.B. BAZZANO FUELS, INC 60644S - 2 TOILETS REPLACED 2022-07-22 1,573 33 SL 20.000000000000 79 0 79  
RTE 44 STONE WALL REPAIR 2023-12-01 19,850   SL 20.000000000000 83 0 83  
ALARMS OF BERKSHIRE COUNTY 2023-04-01 1,540   SL 5.000000000000 231 0 231  
A.B. BAZZANO FUELS INC, - BATHROOM UPDATE 2023-05-01 2,713   SL 20.000000000000 90 0 90  
REPAIR OF ARCANUM ROOF 2023-06-01 49,555   SL 40.000000000000 723 0 723  
FINNEY ELECTRIC, LLC - NEW EMERGENCY LIGHTS 2023-09-01 1,245   SL 10.000000000000 42 0 42  
MILLARD WELDING, INC. - REPAIR OF WROUGHT RAILING 2023-12-01 4,152   SL 20.000000000000 17 0 17  

TY 2023 InvestmentsCorpStockSchedule
Name:
NORFOLK FOUNDATION INC
EIN:
47-5535228
Name of Stock End of Year Book Value End of Year Fair Market Value
COVE WEALTH MANAGEMENT 2,809,355 2,809,355

TY 2023 InvestmentsGovtObligationsSch
Name:
NORFOLK FOUNDATION INC
EIN:
47-5535228
US Government Securities - End of Year Book Value:

717,058
US Government Securities - End of Year Fair Market Value:

717,058
State & Local Government Securities - End of Year Book Value:


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


0


TY 2023 LandEtcSchedule2
Name:
NORFOLK FOUNDATION INC
EIN:
47-5535228
Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
HAIR SALON 14,045 2,458 11,587  
BUILDING - COUNTRY STORE 215,106 41,121 173,985  
LAND 70,000 0 70,000  
BUILDING IMPROVEMENTS 35,044 6,168 28,876  
BUILDING IMPROVEMENTS 66,185 11,583 54,602  
SHED 3,454 2,273 1,181  
REFRIGERATOR 23,145 23,145 0  
REFRIGERATOR INSTALLATION 6,490 6,490 0  
HOOD 14,211 14,211 0  
HOOD INSTALLATION 5,034 5,034 0  
FREEZER LIGHTS 1,637 1,637 0  
FREEZER DOOR 3,191 3,191 0  
AIR CONDITIONERS - WALL UNITS 9,548 9,548 0  
BUILDING - HUB 99,599 17,430 82,169  
LAND 70,800 0 70,800  
CLOSING COSTS 1,181 1,181 0  
3 DESK 4 SIDE CHAIRS 1,577 828 749  
2 SOFAS 4 OFFICE FILE CABINETS 5,349 2,808 2,541  
40 STACKABLE CHAIRS FOR HUB MAIN SPACE 3,214 1,687 1,527  
OLSSON INTERIOR AIRT 1,072 563 509  
TV MONITORS FOR HUB 3,499 3,499 0  
BUILDING IMPROVEMENTS 500,566 63,613 436,953  
HAIR SALON SINK AND BOOTHS 4,298 2,400 1,898  
HUB MAIN SPACE LIGHT FIXTURE 2,236 2,236 0  
HUB REFRIGERATOR AND DISHWASHER 1,298 1,298 0  
HUB MICROWAVE 299 299 0  
HUB CHAIRS 339 192 147  
EVERSOURCE LOAN PURCHASES (DIRECT FROM EVERSOURCE) 79,115 9,890 69,225  
CONFERENCE ROOM CHAIRS 1,627 909 718  
LOCKERS 1,857 1,006 851  
SHELVING FOR BROCHURES 281 152 129  
MOVEABLE CORKBOARD WALLS 883 478 405  
CONFERENCE ROOM/MAIN SPACE TECHNOLOGY 3,104 3,052 52  
FIRE PANELS 2,982 1,168 1,814  
ATTIC INSULATION 5,577 1,813 3,764  
ROYAL ARCANUM (3 STATION PLACE) 950,000 51,458 898,542  
CLOSING COSTS - ROYAL ARCANUM (3 STATION PLACE) 9,192 6,639 2,553  
RECONFIGURATION OF OVERLOADED ELECTRICAL PANELS 3,640 789 2,851  
FIRE EQUIPMENT INSTALLATIONS AND INSPECTIONS 1,513 315 1,198  
INTALLATION - ELECTRICAL FEEDS 1,014 211 803  
WATER HEATER 1,962 507 1,455  
MASONRY - CHIMNEY 6SP 1,600 333 1,267  
HUB BACK WALL REPAIR 3,683 130 3,553  
A.B. BAZZANO FUELS, INC. - 59254S 5,722 548 5,174  
A.B. BAZZANO FUELS, INC. - 60514S - ADA BASEMENT BATHROOM 4,413 350 4,063  
A.B. BAZZANO FUELS, INC. -61442S - REPLACE WATER HEATER TANK ONLY 3,216 188 3,028  
ALARMS OF BERKSHIRE COUNTY - 226740 1,540 565 975  
ALARMS OF BERKSHIRE COUNTY 229614 - NEW FIRE PANEL INSTALL 3,390 537 2,853  
D. SCOTT REEVE CONSTRUCTION, LLC 1695 - FIRE DOOR AT ARCANUM FOR RESTA 2,937 134 2,803  
DIVERSIFIED SALES COMPANY GREASE TRAP REPLACEMENT FOR NORFOLK HUB 1,595 320 1,275  
FINNEY ELECTRIC, LLC - 2026 812 149 663  
FINNEY ELECTRIC, LLC 8083 - THIRD FLOOR 1,880 282 1,598  
FINNEY ELECTRIC, LLC 2160 - APT 5 BATH FAN AND DUCT 5,503 779 4,724  
FINNEY ELECTRIC, LLC 2199 - WIRING FOR NEW PANEL BOX TO FEED TO ICE ME 4,716 590 4,126  
FINNEY ELECTRIC, LLC 2244 - HEATER FOR GUILDED ARTISAN BASEMENT SPACE 1,131 132 999  
HERRINGTON'S 2205-587199 - MATERIALS FOR ADA BATH 758 30 728  
HOUSING ENTERPRISES, INC. 396 - 1/2 INVOICE - DAVID BERTO - NF SUPPORT 2,500 208 2,292  
HTH AUTOMATIC SPRINKLER -8710/8709 12,170 1,065 11,105  
HTH AUTOMATIC SPRINKLER - 8785 - FINAL ADJUSTED BILL FOR 2ND FL APARTM 18,040 1,503 16,537  
JAMES E. KOCHISS - BASEMENT BATHROOM FLOOR 778 30 748  
PATRIQUIN ARCHITECTS, PC 2211-02 8,175 477 7,698  
PATRIQUIN ARCHITECTS, PC INV. 2211-01 RA - CONCEPTUAL DESIGN + REGULAT 15,660 848 14,812  
R&M INSULATION, LLC - 5943 - INSULATION OF HEALING NEST CEILING AND RO 9,170 286 8,884  
FNL - ARCANUM 2961 - UNIT 4 REHAB DEPOSIT PAID FROM FNL ACCOUNT 5,395 495 4,900  
NORTHERN IMPROVEMENT COMPANY, LLC 3084 - UNIT 5 REHAB FINAL 2,748 217 2,531  
A.B. BAZZANO FUELS, INC 60644S - 2 TOILETS REPLACED 1,573 112 1,461  
RTE 44 STONE WALL REPAIR 19,850 83 19,767  
ALARMS OF BERKSHIRE COUNTY 1,540 231 1,309  
A.B. BAZZANO FUELS INC, - BATHROOM UPDATE 2,713 90 2,623  
REPAIR OF ARCANUM ROOF 49,555 723 48,832  
FINNEY ELECTRIC, LLC - NEW EMERGENCY LIGHTS 1,245 42 1,203  
MILLARD WELDING, INC. - REPAIR OF WROUGHT RAILING 4,152 17 4,135  


TY 2023 OtherAssetsSchedule
Name:
NORFOLK FOUNDATION INC
EIN:
47-5535228
Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
PREPAID EXPENSES 18,835 754 754
DEFERRED RENT 5,767 5,767 5,767
WORK IN PROGRESS 0 60,340 60,340
PREPAID EXCISE TAX 1,491 964 964


TY 2023 OtherExpensesSchedule
Name:
NORFOLK FOUNDATION INC
EIN:
47-5535228
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
MARKETING COSTS 28,915 0 8,929 19,986
TELEPHONE 11,302 0 0 11,302
MISCELLANEOUS 1,493 0 0 1,493
OUTREACH 700 0 700 0
GUEST SPEAKERS 11,440 0 0 11,440
FUNDRAISING 8,643 0 8,643 0
INSURANCE 28,480 0 21,849 6,631
REPAIRS & MAINTENANCE 43,048 0 28,698 14,350
OFFICE EXPENSE 19,023 0 672 18,351
AMORTIZATION 3,064 0 0 0


TY 2023 OtherIncomeSchedule2
Name:
NORFOLK FOUNDATION INC
EIN:
47-5535228
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
SUSTAINABLE DOWNTOWN - RENTAL INCOME 157,537   157,537
HUB - PROGRAM REVENUE 9,629   9,629
GROSS INCOME FROM SPECIAL FUNDRAISING EVENTS 14,214   14,214


TY 2023 OtherIncreasesSchedule
Name:
NORFOLK FOUNDATION INC
EIN:
47-5535228
Description Amount
UNREALIZED GAIN IN INVESTMENTS 684,600


TY 2023 OtherLiabilitiesSchedule
Name:
NORFOLK FOUNDATION INC
EIN:
47-5535228
Description Beginning of Year - Book Value End of Year - Book Value
TENANT SECUIRTY DEPOSITS 2,200 2,200


TY 2023 OtherProfessionalFeesSchedule
Name:
NORFOLK FOUNDATION INC
EIN:
47-5535228
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT FEES 25,688 25,688 25,688 0
OTHER PROFESSIONAL FEES 12,895 0 9,127 3,768


TY 2023 TaxesSchedule
Name:
NORFOLK FOUNDATION INC
EIN:
47-5535228
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
PROPERTY TAXES 30,211 0 23,323 6,888
EXCISE TAX 527 0 0 0