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
WELFARE FOUNDATION INC
 
Number and street (or P.O. box number if mail is not delivered to street address)100 WEST 10TH STREET 1109
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
WILMINGTON, DE19801
A Employer identification number

51-6015916
B Telephone number (see instructions)

(302) 683-8245
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$109,227,609J 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) 21,302
2 Check right arrow.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 1,553,489 1,553,489  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 3,317,210
b Gross sales price for all assets on line 6a 10,344,780
7 Capital gain net income (from Part IV, line 2)... 3,317,210
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
2,052 2,052  
12 Total. Add lines 1 through 11........ 4,894,053 4,872,751  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 228,489 114,245   114,245
14 Other employee salaries and wages...... 74,960 37,480   37,480
15 Pension plans, employee benefits....... 93,159 46,580   46,580
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
20,423 20,021   149
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
20,325 6,775   13,550
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
486,990 485,380   1,610
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
364,317 48,378   9,466
19 Depreciation (attach schedule) and depletion... 5,804 0  
20 Occupancy.............. 15,250 0   12,200
21 Travel, conferences, and meetings....... 5,933 0   5,933
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
78,006 0   77,391
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 1,393,656 758,859   318,604
25 Contributions, gifts, grants paid....... 4,602,119 5,472,119
26 Total expenses and disbursements. Add lines 24 and 25 5,995,775 758,859   5,790,723
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -1,101,722
b Net investment income (if negative, enter -0-) 4,113,892
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............. 287,789 125,094 125,094
2 Savings and temporary cash investments......... 6,565,386 10,374,255 10,374,255
3 Accounts receivable right arrow48,949
Less: allowance for doubtful accounts right arrow   61,303 48,949 48,949
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.......... 139,003 60,407 60,407
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 15,714,527 Click to see attachment
List of Attached Documents:
// Content
17,490,083 		25,233,355
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis right arrow127,983
Less: accumulated depreciation (attach schedule) right arrow   127,983 127,983 1,050,000
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 58,125,279 Click to see attachment
List of Attached Documents:
// Content
50,716,366 		72,245,694
14 Land, buildings, and equipment: basis right arrow109,897
Less: accumulated depreciation (attach schedule) right arrow20,042 94,060 89,855 89,855
15 Other assets (describe right arrow)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 81,115,330 79,032,992 109,227,609
Liabilities 17 Accounts payable and accrued expenses.......... 67,505 55,429
18 Grants payable................. 1,280,000 410,000
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
193,018 		Click to see attachment
List of Attached Documents:
// Content
406,889
23 Total liabilities (add lines 17 through 22)......... 1,540,523 872,318
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........... 79,574,807 78,160,674
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    
29 Total net assets or fund balances (see instructions)..... 79,574,807 78,160,674
30 Total liabilities and net assets/fund balances (see instructions). 81,115,330 79,032,992
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
79,574,807
2
Enter amount from Part I, line 27a .....................
2
-1,101,722
3
Other increases not included in line 2 (itemize) right arrow
3
0
4
Add lines 1, 2, and 3 ..........................
4
78,473,085
5
Decreases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
5
312,411
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
78,160,674
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 LITIGATION PROCEEDS P 2022-01-01 2023-12-31
b WILMINGTON TRUST 017432-001 LT CAPITAL GAINS P 2022-01-01 2023-12-31
c KING STREET P 2022-01-01 2023-12-31
d WHALE ROCK FLAGSHIP FUND P 2022-01-01 2023-12-31
e WHALE ROCK FLAGSHIP FUND - 0144 P 2022-01-01 2023-12-31
SENATOR LIQUIDATING CLASS P 2022-01-01 2023-12-31
ABDIEL QUALIFIED OFFSHORE PARTNERS P 2022-01-01 2023-12-31
GQG PARTNERS S/T P 2023-01-01 2023-12-31
GQG PARTNERS L/T P 2022-01-01 2023-12-31
WELLINGTON - CTF SELECT LEADERS S/T P 2023-01-01 2023-12-31
WELLINGTON - CTF SELECT LEADERS L/T P 2022-01-01 2023-12-31
WELLINGTON - INTERNATIONAL QUALITY S/T P 2023-01-01 2023-12-31
WELLINGTON - INTERNATIONAL QUALITY L/T P 2022-01-01 2023-12-31
CASDIN S/T P 2023-01-01 2023-12-31
CASDIN L/T P 2022-01-01 2023-12-31
ECHO STREET GOODCO S/T P 2023-01-01 2023-12-31
ECHO STREET GOODCO L/T P 2022-01-01 2023-12-31
REALIZED GAIN ON SALE OF FURNITURE P 2022-01-01 2023-12-31
ECHO STREET GOODCO L/T P 2022-01-01 2023-12-31
CASDIN II L/T P 2022-01-01 2023-12-31
(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 76     76
b 4,994,791   3,335,561 1,659,230
c 67,312   32,544 34,768
d 940,175   1,000,000 -59,825
e 1,344,995   1,845,328 -500,333
141,856   54,130 87,726
1,858,223   478,550 1,379,673
    147,664 -147,664
109,265     109,265
    58,699 -58,699
    42,036 -42,036
16,127     16,127
    15,923 -15,923
5,782     5,782
    17,135 -17,135
212,267     212,267
648,484     648,484
50     50
350     350
5,027     5,027
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       76
b       1,659,230
c       34,768
d       -59,825
e       -500,333
      87,726
      1,379,673
      -147,664
      109,265
      -58,699
      -42,036
      16,127
      -15,923
      5,782
      -17,135
      212,267
      648,484
      50
      350
      5,027
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 3,317,210
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 57,183
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 57,183
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 57,183
6 Credits/Payments:
a 2023 estimated tax payments and 2022 overpayment credited to 2023 6a 57,790
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 57,790
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 10 607
11 Enter the amount of line 10 to be: Credited to 2024 estimated taxright arrow0 Refundedright arrow 11 607
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 arrowDE
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 arrowWWW.WELFAREFOUNDATIONDE.ORG
14
The books are in care ofright arrowCHRISTOPHER GRUNDNER Telephone no.right arrow (302) 683-8245

Located atright arrow100 W 10TH ST STE 1109WILMINGTONDE ZIP+4right arrow19801
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
Yes
 
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
 
No
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
ROBERT H BOLLING III TRUSTEE
1.00 		0 0 0
100 W 10TH STREET SUITE 1109
WILMINGTON,DE19801
WILLIAM L KITCHEL III TREASURER/TRUSTEE
1.00 		0 0 0
100 W 10TH STREET SUITE 1109
WILMINGTON,DE19801
E BRADFORD DUPONT JR CHAIRMAN/TRUSTEE
1.00 		0 0 0
100 W 10TH STREET SUITE 1109
WILMINGTON,DE19801
LEATRICE D ELLIMAN SECRETARY/TRUSTEE
1.00 		0 0 0
100 W 10TH STREET SUITE 1109
WILMINGTON,DE19801
AVERY STABLER TRAVIS TRUSTEE
1.00 		0 0 0
100 W 10TH STREET SUITE 1109
WILMINGTON,DE19801
W LAIRD STABLER VICE PRESIDENT/TRUSTEE
1.00 		0 0 0
100 W 10TH STREET SUITE 1109
WILMINGTON,DE19801
CHRISTOPHER GRUNDNER PRESIDENT/ASST SECRETARY/T
40.00 		228,489 53,997 2,503
100 W 10TH STREET SUITE 1109
WILMINGTON,DE19801
MARGARET L LAIRD TRUSTEE
1.00 		0 0 0
100 W 10TH STREET SUITE 1109
WILMINGTON,DE19801
R HUNTINGTON BOLLING TRUSTEE
1.00 		0 0 0
100 W 10TH STREET SUITE 1109
WILMINGTON,DE19801
D TROWBRIDGE ELLIMAN TRUSTEE
1.00 		0 0 0
100 W 10TH STREET SUITE 1109
WILMINGTON,DE19801
BRENT W DUPONT TRUSTEE
1.00 		0 0 0
100 W 10TH STREET SUITE 1109
WILMINGTON,DE19801
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
NONE
Total number of other employees paid over $50,000...................right arrow 0
Form 990-PF (2023)
Form 990-PF (2023)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
MONTICELLO ASSOCIATES INVESTMENT ADVICE 200,000
127 PUBLIC SQUARE
CLEVELAND,OH44114
WELLINGTON MANAGEMENT COMPANY LLP INVESTMENT ADVICE 77,482
280 CONGRESS STREET
BOSTON,MA02210
Total number of others receiving over $50,000 for professional services.............right arrow0
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1  
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................right arrow0
Form 990-PF (2023)
Form 990-PF (2023)
Page 8
Part IX
Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
1
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:
a
Average monthly fair market value of securities...................
1a
101,236,138
b
Average of monthly cash balances.......................
1b
537,071
c
Fair market value of all other assets (see instructions)................
1c
1,050,000
d
Total (add lines 1a, b, and c).........................
1d
102,823,209
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
0
2
Acquisition indebtedness applicable to line 1 assets..................
2
0
3
Subtract line 2 from line 1d.........................
3
102,823,209
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
1,542,348
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
101,280,861
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
5,064,043
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
5,064,043
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
57,183
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
57,183
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
5,006,860
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
5,006,860
6
Deduction from distributable amount (see instructions).................
6
0
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
5,006,860
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
5,790,723
b
Program-related investments—total from Part VIII-B..................
1b
0
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
 
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
 
b
Cash distribution test (attach the required schedule) .................
3b
 
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
5,790,723
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 5,006,860
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only....... 1,203,722
b Total for prior years:20 , 20, 20 0
3 Excess distributions carryover, if any, to 2022:
a From 2018......  
b From 2019......  
c From 2020......  
d From 2021......  
e From 2022......  
f Total of lines 3a through e ........ 0
4Qualifying distributions for 2023 from Part
XI, line 4: right arrow$ 5,790,723
a Applied to 2022, but not more than line 2a 1,203,722
b Applied to undistributed income of prior years
(Election required—see instructions)..... 		0
c Treated as distributions out of corpus (Election
required—see instructions)........ 		0
d Applied to 2023 distributable amount..... 4,587,001
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2023. 0 0
(If an amount appears in column (d), the
same amount must be shown in column (a).)
6Enter the net total of each column as
indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
b Prior years’ undistributed income. Subtract
line 4b from line 2b .......... 		0
c Enter the amount of prior years’ undistributed
income for which a notice of deficiency has
been issued, or on which the section 4942(a)
tax has been previously assessed...... 		0
d Subtract line 6c from line 6b. Taxable amount
—see instructions ........... 		0
e Undistributed income for 2022. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		0
f Undistributed income for 2023. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2024 .......... 		419,859
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		0
8 Excess distributions carryover from 2018 not
applied on line 5 or line 7 (see instructions) ... 		0
9 Excess distributions carryover to 2024.
Subtract lines 7 and 8 from line 6a ...... 		0
10 Analysis of line 9:
a Excess from 2019....  
b Excess from 2020....  
c Excess from 2021....  
d Excess from 2022....  
e Excess from 2023....  
Form 990-PF (2023)
Form 990-PF (2023)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2023, enter the date of the ruling ...... right arrow
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2023 (b) 2022 (c) 2021 (d) 2020
         
b 85% (0.85) of line 2a .........          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, b, or c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here right arrow
aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
CHRIS GRUNDNER
100 W 10TH STREET SUITE 1109
WILMINGTON,DE19801
(302) 683-8245
bThe form in which applications should be submitted and information and materials they should include:
SEE WEBSITE FOR THE WELFARE FOUNDATION INC (WWW.WELFAREFOUNDATIONDE.ORG) FOR GRANT SUBMISSION AND INFORMATION NEEDED TO APPLY
cAny submission deadlines:
APRIL 15 AND OCTOBER 15
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
LIMITED TO DELAWARE AND SOUTHERN CHESTER COUNTY, PENNSYLVANIA
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

AMERICAN RED CROSS DELMARVA CHAPTER

100 WEST 10TH STREET SUITE 401
WILMINGTON,DE19801 		NONE PC GRANT 100,000

ARC OF CHESTER COUNTY

900 LAWRENCE DR
WEST CHESTER,PA19380 		NONE PC GRANT 62,000

ARC OF DELAWARE

2 S AUGUSTINE ST B
WILMINGTON,DE19804 		NONE PC GRANT 75,000

BE READY COMMUNITY DEVELOPMENT CORPORATION

1411 W 4TH ST
WILMINGTON,DE19805 		NONE PC GRANT 200,000

BIG BROTHERSBIG SISTERS OF DE INC

226 W PARK PL
NEWARK,DE19711 		NONE PC GRANT 75,000

BLINDSIGHT DELAWARE ENTERPRISES

2915 NEWPORT GAP PIKE
WILMINGTON,DE19808 		NONE PC GRANT 30,000

CALLIOPE PROJECT INC (MILTON THEATRE)

110 UNION ST
MILTON,DE19968 		NONE PC GRANT 80,000

CANCER SUPPORT COMMUNITY DELAWARE

4810 LANCASTER PIKE
WILMINGTON,DE19807 		NONE PC GRANT 40,000

CHEER INC

546 S BEDFORD ST
GEORGETOWN,DE19947 		NONE PC GRANT 150,000

DELAWARE CENTER FOR JUSTICE INC

100 W 10TH ST
WILMINGTON,DE19801 		NONE PC GRANT 25,000

DELAWARE CHILDREN'S MUSEUM

550 JUSTISON ST
WILMINGTON,DE19801 		NONE PC GRANT 80,000

DELAWARE COLLEGE SCHOLARS

401 FEDERAL STREET
DOVER,DE19901 		NONE PC GRANT 75,000

DELAWARE HISTORICAL SOCIETY

505 N MARKET STREET
WILMINGTON,DE19801 		NONE PC GRANT 75,000

DELAWARE HUMANITIES

100 W 10TH ST 509
WILMINGTON,DE19801 		NONE PC GRANT 17,300

DELAWARE SHAKESPEARE FESTIVAL INC

4 S POPLAR STREET
WILMINGTON,DE19801 		NONE PC GRANT 25,000

DELAWARE STATE UNIVERSITY FOUNDATION

1200 N DUPONT HWY 2ND FLOOR
DOVER,DE19901 		NONE PC GRANT 250,000

DELAWARE TECHNICAL & COMMUNITY COLLEGE

PO BOX 897
WILMINGTON,DE19806 		NONE PC GRANT 200,000

DELAWARE THEATRE COMPANY

200 WATER STREET
WILMINGTON,DE19801 		NONE PC GRANT 100,000

DO CARE DOULA FOUNDATION

125A W LOOCKERMAN STREET
DOVER,DE19904 		NONE PC GRANT 40,000

DOWN SYNDROME ASSOCIATION OF DELAWARE

PO BOX 747
MIDDLETOWN,DE19709 		NONE PC GRANT 47,900

DOWNTOWN VISIONS

409 N ORANGE ST
WILMINGTON,DE19801 		NONE PC GRANT 30,000

EXCEPTIONAL CARE FOR CHILDREN INC

11 INDEPENDENCE WAY
NEWARK,DE19713 		NONE PC GRANT 200,000

FAITHFUL FRIENDS INC

165 AIRPORT RD
NEW CASTLE,DE19720 		NONE PC GRANT 75,000

FAME INC

2005 BAYNARD BLVD
WILMINGTON,DE19802 		NONE PC GRANT 300,000

FRACTURED ATLAS INC

228 PARK AVENUE SOUTH 56651
NEW YORK,NY10003 		NONE PC GRANT 25,000

FREIRE FOUNDATION

PO BOX 59028
PHILADELPHIA,PA19102 		NONE PC GRANT 150,000

FRIENDSHIP HOUSE INC

PO BOX 1517
WILMINGTON,DE19899 		NONE PC GRANT 60,000

JAY'S HOUSE INC

25 N PENNEWELL DR
WILMINGTON,DE19809 		NONE PC GRANT 29,315

JEFFERSON STREET CENTER INC

1801 N JEFFERSON ST
WILMINGTON,DE19802 		NONE PC GRANT 22,079

JESTER ARTSPACE INC

2723 GRUBB RD
WILMINGTON,DE19810 		NONE PC GRANT 10,000

JOSHUA M FREEMAN FOUNDATION

31255 AMERICANA PARKWAY
SELBYVILLE,DE19975 		NONE PC GRANT 150,000

KALMAR NYCKEL FOUNDATION

1124 E 7TH ST
WILMINGTON,DE19801 		NONE PC GRANT 68,000

KENCREST SERVICES

960 HARVEST DRIVE SUITE 100
BLUE BELL,PA19422 		NONE PC GRANT 40,000

LA ESPERANZA INC

216 N RACE ST
GEORGETOWN,DE19947 		NONE PC GRANT 25,000

LIMEN RECOVERY WELLNESS

819 N WASHINGTON ST
WILMINGTON,DE19801 		NONE PC GRANT 150,000

LITTLE PEOPLE BIG DREAMS LEARNING CENTER

901 E BASIN RD
NEW CASTLE,DE19720 		NONE PC GRANT 30,000

LOCAL JOURNALISM INITIATIVE

1425 WOODLAWN AVE
WILMINGTON,DE19806 		NONE PC GRANT 75,000

LUTHERAN SENIOR SERVICES OF DOVER

1201 N HARRISON ST
WILMINGTON,DE19806 		NONE PC GRANT 100,000

MARKET STREET MUSIC

1101 NORTH MARKET STREET
WILMINGTON,DE19801 		NONE PC GRANT 10,000

MILTON HISTORICAL SOCIETY

210 UNION ST
MILTON,DE19968 		NONE PC GRANT 10,000

NATIONAL INTERSCHOLASTIC CYCLING ASSOCIATION

21 ORINDA WAY SUITE C-368
ORINDA,CA94563 		NONE PC GRANT 50,000

NEIGHBORHOOD HOUSE INC

1218 B ST
WILMINGTON,DE19801 		NONE PC GRANT 50,000

NEWARK ARTS ALLIANCE

207 LOUVIERS DR
NEWARK,DE19711 		NONE PC GRANT 20,000

NEWARK CHARTER SCHOOL

2001 PATRIOT WAY
NEWARK,DE19711 		NONE PC GRANT 150,000

NEWARK SENIOR CENTER

200 WHITECHAPEL DR
NEWARK,DE19713 		NONE PC GRANT 100,000

OCEAN VIEW HISTORICAL SOCIETY

39 CENTRAL AVE
OCEAN VIEW,DE19970 		NONE PC GRANT 10,000

OPERA DELAWARE INC

4 S POPLAR ST
WILMINGTON,DE19801 		NONE PC GRANT 60,000

PILOT SCHOOL INC

208 WOODLAWN ROAD
WILMINGTON,DE19803 		NONE PC GRANT 35,025

PROJECT NEW START

4601 CONCORD PIKE
WILMINGTON,DE19803 		NONE PC GRANT 35,000

RODNEY STREET TENNIS AND TUTORING ASSOCIATION

101 GARDEN OF EDEN RD SUITE 102
WILMINGTON,DE19803 		NONE PC GRANT 35,000

SAINT MARK'S HIGH SCHOOL

2501 PIKE CREEK RD
WILMINGTON,DE19808 		NONE PC GRANT 150,000

SEAN LOCKE 24 FOUNDATION

136 W MAIN ST
NEWARK,DE19711 		NONE PC GRANT 60,000

SOJOURNERS' PLACE

2901 GOVERNOR PRINTZ BLVD
WILMINGTON,DE19802 		NONE PC GRANT 70,000

STRIVE

205 EAST 122ND STREET
NEW YORK,NY10035 		NONE PC GRANT 45,000

SURVIVOR VENTURES INC

259 GRANBY ST SUITE 250
NORFOLK,VA23510 		NONE PC GRANT 100,000

THE EVERETT INC

47 W MAIN ST
MIDDLETOWN,DE19709 		NONE PC GRANT 50,000

THE MUSIC SCHOOL OF DELAWARE INC

4101 WASHINGTON ST
WILMINGTON,DE19802 		NONE PC GRANT 60,000

THE NATURE CONSERVANCY

100 W 10TH ST 1005
WILMINGTON,DE19801 		NONE PC GRANT 80,000

THE ROSA HEALTH CENTER

10 N FRONT ST
GEORGETOWN,DE19947 		NONE PC GRANT 100,000

THE WAY HOME

7 S KING ST
GEORGETOWN,DE19947 		NONE PC GRANT 100,000

THE WILMINGTON DELAWARE AREA ROTARY CLUBS COMMUNITY FUND

1104 PHILADELPHIA PIKE
WILMINGTON,DE19809 		NONE PC GRANT 25,000

TODMORDEN FOUNDATION

100 W 10TH ST STE 1104
WILMINGTON,DE19801 		NONE PC GRANT 200,000

TOIVOA COACHING

591 COLLABORATION WAY
NEWARK,DE19713 		NONE PC GRANT 50,000

TOVA COMMUNITY HEALTH INC

213 GREENHILL AVE SUITE B
WILMINGTON,DE19805 		NONE PC GRANT 20,000

TRI-STATE BIRD RESCUE & RESEARCH INC

170 POSSUM HOLLOW RD
NEWARK,DE19711 		NONE PC GRANT 15,500

UNITED WAY OF DELAWARE

625 ORANGE ST
WILMINGTON,DE19801 		NONE PC GRANT 100,000

UNIVERSITY DRAMA GROUP

PO BOX 36
NEWARK,DE19715 		NONE PC GRANT 75,000

VETERANS WATCHMAKER INITIATIVE INC

307 N 6TH ST
ODESSA,DE19730 		NONE PC GRANT 40,000

WHAT IS YOUR VOICE INC

SHADY RD
LEWES,DE19958 		NONE PC GRANT 80,000

WILMINGTON ALLIANCE

100 W 10TH ST
WILMINGTON,DE19801 		NONE PC GRANT 100,000

ZOE MINISTRIES INC

PO BOX 26
GREENWOOD,DE19950 		NONE PC GRANT 100,000
Total .................................right arrow 3a 5,472,119
bApproved for future payment

FIRST STATE BALLET THEATRE
818 N MARKET ST 3R
WILMINGTON,DE19801 		NONE PC GRANT 50,000

JESTER ARTSPACE INC
2723 GRUBB RD
WILMINGTON,DE19810 		NONE PC GRANT 10,000

KINGSWOOD COMMUNITY CENTER INC
2300 BOWERS STREET
WILMINGTON,DE19802 		NONE PC GRANT 300,000

THE VILLAGE TREE
214 DELAMORE PLACE
WILMINGTON,DE19805 		NONE PC GRANT 50,000
Total ................................. right arrow 3b 410,000
Form 990-PF (2023)
Form 990-PF (2023)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		         
4 Dividends and interest from securities ....     14 1,553,489  
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 .....     14 2,052  
8 Gain or (loss) from sales of assets other than
inventory ............ 		    18 3,317,210  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. 0 4,872,751 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
4,872,751
(See worksheet in line 13 instructions to verify calculations.)
Part XV-B
Relationship of Activities to the Accomplishment of Exempt Purposes
Line No.
DownArrow 		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
instructions.)
Form 990-PF (2023)
Form 990-PF (2023)
Page 13
Part XVI
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
1
Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
Yes
No
a
Transfers from the reporting foundation to a noncharitable exempt organization of:
(1) Cash...................................
1a(1)
 
No
(2) Other assets.................................
1a(2)
 
No
b
Other transactions:
(1) Sales of assets to a noncharitable exempt organization....................
1b(1)
 
No
(2) Purchases of assets from a noncharitable exempt organization..................
1b(2)
 
No
(3) Rental of facilities, equipment, or other assets.......................
1b(3)
 
No
(4) Reimbursement arrangements...........................
1b(4)
 
No
(5) Loans or loan guarantees.............................
1b(5)
 
No
(6) Performance of services or membership or fundraising solicitations................
1b(6)
 
No
c
Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
1c
 
No
d
If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
(a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
2a
Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
b
If "Yes," complete the following schedule.

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


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


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description
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
WELFARE FOUNDATION INC
 
Employer identification number

51-6015916
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
WELFARE FOUNDATION INC
  		Employer identification number
51-6015916
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
DELAWARE COMMUNITY FOUNDATION
 
100 W 10TH ST 115
 
WILMINGTON, DE19801

$ 21,302


(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.)
(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
WELFARE FOUNDATION INC
  		Employer identification number

51-6015916
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
WELFARE FOUNDATION INC
  		Employer identification number

51-6015916
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:
WELFARE FOUNDATION INC
EIN:
51-6015916
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
BUMPERS & COMPANY 13,125 4,375   8,750
ACCOUNTING FEES 7,200 2,400   4,800

TY 2023 InvestmentsCorpStockSchedule
Name:
WELFARE FOUNDATION INC
EIN:
51-6015916
Name of Stock End of Year Book Value End of Year Fair Market Value
EDGEWOOD GROWTH FUND 6,026,187 10,630,994
VANGUARD ST CORP BOND FUND 2,483,437 2,380,324
SPDR S&P 500 3,943,052 6,978,501
INVESCO S&P 500 5,037,407 5,243,536

TY 2023 InvestmentsOtherSchedule2
Name:
WELFARE FOUNDATION INC
EIN:
51-6015916
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
ECHOSTREET GOODCO SELECT II, L.P AT COST 5,000,000 6,073,503
FARALLON EQUITY PARNTERS INTERNATIONAL AT COST 5,000,000 7,568,298
MARSHALL WACE EUREKA FUND AT COST 1,869,561 3,911,049
THE CHILDRENS INVESTMENT FUND AT COST 5,000,000 8,123,000
KING STREET FUND AT COST 80,464 201,856
ABDIEL QUALIFIED OFFSHORE FUND AT COST 2,021,450 5,640,572
GQG PARTNERS EMERGING MARKETS AT COST 4,169,894 6,328,692
WELLINGT SELECT LEADERS AT COST 3,639,152 6,341,122
AKO GLOBAL LONG ONLY FUN AT COST 4,116,103 7,221,166
VANGUARD MID CAP AT COST 6,703,724 8,604,089
WHALE ROCK FLAGSHIP FUND AT COST 109,336 109,336
RA CAPITAL HEALTHCARE INTERNATIONAL QUALITY AT COST 4,000,000 4,202,850
CASDIN PRIVATE GROWTH EQUITY FUND II AT COST 2,000,000 1,566,754
SOUND POINT DISTRESSED LOAN OPP FUND AT COST 2,090,699 1,906,912
STEPSTONE VC SECONDARIES FUND AT COST 819,230 841,065
TIGER GLOBAL PRIVATE INVESTMENT AT COST 1,125,000 777,937
CASDIN PRIVATE GROWTH EQUITY FUND II AT COST 925,000 1,001,556
REDWOOD ENHANCED INCOME CORP AT COST 2,018,548 1,797,732
LIQUIDATING FUNDS:WHALE ROCK 4713 HOLDBACK AT COST 28,205 28,205

TY 2023 LegalFeesSchedule
Name:
WELFARE FOUNDATION INC
EIN:
51-6015916
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
LEGAL FEES 20,423 20,021   149


TY 2023 OtherDecreasesSchedule
Name:
WELFARE FOUNDATION INC
EIN:
51-6015916
Description Amount
K-1 INCOME/LOSS ON TAX RETURN NOT ON BOOKS - NET 312,411


TY 2023 OtherExpensesSchedule
Name:
WELFARE FOUNDATION INC
EIN:
51-6015916
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
CELLULAR TELEPHONE 4,497 0   4,497
INSURANCE EXPENSE 22,928 0   23,788
COMPUTER CONSULTANTS 1,000 0   0
OFFICE SUPPLIES 1,844 0   1,844
DUES AND SUBSCRIPTIONS 43,655 0   43,180
BOARD PORTAL FEE 400 0   400
BANK FEES 3,682 0   3,682


TY 2023 OtherIncomeSchedule2
Name:
WELFARE FOUNDATION INC
EIN:
51-6015916
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
OTHER PORTFOLIO INCOME 2,052 2,052 2,052


TY 2023 OtherLiabilitiesSchedule
Name:
WELFARE FOUNDATION INC
EIN:
51-6015916
Description Beginning of Year - Book Value End of Year - Book Value
DEFERRED EXCISE TAXES PAYABLE 193,018 406,889


TY 2023 OtherProfessionalFeesSchedule
Name:
WELFARE FOUNDATION INC
EIN:
51-6015916
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
MONTICELLO ASSOCIATES 200,000 200,000   0
PAYCHEX 3,221 1,611   1,610
CONSULTING FEES 40,000 40,000   0
REAL ESTATE EXPENSES 36,688 36,688   0
GQG PARTNERS 41,979 41,979   0
WELLINGTON 1,507 1,507   0
CASDIN 26,517 26,517   0
CASDIN 2 19,544 19,544   0
ECHO STREET GOODCO 40,007 40,007   0
TIGER GLOBAL 45 45   0
WELLINGTON 77,482 77,482   0


TY 2023 TaxesSchedule
Name:
WELFARE FOUNDATION INC
EIN:
51-6015916
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
REAL ESTATE TAXES 2,543 2,543   0
PAYROLL TAXES 18,932 9,466   9,466
FOREIGN TAXES PAID ON DIVIDENDS 36,369 36,369   0
EXCISE TAXES 306,473 0   0