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
ZELL FAMILY FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)TWO NORTH RIVERSIDE PLAZA 600
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
CHICAGO, IL60606
A Employer identification number

36-3487811
B Telephone number (see instructions)

(312) 466-3335
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$275,114,353J 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) 159,137,074
2 Check right arrow.............
3 Interest on savings and temporary cash investments 1,016,649 1,016,791  
4 Dividends and interest from securities... 3,793,423 4,096,507  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 -5,593,916
b Gross sales price for all assets on line 6a 98,600,876
7 Capital gain net income (from Part IV, line 2)... 0
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
0 89,591  
12 Total. Add lines 1 through 11........ 158,353,230 5,202,889  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0   0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
49,676 24,838   24,838
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
39,500 19,750   19,750
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
36,750 18,375   18,375
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
335,423 2,954   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications.......... 4,178 2,089   2,089
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
150,456 204,048   78
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 615,983 272,054   65,130
25 Contributions, gifts, grants paid....... 69,322,745 133,136,307
26 Total expenses and disbursements. Add lines 24 and 25 69,938,728 272,054   133,201,437
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 88,414,502
b Net investment income (if negative, enter -0-) 4,930,835
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............. 94,184 217,114 217,114
2 Savings and temporary cash investments......... 6,932,137 9,250,272 9,250,272
3 Accounts receivable right arrow  
Less: allowance for doubtful accounts right arrow        
4 Pledges receivable right arrow131,913,521
Less: allowance for doubtful accounts right arrow   27,117,709 131,913,521 131,913,521
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 arrow95,095,977
Less: allowance for doubtful accounts right arrow0 109,539,706 95,095,977 95,095,977
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 36,053,793 Click to see attachment
List of Attached Documents:
// Content
24,145,363 		24,145,363
c Investments—corporate bonds (attach schedule)....... 42,672,354 Click to see attachment
List of Attached Documents:
// Content
13,949,369 		13,949,369
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).......... 22,344,609 Click to see attachment
List of Attached Documents:
// Content
542,737 		542,737
14 Land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
15 Other assets (describe right arrow)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 244,754,492 275,114,353 275,114,353
Liabilities 17 Accounts payable and accrued expenses..........   149,835
18 Grants payable................. 196,364,992 130,551,430
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
0 		Click to see attachment
List of Attached Documents:
// Content
261,961
23 Total liabilities (add lines 17 through 22)......... 196,364,992 130,963,226
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........... 48,389,500 8,844,570
25 Net assets with donor restrictions............ 0 135,306,557
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)..... 48,389,500 144,151,127
30 Total liabilities and net assets/fund balances (see instructions). 244,754,492 275,114,353
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
48,389,500
2
Enter amount from Part I, line 27a .....................
2
88,414,502
3
Other increases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
3
7,347,125
4
Add lines 1, 2, and 3 ..........................
4
144,151,127
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
144,151,127
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 FROM THIRD PARTY FUNDS P    
c CHATHAM ASSET HIGH YIELD OFFSHORE FUND,LTD P    
d HIGHBRIDGE SPAC OPPORTUNITY FUND P    
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 83,118,711   88,921,796 -5,803,085
b     10,592 -10,592
c 14,636,979   14,677,626 -40,647
d 595,370   595,370 0
e 249,816     249,816
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       -5,803,085
b       -10,592
c       -40,647
d       0
e       249,816
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 -5,604,508
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here right arrow and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions) 1 68,539
b All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 68,539
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 68,539
6 Credits/Payments:
a 2023 estimated tax payments and 2022 overpayment credited to 2023 6a 264,825
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 195,000
d Backup withholding erroneously withheld .......... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 459,825
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 10 391,286
11 Enter the amount of line 10 to be: Credited to 2024 estimated taxright arrow391,286 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
Yes
 
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
right arrowIL
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
8b
Yes
 
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2023 or the taxable year beginning in 2023? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
 
No
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. Click to see attachment
List of Attached Documents:
// Content
...............................
10
Yes
 
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
Yes
 
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressright arrowN/A
14
The books are in care ofright arrowCHAI TRUST COMPANY Telephone no.right arrow (312) 466-3335

Located atright arrowTWO NORTH RIVERSIDE PLAZA SUITE 600CHICAGOIL ZIP+4right arrow606062627
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2023, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country right arrow
Form 990-PF (2023)
Form 990-PF (2023)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
Yes
 
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
Yes
 
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
No
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2023? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2023, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2023?....................
2a
 
No
If "Yes," list the years right arrow20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
right arrow20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
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)
Yes
 
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
No
c
Organizations relying on a current notice regarding disaster assistance check .........right arrow
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
Yes
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d). Click to see attachment
List of Attached Documents:
// Content
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
No
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
(a) Name and address (b) Title, and average
hours per week
devoted to position 		(c) Compensation
 (If not paid, enter
-0-) 		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
other allowances
HELEN H ZELL EXEC DIR/VP TO 9/24, PRES FROM 9/24
1.00 		0 0 0
TWO NORTH RIVERSIDE PLAZA STE 600
CHICAGO,IL60606
SAMUEL ZELL PRESIDENT (THRU 5/18/23)
1.00 		0 0 0
TWO NORTH RIVERSIDE PLAZA STE 600
CHICAGO,IL60606
KELLIE ZELL VICE PRESIDENT
1.00 		0 0 0
TWO NORTH RIVERSIDE PLAZA STE 600
CHICAGO,IL60606
MATTHEW M ZELL VICE PRESIDENT
1.00 		0 0 0
TWO NORTH RIVERSIDE PLAZA STE 600
CHICAGO,IL60606
JOANN L ZELL VICE PRESIDENT
1.00 		0 0 0
TWO NORTH RIVERSIDE PLAZA STE 600
CHICAGO,IL60606
PHILIP TINKLER VICE PRESIDENT
1.00 		0 0 0
TWO NORTH RIVERSIDE PLAZA STE 600
CHICAGO,IL60606
LUCILLE MCFARLAND VICE PRESIDENT
1.00 		0 0 0
TWO NORTH RIVERSIDE PLAZA STE 600
CHICAGO,IL60606
JOSEPH MIRON SECRETARY/ VICE PRESIDENT
1.00 		0 0 0
120 N LASALLE STREET 38TH FLOOR
CHICAGO,IL60602
MICHAEL SHINER TREASURER/VICE PRESIDENT
1.00 		0 0 0
TWO NORTH RIVERSIDE PLAZA STE 600
CHICAGO,IL60606
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
CHAI TRUST COMPANY ACCOUNTING SERVICES 189,335
TWO NORTH RIVERSIDE PLAZA SUITE 600
CHICAGO,IL60606
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
81,864,600
b
Average of monthly cash balances.......................
1b
20,827,559
c
Fair market value of all other assets (see instructions)................
1c
12,441,525
d
Total (add lines 1a, b, and c).........................
1d
115,133,684
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
115,133,684
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
1,727,005
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
113,406,679
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
5,670,334
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
5,670,334
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
68,539
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
68,539
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
5,601,795
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
5,601,795
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
5,601,795
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
133,201,437
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
133,201,437
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 5,601,795
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only....... 0
b Total for prior years:20 , 20, 20 0
3 Excess distributions carryover, if any, to 2022:
a From 2018......  
b From 2019...... 12,040,514
c From 2020...... 11,515,928
d From 2021...... 11,553,910
e From 2022...... 18,948,145
f Total of lines 3a through e ........ 54,058,497
4Qualifying distributions for 2023 from Part
XI, line 4: right arrow$ 133,201,437
a Applied to 2022, but not more than line 2a 0
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..... 5,601,795
e Remaining amount distributed out of corpus 127,599,642
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 5 181,658,139
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 .......... 		0
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		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 ...... 		181,658,139
10 Analysis of line 9:
a Excess from 2019.... 12,040,514
b Excess from 2020.... 11,515,928
c Excess from 2021.... 11,553,910
d Excess from 2022.... 18,948,145
e Excess from 2023.... 127,599,642
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).)
HELEN H ZELL
SAMUEL ZELL
KELLIE ZELL
MATTHEW M ZELL
JOANN L ZELL
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

A BETTER CHICAGO

600 WEST VAN BUREN SUITE 510
CHICAGO,IL60607 		NONE PC GENERAL SUPPORT 200,000

AMERICAN CIVIL LIBERTIES UNION FOUNDATION

125 BROAD ST 18TH FLOOR
NEW YORK,NY10004 		NONE PC REPRODUCTIVE FREEDOM PROJECT OF THE ACLU 100,000

AMERICAN FRIENDS OF REICHMAN UNIVERSITY (FKA-IDC)

142 WEST 57TH STREET 11TH FLOOR
NEW YORK,NY10019 		NONE PC 2015 PLEDGE TO SUPPORT AND ENDOW THE ZELL ENTREPRENEURSHIP PROGRAM 1,400,000

ANN & ROBERT H LURIE CHILDREN'S HOSPITAL

225 E CHICAGO AVE 269
CHICAGO,IL60611 		NONE PC GAL FINER 100,000

ART INSTITUTE OF CHICAGO

111 SOUTH MICHIGAN AVENUE
CHICAGO,IL60130 		NONE PC DANGLER 2023 5,000

BERNARD ZELL ANSHE EMET DAY SCHOOL

3751 N BROADWAY ST
CHICAGO,IL60613 		NONE PC ZELL FAMILY FUND FOR JEWISH EDUCATION 24,000,000

BIRTHRIGHT ISRAEL FOUNDATION

PO BOX 21615
NEW YORK,NY10087 		NONE PC GENERAL SUPPORT 250,000

BIRTHRIGHT ISRAEL FOUNDATION

PO BOX 21615
NEW YORK,NY10087 		NONE PC GENERAL SUPPORT 1,000,000

CEDILLE CHICAGO NFP

4311 N RAVENSWOOD AVE 202
CHICAGO,IL60613 		NONE PC SOIREE CEDILLE 35,000

CESAR E CHAVEZ MULTICULTURAL ACADEMIC CENTER

4747 S MARSHFIELD AVE
CHICAGO,IL60609 		NONE GOV GENERAL SUPPORT 67,715

CHIARTS FOUNDATION

PO BOX 772076
CHICAGO,IL60677 		NONE PC CREATIVE WRITING PROGRAM 415,000

CHICAGO PUBLIC EDUCATION FUND

200 WEST ADAMS SUITE 1175
CHICAGO,IL60606 		NONE PC GENERAL SUPPORT 500,000

CHICAGO PUBLIC EDUCATION FUND

200 WEST ADAMS SUITE 1175
CHICAGO,IL60606 		NONE PC GENERAL SUPPORT 500,000

CHICAGO PUBLIC LIBRARY FOUNDATION

200 W MADISON ST 3RD FLOOR
CHICAGO,IL60606 		NONE PC GENERAL SUPPORT 50,000

CHICAGO SYMPHONY ORCHESTRA

220 SOUTH MICHIGAN AVENUE
CHICAGO,IL60604 		NONE PC 2023 SEASON GIFT 1,307,000

CHICAGO SYMPHONY ORCHESTRA

220 SOUTH MICHIGAN AVENUE
CHICAGO,IL60604 		NONE PC SEMPRE ALWAYS CAMPAIGN 1,000,000

CHICAGO SYMPHONY ORCHESTRA

220 SOUTH MICHIGAN AVENUE
CHICAGO,IL60604 		NONE PC CELLO GIFT 800,000

CHICAGO WEST COMMUNITY MUSIC CENTER

100 N CENTRAL PARK AVE
CHICAGO,IL60624 		NONE PC GENERAL SUPPORT 100,000

CHICAGO YOUTH SYMPHONY ORCHESTRA

410 S MICHIGAN AVE SUITE 833
CHICAGO,IL60605 		NONE PC GENERAL SUPPORT 25,000

CLASSICAL MUSIC CHICAGO

200 W MADISON ST FLOOR 2
CHICAGO,IL60606 		NONE PC GENERAL SUPPORT 80,000

COMMUNITYHEALTH

2611 W CHICAGO AVE
CHICAGO,IL60622 		NONE PC GENERAL SUPPORT 50,000

FACING HISTORY AND OURSELVES

89 SOUTH STREET SUITE 401
BOSTON,MA02111 		NONE PC GENERAL SUPPORT 150,000

FEDERATION OF JEWISH COMMUNITIES OF THE CIS

445 PARK AVE 9TH FLOOR
NEW YORK,NY10022 		NONE PC GENERAL SUPPORT 25,000

FOUNDATION FOR INDIVIDUAL RIGHTS AND EXPRESSION INC (FIRE)

510 WALNUT STREET SUITE 900
PHILADELPHIA,PA19106 		NONE PC GENERAL SUPPORT 1,350,000

GRANT PARK ORCHESTRAL

205 E RANDOLPH ST
CHICAGO,IL60601 		NONE PC GENERAL SUPPORT 10,000

HOLD ON TO YOUR MUSIC

2128 DUXBURY CIR
LOS ANGELES,CA90034 		NONE PC GENERAL SUPPORT 175,000

IMENTOR

199 WATER STREET 8TH FLOOR
NEW YORK,NY10038 		NONE PC GENERAL SUPPORT 350,000

IMENTOR

199 WATER STREET 8TH FLOOR
NEW YORK,NY10038 		NONE PC GENERAL SUPPORT 325,000

INTRINSIC SCHOOLS

4540 W BELMONT AVE
CHICAGO,IL60641 		NONE PC GENERAL SUPPORT 100,000

INVEST FOR KIDS

875 N MICHIGAN AVE STE 3400
CHICAGO,IL60611 		NONE PC GENERAL SUPPORT 25,000

LINCOLN PARK ZOOLOGICAL SOCIETY

2001 NORTH CLARK STREET
CHICAGO,IL60614 		NONE PC GENERAL SUPPORT 5,000

LYRIC OPERA

20 NORTH WACKER DRIVE SUITE 860
CHICAGO,IL60606 		NONE PC FIDDLER ON THE ROOF & CHAMPION 350,000

MARWEN

833 NORTH ORLEANS
CHICAGO,IL60610 		NONE PC DESIGN TO PRINT 75,000

MAYO CLINIC

200 FIRST ST SW
ROCHESTER,MN55902 		NONE PC GENERAL SUPPORT 400,000

MERIT SCHOOL OF MUSIC

38 S PEORIA ST
CHICAGO,IL60607 		NONE PC GENERAL SUPPORT 50,000

MILLENIUM PARK FOUNDATION

201 E RANDOLPH ST
CHICAGO,IL60601 		NONE PC GENERAL SUPPORT 10,000

MUSEUM OF CONTEMPORARY ART

220 E CHICAGO AVE
CHICAGO,IL60611 		NONE PC GENERAL SUPPORT 500,000

NATIONAL RAMAH COMMISSION

3080 BROADWAY 4TH FLOOR
NEW YORK,NY10027 		NONE PC GENERAL SUPPORT 86,000

NORTHWESTERN MEMORIAL FOUNDATION

541 N FAIRBANKS CT RM 1630
CHICAGO,IL60611 		NONE PC RECOVERY FROM EARLY PSYCHOSIS PROGRAM (REPP) IN THE DEPARTMENT OF PSYCHIATRY AT NORTHWESTERN MEMORIAL HOSPITAL 48,000

RAVINIA FESTIVAL ASSOCIATION

418 SHERIDAN ROAD
HIGHLAND PARK,IL60035 		NONE PC GENERAL SUPPORT 10,000

ROCHELLE ZELL JEWISH HIGH SCHOOL

1095 LAKE COOK RD
DEERFIELD,IL60015 		NONE PC TO ELIMINATE DEBT AND STRENGTHEN ENDOWMENT 500,000

ROCHELLE ZELL JEWISH HIGH SCHOOL

1095 LAKE COOK RD
DEERFIELD,IL60015 		NONE PC TO ELIMINATE DEBT AND STRENGTHEN ENDOWMENT 9,500,000

START EARLY

33 WEST MONROE STREET SUITE 1200
CHICAGO,IL60603 		NONE PC 2023 LUNCHEON 50,000

START EARLY

33 WEST MONROE STREET SUITE 1200
CHICAGO,IL60603 		NONE PC OUNCE OF PREVENTION 1,000,000

STEPPENWOLF THEATRE COMPANY

1700 N HALSTED ST
CHICAGO,IL60614 		NONE PC LEAD PRODUCTIONS SPONSOR, NEW PLAY DEVELOPMENT, & 2023 GALA 730,000

STEPPENWOLF THEATRE COMPANY

1700 N HALSTED ST
CHICAGO,IL60614 		NONE PC 2023/24 SEASON SUPPORT 500,000

TEACH FOR ALL

25 BROADWAY 12TH FLOOR
NEW YORK,NY10004 		NONE PC GENERAL SUPPORT 250,000

TEACH FOR AMERICA

25 BROADWAY 12TH FLOOR
NEW YORK,NY10004 		NONE PC GENERAL SUPPORT 750,000

THE ARTS CLUB OF CHICAGO

201 E ONTARIO ST
CHICAGO,IL60611 		NONE PC GENERAL SUPPORT 75,000

THE JOFFREY BALLET

10 E RANDOLPH STREET
CHICAGO,IL60601 		NONE PC 2023 SPECIAL EVENT 100,000

THE POINT MAGAZINE

200 E RANDOLPH ST STE 5100
CHICAGO,IL60601 		NONE PC GENERAL SUPPORT 160,000

THIRD COAST PERCUSSION NFP

4045 N ROCKWELL ST UNIT 301
CHICAGO,IL60618 		NONE PC GENERAL SUPPORT 10,000

UNIVERSITY OF CHICAGO

5235 S HARPER COURT 4TH FLOOR
CHICAGO,IL60615 		NONE PC SPEAKER SERIES 200,000

UNIVERSITY OF CHICAGO

5235 S HARPER COURT 4TH FLOOR
CHICAGO,IL60615 		NONE PC ZELL FREEDOM OF EXPRESSION SERIES 2,000,000

UNIVERSITY OF COLORADO FOUNDATION-CURRICULUM INNOVATION

1620 RESERVOIR RD
GREELEY,CO80631 		NONE PC GENERAL SUPPORT 150,000

UNIVERSITY OF COLORADO FOUNDATION-PKD RESEARCH

JUDY FARR ALUMNI CENTER 1620
RESERVOIR RD
GREELEY,CO80631 		NONE PC PKD RESEARCH FUND 500,000

UNIVERSITY OF MICHIGAN

500 S STATE STREET
ANN ARBOR,MI48109 		NONE PC ZELL FOUNDERS EXPENDABLE FUND AT ZLI 10,000,000

UNIVERSITY OF MICHIGAN

501 S STATE STREET
ANN ARBOR,MI48109 		NONE PC THE SAMUEL ZELL AND ROBERT H. LURIE INSTITUTE FOR ENTREPRENEURIAL STUDIES 30,000,000

UNIVERSITY OF MICHIGAN

503 S STATE STREET
ANN ARBOR,MI48109 		NONE PC HELEN ZELL WRITERS FUND 35,000,000

UNIVERSITY OF MICHIGAN

504 S STATE STREET
ANN ARBOR,MI48109 		NONE PC HELEN ZELL EXPENDABLE FUND FOR GRADUATE STUDENT SUPPORT 4,100,000

UNIVERSITY OF MICHIGAN-HILLEL

500 S STATE STREET
ANN ARBOR,MI48109 		NONE PC GENERAL SUPPORT 2,500

UNIVERSITY OF MICHIGAN-HZ WRITER'S PROGRAM

500 S STATE STREET
ANN ARBOR,MI48109 		NONE PC TO HIRE A VISITING PROFESSOR IN POETRY FOR ONE ACADEMIC YEAR 200,000

UNIVERSITY OF MICHIGAN-ROSS ZELL LURIE INSTITUTE

500 S STATE STREET
ANN ARBOR,MI48109 		NONE PC ZELL ENTREPRENEURSHIP AND LAW PROGRAM FUND 700,000

URBAN GATEWAYS

1637 N ASHLAND AVE STE 1
CHICAGO,IL60622 		NONE PC TEEN ARTS PASS 30,092

US HOLOCAUST MEMORIAL MUSEUM

100 RAOUL WALLENBERG PL SW
WASHINGTON,DC20024 		NONE PC GENERAL SUPPORT 200,000

WINDOW TO THE WORLD COMMUNICATION-WFMT

5400 N ST LOUIS AVE
CHICAGO,IL60625 		NONE PC EXPLORING MUSIC WITH BILL MCGLAUGHLIN 35,000

WINDOW TO THE WORLD COMMUNICATION-WFMT

5400 N ST LOUIS AVE
CHICAGO,IL60625 		NONE PC EXPLORING MUSIC WITH BILL MCGLAUGHLIN 35,000

YOUNG CHICAGO AUTHORS

1180 N MILWAUKEE AVE STE 2
CHICAGO,IL60642 		NONE PC GENERAL SUPPORT 165,000

YOUNG CHICAGO AUTHORS

1180 N MILWAUKEE AVE STE 2
CHICAGO,IL60642 		NONE PC GENERAL SUPPORT 165,000

ZELL ENTREPRENEURSHIP FOUNDATION

2 N RIVERSIDE PLZ STE 600
CHICAGO,IL60606 		NONE PF ENTREPRENEURSHIP EDUCATION - OUT OF CORPUS 2,000,000

ZELL ENTREPRENEURSHIP FOUNDATION

2 N RIVERSIDE PLZ STE 600
CHICAGO,IL60606 		NONE PF ENTREPRENEURSHIP EDUCATION - OUT OF CORPUS -2,000,000
Total .................................right arrow 3a 133,136,307
bApproved for future payment

AMERICAN FRIENDS OF REICHMAN UNIVERSITY (FKA-IDC)
142 WEST 57TH STREET 11TH FLOOR
NEW YORK,NY10019 		NONE PC GENERAL SUPPORT 5,000,000

AMERICAN CIVIL LIBERTIES UNION FOUNDATION
125 BROAD ST 18TH FLOOR
NEW YORK,NY10004 		NONE PC GENERAL SUPPORT 400,000

CAMP RAMAH
3080 BROADWAY 4TH FLOOR
NEW YORK,NY10027 		NONE PC GENERAL SUPPORT 3,000,000

CESAR E CHAVEZ MULTICULTURAL ACADEMIC CENTER
4747 S MARSHFIELD AVE
CHICAGO,IL60609 		NONE PC GENERAL SUPPORT 135,430

CHICAGO SYMPHONY ORCHESTRA
220 SOUTH MICHIGAN AVENUE
CHICAGO,IL60604 		NONE PC GENERAL SUPPORT 1,340,000

LYRIC OPERA
20 NORTH WACKER DRIVE SUITE 860
CHICAGO,IL60606 		NONE PC GENERAL SUPPORT 350,000

MAYO CLINIC
200 FIRST ST SW
ROCHESTER,MN55902 		NONE PC GENERAL SUPPORT 10,000,000

NORTHWESTERN UNIVERSITY
633 CLARK ST
EVANSTON,IL60208 		NONE PC GENERAL SUPPORT 25,000,000

ROCHELLE ZELL JEWISH HIGH SCHOOL
1095 LAKE COOK RD
DEERFIELD,IL60015 		NONE PC GENERAL SUPPORT 10,000,000

STEPPENWOLF THEATRE COMPANY
1700 N HALSTED ST
CHICAGO,IL60614 		NONE PC GENERAL SUPPORT 500,000

THE POINT MAGAZINE
200 E RANDOLPH ST STE 5100
CHICAGO,IL60601 		NONE PC GENERAL SUPPORT 160,000

UNIVERSITY OF COLORADO FOUNDATION - PKD RESEARCH
JUDY FARR ALUMNI CENTER 1620
RESERVOIR RD
GREELEY,CO80631 		NONE PC GENERAL SUPPORT 1,500,000

WINDOW TO THE WORLD COMMUNICATIONS
5400 N ST LOUIS AVE
CHICAGO,IL60625 		NONE PC GENERAL SUPPORT 70,000
Total ................................. right arrow 3b 57,455,430
Form 990-PF (2023)
Form 990-PF (2023)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		    14 1,016,649  
4 Dividends and interest from securities ....     14 3,793,423  
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 -5,593,916  
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 -783,844 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
-783,844
(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
ZELL FAMILY FOUNDATION
 
Employer identification number

36-3487811
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
ZELL FAMILY FOUNDATION
  		Employer identification number
36-3487811
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
SAMUEL ZELL ADMINISTRATIVE CHARITABLE TRUST
 
TWO NORTH RIVERSIDE PLAZA SUITE 600
 
CHICAGO, IL60606

$ 1,000,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
2
ESTATE OF SAMUEL ZELL
 
TWO NORTH RIVERSIDE PLAZA SUITE 600
 
CHICAGO, IL60606

$ 74,595,484


(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
ZELL FAMILY FOUNDATION
  		Employer identification number

36-3487811
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
2
 STOCK $ 45,528,071 2023-08-08
(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
ZELL FAMILY FOUNDATION
  		Employer identification number

36-3487811
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:
ZELL FAMILY FOUNDATION
EIN:
36-3487811
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING FEES 39,500 19,750   19,750

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

TY 2023 ExpenditureResponsibilityStmt
Name:
ZELL FAMILY FOUNDATION
EIN:
36-3487811
Grantee's Name Grantee's Address Grant Date Grant Amount Grant Purpose Amount Expended By Grantee Any Diversion By Grantee? Dates of Reports By Grantee Date of Verification Results of Verification
ZELL ENTREPRENEURSHIP FOUNDATION
  		2 N RIVERSIDE PLAZA SUITE 600
CHICAGO,IL60606 		2020-03-31 20,000,000 PURSUANT TO THE GRANT AGREEMENT DATED MARCH 31, 2020, THE GRANT IS TO BEUSED IN GENERAL SUPPORT OF FURTHERING THE GRANTEE'S TAX-EXEMPT CHARITABLE,EDUCATIONAL, AND SCIENTIFIC PURPOSES. THE GRANT IS A MULTI-YEAR GRANT TO BE PAID OUT IN $2,000,000 INCREMENTS EACH YEAR. AS OF 12/31/2023, $8,000,000 HAS BEEN PAID OUT. 791,314 NO KNOWN DIVERSION OF FUNDS. 2/26/2021, 2/23/2022, 3/1/2023, 2/28/2024   N/A - REVIEW OF GRANTEE REPORT(S) DID NOT RESULT IN REASON TO DOUBTACCURACY OR RELIABILITY.

TY 2023 GeneralExplanationAttachment
Name:
ZELL FAMILY FOUNDATION
EIN:
36-3487811
Identifier Return Reference Explanation
  PART XII, LINE 3 - EXCESS DISTRIBUTION CARRYOVER PART XII, LINE 3 HAS BEEN ADJUSTED FOR PRIOR YEAR QUALIFYING DISTRIBUTIONS.
CONTROLLED ENTITIES PART VI-A, LINE 11 ZFF GREYCASTLE HOLDINGS, LLC 2 N. RIVERSIDE PLAZA, SUITE 600CHICAGO, IL 60606EIN: 61-1741804EXCESS BUSINESS HOLDING: NO

TY 2023 InvestmentsCorpBondsSchedule
Name:
ZELL FAMILY FOUNDATION
EIN:
36-3487811
Name of Bond End of Year Book Value End of Year Fair Market Value
PASHA LOAN 8,775,000 8,775,000
BANK OF AMERICA (MANAGED ACCOUNT #018) 5,174,369 5,174,369

TY 2023 InvestmentsCorpStockSchedule
Name:
ZELL FAMILY FOUNDATION
EIN:
36-3487811
Name of Stock End of Year Book Value End of Year Fair Market Value
BANCO HIPOTECARIO ARS10 CL D - COMMON STOCK 153,300 153,300
ENERFLEX LTD 1,251,439 1,251,439
PHARMALINK INTERNATIONAL LIMITED - COMMON STOCK 3,463,800 3,463,800
WESCO INTERNATIONAL - PREFERRED A 19,276,824 19,276,824

TY 2023 InvestmentsOtherSchedule2
Name:
ZELL FAMILY FOUNDATION
EIN:
36-3487811
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
ZFF GREYCASTLE HOLDINGS LLC FMV 137,530 137,530
MAP HERITAGE FUND (FKA: MAP 2006 (A) LP) FMV 405,207 405,207

TY 2023 LegalFeesSchedule
Name:
ZELL FAMILY FOUNDATION
EIN:
36-3487811
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
LEGAL FEES 49,676 24,838   24,838


TY 2023 OtherExpensesSchedule
Name:
ZELL FAMILY FOUNDATION
EIN:
36-3487811
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
BANK FEES 481 481   0
INVESTMENT SERVICES FEES 149,835 149,835   0
FILING FEES 78 0   78
PARTNERSHIP EXPENSES 0 53,670   0
POSTAGE & DELIVERY 62 62   0


TY 2023 OtherIncomeSchedule2
Name:
ZELL FAMILY FOUNDATION
EIN:
36-3487811
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
PARTNERSHIP INCOME/(LOSS) 0 89,591 0


TY 2023 OtherIncreasesSchedule
Name:
ZELL FAMILY FOUNDATION
EIN:
36-3487811
Description Amount
UNREALIZED LOSS 7,347,125


TY 2023 OtherLiabilitiesSchedule
Name:
ZELL FAMILY FOUNDATION
EIN:
36-3487811
Description Beginning of Year - Book Value End of Year - Book Value
OTHER PAYABLE 0 261,961


TY 2023 OtherProfessionalFeesSchedule
Name:
ZELL FAMILY FOUNDATION
EIN:
36-3487811
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
OTHER PROFESSIONAL FEES 36,750 18,375   18,375


TY 2023 SubstantialContributorsSch
Name:
ZELL FAMILY FOUNDATION
EIN:
36-3487811
Name Address
ESTATE OF SAMUEL ZELL TWO NORTH RIVERSIDE PLAZA SUITE 600
CHICAGO,IL60606


TY 2023 TaxesSchedule
Name:
ZELL FAMILY FOUNDATION
EIN:
36-3487811
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FOREIGN TAXES 2,954 2,954   0
FEDERAL EXCISE TAX 320,000 0   0
STATE TAXES 10,494 0   0
PENALTIES 1,975 0   0