Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
right arrowDo not enter social security numbers on this form as it may be made public.
right arrowGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2023
Open to Public Inspection
For calendar year 2023, or tax year beginning 01-01-2023 , and ending 12-31-2023
Name of foundation
THE PENATES FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)5 BATCHELDER RD
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
SEABROOK, NH03874
A Employer identification number

22-2536075
B Telephone number (see instructions)

(603) 926-5911
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$32,651,073J 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) 7,161,500
2 Check right arrow.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 796,664 796,664 796,664
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 2,117,984
b Gross sales price for all assets on line 6a 5,236,624
7 Capital gain net income (from Part IV, line 2)... 2,117,984
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).......      
12 Total. Add lines 1 through 11........ 10,076,148 2,914,648 796,664
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0 0 0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
260,870 91,291 0 169,579
17 Interest...............        
18 Taxes (attach schedule) (see instructions)...        
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
18,131 2,148 0 15,983
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 279,001 93,439 0 185,562
25 Contributions, gifts, grants paid....... 427,380 427,380
26 Total expenses and disbursements. Add lines 24 and 25 706,381 93,439 0 612,942
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 9,369,767
b Net investment income (if negative, enter -0-) 2,821,209
c Adjusted net income (if negative, enter -0-)... 796,664
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............. 126,053 248,616 248,616
2 Savings and temporary cash investments.........      
3 Accounts receivable right arrow  
Less: allowance for doubtful accounts right arrow        
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) right arrow  
Less: allowance for doubtful accounts right arrow        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges.......... 13,153 4,245 4,245
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule).......      
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 22,049,161 Click to see attachment
List of Attached Documents:
// Content
29,018,039 		32,398,212
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) 22,188,367 29,270,900 32,651,073
Liabilities 17 Accounts payable and accrued expenses.......... 58,874 76,254
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe right arrow)    
23 Total liabilities (add lines 17 through 22)......... 58,874 76,254
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here right arrow
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here right arrow
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 50,000 50,000
27 Paid-in or capital surplus, or land, bldg., and equipment fund 5,009,743 5,009,743
28 Retained earnings, accumulated income, endowment, or other funds 17,069,750 24,134,903
29 Total net assets or fund balances (see instructions)..... 22,129,493 29,194,646
30 Total liabilities and net assets/fund balances (see instructions). 22,188,367 29,270,900
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
22,129,493
2
Enter amount from Part I, line 27a .....................
2
9,369,767
3
Other increases not included in line 2 (itemize) right arrow
3
0
4
Add lines 1, 2, and 3 ..........................
4
31,499,260
5
Decreases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
5
2,304,614
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
29,194,646
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 125 SHARES ENPH   2022-03-11 2023-01-06
b 125,758.294 SHARES FIHBX   2022-12-07 2023-01-06
c 500 SHARES ISIN   2022-11-02 2023-01-06
d 35 SHARES JAZZ   2022-11-02 2023-01-06
e 14,644.352 SHARES VBTLX   2022-01-06 2023-01-06
27,742.268 SHARES SAMBX   2022-12-07 2023-01-06
750 SHARES ABBV   2019-01-01 2023-01-06
1,275 SHARES GOOGL   2008-12-29 2023-01-06
1,275 SHARES GOOG   2008-12-29 2023-01-06
12,250 SHARES AMZN   2019-01-01 2023-01-06
1,425 SHARES AAPL   2009-10-12 2023-01-06
2,000 SHARES AZN   2019-01-01 2023-01-06
450 SHARES ENPH   2019-01-01 2023-01-06
15,106.751 SHARES FIKLX   2019-01-01 2023-06-06
1,500 SHARES ISIN   2019-09-12 2023-01-06
1,625 SHARES INCY   2019-01-01 2023-01-06
813 SHARES IJH   2014-10-16 2023-01-06
1,430 SHARES IJR   2014-10-16 2023-01-06
3,405 SHARES IVV   2015-01-06 2023-01-06
3,558 SHARES IEMG   2019-01-01 2023-01-06
7,953 SHARES IEFA   2019-01-01 2023-01-06
840 SHARES JAZZ   2019-01-01 2023-01-06
1,000 SHARES PANW   2020-04-13 2023-01-06
1,125 SHARES SGEN   2005-03-23 2023-01-06
1,460 SHARES SPEM   2022-12-30 2023-01-06
15,325.511 SHARES TIREX   2019-01-01 2023-06-06
1,235 SHARES VNQI   2019-01-01 2023-01-06
1,471 SHARES VNQ   2019-01-01 2023-01-06
375 SHARES VRTX   2011-03-31 2023-01-06
1 SHARE CWGL   2019-01-01 2023-07-13
12 SHARES JEF   2019-01-01 2023-07-13
1 SHARE VTS   2019-01-01 2023-07-13
(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 29,244   21,821 7,423
b 133,946   133,000 946
c 56,558   35,223 21,335
d 5,621   5,083 538
e 141,439   161,827 -20,388
192,742   192,000 742
124,476   24,179 100,297
109,523   9,441 100,082
110,540   9,386 101,154
106,129   31,199 74,930
182,481   9,675 172,806
141,523   59,059 82,464
105,277   81,886 23,391
151,974   189,500 -37,526
169,673   39,726 129,947
130,761   32,650 98,111
200,469   105,551 94,918
138,185   73,204 64,981
1,318,370   688,857 629,513
174,427   145,955 28,472
505,641   430,118 75,523
134,911   57,331 77,580
134,438   61,223 73,215
153,469   5,714 147,755
50,289   50,289 0
248,910   287,000 -38,090
52,299   52,299 0
123,038   107,456 15,582
109,811   17,988 91,823
7     7
430     430
23     23
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       7,423
b       946
c       21,335
d       538
e       -20,388
      742
      100,297
      100,082
      101,154
      74,930
      172,806
      82,464
      23,391
      -37,526
      129,947
      98,111
      94,918
      64,981
      629,513
      28,472
      75,523
      77,580
      73,215
      147,755
      0
      -38,090
      0
      15,582
      91,823
      7
      430
      23
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 2,117,984
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 10,596
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 39,215
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 39,215
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 39,215
6 Credits/Payments:
a 2023 estimated tax payments and 2022 overpayment credited to 2023 6a 6,368
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 45,000
d Backup withholding erroneously withheld .......... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 51,368
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10 12,153
11 Enter the amount of line 10 to be: Credited to 2024 estimated taxright arrow12,153 Refundedright arrow 11 0
Form 990-PF (2023)
Form 990-PF (2023)
Page 4
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. right arrow$ 0(2) On foundation managers.right arrow$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
right arrowNH, DE
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 arrowN/A
14
The books are in care ofright arrowKATIE STEELE Telephone no.right arrow (603) 929-2619

Located atright arrow5 BATCHELDER RDSEABROOKNH ZIP+4right arrow03874
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2023, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country right arrow
Form 990-PF (2023)
Form 990-PF (2023)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
 
No
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
 
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2023? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2023, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2023?....................
2a
 
No
If "Yes," list the years right arrow20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
right arrow20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2023 as a result of (1) any purchase by the foundation
or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
if the foundation had excess business holdings in 2023.) .....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2023? ..
4b
 
No
Form 990-PF (2023)
Form 990-PF (2023)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........right arrow
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
No
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
(a) Name and address (b) Title, and average
hours per week
devoted to position 		(c) Compensation
 (If not paid, enter
-0-) 		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
other allowances
PAUL M MONTRONE SEE NOTE DIRECTOR
3.00 		0 0 0
5 BATCHELDER RD
SEABROOK,NH03874
ANGELO M MONTRONE DIRECTOR
1.00 		0 0 0
5 BATCHELDER RD
SEABROOK,NH03874
ANTHONY DINOVI DIRECTOR
1.00 		0 0 0
5 BATCHELDER RD
SEABROOK,NH03874
FRED SEIGEL DIRECTOR
1.00 		0 0 0
200 STATE STREET 5TH FLOOR
BOSTON,MA02109
SANDRA G MONTRONE PRESIDENT/DIR.
3.00 		0 0 0
5 BATCHELDER RD
SEABROOK,NH03874
MICHELE M COGAN SEE NOTE VICE PRESIDENT/DIRECTOR
40.00 		0 0 0
5 BATCHELDER RD
SEABROOK,NH03874
KEVIN CLARK DIRECTOR
1.00 		0 0 0
5 BATCHELDER RD
SEABROOK,NH03874
JEROME MONTRONE DIRECTOR
1.00 		0 0 0
5 BATCHELDER RD
SEABROOK,NH03874
MATTHEW FRIEL DIRECTOR
1.00 		0 0 0
5 BATCHELDER RD
SEABROOK,NH03874
ROBERT GAGALIS TREASURER
1.00 		0 0 0
5 BATCHELDER RD
SEABROOK,NH03874
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
BAYBERRY FINANCIAL SERVICES CORP PAYROLL & MGMT SERV 0
5 BATCHELDER RD
SEABROOK,NH03874
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
24,205,271
b
Average of monthly cash balances.......................
1b
117,525
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, b, and c).........................
1d
24,322,796
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
24,322,796
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
364,842
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
23,957,954
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
1,197,898
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
1,197,898
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
39,215
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
39,215
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
1,158,683
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
1,158,683
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
1,158,683
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
612,942
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
612,942
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 1,158,683
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...... 221,465
b From 2019...... 83,665
c From 2020......  
d From 2021......  
e From 2022......  
f Total of lines 3a through e ........ 305,130
4Qualifying distributions for 2023 from Part
XI, line 4: right arrow$ 612,942
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..... 612,942
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2023. 305,130 305,130
(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 .......... 		240,611
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:
MICHELE M COGAN
5 BATCHELDER RD
SEABROOK,NH03874
(603) 926-5911
bThe form in which applications should be submitted and information and materials they should include:
LETTER
cAny submission deadlines:
NONE
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
NONE
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

AFRICAN SISTERS EDUCATION COLLABORATIVE

2300 ADAMS AVE
SCRANTON,PA18509 		  PC EDUCATION 5,000

ALPHA SIGMA NU

PO BOX 1881
MILWAUKEE,WI53201 		  PC EDUCATION 1,000

AMERICAN BALLET THEATRE

890 BROADWAY
NEW YORK,NY10003 		  PC ARTS AND CULTURE 5,000

BOSTON COLLEGE

140 COMMONWEALTH AVE
CHESTNUT HILL,MA02467 		  PC EDUCATION 3,000

CASTLE PRESERVATION SOCIETY

PO BOX 687
MOULTONBOROUGH,NH03254 		  PC GENERAL FUNDING 5,000

CATHOLIC RELIEF SERVICES

209 WEST FAYETTE ST
BALTIMORE,MD21201 		  PC RELIGIOUS 25,000

COLUMBIA BUSINESS SCHOOL

101 URIS HALL
NEW YORK,NY10027 		  PC EDUCATION 15,000

COLUMBIA UNIVERSITY

475 RIVERSIDE DR
NEW YORK,NY10115 		  PC EDUCATION 2,500

CONGREGATION OF THE SISTERS SERVANTS OF THE IMMACULATE HEART OF MARY

2300 ADAMS AVE
SCRANTON,PA18509 		  PC RELIGIOUS 10,000

COVENANT HOUSE

460 W 41ST ST
NEW YORK,NY10036 		  PC CIVIC/COMMUNITY 10,000

CREATIVE ARTS WORKSHOP FOR KIDS

520 8TH AVE STE 801A
NEW YORK,NY10018 		  PC ARTS & CULTIRE 15,000

FDN FOR NATIONAL INSTITUTES OF HEALTH

9650 ROCKVILLE PIKE
BETHESDA,MD20814 		  PC MEDICAL RESEARCH 50,000

FRIENDS OF THE HAMPTON FALLS BANDSTAND

PO BOX 744
HAMPTON FALLS,NH03844 		  PC CIVIC & COMMUNITY 500

HUDSON LINK FOR HIGHER EDUCATION IN PRIS

PO BOX 862
OSSINING,NY10562 		  PC GENERAL SUPPORT 10,000

KEYSTONE COLLEGE

ONE COLLEGE GREEN
LA PLUME,PA18440 		  PC EDUCATION 13,000

LIVE FREE OR DIE ALLIANCE

5 BATCHELDER RD
SEABROOK,NH03874 		  PC CIVIC/COMMUNITY 55,000

MARYWOOD UNIVERSITY

2300 ADAMS AVENUE
SCRANTON,PA18509 		  PC EDUCATION 3,000

METROPOLITAN OPERA

LINCOLN CENTER
NEW YORK,NY10023 		  PC ARTS & CULTURE 10,500

METROPOLITAN OPERA GUILD

70 LINCOLN CENTER PLAZA
NEW YORK,NY10023 		  PC ARTS & CULTURE 3,000

MIRACLE CORNERS OF THE WORLD

152 MADISON AVE STE 1702
NEW YORK,NY10016 		  PC CIVIC & COMMUNITY 5,000

MONADNOCK MUSIC FESTIVAL

2A CONCORD ST
PETERBOROUGH,NH03458 		  PC ARTS & CULTURE 5,000

MUSEUM OF SCIENCE

SCIENCE PARK
BOSTON,MA02114 		  PC EDUCATION & CULTURE 3,000

NATIONAL MULTIPLE SCLEROSIS SOCIETY

733 THIRD AVE THIRD FLOOR
NEW YORK,NY10017 		  PC MEDICAL RESEARCH 500

NEW CANAAN COUNTRY SCHOOL

635 FROGTOWN ROAD
NEW CANAAN,CT06840 		  PC EDUCATION 9,300

NEW ENGLAND CONSERVATORY

290 HUNTINGTON AVE
BOSTON,MA02115 		  PC EDUCATION 13,000

NEW YORK COMMON PANTRY

8 EAST 109TH STREET
NEW YORK,NY10029 		  PC CIVIC & COMMUNITY 10,000

NEW YORK PHILHARMONIC

10 LINCOLN CENTER PLAZA
NEW YORK,NY10023 		  PC GENERAL SUPPORT 2,500

OPERA AMERICA

330 SEVENTH AVE 18TH FLOOR
NEW YORK CITY,NY10001 		  PC ARTS & CULTURE 10,000

OUR LADY OF THE MIRACULOUS MEDAL

289 LAFAYETTE RD
HAMPTON,NH03842 		  PC RELIGIOUS & COMMUNITY 4,610

PATH TO PEACE FOUNDATION

25 E 39TH STREET
NEW YORK,NY10016 		  PC HUMAN SERVICES 5,000

ROGER WILLIAMS UNIVERSITY

1 OLD FERRY RD
BRISTOL,RI02809 		  PC EDUCATION 4,500

SEEDS OF FAITH

36 CANAL ST STE 261
SOMERSWORTH,NH03878 		  PC GENERAL FUNDING 5,000

ST BARTHOLOMEW COMMUNITY PRESCHOOL

325 PARK AVE
NEW YORK,NY10022 		  PC EDUCATION 5,000

ST VINCENT DE PAUL OF HAMPTON

289 LAFAYETTE RD
PORTSMOUTH,NH03842 		  PC RELIGIOUS AND COMMUNITY 1,000

THE BARNSTORMERS THEATRE

100 MAIN ST
TAMWORTH,NH03886 		  PC ARTS & CULTURE 2,000

THE CAMP HARBOR VIEW FOUNDATION

200 CLARENDON ST 60TH FLOOR
BOSTON,MA02116 		  PC CIVIC & COMMUNITY 25,000

THE GOVERNOR'S ACADEMY

1 ELM ST
BYFIELD,MA01922 		  PC EDUCATION 13,000

THE MUSIC HALL

104 CONGRESS ST
PORTSMOUTH,NH03801 		  PC ARTS & CULTURE 3,920

UNIVERSITY OF SCRANTON

800 LINDEN ST
SCRANTON,PA18510 		  PC EDUCATION 1,500

USO WORLD HEADQUARTER

211 WILSON BLVD
ARLINGTON,VA22201 		  PC ARMED SERVICES SUPPORT 1,000

AMERICAN ITALIAN CANCER FOUNDATION

112 EAST 71ST ST SUITE 2B
NEW YORK,NY10021 		  PC MEDICAL 10,000

SAINT KATHARINE DREXEL PARISH

PO BOX 180
WOLFEBORO,NH03894 		  PC RELIGIOUS 5,000

TRICKLE UP PROGRAM

104 W 27TH ST 12TH FL
NEW YORK,NY10001 		  PC GENERAL FUNDING 10,000

AMERICAN RED CROSS

2 MAITLAND STREET
CONCORD,NH03301 		  PC GENERAL SUPPORT 5,000

BUILDING TOGETHER

720 CARROLL STREET APT 2
BROOKLYN,NY11215 		  PC GENERAL SUPPORT 1,250

FAITH BAPTIST CHURCH

19 WASHBURN LANE
SKOWHEGAN,ME04976 		  PC GENERAL PROGRAM EXPENSES 2,000

LAKES REGION HUMANE SOCIETY

PO BOX 655
OSSIPEE,NH03864 		  PC GENERAL PROGRAM SERVICES 500

MID FAIRFIELD YOUTH HOCKEY ASSOC

300 WILSON AVE
NORWALK,CT06854 		  PC GENERAL CONTRIBUTION 700

ONE SKY COMMUNITY SERVICES

755 BANFIELD ROAD
PORTSMOUTH,NH03801 		  PC HOUSING 5,000

SAINT ANN'S SHRINE & MONASTERY BASILICA

1233 ST ANN STREET
SCRANTON,PA18504 		  PC RELIGOUS 6,000

ST JOSEPH'S ABBEY

167 NORTH SPENCER ROAD
SPENCER,MA015621233 		  PC GENERAL SUPPORT 100

THE SALVATION ARMY OF GREATER SEACOAST

PO BOX 425
PORTSMOUTH,NH03801 		  PC GENERAL SUPPORT 5,000

NATIONAL ITALIAN AMERICAN FOUNDATION

1860 19TH STREET NW
WASHINGTON,DC20009 		  PC 2023 GALA 5,500
Total .................................right arrow 3a 427,380
bApproved for future payment
Total ................................. right arrow 3b 0
Form 990-PF (2023)
Form 990-PF (2023)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		         
4 Dividends and interest from securities ....     14 796,664  
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 2,117,984  
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 2,914,648 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
2,914,648
(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
THE PENATES FOUNDATION
 
Employer identification number

22-2536075
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
THE PENATES FOUNDATION
  		Employer identification number
22-2536075
Part I
Contributors
Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
1
THE OXFORD LEAGUE INC
 
5 BATCHELDER RD
 
SEABROOK, NH03874

$ 16,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
2
PAUL M MONTRONE
5 BATCHELDER RD
 
SEABROOK, NH03874

$ 8,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
3
PAUL M MONTRONE
5 BATCHELDER RD
 
SEABROOK, NH03874

$ 4,102,500


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
4
ORCHID - MANAGED PUBLIC EQUITIES LLC
 
5 BATCHELDER RD
 
SEABROOK, NH03874

$ 3,037,500


(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
THE PENATES FOUNDATION
  		Employer identification number

22-2536075
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
3
 CLAUDE MONET LES BORDS PAINTING $ 4,100,000 2023-08-04
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
4
 135,000 SHARES PRIMARY BANK - PRMY $ 3,037,500 2023-12-22
(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
THE PENATES FOUNDATION
  		Employer identification number

22-2536075
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 GeneralExplanationAttachment
Name:
THE PENATES FOUNDATION
EIN:
22-2536075
Identifier Return Reference Explanation
STATEMENTS REGARDING ACTIVITIES FOR WHICH FORM 4720 MAY BE REQUIRED FORM 990-PF, PART VII-B, QUESTION 1A(4) THE FOUNDATION PAYS A MANAGEMENT FEE TO BAYBERRY FINANCIAL SERVICES CORP., WHO IN TURN PAYS COMPENSATION TO MICHELE COGAN, AN OFFICER OF THE FOUNDATION. THE MANAGEMENT FEE ALSO INCLUDES REASONABLE FEES FOR OTHER ADMINISTRATIVE SERVICES.

TY 2023 InvestmentsOtherSchedule2
Name:
THE PENATES FOUNDATION
EIN:
22-2536075
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
FIDELITY FMV 28,295,712 28,295,712
ARTWORK AT COST 722,327 4,102,500

TY 2023 OtherDecreasesSchedule
Name:
THE PENATES FOUNDATION
EIN:
22-2536075
Description Amount
UNREALIZED GAINS/(LOSSES) 2,304,614


TY 2023 OtherExpensesSchedule
Name:
THE PENATES FOUNDATION
EIN:
22-2536075
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
SMARTSIMPLE SOFTWARE 8,728 0 0 8,728
T & E 366 0 0 366
OFFICE EXPENSE 6,955 1,107 0 5,848
INSURANCE EXPENSE 762 381 0 381
MISCELLANEOUS 1,320 660 0 660


TY 2023 OtherProfessionalFeesSchedule
Name:
THE PENATES FOUNDATION
EIN:
22-2536075
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
BAYBERRY FINANCIAL - MANAGEMENT FEES 226,105 56,526 0 169,579
MANAGEMENT FEES INVESTMENTS 34,765 34,765 0 0