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
FARRER ENDOWMENT FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)P O BOX 1567
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
MASON CITY, IA504021567
A Employer identification number

42-1214699
B Telephone number (see instructions)

(641) 423-5154
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$6,542,193J 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)  
2 Check right arrow.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 171,785 171,785  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10  
b Gross sales price for all assets on line 6a  
7 Capital gain net income (from Part IV, line 2)... 128,562
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)..... 0  
11 Other income (attach schedule)....... 0    
12 Total. Add lines 1 through 11........ 171,785 300,347  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc.        
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
5,965 2,983   2,982
b Accounting fees (attach schedule)....... 0      
c Other professional fees (attach schedule).... 0      
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
2,690      
19 Depreciation (attach schedule) and depletion... 0    
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... 0      
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 8,655 2,983   2,982
25 Contributions, gifts, grants paid....... 323,000 323,000
26 Total expenses and disbursements. Add lines 24 and 25 331,655 2,983   325,982
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -159,870
b Net investment income (if negative, enter -0-) 297,364
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............. 23,463 44,613 44,613
2 Savings and temporary cash investments......... 490,017 512,122 508,080
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).....   0  
7 Other notes and loans receivable (attach schedule) right arrow  
Less: allowance for doubtful accounts right arrow     0  
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)....... 4,537,122 Click to see attachment
List of Attached Documents:
// Content
4,556,370 		5,608,094
c Investments—corporate bonds (attach schedule)....... 509,852 Click to see attachment
List of Attached Documents:
// Content
418,730 		381,406
11 Investments—land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow     0  
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........   0  
14 Land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow     0  
15 Other assets (describe right arrow) 0 0 0
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 5,560,454 5,531,835 6,542,193
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons   0
21 Mortgages and other notes payable (attach schedule)......   0
22 Other liabilities (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
-6,400 		Click to see attachment
List of Attached Documents:
// Content
-3,710
23 Total liabilities (add lines 17 through 22)......... -6,400 -3,710
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here right arrow
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here right arrow
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds 5,566,854 5,535,545
29 Total net assets or fund balances (see instructions)..... 5,566,854 5,535,545
30 Total liabilities and net assets/fund balances (see instructions). 5,560,454 5,531,835
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
5,566,854
2
Enter amount from Part I, line 27a .....................
2
-159,870
3
Other increases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
3
128,561
4
Add lines 1, 2, and 3 ..........................
4
5,535,545
5
Decreases not included in line 2 (itemize) right arrow
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
5,535,545
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 WELLS FARGO ADVISORS P 2001-01-01 2023-12-31
b
c
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 128,562 0 0 128,562
b
c
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a 0 0 0 128,562
b
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 128,562
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 4,133
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 4,133
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 4,133
6 Credits/Payments:
a 2023 estimated tax payments and 2022 overpayment credited to 2023 6a 3,710
b Exempt foreign organizations—tax withheld at source...... 6b  
c Tax paid with application for extension of time to file (Form 8868)... 6c  
d Backup withholding erroneously withheld .......... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. Part VI Line 7 - Tax Paid with the Original Return: 3710 7 3,710
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9 423
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10  
11 Enter the amount of line 10 to be: Credited to 2024 estimated taxright arrow0 Refundedright arrow 11  
Form 990-PF (2023)
Form 990-PF (2023)
Page 4
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. right arrow$   (2) On foundation managers.right arrow$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
right arrowIA
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 arrowLAIRD LAW FIRM PLC Telephone no.right arrow (641) 423-5154

Located atright arrow11 FOURTH ST NEMASON CITYIA ZIP+4right arrow50401
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
 
 
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
COLLIN DAVISON PRESIDENT
7.00 		0 0 0
MASON
CITY,IA50401
FRANK B INGHRAM V-P, TREASURER
12.00 		0 0 0
MASON
CITY,IA50401
GERALD M STAMBAUGH SEC'Y
7.00 		0 0 0
MASON
CITY,IA50401
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
NONE
Total number of others receiving over $50,000 for professional services.............right arrow0
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1  
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................right arrow  
Form 990-PF (2023)
Form 990-PF (2023)
Page 8
Part IX
Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
1
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:
a
Average monthly fair market value of securities...................
1a
6,163,830
b
Average of monthly cash balances.......................
1b
33,500
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, b, and c).........................
1d
6,197,330
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
 
3
Subtract line 2 from line 1d.........................
3
6,197,330
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
92,960
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
6,104,370
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
305,219
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
305,219
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
4,133
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
4,133
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
301,086
4
Recoveries of amounts treated as qualifying distributions................
4
 
5
Add lines 3 and 4............................
5
301,086
6
Deduction from distributable amount (see instructions).................
6
 
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
301,086
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
325,982
b
Program-related investments—total from Part VIII-B..................
1b
 
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
325,982
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 7 301,086
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only.......  
b Total for prior years:20 , 20, 20  
3 Excess distributions carryover, if any, to 2022:
a From 2018...... 0
b From 2019...... 0
c From 2020...... 0
d From 2021...... 0
e From 2022...... 0
f Total of lines 3a through e ........ 0
4Qualifying distributions for 2023 from Part
XI, line 4: right arrow$ 325,982
a Applied to 2022, but not more than line 2a  
b Applied to undistributed income of prior years
(Election required—see instructions)..... 		 
c Treated as distributions out of corpus (Election
required—see instructions)........ 		0
d Applied to 2023 distributable amount..... 301,086
e Remaining amount distributed out of corpus 24,896
5 Excess distributions carryover applied to 2023.    
(If an amount appears in column (d), the
same amount must be shown in column (a).)
6Enter the net total of each column as
indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 24,896
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...... 		 
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) ....... 		 
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 ...... 		24,896
10 Analysis of line 9:
a Excess from 2019.... 0
b Excess from 2020.... 0
c Excess from 2021.... 0
d Excess from 2022.... 0
e Excess from 2023.... 24,896
Form 990-PF (2023)
Form 990-PF (2023)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2023, enter the date of the ruling ...... right arrow
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2023 (b) 2022 (c) 2021 (d) 2020
         
b 85% (0.85) of line 2a .........          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, b, or c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
NONE
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
NONE
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:
GERALD M STAMBAUGH SECRETARY
P O BOX 1567
MASON CITY,IA504021567
(641) 423-5154
bThe form in which applications should be submitted and information and materials they should include:
WRITTEN REQUEST IN SPECIFIC FORM
cAny submission deadlines:
JANUARY THRU APRIL 30 EACH YEAR
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

COMMUNITY KITCHEN N I

P O BOX 58
MASON CITY,IA50402 		  501C3 SUPPLIESFOOD 7,000

MEALS ON WHEELS

P O BOX 58
MASON CITY,IA50402 		  501C3 SLIDING FEESCALE PROJECT 5,000

YOUTH AND SHELTER SERVICES

50 NORTH EISENHOWER AVE
MASON CITY,IA50401 		  501C3 CONTINUING EDUCATIONSTAFF DEVELOPMENT 40,000

NIACC FOUNDATION

500 COLLEGE DRIVE
MASON CITY,IA50401 		  501C3 CONSTRUCTION FOR LAB FACILITIESFARRER SCHOLARSHIP 30,000

NORTH CENTRAL IA AG IN THE CLASS PROGRAM

65 STATE STREET PO BOX 68
GARNER,IA504380068 		  501C3 AGRICULTURALEDUCATION 5,000

NORTH IOWA BAND FESTIVAL FD

9 FEDERAL AVE N
MASON CITY,IA50401 		  501C3 TRAVEL STIPENDS FOR HIGH SCHOOLMARCHING BANDS 3,000

NIAD CENTER FOR HUMAN DEV

P O BOX 656
MASON CITY,IA50402 		  501C3 SUPPORT TRAVEL EXPENSES 10,000

NORTH IOWA COMMUNITY ACTION

P O BOX 1627
MASON CITY,IA50401 		  501C3 SUPPORT SELFSUFFICIENCY PROGRAM 30,000

RIVER CITY SOCIETY FOR HISTORIC PRESERVATION

431 1ST STREET SE
MASON CITY,IA50401 		  501C3 SPRINKLERSYSEM 3,000

LUTHERAN SERVICES IN IOWA INC

3116 UNIVERSITY AVE
DES MOINES,IA50311 		  501C3 SUPPORT EARLYCHILDHOODPROGRAM 5,000

MASON CITY PUBLIC LIBRARY FDN

225 2ND ST SE
MASON CITY,IA50401 		  501C3 MATERIALS FORFOR YOUTH SERVICESPROGRAM DEPT 1,500

RIVER CITY SCULPTURES ON PARADE INC

225 2ND STREET S E
MASON CITY,IA50401 		  501C3 SCULPTURE MOVING EXPENSES 2,000

CENTRAL GARDENS OF NORTH IOWA INC

P O BOX 735
CLEAR LAKE,IA50428 		  501C3 FUNDING GROUNDS KEEPER 5,000

CARING PREGNANCY CENTER INC

830 15TH STREET SW
MASON CITY,IA50401 		  501C3 BABY ITEMS BABY BUCKSPROGRAM 7,500

WEST FORK COMMUNITY SCHOOL DISTRICT

2238 THRUSH AVE
SHEFFIELD,IA50475 		  501C3 SURFACE AND EQUIPMENTFOR PLAYGROUND IN ROCKWELL 14,500

MASON CITY FOUNDATION

2265 TIMBERCREEK COURT
MASON CITY,IA50401 		  501C3 OPERATIONS 4,000

IOWA LEGAL AID

202 1ST STREET SESUITE 112
MASON CITY,IA50401 		  501C3 FAMILY STABILIZATIONPROJECT 5,000

GIRL SCOUTS OF GREATER IOWA

601 SOUTH ILLINOIS AVE
MASON CITY,IA50401 		  501C3 UPDATING HIGH ANDLOW ROPES CHALLENGE ATCAMP TANGLEFOOT 10,000

HANCOCK COUNTY AGRICULTURAL MUSEUM

2090 JAMES AVENUE
BRITT,IA50423 		  501C3 REFURBISHINGEXHIBITS 2,000

MERCY ONE NORTH IOWA FOUNDATION

1000 4TH STREET S W
MASON CITY,IA50401 		  501C3 NURSINGSCHOLARSHIPS 32,000

CITY OF SHEFFIELD LIBRARY

123 SOUTH 3RD STREET
SHEFFIELD,IA50475 		  501C3 LEGO STORAGECART 1,000

COMMUNITY HEALTH CENTER OF FORT DODGE INC

126 NORTH 1OTH STREET
FORT DODGE,IA50501 		  501C3 BACK TO SCHOOLBLOCK PARTY FORSCHOOL CHILDREN 2,000

ELDERBRIDGE AGENCY ON AGING

1190 BRIARSTONE DRIVE
MASON CITY,IA50401 		  501C3 CLIENTASSISTANCEPROGRAM 5,000

NORTH IOWA CHRISTIAN SCHOOL INC

680 6TH ST S E
MASON CITY,IA50401 		  501C3 STAGE AND STORAGEROOM CONSTRUCTION 2,000

APPLE DAYCARE INC

P O BO 693
SHEFFIELD,IA504750693 		  501C3 BUILDING SPRINKLERSYSTEM 9,500

FOUR OAKS FAMILY SERVICES

5400 KIRKWOOD BLVD
CEDAR RAPIDS,IA52404 		  501C3 PURCHASE OUTDOOR PLAYEQUIPMENT 3,000

CITY OF CORWITH

P O BOX 176
CORWITH,IA504300176 		  501C3 NEW HVAC 1,500

CITY OF GARNER

135 WEST 5TH STREET
GARNER,IA50438 		  501C3 CONSTRUCTIONOF SOFTBALLCOMPLEX 12,500

CITY OF RUDD LIBRARY

P O BOX 305
RUDD,IA504710305 		  501C3 REBUILDING AND FURNISHING NEW LIBRARY 10,000

CEDAR VALLEY FRIENDS OF THE FAMILY

1009 PEOPLES SQUARE
WATERLOO,IA50702 		  501C3 CLIENT ASSISTANCETO COMBATHOMELESSNESS 2,000

NORTH IOWA YOUTH FOR CHRIST INC

P O BOX 243
MASON CITY,IA504020243 		  501C3 PURCHASE OF SUPPLIES ANDEQUIPMENT 5,000

43 NORTH IOWA

111 2ND STREET N E
MASON CITY,IA50401 		  501C3 INNOVATION FUNDPROJECT 10,000

HABITAT FOR HUMANITY OF NORTH CENTRAL IOWA

517 1ST STREET N W
MASON CITY,IA50401 		  501C3 PARKING LOTIMPROVEMENTS 5,700

UNITED WAY OF NORTH CENTRAL IOWA

P O BOX 1465
MASON CITY,IA504021465 		  501C3 OFFICECONSTRUCTIONMOVING EXPENSE 2,300

VETERANS OF FOREIGN WARS 0733

603 MAIN STREET EAST
ROCKWELL,IA50469 		  501C3 REPAIRS MAINTENANCEREMODELING 5,000

MOHAWK ARCHERY CLUB

840 12TH STREET N W SUITE C
MASON CITY,IA50401 		  501C3 REPLACE OUTDOORARCHERY RANGETARGET BUTTS 3,000

WINNEBAGO COUNTY CONSERVATION FDN

24496 110TH AVENUE
FOREST CITY,IA50436 		  501C3 COMPLETE HANSON NATURECENTER 5,000

NEWMAN CATHOLIC SCHOOL SYSTEM

2445 19TH STREET
MASON CITY,IA50401 		  501C3 INCREASE ENDOWMENTSIMPROVEFACILITIES 10,000

CHARLIE BROWN COMMUNITY DAYCARE CENTER

1780 SOUTH MONROE AVE
MASON CITY,IA50401 		  501C3 SUPPORT TRANSPORTATIONREQUIREMENTS 5,000

QUILTS OF VALOR

519 17TH STREET WEST
CLEAR LAKE,IA50428 		  501C3 PURCHASE MATERIALSAND SUPPLIESFOR QUILTS 2,000
Total .................................right arrow 3a 323,000
bApproved for future payment
Total ................................. right arrow 3b  
Form 990-PF (2023)
Form 990-PF (2023)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		         
4 Dividends and interest from securities ....     14 171,785  
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 0  
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) ..   171,785  
13Total. Add line 12, columns (b), (d), and (e)..................
13
171,785
(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:  
Part VI Line 7 - Tax Paid with the Original Return: 3,710


Form 990PF - Special Condition Description:
Special Condition Description

TY 2023 InvestmentsCorpBondsSchedule
Name:
FARRER ENDOWMENT FOUNDATION
EIN:
42-1214699
Name of Bond End of Year Book Value End of Year Fair Market Value
VAN KAMPEN INCOME TRUSTS 43,49,74,75 89,446 96,437
100 INVESCO INV GRD TR SER 16 34,341 24,571
25 INVESCO INV GRADE SER 38 19,626 17,342
20 INVESCO INV GRF TR SER 44 12,617 10,578
35 INVESCO INV GRD TR SER 55 28,312 26,488
25 INVESCO INV GRF TR SER 57 22,751 20,423
10 INVESCO AMER BDS SER 67 7,735 5,691
25 FIRST TRUST HIGH INC SER 23 6,721 4,765
35 FIRST TRUST PORT SER 25 28,824 24,317
25 FIRST TRUST BUILD AMERICA BONDS 13,612 10,507
25 INVESCO INV GRD TR SER 26 13,265 13,156
30 INVESCO INV GRD TR SER 27 17,807 15,731
25 INVESCO INV GRD TR SER 61 26,271 23,518
25 FIRST TRUST HIGH INC SER 26 22,700 20,800
50 INVESCO INV GRD SER 30 21,064 18,205
30 ADVISORS ASSET MGMT SER 128 20,379 17,075
50 INVESCO CORP TR SER33C 33,259 31,802

TY 2023 InvestmentsCorpStockSchedule
Name:
FARRER ENDOWMENT FOUNDATION
EIN:
42-1214699
Name of Stock End of Year Book Value End of Year Fair Market Value
1000 BANK OF AMERICA 5.375 PFD 26,284 23,010
1000 METLIFE INC 5.625% PFD 25,618 24,290
12560.872 C & S REALTY FUND 195,035 194,442
2390 SH SELECT SECTOR SPDR 60,807 89,864
1000 BANK OF AMERICA 6% PFD 27,683 24,820
3369.876 SH NEW PERSPECTIVE FD 150,572 188,376
300 FEDERAL RLTY INVT TRUST REIT 39,099 30,915
3774.472 FRANKLIN MUTUAL FD 78,207 91,191
17715.44 C & S PFD SEC & INC FD 250,049 208,158
9181.218 DAVIS NY VENTURE FUND 314,045 243,761
34059.051 DWS HIGH INCOME FUND 195,354 148,838
1382.321 EURO PACIFIC GROWTH FD 75,715 75,599
2503.845 FRANKLIN GROWTH FUND 112,047 307,072
122292.686 FRANKLIN INCOME FUND 277,863 284,942
904.175 FRANKLIN SMALL CAP FUND 40,606 48,608
5313.216 FRANKLIN UTILITY FUND 57,088 102,386
6958.128 GROWTH FUND OF AMERICA 248,043 439,475
23951.207 INCOME FUND OF AMERICA 437,242 561,416
3389.84 INTL GROWTH & INC FD 100,014 121,594
14,232.675 INVESTMENT CO OF AMERICA 434,191 717,327
17,794.791 WASHINGTON MUTUAL FD 695,095 1,017,862
2969.729 FRANKLIN MUT GLOB FD 100,000 88,023
1000 SPIRE INC 5.9% PFD 25,208 24,870
1000 DUKE ENERGY 5.75% PFD 26,066 24,400
2000 J P MORGAN PFD 4.55% 46,671 41,000
13158.243 LORD ABBOTT HY FD 100,138 83,160
1955 CAPITAL ONE 4.375% PFD 40,176 31,554
10369.192 OAKMARK FD CL A 288,070 282,457
1500 HUNTINGTON BANCSH 4.5% 29,055 26,460
1200 W R BERKELEY CO 5.10% 26,315 28,248
2957.028 BOND FUND OF AMERICA 34,014 33,976

TY 2023 LegalFeesSchedule
Name:
FARRER ENDOWMENT FOUNDATION
EIN:
42-1214699
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
LAIRD LAW FIRM PLC TAX PREPARATION & ACCOUNTING 5,965 2,983   2,982


TY 2023 OtherIncreasesSchedule
Name:
FARRER ENDOWMENT FOUNDATION
EIN:
42-1214699
Description Amount
CAPITAL GAINS 128,562
ROUNDING -1


TY 2023 OtherLiabilitiesSchedule
Name:
FARRER ENDOWMENT FOUNDATION
EIN:
42-1214699
Description Beginning of Year - Book Value End of Year - Book Value
FEDERAL TAX ESTIMATE -6,400 -3,710


TY 2023 TaxesSchedule
Name:
FARRER ENDOWMENT FOUNDATION
EIN:
42-1214699
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
EXCISE TAX 2,690