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
SAGE FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)PO Box 1919
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
BRIGHTON, MI481165719
A Employer identification number

38-6041518
B Telephone number (see instructions)

(810) 227-7660
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$56,529,548J 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... 1,195,738 1,195,738  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 548,077
b Gross sales price for all assets on line 6a 10,439,663
7 Capital gain net income (from Part IV, line 2)... 548,077
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........ 1,743,815 1,743,815  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 75,000 0   75,000
14 Other employee salaries and wages......        
15 Pension plans, employee benefits....... 5,738 0   5,738
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
209,685 73,390   136,295
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
9,500 0   9,500
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
209,750 183,575   26,175
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
39,572 9,572   0
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
5,266 0   5,266
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 554,511 266,537   257,974
25 Contributions, gifts, grants paid....... 1,863,000 1,863,000
26 Total expenses and disbursements. Add lines 24 and 25 2,417,511 266,537   2,120,974
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -673,696
b Net investment income (if negative, enter -0-) 1,477,278
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............. 25,655 42,167 42,167
2 Savings and temporary cash investments......... 2,729,236 2,370,113 2,370,113
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..........      
10a Investments—U.S. and state government obligations (attach schedule) 11,290,204 Click to see attachment
List of Attached Documents:
// Content
12,766,461 		12,083,175
b Investments—corporate stock (attach schedule)....... 21,859,655 Click to see attachment
List of Attached Documents:
// Content
21,356,825 		32,163,035
c Investments—corporate bonds (attach schedule)....... 11,780,088 Click to see attachment
List of Attached Documents:
// Content
10,461,293 		9,871,058
11 Investments—land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........      
14 Land, buildings, and equipment: basis right 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) 47,684,838 46,996,859 56,529,548
Liabilities 17 Accounts payable and accrued expenses..........    
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)......... 0 0
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........ 0 0
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 47,684,838 46,996,859
29 Total net assets or fund balances (see instructions)..... 47,684,838 46,996,859
30 Total liabilities and net assets/fund balances (see instructions). 47,684,838 46,996,859
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
47,684,838
2
Enter amount from Part I, line 27a .....................
2
-673,696
3
Other increases not included in line 2 (itemize) right arrow
3
0
4
Add lines 1, 2, and 3 ..........................
4
47,011,142
5
Decreases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
5
14,283
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
46,996,859
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 Comerica Account 1-101192 Sale of Publicly Traded Securities      
b Capital Gains Dividends P    
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 10,426,288   9,891,586 534,702
b 13,375     13,375
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       534,702
b       13,375
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 2 548,077
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 20,534
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 20,534
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 20,534
6 Credits/Payments:
a 2023 estimated tax payments and 2022 overpayment credited to 2023 6a 102,696
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld .......... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 102,696
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 82,162
11 Enter the amount of line 10 to be: Credited to 2024 estimated taxright arrow82,162 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 arrowMI
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 arrowLAW OFFICES OF JOHN J AYAUB PC Telephone no.right arrow (810) 227-7660

Located atright arrowPO BOX 1919BRIGHTONMI ZIP+4right arrow481165719
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)
Yes
 
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
No
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2023? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2023, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2023?....................
2a
 
No
If "Yes," list the years right arrow20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
right arrow20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
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
Melissa Sage Fadim Chairprson,President,Secretary,Treasur
20.00 		75,000 0 0
PO Box 1919
Brighton,MI481165719
Emily M Booth Trustee
1.00 		0 0 0
PO Box 1919
Brighton,MI481165719
James E Van Doren Vice President, Trustee
2.00 		0 0 0
PO Box 1919
Brighton,MI481165719
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
Law Offices of John J Ayaub PC Legal Services 209,685
PO Box 1919
Brighton,MI48116
Integrated Investment Consultants Investment Consultants 78,459
40950 Woodward 350
Bloomfield Hills,MI48304
Clarkston Capital Partners LLC Investment Consultants 51,617
91 W Long Lake Rd
Bloomfield Hills,MI48304
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
53,888,386
b
Average of monthly cash balances.......................
1b
163,511
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, b, and c).........................
1d
54,051,897
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
54,051,897
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
810,778
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
53,241,119
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
2,662,056
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
2,662,056
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
20,534
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
20,534
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
2,641,522
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
2,641,522
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
2,641,522
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
2,120,974
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
2,120,974
Form 990-PF (2023)
Form 990-PF (2023)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2022 		(c)
2022 		(d)
2023
1 Distributable amount for 2023 from Part X, line 7 2,641,522
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...... 984,568
b From 2019...... 1,077,775
c From 2020...... 235,846
d From 2021...... 498,483
e From 2022......  
f Total of lines 3a through e ........ 2,796,672
4Qualifying distributions for 2023 from Part
XI, line 4: right arrow$ 2,120,974
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..... 2,120,974
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2023. 520,548 520,548
(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 2,276,124
b Prior years’ undistributed income. Subtract
line 4b from line 2b .......... 		0
c Enter the amount of prior years’ undistributed
income for which a notice of deficiency has
been issued, or on which the section 4942(a)
tax has been previously assessed...... 		0
d Subtract line 6c from line 6b. Taxable amount
—see instructions ........... 		0
e Undistributed income for 2022. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		0
f Undistributed income for 2023. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2024 .......... 		0
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		0
8 Excess distributions carryover from 2018 not
applied on line 5 or line 7 (see instructions) ... 		464,020
9 Excess distributions carryover to 2024.
Subtract lines 7 and 8 from line 6a ...... 		1,812,104
10 Analysis of line 9:
a Excess from 2019.... 1,077,775
b Excess from 2020.... 235,846
c Excess from 2021.... 498,483
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:
President or Secretary Sage Foundat
PO Box 1919
Brighton,MI481165719
(810) 227-7660
bThe form in which applications should be submitted and information and materials they should include:
Amount of grant requested. What the applicant intends to accomplish. How the applicant intends to reach the stated objectives, and how such objectives will further the applicant's tax-exempt purposes. What procedures the applicant has implemented to evaluate the results achieved. Any additional information which would aid the Sage Foundation Board of Trustees in making its decision. A photocopy of the Internal Revenue Service determination letter or ruling indicating the applicant's tax-exempt status under Section 501(c)(3) of the Internal Revenue Code. Name of the applicant's contact person.
cAny submission deadlines:
No deadlines.
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
No restrictions.
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

Adrian Center For the Arts

PO Box 951
Adrian,MI49221 		  PC General, charitable, educational 10,000

Adrian College

110 South Madison Street
Adrian,MI49221 		  PC General, charitable, educational - Hockey Program 8,000

After School Matters

66 East Randolph Street
Chicago,IL60601 		  PC General, charitable, educational 10,000

Alice Lloyd College

100 Purpose Road
Pippa Passes,KY41844 		  PC General, charitable, educational 15,000

Associated Charities of Lenawee County

221 S Tecumseh Street
Adrian,MI49221 		  PC General, charitable, educational 10,000

Barenboim-Said Foundation

435 Riverside Drive Suite 122
New York,NY10025 		  PC General, charitable, educational 50,000

Boys & Girls Club of Lenawee

340 East Church Street Suite A
Adrian,MI49221 		  PC General, charitable, educational 20,000

Bulletin of the Atomic Scientists

1307 East 60th Street
Chicago,IL60637 		  PC General, charitable, educational 40,000

Catholic Church Extension Society

150 South Wacker Drive Suite 2000
Chicago,IL60606 		  PC General, charitable, educational, religious 10,000

Cedille Chicago NFP

4311 N Ravenswood Avenue 202
Chicago,IL60613 		  PC General, charitable, educational 25,000

Chicago Folks Operetta NFP

512 S Scoville Avenue
Chicago,IL60304 		  PC General, charitable, educational 5,000

Chicago Lighthouse

1850 West Roosevelt Road
Chicago,IL60608 		  PC General, charitable, educational 7,500

Chicago Multi-Cultural Dance Center

47 West Polk Street Suite 100-105
Chicago,IL60605 		  PC General, charitable, educational 10,000

Chicago Youth Symphony Orchestra

410 S Michigan Avenue Suite 833
Chicago,IL60605 		  PC General, charitable, educational 10,000

Christ Episcopal Church

PO Box 687
Laurium,MI49913 		  PC General, charitable, religious 18,000

City of Tecumseh Downtown Development Authority

309 East Chicago Blvd
Tecumseh,MI49286 		  PC Public, charitable - Art Trail Tecumseh 15,000

Cleveland High School

8140 Vanalden Avenue
Reseda,CA91335 		  PC General, charitable, educational - Band & Music Program 10,000

Community TV Network

2418 West Bloomingdale
Chicago,IL60647 		  PC General, charitable, educational 25,000

Dental Lifeline Network - Illinois

PO Box 10342
Peoria,IL61612 		  PC General, charitable, educational 10,000

Disabled Patriot Fund

17016 Pembroke Avenue
Tinley Park,IL60477 		  PC General, charitable, educational 6,000

Epic Experience

PO Box 753
Arvada,CO80001 		  PC General, charitable, educational 7,500

Epilepsy Foundation of Michigan

25200 Telegraph Road Suite 110
Southfield,MI48033 		  PC General, charitable, educational - Camp Programs 5,000

Equip for Equality

20 N Michigan Avenue Suite 300
Chicago,IL60602 		  PC General, charitable, educational 5,000

Evans Scholars Foundation

2501 Patriot Boulevard
Glenview,IL60026 		  PC General, charitable, educational 10,000

Eversight

924 West 19th Place Suite 350
Chicago,IL60608 		  PC General, charitable, educational 2,000

Flossmoor Service League

PO Box 131
Flossmoor,IL60422 		  PC General, charitable, educational 1,000

Grant Park Orchestral Association

205 East Randolph Street
Chicago,IL60601 		  PC General, charitable, educational 125,000

Habitat For Humanity Of Lenawee County

1043 East US-223
Adrian,MI49221 		  PC General, charitable, educational 20,000

Hadley Institute For the Blind and Visually Impaired

700 Elm Street
Winnetka,IL60093 		  PC General, charitable, educational 10,000

Heroin Epidemic Relief Organization

8101 167th Place
Tinsley Park,IL60477 		  PC General, charitable, educational 5,000

Hillsdale College

33 East College Street
Hillsdale,MI49242 		  PC General, charitable, educational - Choral Scholars Program Scholarships 200,000

Hope Community Center

431 Baker Street
Adrian,MI49221 		  PC General, charitable, educational 25,000

Hubbard Street Dance Chicago Inc

PO Box 778859
Chicago,IL60677 		  PC General, charitable, educational 15,000

Hyde Park Youth Symphony

915 East 60th Street Suite 217
Chicago,IL60637 		  PC General, charitable, educational 5,000

Joffrey Ballet

10 East Randolph Street
Chicago,IL60601 		  PC General, charitable, educational - Live Music Program 100,000

Joffrey Ballet

10 East Randolph Street
Chicago,IL60601 		  PC General, charitable, educational 15,000

Josephinum Academy of the Sacred Heart

1501 North Oakley Boulevard
Chicago,IL60622 		  PC General, charitable, educational 7,500

Julie & Michael Tracy Family Foundation dba Urban Autism Solutions

1212 W Flournoy Street
Chicago,IL60607 		  PC General, charitable, educational 15,000

Kartemquin Educational Films

1901 West Wellington
Chicago,IL60657 		  PC General, charitable, educational - Stories & Pictures By Film 60,000

Kartemquin Educational Films

1901 West Wellington
Chicago,IL60657 		  PC General, charitable, educational - Education in America film 25,000

Lenawee Chamber Foundation

5285 West US-223 Suite A
Adrian,MI49221 		  PC General, charitable, educational 100,000

Lenawee Community Foundation

1440 W Maumee Street
Adrian,MI49221 		  PC General, charitable, educational - KKE Project Fund 7,500

Lenawee County Education Foundation

4107 North Adrian Highway
Adrian,MI49221 		  PC General, charitable, educational - Community Service Scholarships 10,000

Lenawee County Education Foundation

4107 North Adrian Highway
Adrian,MI49221 		  PC General, charitable, educational 7,500

Lenawee County Mission Neighbors of Hope

PO Box 918
Adrian,MI49221 		  PC General, charitable, educational 10,000

Lifeline Pilots

4507 N Sterling Avenue Suite 402
Peoria,IL61615 		  PC General, charitable, educational 20,000

Lyric Opera of Chicago

20 North Wacker Drive
Chicago,IL60606 		  PC General, charitable, educational 25,000

Marian Catholic High School

700 Ashland Avenue
Chicago Heights,IL60411 		  PC General, charitable, educational - Scholarship Fund 35,000

Mental Health Association In Michigan

PO Box 1625
Troy,MI48099 		  PC General, charitable, educational 7,500

Mercy Housing Lakefront

120 South LaSalle Street Suite 1915
Chicago,IL60603 		  PC General, charitable, educational 10,000

Merit School of Music

38 South Peoria Street
Chicago,IL60607 		  PC General, charitable, educational 15,000

Misericordia Heart of Mercy

6300 North Ridge
Chicago,IL60660 		  PC General, charitable, educational, religious 20,000

Miss Hall's School

492 Holmes Road
Pittsfield,MA01201 		  PC General, charitable, educational 5,000

Museum of Science and Industry

5700 S DuSable Lake Shore Drive
Chicago,IL60637 		  PC General, charitable, educational 10,000

Music Institute of Chicago

1702 Sherman Avenue
Evanston,IL60201 		  PC General, charitable, educational 10,000

One Patient Global Health Initiative

2516 Waukegan Road 183
Glenview,IL60025 		  PC General, charitable, educational 5,000

Orchestral Association Chicago Symphony Orchestra

220 South Michigan Avenue
Chicago,IL60604 		  PC General, charitable, educational 100,000

Orchestral Association Chicago Symphony Orchestra

220 South Michigan Avenue
Chicago,IL60604 		  PC General, charitable - Sempre Always capital campaign 25,000

Patient Airlift Services

7110 Republic Airport Suite 202
Farmingdale,NY11735 		  PC General, charitable, educational 10,000

Providence St Mel School

119 South Central Park Blvd
Chicago,IL60624 		  PC General, charitable, educational - Tuition Scholarship program 15,000

Purple Rose Theatre Company

137 Park Street
Chelsea,MI48118 		  PC General, charitable, educational 25,000

Ravinia Festival

418 Sheridan Road
Highland Park,IL60035 		  PC General, charitable, educational 25,000

Ryan Licht Sang Bipolar Foundation Inc

875 North Michigan Avenue Suite
3100
Chicago,IL60611 		  PC General, charitable, educational 5,000

Shedd Aquarium Society

1200 South Lake Shore Drive
Chicago,IL60605 		  PC General, charitable, educational 25,000

South Suburban PADS

414 W Lincoln Highway
Chicago Heights,IL60411 		  PC General, charitable, educational 5,000

Special Olympics Michigan

Central Michigan University
Mount Pleasant,MI48859 		  PC General, charitable, educational 5,000

St Elizabeth Catholic Church

506 North Union Street
Tecumseh,MI49286 		  PC General, charitable, educational, religious Knights of Columbus ministry 3,000

St James Episcopal Church

PO Box 268
Taylor,TX76574 		  PC General, charitable, educational, religious 15,000

St James Episcopal Church

PO Box 268
Taylor,TX76574 		  PC General, charitable, educational, religious - Restoration of stained glass windows 5,000

St Mary's Home Little Sisters Of the Poor

2325 North Lakewood Avenue
Chicago,IL60614 		  PC General, charitable, educational, religious 15,000

Tecumseh Pops Orchestra

PO Box 125
Tecumseh,MI49286 		  PC General, charitable, educational 10,000

The College FundUNCF

18701 Grand River Suite 329
Detroit,MI48233 		  PC General, charitable, educational 20,000

The Night Ministry

1735 N Ashland Avenue Suite 2000
Chicago,IL60622 		  PC General, charitable, educational 15,000

Thresholds

4101 North Ravenswood Ave
Chicago,IL60613 		  PC General, charitable, educational - Veterans Project 5,000

Tennessee Kids Belong

1229 Lakeview Drive
Franklin,TN49287 		  PC General, charitable, educational 20,000

Window to the World Communications Inc

5400 North St Louis Avenue
Chicago,IL60625 		  PC General, charitable, educational - Island Without Cars/Hydra 150,000

Window to the World Communications Inc

5400 North St Louis Avenue
Chicago,IL60625 		  PC General, charitable, educational - Island Without Cars 60,000

Window to the World Communications Inc

5400 North St Louis Avenue
Chicago,IL60625 		  PC General, charitable, educational 25,000

YMCA of Greater Toledo

5660 N Adrian Highway
Adrian,MI49221 		  PC General, charitable, educational 10,000
Total .................................right arrow 3a 1,863,000
bApproved for future payment

Hillsdale College
33 East College Street
Hillsdale,MI49242 		  PC Choral scholars program. 800,000

Window to the World Communications Inc
5400 North St Louis Avenue
Chicago,IL60625 		  PC Islands Without Cars documentary film series. 150,000
Total ................................. right arrow 3b 950,000
Form 990-PF (2023)
Form 990-PF (2023)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		         
4 Dividends and interest from securities ....     14 1,195,738  
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 ............ 		    14 548,077  
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 1,743,815 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
1,743,815
(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

TY 2023 AccountingFeesSchedule
Name:
SAGE FOUNDATION
EIN:
38-6041518
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Tax Preparation 9,500 0   9,500

TY 2023 InvestmentsCorpBondsSchedule
Name:
SAGE FOUNDATION
EIN:
38-6041518
Name of Bond End of Year Book Value End of Year Fair Market Value
35000 ACUITY BRANDS LTG INC 2.15% 12/15/2030-2030 34,284 29,066
30000 ADOBE INC 2.3% 02/01/2030-2029 30,595 26,874
55000 AEP TRANSMISSION CO LLC 3.1% 12/01/2026-2026 58,813 52,842
30000 AFLAC INC 2.875% 10/15/2026-2026 29,956 28,496
40000 AIR LEASE CORPORATION .7% 02/15/2024-2024 39,758 39,751
19000 AIR LEASE CORPORATION 2.875% 01/15/2026-2025 19,139 18,101
73000 AIR PRODUCTS & CHEMICAL INC 2.05% 05/15/2030-2030 76,047 63,785
66000 ALLEGHANY CORP NEW 3.625% 05/15/2030-2030 67,977 62,359
40000 ALLSTATE CORP .75% 12/15/2025-2025 39,386 36,878
50000 ALTRIA GROUP INC 4.4% 02/14/2026-2025 53,011 49,533
25000 AMAZON COM INC 3.875% 08/22/2037-2037 29,105 23,199
45000 AMER WATER WORKS 3.45% 06/01/2029-2029 46,983 42,474
30000 AMEREN ILLINOIS COMPANY 1.55% 11/15/2030-2030 29,873 24,399
54000 AMERICAN EXPRESS CO 4.989% DTD 5/26/2022 4.989% 5/26/2033 54,000 53,745
30000 AMERICAN EXPRESS CR CORP 3.3% 05/03/2027-2027 32,071 28,655
70000 AMERICREDIT AUTOMOBILE RECEIVABL ABS .89% 10/19/2026 69,999 66,841
13000 AMGEN INC 2% 01/15/2032-2031 12,927 10,659
85000 AMGEN INC 5.15% 03/02/2028-2023 85,159 87,019
100000 AMPHENOL CORP CL A 2.05% 03/01/2025-2025 99,208 96,519
45000 ANALOG DEVICES INC 3.5% 12/05/2026-2026 47,488 43,960
40000 ANHEUSER-BUSCH INBEV WORLDWIDE I 6.625% 08/15/2033 51,837 45,224
20000 APPLE INC SR 4.85% 05/10/2053 DTD 5/10/2023 4.85% 5/10/2053 19,886 20,379
65000 APPLIED MATLS INC 1.75% 06/01/2030-2030 61,092 55,283
35000 APTIV PLC / APTIV CORP 3.25% 03/01/2032-2031 30,849 30,919
89000 ARROW ELECTRONICS INC 6.125% 03/01/2026-2024 88,983 89,108
59000 AT&T INC 1.65% 02/01/2028-2027 DTD 8/4/2020 1.65% 2/1/2028 57,975 52,540
20000 AT&T INC 2.3% 06/01/2027 19,970 18,564
71000 AT&T INC 4.25% 03/01/2027-2026 DTD 2/9/2017 4.25% 3/1/2027 76,868 70,206
35000 AT&T INC 5.15% 11/15/2046-2046 33,561 33,457
25000 AUTOMATIC DATA PROCESSING 1.7% 05/15/2028 25,407 22,550
68000 AUTOZONE INC 3.125% 04/18/2024-2024 69,611 67,451
30000 AVERY DENNISON CORP .85% 08/15/2024-2022 28,629 29,109
85000 B A T CAP CORP 4.7% 04/02/2027-2027 86,309 84,134
49000 BANK NEW YORK MELLON CORP MEDIUM 3.25% 05/16/2027-2027 47,755 46,963
64000 BEST BUY INC 4.45% 10/01/2028-2028 66,100 63,572
60000 BK OF AMERICA CORP FR 2.572% 10/20/2032-2031 59,775 49,744
57000 BK OF AMERICA CORP FR 3.419% DTD 12/20/2017 3.419% 12/20/2028 59,577 53,690
33000 BK OF AMERICA CORP FR 4.2% 08/26/2024 33,559 32,690
51000 BROADCOM CORP / BROADCOM CAYMAN 3.875% 01/15/2027-2026 53,451 49,771
20000 BROWN FORMAN CORP 4.75% 04/15/2033 19,941 20,391
45000 BURLINGTON NORTH SANTA FE 7.29% 06/01/2036 62,439 54,119
97000 CADENCE DESIGN SYS 4.375% 10/15/2024 99,895 96,138
28000 CAMDEN PPTY TR 4.1% 10/15/2028-2028 28,527 27,226
40000 CANADIAN NATL RAILWAY CO 6.712% 07/15/2036 53,123 45,736
55000 CAPITAL ONE FINL CORP GLBL FLT DTD 2/1/2023 5.817% 2/1/2034 55,412 54,732
30000 CAPITAL ONE FINL CORP GLBL FLT DTD 5/9/2022 4.927% 5/10/2028 30,000 29,484
40000 CATERPILLAR INC 6.625% 07/15/2028 46,414 43,526
28000 CFCRE 2016-C3 MTG TR CMO 3.597% 01/10/2048 26,655 25,711
30000 CFCRE 2016-C4 MTG TR CMO 3.283% 05/10/2058 30,506 28,520
45000 CHEVRON U.S.A. INC. 3.85% 01/15/2028-2027 50,003 44,380
25000 CHURCH DWIGHT CO. INC. 2.3% 12/15/2031-2031 24,949 21,243
25000 CHURCH DWIGHT CO. INC. 5.6% 11/15/2032-2032 26,567 26,789
55000 CINTAS CORP NO 2 4% 05/01/2032-2032 54,969 53,152
66000 CITIGROUP COML MTG TR 2015-GC29 CMO 3.192% 04/10/2048 63,298 63,769
85000 CITIGROUP COML MTG TR 2015-GC33 CMO 3.778% 09/10/2058 84,042 81,232
28000 CITIGROUP COML MTG TR 2015-P1 CMO 3.717% 09/17/2048 29,436 27,059
82000 CITIGROUP COML MTG TR 2016-P4 CMO 2.902% 07/12/2049 79,554 76,807
46000 CITIGROUP INC 2.572% DTD 6/3/2020 2.572% 6/3/2031 46,829 39,294
54000 CITIGROUP INC 3.875% 03/26/2025 55,989 52,991
49000 CITIGROUP INC 3.887% DTD 1/10/2017 3.887% 1/10/2028 51,440 47,383
16000 CITIGROUP INC 4.45% 09/29/2027 16,678 15,632
20000 CITIGROUP INC 4.6% 03/09/2026 20,876 19,743
75000 CNH EQUIPMENT TRUST ABS .4% 12/15/2025 27,541 26,890
45000 CNH EQUIPMENT TRUST ABS .81% 12/15/2026 34,210 32,900
55000 COLGATE PALMOLIVE CO 3.25% 08/15/2032 53,707 51,028
75000 COMCAST CORP 2.65% 02/01/2030-2029 75,299 67,517
40000 COMCAST CORP NEW 6.5% 11/15/2035 46,989 45,482
33000 COMM 2015-CCRE25 MTG TR CMO 3.759% 08/10/2048 34,535 31,915
35000 CONOCO INC SR NTS 6.95% 04/15/2029 38,254 38,990
95000 CONTINENTAL AIRLS INC CL B 4% DTD 10/3/2012 4.00% 4/29/2026 47,525 46,705
38000 CSAIL 2015-C2 COML MTG TR CMO 3.504% 06/15/2057 38,355 36,759
29000 CSAIL 2015-C3 COML MTG TR CMO 3.7182% 08/15/2048 29,706 27,990
57000 CSAIL 2015-C4 COML MTG TR CMO 3.8079% 11/18/2048 55,782 55,090
25000 CSAIL 2016-C7 COML MTG TR CMO DTD 11/1/2016 3.502% 11/15/2049 25,998 23,727
65000 CUMMINS 1.5% 09/01/2030-2030 62,788 54,205
75000 DAIMLER TRUCKS RETAIL 6.03% 03/15/2027 Ser 2023-1 DTD 9/27/2023 6.03% 74,999 76,054
45000 DAIRY FARMERS OF AMERICA INC ABS 2024-09-16 USD 5.07% 09/16/2024 7,651 7,644
32000 DELL INTERNATIONAL L.L.C. AND EM 5.25% 02/01/2028 31,986 32,796
65000 DELTA AIR LINES 2019- 1AA 3.204% 04/25/2024 65,033 64,476
40000 DICKS SPORTING GOODS INC 3.15% 01/15/2032-2031 33,087 34,075
45000 DOMINION ENERGY INC PERP GLBL -C 7% 06/15/2038 60,373 50,710
20000 DTE ELEC CO 3.7% 03/15/2045-2044 21,035 16,306
40000 DUKE ENERGY CAROLINAS LLC 3.75% 06/01/2045-2044 38,934 32,020
55000 EASTMAN CHEMICAL 3.8% 03/15/2025 53,718 54,035
45000 EATON CORP OHIO 4.15% 11/02/2042 50,282 41,235
22000 EDWARDS LIFESCIENCES CORP 4.3% 06/15/2028-2028 23,855 21,652
100000 ELEVANCE HEALTH INC 2.375% 01/15/2025-2024 101,460 97,114
20000 EMERSON ELECTRIC .875% 10/15/2026-2026 19,933 18,142
62000 ENERGY TRANSFER PARTNERS L P NEW 3.75% 05/15/2030-2030 54,337 57,575
18000 ESSENTIAL PROPERTIES LP 2.95% 07/15/2031-2031 17,444 14,155
50000 EVERGY INC 2.9% 09/15/2029-2029 52,027 45,228
20000 EXXON MOBIL CORPORATION 2.019% 08/16/2024-2024 20,286 19,610
60000 EXXON MOBIL CORPORATION 2.61% 10/15/2030-2030 54,694 53,657
121000 FEDERAL HOME LN MTG CORP MULTICL CMO 3% 12/15/2028 45,723 44,265
120000 FEDEX 2020-1 CLASS AA 1.875% 02/20/2034 97,009 83,708
100000 FLORIDA PWR & LT CO SR GLBL FL 3.125% 12/01/2025-2025 104,991 97,201
34000 FORTINET INC 2.2% 03/15/2031-2030 33,848 28,459
55000 GENERAL MILLS INC 4.95% 03/29/2033-2032 54,888 55,759
80000 GENERAL MTRS FINL CO INC 2.7% 08/20/2027-2027 77,875 73,797
52000 GENERAL MTRS FINL CO INC 5.85% 04/06/2030-2030 51,897 53,625
50000 GENUINE PARTS CO SR 6.5% 11/01/2028 DTD 11/1/2023 6.50% 11/1/2028 49,778 53,096
75000 GEORGIA PAC CORP DEB 7.375% 12/01/2025 85,296 77,963
55000 GLOBAL MARKETS INC 3.65% 01/12/2027 54,986 53,352
45000 GOLDMAN SACHS GROUP INC 3.5% 01/23/2025-2024 45,103 44,125
65000 GOLDMAN SACHS GROUP INC 4.223% DTD 4/23/2018 4.223% 5/1/2029 72,885 62,876
80000 GRAINGER W W INC 1.85% 02/15/2025-2020 77,572 77,214
29000 GS MTG SECS TR 2015-GC30 CMO 3.382% 05/10/2050 30,098 27,999
29000 GS MTG SECS TR 2016-GS2 CMO 3.05% 05/10/2049 30,000 27,432
15000 HCA INC 4.125% 06/15/2029-2029 13,718 14,342
70000 HERSHEY CO 1.7% 06/01/2030-2030 67,036 59,582
32000 IDEX CORP 2.625% 06/15/2031-2031 31,960 27,208
30000 ILLINOIS TOOL WORKS INC 2.65% 11/15/2026-2026 31,384 28,650
46000 INGREDION INC SR NT 3.2% 10/01/2026-2026 47,153 44,028
32000 INTEL CORP 3.4% 03/25/2025-2025 31,950 31,455
45000 INTUIT INC .95% 07/15/2025-2025 44,964 42,403
35000 JACOBS ENGR GROUP INC DTD 8/18/2023 6.35% 8/18/2028 35,089 36,554
90000 JOHN DEERE OWNER TRUST 2022-B ABS 3.73% 06/16/2025 27,217 27,243
29000 JPMBB COML MTG SECS TR 2015-C31 CMO 3.8014% 08/15/2048 25,023 23,242
80000 JPMBB COMMERCIAL MORTGAGE CMO 3.2274% 10/15/2048 80,195 77,083
62000 JPMCC COML MTG SECS TR 2016-JP2 CMO 2.8218% 08/15/2049 61,884 57,701
30000 JPMORGAN CHASE & CO 2.182% 06/01/2028-2028 28,708 27,440
39000 JPMORGAN CHASE & CO 2.545% DTD 11/8/2021 2.545% 11/8/2032 39,000 32,541
125000 JPMORGAN CHASE & CO 3.509% 01/23/2029-2028 131,634 118,446
40000 JPMORGAN CHASE & CO 5.717% 09/14/2033-2032 40,000 41,388
30000 KENVUE INC SR GLBL NT 5.05% 03/22/2053 DTD 9/22/2023 5.05% 3/22/2053 26,604 31,038
95000 KIMBERLY CLARK CORP 2.65% 03/01/2025 94,351 92,688
41000 KITE RLTY GROUP L P 4% 10/01/2026-2026 42,910 38,741
20000 KLA-TENCOR CORP 4.95% 07/15/2052-2052 17,120 20,205
30000 KROGER CO 2.65% 10/15/2026-2026 31,273 28,346
14000 LAM RESH CORP 4% 03/15/2029-2028 14,517 13,814
30000 LOCKHEED MARTIN CORP 7.75% 05/01/2026 35,446 31,873
35000 LOWES COMPANIES INC 5.625% 04/15/2053 34,014 36,695
44000 LYB INTERNATIONAL FIN 5.625% 05/15/2033 DTD 5/19/2023 5.625% 5/15/2033 43,897 45,965
55000 MAGELLAN MIDSTREAM 5% DTD 2/29/2016 5.00% 3/1/2026 56,921 54,882
70000 MAGNA INTL INC SR NT 3.625% 06/15/2024-2024 69,958 69,335
71000 MARRIOTT INTL INC 3.6% 04/15/2024-2024 72,234 70,642
40000 MARTIN MARIETTA 3.2% 07/15/2051-2031 36,839 29,704
35000 MCDONALDS CORP 3.7% DTD 12/9/2015 3.70% 1/30/2026 34,689 34,409
8000 MICRON TECHNOLOGY INC 5.327% 02/06/2029-2028 9,426 8,159
55000 MICROSOFT CORP 3.3% 02/06/2027-2026 59,229 53,566
30000 MOLSON COORS BREWING CO 4.2% 07/15/2046-2046 22,131 25,563
55000 MONDELEZ INTL INC 1.5% 05/04/2025-2025 51,514 52,427
45000 MORGAN STANLEY 3.125% 07/27/2026 45,046 43,090
55000 MORGAN STANLEY 4.431% 01/23/2030-2029 58,468 53,569
28000 MORGAN STANLEY BK AMER MERRILL L CMO 3.72% 12/15/2049 29,302 26,589
85000 NATIONAL RURAL UTILS COOP FIN 3.05% 04/25/2027-2022 88,472 80,763
42000 NEWMONT MNG CORP 2.6% 07/15/2032-2032 41,957 35,902
49000 NEXTERA ENERGY CAP HLDGS INC 5% 07/15/2032-2032 48,963 49,242
45000 NORTHERN TRUST CORP 3.95% 10/30/2025 45,532 44,217
35000 NSTAR ELECTRIC CO 3.25% 11/15/2025-2025 35,068 33,871
23000 NUCOR CORP 2% 06/01/2025-2025 22,965 22,080
25000 NVENT FIN S A R L 4.55% 04/15/2028-2028 23,523 24,286
77000 NVIDIA CORP 3.2% 09/16/2026-2026 75,527 74,905
38000 NVR INC 3% 05/15/2030-2029 37,928 33,855
36000 O REILLY AUTOMOTIVE INC NEW 4.7% 06/15/2032-2022 35,951 35,612
45000 OGLETHORPE POWER CORPORATION 4.55% 06/01/2044 45,352 37,767
40000 OKLAHOMA GAS & ELEC 3.25% 04/01/2030-2029 39,980 36,454
30000 ORACLE CORPORATION 6.15% 11/09/2029 31,150 32,273
22000 OSHKOSH CORP 3.1% SNR PIDI NTS 01/03/2030 USD (SEC REGD) 3.1% 22,308 19,775
45000 PACKAGING CORP OF AMERICA 3.65% 09/15/2024-2024 46,093 44,354
12000 PAYPAL HLDGS INC 1.65% 06/01/2025-2025 11,998 11,453
50000 PEPSICO INC 2.75% 03/19/2030-2029 45,829 45,931
70000 PFIZER INVT ENTERPRISES SR GLBL NT 33 DTD 5/19/2023 4.75% 5/19/2033 69,895 70,158
23000 PHYSICIANS RLTY L P 2.625% 11/01/2031-2031 22,951 18,923
20000 PHYSICIANS RLTY L P 3.95% 01/15/2028-2027 20,839 19,049
90000 PINNACLE WEST CAPITAL CORP 1.3% 06/15/2025-2025 89,639 84,802
62000 PIONEER NATURAL RESOURCES CO 1.125% 01/15/2026-2025 60,776 57,550
45000 PIONEER NATURAL RESOURCES CO 1.9% 08/15/2030-2030 44,380 38,205
61000 PRICELINE.COM 3.65% 03/15/2025-2024 62,644 60,040
49000 PRINCIPAL FINANCIAL GROUP 5.375% 03/15/2033-2032 48,947 50,103
250000 PROVIDENT BANK HOME EQ LN TR SER 1998-4 CL A7 6.2% 01/25/2030 15 15
32000 PUBLIC SERVICE ELEC & GAS .95% 03/15/2026-2026 31,930 29,573
20000 PUBLIC SVC CO COLORADO 4.3% 03/15/2044-2043 22,352 17,227
20000 PUBLIC SVC ELEC & GAS 5.2% 08/01/2033 Ser P DTD 8/7/2023 5.20% 8/1/203 19,955 20,756
35000 PULTE 5% 01/15/2027-2026 38,861 35,168
30000 QUANTA 3.05% 10/01/2041-2041 28,432 22,023
45000 REGENCY 2.95% 09/15/2029-2029 46,312 40,350
85000 REGENERON PHARMACEUTICALS INC 1.75% 09/15/2030-2030 83,919 69,888
40000 REGIONS FINL CORP 1.8% 08/12/2028-2028 39,898 34,265
16000 RELIANCE STEEL & ALUMINUM CO 1.3% 08/15/2025-2025 15,951 14,965
26000 RELIANCE STEEL & ALUMINUM CO 2.15% 08/15/2030-2030 26,366 21,945
60000 REPUBLIC 1.75% 02/15/2032-2031 59,579 48,838
20000 REPUBLIC 3.375% 11/15/2027-2027 21,843 19,209
39000 REXFORD INDUSTRIAL REALTY L P 2.15% 09/01/2031-2031 36,727 31,216
72000 ROCKWELL 2.875% 03/01/2025-2024 73,141 70,343
58000 SANTANDER DRIVE AUTO RECEIVABLES ABS .9% 06/15/2026 7,767 7,738
46000 SANTANDER DRIVE AUTO RECEIVABLES ABS .95% 09/15/2027 18,426 18,264
50000 SANTANDER DRIVE AUTO RECEIVABLES ABS 1.26% 02/16/2027 49,807 48,888
81000 SOUTHERN COPPER CORP 3.875% 04/23/2025 84,876 79,578
94000 SPIRIT RLTY L P 3.2% DTD 9/16/2019 3.20% 1/15/2027 89,351 88,932
53000 STATE STR CORP 3.55% 08/18/2025 52,220 51,999
25000 TENNESSEE GAS PIPELINE CO 7% 10/15/2028 29,668 27,088
60000 TEXAS INSTRS INC 1.75% 05/04/2030-2030 49,974 51,737
25000 T-MOBILE USA INC 3.875% 04/15/2030-2030 27,112 23,708
43000 T-MOBILE USA INC 3.875% 04/15/2030-2030 39,597 40,777
41000 TORCHMARK CORP 4.55% 09/15/2028-2028 42,648 40,657
25000 TRANSATLANTIC HLDGS 8.00% 11/30/2039 DTD 11/23/2009 8.00% 11/30/2039 30,442 32,288
55000 TRANSCONTINENTAL GAS PIPE LINE C 7.85% 02/01/2026-2025 62,565 57,591
23000 TRUIST FINANCIAL CORPORATION DTD 6/7/2021 1.887% 6/7/2029 23,000 19,875
33000 TYSON FOODS INC 3.55% 06/02/2027-2027 32,382 31,458
125000 UNION PAC RR CO 2014-1 PASS THRU 3.227% 05/14/2026 83,994 83,049
30000 UNITED PARCEL SERVICE 5.2% 04/01/2040-2039 32,007 31,169
90000 VALERO ENERGY CORP 1.2% 03/15/2024 89,695 89,110
13000 VERIZON COMMNS INC 3.15% 03/22/2030-2029 12,960 11,882
103000 VERIZON COMMNS INC 3.376% 02/15/2025 106,126 101,068
95000 VERIZON MASTER TRUST ABS .99% 04/20/2028 94,953 91,762
35000 VODAFONE GROUP PLC 4.375% 05/30/2028 38,080 34,908
55000 WALT DISNEY CO 7.125% 04/08/2028 67,162 59,987
75000 WASTE CONNECTIONS INC 4.25% 12/01/2028-2028 79,697 74,624
100000 WASTE MANAGEMENT INC .75% 11/15/2025-2025 99,597 92,894
22000 WEC ENERGY GROUP INC 2.2% 12/15/2028 21,947 19,569
70000 WEC ENERGY GROUP INC 5.15% 10/01/2027-2027 69,856 71,017
40000 WELLS FARGO & CO 3% 04/22/2026 37,018 38,316
60000 WELLS FARGO & CO SR NT 2.879% DTD 10/31/2019 2.879% 10/30/2030 58,619 53,338
51000 WELLS FARGO & CO VR 4.3% 07/22/2027 54,017 49,916
29000 WELLS FARGO COML MTG 3.809% BDS 15/12/25 USD1 3.809% 12/17/2048 30,157 27,979
35000 WELLS FARGO COML MTG TR 2015-C28 CMO 3.54% 05/15/2048 35,537 33,837
33000 WELLS FARGO COML MTG TR 2015-C29 CMO 3.637% 06/15/2048 34,342 31,934
33000 WELLS FARGO COML MTG TR 2015-C30 CMO 3.664% 09/15/2058 33,977 31,945
66000 WELLS FARGO COML MTG TR 2016-NXS CMO 2.918% 11/15/2049 63,220 61,795
52000 WELLS FARGO COML MTG TR 2017-RC1 CMO 3.631% 01/15/2060 48,657 49,498
15000 WISCONSIN 4.75% 09/30/2032-2032 14,692 15,106
35000 WISCONSIN ENERGY CORP 6.2% 04/01/2033 40,109 37,841
40000 YALE UNIVERSITY .873% 04/15/2025-2025 40,000 37,860

TY 2023 InvestmentsCorpStockSchedule
Name:
SAGE FOUNDATION
EIN:
38-6041518
Name of Stock End of Year Book Value End of Year Fair Market Value
3100 AFFILIATED MANAGERS GROUP INC 282,663 469,402
44000 ALTICE USA INC -A 861,662 143,000
6900 AVANTOR INC 117,784 157,527
3500 BROWN & BROWN INC 84,414 248,885
2200 C H ROBINSON WORLDWIDE INC 172,760 190,058
225 CABLE ONE INC 131,594 125,233
73500 CLARIVATE ANALYTICS PLC 816,892 680,610
7200 ENERGIZER HLDGS INC NEW 201,743 228,096
12470.775 EUROPACIFIC GROWTH FD AMERICAN 721,434 680,156
8100 GFL ENVIRONMENTAL INC SUB VTG 231,605 279,531
8200 HILLENBRAND INC 209,271 392,370
32125 LESLIE S INC 278,595 221,984
2000 LPL FINL HLDGS INC 56,217 455,240
5800 MOLSON COORS BREWING CO CL B 239,466 355,018
4600 POST HLDGS INC 308,406 405,076
10640 SPDR GOLD TRUST 1,558,768 2,034,049
8800 STERICYCLE INC 444,442 436,128
2700 SYSCO 91,895 197,451
10000 US FOODS HLDG CORP 217,609 454,100
43594.655 VANGUARD EMERGING MARKETS STOCK INDEX-ADM 1,807,916 1,489,629
90252.802 VANGUARD FTSE DEVELOPED DEV MKT INDX-ADM 1,342,758 1,389,893
46561.709 VANGUARD GROWTH INDEX FUND 2,834,763 7,449,873
57976.832 VANGUARD M/C GROW INDEX-ADM 2,979,039 5,480,550
122880.811 VANGUARD VALUE INDEX FUND 4,062,169 7,162,722
37052.05 WASATCH EMERGING MARKETS SELECT INSTL 910,369 627,662
6800 WILEY JOHN & SONS INC CL A 268,026 215,832
800 WILLIS TOWERS WATSON PLC 124,565 192,960

TY 2023 InvestmentsGovtObligationsSch
Name:
SAGE FOUNDATION
EIN:
38-6041518
US Government Securities - End of Year Book Value:

12,252,541
US Government Securities - End of Year Fair Market Value:

11,598,614
State & Local Government Securities - End of Year Book Value:


513,920
State & Local Government Securities - End of Year Fair Market Value:


484,561


TY 2023 LegalFeesSchedule
Name:
SAGE FOUNDATION
EIN:
38-6041518
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Legal Fees 209,685 73,390   136,295


TY 2023 OtherDecreasesSchedule
Name:
SAGE FOUNDATION
EIN:
38-6041518
Description Amount
Book/Tax Differences 14,283


TY 2023 OtherExpensesSchedule
Name:
SAGE FOUNDATION
EIN:
38-6041518
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Insurance 2,200 0   2,200
Postage 930 0   930
State Filing Fees 20 0   20
Trustee Travel Expense 2,116 0   2,116


TY 2023 OtherProfessionalFeesSchedule
Name:
SAGE FOUNDATION
EIN:
38-6041518
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Other Expenses 35 35   0
Investment Management Fees 183,540 183,540   0
Custodian Fees 26,175 0   26,175


TY 2023 TaxesSchedule
Name:
SAGE FOUNDATION
EIN:
38-6041518
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Excise Tax - 2023 Estimated Payments 30,000 0   0
Foreign Tax Withheld on Foreign Dividend 9,572 9,572   0