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
STEPHENSON FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)CO FRANKRIMERMAN 1801 PAGE MILL
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
PALO ALTO, CA94304
A Employer identification number

94-3320092
B Telephone number (see instructions)

(650) 854-3927
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$27,573,295J 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 188 188  
4 Dividends and interest from securities... 649,327 648,937  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 824,776
b Gross sales price for all assets on line 6a 4,015,939
7 Capital gain net income (from Part IV, line 2)... 824,776
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
-12 -12  
12 Total. Add lines 1 through 11........ 1,474,279 1,473,889  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0   0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
140,442 122,342   0
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
25,048 25,048   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
100 0   0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 165,590 147,390   0
25 Contributions, gifts, grants paid....... 1,226,700 1,226,700
26 Total expenses and disbursements. Add lines 24 and 25 1,392,290 147,390   1,226,700
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 81,989
b Net investment income (if negative, enter -0-) 1,326,499
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.............      
2 Savings and temporary cash investments......... 630,416 1,013,373 1,013,373
3 Accounts receivable right arrow42,248
Less: allowance for doubtful accounts right arrow   42,248 42,248 42,248
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)      
b Investments—corporate stock (attach schedule)....... 19,519,106 Click to see attachment
List of Attached Documents:
// Content
19,209,311 		25,732,322
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 628,883 Click to see attachment
List of Attached Documents:
// Content
625,427 		785,352
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) 20,820,653 20,890,359 27,573,295
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 20,820,653 20,890,359
29 Total net assets or fund balances (see instructions)..... 20,820,653 20,890,359
30 Total liabilities and net assets/fund balances (see instructions). 20,820,653 20,890,359
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
20,820,653
2
Enter amount from Part I, line 27a .....................
2
81,989
3
Other increases not included in line 2 (itemize) right arrow
3
0
4
Add lines 1, 2, and 3 ..........................
4
20,902,642
5
Decreases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
5
12,283
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
20,890,359
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 CAPITAL GROUP #3906   2023-01-01 2023-12-31
b CAPITAL GROUP #3906   2023-01-01 2023-12-31
c CAPITAL GROUP #3906   2023-01-01 2023-12-31
d FIDELITY #1371   2023-01-01 2023-12-31
e FIDELITY #1371   2023-01-01 2023-12-31
FIDELITY #1371   2023-01-01 2023-12-31
SC X PRINCIPALS FUND   2023-01-01 2023-12-31
SC FRANCHISE PARTNERS LP   2023-01-01 2023-12-31
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 298,967   362,295 -63,328
b 2,225,100   1,545,356 679,744
c 2,639     2,639
d 483,971   474,541 9,430
e 853,716   808,840 44,876
150,768     150,768
778     778
    131 -131
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       -63,328
b       679,744
c       2,639
d       9,430
e       44,876
      150,768
      778
      -131
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 2 824,776
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 18,438
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 18,438
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 18,438
6 Credits/Payments:
a 2023 estimated tax payments and 2022 overpayment credited to 2023 6a 22,219
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 22,219
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment
List of Attached Documents:
// Content
8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10 3,781
11 Enter the amount of line 10 to be: Credited to 2024 estimated taxright arrow3,781 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 arrowCA
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 arrowFRANK RIMERMAN CO LLP Telephone no.right arrow (650) 854-3927

Located atright arrow1801 PAGE MILL ROADPALO ALTOCA ZIP+4right arrow94304
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2023, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country right arrow
Form 990-PF (2023)
Form 990-PF (2023)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
 
No
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
 
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2023? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2023, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2023?....................
2a
 
No
If "Yes," list the years right arrow20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
right arrow20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2023 as a result of (1) any purchase by the foundation
or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
if the foundation had excess business holdings in 2023.) .....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2023? ..
4b
 
No
Form 990-PF (2023)
Form 990-PF (2023)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........right arrow
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
No
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
(a) Name and address (b) Title, and average
hours per week
devoted to position 		(c) Compensation
 (If not paid, enter
-0-) 		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
other allowances
BARBARA STEPHENSON PRESIDENT
1.00 		0 0 0
C/O FRANK RIMERMAN CO 1801 PAGE
MILL ROAD
PALO ALTO,CA94304
THOMAS F STEPHENSON VICE PRESIDENT
1.00 		0 0 0
C/O FRANK RIMERMAN CO 1801 PAGE
MILL ROAD
PALO ALTO,CA94304
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 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
25,050,633
b
Average of monthly cash balances.......................
1b
1,339,202
c
Fair market value of all other assets (see instructions)................
1c
27,155
d
Total (add lines 1a, b, and c).........................
1d
26,416,990
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
26,416,990
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
396,255
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
26,020,735
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
1,301,037
Part X
Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
1
Minimum investment return from Part IX, line 6..................
1
1,301,037
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
18,438
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
18,438
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
1,282,599
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
1,282,599
6
Deduction from distributable amount (see instructions).................
6
0
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
1,282,599
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
1,226,700
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
1,226,700
Form 990-PF (2023)
Form 990-PF (2023)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2022 		(c)
2022 		(d)
2023
1 Distributable amount for 2023 from Part X, line 7 1,282,599
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only....... 1,202,895
b Total for prior years:20 , 20, 20 0
3 Excess distributions carryover, if any, to 2022:
a From 2018......  
b From 2019......  
c From 2020......  
d From 2021......  
e From 2022......  
f Total of lines 3a through e ........ 0
4Qualifying distributions for 2023 from Part
XI, line 4: right arrow$ 1,226,700
a Applied to 2022, but not more than line 2a 1,202,895
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..... 23,805
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2023. 0 0
(If an amount appears in column (d), the
same amount must be shown in column (a).)
6Enter the net total of each column as
indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
b Prior years’ undistributed income. Subtract
line 4b from line 2b .......... 		0
c Enter the amount of prior years’ undistributed
income for which a notice of deficiency has
been issued, or on which the section 4942(a)
tax has been previously assessed...... 		0
d Subtract line 6c from line 6b. Taxable amount
—see instructions ........... 		0
e Undistributed income for 2022. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		0
f Undistributed income for 2023. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2024 .......... 		1,258,794
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		0
8 Excess distributions carryover from 2018 not
applied on line 5 or line 7 (see instructions) ... 		0
9 Excess distributions carryover to 2024.
Subtract lines 7 and 8 from line 6a ...... 		0
10 Analysis of line 9:
a Excess from 2019....  
b Excess from 2020....  
c Excess from 2021....  
d Excess from 2022....  
e Excess from 2023....  
Form 990-PF (2023)
Form 990-PF (2023)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2023, enter the date of the ruling ...... right arrow
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2023 (b) 2022 (c) 2021 (d) 2020
         
b 85% (0.85) of line 2a .........          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, b, or c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
BARBARA STEPHENSON
THOMAS F STEPHENSON
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here right arrow
aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
bThe form in which applications should be submitted and information and materials they should include:
cAny submission deadlines:
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
Form 990-PF (2023)
Form 990-PF (2023)
Page 11
Part XIV
Supplementary Information (continued)
3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient If recipient is an individual,
show any relationship to
any foundation manager
or substantial contributor
 Foundation
status of
recipient 		Purpose of grant or
contribution 		Amount
Name and address (home or business)
aPaid during the year

AFRICAN PARKS FOUNDATION

21 WEST 46TH STREET
NEW YORK,NE10036 		NONE PUBLIC CHARITY TO PROTECT AND PRESERVE SOME OF AFRICA'S MOST INCREDIBLE LANDSCAPES 25,000

AFRICAN PARKS FOUNDATION

21 WEST 46TH STREET
NEW YORK,NY10036 		NONE PUBLIC CHARITY TO PROTECT AND PRESERVE SOME OF AFRICA'S MOST INCREDIBLE LANDSCAPES 25,000

ALL STARS HELPING KIDS

2901 TASMAN DRIVE STE 218
SANTA CLARA,CA95054 		NONE PUBLIC CHARITY TO DISRUPT THE CYCLE OF POVERTY AND ENCOURAGE INNOVATION BY SEED FUNDING START-UP NONPROFITS IN THE BAY AREA. 25,000

AMERICAN ENTERPRISE INSTITUTE

1789 MASSACHUSETTS AVENUE NW
WASHINGTON,DC20036 		NONE PUBLIC CHARITY TO SUPPORT RESEARCH AND EDUCATION ON ISSUES OF GOVERNMENT, POLITICS, ECONOMICS AND SOCIAL WELFARE 50,000

ATHERTON POLICE OFFICERS ASSOCIATION

PO BOX 1427
MENLO PARK,CA940261427 		NONE PUBLIC CHARITY YOUR GENEROUS DONATIONS TO APOA'S CHARITY FUND HAS MADE IT POSSIBLE FOR US TO SUPPORT THE GOOD WORKS OF A WIDE RANGE OF COMMUNITY ORGANIZATIONS AND CHARITABLE ENDEAVORS, AND YOUR EQUALLY GENEROUS DONATIONS TO OUR "SUPPORT FUND" ALLOWS THE APOA TO PURCHASE EQUIPMENT AND RESOURCES THAT IMPROVE THE WORK ENVIRONMENT AND PRODUCTIVITY OF OUR POLICE OFFICERS AND CIVILIAN MEMBERS WITHOUT FURTHER BURDENING THE TOWN'S BUDGET. 500

BAY AREA WOMEN'S SPORTS INITIATIVE

1922 THE ALAMEDA SUITE 420
SAN JOSE,CA951261458 		NONE PUBLIC CHARITY TO LEVEL THE PLAYING FIELD FOR CHILDREN WIT THE LEAST ACCESS TO SPORTS 25,000

BENS

1030 15TH STREET NW STE 200 EAST
WASHINGTON,DC20005 		NONE PUBLIC CHARITY TO SUPPORT GOVERNMENT LEADERS IMPLEMENT SOLUTIONS TO THE MOST CHALLENGING PROBLEMS IN NATIONAL SECURITY. 100,000

BOYS AND GIRLS CLUB

1275 PEACHTREE STREET NE
ATLANTA,GA303093506 		NONE PUBLIC CHARITY TO ENABLE ALL YOUNG PEOPLE, ESPECIALLY THOSE WHO NEED US MOST, TO REACH THEIR FULL POTENTIAL AS PRODUCTIVE, CARING, RESPONSIBLE CITIZENS. 25,000

CASTILLEJA SCHOOL FOUNDATION

1310 BRYANT STREET
PALO ALTO,CA94301 		NONE PUBLIC CHARITY TO HELP EDUCATE MOTIVATED YOUNG WOMEN TO BECOME CONFIDENT THINKERS AND COMPASSIONATE LEADERS WITH A SENSE OF PURPOSE TO EFFECT CHANGE IN THE WORLD. 2,500

CLIMATE LEADERSHIP COUNCIL

1900 M STREET NW SUITE 800
WASHINGTON,DC20036 		NONE PUBLIC CHARITY THE CLIMATE LEADERSHIP COUNCIL IS AN INTERNATIONAL RESEARCH AND ADVOCACY ORGANIZATION WHOSE MISSION IS TO CONVENE GLOBAL OPINION LEADERS AROUND NEW CLIMATE SOLUTIONS BASED ON CARBON DIVIDENDS, ADAPTED TO EACH OF THE LARGEST GREENHOUSE GAS EMITTING REGIONS. CURRENTLY ACTIVE IN WASHINGTON AND LONDON, THE COUNCIL WILL EXPAND TO BERLIN, BEIJING AND NEW DELHI NEXT. 25,000

COUNCIL OF AMERICAN AMBASSADORS

888 SEVENTEENTH STREET NW STE 306
WASHINGTON,DC20006 		NONE PUBLIC CHARITY TO SUPPORT THE ROLE OF THE AMERICAN AMBASSADOR AND THE COUNTRY TEAM IN CARRYING OUT U.S. FOREIGN POLICY AT EMBASSIES AROUND THE WORLD. 2,500

COUNCIL OF AMERICAN AMBASSADORS

888 SEVENTEENTH STREET NW STE 306
WASHINGTON,DC20006 		NONE PUBLIC CHARITY TO SUPPORT THE ROLE OF THE AMERICAN AMBASSADOR AND THE COUNTRY TEAM IN CARRYING OUT U.S. FOREIGN POLICY AT EMBASSIES AROUND THE WORLD. 1,000

CURE ALZHEIMERS FUND

34 WASHINGTON ST STE 310
WELLESLEY HILLS,MA02481 		NONE PUBLIC CHARITY TO SUPPORT ALZHEIMER'S RESEARCH 25,000

DUCKS UNLIMITED

ONE WATERFOWL WAY
MEMPHIS,TN381202351 		NONE PUBLIC CHARITY TO SUPPORTS THE CONSERVATION, RESTORATION AND MANAGEMENT OF WETLANDS AND ASSOCIATED HABITATS FOR NORTH AMERICA'S WATERFOWL. 2,500

EASTSHORE ALLIANCE FC

748 GILMAN STREET
BERKELEY,CA94710 		NONE PUBLIC CHARITY TO SUPPORT YOUTH SOCCER PLAYERS OF THE EAST BAY AREA. 10,000

FOLDS OF HONOR

8551 N 125 E AVENUE STE 100
OWASSO,OK74055 		NONE PUBLIC CHARITY TO PROVIDE EDUCATIONAL SCHOLARSHIPS TO THE FAMILIES OF MILITARY MEN AND WOMEN WHO HAVE FALLEN OR BEEN DISABLED WHILE ON ACTIVE DUTY IN THE UNITED STATES ARMED FORCES 50,000

FOLDS OF HONOR

8551 N 125 E AVENUE STE 100
OWASSO,OK74055 		NONE PUBLIC CHARITY TO PROVIDE EDUCATIONAL SCHOLARSHIPS TO THE FAMILIES OF MILITARY MEN AND WOMEN WHO HAVE FALLEN OR BEEN DISABLED WHILE ON ACTIVE DUTY IN THE UNITED STATES ARMED FORCES 100,000

FRIENDS OF HARVARD BASEBALL

124 MOUNT AUBURN STREET
CAMBRIDGE,MA021385795 		NONE PUBLIC CHARITY TO SUPPORT HARVARD ATHLETICS BASEBALL 10,000

JOHNSON CANCER CENTER FOUNDATION (BUILDING OUR FUTURE)

9-623 FACTOR BLDG BOX 951780
LOS ANGELES,CA900951780 		NONE PUBLIC CHARITY TO SUPPORT LIFE-CHANGING CANCER RESEARCH. 10,000

JOSEPHY CENTER FOR ARTS AND CULTURE

PO BOX 949 403 N MAIN ST
JOSEPH,OR97846 		NONE PUBLIC CHARITY TO HELP BUILD A TWO-STORY BUILDING EXPANSION TO INCLUDE AN ADA ELEVATOR AND RESTROOM AT THE GALLERY. 25,000

KIDDO

409 SYCAMORE AVENUE
MILL VALLEY,CA94941 		NONE PUBLIC CHARITY KIDDO!, THE MILL VALLEY SCHOOLS COMMUNITY FOUNDATION, IS A NON-PROFIT 501(C3) ORGANIZATION MADE UP OF PARENTS, TEACHERS, BUSINESSES, AND ACTIVE MEMBERS OF THE COMMUNITY WHO, SINCE 1982, HAVE RAISED TENS OF MILLIONS OF DOLLARS TO SUPPLEMENT OUR LIMITED SCHOOL BUDGETS. WE FUND VITAL PROGRAMS AND TEACHERS AT OUR FIVE ELEMENTARY SCHOOLS AND MIDDLE SCHOOL - INCLUDING ART, MUSIC, DRAMA, POETRY, DANCE, P.E., TECHNOLOGY SUPPORT, TEACHER GRANTS, CLASSROOM AIDES AND LIBRARY AIDES. 5,000

KIPP BAY AREA SCHOOLS

1000 BROADWAY STREET 460
OAKLAND,CA94607 		NONE PUBLIC CHARITY TO PREPARE STUDENTS IN UNDERSERVED COMMUNITIES FOR SUCCESS IN COLLEGE AND IN LIFE. 15,000

LELAND STANFORD JUNIOR UNIVERSITY (SIEPR)

326 GALVEZ STREET
STANFORD,CA943056105 		NONE PUBLIC CHARITY TO HELP SUPPORT EARLY-CAREER ECONOMISTS 100,000

LELAND STANFORD JUNIOR UNIVERSITY

326 GALVEZ STREET
STANFORD,CA943056105 		NONE PUBLIC CHARITY THE THOMAS FLEETWORD STEPHENSON PENDING FUND 500,000

LELAND STANFORD JUNIOR UNIVERSITY

326 GALVEZ STREET
STANFORD,CA943056105 		NONE PUBLIC CHARITY TO HELP SUPPORT STROKE RESEARCH. 25,000

SOUTHERN MARIN BRONCOS

180 CAMINO ALTO
MILL VALLEY,CA94941 		NONE PUBLIC CHARITY TO SUPPORT YOUTH FOOTBALL PLAYERS IN MARIN. 200

SPECIAL FORCES CHARITABLE TRUST

677 S BENNETT ST
SOUTHERN PINES,NC28387 		NONE PUBLIC CHARITY TO PROVIDE SUSTAINABLE AND MEANINGFUL FINANCIAL SUPPORT, THROUGH PROGRAMS AND SERVICES, TO MILITARY MEMEBERS AND THEIR FAMILIES. 2,500

SPIRIT OF AMERICA

3033 WILSON BLVD SUITE 700
ARLINGTON,VA222013868 		NONE PUBLIC CHARITY TO SUPPORTE TROOPS AND DIPLOMATS TO HELP THEM SAVE AND IMPROVE LIVES, PROMOTE VALUES SHARED BY AMERICANS AND OUR ALLIES, AND STRENGTHEN RELATIONSHIPS. 25,000

THE DAWN REDWOODS TRUST

ONE BLACKFIELD DRIVE SUITE 331
TIBURON,CA949202053 		NONE PUBLIC CHARITY TO HELP PEOPLE IN THEIR TIMES OF NEED 10,000

WILMINGTON FRIENDS SCHOOL

101 SCHOOL ROAD
WILMINGTON,DE19803 		NONE PUBLIC CHARITY TO PROVIDE EDUCATION SUPPORT 5,000
Total .................................right arrow 3a 1,226,700
bApproved for future payment
Total ................................. right arrow 3b 0
Form 990-PF (2023)
Form 990-PF (2023)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		    14 188  
4 Dividends and interest from securities ....     14 649,327  
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 ............ 		    18 824,776  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aFROM K-1S 		    14 -12  
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. 0 1,474,279 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
1,474,279
(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.)
1 N/A
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 InvestmentsCorpStockSchedule
Name:
STEPHENSON FOUNDATION
EIN:
94-3320092
Name of Stock End of Year Book Value End of Year Fair Market Value
MUTUAL FUNDS (FIXED) HELD AT CAPITAL GUARDIAN 3,692,724 3,677,875
SECURITIES HELD AT CAPITAL GUARDIAN 6,358,643 11,324,010
SECURITIES HELD AT FIDELITY Y89-891371 9,157,725 10,730,218
SEQUOIA CAPITAL - BARRACUDA STOCK 219 219

TY 2023 InvestmentsOtherSchedule2
Name:
STEPHENSON FOUNDATION
EIN:
94-3320092
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
SEQUOIA CAPITAL FRANCHISE PARTNERS, LP FMV 25,427 25,427
CAPITAL GROUP ALTERNATIVE STRATEGIES (OFFSHORE) LP AT COST 600,000 759,925

TY 2023 OtherDecreasesSchedule
Name:
STEPHENSON FOUNDATION
EIN:
94-3320092
Description Amount
UNREALIZED GAIN/LOSS - FMV ADJUSTMENT 12,283


TY 2023 OtherExpensesSchedule
Name:
STEPHENSON FOUNDATION
EIN:
94-3320092
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FILING FEES 100 0   0


TY 2023 OtherIncomeSchedule2
Name:
STEPHENSON FOUNDATION
EIN:
94-3320092
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
FROM K-1S -12 -12 -12


TY 2023 OtherProfessionalFeesSchedule
Name:
STEPHENSON FOUNDATION
EIN:
94-3320092
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT FEES 121,122 121,122   0
PORTFOLIO DEDUCTIONS 1,220 1,220   0
ACCOUNTING FEES 18,100 0   0


TY 2023 TaxesSchedule
Name:
STEPHENSON FOUNDATION
EIN:
94-3320092
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FOREIGN TAXES 25,048 25,048   0