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
ESTES FOUNDATION CO MATTHEW BREIDENBACH
PITCAIRN
Number and street (or P.O. box number if mail is not delivered to street address)161 WASHINGTON STREET 801
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
CONSHOHOCKEN, PA19428
A Employer identification number

23-7045252
B Telephone number (see instructions)

(804) 768-0023
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$27,781,930J 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... 605,419 605,419  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 3,818,926
b Gross sales price for all assets on line 6a 7,284,983
7 Capital gain net income (from Part IV, line 2)... 3,818,926
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
233,904 233,904  
12 Total. Add lines 1 through 11........ 4,658,249 4,658,249  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0   0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
8,889 0   8,889
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
5,455 0   2,728
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
101,791 71,791   30,000
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
23,179 19,104   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
13,210 13,210   0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 152,524 104,105   41,617
25 Contributions, gifts, grants paid....... 883,000 883,000
26 Total expenses and disbursements. Add lines 24 and 25 1,035,524 104,105   924,617
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 3,622,725
b Net investment income (if negative, enter -0-) 4,554,144
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............. 25,361 21,104 21,104
2 Savings and temporary cash investments......... 804,214 444,662 444,662
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) 2,406,015 Click to see attachment
List of Attached Documents:
// Content
1,719,190 		1,586,882
b Investments—corporate stock (attach schedule)....... 4,177,004 Click to see attachment
List of Attached Documents:
// Content
3,326,256 		8,158,818
c Investments—corporate bonds (attach schedule)....... 1,821,745 Click to see attachment
List of Attached Documents:
// Content
1,456,221 		1,376,992
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).......... 7,809,549 Click to see attachment
List of Attached Documents:
// Content
13,651,198 		16,193,472
14 Land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
15 Other assets (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
5,515 		Click to see attachment
List of Attached Documents:
// Content
0 		Click to see attachment
List of Attached Documents:
// Content
0
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 17,049,403 20,618,631 27,781,930
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 17,049,403 20,618,631
29 Total net assets or fund balances (see instructions)..... 17,049,403 20,618,631
30 Total liabilities and net assets/fund balances (see instructions). 17,049,403 20,618,631
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
17,049,403
2
Enter amount from Part I, line 27a .....................
2
3,622,725
3
Other increases not included in line 2 (itemize) right arrow
3
0
4
Add lines 1, 2, and 3 ..........................
4
20,672,128
5
Decreases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
5
53,497
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
20,618,631
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 GLAXOSMITHKLINE CAPI 3% 06/01/2024 CALLABLE P   2023-12-22
b AMERIPRISE FINL P   2023-12-22
c BOOKING HOLDINGS INC P   2023-12-22
d META PLATFORMS INC A P   2023-12-22
e VANGUARD ENERGY ETF P   2023-12-22
WALT DISNEY CO P   2023-12-20
EATON CORP PLC P   2023-11-17
EASTMAN CHEMICAL CO P   2023-10-03
EATON CORP PLC P   2023-09-27
JOHNSON & JOHNSON P   2023-09-27
MERCK & CO. INC. P   2023-09-27
RTX CORP P   2023-09-27
TJX COMPANIES INC P   2023-09-27
THERMO FISHER SCNTFC P   2023-09-27
UNILEVER PLC ADR P   2023-09-27
US TREASURY 1.875% 02/15/2051 P   2023-08-22
US TREASURY 6.25% 08/15/2023 P   2023-08-15
TOYOTA MOTOR CREDIT 0.5% 08/14/2023 P   2023-08-14
INTEL CORP 2.875% 05/11/2024 CALLABLE P   2023-07-24
ELEVANCE HEALTH INC P   2023-06-05
JPMORGAN CHASE & CO P   2023-06-05
LOCKHEED MARTIN CORP P   2023-06-05
META PLATFORMS INC A P   2023-06-05
UNITEDHEALTH GRP INC P   2023-06-05
AMAZON.COM INC P   2023-05-31
MICROSOFT CORP P   2023-05-31
ORACLE CORP P   2023-05-31
VANGUARD INFORMATION TECHNOLOGY ETF P   2023-05-31
US TREASURY 2.875% 08/15/2028 P   2023-05-17
FORD MOTOR CO P   2023-05-08
APPLE INC P   2023-05-03
MASTERCARD INC A P   2023-05-03
META PLATFORMS INC A P   2023-05-03
MICROSOFT CORP P   2023-05-03
PRINCIPAL REAL ESTATE SECURITIES INST P   2023-05-03
UNION PACIFIC CORP P   2023-05-03
VANGUARD ENERGY ETF P   2023-05-03
TRUIST FINL CORP P   2023-03-17
ISHARES EXPANDED TECH STW SCTR ETF P   2023-03-02
THERMO FISHER SCNTFC P   2023-02-22
UNITEDHEALTH GRP INC P   2023-02-22
PEPSICO INC P   2023-02-21
COMCAST CORP NEW A P   2023-02-17
COLGATE-PALMOLIVE CO 1.95% 02/01/2023 P   2023-02-01
US TREASURY 2.75% 02/15/2024 P   2023-01-20
AIR LEASE CORP 2.25% 01/15/2023 P   2023-01-15
US TREASURY 2.25% 11/15/2024 P   2023-01-11
APPLE INC P   2023-01-10
ABBVIE INC P   2023-01-10
ACCENTURE PLC A P   2023-01-10
ADOBE INC P   2023-01-10
ARCHER-DANIELS-MIDLN P   2023-01-10
AMGEN INC. P   2023-01-10
AMERN TOWER CORP REIT P   2023-01-10
AMAZON.COM INC P   2023-01-10
BERKSHIRE HATHAWAY B P   2023-01-10
CAMECO CORP P   2023-01-10
COMCAST CORP NEW A P   2023-01-10
CONOCOPHILLIPS P   2023-01-10
CISCO SYSTEMS INC P   2023-01-10
CORTEVA INC P   2023-01-10
DISCOVER FINL S P   2023-01-10
DANAHER CORP P   2023-01-10
DEVON ENERGY CORP P   2023-01-10
DEXCOM INC P   2023-01-10
EATON CORP PLC P   2023-01-10
ALPHABET INC. C P   2023-01-10
ALPHABET INC. A P   2023-01-10
HCA HEALTHCARE INC P   2023-01-10
HESS CORP P   2023-01-10
JOHNSON CONTROLS INT P   2023-01-10
JOHNSON & JOHNSON P   2023-01-10
JPMORGAN CHASE & CO P   2023-01-10
KLA CORP P   2023-01-10
CARMAX INC P   2023-01-10
LOWES COMPANIES INC P   2023-01-10
MASTERCARD INC A P   2023-01-10
MARKEL CORP P   2023-01-10
THE MOSAIC CO P   2023-01-10
MARATHON PETE CORP P   2023-01-10
MODERNA INC P   2023-01-10
MORGAN STANLEY P   2023-01-10
MICROSOFT CORP P   2023-01-10
NVIDIA CORP P   2023-01-10
O REILLY AUTOMOTIVE P   2023-01-10
PALO ALTO NETWORKS P   2023-01-10
PEPSICO INC P   2023-01-10
PRINCIPAL FINL P   2023-01-10
CHARLES SCHWAB CORP P   2023-01-10
SUNCOR ENERGY INC P   2023-01-10
TJX COMPANIES INC P   2023-01-10
TRACTOR SUPPLY COMP P   2023-01-10
TESLA INC P   2023-01-10
THE TRADE DESK INC A P   2023-01-10
UNION PACIFIC CORP P   2023-01-10
VISA INC A P   2023-01-10
VANGUARD ENERGY ETF P   2023-01-10
WILLIAMS COS INC P   2023-01-10
EXXON MOBIL CORP P   2023-01-10
ARCH CAP GROUP LTD P   2023-01-06
AMERICAN INTL GROUP P   2023-01-06
AFFILIATED MANAGERS P   2023-01-06
AMN HEALTHCARE SRVCS P   2023-01-06
APOGEE ENTERPRISES P   2023-01-06
ASHTEAD GROUP PLC ADR P   2023-01-06
GRUPO AEROPORTUARIO ADR P   2023-01-06
AUTOZONE INC P   2023-01-06
BERKSHIRE HILLS BANC P   2023-01-06
TOPBUILD CORP P   2023-01-06
BOOT BARN HOLDINGS P   2023-01-06
CADENCE DESIGN SYS P   2023-01-06
CONSTELLATION ENERGY P   2023-01-06
COMPAGNIE FINANCIERE ADR P   2023-01-06
CANADIAN NATURAL RES P   2023-01-06
CONCENTRIX P   2023-01-06
DECKERS OUTDOOR CORP P   2023-01-06
E L F BEAUTY INC P   2023-01-06
EOG RESOURCES INC P   2023-01-06
EXLSERVICE HOLDINGS P   2023-01-06
DIAMONDBACK ENERGY P   2023-01-06
COMFORT SYSTEMS USA P   2023-01-06
FORTINET INC P   2023-01-06
LIBERTY MEDIA CORP SERIES C LIBERTY MEDIA P   2023-01-06
GERDAU SA ADR P   2023-01-06
GLENCORE PLC ADR P   2023-01-06
HALOZYME THERAPEUTIC P   2023-01-06
HORIZON THERAPEUTICS P   2023-01-06
ICICI BANK LTD ADR P   2023-01-06
IMPERIAL OIL LTD P   2023-01-06
CHENIERE ENERGY INC P   2023-01-06
LPL FINL HLDGS P   2023-01-06
MCKESSON CORP P   2023-01-06
MEDPACE HOLDINGS INC P   2023-01-06
MOLINA HEALTHCARE P   2023-01-06
MONOLITHIC POWER SYS P   2023-01-06
MASTEC INC P   2023-01-06
NUCOR CORP P   2023-01-06
OLD DOMINION FREIGHT P   2023-01-06
ONTO INNOVATION INC P   2023-01-06
PATTERSON UTI ENERGY P   2023-01-06
PIONEER NATURAL RES P   2023-01-06
SYLVAMO CORP P   2023-01-06
SYNOPSYS INC P   2023-01-06
TD SYNNEX CORP P   2023-01-06
SOUTH32 LTD ADR P   2023-01-06
SOUTHWESTERN ENERGY P   2023-01-06
TAYLOR MORRISON HOME P   2023-01-06
TENARIS S A ADR P   2023-01-06
TEXTRON INC P   2023-01-06
UNITED MICROELECTRON ADR P   2023-01-06
UNITED RENTALS INC P   2023-01-06
WESCO INTERNTNL P   2023-01-06
WOODSIDE ENERGY GROU ADR P   2023-01-06
CACTUS INC A P   2023-01-06
  P    
CAPITAL GAINS DIVIDENDS P    
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 79,118   80,259 -1,141
b 112,815   37,755 75,060
c 70,887   46,302 24,585
d 42,336   33,196 9,140
e 119,259   42,290 76,969
82,065   103,977 -21,912
179,486   31,481 148,005
89,832   96,275 -6,443
21,378   5,191 16,187
12,562   1,055 11,507
7,310   7,769 -459
7,322   10,009 -2,687
13,285   5,418 7,867
9,991   1,061 8,930
9,782   10,285 -503
59,092   98,990 -39,898
135,000   135,000 0
80,000   79,938 62
73,433   74,490 -1,057
16,637   17,274 -637
13,847   4,132 9,715
4,551   4,627 -76
13,767   17,239 -3,472
12,532   4,688 7,844
15,637   1,199 14,438
16,506   2,060 14,446
19,077   15,533 3,544
29,286   22,777 6,509
48,213   51,099 -2,886
61,429   89,149 -27,720
15,269   484 14,785
115,698   31,305 84,393
19,292   27,583 -8,291
39,804   5,356 34,448
149,214   110,990 38,224
39,464   15,814 23,650
109,570   42,290 67,280
114,071   157,687 -43,616
78,545   79,314 -769
13,761   1,326 12,435
16,695   7,607 9,088
78,586   19,273 59,313
105,172   19,083 86,089
100,000   98,992 1,008
58,814   60,241 -1,427
80,000   79,439 561
207,240   214,938 -7,698
164,288   27,985 136,303
12,338   5,100 7,238
168,392   23,779 144,613
172,683   44,990 127,693
14,053   5,836 8,217
60,135   18,587 41,548
124,116   40,144 83,972
24,263   7,138 17,125
276,180   26,636 249,544
8,427   2,973 5,454
66,836   26,132 40,704
8,706   3,169 5,537
110,921   37,206 73,715
8,850   3,493 5,357
11,160   3,547 7,613
121,018   9,092 111,926
10,432   1,390 9,042
41,867   16,347 25,520
152,785   69,405 83,380
97,891   19,534 78,357
151,718   31,019 120,699
15,478   5,802 9,676
18,937   4,948 13,989
8,742   3,563 5,179
28,027   2,109 25,918
411,311   150,551 260,760
10,761   3,861 6,900
53,848   17,259 36,589
32,912   13,918 18,994
111,035   30,691 80,344
122,572   31,243 91,329
11,073   2,771 8,302
14,020   3,444 10,576
8,902   3,400 5,502
109,209   62,712 46,497
347,608   150,278 197,330
59,991   23,609 36,382
14,045   5,668 8,377
8,066   3,427 4,639
85,460   22,198 63,262
1,308   564 744
6,415   2,471 3,944
8,760   3,660 5,100
38,171   16,795 21,376
3,723   1,478 2,245
42,112   10,873 31,239
3,121   1,300 1,821
120,507   44,991 75,516
121,750   17,885 103,865
242,484   84,580 157,904
11,470   3,891 7,579
48,724   35,855 12,869
17,470   6,699 10,771
10,318   3,443 6,875
3,624   1,471 2,153
3,628   1,489 2,139
3,214   1,338 1,876
14,219   5,055 9,164
8,757   2,996 5,761
9,967   3,500 6,467
5,351   1,715 3,636
2,831   1,115 1,716
7,115   2,192 4,923
19,361   8,130 11,231
5,966   2,279 3,687
15,092   5,655 9,437
13,167   3,267 9,900
4,231   1,432 2,799
4,764   1,915 2,849
6,282   1,966 4,316
22,107   6,155 15,952
5,260   2,122 3,138
6,089   1,306 4,783
7,054   2,233 4,821
7,551   3,344 4,207
8,596   3,012 5,584
14,207   4,491 9,716
15,118   4,284 10,834
5,099   1,440 3,659
10,857   2,767 8,090
39,215   15,047 24,168
12,957   3,359 9,598
18,591   5,532 13,059
7,154   1,984 5,170
15,019   5,309 9,710
8,624   2,790 5,834
3,034   1,364 1,670
4,048   1,507 2,541
1,096   449 647
6,047   1,560 4,487
3,897   1,445 2,452
7,543   2,858 4,685
5,467   752 4,715
21,273   6,412 14,861
491   216 275
4,505   1,950 2,555
3,067   1,173 1,894
27,302   11,002 16,300
5,070   1,374 3,696
3,530   1,242 2,288
19,330   5,624 13,706
10,358   3,704 6,654
23,848   6,106 17,742
6,816   1,868 4,948
1,174   351 823
1,475   1,334 141
5,171   1,397 3,774
      0
36,355     36,355
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       -1,141
b       75,060
c       24,585
d       9,140
e       76,969
      -21,912
      148,005
      -6,443
      16,187
      11,507
      -459
      -2,687
      7,867
      8,930
      -503
      -39,898
      0
      62
      -1,057
      -637
      9,715
      -76
      -3,472
      7,844
      14,438
      14,446
      3,544
      6,509
      -2,886
      -27,720
      14,785
      84,393
      -8,291
      34,448
      38,224
      23,650
      67,280
      -43,616
      -769
      12,435
      9,088
      59,313
      86,089
      1,008
      -1,427
      561
      -7,698
      136,303
      7,238
      144,613
      127,693
      8,217
      41,548
      83,972
      17,125
      249,544
      5,454
      40,704
      5,537
      73,715
      5,357
      7,613
      111,926
      9,042
      25,520
      83,380
      78,357
      120,699
      9,676
      13,989
      5,179
      25,918
      260,760
      6,900
      36,589
      18,994
      80,344
      91,329
      8,302
      10,576
      5,502
      46,497
      197,330
      36,382
      8,377
      4,639
      63,262
      744
      3,944
      5,100
      21,376
      2,245
      31,239
      1,821
      75,516
      103,865
      157,904
      7,579
      12,869
      10,771
      6,875
      2,153
      2,139
      1,876
      9,164
      5,761
      6,467
      3,636
      1,716
      4,923
      11,231
      3,687
      9,437
      9,900
      2,799
      2,849
      4,316
      15,952
      3,138
      4,783
      4,821
      4,207
      5,584
      9,716
      10,834
      3,659
      8,090
      24,168
      9,598
      13,059
      5,170
      9,710
      5,834
      1,670
      2,541
      647
      4,487
      2,452
      4,685
      4,715
      14,861
      275
      2,555
      1,894
      16,300
      3,696
      2,288
      13,706
      6,654
      17,742
      4,948
      823
      141
      3,774
      0
      36,355
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 3,818,926
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 63,303
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 63,303
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 63,303
6 Credits/Payments:
a 2023 estimated tax payments and 2022 overpayment credited to 2023 6a 22,981
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 75,000
d Backup withholding erroneously withheld .......... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 97,981
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 34,678
11 Enter the amount of line 10 to be: Credited to 2024 estimated taxright arrow34,678 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 arrowVA
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 arrowPITCAIRN TRUST COMPANY Telephone no.right arrow (251) 881-6020

Located atright arrow165 TOWNSHIP LINE ROADJENKINTOWNPA ZIP+4right arrow19046
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
MARTHA E GROVER PRESIDENT/VP/SECRETARY/TREASURER
0.00 		0 0 0
5607 GROVE AVENUE
RICHMOND,VA23226
MEADE A SPOTTS DIRECTOR
0.00 		0 0 0
5607 GROVE AVENUE
RICHMOND,VA23226
KRISTEN F HAGER DIRECTOR
0.00 		0 0 0
5607 GROVE AVENUE
RICHMOND,VA23226
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 THE ESTES FOUNDATION DOES NOT CARRY ON DIRECT CHARITABLE ACTIVITIES. 0
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
21,340,487
b
Average of monthly cash balances.......................
1b
662,131
c
Fair market value of all other assets (see instructions)................
1c
4,164,306
d
Total (add lines 1a, b, and c).........................
1d
26,166,924
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
26,166,924
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
392,504
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
25,774,420
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
1,288,721
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
1,288,721
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
63,303
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
63,303
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
1,225,418
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
1,225,418
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
1,225,418
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
924,617
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
924,617
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 1,225,418
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only....... 873,576
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$ 924,617
a Applied to 2022, but not more than line 2a 873,576
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..... 51,041
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 .......... 		1,174,377
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		0
8 Excess distributions carryover from 2018 not
applied on line 5 or line 7 (see instructions) ... 		0
9 Excess distributions carryover to 2024.
Subtract lines 7 and 8 from line 6a ...... 		0
10 Analysis of line 9:
a Excess from 2019....  
b Excess from 2020....  
c Excess from 2021....  
d Excess from 2022....  
e Excess from 2023....  
Form 990-PF (2023)
Form 990-PF (2023)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2023, enter the date of the ruling ...... right arrow
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2023 (b) 2022 (c) 2021 (d) 2020
         
b 85% (0.85) of line 2a .........          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, b, or c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here right arrow
aThe name, address, and telephone number or 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

ANNA JULIA COOPER EPISCOPAL SCHOOL

2100 N 29TH ST
RICHMOND,VA23223 		N/A PUBLIC CHARITY GENERAL 25,000

ART 180

114 W MARSHALL ST
RICHMOND,VA23220 		N/A PUBLIC CHARITY GENERAL 5,000

BOYS AND GIRLS CLUB OF METRO RICHMOND

5511 STAPLES MILL ROAD
RICHMOND,VA23228 		N/A PUBLIC CHARITY GENERAL 45,000

CAPITAL TREES

200 S 3RD ST
RICHMOND,VA23219 		N/A PUBLIC CHARITY GENERAL 7,500

CARITASTHE HEALING PLACE FOR WOMEN

2220 STOCKTON ST
RICHMOND,VA23224 		N/A PUBLIC CHARITY GENERAL 20,000

CHALLENGE DISCOVERY

22 WESTHAMPTON WAY
RICHMOND,VA23173 		N/A PUBLIC CHARITY GENERAL 55,000

CHESAPEAKE BAY FOUNDATION

6 HERNDON AVENUE
ANNAPOLIS,MD21403 		N/A PUBLIC CHARITY GENERAL 15,000

CHILD SAVERS

200 N 22ND ST
RICHMOND,VA23223 		N/A PUBLIC CHARITY GENERAL 25,000

CHRISTCHURCH SCHOOL

49 SEAHORSE LANE
CHRISTCHURCH,VA23031 		N/A PUBLIC CHARITY GENERAL 5,000

CHURCH HILL ACTIVITIES & TUTORING (CHAT)

3015 N ST RICHMOND
RICHMOND,VA23223 		N/A PUBLIC CHARITY GENERAL 15,000

COLLEGIATE SCHOOL

103 N MOORELAND RD
RICHMOND,VA23229 		N/A PUBLIC CHARITY GENERAL 15,000

COMMUNITIES IN SCHOOLS

2922 W MARSHALL ST
RICHMOND,VA23230 		N/A PUBLIC CHARITY GENERAL 45,000

ELK HILL FARM

1975 ELK HILL RD
GOOCHLAND,VA23063 		N/A PUBLIC CHARITY GENERAL 25,000

FEEDMORE

1415 RHOADMILLER ST
RICHMOND,VA23220 		N/A PUBLIC CHARITY GENERAL 25,000

FIRST PRESBYTERIAN

4602 CARY STREET
RICHMOND,VA23226 		N/A PUBLIC CHARITY GENERAL 15,000

FIT4KIDS

2101 MAYWILL ST
RICHMOND,VA23230 		N/A PUBLIC CHARITY GENERAL 20,000

FRIENDS ASSOCIATION FOR CHILDREN

1004 ST JOHN ST
RICHMOND,VA23220 		N/A PUBLIC CHARITY GENERAL 20,000

GREATER RICHMOND SCAN

103 E GRACE STREET
RICHMOND,VA23219 		N/A PUBLIC CHARITY GENERAL 15,000

HIGHER ACHIEVEMENT

100 EVERETT ST
RICHMOND,VA23224 		N/A PUBLIC CHARITY GENERAL 25,000

HISTORIC RICHMOND FOUNDATION

4 EAST MAIN STREET
RICHMOND,VA23219 		N/A PUBLIC CHARITY GENERAL 5,000

HOLLYWOOD CEMETERY

412 SOUTH CHERRY STREET
RICHMOND,VA23230 		N/A PUBLIC CHARITY GENERAL 5,000

INSTITUTE FOR CONTEMPORARY ART AT VCU

601 W BROAD STREET
RICHMOND,VA23220 		N/A PUBLIC CHARITY GENERAL 1,500

JAMES MADISON UNIVERSITY

800 S MAIN STREET
HARRISONBURG,VA22807 		N/A PUBLIC CHARITY GENERAL 15,000

JAMES RIVER ASSOCIATION

4833 OLD MAIN ST
RICHMOND,VA23231 		N/A PUBLIC CHARITY GENERAL 20,000

JUNIOR ACHIEVEMENT OF RICHMOND

1801 LIBBIE AVE STE 203
RICHMOND,VA23226 		N/A PUBLIC CHARITY GENERAL 15,000

MAYMONT FOUNDATION

1700 HAMPTON ST
RICHMOND,VA23220 		N/A PUBLIC CHARITY GENERAL 5,000

MIDDLESEX VOLUNTEER FIRE DEPARTMENT

335 VIRGINIA STREET
URBANNA,VA23175 		N/A PUBLIC CHARITY GENERAL 1,000

NEXTUP RICHMOND

3409 W MOORE ST
RICHMOND,VA23230 		N/A PUBLIC CHARITY GENERAL 15,000

OAKWOOD ARTS

3511 P STREET
RICHMOND,VA23223 		N/A PUBLIC CHARITY GENERAL 10,000

PETER PAUL DEVELOPMENT CENTER

1708 N 22ND ST
RICHMOND,VA23223 		N/A PUBLIC CHARITY GENERAL 25,000

RE WORK RICHMOND

1719 NORTH 22ND STREET
RICHMOND,VA23223 		N/A PUBLIC CHARITY GENERAL 25,000

RICHMOND BALLET

407 EAST CANAL STREET
RICHMOND,VA23219 		N/A PUBLIC CHARITY GENERAL 7,500

RICHMOND SYMPHONY

612 E GRACE ST 401
RICHMOND,VA23219 		N/A PUBLIC CHARITY GENERAL 7,500

SOAR365

3600 SAUNDERS AVENUE
RICHMOND,VA23227 		N/A PUBLIC CHARITY GENERAL 7,500

ST ANDREWS SCHOOL

227 S CHERRY ST
RICHMOND,VA23220 		N/A PUBLIC CHARITY GENERAL 50,000

THE VALENTINE

1015 E CLAY ST
RICHMOND,VA23219 		N/A PUBLIC CHARITY GENERAL 7,500

VCU FOUNDATION

PO BOX 842039
RICHMOND,VA232842039 		N/A PUBLIC CHARITY GENERAL 5,000

VCU SCHOOL OF THE ART POLLAK SOCIETY

POLLAK BLDG 325 N HARRISON STREET
201
RICHMOND,VA23284 		N/A PUBLIC CHARITY GENERAL 1,000

VIRGINIA HISTORICAL SOCIETY

428 N ARTHUR ASHE BLVD
RICHMOND,VA23220 		N/A PUBLIC CHARITY GENERAL 2,500

VIRGINIA MUSEUM OF FINE ARTS

200 N ARTHUR ASHE BLVD
RICHMOND,VA23220 		N/A PUBLIC CHARITY GENERAL 2,500

VIRGINIA REPERTORY THEATRE

114 WEST BROAD STREET
RICHMOND,VA23220 		N/A PUBLIC CHARITY GENERAL 2,500

VISUAL ARTS CENTER OF RICHMOND

1812 W MAIN STREET
RICHMOND,VA23220 		N/A PUBLIC CHARITY GENERAL 2,500

VOICES FOR VIRGINIA'S CHILDREN

1606 SANTA ROSA ROAD STE 109
HENRICO,VA23229 		N/A PUBLIC CHARITY GENERAL 15,000

YMCA

6 N 5TH ST
RICHMOND,VA23219 		N/A PUBLIC CHARITY GENERAL 35,000

YWCA

6 N 5TH ST
RICHMOND,VA23219 		N/A PUBLIC CHARITY GENERAL 30,000

PATH PARTNERSHIPS

455 MASSACHUSETTS AVE NW SUITE 1000
WASHINGTON,DC20001 		N/A PUBLIC CHARITY GENERAL 2,000

BETTER HOUSING COALITION

23 WEST BROAD STREET SUITE 100
RICHMOND,VA23220 		N/A PUBLIC CHARITY GENERAL 25,000

SHALOM FARMS

2676 VENITA ROAD
MIDLOTHIAN,VA23113 		N/A PUBLIC CHARITY GENERAL 25,000

CHILDREN'S HOSPITAL FOUNDATION

1 INVENTA PLACE 6TH FLOOR
SILVER SPRING,MD20910 		N/A PUBLIC CHARITY GENERAL 15,000

ILLUME FAMILY RECOVERY

11448 ROBIOUS ROAD
RICHMOND,VA23235 		N/A PUBLIC CHARITY GENERAL 20,000

MUSEUM OF THE BIBLE

400 4TH STREET SW
WASHINGTON,DC20024 		N/A PUBLIC CHARITY GENERAL 20,000

PARTNERSHIPS FOR THE FUTURE

4521 HIGHWOODS PARKWAY
GLEN ALLEN,VA23060 		N/A PUBLIC CHARITY GENERAL 15,000

CAMP HOLIDAY TRAILS

400 HOLIDAY TRAILS LANE
CHARLOTTESVILLE,VA22903 		N/A PUBLIC CHARITY GENERAL 10,000

JEWISH FEDERATION OF GREATER LOS ANGELES

6505 WILSHIRE BLVD
LOS ANGELES,CA90048 		N/A PUBLIC CHARITY GENERAL 10,000
Total .................................right arrow 3a 883,000
bApproved for future payment
Total ................................. right arrow 3b 0
Form 990-PF (2023)
Form 990-PF (2023)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		         
4 Dividends and interest from securities ....     14 605,419  
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 .....     14 233,904  
8 Gain or (loss) from sales of assets other than
inventory ............ 		    18 3,818,926  
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 4,658,249 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
4,658,249
(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:
ESTES FOUNDATION CO MATTHEW BREIDENBACH
 
PITCAIRN
EIN:
23-7045252
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING 5,455 0   2,728

TY 2023 InvestmentsCorpBondsSchedule
Name:
ESTES FOUNDATION CO MATTHEW BREIDENBACH
 
PITCAIRN
EIN:
23-7045252
Name of Bond End of Year Book Value End of Year Fair Market Value
CORPORATE BONDS 1,456,221 1,376,992

TY 2023 InvestmentsCorpStockSchedule
Name:
ESTES FOUNDATION CO MATTHEW BREIDENBACH
 
PITCAIRN
EIN:
23-7045252
Name of Stock End of Year Book Value End of Year Fair Market Value
CORPORATE STOCK 3,326,256 8,158,818

TY 2023 InvestmentsGovtObligationsSch
Name:
ESTES FOUNDATION CO MATTHEW BREIDENBACH
 
PITCAIRN
EIN:
23-7045252
US Government Securities - End of Year Book Value:

1,719,190
US Government Securities - End of Year Fair Market Value:

1,586,882
State & Local Government Securities - End of Year Book Value:


0
State & Local Government Securities - End of Year Fair Market Value:


0


TY 2023 InvestmentsOtherSchedule2
Name:
ESTES FOUNDATION CO MATTHEW BREIDENBACH
 
PITCAIRN
EIN:
23-7045252
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
OTHER INVESTMENTS AT COST 10,419,279 11,728,127
BESPOKE PRIVATE STRATEGIES LP SERIES 2019 AT COST 538,574 836,959
BESPOKE CAPITAL STRATEGIES LP SERIES 2017 AT COST 494,003 1,052,586
BESPOKE PRIVATE STRATEGIES LP SERIES 2018 AT COST 489,804 732,944
BESPOKE PRIVATE STRATEGIES LP SERIES 2020 AT COST 419,562 537,962
BESPOKE PRIVATE STRATEGIES LP SERIES 2021 AT COST 483,628 581,107
BESPOKE PRIVATE STRATEGIES LP SERIES 2022 AT COST 222,066 218,006
BESPOKE CAPITAL STRATEGIES LP SERIES TAX EXEMPT AT COST 532,268 465,730
BESPOKE PRIVATE STRATEGIES LP SERIES 2023 AT COST 52,014 40,051

TY 2023 LegalFeesSchedule
Name:
ESTES FOUNDATION CO MATTHEW BREIDENBACH
 
PITCAIRN
EIN:
23-7045252
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
LEGAL FEES 8,889 0   8,889


TY 2023 OtherAssetsSchedule
Name:
ESTES FOUNDATION CO MATTHEW BREIDENBACH
 
PITCAIRN
EIN:
23-7045252
Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
RECEIVABLE - UNSETTLED TRANSACTIONS 5,515    


TY 2023 OtherDecreasesSchedule
Name:
ESTES FOUNDATION CO MATTHEW BREIDENBACH
 
PITCAIRN
EIN:
23-7045252
Description Amount
COST BASIS ADJUSTMENT AND TIMING DIFFERENCES 53,497


TY 2023 OtherExpensesSchedule
Name:
ESTES FOUNDATION CO MATTHEW BREIDENBACH
 
PITCAIRN
EIN:
23-7045252
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
OTHER DEDUCTIONS - BESPOKE 2020 1,376 1,376   0
OTHER DEDUCTIONS - BESPOKE 2019 9,040 9,040   0
OTHER DEDUCTIONS - BESPOKE 2022 2,794 2,794   0


TY 2023 OtherIncomeSchedule2
Name:
ESTES FOUNDATION CO MATTHEW BREIDENBACH
 
PITCAIRN
EIN:
23-7045252
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
SUBPART F INCOME/BESPOKE 153,795 153,795 153,795
BESPOKE 2020 ROYALTIES 4,377 4,377 4,377
BESPOKE 2019 ROYALTIES 1,828 1,828 1,828
BESPOKE 2019 - OTHER INCOME 74,555 74,555 74,555
BESPOKE 2020 - OTHER INCOME 1 1 1
BESPOKE 2022 OTHER INCOME -652 -652 -652


TY 2023 OtherProfessionalFeesSchedule
Name:
ESTES FOUNDATION CO MATTHEW BREIDENBACH
 
PITCAIRN
EIN:
23-7045252
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT FEES 71,791 71,791   0
CONSULTING 30,000 0   30,000


TY 2023 TaxesSchedule
Name:
ESTES FOUNDATION CO MATTHEW BREIDENBACH
 
PITCAIRN
EIN:
23-7045252
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
EXCISE TAX-INVESTMENT 4,075 0   0
FOREIGN TAXES PAID 19,104 19,104   0