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
HEADWATERS HEALTH FOUNDATION
OF WESTERN MONTANA
Number and street (or P.O. box number if mail is not delivered to street address)119 W MAIN ST
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
MISSOULA, MT59802
A Employer identification number

81-1099715
B Telephone number (see instructions)

(406) 926-6526
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$123,719,137J 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) 924,000
2 Check right arrow.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 1,984,578 2,755,432  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 478,646
b Gross sales price for all assets on line 6a 20,580,046
7 Capital gain net income (from Part IV, line 2)... 446,067
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
2,653,726 2,747,211  
12 Total. Add lines 1 through 11........ 6,040,950 5,948,710  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 895,771 61,877   760,655
14 Other employee salaries and wages...... 319,662 1,859   315,262
15 Pension plans, employee benefits....... 373,294 36,782   379,315
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
13,854 6,434   4,026
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
177,834 33,214   133,376
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
891,056 1,015,535   174,301
17 Interest............... 124,555 59,973   64,582
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
187,446 82,234   0
19 Depreciation (attach schedule) and depletion... Click to see attachment
List of Attached Documents:
// Content
88,724 0  
20 Occupancy.............. 150,494 0   150,461
21 Travel, conferences, and meetings....... 551,579 0   551,579
22 Printing and publications.......... 3,487 0   3,487
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
257,810 0   312,653
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 4,035,566 1,297,908   2,849,697
25 Contributions, gifts, grants paid....... 4,105,000 4,105,000
26 Total expenses and disbursements. Add lines 24 and 25 8,140,566 1,297,908   6,954,697
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -2,099,616
b Net investment income (if negative, enter -0-) 4,650,802
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............. 593,969 66,021 66,021
2 Savings and temporary cash investments.........   244,304 244,304
3 Accounts receivable right arrow58,844
Less: allowance for doubtful accounts right arrow   80,553 58,844 58,844
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..........   38,889 38,889
10a Investments—U.S. and state government obligations (attach schedule) 4,118,812 Click to see attachment
List of Attached Documents:
// Content
3,117,766 		3,117,766
b Investments—corporate stock (attach schedule)....... 33,906,421 Click to see attachment
List of Attached Documents:
// Content
40,521,611 		40,521,611
c Investments—corporate bonds (attach schedule)....... 7,692,311 Click to see attachment
List of Attached Documents:
// Content
4,515,483 		4,515,483
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).......... 66,321,371 Click to see attachment
List of Attached Documents:
// Content
72,154,877 		72,154,877
14 Land, buildings, and equipment: basis right arrow3,177,396
Less: accumulated depreciation (attach schedule) right arrow232,640 3,024,780 Click to see attachment
List of Attached Documents:
// Content
2,944,756 		2,944,756
15 Other assets (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
0 		Click to see attachment
List of Attached Documents:
// Content
56,586 		Click to see attachment
List of Attached Documents:
// Content
56,586
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 115,738,217 123,719,137 123,719,137
Liabilities 17 Accounts payable and accrued expenses.......... 64,815 31,634
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) Click to see attachment
List of Attached Documents:
// Content
2,117,115 		Click to see attachment
List of Attached Documents:
// Content
2,159,287
23 Total liabilities (add lines 17 through 22)......... 2,181,930 2,190,921
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........... 113,556,287 121,528,216
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here right arrow
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds    
29 Total net assets or fund balances (see instructions)..... 113,556,287 121,528,216
30 Total liabilities and net assets/fund balances (see instructions). 115,738,217 123,719,137
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
113,556,287
2
Enter amount from Part I, line 27a .....................
2
-2,099,616
3
Other increases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
3
10,071,545
4
Add lines 1, 2, and 3 ..........................
4
121,528,216
5
Decreases not included in line 2 (itemize) right arrow
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
121,528,216
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 PUBLICLY TRADED SECURITIES      
b ALTERNATIVE INVESTMENTS P    
c CAPITAL GAINS DIVIDENDS P    
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 19,139,479   20,071,706 -932,227
b 1,262,982   62,273 1,200,709
c 177,585     177,585
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       -932,227
b       1,200,709
c       177,585
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 446,067
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 64,646
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 64,646
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 64,646
6 Credits/Payments:
a 2023 estimated tax payments and 2022 overpayment credited to 2023 6a 91,414
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 50,000
d Backup withholding erroneously withheld .......... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 141,414
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 76,768
11 Enter the amount of line 10 to be: Credited to 2024 estimated taxright arrow76,768 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
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
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 arrowMT
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 arrowWWW.HEADWATERSMT.ORG
14
The books are in care ofright arrowMYNOR VELIZ Telephone no.right arrow (406) 926-6526

Located atright arrow119 W MAIN STREETMISSOULAMT ZIP+4right arrow59802
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2023, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country right arrow
Form 990-PF (2023)
Form 990-PF (2023)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
Yes
 
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
No
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2023? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2023, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2023?....................
2a
 
No
If "Yes," list the years right arrow20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
right arrow20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2023 as a result of (1) any purchase by the foundation
or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
if the foundation had excess business holdings in 2023.) .....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2023? ..
4b
 
No
Form 990-PF (2023)
Form 990-PF (2023)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
No
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
BRENDA SOLORZANO-CLAUDLE CHIEF EXECUTIVE OFFICER
40.00 		362,656 26,152 0
119 W MAIN STREET
MISSOULA,MT59802
MYNOR VELIZ CHIEF FINANCIAL OFFICER
40.00 		316,506 24,587 0
119 W MAIN STREET
MISSOULA,MT59802
ERIN SWITALSKI PROGRAM DIRECTOR
40.00 		149,665 16,204 0
119 W MAIN STREET
MISSOULA,MT59802
CARISSA KUHL CHAIR
1.30 		0 0 0
119 W MAIN STREET
MISSOULA,MT59802
KELLEY RISCHKE VICE CHAIR
1.30 		0 0 0
119 W MAIN STREET
MISSOULA,MT59802
RICHARD OPPER SECRETARY/TREASURER
1.30 		0 0 0
119 W MAIN STREET
MISSOULA,MT59802
RACHEL HUFF-DORIA TRUSTEE
1.30 		0 0 0
119 W MAIN STREET
MISSOULA,MT59802
ROBERT J PHILLIPS TRUSTEE
1.30 		0 0 0
119 W MAIN STREET
MISSOULA,MT59802
JASON SMITH TRUSTEE
1.30 		0 0 0
119 W MAIN STREET
MISSOULA,MT59802
MIKE STEWART TRUSTEE
1.30 		0 0 0
119 W MAIN STREET
MISSOULA,MT59802
JEANNE TWOHIG TRUSTEE
1.30 		0 0 0
119 W MAIN STREET
MISSOULA,MT59802
JENNIFER ST GODDARD TRUSTEE
1.30 		0 0 0
119 W MAIN STREET
MISSOULA,MT59802
MARILYN ZIMMERMAN TRUSTEE
1.30 		0 0 0
119 W MAIN STREET
MISSOULA,MT59802
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
CARI L CUFFNEY PROGRAM OFFICER
40.00 		93,493 9,438 0
119 W MAIN STREET
MISSOULA,MT59802
ASHLEY MORTON PROGRAM OFFICER
40.00 		93,697 7,506 0
119 W MAIN STREET
MISSOULA,MT59802
STEPHANIE SCHILLING EVALUATION AND OPERA
40.00 		86,033 5,006 0
119 W MAIN STREET
MISSOULA,MT59802
ROBYN E WINDHAM COMMUNICATIONS SPECI
40.00 		79,327 4,604 0
119 W MAIN STREET
MISSOULA,MT59802
RUTH CRYSTAL PROGRAM OFFICER
40.00 		70,234 6,590 0
119 W MAIN STREET
MISSOULA,MT59802
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
FEG INVESTMENT ADVISORS INVESTMENT 338,711
201 E 5TH STREET SUITE 1600
CINCINNATI,OH45202
FSG INC STRATEGIC PLANNING 286,695
1411 4TH AVENUE 12TH FLOOR
SEATTLE,WA98101
WIPFLI LLP BOOKKEEPING 94,914
101 E FRONT STREET
MISSOULA,MT59802
MOSS ADAMS LLP AUDIT AND TAX 82,732
805 SW BROADWAY STREET SUITE 1200
PORTLAND,OR97205
PHILANTHROPY NORTHWEST INC CONSULTING 67,313
600 UNIVERSITY STREET SUITE 1725
SEATTLE,WA98101
Total number of others receiving over $50,000 for professional services.............right arrow2
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
47,723,203
b
Average of monthly cash balances.......................
1b
864,265
c
Fair market value of all other assets (see instructions)................
1c
72,213,722
d
Total (add lines 1a, b, and c).........................
1d
120,801,190
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
120,801,190
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
1,812,018
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
118,989,172
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
5,949,459
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
5,949,459
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
64,646
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
64,646
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
5,884,813
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
5,884,813
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
5,884,813
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
6,954,697
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
8,700
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
6,963,397
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 5,884,813
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only....... 0
b Total for prior years:20 , 20, 20 0
3 Excess distributions carryover, if any, to 2022:
a From 2018......  
b From 2019......  
c From 2020......  
d From 2021...... 5,315,539
e From 2022...... 742,633
f Total of lines 3a through e ........ 6,058,172
4Qualifying distributions for 2023 from Part
XI, line 4: right arrow$ 6,963,397
a Applied to 2022, but not more than line 2a 0
b Applied to undistributed income of prior years
(Election required—see instructions)..... 		0
c Treated as distributions out of corpus (Election
required—see instructions)........ 		0
d Applied to 2023 distributable amount..... 5,884,813
e Remaining amount distributed out of corpus 1,078,584
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 7,136,756
b Prior years’ undistributed income. Subtract
line 4b from line 2b .......... 		0
c Enter the amount of prior years’ undistributed
income for which a notice of deficiency has
been issued, or on which the section 4942(a)
tax has been previously assessed...... 		0
d Subtract line 6c from line 6b. Taxable amount
—see instructions ........... 		0
e Undistributed income for 2022. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		0
f Undistributed income for 2023. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2024 .......... 		0
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		0
8 Excess distributions carryover from 2018 not
applied on line 5 or line 7 (see instructions) ... 		0
9 Excess distributions carryover to 2024.
Subtract lines 7 and 8 from line 6a ...... 		7,136,756
10 Analysis of line 9:
a Excess from 2019....  
b Excess from 2020....  
c Excess from 2021.... 5,315,539
d Excess from 2022.... 742,633
e Excess from 2023.... 1,078,584
Form 990-PF (2023)
Form 990-PF (2023)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2023, enter the date of the ruling ...... right arrow
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2023 (b) 2022 (c) 2021 (d) 2020
         
b 85% (0.85) of line 2a .........          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, b, or c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here right arrow
aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
VISIT WEBSITE FOR MOST CURRENT INFO
283 W FRONT ST
MISSOULA,MT59802
(406) 926-6526
bThe form in which applications should be submitted and information and materials they should include:
VISIT WEBSITE FOR MOST CURRENT INFO WWW.HEADWATERSMT.ORG
cAny submission deadlines:
VISIT WEBSITE FOR MOST CURRENT INFO WWW.HEADWATERSMT.ORG
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
VISIT WEBSITE FOR MOST CURRENT INFO WWW.HEADWATERSMT.ORG
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

A VOICE ART VISION & OUTREACH INC

PO BOX 832
PABLO,MT59855 		  PC GENERAL SUPPORT 7,500

ALL NATIONS HEALTH CENTER

830 W CENTRAL
MISSOULA,MT59801 		  PC CHAMPIONSHIP BOXING - MISSOULA 25,000

ALL NATIONS HEALTH CENTER

830 W CENTRAL
MISSOULA,MT59801 		  PC BUILDING STAFF RESILIENCE WITH STAR-T TRAINING 20,000

ANACONDA COMMUNITY FOUNDATION INC

118 E 7TH STREET
ANACONDA,MT59711 		  PC GENERAL SUPPORT 7,500

ANACONDA MINISTERIAL PROJECT CARE

PO BOX 1280
ANACONDA,MT59711 		  PC GENERAL SUPPORT 3,500

ANACONDA PCA FAMILY RESOURCE CENTER INC

307 E PARK STREET
ANACONDA,MT59711 		  PC GENERAL SUPPORT 7,500

ANACONDA SCHOOL DISTRICT #10

1410 WEST PARK AVENUE
ANACONDA,MT59711 		  GOV GENERAL SUPPORT 15,000

ARLEE REHABILITATION CENTER

700 WOODWORTH AVENUE
MISSOULA,MT59801 		  PC GENERAL SUPPORT 7,500

ARLEE SCHOOL DISTRICT #8

72220 FYANT STREET
ARLEE,MT59812 		  GOV GENERAL SUPPORT 22,500

AWARE INC

200 SOUTH POLK
ANACONDA,MT59711 		  PC GENERAL SUPPORT 7,500

BEAR

1105 W MAIN STREET
HAMILTON,MT59840 		  PC GENERAL SUPPORT 7,500

BACKPACK ASSISTANCE PROGRAM

PO BOX 981
WHITEFISH,MT59937 		  PC GENERAL SUPPORT 7,500

BIGFORK ACES INC

439 GRAND DRIVE
BIGFORK,MT59911 		  PC GENERAL SUPPORT 7,500

BITTER ROOT RC&D

1709 N 1ST STREET
HAMILTON,MT59840 		  PC GENERAL SUPPORT 7,500

BOULDER ELEMENTARY SCHOOL DISTRICT

PO BOX 1346
BOULDER,MT59632 		  GOV GENERAL SUPPORT 15,000

BOYS & GIRLS CLUB OF GLACIER COUNTRY

PO BOX 961
COLUMBIA FALLS,MT59912 		  PC GENERAL SUPPORT 7,500

BOYS AND GIRLS CLUB OF MISSOULA COUNTY

1515 FAIRVIEW AVENUE SUITE 243
MISSOULA,MT59801 		  PC GENERAL SUPPORT 7,500

BUTTE 4-C'S

101 N MAIN
BUTTE,MT59701 		  PC GENERAL SUPPORT 7,500

BUTTE 4-C'S

101 N MAIN
BUTTE,MT59701 		  PC FACES OF PUBLIC ASSISTANCE INTERVIEWS 1,500

CANVAS EARLY LEARNING CENTER

512 1/2 N WASHINGTON STREET
DILLON,MT59725 		  PC EARLY CHILDHOOD COALITION OF BEAVERHEAD COUNTY 200,000

CASA OF LAKE COUNTY

PO BOX 511
POLSON,MT59860 		  PC GENERAL SUPPORT 7,500

CENTER FOR RESTORATIVE YOUTH JUSTICE

110 E IDAHO STREET
KALISPELL,MT59901 		  PC GENERAL SUPPORT 7,500

CHARLO COMMUNITY OUTDOOR COMPLEX INC

39752 MORRIS ROAD
CHARLO,MT59824 		  PC GENERAL SUPPORT 7,500

COMMUNITY FOOD AND AGRICULTURE COALITION

PO BOX 7025
MISSOULA,MT59807 		  PC GENERAL SUPPORT 7,500

COMMUNITY HARVEST INC

PO BOX 314
THOMPSON FALLS,MT59873 		  PC GENERAL SUPPORT 7,500

CONFEDERATED SALISH AND KOOTENAI TRIBES

PO BOX 278
PABLO,MT59855 		  GOV FLATHEAD INDIAN RESERVATION FOOD SOVEREIGNTY INITIATIVE 500,000

DAYTON ELEMENTARY PARENT TEACH ORG

43662 B STREET
DAYTON,MT59914 		  PC GENERAL SUPPORT 7,500

DIXON SCHOOL DISTRICT #9

411 B STREET
DIXON,MT59831 		  GOV GENERAL SUPPORT 7,500

DRUMMOND SCHOOL DISTRICT #11

PO BOX 349
DRUMMOND,MT59832 		  GOV GENERAL SUPPORT 15,000

DRUMMOND SCHOOL DISTRICT #2

PO BOX 349
DRUMMOND,MT59832 		  GOV GENERAL SUPPORT 15,000

EMPOWERMT

2300 REGENT STREET SUITE 101
MISSOULA,MT59801 		  PC GENERAL SUPPORT 15,000

EVERGREEN KIDS CORNER INC

201 S 8TH STREET
HAMILTON,MT59840 		  PC GENERAL SUPPORT 7,500

FAMILIES FIRST

455 E MAIN STREET
MISSOULA,MT59802 		  PC GENERAL SUPPORT 7,500

FAMILIES IN PARTNERSHIP INCORPORATED

PO BOX 762
LIBBY,MT59923 		  PC GENERAL SUPPORT 7,500

FIFTH JUDICAL DISTRICT VOICE FFOR CHILDREN INC

PO BOX 1464
DILLON,MT59725 		  PC GENERAL SUPPORT 7,500

FLINT CREEK CHILDCARE CO

PO BOX 1205
PHILIPSBURG,MT59858 		  PC GENERAL SUPPORT 7,500

FLORENCE COMMUNITY CENTER

PO BOX 98
FLORENCE,MT59833 		  PC GENERAL SUPPORT 7,500

FLORENCE CRITTENTON HOME & SERVICES

3404 COONEY DRIVE
HELENA,MT59602 		  PC GENERAL SUPPORT 7,500

FLORENCE-CARLTON SCHOOL PARENT ASSOCIATION

5602 OLD HWY 93
FLORENCE,MT59833 		  PC GENERAL SUPPORT 7,500

FRIENDS OF WHITEPINE GRANGE

153 CHILDS ROAD
TROUT CREEK,MT59874 		  PC GENERAL SUPPORT 7,500

HEALTHY MOTHERS HEALTHY BABIES

318-320 N LAST CHANCE GULCH
HELENA,MT59601 		  PC GENERAL SUPPORT 100,000

HEARTISM COMMUNITY CENTER

PO BOX 14
CORVALLIS,MT59828 		  PC GENERAL SUPPORT 7,500

HELPING HANDS FUND

410 1ST STREET EAST SUITE 1
POLSON,MT59860 		  PC FLATHEAD RESERVATION & LAKE COUNTY ZERO TO FIVE 200,000

HELPING HOOVES

382 ADAMS LANE
DILLON,MT59725 		  PC GENERAL SUPPORT 7,500

KIDS CO-OP

34224 S FINLEY PT ROAD
POLSON,MT59860 		  PC GENERAL SUPPORT 7,500

KIWANIS FOUNDATION OF MONTANA

PO BOX 10878
KALISPELL,MT59904 		  PC GENERAL SUPPORT 7,500

KOOTENAI HERITAGE COUNCIL INC

PO BOX 360
LIBBY,MT59923 		  PC GENERAL SUPPORT 7,500

LAKE COUNTY COMMUNITY DEVELOPMENT CORP

PO BOX 128
RONAN,MT59864 		  PC GENERAL SUPPORT 7,500

LINCOLN COUNTY PUBLIC HEALTH

418 MINERAL AVENUE
LIBBY,MT59923 		  GOV FACES OF PUBLIC ASSISTANCE INTERVIEWS 1,500

LINCOLN COUNTY PUBLIC LIBRARIES FOUNDATION

220 W 6TH STREET
LIBBY,MT59923 		  PC GENERAL SUPPORT 15,500

LOADS OF DIGNITY FKA LAUNDRY LOVE HAMILTON

177 ALICE AVENUE
HAMILTON,MT59840 		  PC GENERAL SUPPORT 7,500

MAPS MEDIA INSTITUTE

515 MADISON
HAMILTON,MT59840 		  PC GENERAL SUPPORT 7,500

MINERAL COUNTY COMMUNITY FOUNDATION

PO BOX 93
SUPERIOR,MT59872 		  PC GENERAL SUPPORT 7,500

MINERAL COUNTY HEALTH DEPARTMENT

PO BOX 488
SUPERIOR,MT59872 		  GOV GENERAL SUPPORT 7,500

MINERAL COUNTY HELP INC

PO BOX 142
SUPERIOR,MT59872 		  PC GENERAL SUPPORT 7,000

MISSOULA COMMUNITY FOUNDATION

PO BOX 8806
MISSOULA,MT59807 		  PC COMMUNITY EQUITY INITIATIVE 250,000

MISSOULA COMMUNITY FOUNDATION

PO BOX 8806
MISSOULA,MT59807 		  PC MONTANA CIVIC ENGAGEMENT FUNDING LANDSCAPE ANALYSIS 10,000

MONTANA BUDGET AND POLICY CENTER

15 W 6TH AVENUE 3E
HELENA,MT59601 		  PC MONTANA ADVOCATES FOR CHILDREN 100,000

MONTANA CONGRESS OF PARENTS TEACHERS STUDENTS

306 RAILROAD AVENUE
ALBERTON,MT59820 		  PC GENERAL SUPPORT 7,500

MONTANA FOOD BANK NETWORK INC

5625 EXPRESSWAY
MISSOULA,MT59808 		  PC FACES OF PUBLIC ASSISTANCE INTERVIEWS 1,500

MONTANA FREE PRESS

PO BOX 1425
HELENA,MT59624 		  PC MONTANA FREE PRESS - HEALTH EQUITY BEAT 20,000

MONTANA LAND TO HAND

PO BOX 4404
WHITEFISH,MT59937 		  PC GENERAL SUPPORT 7,500

MONTANA NONPROFIT ASSOCIATION

PO BOX 1744
HELENA,MT59624 		  PC CAPACITY BUILDING & TRUST BASED PHILANTHROPY 210,000

MONTANA PARTNERSHIP TO END CHILDHOOD HUNGER INC

2396 FERGUSON AVENUE
BOZEMAN,MT59718 		  PC CAPACITY BUILDING SUPPORT 24,500

MONTANA PARTNERSHIP TO END CHILDHOOD HUNGER INC

2396 FERGUSON AVENUE
BOZEMAN,MT59718 		  PC GENERAL SUPPORT 50,000

MONTANA SKATEPARK ASSOCIATION

618 S HIGGINS AVENUE
MISSOULA,MT59801 		  PC GENERAL SUPPORT 7,500

MONTANA TWO SPIRIT SOCIETY

PO BOX 7514
MISSOULA,MT59807 		  PC GENERAL SUPPORT 25,000

MOVING MOUNTAINS FOUNDATION

3031 SOUTH RUSSELL STREET
MISSOULA,MT59801 		  PC GENERAL SUPPORT 7,000

NORTH MISSOULA COMMUNITY DEVELOPMENT CORP

1500 BURNS STREET
MISSOULA,MT59802 		  PC CAPACITY BUILDING SUPPORT 25,000

NORTH VALLEY FOOD BANK INC

251 FLATHEAD AVENUE
WHITEFISH,MT59937 		  PC GENERAL SUPPORT 7,500

PEAK FOUNDATION

PO BOX 360
ALBERTON,MT59820 		  PC GENERAL SUPPORT 7,500

PLAINS PUBLIC SCHOOLS

412 RITTENOUR STREET
PLAINS,MT59859 		  GOV GENERAL SUPPORT 22,500

POVERELLO CENTER

1110 W BROADWAY STREET
MISSOULA,MT59802 		  PC CAPACITY BUILDING SUPPORT 22,500

POVERELLO CENTER

1110 W BROADWAY STREET
MISSOULA,MT59802 		  PC MONTANA COALITION TO END HOMELESSNESS 75,000

PROMISE686

5300 TRIANGLE PARKWAY NW SUITE 202
NORCROSS,GA30092 		  PC GENERAL SUPPORT 7,500

REMNANT CHURCH

3665 W BROADWAY STREET
MISSOULA,MT59808 		  PC GENERAL SUPPORT 7,500

S A F E HARBOUR INC

PO BOX 497
RONAN,MT59864 		  PC GENERAL SUPPORT 7,500

SALISH KOOTENAI COLLEGE INC

58138 US HIGHWAY 93
PABLO,MT59855 		  PC SKC INSTITUTIONAL ADVANCEMENT CULTURAL PRESERVATION 100,000

SANDERS COUNTY COMMUNITY HOUSING ORG

303 MAIN STREET
THOMPSON FALLS,MT59873 		  PC GENERAL SUPPORT 7,500

SEELEY LAKE COMMUNITY FOUNDATION

PO BOX 25
SEELEY LAKE,MT59868 		  PC GENERAL SUPPORT 7,500

SMELTER CITY RECREATION COMPLEX

123 MAIN STREET
ANACONDA,MT59711 		  PC GENERAL SUPPORT 7,500

SNQWELMISTN

63893 HWY 93
RONAN,MT59864 		  PC GENERAL SUPPORT 7,500

SOUTHWEST MONTANA YOUTH PARTNERS

PO BOX 1132
BOULDER,MT59631 		  PC CAPACITY BUILDING FOR CHILDREN AND FAMILIES IN SOUTHWEST MONTANA 100,000

SPARROWS VINE

PO BOX 864
SEELEY LAKE,MT59868 		  PC GENERAL SUPPORT 7,500

ST IGNATIUS PUBLIC SCHOOLS

PO BOX 1540
ST IGNATIUS,MT59865 		  GOV GENERAL SUPPORT 5,000

ST PETER'S HEALTH FOUNDATION

2475 BROADWAY
HELENA,MT59601 		  PC EARLY CHILDHOOD COLLABORATIVE OF THE GREATER HELENA AREA 200,000

SUPERIOR K-12 SCHOOL DISTRICT

1003 5TH AVENUE E
SUPERIOR,MT59872 		  PC GENERAL SUPPORT 7,500

SUPPORTERS OF ABUSE FREE ENVIRONMENTS INC

PO BOX 534
HAMILTON,MT59840 		  PC GENERAL SUPPORT 7,500

SWAN VALLEY SCHOOL

8380 OHERN ROAD
SAGINAW,MT48609 		  GOV GENERAL SUPPORT 7,500

TFS COMMUNITY HALL

PO BOX 393
TREGO,MT59934 		  PC GENERAL SUPPORT 7,500

THE HENRY J KAISER FAMILY FOUNDATION

185 BERRY STREET SUITE 2000
SAN FRANCISCO,CA94107 		  PC KAISER HEALTH NEWS MONTANA HEALTH NEWS 145,000

TWO EAGLE RIVER SCHOOL

PO BOX 160
PABLO,MT59855 		  GOV GENERAL SUPPORT 7,500

UNIVERSITY OF MONTANA FOUNDATION

950 ARTHUR AVENUE
MISSOULA,MT59807 		  PC EARLY CHILDHOOD COALITIONS CAPACITY DEVELOPMENT 250,000

UNIVERSITY OF MONTANA FOUNDATION

950 ARTHUR AVENUE
MISSOULA,MT59807 		  PC SCHOOL OF JOURNALISM MENTAL HEALTH ACCESS REPORTING 5,000

UNIVERSITY OF MONTANA FOUNDATION

950 ARTHUR AVENUE
MISSOULA,MT59807 		  PC AMERICAN INDIAN GOVERNANCE AND POLICY INSTITUTE RESEARCH 100,000

UNIVERSITY OF MONTANA FOUNDATION

950 ARTHUR AVENUE
MISSOULA,MT59807 		  PC CENTER FOR CHILDREN, FAMILIES, AND WORKFORCE DEVELOPMENT 85,500

WATSON CHILDRENS SHELTER INC

4978 BUCKHOUSE LANE
MISSOULA,MT59804 		  PC CAPACITY BUILDING SUPPORT 25,000

WATSON CHILDRENS SHELTER INC

4978 BUCKHOUSE LANE
MISSOULA,MT59804 		  PC GENERAL SUPPORT 7,500

WESTERN NATIVE VOICE EDUCATION PROJECT

80 25TH STREET W
BILLINGS,MT59102 		  PC ENGAGING NATIVE AMERICANS IN POLICY ISSUES IN MONTANA 125,000

WHITEHALL PUBLIC SCHOOLS

PO BOX 1109
WHITEHALL,MT59759 		  GOV GENERAL SUPPORT 15,000

YES YOUTH EMPOWERMENT SERVICES

PO BOX 686
ANACONDA,MT59711 		  PC GENERAL SUPPORT 7,500

ZERO TO FIVE MONTANA

7 WEST 6TH AVENUE SUITE 504
HELENA,MT59601 		  PC ZERO TO FIVE 500,000
Total .................................right arrow 3a 4,105,000
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 .... 901101 834 14 1,983,744  
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 ............ 		901101 4,621 18 474,025  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aALTERNATIVE INVESTMENTS 		901101 -12,109 14 2,665,835  
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. -6,654 5,123,604 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
5,116,950
(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.
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May the IRS discuss this return
with the preparer shown below?
See instructions.
Signature of officer or trustee Date Title
Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date Check if self-
employed right arrow		 PTIN
Firm's name SmallBullet
 Firm's EIN SmallBullet
Firm's address SmallBullet


 Phone no.
Form 990-PF (2023)
Additional Data


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description
Schedule B
(Form 990)
Department of the Treasury
Internal Revenue Service
Schedule of Contributors

Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
Arrow Bullet Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2023
Name of the organization
HEADWATERS HEALTH FOUNDATION
OF WESTERN MONTANA
Employer identification number

81-1099715
Organization type (check one):
Filers of:
Section:
Form 990 or 990-EZ






Form 990-PF




Check if your organization is covered by the General Rule or a Special Rule.  
Note: Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
General Rule
Special Rules
......... Arrow Bullet $  
Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).
For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.
Cat. No. 30613XSchedule B (Form 990) (2023)
Schedule B (Form 990) (2023) Page 2
Name of organization
HEADWATERS HEALTH FOUNDATION
OF WESTERN MONTANA 		Employer identification number
81-1099715
Part I
Contributors
Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
1
COMMUNITY MEDICAL CENTER
 
2827 FORT MISSOULA ROAD
 
MISSOULA, MT59804

$ 924,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
Schedule B (Form 990) (2023)
Schedule B (Form 990) (2023)
Page 3
Name of organization
HEADWATERS HEALTH FOUNDATION
OF WESTERN MONTANA 		Employer identification number

81-1099715
Part II
Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
Schedule B (Form 990) (2023)
Schedule B (Form 990) (2023)
Page 4
Name of organization
HEADWATERS HEALTH FOUNDATION
OF WESTERN MONTANA 		Employer identification number

81-1099715
Part III
Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
Use duplicate copies of Part III if additional space is needed.
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
Schedule B (Form 990) (2023)
Additional Data


Software ID:  
Software Version:  

TY 2023 AccountingFeesSchedule
Name:
HEADWATERS HEALTH FOUNDATION
 
OF WESTERN MONTANA
EIN:
81-1099715
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING FEES 177,834 33,214   133,376

Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

TY 2023 DepreciationSchedule
Name:
HEADWATERS HEALTH FOUNDATION
 
OF WESTERN MONTANA
EIN:
81-1099715
Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
Life (# of years)		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
BUILDING 2019-12-23 2,632,970 173,484 NC 39.000000000000 0 0    
LAND 2020-01-01 387,243   L   0 0    
FURNITURE AND EQUIPMENT 2021-01-01 157,183 59,156 NC 7.000000000000 0 0    

TY 2023 InvestmentsCorpBondsSchedule
Name:
HEADWATERS HEALTH FOUNDATION
 
OF WESTERN MONTANA
EIN:
81-1099715
Name of Bond End of Year Book Value End of Year Fair Market Value
PIMCO INCOME INSTL 685,650 685,650
AMERICAN TOWER CORP 199,716 199,716
LAS VEGAS SANDS C 220,925 220,925
MOTOROLA SOLUTIONS 353,072 353,072
SIMON PROPERTY GROUP 390,391 390,391
BANK OF AMERICA CORP 378,748 378,748
ALLY FINL INC 524,936 524,936
JPMORGAN CHASE & VAR 388,840 388,840
US BANKCORP 311,595 311,595
VIATRIS INC 338,023 338,023
THE SHERWIN-WILLIAMS CO 337,798 337,798
GLOBAL PAYMENTS I 385,789 385,789

TY 2023 InvestmentsCorpStockSchedule
Name:
HEADWATERS HEALTH FOUNDATION
 
OF WESTERN MONTANA
EIN:
81-1099715
Name of Stock End of Year Book Value End of Year Fair Market Value
DOUBLELINE CORE FIXED INCOME I 2,390,767 2,390,767
DFA EMERGING MARKETS VALUE I 5,533,718 5,533,718
PIMCO RAE US SMALL INSTL 6,121,372 6,121,372
VANGUARD DEVELOPED MARKETS INDEX INSTL 9,703,463 9,703,463
VANGUARD EMERGING MKTS STOCK IDX ADM 5,027,503 5,027,503
VANGUARD INSTITUTIONAL INDEX I 11,744,788 11,744,788

TY 2023 InvestmentsGovtObligationsSch
Name:
HEADWATERS HEALTH FOUNDATION
 
OF WESTERN MONTANA
EIN:
81-1099715
US Government Securities - End of Year Book Value:

3,117,766
US Government Securities - End of Year Fair Market Value:

3,117,766
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:
HEADWATERS HEALTH FOUNDATION
 
OF WESTERN MONTANA
EIN:
81-1099715
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
ACCOLADE PARTNERS VII LP AT COST 1,520,526 1,520,526
AUDAX DIRECT LENDING SOLUTIONS FUND-C LP AT COST 1,549,186 1,549,186
AUDAX DIRECT LENDING SOLUTIONS FUND II-C LP AT COST 757,978 757,978
AMERBROOK VIII LP AT COST 1,984,172 1,984,172
EDGE PRINCIPAL INVESTMENTS IV LP AT COST 737,814 737,814
FALCON PRIVATE CREDIT OPPORTUNITIES VI LP AT COST 1,865,092 1,865,092
FIDELITY REAL ESTATE AT COST 1,400,133 1,400,133
FEG SELECT LLC AT COST 23,204,365 23,204,365
HARVEST MLP INCOME FUND II LLC AT COST 5,634,814 5,634,814
RCP FUND XIII LP AT COST 2,081,968 2,081,968
RCP SOF IV FEEDER LP AT COST 1,028,079 1,028,079
SEAPORT GLOBAL PROPERTY SECURITIES FUND LLC AT COST 3,266,010 3,266,010
STRATEGIC VALUE CAPITAL SOLUTIONS FEEDER FUND LP AT COST 1,743,418 1,743,418
STRATEGIC VALUE CAPITAL SOLUTIONS FEEDER FUND II LP AT COST 394,565 394,565
IRONWOOD AT COST 9,161,786 9,161,786
ABS GLOBAL AT COST 5,767,417 5,767,417
COLLER INTERNATIONAL PARTNERS VII FEEDER FUND LP AT COST 915,064 915,064
WEATHERLOW OFFSHORE FUND I LTD AT COST 9,142,490 9,142,490

TY 2023 LandEtcSchedule2
Name:
HEADWATERS HEALTH FOUNDATION
 
OF WESTERN MONTANA
EIN:
81-1099715
Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
BUILDING 2,632,970 173,484 2,459,486  
LAND 387,243 0 387,243  
FURNITURE AND EQUIPMENT 157,183 59,156 98,027  


TY 2023 LegalFeesSchedule
Name:
HEADWATERS HEALTH FOUNDATION
 
OF WESTERN MONTANA
EIN:
81-1099715
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
LEGAL FEES 13,854 6,434   4,026


TY 2023 OtherAssetsSchedule
Name:
HEADWATERS HEALTH FOUNDATION
 
OF WESTERN MONTANA
EIN:
81-1099715
Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
EXCISE TAXES RECEIVABLE 0 56,586 56,586


TY 2023 OtherExpensesSchedule
Name:
HEADWATERS HEALTH FOUNDATION
 
OF WESTERN MONTANA
EIN:
81-1099715
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ADVERTISING AND PROMOTIONS 14,109 0   14,109
COMPUTER AND SOFTWARE 36,077 0   36,077
CONTRACTORS 17,933 0   17,933
EQUIPMENT RENT 82,228 0   82,228
FEES AND SUBSCRIPTIONS 3,469 0   10,969
GRANTEE CONVENINGS 17,830 0   17,830
GRANTEE VISITS 4,206 0   4,206
INSURANCE 21,661 0   21,661
MISCELLANEOUS 12,928 0   12,928
NONPROFIT CENTER 27,424 0   75,217
OFFICE EXPENSE 11,115 0   11,115
REPAIRS AND MAINTENANCE 4,919 0   4,469
SMALL EQUIPMENT 3,592 0   3,592
STATE FILING FEES 319 0   319


TY 2023 OtherIncomeSchedule2
Name:
HEADWATERS HEALTH FOUNDATION
 
OF WESTERN MONTANA
EIN:
81-1099715
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
ALTERNATIVE INVESTMENTS 2,653,726 2,747,211 2,653,726


TY 2023 OtherIncreasesSchedule
Name:
HEADWATERS HEALTH FOUNDATION
 
OF WESTERN MONTANA
EIN:
81-1099715
Description Amount
UNREALIZED GAIN ON INVESTMENTS 10,071,545


TY 2023 OtherLiabilitiesSchedule
Name:
HEADWATERS HEALTH FOUNDATION
 
OF WESTERN MONTANA
EIN:
81-1099715
Description Beginning of Year - Book Value End of Year - Book Value
PAYROLL LIABILITIES 93,822 107,079
DEFERRED TAX LIABILITY 226,539 321,044
EXCISE TAXES PAYABLE 2,023 0
CLEARWATER CONSTRUCTION LOAN 1,731,212 1,665,386
CURRENT PORTION OF LONG-TERM DEBT 63,519 65,778


TY 2023 OtherProfessionalFeesSchedule
Name:
HEADWATERS HEALTH FOUNDATION
 
OF WESTERN MONTANA
EIN:
81-1099715
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT FEES 338,711 338,711   0
CONSULTING FEES 173,101 3,250   173,101
RECRUITING 1,200 0   1,200
ALTERNATIVE INVESTMENTS 378,044 673,574   0


TY 2023 TaxesSchedule
Name:
HEADWATERS HEALTH FOUNDATION
 
OF WESTERN MONTANA
EIN:
81-1099715
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FOREIGN TAX 0 82,234   0
EXCISE TAX 187,446 0   0