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
RICHARD AND ETHEL HERZFELD
FOUNDATION INC
Number and street (or P.O. box number if mail is not delivered to street address)219 N MILWAUKEE STREET 7 FL
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
MILWAUKEE, WI53202
A Employer identification number

23-7230686
B Telephone number (see instructions)

(414) 727-1136
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$76,210,557J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check right arrow.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 1,527,951 1,527,951  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 -2,806
b Gross sales price for all assets on line 6a 20,486,604
7 Capital gain net income (from Part IV, line 2)... 0
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
-69,470 -87,147  
12 Total. Add lines 1 through 11........ 1,455,675 1,440,804  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 52,400 0   52,400
14 Other employee salaries and wages...... 190,552 0   190,552
15 Pension plans, employee benefits....... 45,211 0   45,211
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
26,400 13,200   13,200
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
180,600 177,794   2,806
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
1,579 704   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy.............. 59,334 0   59,334
21 Travel, conferences, and meetings....... 326 0   326
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
36,065 0   36,065
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 592,467 191,698   399,894
25 Contributions, gifts, grants paid....... 2,310,832 2,310,832
26 Total expenses and disbursements. Add lines 24 and 25 2,903,299 191,698   2,710,726
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -1,447,624
b Net investment income (if negative, enter -0-) 1,249,106
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............. 81,985 42,987 42,987
2 Savings and temporary cash investments......... 3,172,075 4,187,589 4,187,589
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)      
b Investments—corporate stock (attach schedule)....... 44,825,699 Click to see attachment
List of Attached Documents:
// Content
49,853,422 		49,853,422
c Investments—corporate bonds (attach schedule)....... 14,295,629 Click to see attachment
List of Attached Documents:
// Content
14,114,726 		14,114,726
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).......... 7,066,029 Click to see attachment
List of Attached Documents:
// Content
7,984,958 		7,984,958
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
26,500 		Click to see attachment
List of Attached Documents:
// Content
26,875 		Click to see attachment
List of Attached Documents:
// Content
26,875
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 69,467,917 76,210,557 76,210,557
Liabilities 17 Accounts payable and accrued expenses.......... 800 263
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)......... 800 263
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........ 69,467,117 76,210,294
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 0 0
29 Total net assets or fund balances (see instructions)..... 69,467,117 76,210,294
30 Total liabilities and net assets/fund balances (see instructions). 69,467,917 76,210,557
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
69,467,117
2
Enter amount from Part I, line 27a .....................
2
-1,447,624
3
Other increases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
3
8,190,801
4
Add lines 1, 2, and 3 ..........................
4
76,210,294
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
76,210,294
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 K-1 CAPITAL GAINS      
b PUBLICLY TRADED SECURITIES      
c
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 48,836     48,836
b 20,437,768   20,489,410 -51,642
c
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       48,836
b       -51,642
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 -2,806
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 17,363
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 17,363
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 17,363
6 Credits/Payments:
a 2023 estimated tax payments and 2022 overpayment credited to 2023 6a 81,880
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld .......... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 81,880
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 64,517
11 Enter the amount of line 10 to be: Credited to 2024 estimated taxright arrow64,517 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
 
No
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 arrowWI
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.HERZFELDFOUNDATION.ORG
14
The books are in care ofright arrowRITZ HOLMAN LLP Telephone no.right arrow (414) 271-1451

Located atright arrow330 E KILBOURN AVENUE STE 550MILWAUKEEWI ZIP+4right arrow53202
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
FRED HABERMAN PRESIDENT
4.00 		11,200 0 0
219 N MILWAUKEE ST
MILWAUKEE,WI53202
DONNA BAUMGARTNER VICE PRESIDENT
2.00 		10,000 0 0
219 N MILWAUKEE ST
MILWAUKEE,WI53202
SARAH HABERMAN TREASURER
2.00 		11,200 0 0
219 N MILWAUKEE ST
MILWAUKEE,WI53202
ALEXANDER FRASER SECRETARY
2.00 		10,000 0 0
219 N MILWAUKEE ST
MILWAUKEE,WI53202
CARMEN HABERMAN EX-PRESIDENT
2.00 		0 0 0
219 N MILWAUKEE ST
MILWAUKEE,WI53202
KATHERINE A HEIL DIRECTOR
2.00 		10,000 0 0
219 N MILWAUKEE ST
MILWAUKEE,WI53202
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
JULIETTE DAHMS VICE PRESIDENT
40.00 		144,397 43,843 0
219 N MILWAUKEE ST 7TH FLOOR
MILWAUKEE,WI53202
Total number of other employees paid over $50,000...................right arrow 0
Form 990-PF (2023)
Form 990-PF (2023)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
NONE
Total number of others receiving over $50,000 for professional services.............right arrow0
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1  
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................right arrow0
Form 990-PF (2023)
Form 990-PF (2023)
Page 8
Part IX
Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
1
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:
a
Average monthly fair market value of securities...................
1a
72,178,442
b
Average of monthly cash balances.......................
1b
182,008
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, b, and c).........................
1d
72,360,450
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
72,360,450
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
1,085,407
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
71,275,043
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
3,563,752
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
3,563,752
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
17,363
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
17,363
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
3,546,389
4
Recoveries of amounts treated as qualifying distributions................
4
17,677
5
Add lines 3 and 4............................
5
3,564,066
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
3,564,066
Part XI
Qualifying Distributions (see instructions)
1
Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
a
Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
1a
2,710,726
b
Program-related investments—total from Part VIII-B..................
1b
0
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
 
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
 
b
Cash distribution test (attach the required schedule) .................
3b
 
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
2,710,726
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 3,564,066
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...... 5,452,528
b From 2019...... 1,915,677
c From 2020...... 420,058
d From 2021......  
e From 2022...... 1,199,448
f Total of lines 3a through e ........ 8,987,711
4Qualifying distributions for 2023 from Part
XI, line 4: right arrow$ 2,710,726
a Applied to 2022, but not more than line 2a 0
b Applied to undistributed income of prior years
(Election required—see instructions)..... 		0
c Treated as distributions out of corpus (Election
required—see instructions)........ 		0
d Applied to 2023 distributable amount..... 2,710,726
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2023. 853,340 853,340
(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 8,134,371
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) ... 		4,599,188
9 Excess distributions carryover to 2024.
Subtract lines 7 and 8 from line 6a ...... 		3,535,183
10 Analysis of line 9:
a Excess from 2019.... 1,915,677
b Excess from 2020.... 420,058
c Excess from 2021....  
d Excess from 2022.... 1,199,448
e Excess from 2023....  
Form 990-PF (2023)
Form 990-PF (2023)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2023, enter the date of the ruling ...... right arrow
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2023 (b) 2022 (c) 2021 (d) 2020
         
b 85% (0.85) of line 2a .........          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, b, or c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here right arrow
aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
RICHARD AND ETHEL HERZFELD FOUNDATI
219 N MILWAUKEE ST
MILWAUKEE,WI53202
(414) 727-1136
bThe form in which applications should be submitted and information and materials they should include:
PRELIMINARY APPLICATIONS CAN BE OBTAINED FROM HERZFELDFOUNDATION.ORG AND SHOULD BE E-MAILED TO MAIL@HERZFELDFOUNDATION.ORG
cAny submission deadlines:
FEBRUARY 1, MAY 1, AND AUGUST 1
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
FUNDING IS RESTRICTED TO WISCONSIN-BASED ORGANIZATIONS WITH AN EMPHASIS ON THOSE THAT BENEFIT THE PEOPLE OF THE GREATER MILWAUKEE AREA.
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

ARTISTS WORKING IN EDUCATION

4315 W VLIET ST
MILWAUKEE,WI53208 		  PC GENERAL OPERATIONS 25,000

ARTS AT LARGE

1100 S 5TH STREET
MILWAUKEE,WI53204 		  PC ARTS AT LARGE COMMUNITY CENTER 83,333

ARTS AT LARGE

1100 S 5TH STREET
MILWAUKEE,WI53204 		  PC GENERAL OPERATIONS 40,000

BETTY BRINN CHILDREN'S MUSEUM

929 E WISCONSIN AVENUE
MILWAUKEE,WI53202 		  PC GENERAL OPERATIONS 50,000

BLACK ARTS MKE

929 NWATER ST
MILWAUKEE,WI53202 		  PC GENERAL OPERATIONS 30,000

CHARLES ALLIS-VILLA TERRACE MUSEUMS

1801 N PROSPECT AVE
MILWAUKEE,WI53202 		  PC GENERAL OPERATIONS 20,000

COA YOUTH AND FAMILY CENTERS

909 E NORTH AVE
MILWAUKEE,WI53212 		  PC GENERAL OPERATIONS 50,000

CREATE WI

PO BOX 1054
MADISON,WI537011054 		  PC GENERAL OPERATIONS 5,000

DANCEWORKS

205 W HIGHLAND AVE SUITE 201
MILWAUKEE,WI53203 		  PC GENERAL OPERATIONS 30,000

FLORENTINE OPERA COMPANY

205 W HIGHLAND AVE SUITE 201
MILWAUKEE,WI53203 		  PC GENERAL OPERATIONS 110,000

HISTORIC MILWAUKEE INC

207 E MICHIGAN ST SUITE 500
MILWAUKEE,WI53202 		  PC GENERAL OPERATIONS 10,000

ISLANDS OF BRILLIANCE

PO BOX 774
MILWAUKEE,WI53213 		  PC GENERAL OPERATIONS 17,500

JOY ENGINE

1100 S 5TH STREET 317
MILWAUKEE,WI53204 		  PC FUNDING A DIGITAL ARTIST IN CONNECTION WITH THE NITELIGHT EVENT 5,000

LA FAMILIA DE ARTE

1030 S 26TH ST
MILWAUKEE,WI53204 		  PC GENERAL OPERATIONS 15,000

LITERACY LAB

1400 16TH ST NW SUITE 410
WASHINGTON,DC20036 		  PC MILWAUKEE LEADING MEN FELLOWSHIP 30,000

LYNDEN SCULPTURE GARDEN

2145 W BROWN DEER ROAD
MILWAUKEE,WI53217 		  PC GENERAL OPERATIONS 20,000

MARCUS CENTER FOR THE PERFORMING ARTS

929 N WATER STREET
MILWAUKEE,WI53202 		  PC GENERAL OPERATIONS 50,000

MENOMONEE VALLEY PARTNERS

231 W MICHIGAN ST P421
MILWAUKEE,WI53203 		  PC GENERAL OPERATIONS 20,000

MILWAUKEE ART MUSEUM

700 N ART MUSEUM DR
MILWAUKEE,WI53202 		  PC GENERAL OPERATIONS 140,000

MILWAUKEE BALLET

128 N JACKSON ST
MILWAUKEE,WI53202 		  PC GENERAL OPERATIONS 135,000

MILWAUKEE BALLET

504 W NATIONAL AVENUE
MILWAUKEE,WI53204 		  PC NEW NUTCRACKER CAMPAIGN 166,666

MILWAUKEE CHRISTIAN CENTER

807 S 14TH ST
MILWAUKEE,WI53204 		  PC GENERAL OPERATIONS 25,000

MILWAUKEE DOWNTOWN INC

600 E WELLS ST
MILWAUKEE,WI53202 		  PC REIMAGINE RED ARROW PARK PHASE 3 5,000

MILWAUKEE FILM INC

1037 W MCKINLEY AVE SUITE 200
MILWAUKEE,WI53205 		  PC GENERAL OPERATIONS 150,000

MILWAUKEE PARKS FOUNDATION

9480 W WATERTOWN PLANK RD
WAUWATOSA,WI53213 		  PC GENERAL OPERATIONS 20,000

MILWAUKEE PUBLIC LIBRARY FOUNDATION

814 W WISCONSIN AVENUE
MILWAUKEE,WI53233 		  PC BOOKS2GO PROGRAM 50,000

MILWAUKEE SYMPHONY ORCHESTRA

1101 N MARKET ST 100
MILWAUKEE,WI53202 		  PC GENERAL OPERATIONS 155,000

MILWAUKEE TURNERS

1034 N VEL R PHILLIPS AVE
MILWAUKEE,WI532031304 		  PC GENERAL OPERATIONS 20,000

NEAR WEST SIDE PARTNERS

624 N 24TH ST
MILWAUKEE,WI53233 		  PC GENERAL OPERATIONS 50,000

NEIGHBORHOOD HOUSE OF MILWAUKEE

2819 N RICHARDSON PL
MILWAUKEE,WI53208 		  PC GENERAL OPERATIONS 50,000

OPTIMIST THEATRE

2010N 1ST ST
MILWAUKEE,WI53205 		  PC GENERAL OPERATIONS 10,000

PENFIELD CHILDREN'S CENTER

833 N 26TH STREET
MILWAUKEE,WI53233 		  PC GENERAL OPERATIONS 20,000

PINK UMBRELLA THEATER COMPANY

1660 N PROSPECT AVE UNIT 501
MILWAUKEE,WI53202 		  PC GENERAL OPERATIONS 10,000

PRESENT MUSIC

158 N BROADWAY
MILWAUKEE,WI53202 		  PC GENERAL OPERATIONS 5,000

RADIO FOR MILWAUKEE

220 E PITTSBURGH AVENUE
MILWAUKEE,WI53204 		  PC GENERAL OPERATIONS 40,000

RENAISSANCE THEATERWORKS

158 N BROADWAY ST
MILWAUKEE,WI53202 		  PC GENERAL OPERATIONS 30,000

RUNNING REBELS COMMUNITY ORGANIZATION

1300A W FOND DU LAC AVE
MILWAUKEE,WI53205 		  PC GENERAL OPERATIONS 30,000

SHARP LITERACY INC

5775 N GLEN PARK RD 202
MILWAUKEE,WI53209 		  PC GENERAL OPERATIONS 30,000

SILVER SPRING NEIGHBORHOOD CENTER

5460 N 64TH ST
MILWAUKEE,WI53218 		  PC GENERAL OPERATIONS 50,000

SKYLIGHT MUSIC THEATRE

158 N BROADWAY
MILWAUKEE,WI53202 		  PC GENERAL OPERATIONS 40,000

STORYVILLE CENTER FOR THE SPOKEN WORD

75 BROAD ST SUITE 2601
NEW YORK,NY10004 		  PC STORYSLAMS IN MILWAUKEE 25,000

STUDIO K FLAMENCO

3317 S KINNICKINNIC AVE
MILWAUKEE,WI53207 		  PC THE FLAMENCO NUTCRACKER 2023 5,000

TEENS GROW GREENS

322 E MICHIGAN ST 204
MILWAUKEE,WI53202 		  PC GENERAL OPERATIONS 50,000

TEENS GROW GREENS

323 E MICHIGAN ST 204
MILWAUKEE,WI53202 		  PC THE GREEN ACRE 83,333

TRUE SKOOL

161 W WISCONSIN AVE SUITE 1000
MILWAUKEE,WI53203 		  PC GENERAL OPERATIONS 30,000

UNITED COMMUNITY CENTER

1028 S 9TH STREET
MILWAUKEE,WI53204 		  PC GENERAL OPERATIONS 50,000

URBAN ECOLOGY CENTER

1500 EAST PARK PLACE
MILWAUKEE,WI53211 		  PC GENERAL OPERATIONS 50,000

WILD SPACE DANCE COMPANY

820 E KNAPP ST
MILWAUKEE,WI53203 		  PC GENERAL OPERATIONS 15,000

WISCONSIN POLICY FORUM

633 W WISCONSIN AVE 406
MILWAUKEE,WI53233 		  PC $5,000 RESTRICTED RESEARCH AND REPORT RE SERVICE SHARING IN MILWAUKEE'S NONPROFIT ARTS & CULTURE SECTOR 55,000

WOODLAND PATTERN

720 E LOCUST STREET
MILWAUKEE,WI53212 		  PC GENERAL OPERATIONS 15,000

YMCA OF GREATER MILWAUKEE

161 W WISCONSIN AVE 4000
MILWAUKEE,WI53203 		  PC EARLY CHILDHOOD EDUCATION PROGRAM AND THE BACKPACK PROGRAM (FOOD SECURITY) 40,000

YWCA OF SOUTHEAST WISCONSIN

1915 N MARTIN LUTHER KING JR DR
MILWAUKEE,WI53212 		  PC GENERAL OPERATIONS 50,000
Total .................................right arrow 3a 2,310,832
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 1,527,951  
5 Net rental income or (loss) from real estate:
aDebt-financed property......          
bNot debt-financed property.....          
6 Net rental income or (loss) from personal property          
7 Other investment income .....          
8 Gain or (loss) from sales of assets other than
inventory ............ 		    18 -2,806  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aPASS-THROUGH K-1S 		    18 -87,147  
bREFUNDED GRANTS     01 17,677  
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. 0 1,455,675 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
1,455,675
(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:
RICHARD AND ETHEL HERZFELD
 
FOUNDATION INC
EIN:
23-7230686
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING FEES 26,400 13,200   13,200

TY 2023 InvestmentsCorpBondsSchedule
Name:
RICHARD AND ETHEL HERZFELD
 
FOUNDATION INC
EIN:
23-7230686
Name of Bond End of Year Book Value End of Year Fair Market Value
BIMIX 11,214,515 11,214,515
BSIIX 2,900,211 2,900,211

TY 2023 InvestmentsCorpStockSchedule
Name:
RICHARD AND ETHEL HERZFELD
 
FOUNDATION INC
EIN:
23-7230686
Name of Stock End of Year Book Value End of Year Fair Market Value
ADMA 43,871 43,871
AEO 133,943 133,943
AIT 41,100 41,100
AL 161,888 161,888
AMPH 14,411 14,411
AMWD 161,559 161,559
APG 70,930 70,930
ARDX 27,026 27,026
ATEC 61,815 61,815
AUGX 34,386 34,386
AVDX 40,788 40,788
AWI 107,169 107,169
AXNX 71,129 71,129
AXON 83,699 83,699
AYI 100,367 100,367
AZEK 27,464 27,464
BLD 28,070 28,070
BV 54,393 54,393
BWXT 92,843 92,843
CBAY 33,021 33,021
CBSH 141,267 141,267
CBZ 53,202 53,202
CELH 43,561 43,561
COLB 136,388 136,388
CYBR 46,001 46,001
DFCEX 1,768,508 1,768,508
DFH 127,197 127,197
DFISX 3,315,105 3,315,105
DOOM 95,041 95,041
DUOL 39,472 39,472
ELF 57,447 57,447
EPAC 122,339 122,339
ESAB 95,542 95,542
ESNT 145,562 145,562
EXEL 24,302 24,302
EXLS 34,861 34,861
FCFS 51,485 51,485
FLO 73,720 73,720
FTAI 128,714 128,714
FTI 19,717 19,717
GBCI 202,055 202,055
GIL 167,614 167,614
GNTX 108,039 108,039
GRC 48,676 48,676
GSHD 27,743 27,743
GTES 118,767 118,767
HAS 68,420 68,420
HBI 55,438 55,438
HELE 160,677 160,677
HURN 11,616 11,616
IART 118,021 118,021
INGR 77,056 77,056
INSP 37,228 37,228
IRMD 65,129 65,129
ITCI 16,258 16,258
ITGR 145,648 145,648
KNSL 12,392 12,392
KRYS 42,429 42,429
LGND 24,640 24,640
LOPE 36,443 36,443
LRN 78,131 78,131
MAMA 35,681 35,681
MBUU 122,797 122,797
MDXG 65,363 65,363
MFMIX 951,873 951,873
MKSI 120,358 120,358
MOD 102,744 102,744
NEO 44,624 44,624
NR 5,764 5,764
NTRA 46,667 46,667
OLLI 43,561 43,561
ONON 34,387 34,387
ONTO 84,554 84,554
PETQ 30,850 30,850
PGTI 134,717 134,717
PISKX 4,303,703 4,303,703
PRGO 115,848 115,848
RDNT 45,479 45,479
RNR 141,120 141,120
RUSHA 120,720 120,720
RXST 115,920 115,920
SCS 100,048 100,048
SHEPHERD INVESTMENTS INTERNATIONAL, LTD 158,046 158,046
SHEPHERD SELECT ASSET LTD. 12,861 12,861
SIBN 30,687 30,687
SKWD 49,702 49,702
SPSC 22,292 22,292
SRI 84,836 84,836
STC 99,288 99,288
TCMD 20,778 20,778
TDW 19,830 19,830
TELA 11,049 11,049
TGLS 222,333 222,333
UFPT 51,440 51,440
UTI 20,846 20,846
VINIX 15,824,502 15,824,502
VMCIX 10,756,231 10,756,231
VREX 113,775 113,775
WCMIX 3,514,269 3,514,269
WFRD 18,001 18,001
WGO 223,013 223,013
WING 31,046 31,046
WSFS 124,930 124,930
WWD 154,780 154,780
XRAY 148,410 148,410
YETI 14,136 14,136
CECO 96,492 96,492
CLH 39,265 39,265
FIX 18,305 18,305
ROAD 60,797 60,797
MOGA 13,175 13,175
ROCK 30,881 30,881
STRL 113,342 113,342
TRNS 29,300 29,300
VSEC 35,794 35,794
VRT 91,737 91,737
WLDN 11,632 11,632
XPO 31,357 31,357
CRDO 80,080 80,080
WIX 11,072 11,072
ACMR 60,828 60,828
APPF 36,554 36,554
APLD 32,608 32,608
ARW 89,243 89,243
AVPT 48,850 48,850
BLKB 81,671 81,671
BRZE 59,718 59,718
CLS 62,366 62,366
DT 20,454 20,454
DAVA 52,627 52,627
EVLV 23,558 23,558
FSLY 41,029 41,029
FIVN 30,453 30,453
FORM 32,993 32,993
FRSH 22,738 22,738
GDYN 17,529 17,529
GWRE 33,911 33,911
INTA 40,681 40,681
LSPD 43,617 43,617
OSIS 20,648 20,648
QLYS 22,965 22,965
SMCI 99,775 99,775
VRNS 32,873 32,873
VERX 41,461 41,461
CRS 33,417 33,417
LUXH 27,473 27,473
GAMB 28,440 28,440
YELP 26,131 26,131

TY 2023 InvestmentsOtherSchedule2
Name:
RICHARD AND ETHEL HERZFELD
 
FOUNDATION INC
EIN:
23-7230686
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
CAPITAL MIDWEST FUND II FMV 223,157 223,157
FRONTIER MARKET SELECT OFFSHORE FUND FMV 1,599,601 1,599,601
GREENLIGHT MASTERS OFFSHORE FMV 4,249,420 4,249,420
HUNTER STREET MASTER FUND I LP FMV 903,562 903,562
HUNTER STREET MASTER FUND II LP FMV 820,838 820,838
MINDFUL INVESTORS FUND I LP FMV 96,792 96,792
WISCONSIN SUPER ANGEL FUND FMV 91,588 91,588

TY 2023 OtherAssetsSchedule
Name:
RICHARD AND ETHEL HERZFELD
 
FOUNDATION INC
EIN:
23-7230686
Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
PROGRAM-RELATED INVESTMENTS 26,500 26,875 26,875


TY 2023 OtherExpensesSchedule
Name:
RICHARD AND ETHEL HERZFELD
 
FOUNDATION INC
EIN:
23-7230686
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INFORMATION TECHNOLOGY 12,504 0   12,504
INSURANCE 7,117 0   7,117
MISCELLANEOUS 7,468 0   7,468
OFFICE EXPENSES 8,976 0   8,976


TY 2023 OtherIncomeSchedule2
Name:
RICHARD AND ETHEL HERZFELD
 
FOUNDATION INC
EIN:
23-7230686
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
PASS-THROUGH K-1S -87,147 -87,147 -87,147
REFUNDED GRANTS 17,677   17,677


TY 2023 OtherIncreasesSchedule
Name:
RICHARD AND ETHEL HERZFELD
 
FOUNDATION INC
EIN:
23-7230686
Description Amount
UNREALIZED GAIN ON INVESTMENTS 8,190,801


TY 2023 OtherProfessionalFeesSchedule
Name:
RICHARD AND ETHEL HERZFELD
 
FOUNDATION INC
EIN:
23-7230686
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT FEES 177,794 177,794   0
PAYROLL PROCESSING FEES 2,806 0   2,806


TY 2023 TaxesSchedule
Name:
RICHARD AND ETHEL HERZFELD
 
FOUNDATION INC
EIN:
23-7230686
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
EXCISE TAX 875 0   0
FOREIGN TAX 704 704   0