TY 2023 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Trust Treated as Private Foundation

Do not enter social security numbers on this form as it may be made public.
right arrow

Go 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
THE RON AND DIANE FAGEN FAMILY
FOUNDATION

Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 69
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
GRANITE FALLS, MN56241

A Employer identification number

20-2019581

B Telephone number (see instructions)

(320) 564-5103

C If exemption application is pending, check here right arrow

G Check all that apply: Initial returnInitial return of a former public charity
Final returnAmended return
Address change Name change

D 1. Foreign organizations, check here............. right arrow

2. Foreign organizations meeting the 85%
test, check here and attach computation ... right arrow

E If private foundation status was terminated
under section 507(b)(1)(A), check here ....... right arrow

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trust Other taxable private foundation

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here ....... right arrow

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16) right arrow

$2,250,403J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

	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	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .............
3	Interest on savings and temporary cash investments	46,774		46,774
4	Dividends and interest from securities...	14,849		14,849
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		-26,501
b	Gross sales price for all assets on line 6a 641,724
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).......
12	Total. Add lines 1 through 11........	35,122		61,623
13	Compensation of officers, directors, trustees, etc.	0		0	0
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	5,275	2,638	2,637
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	18,605	18,605	0
17	Interest...............
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	998	0	0
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	25	0	25
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	24,903		21,243	2,662
25	Contributions, gifts, grants paid.......	120,000			120,000
26	Total expenses and disbursements. Add lines 24 and 25	144,903		21,243	122,662
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-109,781
b	Net investment income (if negative, enter -0-)			40,380
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	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............
	2	Savings and temporary cash investments.........	29,624	12,590	12,590
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	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)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)	276,782	List of Attached Documents: // Content 99,505	96,141
	b	Investments—corporate stock (attach schedule).......	454,360	List of Attached Documents: // Content 402,778	466,821
	c	Investments—corporate bonds (attach schedule).......	1,624,252	List of Attached Documents: // Content 1,764,846	1,650,025
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	27,788	List of Attached Documents: // Content 24,304	24,826
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	2,412,806	2,304,023	2,250,403
	17	Accounts payable and accrued expenses..........
	18	Grants payable.................
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22).........	0	0
		Foundations that follow FASB ASC 958, check here
		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
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........	0	0
	27	Paid-in or capital surplus, or land, bldg., and equipment fund	0	0
	28	Retained earnings, accumulated income, endowment, or other funds	2,412,806	2,304,023
	29	Total net assets or fund balances (see instructions).....	2,412,806	2,304,023
	30	Total liabilities and net assets/fund balances (see instructions).	2,412,806	2,304,023

Part III

Analysis of Changes in Net Assets or Fund Balances

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) ...............

2,412,806

Enter amount from Part I, line 27a .....................

-109,781

Other increases not included in line 2 (itemize) right arrow

List of Attached Documents:

// Content

998

Add lines 1, 2, and 3 ..........................

2,304,023

Decreases not included in line 2 (itemize) right arrow

Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .

2,304,023

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
1 a	PUBLICALLY TRADED SECURITIES
b	CAPITAL GAINS DIVIDENDS	P
c
d
e

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	638,230	668,225	-29,995
b	3,494		3,494
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			-29,995
b			3,494
c
d
e

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	-26,501
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 ...................		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 and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)	1	561
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	561
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	561
6	Credits/Payments:

a	2023 estimated tax payments and 2022 overpayment credited to 2023	6a	998
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	998
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.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	437
11	Enter the amount of line 10 to be: Credited to 2024 estimated tax437	Refunded	11	0

Form 990-PF (2023)

Page 4

Part VI-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions

for the definition.................................

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.

Did the foundation file Form 1120-POL for this year?.....................

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

Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed

on foundation managers. right arrow

$ 0

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If "Yes," attach a detailed description of the activities.

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....

Did the foundation have unrelated business gross income of $1,000 or more during the year?.........

If "Yes," has it filed a tax return on Form 990-T for this year?...................

Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........

If "Yes," attach the statement required by General Instruction T.

Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:

By language in the governing instrument, or

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? ................

Yes

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..................................

Yes

Enter the states to which the foundation reports or with which it is registered (see instructions)

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 .

Yes

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 .............................

Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names

and addresses. ...............................

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 .............

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.................

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website address right arrow

N/A

The books are in care of right arrow

THE FOUNDATION Telephone no. right arrow

(320) 564-5103

Located at right arrow

PO BOX 69GRANITE FALLSMN ZIP+4 right arrow

56241

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

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)

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

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)

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person? ..............................

1a(2)

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........

1a(3)

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............

1a(4)

(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)

(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)

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 ..........

Organizations relying on a current notice regarding disaster assistance check here ........ right arrow

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? .............

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)):

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?....................

If "Yes," list the years right arrow

20, 20, 20, 20

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.) ..............

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at

any time during the year? ..............................

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.) .....................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

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? ..

Form 990-PF (2023)

Page 6

Part VI-B

Statements Regarding Activities for Which Form 4720 May Be Required (continued)

During the year did the foundation pay or incur any amount to:

Yes

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........

5a(1)

(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)

(3) Provide a grant to an individual for travel, study, or other similar purposes? .............

5a(3)

(4) Provide a grant to an organization other than a charitable, etc., organization described

in section 4945(d)(4)(A)? See instructions ........................

5a(4)

(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)

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 ........

Organizations relying on a current notice regarding disaster assistance check ......... right arrow

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? .................

If "Yes," attach the statement required by Regulations section 53.4945–5(d).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on

a personal benefit contract? .............................

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....

If "Yes" to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?

If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....

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? .........................

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
DIANE FAGEN	PRESIDENT 1.00	0	0	0
108 MILLER CIRCLE GRANITE FALLS,MN56241	PRESIDENT 1.00	0	0	0
RON FAGEN	VICE PRESIDENT/TREASURER 1.00	0	0	0
108 MILLER CIRCLE GRANITE FALLS,MN56241	VICE PRESIDENT/TREASURER 1.00	0	0	0
EVAN FAGEN	DIRECTOR 1.00	0	0	0
5058 250TH AVE GRANITE FALLS,MN56241	DIRECTOR 1.00	0	0	0
AARON FAGEN	DIRECTOR 1.00	0	0	0
5162 HWY 67 GRANITE FALLS,MN56241	DIRECTOR 1.00	0	0	0

2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."


(a) Name and address of each employee paid more than $50,000	(b) Title, and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
NONE









Total number of other employees paid over $50,000...................				0

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 arrow

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 arrow

Form 990-PF (2023)

Page 8

Part IX

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

2,252,362

Average of monthly cash balances.......................

22,880

Fair market value of all other assets (see instructions)................

Total (add lines 1a, b, and c).........................

2,275,242

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) .............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d.........................

2,275,242

Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see

instructions) .............................

34,129

Net value of noncharitable-use assets. Subtract line 4 from line 3. ............

2,241,113

Minimum investment return. Enter 5% (0.05) of line 5................

112,056

Part X

Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow

and do not complete this part.)

Minimum investment return from Part IX, line 6..................

112,056

Tax on investment income for 2022 from Part V, line 5.......

561

Income tax for 2022. (This does not include the tax from Part V.) ...

Add lines 2a and 2b............................

561

Distributable amount before adjustments. Subtract line 2c from line 1............

111,495

Recoveries of amounts treated as qualifying distributions................

Add lines 3 and 4............................

111,495

Deduction from distributable amount (see instructions).................

Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...

111,495

Part XI

Qualifying Distributions (see instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........

122,662

Program-related investments—total from Part VIII-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes...............................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......

122,662

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				111,495
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only.......			118,912
b Total for prior years:20 , 20, 20		0
3 Excess distributions carryover, if any, to 2022:
a From 2018......
b From 2019......
c From 2020......
d From 2021......
e From 2022......
f Total of lines 3a through e ........	0
4Qualifying distributions for 2023 from Part
XI, line 4: $ 122,662
a Applied to 2022, but not more than line 2a			118,912
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.....				3,750
e Remaining amount distributed out of corpus	0
5 Excess distributions carryover applied to 2023.	0			0
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5	0
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........		0
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......		0
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........		0
e Undistributed income for 2022. Subtract line 4a from line 2a. Taxable amount—see instructions .............			0
f Undistributed income for 2023. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2024 ..........				107,745
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......	0
8 Excess distributions carryover from 2018 not applied on line 5 or line 7 (see instructions) ...	0
9 Excess distributions carryover to 2024. Subtract lines 7 and 8 from line 6a ......	0
10 Analysis of line 9:
a Excess from 2019....
b Excess from 2020....
c Excess from 2021....
d Excess from 2022....
e Excess from 2023....

Form 990-PF (2023)

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 4942(j)(3) or4942(j)(5)

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	(e) Total

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).)

DIANE FAGEN

RON FAGEN

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

if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, b, c, and d. See instructions

aThe name, address, and telephone number or email address of the person to whom applications should be addressed:

bThe form in which applications should be submitted and information and materials they should include:

cAny submission deadlines:

dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:

Form 990-PF (2023)

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)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
AMERICAN RED CROSS 431 18TH STREET NW WASHINGTON,DC20006	NONE	PC	GENERAL SUPPORT	45,000
GRANITE FALLS AMBULANCE-PRAIRIE FIVE COMMUNITY ACTION COUNCIL INC 719 N 7TH ST NO 302 MONTEVIDEO,MN56265	NONE	GOV	GENERAL SUPPORT	2,500
GRANITE FALLS FIRE DEPARTMENT 501 PRENTICE STREET GRANITE FALLS,MN56241	NONE	GOV	GENERAL SUPPORT	2,500
GRANITE FALLS LIVING AT HOMESBLOCK NURSES PO BOX 84 GRANITE FALLS,MN56241	NONE	PC	GENERAL SUPPORT	2,000
GRANITE FALLS POLICE DEPARTMENT 415 9TH AVENUE SUITE 102 GRANITE FALLS,MN56241	NONE	GOV	GENERAL SUPPORT	2,500
HAWK CREEK ANIMAL SHELTER 250 28TH ST SW WILLMAR,MN56201	NONE	PC	GENERAL SUPPORT	5,000
MINNESOTAN'S MILITARY APPRECIATION FUND 80 SOUTH 8TH STREET SUITE 3300 MINNEAPOLIS,MN55402	NONE	PC	GENERAL SUPPORT	10,000
SALVATION ARMY 2445 PRIOR AVE N ROSEVILLE,MN55113	NONE	PC	GENERAL SUPPORT	7,000
SHRINERS CHILDREN'S TWIN CITIES 215 RADIO DRIVE SUITE 100 WOODBURY,MN55125	NONE	PC	GENERAL SUPPORT	10,000
ST JUDE CHILDREN'S RESEARCH HOSPITAL 501 ST JUDE PLACE MEMPHIS,TN38105	NONE	PC	GENERAL SUPPORT	10,000
YELLOW MEDICINE COUNTY SHERIFF 415 9TH AVENUE SUITE 103 GRANITE FALLS,MN56241	NONE	GOV	GENERAL SUPPORT	2,500
NEIGHBORS UNITED RESOURCE CENTER 620 MENDELSSOHN AVENUE NORTH SUITE 121 GOLDEN VALLEY,MN55427	NONE	PC	GENERAL SUPPORT	1,000
CHILDREN'S MN FOUNDATION 5901 LINCOLN DRIVE EDINA,MN55436	NONE	PC	GENERAL SUPPORT	10,000
WOUNDED WARRIOR PROJECT 1349 W PEACHTREE ST NE SUITE 1800 ATLANTA,GA30309	NONE	PC	GENERAL SUPPORT	10,000
Total ................................. 3a				120,000

bApproved for future payment

Total ................................. 3b				0

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	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments ....
3 Interest on savings and temporary cash investments ...........			14	46,774
4 Dividends and interest from securities ....			14	14,849
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	-26,501
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..		0		35,122	0

13Total. Add line 12, columns (b), (d), and (e)..................

35,122

(See worksheet in line 13 instructions to verify calculations.)

Part XV-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	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)

Page 13

Part XVI

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations

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

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash...................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

(4) Reimbursement arrangements...........................

1b(4)

(5) Loans or loan guarantees.............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

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

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? ...........Yes No

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.
				May the IRS discuss this return with the preparer shown below? See instructions. Yes No
	Signature of officer or trustee	Date	Title

Paid Preparer Use Only	Print/Type preparer's name	Preparer's Signature	Date	Check if self- employed	PTIN
	Firm's name				Firm's EIN
	Firm's address				Phone no.

Form 990-PF (2023)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2023 AccountingFeesSchedule

Name:

THE RON AND DIANE FAGEN FAMILY

FOUNDATION

EIN:

20-2019581

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ACCOUNTING FEES	5,275	2,638		2,637

- TIN:

TY 2023 InvestmentsCorpBondsSchedule

Name:

THE RON AND DIANE FAGEN FAMILY

FOUNDATION

EIN:

20-2019581

Name of Bond	End of Year Book Value	End of Year Fair Market Value
ABBOTT LABORATORIES 3.875% 15 SEP 2025	45,481	44,544
AMPHENOL CORP 2.8% 15 FEB 2030	65,326	59,275
BAIRD CORE PLUS BOND FUND	55,376	50,333
BAIRD SHORT TERM BOND FUND	22,255	22,387
BAKER HUGHES CO-OBLIGOR INC 3.138% 07 NOV 2029	50,661	46,619
BOOKING HOLDINGS INC 3.6% 01 JUN 2026	81,274	78,134
BRANDYWINEGLOBAL CORPORATE CREDIT FUND	13,111	13,429
BROOKINGS SD SCH DIST #5-1 REF 27 SEP	32,174	30,938
CHARLES SCHWAB CORP	25,791	25,722
CLOROX CO/THE 3.1% 01 OCT 2027	40,077	37,891
DICK'S SPORTING GOODS INC. 3.15% 15 JAN 2032	7,524	7,679
DIGITAL REALTY TRUST LP 3.6% 01 JULY 2029	73,704	65,715
EATON VANCE EMERGING MARKETS DEBT OPPORTUNITIES FUND	9,546	9,363
EXXON MOBIL CORP 2.61%	67,988	57,222
FANNIE MAE POOL 5.5% 01 MAR 2037	699	708
FANNIE MAE POOL 4% 01 SEP 2041	11,184	10,680
FANNIE MAE POOL 3% 01 DEC 2026	5,189	5,029
FANNIE MAE 4% 01 OCT 2041	5,541	5,300
FEDERAL FARM CREDIT BANKS FUNDING CORP 4.74% 11 MAT 2033	10,000	9,744
FEDERAL FARM CREDIT BANK 0.73% 19 MAY 2025	89,955	85,253
FEDERAL FARM CREDIT BANK 4.22% 23 JAN 2030	5,000	4,844
FEDERAL FARM CREDIT BANK 5.04% 22 SEP 2028	5,000	5,051
FEDERAL FARM CREDIT BANKS FUNDING CORP 1.42% 18 FEB 2031	59,400	48,737
FEDERAL FARM CREDIT BANKS FUNDING CORP 1.57% 5 APR 2028	39,930	35,986
FEDERAL FARM CREDIT BANKS FUNDING CORP 4.8% 12 APR 2033	24,386	24,925
FEDERAL FARM CREDIT BANKS FUNDING CORP 4.82% 23 JUN 2026	24,882	25,006
FEDERAL FARM CREDIT BANKS FUNDING CORP 5.12% 1 JUN 2033	1,991	2,017
FEDERAL FARM CREDIT BANKS FUNDING CORP	15,000	14,915
FEDERAL FARM CREDIT BANKS FUNDING CORP 5.33% 14 JUN 2027	2,000	1,997
FEDERAL HOME LOAN BANK 5.25% 8 JUL 2023	10,000	10,010
FEDERAL HOME LOAN BANK 5.3% 20 NOV 2030	25,000	25,439
FEDERAL HOME LOAN BANKS 1.75% 26 AUG 2033	24,813	19,667
FEDERAL HOME LOAN BANKS 1.93% 09 JUN 2031	70,000	59,023
FEDERAL HOME LOAN BANKS 4.84% 15 MAY 2030	10,000	9,815
FEDERAL HOME LOAN BANKS 5.05% 15 MAY 2028	10,000	9,905
FEDERAL HOME LOAN BANKS 5.2% 28 SEP 2037	24,250	24,340
FEDERAL HOME LOAN BANKS 5.5% 28 MAR 2025	25,000	24,944
FEDERAL HOME LOAN BANKS 6% 19 SEP 2033	10,000	10,171
FEDERAL HOME LOAN BANKS 6% 19 SEP 2033	15,000	14,998
FEDERAL HOME LOAN BANKS STEP CPN 1.125% 25 JAN 2027	25,000	25,058
FEDERAL HOME LOAN BANKS 6% 28 MAR 2029	25,000	23,791
FEDERAL HOME LOAN MORTGAGE CORP 4.5% 16 SEP 2027	45,000	44,325
FEDERAL HOME LOAN MORTGAGE CORP 5.15% 28 AUG 2025	5,000	5,000
FEDERAL NATIONAL MORTGAGE ASSOCIATION 5.3% 30 SEP 2024	25,000	24,937
FEDERAL NATIONAL MORTGAGE ASSOCIATION 6% 26 APR 2027	5,000	5,028
FEDERATED HERMES TOTAL RETURN BOND FUND	40,191	40,641
FREDDIE MAC GOLD POOL 4% 01 DEC 2031	9,603	9,225
FREDDIE MAC GOLD POOL 4.5% 01 FEB 2024	9	9
GUGGENHEIM - TOTAL RETURN BOND FUND	35,843	32,925
HUNTINGTON BANCHSHARES INC/OH 4% 15 MAY 2025	27,165	26,475
L3HARRIS TECHNOLOGIES INC 5.4%	25,041	25,532
MARSH & MCLENNAN COS INC 3.875% 15 MAR 2024	3,996	3,983
MERK & CO INC	19,840	19,928
MICROSOFT CORP 3.4%	43,366	43,860
MORGAN STANLEY BANK NA 5%	3,000	3,001
NORTHERN TRUST CORP 4%	12,613	12,824
NORTH IOWA ST AREA CMNTY CLG TXBL-NEW JOBS TRAINING CERTIF- 18 OCT 2022 5% 0	10,154	10,210
ORACLE CORP 2.875% 25 MAR 2031	10,209	8,871
OREGON ST TXBLE SUSTAINABLE CONDS	9,444	9,650
PAYPAL HOLDINGS INC 2.85%	80,865	68,675
PPG INDUSTRIES INC 2.55% 15 JUN 2030	34,185	26,122
PPG INDUSTRIES INC 2.8% 15 AUG 2029	16,030	13,580
QUEST DIAGNOSTICS INC 4.25% 01 APR 2024	5,012	4,982
RALPH LAUREN CORP 3.75% 15 SEP 2025	50,655	48,962
REGENERON PHARMACEUTICALS INC 1.75% 15 SEP 2030	14,612	12,333
TCW TOTAL RETURN BOND FUND	21,950	19,141
VALERO ENERGY CORP 3.4% 15 SEP 2026	46,555	43,202

- TIN:

TY 2023 InvestmentsCorpStockSchedule

Name:

THE RON AND DIANE FAGEN FAMILY

FOUNDATION

EIN:

20-2019581

Name of Stock	End of Year Book Value	End of Year Fair Market Value
AB LARGE CAP GROWTH FUND INC	31,522	34,294
ABERDEEN US SMALL CAP EQUITY FUND	13,168	14,159
BNY MELLON EQUITY INCOME FUND	31,522	32,714
FEDERATED STRATEGIC VALUE DIVIDEND FUND	22,579	20,051
FIDELITY OVERSEAS FUND/UNITED STATES	39,782	48,568
FMI INTERNATIONAL FUND	39,588	46,791
JP MORGAN MID CAP VALUE FUND	42,523	41,344
MFS MID CAP GROWTH FUND	26,068	31,144
VANGUARD 500 INDEX FUND ADM - VFIAX	112,971	156,456
VANGUARD EMERGINING MARKETS STOCK INDEX	28,877	27,219
WILLIAM BLAIR SMALL CAP VALUE FUND	14,178	14,081

- TIN:

TY 2023 InvestmentsGovtObligationsSch

Name:

THE RON AND DIANE FAGEN FAMILY

FOUNDATION

EIN:

20-2019581

US Government Securities - End of Year Book Value:

99,505

US Government Securities - End of Year Fair Market Value:

96,141

State & Local Government Securities - End of Year Book Value:

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

- TIN:

TY 2023 InvestmentsOtherSchedule2

Name:

THE RON AND DIANE FAGEN FAMILY

FOUNDATION

EIN:

20-2019581

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
WRKCO INC 4.65% 15 MAR 2026	AT COST	24,304	24,826

- TIN:

TY 2023 OtherExpensesSchedule

Name:

THE RON AND DIANE FAGEN FAMILY

FOUNDATION

EIN:

20-2019581

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
MN AG FILING FEE	25	0		25

- TIN:

TY 2023 OtherIncreasesSchedule

Name:

THE RON AND DIANE FAGEN FAMILY

FOUNDATION

EIN:

20-2019581

Description	Amount
TAX OVERPAYMENT APPLIED	998

- TIN:

TY 2023 OtherProfessionalFeesSchedule

Name:

THE RON AND DIANE FAGEN FAMILY

FOUNDATION

EIN:

20-2019581

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT FEES	18,605	18,605		0

- TIN:

TY 2023 TaxesSchedule

Name:

THE RON AND DIANE FAGEN FAMILY

FOUNDATION

EIN:

20-2019581

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
EXCISE TAX PAID	998	0		0