TY 2023 Form 990

(A) Name and business address	(B) Description of services	(C) Compensation
MARGARET A CARGILL FOUNDATION 6889 ROWLAND ROAD EDEN PRAIRIE,MN55344	SHARED SERV EXP REIMBURSEMENT	30,172,448
CHILTON INVESTMENT COMPANY LLC 300 PARK AVENUE 19TH FLOOR NEW YORK,NY10022	INVESTMENT MANAGEMENT	1,484,391
RECORD CURRENCY MGMT MORGAN HOUSE MADEIRA WALK WINDSOR SL4 1EP UK	INVESTMENT MANAGEMENT	1,155,650
FINANCIAL RISK GROUP INC 264 W CHATHAM ST SUITE 100 CARY,NC27511	INVESTMENT MANAGEMENT	454,992
WELLINGTON MANAGEMENT 280 CONGRESS STREET BOSTON,MA02210	INVESTMENT MANAGEMENT	425,034
2 Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization 19

- TIN:

SCHEDULE A
(Form 990)

Department of the Treasury
Internal Revenue Service

Public Charity Status and Public Support

Complete if the organization is a section 501(c)(3) organization or a section 4947(a)(1) nonexempt charitable trust.
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Attach to Form 990 or Form 990-EZ.
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Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2023

Open to Public
Inspection

Name of the organization

ANNE RAY FOUNDATION

Employer identification number

47-1036008

Part I

Reason for Public Charity Status (All organizations must complete this part.) See instructions.

The organization is not a private foundation because it is: (For lines 1 through 12, check only one box.)

A church, convention of churches, or association of churches described in section 170(b)(1)(A)(i).

A school described in section 170(b)(1)(A)(ii). (Attach Schedule E (Form 990).)

A hospital or a cooperative hospital service organization described in section 170(b)(1)(A)(iii).

A medical research organization operated in conjunction with a hospital described in section 170(b)(1)(A)(iii). Enter the hospital's name, city, and state:

An organization operated for the benefit of a college or university owned or operated by a governmental unit described in section 170(b)(1)(A)(iv). (Complete Part II.)

A federal, state, or local government or governmental unit described in section 170(b)(1)(A)(v).

An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi). (Complete Part II.)

A community trust described in section 170(b)(1)(A)(vi). (Complete Part II.)

An agricultural research organization described in 170(b)(1)(A)(ix) operated in conjunction with a land-grant college or university or a non-land grant college of agriculture. See instructions. Enter the name, city, and state of the college or university:

An organization that normally receives: (1) more than 33 1/3% of its support from contributions, membership fees, and gross receipts from activities related to its exempt functions—subject to certain exceptions, and (2) no more than 33 1/3% of its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the organization after June 30, 1975. See section 509(a)(2). (Complete Part III.)

An organization organized and operated exclusively to test for public safety. See section 509(a)(4).

An organization organized and operated exclusively for the benefit of, to perform the functions of, or to carry out the purposes of one or more publicly supported organizations described in section 509(a)(1) or section 509(a)(2). See section 509(a)(3). Check the box on lines 12a through 12d that describes the type of supporting organization and complete lines 12e, 12f, and 12g.

Type I. A supporting organization operated, supervised, or controlled by its supported organization(s), typically by giving the supported organization(s) the power to regularly appoint or elect a majority of the directors or trustees of the supporting organization. You must complete Part IV, Sections A and B.

Type II. A supporting organization supervised or controlled in connection with its supported organization(s), by having control or management of the supporting organization vested in the same persons that control or manage the supported organization(s). You must complete Part IV, Sections A and C.

Type III functionally integrated. A supporting organization operated in connection with, and functionally integrated with, its supported organization(s) (see instructions). You must complete Part IV, Sections A, D, and E.

Type III non-functionally integrated. A supporting organization operated in connection with its supported organization(s) that is not functionally integrated. The organization generally must satisfy a distribution requirement and an attentiveness requirement (see instructions). You must complete Part IV, Sections A and D, and Part V.

Check this box if the organization received a written determination from the IRS that it is a Type I, Type II, Type III functionally integrated, or Type III non-functionally integrated supporting organization.

Enter the number of supported organizations ............................... 16

Provide the following information about the supported organization(s).

(i) Name of supported organization	(ii) EIN	(iii) Type of organization (described on lines 1- 10 above (see instructions))	(iv) Is the organization listed in your governing document?		(v) Amount of monetary support (see instructions)	(vi) Amount of other support (see instructions)
(i) Name of supported organization	(ii) EIN		Yes	No	(v) Amount of monetary support (see instructions)	(vi) Amount of other support (see instructions)
(A) ARC NATIONAL	530196605	7	Yes		27,719,000	0
(B) ASI	410711603	7	Yes		1,566,644	0
(C) BEREA COLLEGE	610444650	2	Yes		19,378,000	0
(D) IDYLLWILD	951801279	2	Yes		5,233,000	0
(E) KPBS	330373293	2	Yes		3,499,000	0
(F) MINGEI	237433357	7	Yes		1,050,000	0
(G) YMCA OF THE USA	363258696	10	Yes		19,900,000	0
(H) NMAI	530206027	7	Yes		5,665,000	0
(I) PBS	520899215	7	Yes		25,500,000	0
(J) SA CA	941156347	1	Yes		5,171,000	0
(K) SA NATIONAL	222406433	1	Yes		3,975,000	0
(L) SAR	850125045	7	Yes		300,000	0
(M) SDHS	951661688	7	Yes		1,362,000	0
(N) ST PAUL'S	952111196	10	Yes		366,000	0
(O) TNC	530242652	7	Yes		44,000,000	0
(P) PMG	952211661	7	Yes		2,843,000	0
Total 16					167,527,644	0

For Paperwork Reduction Act Notice, see the Instructions for
Form 990 or 990-EZ.

Cat. No. 11285F

Schedule A (Form 990) 2023

Page 2

Part II

Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi)
(Complete only if you checked the box on line 5, 7, or 8 of Part I or if the organization failed to qualify under Part III. If the organization failed to qualify under the tests listed below, please complete Part III.)

Section A. Public Support

Calendar year (or fiscal year beginning in)		(a) 2019	(b) 2020	(c) 2021	(d) 2022	(e) 2023	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grant.") ..
2	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf ....
3	The value of services or facilities furnished by a governmental unit to the organization without charge..
4	Total. Add lines 1 through 3
5	The portion of total contributions by each person (other than a governmental unit or publicly supported organization) included on line 1 that exceeds 2% of the amount shown on line 11, column (f) ..
6	Public support. Subtract line 5 from line 4.

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2019	(b) 2020	(c) 2021	(d) 2022	(e) 2023	(f) Total
7	Amounts from line 4..
8	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources...
9	Net income from unrelated business activities, whether or not the business is regularly carried on..
10	Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.)..
11	Total support. Add lines 7 through 10

Gross receipts from related activities, etc. (see instructions) ..................

First 5 years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization, check this box and stop here ........................................ right arrow

Section C. Computation of Public Support Percentage

Public support percentage for 2023 (line 6, column (f) divided by line 11, column (f)) .........

Public support percentage for 2022 Schedule A, Part II, line 14 ...............

16a

33 1/3% support test—2023. If the organization did not check the box on line 13, and line 14 is 33 1/3% or more, check this box
and stop here. The organization qualifies as a publicly supported organization ....................... right arrow

33 1/3% support test—2022. If the organization did not check a box on line 13 or 16a, and line 15 is 33 1/3% or more, check this
box and stop here. The organization qualifies as a publicly supported organization ..................... right arrow

17a

10%-facts-and-circumstances test—2023. If the organization did not check a box on line 13, 16a, or 16b, and line 14 is 10% or more, and if the organization meets the "facts-and-circumstances" test, check this box and stop here. Explain in Part VI how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly supported organization ............ right arrow

10%-facts-and-circumstances test—2022. If the organization did not check a box on line 13, 16a, 16b, or 17a, and line 15 is 10% or more, and if the organization meets the "facts-and-circumstances" test, check this box and stop here. Explain in Part VI how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly supported organization ............ right arrow

Private foundation. If the organization did not check a box on line 13, 16a, 16b, 17a, or 17b, check this box and see
instructions ..................................................... right arrow

Schedule A (Form 990) 2023

Page 3

Part III

Support Schedule for Organizations Described in Section 509(a)(2)
(Complete only if you checked the box on line 10 of Part I or if the organization failed to qualify under Part II. If the organization fails to qualify under the tests listed below, please complete Part II.)

Section A. Public Support

Calendar year (or fiscal year beginning in)		(a) 2019	(b) 2020	(c) 2021	(d) 2022	(e) 2023	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") .
2	Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose
3	Gross receipts from activities that are not an unrelated trade or business under section 513 .....
4	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf...
5	The value of services or facilities furnished by a governmental unit to the organization without charge
6	Total. Add lines 1 through 5
7a	Amounts included on lines 1, 2, and 3 received from disqualified persons
b	Amounts included on lines 2 and 3 received from other than disqualified persons that exceed the greater of $5,000 or 1% of the amount on line 13 for the year.
c	Add lines 7a and 7b..
8	Public support. (Subtract line 7c from line 6.)

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2019	(b) 2020	(c) 2021	(d) 2022	(e) 2023	(f) Total
9	Amounts from line 6...
10a	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..
b	Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975.
c	Add lines 10a and 10b.
11	Net income from unrelated business activities not included on line 10b, whether or not the business is regularly carried on.
12	Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.) ..
13	Total support. (Add lines 9, 10c, 11, and 12.)..

First 5 years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization, check this box and stop here................................................. right arrow

Section C. Computation of Public Support Percentage

Public support percentage for 2023 (line 8, column (f) divided by line 13, column (f)) .........

Public support percentage from 2022 Schedule A, Part III, line 15 ...............

Section D. Computation of Investment Income Percentage

Investment income percentage for 2023 (line 10c, column (f) divided by line 13, column (f)) ......

Investment income percentage from 2022 Schedule A, Part III, line 17 .............

19a

33 1/3% support tests-2023. If the organization did not check the box on line 14, and line 15 is more than 33 1/3%, and line 17 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization ....... right arrow

33 1/3 % support tests—2022. If the organization did not check a box on line 14 or line 19a, and line 16 is more than 33 1/3% and line 18 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization ..... right arrow

Private foundation. If the organization did not check a box on line 14, 19a, or 19b, check this box and see instructions .... right arrow

Schedule A (Form 990) 2023

Page 4

Part IV

Supporting Organizations

(Complete only if you checked a box on line 12 of Part I. If you checked box 12a, of Part I, complete Sections A and B. If you checked box 12b, of Part I, complete Sections A and C. If you checked box 12c, of Part I, complete Sections A, D, and E. If you checked box12d, of Part I, complete Sections A and D, and complete Part V.)

Section A. All Supporting Organizations

Yes

Are all of the organization’s supported organizations listed by name in the organization’s governing documents?
If "No," describe in Part VI how the supported organizations are designated. If designated by class or purpose,
describe the designation. If historic and continuing relationship, explain.

Yes

Did the organization have any supported organization that does not have an IRS determination of status under section 509(a)(1) or (2)? If "Yes," explain in Part VI how the organization determined that the supported organization was described in section 509(a)(1) or (2).

Did the organization have a supported organization described in section 501(c)(4), (5), or (6)? If "Yes," answer lines 3b and 3c below.

Did the organization confirm that each supported organization qualified under section 501(c)(4), (5), or (6) and satisfied the public support tests under section 509(a)(2)? If "Yes," describe in Part VI when and how the organization made the determination.

Did the organization ensure that all support to such organizations was used exclusively for section 170(c)(2)(B) purposes? If "Yes," explain in Part VI what controls the organization put in place to ensure such use.

Was any supported organization not organized in the United States ("foreign supported organization")? If “Yes” and if you checked box 12a or 12b in Part I, answer lines 4b and 4c below.

Did the organization have ultimate control and discretion in deciding whether to make grants to the foreign supported organization? If “Yes,” describe in Part VI how the organization had such control and discretion despite being controlled or supervised by or in connection with its supported organizations.

Did the organization support any foreign supported organization that does not have an IRS determination under sections 501(c)(3) and 509(a)(1) or (2)? If “Yes,” explain in Part VI what controls the organization used to ensure that all support to the foreign supported organization was used exclusively for section 170(c)(2)(B) purposes.

Did the organization add, substitute, or remove any supported organizations during the tax year? If “Yes,” answer lines 5b and 5c below (if applicable). Also, provide detail in Part VI, including (i) the names and EIN numbers of the supported organizations added, substituted, or removed; (ii) the reasons for each such action; (iii) the authority under the organization's organizing document authorizing such action; and (iv) how the action was accomplished (such as by amendment to the organizing document).

Type I or Type II only. Was any added or substituted supported organization part of a class already designated in the organization's organizing document?

Substitutions only. Was the substitution the result of an event beyond the organization's control?

Did the organization provide support (whether in the form of grants or the provision of services or facilities) to anyone other than (i) its supported organizations, (ii) individuals that are part of the charitable class benefited by one or more of its supported organizations, or (iii) other supporting organizations that also support or benefit one or more of the filing organization’s supported organizations? If “Yes,” provide detail in Part VI.

Did the organization provide a grant, loan, compensation, or other similar payment to a substantial contributor (defined in section 4958(c)(3)(C)), a family member of a substantial contributor, or a 35% controlled entity with regard to a substantial contributor? If “Yes,” complete Part I of Schedule L (Form 990) .

Did the organization make a loan to a disqualified person (as defined in section 4958) not described on line 7? If “Yes,” complete Part I of Schedule L (Form 990).

Was the organization controlled directly or indirectly at any time during the tax year by one or more disqualified persons, as defined in section 4946 (other than foundation managers and organizations described in section 509(a)(1) or (2))? If “Yes,” provide detail in Part VI.

Did one or more disqualified persons (as defined on line 9a) hold a controlling interest in any entity in which the supporting organization had an interest? If “Yes,” provide detail in Part VI.

Did a disqualified person (as defined on line 9a) have an ownership interest in, or derive any personal benefit from, assets in which the supporting organization also had an interest? If “Yes,” provide detail in Part VI.

10a

Was the organization subject to the excess business holdings rules of section 4943 because of section 4943(f) (regarding certain Type II supporting organizations, and all Type III non-functionally integrated supporting organizations)? If “Yes,” answer line 10b below.

10a

Yes

Did the organization have any excess business holdings in the tax year? (Use Schedule C, Form 4720, to determine whether the organization had excess business holdings).

10b

Schedule A (Form 990) 2023

Page 5

Part IV

Supporting Organizations (continued)

Yes

Has the organization accepted a gift or contribution from any of the following persons?

A person who directly or indirectly controls, either alone or together with persons described on lines 11b and 11c below, the governing body of a supported organization?

11a

A family member of a person described on 11a above?

11b

A 35% controlled entity of a person described on line 11a or 11b above? If “Yes” to 11a, 11b, or 11c, provide detail in Part VI.

11c

Section B. Type I Supporting Organizations

Yes

Did the officers, directors, trustees, or membership of one or more supported organizations have the power to regularly appoint or elect at least a majority of the organization’s directors or trustees at all times during the tax year? If “No,” describe in Part VI how the supported organization(s) effectively operated, supervised, or controlled the organization’s activities. If the organization had more than one supported organization, describe how the powers to appoint and/or remove directors or trustees were allocated among the supported organizations and what conditions or restrictions, if any, applied to such powers during the tax year.

Did the organization operate for the benefit of any supported organization other than the supported organization(s) that operated, supervised, or controlled the supporting organization? If “Yes,” explain in Part VI how providing such benefit carried out the purposes of the supported organization(s) that operated, supervised or controlled the supporting organization.

Section C. Type II Supporting Organizations

Yes

Were a majority of the organization’s directors or trustees during the tax year also a majority of the directors or trustees of each of the organization’s supported organization(s)? If “No,” describe in Part VI how control or management of the supporting organization was vested in the same persons that controlled or managed the supported organization(s).

Section D. All Type III Supporting Organizations

Yes

Did the organization provide to each of its supported organizations, by the last day of the fifth month of the organization’s tax year, (i) a written notice describing the type and amount of support provided during the prior tax year, (ii) a copy of the Form 990 that was most recently filed as of the date of notification, and (iii) copies of the organization’s governing documents in effect on the date of notification, to the extent not previously provided?

Yes

Were any of the organization’s officers, directors, or trustees either (i) appointed or elected by the supported organization(s) or (ii) serving on the governing body of a supported organization? If "No," explain in Part VI how the organization maintained a close and continuous working relationship with the supported organization(s).

By reason of the relationship described in line 2 above, did the organization’s supported organizations have a significant voice in the organization’s investment policies and in directing the use of the organization’s income or assets at all times during the tax year? If "Yes," describe in Part VI the role the organization’s supported organizations played in this regard.

Yes

Section E. Type III Functionally-Integrated Supporting Organizations

Check the box next to the method that the organization used to satisfy the Integral Part Test during the year (see instructions):

The organization satisfied the Activities Test. Complete line 2 below.

The organization is the parent of each of its supported organizations. Complete line 3 below.

The organization supported a governmental entity. Describe in Part VI how you supported a government entity (see instructions)

Activities Test. Answer lines 2a and 2b below.

Yes

Did substantially all of the organization’s activities during the tax year directly further the exempt purposes of the supported organization(s) to which the organization was responsive? If "Yes," then in Part VI identify those supported organizations and explain how these activities directly furthered their exempt purposes, how the organization was responsive to those supported organizations, and how the organization determined that these activities constituted substantially all of its activities.

Did the activities described on line 2a, above constitute activities that, but for the organization’s involvement, one or more of the organization’s supported organization(s) would have been engaged in? If "Yes," explain in Part VI the reasons for the organization’s position that its supported organization(s) would have engaged in these activities but for the organization’s involvement.

Parent of Supported Organizations. Answer lines 3a and 3b below.

Did the organization have the power to regularly appoint or elect a majority of the officers, directors, or trustees of each of the supported organizations?If "Yes" or "No", provide details in Part VI.

Did the organization exercise a substantial degree of direction over the policies, programs and activities of each of its supported organizations? If "Yes," describe in Part VI. the role played by the organization in this regard.

Schedule A (Form 990) 2023

Page 6

Part V

Type III Non-Functionally Integrated 509(a)(3) Supporting Organizations

Check here if the organization satisfied the Integral Part Test as a qualifying trust on Nov. 20, 1970 (explain in Part VI). See instructions. All other Type III non-functionally integrated supporting organizations must complete Sections A through E.

	Section A - Adjusted Net Income		(A) Prior Year	(B) Current Year (optional)
1	Net short-term capital gain	1	0	30,607,954
2	Recoveries of prior-year distributions	2	29,650	42,276
3	Other gross income (see instructions)	3	166,303,463	145,409,245
4	Add lines 1 through 3	4	166,333,113	176,059,475
5	Depreciation and depletion	5	0	0
6	Portion of operating expenses paid or incurred for production or collection of gross income or for management, conservation, or maintenance of property held for production of income (see instructions)	6	84,293,429	98,097,046
7	Other expenses (see instructions)	7	0	0
8	Adjusted Net Income (subtract lines 5, 6 and 7 from line 4)	8	82,039,684	77,962,429

	Section B - Minimum Asset Amount		(A) Prior Year	(B) Current Year (optional)
1	Aggregate fair market value of all non-exempt-use assets (see instructions for short tax year or assets held for part of year):	1
a	Average monthly value of securities	1a	1,217,678,539	1,049,210,899
b	Average monthly cash balances	1b	82,210,426	67,367,480
c	Fair market value of other non-exempt-use assets	1c	3,984,571,585	3,550,126,989
d	Total (add lines 1a, 1b, and 1c)	1d	5,284,460,550	4,666,705,368
e	Discount claimed for blockage or other factors (explain in detail in Part VI): 0
2	Acquisition indebtedness applicable to non-exempt use assets	2	0	0
3	Subtract line 2 from line 1d	3	5,284,460,550	4,666,705,368
4	Cash deemed held for exempt use. Enter 0.015 of line 3 (for greater amount, see instructions).	4	79,266,908	70,000,581
5	Net value of non-exempt-use assets (subtract line 4 from line 3)	5	5,205,193,642	4,596,704,787
6	Multiply line 5 by 0.035	6	182,181,777	160,884,668
7	Recoveries of prior-year distributions	7	29,650	42,276
8	Minimum Asset Amount (add line 7 to line 6)	8	182,211,427	160,926,944

	Section C - Distributable Amount		Current Year
1	Adjusted net income for prior year (from Section A, line 8, Column A)	1	82,039,684
2	Enter 85% of line 1	2	69,733,731
3	Minimum asset amount for prior year (from Section B, line 8, Column A)	3	182,211,427
4	Enter greater of line 2 or line 3	4	182,211,427
5	Income tax imposed in prior year	5	0
6	Distributable Amount. Subtract line 5 from line 4, unless subject to emergency temporary reduction (see instructions)	6	182,211,427

Check here if the current year is the organization's first as a non-functionally-integrated Type III supporting organization (see instructions)

Schedule A (Form 990) 2023

Page 7

Part V

Type III Non-Functionally Integrated 509(a)(3) Supporting Organizations(continued)

Section D - Distributions		Current Year
1 Amounts paid to supported organizations to accomplish exempt purposes	1	167,527,644
2 Amounts paid to perform activity that directly furthers exempt purposes of supported organizations, in excess of income from activity	2	0
3 Administrative expenses paid to accomplish exempt purposes of supported organizations	3	17,638,378
4 Amounts paid to acquire exempt-use assets	4	0
5 Qualified set-aside amounts (prior IRS approval required - provide details in Part VI)	5	0
6 Other distributions (describe in Part VI). See instructions	6	0
7Total annual distributions. Add lines 1 through 6.	7	185,166,022
8 Distributions to attentive supported organizations to which the organization is responsive (provide details in Part VI). See instructions	8	167,527,644
9 Distributable amount for 2023 from Section C, line 6	9	182,211,427
10 Line 8 amount divided by Line 9 amount	10	9194.0000000000 %

Section E - Distribution Allocations (see instructions)	(i) Excess Distributions	(ii) Underdistributions Pre-2023	(iii) Distributable Amount for 2023
1 Distributable amount for 2023 from Section C, line 6			182,211,427
2 Underdistributions, if any, for years prior to 2023 (reasonable cause required-- explain in Part VI). See instructions.		0
3 Excess distributions carryover, if any, to 2023:
a From 2018.......0
b From 2019.......0
c From 2020.......0
d From 2021.......0
e From 2022.......63,506,425
fTotal of lines 3a through e	63,506,425
g Applied to underdistributions of prior years		0
h Applied to 2023 distributable amount			63,506,425
i Carryover from 2018 not applied (see instructions)	0
j Remainder. Subtract lines 3g, 3h, and 3i from line 3f.	0
4Distributions for 2023 from Section D, line 7:
$ 185,166,022
a Applied to underdistributions of prior years		0
b Applied to 2023 distributable amount			118,705,002
c Remainder. Subtract lines 4a and 4b from line 4.	66,461,020
5 Remaining underdistributions for years prior to 2023, if any. Subtract lines 3g and 4a from line 2. If the amount is greater than zero, explain in Part VI. See instructions.		0
6 Remaining underdistributions for 2023. Subtract lines 3h and 4b from line 1. If the amount is greater than zero, explain in Part VI. See instructions.			0
7 Excess distributions carryover to 2024. Add lines 3j and 4c.	66,461,020
8 Breakdown of line 7:
a Excess from 2019.....0
b Excess from 2020.....0
c Excess from 2021.....0
d Excess from 2022.....0
e Excess from 2023.....66,461,020

Schedule A (Form 990) (2023)

Schedule A (Form 990) 2023

Page 8

Part VI

Supplemental Information. Provide the explanations required by Part II, line 10; Part II, line 17a or 17b; Part III, line 12; Part IV, Section A, lines 1, 2, 3b, 3c, 4b, 4c, 5a, 6, 9a, 9b, 9c, 11a, 11b, and 11c; Part IV, Section B, lines 1 and 2; Part IV, Section C, line 1; Part IV, Section D, lines 2 and 3; Part IV, Section E, lines 1c, 2a, 2b, 3a and 3b; Part V, line 1; Part V, Section B, line 1e; Part V Section D, lines 5, 6, and 8; and Part V, Section E, lines 2, 5, and 6. Also complete this part for any additional information. (See instructions).

Facts And Circumstances Test

Return Reference	Explanation
SCHEDULE A, PART I LINE 12G	DUE TO SPACE CONSTRAINTS ON THE SCHEDULE, THE NAMES OF THE DESIGNATED SUPPORTED ORGANIZATIONS WERE ABBREVIATED. ABBREVIATIONS USED HAVE THE FOLLOWING MEANINGS FOR BOTH SCHEDULE A AND SCHEDULE R: ARC NATIONAL - THE AMERICAN NATIONAL RED CROSS, INCLUDING FOR THE BENEFIT OF ITS SAN DIEGO AND IMPERIAL COUNTIES CHAPTER AND ITS INTERNATIONAL SERVICES DEPARTMENT ASI - THE AMERICAN SWEDISH INSTITUTE IDYLLWILD - IDYLLWILD ARTS FOUNDATION KPBS - SAN DIEGO STATE UNIVERSITY, FOR THE BENEFIT OF KPBS MINGEI - MINGEI INTERNATIONAL, INC. YMCA OF THE USA - NATIONAL COUNCIL OF YOUNG MEN'S CHRISTIAN ASSOCIATIONS OF THE UNITED STATES OF AMERICA, DOING BUSINESS AS YMCA NMAI - SMITHSONIAN INSTITUTION, FOR THE BENEFIT OF THE NATIONAL MUSEUM OF THE AMERICAN INDIAN PBS - PUBLIC BROADCASTING SERVICE PMG - PUBLIC MEDIA GROUP OF SOUTHERN CALIFORNIA SA CA - THE SALVATION ARMY, A CALIFORNIA CORPORATION, FOR THE BENEFIT OF ITS CALIFORNIA SOUTH DIVISION SA NATIONAL - THE SALVATION ARMY NATIONAL CORPORATION SAR - SCHOOL FOR ADVANCED RESEARCH SDHS - SAN DIEGO HUMANE SOCIETY AND S.P.C.A. ST. PAUL'S - ST. PAUL'S EPISCOPAL HOME, INC. TNC - THE NATURE CONSERVANCY
SCHEDULE A, PART IV, SECTION D, LINE 2	SCHEDULE A, PART IV, SECTION D, LINE 2 ANNE RAY FOUNDATION'S PRIMARY CHARITABLE ACTIVITY IS SUPPORTING ITS DESIGNATED SUPPORTED ORGANIZATIONS, AS STATED IN ITS ARTICLES. THE OFFICERS AND DIRECTORS OF ANNE RAY FOUNDATION MAINTAIN A CLOSE AND CONTINUOUS WORKING RELATIONSHIP WITH THE OFFICERS, DIRECTORS OR TRUSTEES OF THE DESIGNATED SUPPORTED ORGANIZATIONS. THIS IS DONE, IN PART, BY ANNUAL MEETINGS THAT ANNE RAY FOUNDATION'S PRESIDENT AND CFO HAVE WITH THEIR COUNTERPARTS AT EACH OF THE DESIGNATED SUPPORTED ORGANIZATIONS. ADDITIONALLY, ANNE RAY FOUNDATION PROGRAM STAFF COMMUNICATE ON A REGULAR BASIS WITH THEIR COUNTERPARTS AT THE DESIGNATED SUPPORTED ORGANIZATIONS THROUGHOUT THE YEAR, FURTHER SUPPORTING THE CLOSE AND CONTINUOUS RELATIONSHIP. INFORMATION FROM THESE COMMUNICATION CHANNELS, INCLUDING BOTH CEO AND CFO VISITS, IS DOCUMENTED AND SIGNIFICANT UPDATES ARE SHARED AMONG ANNE RAY FOUNDATION'S STAFF, PROGRAM COMMITTEE, AND BOARD MEMBERS THROUGHOUT THE YEAR ON A FORMAL AND INFORMAL BASIS.
SCHEDULE A, PART IV, SECTION D, LINE 3	THE DESIGNATED SUPPORTED ORGANIZATIONS ARE IN REGULAR AND CONTINUOUS CONTACT WITH ANNE RAY FOUNDATION. FOR EXAMPLE, THE DESIGNATED SUPPORTED ORGANIZATIONS PROVIDE PERIODIC UPDATES DURING THE YEAR THAT HIGHLIGHT THEIR CURRENT PRIORITIES AND UPCOMING SHORT-TERM AND LONG-TERM NEEDS. THE DESIGNATED SUPPORTED ORGANIZATIONS ARE ASKED TO PROVIDE INPUT ON OPPORTUNITIES TO IMPROVE THE EFFECTIVENESS OF THE GRANTMAKING PRACTICES AT THE REPORTING ORGANIZATION AND TO SHARE OPPORTUNITIES FOR FUNDING IN AREAS OF MUTUAL INTEREST THAT ARE EXPECTED TO HAVE THE BEST POSSIBLE IMPACT ON THE COMMUNITIES SERVED BY THE DESIGNATED SUPPORTED ORGANIZATIONS. IN ADDITION TO HEARING FROM THE DESIGNATED SUPPORTED ORGANIZATIONS ON THEIR STRATEGIC PRIORITIES AND CURRENT NEEDS, ANNE RAY FOUNDATION SHARES RELEVANT INFORMATION ON IMPORTANT ASPECTS OF ANNE RAY FOUNDATION'S OPERATIONS WITH EACH OF THE DESIGNATED SUPPORTED ORGANIZATIONS. ANNUALLY, ANNE RAY FOUNDATION SHARES A SUMMARY INVESTMENT POLICY STATEMENT AND AN INVESTMENT PERFORMANCE REPORT WITH THE SUPPORTED ORGANIZATIONS TO PROVIDE INFORMATION ON THE KEY INVESTMENT POLICIES THAT GOVERNED THE MANAGEMENT OF INVESTED FUNDS FOR ANNE RAY FOUNDATION AND TO PROVIDE TRANSPARENCY AROUND HOW INVESTMENTS ARE MANAGED. ANNE RAY FOUNDATION ALSO PROVIDES A COPY OF THE MOST RECENTLY FILED FORM 990 AND AUDITED FINANCIAL STATEMENTS TO THE DESIGNATED SUPPORTED ORGANIZATIONS ON AN ANNUAL BASIS ALONG WITH OTHER RELEVANT ANNE RAY FOUNDATION DOCUMENTS. INFORMATION SHARED BY ANNE RAY FOUNDATION GOES BEYOND WHAT IS REQUIRED FOR THE NOTIFICATION REQUIREMENT AND IS INTENDED TO PROVIDE INFORMATION TO SUPPORT THE SIGNIFICANT VOICE THAT THE DESIGNATED SUPPORTED ORGANIZATIONS HAVE WITH RESPECT TO ANNE RAY FOUNDATION'S OPERATIONS, GRANTMAKING, AND INVESTMENTS. ANNE RAY FOUNDATION ALSO PROACTIVELY ASKS FOR INPUT FROM THE DESIGNATED SUPPORTED ORGANIZATIONS AS PART OF ITS CLOSE AND CONTINUOUS RELATIONSHIP WITH EACH ORGANIZATION AND ANNE RAY FOUNDATION INVITES DISCUSSION ON ALL INFORMATION SHARED. ANNE RAY FOUNDATION STRIVES TO ADDRESS THE NEEDS OF THE DESIGNATED SUPPORTED ORGANIZATIONS IN A WAY THAT ALIGNS WITH ITS PHILANTHROPIC MISSION AND INTENDS TO BE A RESOURCE TO THE DESIGNATED SUPPORTED ORGANIZATIONS BOTH NOW AND INTO THE FUTURE.
SCHEDULE A, PART V, SECTION D, LINE 8	ANNE RAY FOUNDATION ESTABLISHES ATTENTIVENESS THROUGH GRANTMAKING THAT IS SIGNIFICANT, EITHER ON A RELATIVE OR AN ABSOLUTE BASIS, AND FOLLOWS INTERNALLY DEVELOPED GUIDELINES FOR ESTABLISHING ATTENTIVENESS. ANNE RAY FOUNDATION PROVIDES FUNDING EARMARKED FOR A SPECIFIC PROJECT OR PROGRAM THAT IS IMPORTANT TO THE DESIGNATED SUPPORTED ORGANIZATION AND ALIGNED WITH ANNE RAY FOUNDATION'S MISSION AND VALUES. AS PART OF THE GRANTMAKING PROCESS, EACH DESIGNATED SUPPORTED ORGANIZATION CONFIRMS IN WRITING THAT THE EARMARKED PROJECT OR PROGRAM WOULD BE MATERIALLY IMPACTED IF THERE WAS A CHANGE IN ANNE RAY FOUNDATION'S FUNDING FOR THE WORK. ADDITIONALLY, ANNE RAY FOUNDATION IS THE SINGLE LARGEST PRIVATE DONOR TO MOST, IF NOT ALL, OF ITS DESIGNATED SUPPORTED ORGANIZATIONS.

Schedule A (Form 990) 2023

Additional Data

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SCHEDULE D
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Financial Statements

Complete if the organization answered "Yes," on Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b.
right arrow

Attach to Form 990.
right arrow

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2022

Open to Public Inspection

Name of the organization

ANNE RAY FOUNDATION

Employer identification number

47-1036008

Part I

Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" on Form 990, Part IV, line 6.

		(a) Donor advised funds	(b) Funds and other accounts
1	Total number at end of year .........
2	Aggregate value of contributions to (during year)
3	Aggregate value of grants from (during year)
4	Aggregate value at end of year ........

Did the organization inform all donors and donor advisors in writing that the assets held in donor advised funds are the organization’s property, subject to the organization’s exclusive legal control? ............

Yes No

Did the organization inform all grantees, donors, and donor advisors in writing that grant funds can be used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit? ...................................

Yes No

Part II

Conservation Easements.
Complete if the organization answered "Yes" on Form 990, Part IV, line 7.

Purpose(s) of conservation easements held by the organization (check all that apply).

Preservation of land for public use (e.g., recreation or education) Preservation of an historically important land area

Protection of natural habitat Preservation of a certified historic structure

Preservation of open space

Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.


a	Total number of conservation easements ......................	2a
b	Total acreage restricted by conservation easements ....................	2b
c	Number of conservation easements on a certified historic structure included in (a) .....	2c
d	Number of conservation easements included in (c) acquired after July 25, 2006, and not on a historic structure listed in the National Register ...	2d

Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during the
tax year right arrow

Number of states where property subject to conservation easement is located right arrow

Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and enforcement of the conservation easements it holds? ............

Yes No

Staff and volunteer hours devoted to monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
right arrow

Amount of expenses incurred in monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
right arrow

Does each conservation easement reported on line 2(d) above satisfy the requirements of section 170(h)(4)(B)(i) and section 170(h)(4)(B)(ii)? .............................

Yes No

In Part XIII, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" on Form 990, Part IV, line 8.

If the organization elected, as permitted under FASB ASC 958, not to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide, in Part XIII, the text of the footnote to its financial statements that describes these items.

If the organization elected, as permitted under FASB ASC 958, to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide the following amounts relating to these items:

(i)

Revenue included on Form 990, Part VIII, line 1 ......................... right arrow

(ii)

Assets included in Form 990, Part X ............................... right arrow

If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under FASB ASC 958 relating to these items:

Revenue included on Form 990, Part VIII, line 1 .......................... right arrow

Assets included in Form 990, Part X ............................... right arrow

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 52283D

Schedule D (Form 990) 2022

Page 2

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)

Using the organization’s acquisition, accession, and other records, check any of the following that are a significant use of its collection items (check all that apply):

Public exhibition

Loan or exchange programs

Scholarly research

Other

Preservation for future generations

Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIII.

During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?...

Yes No

Part IV

Escrow and Custodial Arrangements. Complete if the organization answered "Yes" on Form 990, Part IV, line 9, or reported an amount on Form 990, Part X, line 21.

Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................

Yes No


b	If "Yes," explain the arrangement in Part XIII and complete the following table:		Amount
c	Beginning balance .............................	1c
d	Additions during the year ............................	1d
e	Distributions during the year ..........................	1e
f	Ending balance ................................	1f

Did the organization include an amount on Form 990, Part X, line 21, for escrow or custodial account liability? ...

Yes No

If "Yes," explain the arrangement in Part XIII. Check here if the explanation has been provided in Part XIII ....

Part V

Endowment Funds.
Complete if the organization answered "Yes" on Form 990, Part IV, line 10.

		(a) Current year	(b) Prior year	(c) Two years back	(d) Three years back	(e) Four years back

1a	Beginning of year balance ....
b	Contributions ...
c	Net investment earnings, gains, and losses
d	Grants or scholarships ...
e	Other expenditures for facilities and programs ...
f	Administrative expenses ....
g	End of year balance ......

Provide the estimated percentage of the current year end balance (line 1g, column (a)) held as:

Board designated or quasi-endowment right arrow

Permanent endowment right arrow

Term endowment right arrow

The percentages on lines 2a, 2b, and 2c should equal 100%.

Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes

(i) Unrelated organizations .................

3a(i)

(ii) Related organizations .................

3a(ii)

If "Yes" on 3a(ii), are the related organizations listed as required on Schedule R? .........

Describe in Part XIII the intended uses of the organization's endowment funds.

Part VI

Land, Buildings, and Equipment.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11a. See Form 990, Part X, line 10.

Description of property		(a) Cost or other basis (investment)	(b) Cost or other basis (other)	(c) Accumulated depreciation	(d) Book value

1a	Land .....
b	Buildings ....
c	Leasehold improvements
d	Equipment ....
e	Other .....	44,637	44,637	0
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..				0

Schedule D (Form 990) 2022

Page 3

Part VII

Investments - Other Securities.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11b. See Form 990, Part X, line 12.

(a) Description of security or category (including name of security)	(b) Book value	(c) Method of valuation: Cost or end-of-year market value
(1) Financial derivatives.........	-6,568,339	F
(2) Closely-held equity interests........
(3) Other (A) EQUITY FUNDS	1,129,814,427	F
(B) PRIVATE EQUITY FUNDS	1,031,893,099	F
(C) REAL ASSET FUNDS	1,021,578,254	F
(D) CREDIT FUNDS	796,089,044	F
(E) PRIVATE CREDIT FUNDS	377,489,375	F
(E)
(F)
(G)
(H)
Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)	4,350,295,860

Part VIII

Investments - Program Related. Complete if the organization answered 'Yes' on Form 990, Part IV, line 11c. See Form 990, Part X, line 13.

(a) Description of investment	(b) Book value	(c) Method of valuation: Cost or end-of-year market value

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)

Part IX

Other Assets.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11d. See Form 990, Part X, line 15.

(a) Description				(b) Book value

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........

Part X

Other Liabilities.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11e or 11f. See Form 990, Part X, line 25.

1.(a) Description of liability	(b) Book value
(1) Federal income taxes









Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)
2. Liability for uncertain tax positions. In Part XIII, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC 740). Check here if the text of the footnote has been provided in Part XIII

Schedule D (Form 990) 2022

Page 4

Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1	Total revenue, gains, and other support per audited financial statements .......			1	331,134,588
2	Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a	Net unrealized gains (losses) on investments ....	2a	212,286,064
b	Donated services and use of facilities .........	2b
c	Recoveries of prior year grants ...........	2c	42,276
d	Other (Describe in Part XIII.) ...........	2d
e	Add lines 2a through 2d .....................			2e	212,328,340
3	Subtract line 2e from line 1..................			3	118,806,248
4	Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b .	4a	21,045,941
b	Other (Describe in Part XIII.) ...........	4b	58,591,768
c	Add lines 4a and 4b....................			4c	79,637,709
5	Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ......			5	198,443,957

Part XII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1	Total expenses and losses per audited financial statements ...........			1	235,960,524
2	Amounts included on line 1 but not on Form 990, Part IX, line 25:
a	Donated services and use of facilities .........	2a
b	Prior year adjustments ............	2b
c	Other losses ................	2c
d	Other (Describe in Part XIII.) ...........	2d
e	Add lines 2a through 2d....................			2e	0
3	Subtract line 2e from line 1...................			3	235,960,524
4	Amounts included on Form 990, Part IX, line 25, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b ..	4a	21,045,941
b	Other (Describe in Part XIII.) ...........	4b	-2,304,356
c	Add lines 4a and 4b.....................			4c	18,741,585
5	Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ......			5	254,702,109

Part XIII

Supplemental Information

Provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, lines 1b and 2b; Part V, line 4; Part X, line 2; Part XI, lines 2d and 4b; and Part XII, lines 2d and 4b. Also complete this part to provide any additional information.

Return Reference	Explanation
PART X, LINE 2:	ANNE RAY HAS BEEN RECOGNIZED BY THE INTERNAL REVENUE SERVICE AS EXEMPT FROM INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC) AND, ACCORDINGLY, IS GENERALLY NOT SUBJECT TO INCOME TAX. HOWEVER, ANNE RAY IS SUBJECT TO TAXES ON UNRELATED TRADE OR BUSINESS INCOME. ANNE RAY HAS ADOPTED GUIDANCE REGARDING THE RECOGNITION OF UNCERTAIN TAX POSITIONS. ANNE RAY BELIEVES IT HAS APPROPRIATE SUPPORT FOR UNRELATED TRADE OR BUSINESS POSITIONS AND, AS A RESULT, DOES NOT HAVE UNCERTAIN TAX POSITIONS THAT HAVE A MATERIAL IMPACT ON ITS CONSOLIDATED FINANCIAL STATEMENTS.
PART XI, LINE 4B - OTHER ADJUSTMENTS:	BOOK AND TAX TIMING DIFFERENCES RELATED TO INVESTMENT INCOME 58,591,768.
PART XII, LINE 4B - OTHER ADJUSTMENTS:	OTHER BOOK-TAX ADJUSTMENTS TO OTHER EXPENSES -2,304,356.
PART VII, LINE 1	BOOK VALUE OF FINANCIAL DERIVATIVES REFLECTS THE UNSETTLED AMOUNTS (VARIATION MARGIN) AS OF DECEMBER 31 RELATED TO OPTIONS AND FOREIGN CURRENCY CONTRACTS POSITIONS HELD BY THE REPORTING ORGANIZATION.

Schedule D (Form 990) 2022

Additional Data

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SCHEDULE F(Form 990)

Department of the Treasury
Internal Revenue Service

Statement of Activities Outside the United States

Complete if the organization answered "Yes" to Form 990, Part IV, line 14b, 15, or 16. Right arrow

Attach to Form 990. Right arrow

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2023

Open to Public Inspection

Name of the organization
ANNE RAY FOUNDATION

Employer identification number

47-1036008

Part I

General Information on Activities Outside the United States. Complete if the organization answered "Yes" on Form 990, Part IV, line 14b.

For grantmakers. Does the organization maintain records to substantiate the amount of its grants and

other assistance, the grantees’ eligibility for the grants or assistance, and the selection criteria used

to award the grants or assistance? . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

For grantmakers. Describe in Part V the organization’s procedures for monitoring the use of its grants and other assistance outside the United States.

Activites per Region. (The following Part I, line 3 table can be duplicated if additional space is needed.)

(a) Region		(b) Number of offices in the region	(c) Number of employees, agents, and independent contractors in the region	(d) Activities conducted in region (by type) (such as, fundraising, program services, investments, grants to recipients located in the region)	(e) If activity listed in (d) is a program service, describe specific type of service(s) in the region	(f) Total expenditures for and investments in the region
	NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES	0	0	VALUE OF INVESTED ASSETS	N/A	127,979,769
	EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM	0	0	VALUE OF INVESTED ASSETS	N/A	340,404,205
	EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA,	0	0	VALUE OF INVESTED ASSESTS	N/A	57,204,096
	CENTRAL AMERICAN AND THE CARIBBEAN	0	0	VALUE OF INVESTED ASSETS	N/A	1,570,610,602
	EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM	0	1	INVESTMENT MANAGEMENT SERVICES	N/A	1,155,650
	EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA,	0	11	PROGRAM & INVESTMENT SERVICES	SITE VISITS	159,515
	EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM	0	13	PROGRAM & INVESTMENT SERVICES	SITE VISITS	72,770
	SOUTH AMERICA - ARGENTINA, BOLIVIA, BRAZIL, CHILE, COLUMBIA, ECUADOR,	0	6	PROGRAM & INVESTMENT SERVICES	SITE VISITS	24,058
	SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA FASO,	0	4	PROGRAM SERVICES	SITE VISITS	60,486
	NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES	0	1	PROGRAM SERVICES	SITE VISITS	500
	SOUTH ASIA - AFGHANISTAN, BANGLADESH, BHUTAN, INDIA, MALDIVES, NEPAL,	0	2	PROGRAM SERVICES	SITE VISITS	10,628






3a	Sub-total ....	0	31			2,097,610,665
b	Total from continuation sheets to Part I ...	0	7			71,614
c	Totals (add lines 3a and 3b)	0	38			2,097,682,279

For Paperwork Reduction Act Notice, see the Instructions for Form 990.Cat. No. 50082W Schedule F (Form 990) 2023

Schedule F (Form 990) 2023

Page 2

Part II

Grants and Other Assistance to Organizations or Entities Outside the United States. Complete if the organization answered "Yes" on Form 990, Part IV, line 15, for any recipient who received more than $5,000. Part II can be duplicated if additional space is needed.

1 (a) Name of organization		(b) IRS code section and EIN (if applicable)	(c) Region	(d) Purpose of grant	(e) Amount of cash grant	(f) Manner of cash disbursement	(g) Amount of noncash assistance	(h) Description of noncash assistance	(i) Method of valuation (book, FMV, appraisal, other)

2	Enter total number of recipient organizations listed above that are recognized as charities by the foreign country, recognized as tax-exempt by the IRS, or for which the grantee or counsel has provided a section 501(c)(3) equivalency letter .......
3	Enter total number of other organizations or entities .......................

Schedule F (Form 990) 2023

Schedule F (Form 990) 2023Page 3

Part III

Grants and Other Assistance to Individuals Outside the United States. Complete if the organization answered "Yes" on Form 990, Part IV, line 16.

Part III can be duplicated if additional space is needed.

(a) Type of grant or assistance		(b) Region	(c) Number of recipients	(d) Amount of cash grant	(e) Manner of cash disbursement	(f) Amount of noncash assistance	(g) Description of noncash assistance	(h) Method of valuation (book, FMV, appraisal, other)

Schedule F (Form 990) 2023

Page 4

Part IV

Foreign Forms

Schedule F (Form 990) 2023

Page 5

Part V

Supplemental Information
Provide the information required by Part I, line 2 (monitoring of funds); Part I, line 3, column (f) (accounting method; amounts of investments vs. expenditures per region); Part II, line 1 (accounting method); Part III (accounting method); and Part III, column (c) (estimated number of recipients), as applicable. Also complete this part to provide any additional information. See instructions.

ReturnReference	Explanation
PART I, LINE 3	ANNE RAY FOUNDATION AWARDS GRANTS TO ITS DESIGNATED SUPPORTED ORGANIZATIONS ALL OF WHICH ARE U.S. ORGANIZATIONS. IN 2023, ANNE RAY FOUNDATION STAFF PARTICIPATED IN SITE VISITS WITH STAFF FROM DESIGNATED SUPPORTED ORGANIZATIONS, SOME OF WHICH REQUIRED TRAVEL OUTSIDE THE U.S. IN ADDITION, ANNE RAY FOUNDATION INVESTMENT STAFF TRAVELED OUTSIDE THE U.S. FOR SEVERAL MANAGER VISITS IN 2023. IF PERSONS TRAVELED TO A REGION MORE THAN ONCE DURING THE YEAR, THE PERSON IS ONLY COUNTED ONCE FOR PURPOSES OF DISCLOSING THE NUMBER OF EMPLOYEES IN A REGION. EXPENSES FOR PROGRAM SITE VISITS INCLUDE CERTAIN EXPENSES PAID BY ANNE RAY FOUNDATION TO SUPPORT TRAVEL BY STAFF AT A DESIGNATED SUPPORTED ORGANIZATION.

Schedule F (Form 990) 2023

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Schedule I
(Form 990)

Department of the Treasury
Internal Revenue Service

Grants and Other Assistance to Organizations,
Governments and Individuals in the United States

Complete if the organization answered "Yes," on Form 990, Part IV, line 21 or 22.
lBullet

Attach to Form 990.
lBullet

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2023

Open to Public
Inspection

Name of the organization
ANNE RAY FOUNDATION

Employer identification number
47-1036008

Part I

General Information on Grants and Assistance

Does the organization maintain records to substantiate the amount of the grants or assistance, the grantees' eligibility for the grants or assistance, and
the selection criteria used to award the grants or assistance? ........................

Yes No

Describe in Part IV the organization's procedures for monitoring the use of grant funds in the United States.

Part II

Grants and Other Assistance to Domestic Organizations and Domestic Governments. Complete if the organization answered "Yes" on Form 990, Part IV, line 21, for any recipient

that received more than $5,000. Part II can be duplicated if additional space is needed.

(a) Name and address of organization or government	(b) EIN	(c) IRC section (if applicable)	(d) Amount of cash grant	(h) Purpose of grant or assistance
(1) AMERICAN NATIONAL RED CROSS 431 18TH STREET NW WASHINGTON,DC20006	53-0196605	501(C)(3)	600,000	BUILDING AND STRENGTHENING OPERATIONAL READINESS IN THE MIDWEST REGION
(2) AMERICAN NATIONAL RED CROSS 431 18TH STREET NW WASHINGTON,DC20006	53-0196605	501(C)(3)	2,200,000	SUSTAINABILITY AND ESG MANAGEMENT SYSTEM
(3) AMERICAN NATIONAL RED CROSS 431 18TH STREET NW WASHINGTON,DC20006	53-0196605	501(C)(3)	1,000,000	SUPPORT FOR LOW-ATTENTION DISASTERS IN THE MIDWEST
(4) AMERICAN NATIONAL RED CROSS 431 18TH STREET NW WASHINGTON,DC20006	53-0196605	501(C)(3)	750,000	SUPPORT FOR LOW-ATTENTION DOMESTIC DISASTERS
(5) AMERICAN NATIONAL RED CROSS 431 18TH STREET NW WASHINGTON,DC20006	53-0196605	501(C)(3)	750,000	SUPPORT FOR ITS AQUATICS CENTENNIAL CAMPAIGN
(6) AMERICAN NATIONAL RED CROSS INTERNATIONAL SERVICES DEPARTMENT 431 18TH STREET NW WASHINGTON,DC20006	53-0196605	501(C)(3)	380,000	STRENGTHENING CAPACITY FOR DISASTER PREPAREDNESS AND RESPONSE IN GUATEMALA
(7) AMERICAN NATIONAL RED CROSS INTERNATIONAL SERVICES DEPARTMENT 431 18TH STREET NW WASHINGTON,DC20006	53-0196605	501(C)(3)	600,000	COMMUNITY READINESS IN BICOL, PHILIPPINES
(8) AMERICAN NATIONAL RED CROSS INTERNATIONAL SERVICES DEPARTMENT 431 18TH STREET NW WASHINGTON,DC20006	53-0196605	501(C)(3)	1,360,000	COMMUNITIES READY TO ACT PROJECT INDONESIA
(9) AMERICAN NATIONAL RED CROSS INTERNATIONAL SERVICES DEPARTMENT 431 18TH STREET NW WASHINGTON,DC20006	53-0196605	501(C)(3)	1,100,000	COMMUNITY & INSTITUTIONAL PREPAREDNESS AND READINESS IN BANGLADESH
(10) AMERICAN NATIONAL RED CROSS INTERNATIONAL SERVICES DEPARTMENT 431 18TH STREET NW WASHINGTON,DC20006	53-0196605	501(C)(3)	2,000,000	DISASTER RISK REDUCTION IN SAN SALVADOR, LA PAZ, & CUSCATLAN
(11) AMERICAN NATIONAL RED CROSS INTERNATIONAL SERVICES DEPARTMENT 431 18TH STREET NW WASHINGTON,DC20006	53-0196605	501(C)(3)	1,500,000	FOSTER NEPAL'S RESILIENCE: INDIVIDUAL, COMMUNITY, INSTITUTION READINESS
(12) AMERICAN NATIONAL RED CROSS INTERNATIONAL SERVICES DEPARTMENT 431 18TH STREET NW WASHINGTON,DC20006	53-0196605	501(C)(3)	2,680,000	GLOBAL TOOLS: ADDRESSING EMERGING COMMUNITY NEEDS
(13) AMERICAN NATIONAL RED CROSS INTERNATIONAL SERVICES DEPARTMENT 431 18TH STREET NW WASHINGTON,DC20006	53-0196605	501(C)(3)	2,255,000	BUILDING CLIMATE RESILIENCE IN THE PACIFIC
(14) AMERICAN NATIONAL RED CROSS INTERNATIONAL SERVICES DEPARTMENT 431 18TH STREET NW WASHINGTON,DC20006	53-0196605	501(C)(3)	880,000	SUPPORT FOR QUALITY, LEARNING & ADAPTIVE MANAGEMENT
(15) AMERICAN NATIONAL RED CROSS INTERNATIONAL SERVICES DEPARTMENT 431 18TH STREET NW WASHINGTON,DC20006	53-0196605	501(C)(3)	1,500,000	SUPPORT FOR UNDERFUNDED DISASTERS
(16) AMERICAN NATIONAL RED CROSS INTERNATIONAL SERVICES DEPARTMENT 431 18TH STREET NW WASHINGTON,DC20006	53-0196605	501(C)(3)	1,520,000	ENHANCED READINESS TO RESPOND
(17) AMERICAN NATIONAL RED CROSS INTERNATIONAL SERVICES DEPARTMENT 431 18TH STREET NW WASHINGTON,DC20006	53-0196605	501(C)(3)	1,500,000	SUPPORT FOR RED CROSS/RED CRESCENT CLIMATE CENTRE
(18) AMERICAN NATIONAL RED CROSS INTERNATIONAL SERVICES DEPARTMENT 431 18TH STREET NW WASHINGTON,DC20006	53-0196605	501(C)(3)	4,000,000	MEASLES AND RUBELLA INITIATIVE
(19) AMERICAN NATIONAL RED CROSS SAN DIEGO AND IMPERIAL COUNTIES 3950 CALLE FORTUNADA SAN DIEGO,CA921231027	53-0196605	501(C)(3)	945,000	SUPPORT FOR ITS PROGRAM INITIATIVES IN SAN DIEGO AND IMPERIAL COMMUNITIES
(20) AMERICAN NATIONAL RED CROSS SAN DIEGO AND IMPERIAL COUNTIES 3950 CALLE FORTUNADA SAN DIEGO,CA921231027	53-0196605	501(C)(3)	168,000	SUPPORT FOR HVAC REPLACEMENT
(21) AMERICAN NATIONAL RED CROSS SAN DIEGO AND IMPERIAL COUNTIES 3950 CALLE FORTUNADA SAN DIEGO,CA921231027	53-0196605	501(C)(3)	31,000	LEADERSHIP CAPACITY BUILDING PROJECTS
(22) AMERICAN SWEDISH INSTITUTE 2600 PARK AVENUE MINNEAPOLIS,MN55407	41-0711603	501(C)(3)	900,000	STEWARDING CULTURAL INTERCONNECTION
(23) AMERICAN SWEDISH INSTITUTE 2600 PARK AVENUE MINNEAPOLIS,MN55407	41-0711603	501(C)(3)	666,644	SUPPORT FOR BUILDING RENOVATIONS
(24) BEREA COLLEGE CPO 2096 BEREA,KY40404	61-0444650	501(C)(3)	1,385,000	SUPPORT FOR TRADITIONAL CULTURES
(25) BEREA COLLEGE CPO 2096 BEREA,KY40404	61-0444650	501(C)(3)	4,350,000	SUPPORT FOR MAINTENANCE FUND
(26) BEREA COLLEGE CPO 2096 BEREA,KY40404	61-0444650	501(C)(3)	1,375,000	ECOVILLAGE AND STUDENT UNION PLANNING
(27) BEREA COLLEGE CPO 2096 BEREA,KY40404	61-0444650	501(C)(3)	250,000	GENERAL OPERATING SUPPORT
(28) BEREA COLLEGE CPO 2096 BEREA,KY40404	61-0444650	501(C)(3)	1,215,000	FIBER LOOP REPLACEMENT
(29) BEREA COLLEGE CPO 2096 BEREA,KY40404	61-0444650	501(C)(3)	1,000,000	ALUMNI, COMMUNICATIONS AND PHILANTHROPY INFRASTRUCTURE
(30) BEREA COLLEGE CPO 2096 BEREA,KY40404	61-0444650	501(C)(3)	200,000	BOONE TAVERN AND COLLEGE SQUARE IMPROVEMENTS
(31) BEREA COLLEGE CPO 2096 BEREA,KY40404	61-0444650	501(C)(3)	8,500,000	BRIDGE SUPPORT PROGRAMMING
(32) BEREA COLLEGE CPO 2096 BEREA,KY40404	61-0444650	501(C)(3)	318,000	GRANT MANAGEMENT SUPPORT
(33) BEREA COLLEGE CPO 2096 BEREA,KY40404	61-0444650	501(C)(3)	435,000	BEREA EDUCATION STUDIES SUPPORT
(34) BEREA COLLEGE CPO 2096 BEREA,KY40404	61-0444650	501(C)(3)	350,000	TEACHING KENTUCKY BLACK HISTORY AND CULTURE
(35) IDYLLWILD ARTS FOUNDATION PO BOX 38 52500 TEMECULA ROAD IDYLLWILD,CA92549	95-1801279	501(C)(3)	1,787,000	SUPPORT FOR ITS EDUCATIONAL PROGRAMS AND SCHOLARSHIPS
(36) IDYLLWILD ARTS FOUNDATION PO BOX 38 52500 TEMECULA ROAD IDYLLWILD,CA92549	95-1801279	501(C)(3)	1,376,000	NATIVE AMERICAN ARTS CENTER
(37) IDYLLWILD ARTS FOUNDATION PO BOX 38 52500 TEMECULA ROAD IDYLLWILD,CA92549	95-1801279	501(C)(3)	2,070,000	ORGANIZATIONAL RESTRUCTURE IMPLEMENTATION
(38) MINGEI INTERNATIONAL MUSEUM 1439 EL PRADO SAN DIEGO,CA92101	23-7433357	501(C)(3)	184,000	KEY ARTS CONTENT: EXHIBITIONS AND CURATORIAL PROGRAM
(39) MINGEI INTERNATIONAL MUSEUM 1439 EL PRADO SAN DIEGO,CA92101	23-7433357	501(C)(3)	716,000	ARTS AND MUSEUM PROGRAMMING
(40) MINGEI INTERNATIONAL MUSEUM 1439 EL PRADO SAN DIEGO,CA92101	23-7433357	501(C)(3)	150,000	CAPACITY SUPPORT FOR ORGANIZATIONAL TRANSITION: LEADERSHIP, EQUITY, AND GOVERNANCE
(41) PUBLIC BROADCASTING SERVICE (PBS) 1225 SOUTH CLARK STREET ARLINGTON,VA22202	52-0899215	501(C)(3)	2,500,000	PROTECTING THE PBS MISSION
(42) PUBLIC BROADCASTING SERVICE (PBS) 1225 SOUTH CLARK STREET ARLINGTON,VA22202	52-0899215	501(C)(3)	1,700,000	SUPPORT FOR PROGRAMMING: EXPRESS WAY WITH DULE HILL
(43) PUBLIC BROADCASTING SERVICE (PBS) 1225 SOUTH CLARK STREET ARLINGTON,VA22202	52-0899215	501(C)(3)	4,000,000	SUPPORT FOR PROGRAMMING: PBS EARTH III
(44) PUBLIC BROADCASTING SERVICE (PBS) 1225 SOUTH CLARK STREET ARLINGTON,VA22202	52-0899215	501(C)(3)	2,000,000	SUPPORT FOR PROGRAMMING: WEATHER HUNTERS SERIES FOR PBS KIDS
(45) PUBLIC BROADCASTING SERVICE (PBS) 1225 SOUTH CLARK STREET ARLINGTON,VA22202	52-0899215	501(C)(3)	3,100,000	SUPPORT FOR PROGRAMMING: PBS EARTH IV
(46) PUBLIC BROADCASTING SERVICE (PBS) 1225 SOUTH CLARK STREET ARLINGTON,VA22202	52-0899215	501(C)(3)	1,500,000	SUPPORT FOR PROGRAMMING: AMERICA OUTDOORS, SEASON 2
(47) PUBLIC BROADCASTING SERVICE (PBS) 1225 SOUTH CLARK STREET ARLINGTON,VA22202	52-0899215	501(C)(3)	2,500,000	PUBLIC MEDIA DIVERSE VOICES
(48) PUBLIC BROADCASTING SERVICE (PBS) 1225 SOUTH CLARK STREET ARLINGTON,VA22202	52-0899215	501(C)(3)	2,350,000	MODERNIZING THE AUDIENCE EXPERIENCE
(49) PUBLIC BROADCASTING SERVICE (PBS) 1225 SOUTH CLARK STREET ARLINGTON,VA22202	52-0899215	501(C)(3)	750,000	PBS KIDS BRAND REFRESH
(50) PUBLIC BROADCASTING SERVICE (PBS) 1225 SOUTH CLARK STREET ARLINGTON,VA22202	52-0899215	501(C)(3)	1,000,000	PBS KIDS DIGITAL OPTIMIZATION
(51) PUBLIC BROADCASTING SERVICE (PBS) 1225 SOUTH CLARK STREET ARLINGTON,VA22202	52-0899215	501(C)(3)	1,000,000	PBS NATIONAL AND LOCAL ENGAGEMENT ON CLIMATE CHANGE
(52) PUBLIC BROADCASTING SERVICE (PBS) 1225 SOUTH CLARK STREET ARLINGTON,VA22202	52-0899215	501(C)(3)	3,100,000	EMERGING PLATFORMS AND DIGITAL EXPERIENCES
(53) PUBLIC MEDIA GROUP OF SOUTHERN CALIFORNIA 2900 WEST ALAMEDA AVENUE SUITE 600 BURBANK,CA91505	95-2211661	501(C)(3)	2,750,000	SUPPORT FOR PROGRAMMING FOCUSED ON SOUTHERN CALIFORNIA
(54) PUBLIC MEDIA GROUP OF SOUTHERN CALIFORNIA 2900 WEST ALAMEDA AVENUE SUITE 600 BURBANK,CA91505	95-2211661	501(C)(3)	93,000	SUPPORT FOR ITS ENGAGEMENT PORTAL
(55) SAN DIEGO HUMANE SOCIETY & SPCA 5500 GAINES STREET SAN DIEGO,CA92110	95-1661688	501(C)(3)	400,000	PROJECT WILDLIFE
(56) SAN DIEGO HUMANE SOCIETY & SPCA 5500 GAINES STREET SAN DIEGO,CA92110	95-1661688	501(C)(3)	712,000	INTAKE DIVERSION PROGRAMS
(57) SAN DIEGO HUMANE SOCIETY & SPCA 5500 GAINES STREET SAN DIEGO,CA92110	95-1661688	501(C)(3)	250,000	GENERAL OPERATING SUPPORT
(58) SAN DIEGO STATE UNIVERSITY (KPBS) 5200 CAMPANILE DRIVE SAN DIEGO,CA921825400	33-0373293	501(C)(3)	105,000	KPBS ENGAGEMENT
(59) SAN DIEGO STATE UNIVERSITY (KPBS) 5200 CAMPANILE DRIVE SAN DIEGO,CA921825400	33-0373293	501(C)(3)	1,108,000	KPBS PROGRAMMING
(60) SAN DIEGO STATE UNIVERSITY (KPBS) 5200 CAMPANILE DRIVE SAN DIEGO,CA921825400	33-0373293	501(C)(3)	310,000	KPBS STAFF DEVELOPMENT
(61) SAN DIEGO STATE UNIVERSITY (KPBS) 5200 CAMPANILE DRIVE SAN DIEGO,CA921825400	33-0373293	501(C)(3)	926,000	KPBS ENTERPRISE MARKETING INITIATIVE
(62) SAN DIEGO STATE UNIVERSITY (KPBS) 5200 CAMPANILE DRIVE SAN DIEGO,CA921825400	33-0373293	501(C)(3)	800,000	KPBS DIGITAL TRAINING FELLOWSHIP
(63) SAN DIEGO STATE UNIVERSITY (KPBS) 5200 CAMPANILE DRIVE SAN DIEGO,CA921825400	33-0373293	501(C)(3)	250,000	GENERAL OPERATING SUPPORT
(64) SCHOOL FOR ADVANCED RESEARCH PO BOX 2188 SANTA FE,NM87504	85-0125045	501(C)(3)	300,000	PROMOTING INTERGENERATIONAL TRANSFER OF ARTS AND KNOWLEDGE
(65) SMITHSONIAN INSTITUTION (NMAI) OFFICE OF SPONSORED PROJECTS PO BOX 37012 MRC 1205 WASHINGTON,DC200137012	53-0206027	501(C)(3)	2,015,000	INCREASING OUTREACH, ACCESS TO COLLECTIONS, AND COMMUNITY KNOWLEDGE
(66) SMITHSONIAN INSTITUTION (NMAI) OFFICE OF SPONSORED PROJECTS PO BOX 37012 MRC 1205 WASHINGTON,DC200137012	53-0206027	501(C)(3)	400,000	BUILDING SUSTAINABLE INDIVIDUAL PHILANTHROPY AT NMAI
(67) SMITHSONIAN INSTITUTION (NMAI) OFFICE OF SPONSORED PROJECTS PO BOX 37012 MRC 1205 WASHINGTON,DC200137012	53-0206027	501(C)(3)	3,000,000	DIGITAL TRANSFORMATION PROJECT
(68) SMITHSONIAN INSTITUTION (NMAI) OFFICE OF SPONSORED PROJECTS PO BOX 37012 MRC 1205 WASHINGTON,DC200137012	53-0206027	501(C)(3)	250,000	GENERAL OPERATING SUPPORT
(69) ST PAUL'S EPISCOPAL HOME 328 MAPLE STREET SAN DIEGO,CA92103	95-2111196	501(C)(3)	280,000	QUALITY OF LIFE
(70) ST PAUL'S EPISCOPAL HOME 328 MAPLE STREET SAN DIEGO,CA92103	95-2111196	501(C)(3)	86,000	PROGRAM STAFFING & CAPITAL ENHANCEMENTS
(71) THE NATURE CONSERVANCY 4245 NORTH FAIRFAX DR SUITE 100 ARLINGTON,VA222031606	53-0242652	501(C)(3)	2,000,000	COMMUNITY-LED COASTAL CONSERVATION & RESILIENCE FOR LIVELIHOODS
(72) THE NATURE CONSERVANCY 4245 NORTH FAIRFAX DR SUITE 100 ARLINGTON,VA222031606	53-0242652	501(C)(3)	5,000,000	COMMUNITY-LED FRESHWATER CONSERVATION IN AFRICA & S. AMERICA
(73) THE NATURE CONSERVANCY 4245 NORTH FAIRFAX DR SUITE 100 ARLINGTON,VA222031606	53-0242652	501(C)(3)	750,000	COMMUNITY-BASED CONSERVATION IN CRITICAL GRASSLAND ECOSYSTEMS
(74) THE NATURE CONSERVANCY 4245 NORTH FAIRFAX DR SUITE 100 ARLINGTON,VA222031606	53-0242652	501(C)(3)	875,000	INDIGENOUS-LED CONSERVATION MANAGEMENT IN NORTHERN AUSTRALIA
(75) THE NATURE CONSERVANCY 4245 NORTH FAIRFAX DR SUITE 100 ARLINGTON,VA222031606	53-0242652	501(C)(3)	1,125,000	ADAPTIVE BUSINESS SYSTEMS FOR STRATEGIC MANAGEMENT
(76) THE NATURE CONSERVANCY 4245 NORTH FAIRFAX DR SUITE 100 ARLINGTON,VA222031606	53-0242652	501(C)(3)	1,125,000	SUPPORT FOR THE GREAT BEAR REGION
(77) THE NATURE CONSERVANCY 4245 NORTH FAIRFAX DR SUITE 100 ARLINGTON,VA222031606	53-0242652	501(C)(3)	2,750,000	BUILDING EQUITABLE INDIGENOUS & COMMUNITY-LED CONSERVATION
(78) THE NATURE CONSERVANCY 4245 NORTH FAIRFAX DR SUITE 100 ARLINGTON,VA222031606	53-0242652	501(C)(3)	3,650,000	CATALYZE INDIGENOUS & LOCAL VOICE, CHOICE, AND ACTION
(79) THE NATURE CONSERVANCY 4245 NORTH FAIRFAX DR SUITE 100 ARLINGTON,VA222031606	53-0242652	501(C)(3)	15,000,000	ENDURING EARTH: EXPONENTIAL IMPACT FOR PEOPLE AND THE PLANET
(80) THE NATURE CONSERVANCY 4245 NORTH FAIRFAX DR SUITE 100 ARLINGTON,VA222031606	53-0242652	501(C)(3)	6,725,000	COMMUNITY-LED CONSERVATION IN TROPICAL FORESTS LANDSCAPES
(81) THE NATURE CONSERVANCY 4245 NORTH FAIRFAX DR SUITE 100 ARLINGTON,VA222031606	53-0242652	501(C)(3)	2,500,000	THE AGILITY LAB: ACCELERATING CONSERVATION IMPACT
(82) THE NATURE CONSERVANCY 4245 NORTH FAIRFAX DR SUITE 100 ARLINGTON,VA222031606	53-0242652	501(C)(3)	2,500,000	CATALYZING CARBON MARKETS TO ACHIEVE CLIMATE, COMMUNITY AND CONSERVATION GOALS
(83) THE SALVATION ARMY NATIONAL CORPORATION 615 SLATERS LANE ALEXANDRIA,VA22314	22-2406433	501(C)(3)	200,000	LEARNING SYSTEMS FOR DISASTER READINESS
(84) THE SALVATION ARMY NATIONAL CORPORATION 615 SLATERS LANE ALEXANDRIA,VA22314	22-2406433	501(C)(3)	400,000	CAPACITY BUILDING ENGAGING MARGINALIZED ORGANIZATIONS & LEADERS
(85) THE SALVATION ARMY NATIONAL CORPORATION 615 SLATERS LANE ALEXANDRIA,VA22314	22-2406433	501(C)(3)	375,000	IMMEDIATE DISASTER RESPONSE AND SHORT-TERM RECOVERY GRANT
(86) THE SALVATION ARMY NATIONAL CORPORATION 615 SLATERS LANE ALEXANDRIA,VA22314	22-2406433	501(C)(3)	3,000,000	PATHWAY OF HOPE PROJECT SUPPORT
(87) THE SALVATION ARMY A CALIFORNIA CORPORATION 6605 UNIVERSITY AVENUE SAN DIEGO,CA92115	94-1156347	501(C)(3)	715,000	YOUTH PROGRAMMING
(88) THE SALVATION ARMY A CALIFORNIA CORPORATION 6605 UNIVERSITY AVENUE SAN DIEGO,CA92115	94-1156347	501(C)(3)	256,000	SENIOR NUTRITION PROGRAM
(89) THE SALVATION ARMY A CALIFORNIA CORPORATION 6605 UNIVERSITY AVENUE SAN DIEGO,CA92115	94-1156347	501(C)(3)	120,000	STRENGTHENING ORGANIZATIONAL COLLABORATION
(90) THE SALVATION ARMY A CALIFORNIA CORPORATION 6605 UNIVERSITY AVENUE SAN DIEGO,CA92115	94-1156347	501(C)(3)	80,000	PATHWAY OF HOPE CASE MANAGER SUPPORT
(91) THE SALVATION ARMY A CALIFORNIA CORPORATION 6605 UNIVERSITY AVENUE SAN DIEGO,CA92115	94-1156347	501(C)(3)	4,000,000	RADY CENTER HOUSING FOR PEOPLE EXPERIENCING HOMELESSNESS
(92) YMCA OF THE USA 101 N WACKER DRIVE CHICAGO,IL606061784	36-3258696	501(C)(3)	250,000	GENERAL OPERATING SUPPORT
(93) YMCA OF THE USA 101 N WACKER DRIVE CHICAGO,IL606061784	36-3258696	501(C)(3)	1,000,000	DEVELOPING A YMCA HEALTHY AGING PRACTICE PROCESS
(94) YMCA OF THE USA 101 N WACKER DRIVE CHICAGO,IL606061784	36-3258696	501(C)(3)	1,000,000	FAMILY AND COMMUNITY STABILITY
(95) YMCA OF THE USA 101 N WACKER DRIVE CHICAGO,IL606061784	36-3258696	501(C)(3)	5,500,000	YMCA BUSINESS MODEL OPTIMIZATION
(96) YMCA OF THE USA 101 N WACKER DRIVE CHICAGO,IL606061784	36-3258696	501(C)(3)	1,500,000	CAMP CAPITAL AND SUSTAINABILITY
(97) YMCA OF THE USA 101 N WACKER DRIVE CHICAGO,IL606061784	36-3258696	501(C)(3)	3,925,000	ENSURING HIGH-QUALITY AND INCLUSIVE YMCA OVERNIGHT CAMP FACILITIES
(98) YMCA OF THE USA 101 N WACKER DRIVE CHICAGO,IL606061784	36-3258696	501(C)(3)	1,970,000	CAMP ACCESS
(99) YMCA OF THE USA 101 N WACKER DRIVE CHICAGO,IL606061784	36-3258696	501(C)(3)	655,000	STRATEGIC INITIATIVES FUND
(100) YMCA OF THE USA 101 N WACKER DRIVE CHICAGO,IL606061784	36-3258696	501(C)(3)	4,100,000	WATER SAFETY INITIATIVE

Enter total number of section 501(c)(3) and government organizations listed in the line 1 table ................. Bullet Image

Enter total number of other organizations listed in the line 1 table ........................ . Bullet Image

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50055P

Schedule I (Form 990) 2023

Page 2

Part III

Grants and Other Assistance to Domestic Individuals. Complete if the organization answered "Yes" on Form 990, Part IV, line 22.
Part III can be duplicated if additional space is needed.

(a) Type of grant or assistance	(b) Number of recipients	(c) Amount of cash grant	(d) Amount of noncash assistance	(e) Method of valuation (book, FMV, appraisal, other)	(f) Description of noncash assistance

(1)
(2)
(3)
(4)
(5)
(6)
(7)

Part IV

Supplemental Information. Provide the information required in Part I, line 2; Part III, column (b); and any other additional information.

Return Reference

Explanation

PART I, LINE 2:

THE REPORTING ORGANIZATION GENERALLY MONITORS USE OF FUNDS BY REQUIRING ITS DESIGNATED SUPPORTED ORGANIZATIONS TO REPORT ON USE OF GRANT FUNDS AS WELL AS PROGRESS MADE ON SUPPORTED PROJECTS. THESE REPORTS ARE MADE IN ACCORDANCE WITH THE GRANT PROPOSALS AND GRANT AGREEMENTS. STAFF REVIEW REPORTS AND STATEMENTS CERTIFYING USE OF FUNDS FOR APPROVED CHARITABLE PURPOSES. FUNDS THAT ARE NOT USED FOR THE PURPOSE OF THE GRANT ARE REQUIRED TO BE RETURNED TO ANNE RAY FOUNDATION, SUBJECT TO THE DISCRETION OF THE REPORTING ORGANIZATION.

Schedule I (Form 990) 2023

Additional Data

Software ID:
Software Version:

- TIN:

Schedule J
(Form 990)

Department of the Treasury
Internal Revenue Service

Compensation Information

For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
medium right arrow graphic

Complete if the organization answered "Yes" on Form 990, Part IV, line 23.
medium right arrow graphic

Attach to Form 990.
medium right arrow graphic

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2023

Open to Public Inspection

Name of the organization

ANNE RAY FOUNDATION

Employer identification number

47-1036008

Part I

Questions Regarding Compensation

Yes

Check the appropiate box(es) if the organization provided any of the following to or for a person listed on Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.

First-class or charter travel Housing allowance or residence for personal use

Travel for companions Payments for business use of personal residence

Tax idemnification and gross-up payments Health or social club dues or initiation fees

Discretionary spending account Personal services (e.g., maid, chauffeur, chef)

If any of the boxes on Line 1a are checked, did the organization follow a written policy regarding payment or reimbursement or provision of all of the expenses described above? If "No," complete Part III to explain .....

Yes

Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all
directors, trustees, officers, including the CEO/Executive Director, regarding the items checked on Line 1a? ....

Yes

Indicate which, if any, of the following the filing organization used to establish the compensation of the
organization's CEO/Executive Director. Check all that apply. Do not check any boxes for methods
used by a related organization to establish compensation of the CEO/Executive Director, but explain in Part III.

Compensation committee Written employment contract

Independent compensation consultant Compensation survey or study

Form 990 of other organizations Approval by the board or compensation committee

During the year, did any person listed on Form 990, Part VII, Section A, line 1a, with respect to the filing organization or a related organization:

Receive a severance payment or change-of-control payment? .............

Participate in, or receive payment from, a supplemental nonqualified retirement plan? .........

Yes

Participate in, or receive payment from, an equity-based compensation arrangement? .........

If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III.

Only 501(c)(3), 501(c)(4), and 501(c)(29) organizations must complete lines 5-9.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:

The organization? ....................

Any related organization? .......................

If "Yes," on line 5a or 5b, describe in Part III.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:

The organization? ..................

Any related organization? ......................

If "Yes," on line 6a or 6b, describe in Part III.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization provide any nonfixed
payments not described in lines 5 and 6? If "Yes," describe in Part III ............

Yes

Were any amounts reported on Form 990, Part VII, paid or accured pursuant to a contract that was
subject to the initial contract exception described in Regulations section 53.4958-4(a)(3)? If "Yes," describe
in Part III ..........................

If "Yes" on line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)? .........................

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50053T

Schedule J (Form 990) 2023

Page 2

Part II

Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use duplicate copies if additional space is needed.

For each individual whose compensation must be reported on Schedule J, report compensation from the organization on row (i) and from related organizations, described in the
instructions, on row (ii). Do not list any individuals that are not listed on Form 990, Part VII.
Note. The sum of columns (B)(i)-(iii) for each listed individual must equal the total amount of Form 990, Part VII, Section A, line 1a, applicable column (D) and (E) amounts for that individual.

(A) Name and Title		(B) Breakdown of W-2, 1099-MISC compensation, and/or 1099-NEC			(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)	(F) Compensation in column (B) reported as deferred on prior Form 990
(A) Name and Title		(i) Base compensation	(ii) Bonus & incentive compensation	(iii) Other reportable compensation	(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)
1CHRISTINE MORSE BOARD CHAIR	(i) (ii)	76,750 ------------- 81,250	0 ------------- 0	0 ------------- 0	0 ------------- 0	0 ------------- 0	76,750 ------------- 81,250	0 ------------- 0
2PAUL BUSCH PRES/CEO EMER. THRU 8/31; DIR.	(i) (ii)	14,350 ------------- 641,981	0 ------------- 30,000	0 ------------- 246,933	0 ------------- 106,430	0 ------------- 30,544	14,350 ------------- 1,055,888	0 ------------- 93,995
3HEATHER KUKLA SEC/GC THRU 3/31; PRES. EFF. 4/1	(i) (ii)	0 ------------- 717,583	0 ------------- 0	0 ------------- 87,437	0 ------------- 113,428	0 ------------- 46,057	0 ------------- 964,505	0 ------------- 32,765
4NAOMI HORSAGER TREASURER/CFO	(i) (ii)	0 ------------- 535,154	0 ------------- 0	0 ------------- 86,257	0 ------------- 86,026	0 ------------- 46,444	0 ------------- 753,881	0 ------------- 33,016
5ELIZABETH BORER SECRETARY/GEN COUNSEL EFF. 4/1	(i) (ii)	0 ------------- 338,635	0 ------------- 0	0 ------------- 18,975	0 ------------- 53,224	0 ------------- 32,400	0 ------------- 443,234	0 ------------- 0
6KURIAN THOMAS VP OF PROGRAMS	(i) (ii)	0 ------------- 387,525	0 ------------- 0	0 ------------- 57,314	0 ------------- 67,817	0 ------------- 49,645	0 ------------- 562,301	0 ------------- 0
7SHAWN WISCHMEIER CHIEF INVESTMENT OFFICER	(i) (ii)	0 ------------- 860,762	0 ------------- 993,700	0 ------------- 210,815	0 ------------- 283,589	0 ------------- 44,544	0 ------------- 2,393,410	0 ------------- 161,901
8MICHAEL RUETZ DEPUTY CIO/INVESTMENT DIR.	(i) (ii)	0 ------------- 564,304	0 ------------- 497,000	0 ------------- 90,854	0 ------------- 160,829	0 ------------- 44,944	0 ------------- 1,357,931	0 ------------- 64,842
9MATTHEW MINNIS INVESTMENT DIRECTOR	(i) (ii)	0 ------------- 440,645	0 ------------- 399,100	0 ------------- 95,160	0 ------------- 130,752	0 ------------- 31,941	0 ------------- 1,097,598	0 ------------- 39,714
10RODNEY OVERCASH INVESTMENT DIRECTOR	(i) (ii)	0 ------------- 470,791	0 ------------- 427,600	0 ------------- 92,170	0 ------------- 136,342	0 ------------- 44,611	0 ------------- 1,171,514	0 ------------- 48,502
11TRICIA SCRIVNER INVESTMENT DIRECTOR	(i) (ii)	0 ------------- 448,879	0 ------------- 346,900	0 ------------- 98,894	0 ------------- 123,968	0 ------------- 30,683	0 ------------- 1,049,324	0 ------------- 45,907
12CHRISTOPHER VOGT INVESTMENT DIRECTOR	(i) (ii)	0 ------------- 444,595	0 ------------- 377,400	0 ------------- 97,498	0 ------------- 128,543	0 ------------- 46,227	0 ------------- 1,094,263	0 ------------- 44,394

Schedule J (Form 990) 2023

Page 3

Part III

Supplemental Information

Provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 3, 4a, 4b, 4c, 5a, 5b, 6a, 6b, 7, and 8, and for Part II. Also complete this part for any additional information.

Return Reference	Explanation
PART I, LINE 1A	PERSONS LISTED ON PART VII WHO WERE REQUIRED TO TRAVEL INTERNATIONALLY DURING THE 2023 TAX YEAR WERE ALLOWED REIMBURSEMENT OF ABOVE COACH FARE FOR THE AIRFARE, INCLUDING DOMESTIC LEGS OF INTERNATIONAL TRAVEL, CONSISTENT WITH THE EXPENSE REIMBURSEMENT POLICY APPLICABLE TO ALL STAFF AND DIRECTORS. ALL EMPLOYEES INCLUDING THOSE REPORTED IN PART VII ALSO RECEIVED A TAX GROSS-UP RELATED TO THE COST OF LONG-TERM DISABILITY PREMIUMS.
PART I, LINE 3	THE BOARDS OF ANNE RAY FOUNDATION AND MARGARET A. CARGILL FOUNDATION ESTABLISHED A JOINT, INDEPENDENT COMPENSATION COMMITTEE. SEE STATEMENT INCLUDED WITH SCH O FOR DETAILED INFORMATION ON CEO/EXECUTIVE DIRECTOR COMPENSATION AS REQUIRED BY BOTH FORM 990, PART VII AND SCHEDULE J.
PART I, LINE 4B	MARGARET A. CARGILL FOUNDATION, A RELATED ORGANIZATION, SPONSORS AN UNFUNDED, NON-QUALIFIED DEFERRED COMPENSATION PLAN ("THE RESTORATION PLAN") UNDER INTERNAL REVENUE CODE SECTION 457(F) FOR THE PURPOSE OF PROVIDING DEFERRED COMPENSATION FOR A SELECT GROUP OF MANAGEMENT OR HIGHLY COMPENSATED EMPLOYEES. THE RESTORATION PLAN PROVIDES DEFERRED COMPENSATION BENEFITS FOR PARTICIPANTS WHO COULD NOT FULLY MATCH CONTRIBUTIONS TO QUALIFIED DEFINED CONTRIBUTION PLANS WHICH WOULD OTHERWISE HAVE BEEN AVAILABLE BUT FOR INTERNAL REVENUE CODE LIMITS. ANNE RAY FOUNDATION APPROVES AWARDS TO THIS PLAN AS PART OF THE ANNUAL COMPENSATION SETTING AND APPROVAL PROCESSES. AMOUNTS DEFERRED UNDER THE RESTORATION PLAN ARE SUBJECT TO A SUBSTANTIAL RISK OF FORFEITURE UNTIL VESTED. DURING 2023, THE FOLLOWING ARE AMOUNTS THAT WERE INCLUDED IN COMPENSATION DUE TO VESTING AND DISTRIBUTED FROM THE RESTORATION PLAN TO PAY TAXES ON THE VESTED PORTION OF THE ACCOUNT. HEATHER KUKLA - $17,351.43 NAOMI HORSAGER - $16,631.87 SHAWN WISCHMEIER - $55,499.77 MICHAEL RUETZ - $26,537.07 MATT MINNIS - $21,072.73 RODNEY OVERCASH - $27,042.58 TRICIA SCRIVNER - $22,112.45 CHRISTOPHER VOGT - $21,685.16 ALSO IN 2023, THE RESTORATION PLAN DISTRIBUTED $832,679 TO PAUL BUSCH RELATED TO SERVICES PROVIDED BEFORE RETIREMENT.
PART I, LINE 7	VARIABLE COMPENSATION AWARDS WERE PROVIDED TO CERTAIN PERSONS LISTED ON PART VII AND WERE MADE FOLLOWING THE COMPENSATION DETERMINATION PROCESS DETAILED WITHIN SCHEDULE O. THESE AWARDS WERE PAID BASED ON THE VARIABLE COMPENSATION PLAN APPLICABLE TO INVESTMENT STAFF. ADDITIONALLY, PAUL BUSCH RECEIVED A ONE-TIME DISCRETIONARY BONUS FOR SERVICES PROVIDED. THE DECISION TO AWARD THE BONUS FOLLOWED THE COMPENSATION DETERMINATION AND APPROVAL PROCESS DETAILED WITHIN SCHEDULE O.

Schedule J (Form 990) 2023

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE O
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2023

Open to Public
Inspection

Name of the organization

ANNE RAY FOUNDATION

Employer identification number

47-1036008

Return Reference	Explanation
FORM 990, PART VI, SECTION A, LINE 2	ANNE RAY FOUNDATION SHARED OPERATIONS WITH MARGARET A. CARGILL FOUNDATION (MAC FOUNDATION), A RELATED ORGANIZATION, IN PURSUIT OF THEIR SHARED VISION IN ORDER TO MAXIMIZE ASSETS AVAILABLE FOR CHARITABLE GRANTMAKING. AS PART OF THE SHARED OPERATIONS, ALL STAFF AND DIRECTORS LISTED IN PART VII ALSO SERVE AS STAFF AND DIRECTORS OF MAC FOUNDATION. OFFICERS, KEY EMPLOYEES, AND BOARD MEMBERS LISTED IN PART VII ARE DEEMED TO HAVE A BUSINESS RELATIONSHIP WITH EACH OTHER AS DEFINED BY FORM 990 REPORTING STANDARDS.
FORM 990, PART VI, SECTION A, LINE 6	ANNE RAY FOUNDATION HAS TWO MEMBERS WHO ALSO SERVE AS DIRECTORS OF THE ORGANIZATION. MEMBERS' RIGHTS COVER GOVERNANCE AND OVERSIGHT AS DESCRIBED IN THE EXPLANATION STATEMENT PROVIDED FOR FORM 990, PART VI, SECTION A, LINE 7B. MEMBERS ARE NOT RESERVED ANY RIGHTS THAT WOULD RESULT IN A PERSONAL BENEFIT TO THE MEMBER.
FORM 990, PART VI, SECTION A, LINE 7A	THE ARTICLES AND BYLAWS PROVIDE THAT THE TWO MEMBERS SHALL HAVE THE AUTHORITY TO DESIGNATE DIRECTORS. THE MEMBERS WILL SEEK INPUT FROM OTHER DIRECTORS ON THE DESIGNATION AND ACT ON THEIR RECOMMENDATIONS ACCORDING TO THE ARTICLES AND BYLAWS.
FORM 990, PART VI, SECTION A, LINE 7B	ANNE RAY FOUNDATION'S ("ANNE RAY") ORGANIZING DOCUMENTS RESERVE CERTAIN RIGHTS FOR THE MEMBERS, SPECIFICALLY THE RIGHT TO AMEND THE BYLAWS, APPOINT COMMITTEE CHAIRS, NOMINATE COMMITTEE MEMBERS, APPROVE DOMAIN DEFINITIONS, AND OVERSEE WINDING UP THE AFFAIRS OF THE ORGANIZATION. ANNE RAY'S BOARD OF DIRECTORS ESTABLISHED TWO COMMITTEES THAT SUPPORT ITS GRANTMAKING, THE ANNE RAY PROGRAM COMMITTEE AND THE AKALOA PROGRAM COMMITTEE. THE ANNE RAY PROGRAM COMMITTEE PROVIDES OVERSIGHT ON ANNE RAY'S GRANTMAKING STRATEGIES AND PROGRAMS BY: APPROVING GRANTS NOT OTHERWISE DELEGATED TO STAFF OR TO SUBCOMMITTEE(S) FOR APPROVAL, ADVISING ON LEARNING AND EVALUATION TO ASSESS IMPACT, PARTICIPATING IN FUNDING ALLOCATION DISCUSSIONS, EVALUATING PROGRESS AGAINST ANNE RAY'S STRATEGIC PRIORITIES AND RECOMMENDING REVISIONS TO THOSE PRIORITIES TO THE ANNE RAY BOARD OF DIRECTORS. THE AKALOA PROGRAM COMMITTEE IS A STANDING COMMITTEE OF THE ANNE RAY PROGRAM COMMITTEE. THIS COMMITTEE ASSISTS THE ANNE RAY PROGRAM COMMITTEE BY SUPPORTING THE PROGRAMMATIC WORK OF ANNE RAY'S AKALOA PROGRAM. THIS COMMITTEE IS AUTHORIZED TO RECOMMEND OR APPROVE GRANTS WITHIN THE BUDGET FOR THE AKALOA PROGRAM AS PROVIDED BY THE ANNE RAY BOARD OF DIRECTORS.
FORM 990, PART VI, SECTION B, LINE 11B	THE RETURN WAS REVIEWED BY THE CFO AND INDEPENDENT CPA PAID PREPARER. BEFORE FILING WITH THE IRS, BOARD MEMBERS, AUDIT COMMITTEE MEMBERS AND OFFICERS REVIEW AND DISCUSS COPIES OF THE COMPLETE FORM 990.
FORM 990, PART VI, SECTION B, LINE 12C	ALL OFFICERS, DIRECTORS, KEY EMPLOYEES, AND OTHER STAFF MEMBERS ARE REQUIRED TO SIGN A CONFLICT OF INTEREST DISCLOSURE ANNUALLY. ANY DISCLOSURES ARE FIRST REVIEWED BY THE LEGAL DEPARTMENT. IF NECESSARY THE CEO/PRESIDENT OR BOARD CHAIR FURTHER REVIEWS, DETERMINES WHETHER A CONFLICT EXISTS, AND DETERMINES HOW TO RESOLVE SUCH CONFLICT. ANY DIRECTOR FOUND TO HAVE A MATERIAL CONFLICT IS RESTRICTED FROM VOTING ON RELATED MATTERS AND ANNE RAY FOUNDATION'S GENERAL COUNSEL, IN CONSULTATION WITH THE PRESIDENT/CEO OR BOARD CHAIR, DETERMINES WHETHER OTHER ACTIONS ARE REQUIRED TO NEUTRALIZE THE POTENTIAL CONFLICT.
FORM 990, PART VI, SECTION B, LINE 15	FORM 990, PART VI, SECTION B, LINE 15: ANNE RAY FOUNDATION IS RELATED TO MARGARET A. CARGILL FOUNDATION (MAC FOUNDATION). MAC FOUNDATION IS THE EMPLOYER OF ALL STAFF RESPONSIBLE FOR PROVIDING SERVICES TO MAC FOUNDATION AND ANNE RAY FOUNDATION. ANNE RAY FOUNDATION REIMBURSES MAC FOUNDATION FOR ITS ALLOCABLE SHARE OF THE STAFF COSTS RELATED TO SERVICES PROVIDED TO ANNE RAY FOUNDATION. THE ANNE RAY FOUNDATION BOARD AND MAC FOUNDATION BOARD ESTABLISHED A JOINT COMPENSATION COMMITTEE. MEMBERSHIP IN THE COMPENSATION COMMITTEE IS LIMITED SO THAT ALL COMMITTEE MEMBERS ARE INDEPENDENT. THE ANNE RAY FOUNDATION BOARD AND MAC FOUNDATION BOARD ENGAGE AN INDEPENDENT CONSULTANT TO ANALYZE RELEVANT COMPARABILITY DATA AND ADVISE THE ORGANIZATIONS ON THE REASONABLENESS OF PROPOSED TOTAL REMUNERATION. THE COMPENSATION COMMITTEE IS RESPONSIBLE FOR: - RECOMMEND AND/OR APPROVE COMPENSATION FOR EXECUTIVES; - PERIODICALLY REVIEW COMPENSATION AND BENEFITS OFFERINGS AND PHILOSOPHY; - ENSURE THAT COMPENSATION APPROVALS ARE DOCUMENTED IN WRITING IN CONTEMPORANEOUS COMMITTEE MEETING MINUTES. IN DETERMINING COMPENSATION TO BE PAID FOR THE 2023 TAX YEAR, THE ORGANIZATIONS HIRED AN INDEPENDENT CONSULTANT TO ANALYZE THE REASONABLENESS OF COMPENSATION TO BE PAID TO DIRECTORS, EXECUTIVES, COMMITTEE AND CERTAIN KEY EMPLOYEES. THE REPORT WAS BASED ON PUBLISHED SURVEY DATA AS WELL AS FORM 990 DATA FOR COMPARABLE ORGANIZATIONS. THE CONSULTANT COMMUNICATED THE RESULTS OF THE REPORT DIRECTLY TO THE COMPENSATION COMMITTEE. THE COMMITTEE APPROVED COMPENSATION TO CERTAIN EXECUTIVES AND KEY EMPLOYEES, NOTING THE APPROVAL WAS BASED ON THE COMMITTEE'S DETERMINATION THAT COMPENSATION WAS REASONABLE. THE COMMITTEE THEN MADE A RECOMMENDATION FOR REVIEW AND APPROVAL BY THE BOARDS FOR COMPENSATION TO BE PAID TO CERTAIN OTHER EXECUTIVES. AFTER CONSIDERING RECOMMENDATIONS FROM THE COMPENSATION COMMITTEE, THE ANNE RAY FOUNDATION BOARD AND MAC FOUNDATION BOARD APPROVED COMPENSATION TO BOARD DIRECTORS AND CERTAIN EXECUTIVES, NOTING THE APPROVAL WAS BASED ON THE BOARDS' DETERMINATION THAT COMPENSATION WAS REASONABLE. WHEN NECESSARY, BOARD MEMBERS WERE RECUSED FROM APPROVING COMPENSATION IN ACCORDANCE WITH THE ORGANIZATIONS' CONFLICT OF INTEREST POLICY.
FORM 990, PART VI, SECTION C, LINE 19	THE ORGANIZATION POSTS ITS FORM 990 AND AUDITED FINANCIAL STATEMENTS TO ITS WEBSITE FOR PUBLIC ACCESS. THE ORGANIZATION ALSO SHARED ITS FORM 990 AND AUDITED FINANCIALS DIRECTLY WITH EACH DESIGNATED SUPPORTED ORGANIZATION.
FORM 990, PART VII AND SCHEDULE J	COMPENSATION REPORTED TO PAUL BUSCH INCLUDES AMOUNTS PAID FOR SERVICES PROVIDED WHILE SERVING AS PRESIDENT & CEO FROM 1/1 THROUGH 3/31 AND PRESIDENT & CEO EMERITUS FROM 4/1 THROUGH 8/31. COMPENSATION ALSO INCLUDES AMOUNTS PAID FOR SERVICES PROVIDED AS A BOARD MEMBER FOR ANNE RAY FOUNDATION AND MAC FOUNDATION FROM 9/1 THROUGH 12/31. HOURS REPORTED REFLECT THE PRO-RATED AVERAGE HOURS BY ROLES SERVED IN 2023.
FORM 990, PART VIII, LINE 11(A) - OTHER INCOME	OTHER INCOME INCLUDES OTHER INVESTMENT INCOME REPORTED FOR TAX PURPOSES AND EXPENSES REPORTED FROM FLOW-THROUGH INVESTMENTS.
FORM 990, PART XI, LINE 9:	BOOK/TAX DIFFERENCE IN NET INCOME FROM INVESTMENTS -79,595,433. OTHER BOOK/TAX DIFFERENCE IN EXPENSE -2,262,080. RETURN OF GRANT FUNDS -42,276.
FORM 990, PART XII AND SCHEDULE D PARTS XI AND XII - BOOK TO TAX ADJUSTMENT	BOOK TO TAX ADJUSTMENTS INCLUDED IN NET ASSET RECONCILIATIONS AT PART XII AND SCHEDULE D REFLECT INCOME AND EXPENSE REPORTED BY FLOW-THROUGH INVESTMENTS AND REPORTING ANNE RAY FOUNDATION OPERATING EXPENSES ON A TAX BASIS.

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990) 2023

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE R
(Form 990)

Department of the Treasury
Internal Revenue Service

Related Organizations and Unrelated Partnerships

Complete if the organization answered "Yes" on Form 990, Part IV, line 33, 34, 35b, 36, or 37.
Attach to Form 990.
Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2023

Open to Public Inspection

Name of the organization

ANNE RAY FOUNDATION

Employer identification number

47-1036008

Part I

Identification of Disregarded Entities. Complete if the organization answered "Yes" on Form 990, Part IV, line 33.

(a) Name, address, and EIN (if applicable) of disregarded entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Total income	(e) End-of-year assets	(f) Direct controlling entity

Part II

Identification of Related Tax-Exempt Organizations. Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related tax-exempt organizations during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	(g) Section 512(b)(13) controlled entity?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	Yes	No
(1)ARC NATIONAL 431 18TH STREET NW WASHINGTON,DC20006 53-0196605	EMERGENCY RESPONSE AND PREVENTION	DC	501(C)(3)	7	N/A		No
(2)ASI 2600 PARK AVENUE MINNEAPOLIS,MN55407 41-0711603	PROMOTE KNOWLEDGE OF SWEDISH ART, LITERATURE AND SCIENCE	MN	501(C)(3)	7	N/A		No
(3)BEREA COLLEGE CPO 2096 BEREA,KY40404 61-0444650	POST-SECONDARY EDUCATION	KY	501(C)(3)	2	N/A		No
(4)IDYLLWILD PO BOX 38 52500 TEMECULA ROAD IDYLLWILD,CA92549 95-1801279	ENRICHMENT IN THE ARTS	CA	501(C)(3)	2	N/A		No
(5)KPBS 5200 CAMPANILE DRIVE SAN DIEGO,CA92182 33-0373293	PUBLIC MEDIA AND EDUCATIONAL PROGRAMS	CA	501(C)(3)	2	N/A		No
(6)MARGARET A CARGILL FOUNDATION 6889 ROWLAND ROAD EDEN PRAIRIE,MN55344 37-1758406	CHARITABLE GRANTMAKING	MN	501(C)(3)	PF	N/A	Yes
(7)MINGEI 1439 EL PRADO SAN DIEGO,CA92101 23-7433357	FOLK ART MUSEUM	CA	501(C)(3)	7	N/A		No
(8)NMAI OFFICE OF SPONSORED PROJECTS PO BOX WASHINGTON,DC20013 53-0206027	INCREASE AND DIFFUSION OF KNOWLEDGE	DC	501(C)(3)	7	N/A		No
(9)PBS 1225 SOUTH CLARK STREET ARLINGTON,VA22202 52-0899215	PUBLIC MEDIA	VA	501(C)(3)	7	N/A		No
(10)PMG 2900 WEST ALAMEDA AVENUE SUITE 600 BURBANK,CA91505 95-2211661	PUBLIC MEDIA PROGRAMMING	CA	501(C)(3)	7	N/A		No
(11)SA CA 6605 UNIVERSITY AVENUE SAN DIEGO,CA92115 94-1156347	MEETING HUMAN NEED IN THE NAME OF THE CHRISTIAN CHURCH	CA	501(C)(3)	1	N/A		No
(12)SA NATIONAL 615 SLATERS LANE ALEXANDRIA,VA22314 22-2406433	MEETING HUMAN NEED IN THE NAME OF THE CHRISTIAN CHURCH	VA	501(C)(3)	1	N/A		No
(13)SAR PO BOX 2188 SANTA FE,NM87504 85-0125045	ADVANCED STUDY AND COMMUNICATION OF KNOWLEDGE	NM	501(C)(3)	7	N/A		No
(14)SDHS 5500 GAINES STREET SAN DIEGO,CA92110 95-1661688	PROMOTE HUMANE TREATMENT OF ANIMALS	CA	501(C)(3)	7	N/A		No
(15)ST PAUL'S 328 MAPLE STREET SAN DIEGO,CA92103 95-2111196	SUPPORT FOR LONG-TERM CARE FACILITIES	CA	501(C)(3)	10	N/A		No
(16)TNC 4245 N FAIRFAX DR STE 100 ARLINGTON,VA22203 53-0242652	PROTECTING THE LAND AND WATER ON WHICH THE DIVERSITY OF LIFE DEPENDS	VA	501(C)(3)	7	N/A		No
(17)YMCA OF THE USA 101 N WACKER DRIVE CHICAGO,IL60606 36-3258696	PROGRAMS THAT BUILD HEALTHY SPIRIT, MIND AND BODY FOR ALL	IL	501(C)(3)	10	N/A		No

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50135Y

Schedule R (Form 990) 2023

Page 2

Part III

Identification of Related Organizations Taxable as a Partnership. Complete if the organization answered "Yes" on Form 990, Part IV, line 34, because it had one or more related organizations treated as a partnership during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Predominant income(related, unrelated, excluded from tax under sections 512-514)	(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?		(k) Percentage ownership
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity		(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No	(k) Percentage ownership
(1) MARATHON MAGNI FUND LP ONE BRYANT PARK 38TH FLOOR NEW YORK,NY10036 46-1902953	INVESTMENTS	NY	ANNE RAY FOUNDATION	INVESTMENT	3,891,678	53,575,324		No			No	60.160 %
(2) SKADI LLC 6889 ROWLAND ROAD EDEN PRAIRIE,MN55344 81-2108322	INVESTMENTS	DE	ANNE RAY FOUNDATION	INVESTMENT	14,417,392	223,680,828		No			No	60.430 %
(3) ART&ARF PRIVATE EQUITY PARTNERSHIP 767 FIFTH AVENUE 14TH FLOOR NEW YORK,NY10153 20-3049679	INVESTMENTS	NY	ANNE RAY FOUNDATION	INVESTMENT	125,960	7,625,522		No	8,221		No	99.490 %
(4) M-DATA CENTER PORTFOLIO CO-INVESTOR LLC 4700 WILSHIRE BLVD LOS ANGELES,CA90010 82-5332495	INVESTMENTS	CA	ANNE RAY FOUNDATION	INVESTMENT	-271,781	784,745		No			No	60.000 %
(5) ASEAN CHINA INVESTMENT FUND (US) V LP 592 5TH AVE STE 602 NEW YORK,NY10036 86-3840198	INVESTMENTS	NY	ANNE RAY FOUNDATION	INVESTMENT	-1,232,291	7,353,096		No			No	54.870 %
(6) SILVER ROCK SAGA FUND LLC SERIES A 12100 WILSHIRE BOULEVARD SUITE 1000 LOS ANGELES,CA90025 87-3233010	INVESTMENTS	CA	ANNE RAY FOUNDATION	INVESTMENT	2,594,697	68,923,129		No			No	59.920 %
(7) SILVER ROCK SAGA FUND LLC SERIES B 12100 WILSHIRE BOULEVARD SUITE 1000 LOS ANGELES,CA90025 87-3245365	INVESTMENTS	CA	ANNE RAY FOUNDATION	INVESTMENT	2,610,315	34,532,143		No			No	59.810 %
(8) MA-NOVVA CO-INVESTOR LLC 4700 WILSHIRE BLVD LOS ANGELES,CA90010 93-3580076	INVESTMENTS	CA	ANNE RAY FOUNDATION	INVESTMENT	-13,951	2,100,766		No			No	60.000 %

Part IV

Identification of Related Organizations Taxable as a Corporation or Trust. Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a corporation or trust during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)	(f) Share of total income	(g) Share of end-of-year assets	(h) Percentage ownership	(i) Section 512(b)(13) controlled entity?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)	(f) Share of total income	(g) Share of end-of-year assets	(h) Percentage ownership	Yes	No
(1) AG ANDVARI FUND LP 89 NEXUS WAY CAMANA BAY KY1-1205 CJ 99-0383003	INVESTMENTS	CJ	ANNE RAY FOUNDATION	C	10,783,598	107,268,456	63.780 %		No
(2) MARATHON MODI 90 NEXUS WAY CAMANA BAY KY1-1205 CJ	INVESTMENTS	CJ	ANNE RAY FOUNDATION	C					No

Schedule R (Form 990) 2023

Page 3

Part V

Transactions With Related Organizations. Complete if the organization answered "Yes" on Form 990, Part IV, line 34, 35b, or 36.

Note. Complete line 1 if any entity is listed in Parts II, III, or IV of this schedule.

Yes

1 During the tax year, did the orgranization engage in any of the following transactions with one or more related organizations listed in Parts II-IV?

a Receipt of (i) interest, (ii) annuities, (iii) royalties, or (iv) rent from a controlled entity .....................

b Gift, grant, or capital contribution to related organization(s) ............................

Yes

c Gift, grant, or capital contribution from related organization(s) ............................

d Loans or loan guarantees to or for related organization(s) ............................

e Loans or loan guarantees by related organization(s) ............................

f Dividends from related organization(s) ............................

g Sale of assets to related organization(s) ............................

h Purchase of assets from related organization(s) ............................

i Exchange of assets with related organization(s) ............................

j Lease of facilities, equipment, or other assets to related organization(s) .......................

Yes

k Lease of facilities, equipment, or other assets from related organization(s) ......................

l Performance of services or membership or fundraising solicitations for related organization(s) .....................

m Performance of services or membership or fundraising solicitations by related organization(s) .................

Yes

n Sharing of facilities, equipment, mailing lists, or other assets with related organization(s) ...................

Yes

o Sharing of paid employees with related organization(s) ............................

Yes

p Reimbursement paid to related organization(s) for expenses ............................

Yes

q Reimbursement paid by related organization(s) for expenses ............................

r Other transfer of cash or property to related organization(s) ............................

s Other transfer of cash or property from related organization(s) ............................

Yes

If the answer to any of the above is "Yes," see the instructions for information on who must complete this line, including covered relationships and transaction thresholds.

(a) Name of related organization	(b) Transaction type (a-s)	(c) Amount involved	(d) Method of determining amount involved
(1) ART&ARF PRIVATE EQUITY PARTNERSHIP	S	1,309,660	BOOKS AND RECORDS
(2) ART&ARF PRIVATE EQUITY PARTNERSHIP	B	191,500	BOOKS AND RECORDS
(3) ASEAN CHINA INVESTMENT FUND (US) V LP	B	3,563,680	BOOKS AND RECORDS
(4) MARATHON MAGNI FUND LP	S	1,371,220	BOOKS AND RECORDS
(5) MARATHON MODI PARTNERSHIP LTD	S	2,408,059	BOOKS AND RECORDS
(6) MARGARET A CARGILL FOUNDATION PAYMENTS FOR SHARED SERVICES	M	30,172,447	BOOKS AND RECORDS - COST
(7) MARGARET A CARGILL FOUNDATION PAYMENTS FOR ADVANCES	P		INCLUDED IN M ABOVE
(8) MARGARET A CARGILL FOUNDATION PAYMENTS FOR SHARED SERVICES	N		INCLUDED IN M ABOVE
(9) MARGARET A CARGILL FOUNDATION PAYMENTS FOR SHARED SERVICES	O		INCLUDED IN M ABOVE
(10) MARGARET A CARGILL FOUNDATION PAYMENTS FOR SHARED SERVICES	Q		INCLUDED IN M ABOVE
(11) MARGARET A CARGILL FOUNDATION PAYMENTS FOR SHARED SERVICES	J		INCLUDED IN M ABOVE
(12) M-DATA CENTER PORTFOLIO CO-INVESTOR LLC	S	2,114,720	BOOKS AND RECORDS
(13) M-DATA CENTER PORTFOLIO CO-INVESTOR LLC	B	329,578	BOOKS AND RECORDS
(14) MA-NOVVA CO-INVESTOR LLC	B	2,114,720	BOOKS AND RECORDS
(15) SKADI LLC	S	19,700,000	BOOKS AND RECORDS
(16) SILVER ROCK SAGA FUND LLC SERIES A	B	4,500,000	BOOKS AND RECORDS
(17) SILVER ROCK SAGA FUND LLC SERIES B	S	9,000,000	BOOKS AND RECORDS

Schedule R (Form 990) 2023

Page 4

Part VI

Unrelated Organizations Taxable as a Partnership. Complete if the organization answered "Yes" on Form 990, Part IV, line 37.

Provide the following information for each entity taxed as a partnership through which the organization conducted more than five percent of its activities (measured by total assets or gross revenue) that was not a related organization. See instructions regarding exclusion for certain investment partnerships.

(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(e) Are all partners section 501(c)(3) organizations?		(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?		(k) Percentage ownership
(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	Yes	No	(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No	(k) Percentage ownership

Schedule R (Form 990) 2023

Page 5

Part VII

Supplemental Information

Provide additional information for responses to questions on Schedule R. See instructions.

Return Reference

Explanation

SCHEDULE R, PART V, LINE 2

MARGARET A. CARGILL FOUNDATION AND ANNE RAY FOUNDATION SHARE OPERATIONS IN PURSUIT OF THEIR SHARED VISION IN ORDER TO MAXIMIZE ASSETS AVAILABLE TO CHARITABLE GRANTMAKING. THE TRANSACTIONS REPORTED AT PART V, LINES 1.A THROUGH 1.P ARE THE RESULT OF SHARED COSTS THAT ARE INCURRED IN PURSUIT OF THEIR SHARED VISION. ANNE RAY FOUNDATION ALSO REPORTS AT PART V, LINE 2 TRANSFERS TO OR FROM PASSIVE INVESTMENT FUNDS THAT ARE IDENTIFIED AS RELATED CORPORATIONS AND PARTNERSHIPS AT PART IV.

Schedule R (Form 990) 2023

Additional Data

Software ID:
Software Version:

1	Briefly describe the organization’s mission or most significant activities: CHARITABLE GRANTMAKING TO SOME OR ALL DESIGNATED SUPPORTED ORGANIZATIONS.
2	Check this box
3	Number of voting members of the governing body (Part VI, line 1a) ........	3	5
4	Number of independent voting members of the governing body (Part VI, line 1b) .....	4	4
5	Total number of individuals employed in calendar year 2023 (Part V, line 2a) ......	5	0
6	Total number of volunteers (estimate if necessary) .............	6	0
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ........	7a	-6,417,461
b	Net unrelated business taxable income from Form 990-T, Part I, line 11 .........	7b	0

		Prior Year	Current Year
8	Contributions and grants (Part VIII, line 1h) .........	0	0
9	Program service revenue (Part VIII, line 2g) .........	0	0
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	-87,307,130	226,538,516
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	4,710,978	-28,094,559
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)	-82,596,152	198,443,957
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...	151,361,215	214,181,129
14	Benefits paid to or for members (Part IX, column (A), line 4).....	0	0
15	Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10)	17,206,236	19,499,013
16a	Professional fundraising fees (Part IX, column (A), line 11e) .....	0	0
b	Total fundraising expenses (Part IX, column (D), line 25) 0
17	Other expenses (Part IX, column (A), lines 11a–11d, 11f–24e)....	13,819,635	21,021,967
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	182,387,086	254,702,109
19	Revenue less expenses. Subtract line 18 from line 12.......	-264,983,238	-56,258,152
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	4,754,280,284	4,867,708,785
21	Total liabilities (Part X, line 26).............	152,211,952	170,466,389
22	Net assets or fund balances. Subtract line 21 from line 20.....	4,602,068,332	4,697,242,396

Sign Here

	Signature of officer	Date

	Type or print name and title


4a	(Code: ) (Expenses $ 232,791,876 including grants of $ 214,181,129 ) (Revenue $ )
	SEE SCHEDULE OOUR GRANTMAKING REFLECTS OUR MISSION, VALUES, AND OUR DONOR'S GUIDING PRINCIPLES.WE SUPPORT THE WORK OF OUR DESIGNATED SUPPORTED ORGANIZATIONS IN COMMUNITIES ACROSS SEVEN PROGRAM AREAS REFERRED TO AS DOMAINS. THE DOMAINS ARE: - ANIMAL WELFARE: WE FOCUS ON THE WELLBEING OF DOMESTIC ANIMALS AND INJURED WILD ANIMALS, AND WAYS TO INCREASE EMPATHY TOWARD ANIMALS AMONG CHILDREN AND ADULTS.- ARTS & CULTURES: WE HELP SUPPORT FOLK ARTS, NATIVE AMERICAN ART, MUSIC, TACTILE ART, AND ARTISTICALLY SIGNIFICANT CRAFTS THAT FOSTER HUMAN CREATIVITY.- DISASTER RELIEF & RECOVERY: WE SUPPORT WORK IN NATURAL DISASTER PREPAREDNESS, RELIEF, AND RECOVERY WITH EMPHASIS ON COMMUNITIES PRONE TO LOW-ATTENTION DISASTERS. - ENVIRONMENT: WE SUPPORT THE CONSERVATION OF NATURAL RESOURCES AND PROTECTION OF NATURAL HABITATS. - LEGACY & OPPORTUNITY: WE PROVIDE FUNDING FOR OPPORTUNITIES ALIGNED WITH MARGARET A. CARGILL PHILANTHROPIES' STRATEGIC PRIORITIES AND SUPPORT FOR GEOGRAPHIES OF IMPORTANCE TO OUR FOUNDER, MARGARET CARGILL.- QUALITY OF LIFE: WE SUPPORT CHILDREN, YOUNG ADULTS, FAMILIES, AND OLDER ADULTS THROUGHOUT LIFE'S JOURNEY.- TEACHERS & STUDENTS: WE SUPPORT THE TEACHING PROFESSION AND STUDENT SUCCESS.DURING 2023 ANNE RAY FOUNDATION MADE GRANTS TO DESIGNATED SUPPORTED ORGANIZATIONS FOR A VARIETY OF PROGRAMS AS DETAILED ON SCHEDULE I, PART II. GRANTS REPORTED AT SCHEDULE I REFLECT CASH GRANT PAYMENTS DURING THE YEAR. GRANT EXPENSE AS REPORTED ON PART IX OF THE FORM 990 REPORTS EXPENSE UNDER ACCRUAL BASIS ACCOUNTING RULES.

4b	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )












4c	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )












4d	Other program services (Describe in Schedule O.)
	(Expenses $ including grants of $ ) (Revenue $ )
4e	Total program service expenses232,791,876

(A) Name and title	(B) Average hours per week (list any hours for related organizations below dotted line)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)				(D) Reportable compensation from the organization (W-2/1099-MISC/1099-NEC)	(E) Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC)	(F) Estimated amount of other compensation from the organization and related organizations
(A) Name and title
(1) CHRISTINE MORSE...................................................................... BOARD CHAIR	10.00 ................. 7.00	X				76,750	81,250	0
(2) RIGHT REVEREND JOHN CHANE...................................................................... DIRECTOR	8.00 ................. 5.00	X				56,250	55,650	0
(3) WIN NEUGER...................................................................... DIRECTOR	6.00 ................. 6.00	X				49,300	54,100	0
(4) STUART TOBISMAN...................................................................... DIRECTOR	7.00 ................. 4.00	X				0	0	0
(5) PAUL BUSCH...................................................................... PRES/CEO EMER. THRU 8/31; DIR.	33.00 ................. 2.00	X	X			14,350	918,914	136,974
(6) HEATHER KUKLA...................................................................... SEC/GC THRU 3/31; PRES. EFF. 4/1	50.00 .................		X			0	805,020	159,485
(7) NAOMI HORSAGER...................................................................... TREASURER/CFO	50.00 .................		X			0	621,411	132,470
(8) ELIZABETH BORER...................................................................... SECRETARY/GEN COUNSEL EFF. 4/1	50.00 .................		X			0	357,610	85,624
(9) KURIAN THOMAS...................................................................... VP OF PROGRAMS	50.00 .................			X		0	444,839	117,462
(10) SHAWN WISCHMEIER...................................................................... CHIEF INVESTMENT OFFICER	50.00 .................			X		0	2,065,277	328,133
(11) MICHAEL RUETZ...................................................................... DEPUTY CIO/INVESTMENT DIR.	50.00 .................				X	0	1,152,158	205,773
(12) MATTHEW MINNIS...................................................................... INVESTMENT DIRECTOR	50.00 .................				X	0	934,905	162,693
(13) RODNEY OVERCASH...................................................................... INVESTMENT DIRECTOR	50.00 .................				X	0	990,561	180,953
(14) TRICIA SCRIVNER...................................................................... INVESTMENT DIRECTOR	50.00 .................				X	0	894,673	154,651
(15) CHRISTOPHER VOGT...................................................................... INVESTMENT DIRECTOR	50.00 .................				X	0	919,493	174,770

1b	Sub-Total..............
c	Total from continuation sheets to Part VII, Section A..
d	Total (add lines 1b and 1c).........	196,650	10,295,861	1,838,988

1a	Federated campaigns..	1a
b	Membership dues..	1b
c	Fundraising events..	1c
d	Related organizations	1d
e	Government grants (contributions)	1e

f	All other contributions, gifts, grants, and similar amounts not included above	1f

g	Noncash contributions included in lines 1a - 1f:$	1g

h Total. Add lines 1a-1f.......

		Business Code
2a
b
c
d
e
f	All other program service revenue.
g	Total. Add lines 2a–2f .....

3 Investment income (including dividends, interest, and othersimilar amounts) ......			97,316,991		1,509,060	95,807,931
4 Income from investment of tax-exempt bond proceeds
5 Royalties...........
			(i) Real	(ii) Personal
6a	Gross rents	6a
b	Less: rental expenses	6b
c	Rental income or (loss)	6c
d	Net rental income or (loss).......
			(i) Securities	(ii) Other
7a	Gross amount from sales of assets other than inventory	7a	2,162,431,019
b	Less: cost or other basis and sales expenses	7b	2,033,209,494
c	Gain or (loss)	7c	129,221,525
d	Net gain or (loss).........			129,221,525		4,008,777	125,212,748
8a	Gross income from fundraising events (not including $ of contributions reported on line 1c). See Part IV, line 18 ....
			8a
b	Less: direct expenses ...		8b
c	Net income or (loss) from fundraising events..
9a	Gross income from gaming activities. See Part IV, line 19 ...
			9a
b	Less: direct expenses ...		9b
c	Net income or (loss) from gaming activities..
10a	Gross sales of inventory, less returns and allowances ..
			10a
b	Less: cost of goods sold ..		10b
c	Net income or (loss) from sales of inventory..

Business Code
11a	OTHER INCOME		523000	-28,094,559		-11,935,298	-16,159,261
b
c
d	All other revenue ....
e	Total. Add lines 11a–11d ......			-28,094,559
12	Total revenue. See instructions.....			198,443,957	0	-6,417,461	204,861,418

1	Grants and other assistance to domestic organizations and domestic governments. See Part IV, line 21 ....	214,181,129	214,181,129
2	Grants and other assistance to domestic individuals. See Part IV, line 22 ...........
3	Grants and other assistance to foreign organizations, foreign governments, and foreign individuals. See Part IV, lines 15 and 16. .............
4	Benefits paid to or for members .......
5	Compensation of current officers, directors, trustees, and key employees ...........	3,707,056	1,964,318	1,742,738
6	Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) .........
7	Other salaries and wages........	11,300,394	6,212,267	5,088,127
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....
9	Other employee benefits .......	4,491,563	3,224,647	1,266,916
10	Payroll taxes ...........
11	Fees for services (non-employees):
a	Management ......
b	Legal .........	703,968	216,317	487,651
c	Accounting ...........	277,659	153,923	123,736
d	Lobbying ...........
e	Professional fundraising services. See Part IV, line 17
f	Investment management fees ......	7,706,355		7,706,355
g	Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O)	3,470,656	2,647,376	823,280
12	Advertising and promotion ....
13	Office expenses .......	279,931	221,783	58,148
14	Information technology ......	631,532	500,897	130,635
15	Royalties ..
16	Occupancy ...........	2,329,230	1,748,999	580,231
17	Travel ............	924,103	623,079	301,024
18	Payments of travel or entertainment expenses for any federal, state, or local public officials .
19	Conferences, conventions, and meetings ....	331,155	271,945	59,210
20	Interest ...........	120,214	120,214
21	Payments to affiliates .......
22	Depreciation, depletion, and amortization ..
23	Insurance ...	86,140	68,194	17,946
24	Other expenses. Itemize expenses not covered above (List miscellaneous expenses in line 24e. If line 24e amount exceeds 10% of line 25, column (A) amount, list line 24e expenses on Schedule O.)
a	FEDERAL UBI TAX	3,028,884		3,028,884
b	DUES & SUBSCRIPTIONS	556,414	287,439	268,975
c	RECRUITING & RELOCATION	292,097	269,421	22,676
d	OTHER TAXES	191,157		191,157
e	All other expenses	92,472	79,928	12,544
25	Total functional expenses. Add lines 1 through 24e	254,702,109	232,791,876	21,910,233	0
26	Joint costs. Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation. Check here if following SOP 98-2 (ASC 958-720).

1	Cash–non-interest-bearing ........				1	0
2	Savings and temporary cash investments .........			27,368,146	2	25,201,793
3	Pledges and grants receivable, net ......				3
4	Accounts receivable, net .............			48,602	4	57,266
5	Loans and other receivables from any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .......
					5
6	Loans and other receivables from other disqualified persons (as defined under section 4958(f)(1)), and persons described in section 4958(c)(3)(B) ...
					6
7	Notes and loans receivable, net ...........				7
8	Inventories for sale or use ............				8
9	Prepaid expenses and deferred charges ......			5,479,007	9	1,275,000
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	44,637
b	Less: accumulated depreciation	10b	44,637	0	10c	0
11	Investments—publicly traded securities .			436,078,922	11	490,878,866
12	Investments—other securities. See Part IV, line 11 .....			4,285,305,607	12	4,350,295,860
13	Investments—program-related. See Part IV, line 11 ..				13
14	Intangible assets ...............				14
15	Other assets. See Part IV, line 11 ...........				15
16	Total assets. Add lines 1 through 15 (must equal line 33)...			4,754,280,284	16	4,867,708,785

17	Accounts payable and accrued expenses .....	13,252,723	17	16,015,406
18	Grants payable ...	111,959,229	18	154,450,983
19	Deferred revenue .........		19
20	Tax-exempt bond liabilities .........		20
21	Escrow or custodial account liability. Complete Part IV of Schedule D		21
22	Loans and other payables to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .........
			22
23	Secured mortgages and notes payable to unrelated third parties ..		23
24	Unsecured notes and loans payable to unrelated third parties ..		24
25	Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17 - 24). Complete Part X of Schedule D	27,000,000	25	0
26	Total liabilities. Add lines 17 through 25..	152,211,952	26	170,466,389

	Organizations that follow FASB ASC 958, check here and complete lines 27, 28, 32, and 33.
27	Net assets without donor restrictions ..........	4,602,068,332	27	4,697,242,396
28	Net assets with donor restrictions ...........		28
	Organizations that do not follow FASB ASC 958, check here and complete lines 29 through 33.
29	Capital stock or trust principal, or current funds .....		29
30	Paid-in or capital surplus, or land, building or equipment fund ...		30
31	Retained earnings, endowment, accumulated income, or other funds		31
32	Total net assets or fund balances ...........	4,602,068,332	32	4,697,242,396
33	Total liabilities and net assets/fund balances ........	4,754,280,284	33	4,867,708,785

1	Was the organization a U.S. transferor of property to a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 926, Return by a U.S. Transferor of Property to a Foreign Corporation (see Instructions for Form 926). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	Yes	No
2	Did the organization have an interest in a foreign trust during the tax year? If "Yes," the organization may be required to separately file Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, and/or Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner (see Instructions for Forms 3520 and 3520-A; don't file with Form 990). . . . . . . . . . . . . . . . . . . . . . . .	Yes	No
3	Did the organization have an ownership interest in a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations. (see Instructions for Form 5471). . . . . . . . . . . . . . . . . . . . . . . . . . . .	Yes	No
4	Was the organization a direct or indirect shareholder of a passive foreign investment company or a qualified electing fund during the tax year? If “Yes,” the organization may be required to file Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund. (see Instructions for Form 8621) .	Yes	No
5	Did the organization have an ownership interest in a foreign partnership during the tax year? If "Yes," the organization may be required to file Form 8865, Return of U.S. Persons with Respect to Certain Foreign Partnerships (see Instructions for Form 8865). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	Yes	No
6	Did the organization have any operations in or related to any boycotting countries during the tax year? If "Yes," the organization may be required to separately file Form 5713, International Boycott Report (see Instructions for Form 5713; don't file with Form 990).. . . . . . . . . . . . . . . . . . . . . . . . . . . .	Yes	No