Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
right arrowDo not enter social security numbers on this form as it may be made public.
right arrowGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2023
Open to Public Inspection
For calendar year 2023, or tax year beginning 01-01-2023 , and ending 12-31-2023
Name of foundation
Glenstone Foundation
 
Number and street (or P.O. box number if mail is not delivered to street address)12100 Glen Road
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Potomac, MD20854
A Employer identification number

20-5938416
B Telephone number (see instructions)

(301) 983-5001
C right arrow
G Check all that apply:

D 1. Foreign organizations, check here............. right arrow
2. Foreign organizations meeting the 85%
test, check here and attach computation ... right arrow
E right arrow
H Check type of organization:
F right arrow
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)right arrow$4,327,371,906J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule) 41,502,862
2 Check right arrow.............
3 Interest on savings and temporary cash investments 1,064,283 1,064,283 1,064,283
4 Dividends and interest from securities... 8,125,835 8,125,835 8,125,835
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 183,140,389
b Gross sales price for all assets on line 6a 213,146,555
7 Capital gain net income (from Part IV, line 2)... 183,184,892
8 Net short-term capital gain......... 0
9 Income modifications........... 187,500
10a Gross sales less returns and allowances 1,373,647
b Less: Cost of goods sold.... 1,478,542
c Gross profit or (loss) (attach schedule)..... Click to see attachment
List of Attached Documents:
// Content
-104,895 -104,895
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
33,076,243 -2,612,098 30,464,145
12 Total. Add lines 1 through 11........ 266,804,717 189,762,912 39,736,868
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 456,239 0 0 456,239
14 Other employee salaries and wages...... 9,249,034 0 0 9,249,034
15 Pension plans, employee benefits....... 1,937,664 0 0 1,937,664
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
1,336,459 0 0 1,336,459
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
28,450 13,840 0 14,090
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
6,554,202 2,162,872 0 4,391,330
17 Interest............... 9,072,352 0 0 9,072,352
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
2,824,699 0 0 2,774,199
19 Depreciation (attach schedule) and depletion... Click to see attachment
List of Attached Documents:
// Content
10,573,596 0 0
20 Occupancy.............. 1,159,992 0 0 1,159,992
21 Travel, conferences, and meetings....... 264,264 0 0 264,264
22 Printing and publications.......... 109,399 0 0 109,399
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
5,559,816 0 0 5,559,816
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 49,126,166 2,176,712 0 36,324,838
25 Contributions, gifts, grants paid....... 2,824,691 2,824,691
26 Total expenses and disbursements. Add lines 24 and 25 51,950,857 2,176,712 0 39,149,529
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 214,853,860
b Net investment income (if negative, enter -0-) 187,586,200
c Adjusted net income (if negative, enter -0-)... 39,736,868
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2023)
Form 990-PF (2023)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 57,115 29,349 29,349
2 Savings and temporary cash investments......... 43,737,468 27,317,621 27,317,621
3 Accounts receivable right arrow  
Less: allowance for doubtful accounts right arrow        
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) right arrow  
Less: allowance for doubtful accounts right arrow        
8 Inventories for sale or use.............. 705,722 805,488 805,488
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 253,581,681 Click to see attachment
List of Attached Documents:
// Content
225,878,760 		1,619,569,283
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 205,039,082 Click to see attachment
List of Attached Documents:
// Content
237,992,225 		258,109,102
14 Land, buildings, and equipment: basis right arrow430,564,586
Less: accumulated depreciation (attach schedule) right arrow60,311,612 372,723,555 Click to see attachment
List of Attached Documents:
// Content
370,252,974 		370,252,974
15 Other assets (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
1,918,321,441 		Click to see attachment
List of Attached Documents:
// Content
2,051,288,089 		Click to see attachment
List of Attached Documents:
// Content
2,051,288,089
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 2,794,166,064 2,913,564,506 4,327,371,906
Liabilities 17 Accounts payable and accrued expenses.......... 2,411 161,578
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)...... 215,442,654 Click to see attachment
List of Attached Documents:
// Content
170,186,264
22 Other liabilities (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
974,352 		Click to see attachment
List of Attached Documents:
// Content
261,175
23 Total liabilities (add lines 17 through 22)......... 216,419,417 170,609,017
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here right arrow
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here right arrow
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 0 0
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 2,577,746,647 2,742,955,489
29 Total net assets or fund balances (see instructions)..... 2,577,746,647 2,742,955,489
30 Total liabilities and net assets/fund balances (see instructions). 2,794,166,064 2,913,564,506
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
2,577,746,647
2
Enter amount from Part I, line 27a .....................
2
214,853,860
3
Other increases not included in line 2 (itemize) right arrow
3
0
4
Add lines 1, 2, and 3 ..........................
4
2,792,600,507
5
Decreases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
5
49,645,018
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
2,742,955,489
Form 990-PF (2023)
Form 990-PF (2023)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a 723,753 SH ENOVIS CORP CM STK D 2003-05-28 2023-02-28
b ARTWORK AM CITIZENS MAP P 2021-02-06 2023-07-31
c 1915979 SH VERALTO CORP CM STK D 2021-06-11 2023-12-14
d NRMA LTD FUND P 2020-01-02 2023-04-01
e NET RETURN FUND P 2020-01-02 2023-04-01
FRACTIONAL SHARES P 2020-05-12 2023-05-03
Gains from partnership K-1s P 2022-01-01 2023-12-31
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 40,989,349   55,538 40,933,811
b 250,000   187,500 62,500
c 171,222,744   28,804,336 142,418,408
d 443,122   664,166 -221,044
e 196,672   250,000 -53,328
165   123 42
44,503     44,503
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       40,933,811
b       62,500
c       142,418,408
d       -221,044
e       -53,328
      42
      44,503
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 183,184,892
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3 0
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here right arrow and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions) 1 2,607,448
b All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 2,607,448
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 2,607,448
6 Credits/Payments:
a 2023 estimated tax payments and 2022 overpayment credited to 2023 6a 2,765,295
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 100,000
d Backup withholding erroneously withheld .......... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 2,865,295
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment
List of Attached Documents:
// Content
8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10 257,847
11 Enter the amount of line 10 to be: Credited to 2024 estimated taxright arrow257,847 Refundedright arrow 11 0
Form 990-PF (2023)
Form 990-PF (2023)
Page 4
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. right arrow$ 0(2) On foundation managers.right arrow$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
right arrowDE, MD
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
8b
Yes
 
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2023 or the taxable year beginning in 2023? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
Yes
 
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
11
Yes
 
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressright arrowwww.Glenstone.org
14
The books are in care ofright arrowC Scott Brannan Telephone no.right arrow (301) 299-2225

Located atright arrow12100 Glen RoadPotomacMD ZIP+4right arrow20854
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2023, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country right arrow
Form 990-PF (2023)
Form 990-PF (2023)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
Yes
 
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
Yes
 
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
Yes
 
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
No
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2023? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2023, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2023?....................
2a
 
No
If "Yes," list the years right arrow20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
right arrow20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
Yes
 
b
If "Yes," did it have excess business holdings in 2023 as a result of (1) any purchase by the foundation
or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
if the foundation had excess business holdings in 2023.) .....................
3b
 
No
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2023? ..
4b
 
No
Form 990-PF (2023)
Form 990-PF (2023)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........right arrow
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
No
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
(a) Name and address (b) Title, and average
hours per week
devoted to position 		(c) Compensation
 (If not paid, enter
-0-) 		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
other allowances
MITCHELL P RALES CHAIRMAN/DIRECTOR
30.00 		0 0 0
12100 GLEN ROAD
POTOMAC,MD20854
EMILY W RALES PRESIDENT
50.00 		0 0 0
12100 GLEN ROAD
POTOMAC,MD20854
C SCOTT BRANNAN VICE PRES./TREASURER/DIRECTOR
20.00 		0 0 0
12100 GLEN ROAD
POTOMAC,MD20854
RACHEL L S PLUMLEY SECRETARY/DIRECTOR
10.00 		0 0 0
12100 GLEN ROAD
POTOMAC,MD20854
ANTHONY CERVENY CHIEF OPERATING OFFICER
50.00 		302,545 18,285 0
12100 GLEN ROAD
POTOMAC,MD20854
HEATHER F NOLAN DIRECTOR OF FINANCE-retired
50.00 		81,386 3,556 0
12100 GLEN ROAD
POTOMAC,MD20854
NOORDIN MOLOO DIRECTOR OF FINANCE
50.00 		72,308 6,592 0
12100 GLEN ROAD
POTOMAC,MD20854
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
PAUL TUKEY DIRECTOR - ENVIRONME
50.00 		159,731 17,620 0
12100 GLEN ROAD
POTOMAC,MD20854
MARTIN LOTZ DIRECTOR OF FACILITI
50.00 		160,315 10,705 0
12100 GLEN ROAD
POTOMAC,MD20854
VALENTINA NAHON SNR DIRECTOR - PUBLI
50.00 		160,822 7,408 0
12100 GLEN ROAD
POTOMAC,MD20854
STEVE O'BANION DIRECTOR OF CONSERVA
50.00 		144,390 19,034 0
12100 GLEN ROAD
POTOMAC,MD20854
ALICIA DAVIS DIRECTOR OF HR
50.00 		141,547 17,541 0
12100 GLEN ROAD
POTOMAC,MD20854
Total number of other employees paid over $50,000...................right arrow 77
Form 990-PF (2023)
Form 990-PF (2023)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
Stonehavens Global LLC Investment Management 2,162,872
11790 Glen Road
Potomac,MD20854
The Whiting-Turner Contracting Company Construction services 1,797,348
PO Box 17596
Baltimore,MD21297
Crozier Fine Arts Art storage 1,353,800
8712 Jericho City Dr
North Englewood,MD20785
Katten Muchin LLP Legal services 958,257
2900 K St NW
Washington,DC20007
Cindell Construction Co Construction services 532,402
108 Byte Dr
Frederick,MD21702
Total number of others receiving over $50,000 for professional services.............right arrow36
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1 Glenstone Foundation was created as a non-profit corporation to support public and educational exhibitions of art, to promote the study, improvement and advancement of the arts, and to foster research of art.The Foundation, which includes a museum of contemporary art and outdoor sculptures, is located in Montgomery County, MD, near Washington, DC and provides a contemplative, intimate setting for experiencing works of art, architecture, and nature. Open to the public four days weekly, the museum presents selections from an art collection of significant depth and breadth, as well as monumental outdoor sculptures within its landscape. Admission is free to all visitors and its school program also provides transportation for local students. An active loan program makes its artwork available to museums around the world. The Foundation does not accept grant applications. 48,698,515
2 The Foundation engages diverse communities within our geographic areas of focus by creating lasting positive psychological, emotional, social, and economic impact over time, by supporting the communities or partnering with other organizations to support them. Objectives include: Youth Engagement - Facilitate access to information and opportunities for future generations through youth engagement initiatives and partnerships. Health & Wellbeing - Through civic engagement, enhance and exchange knowledge, skills and expertise that improves the public health and well-being of target communities. Inequality - Support organizations through partnerships to advance research and programs to address inequities, reduce poverty, protect human rights and provide equitable access to resources. Environmental Justice - Through research and partnerships support organizations advance equitable policies that address the impact of climate change primarily on minority communities. 427,651
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................right arrow0
Form 990-PF (2023)
Form 990-PF (2023)
Page 8
Part IX
Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
1
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:
a
Average monthly fair market value of securities...................
1a
1,695,182,359
b
Average of monthly cash balances.......................
1b
21,987,357
c
Fair market value of all other assets (see instructions)................
1c
213,670,607
d
Total (add lines 1a, b, and c).........................
1d
1,930,840,323
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
0
2
Acquisition indebtedness applicable to line 1 assets..................
2
0
3
Subtract line 2 from line 1d.........................
3
1,930,840,323
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
28,962,605
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
1,901,877,718
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
95,093,886
Part X
Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
1
Minimum investment return from Part IX, line 6..................
1
 
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
 
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
 
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
 
4
Recoveries of amounts treated as qualifying distributions................
4
 
5
Add lines 3 and 4............................
5
 
6
Deduction from distributable amount (see instructions).................
6
 
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
 
Part XI
Qualifying Distributions (see instructions)
1
Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
a
Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
1a
39,149,529
b
Program-related investments—total from Part VIII-B..................
1b
0
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
141,193,787
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
 
b
Cash distribution test (attach the required schedule) .................
3b
 
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
180,343,316
Form 990-PF (2023)
Form 990-PF (2023)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2022 		(c)
2022 		(d)
2023
1 Distributable amount for 2023 from Part X, line 7  
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only.......  
b Total for prior years:20 , 20, 20  
3 Excess distributions carryover, if any, to 2022:
a From 2018......  
b From 2019......  
c From 2020......  
d From 2021......  
e From 2022......  
f Total of lines 3a through e ........  
4Qualifying distributions for 2023 from Part
XI, line 4: right arrow$  
a Applied to 2022, but not more than line 2a  
b Applied to undistributed income of prior years
(Election required—see instructions)..... 		 
c Treated as distributions out of corpus (Election
required—see instructions)........ 		 
d Applied to 2023 distributable amount.....  
e Remaining amount distributed out of corpus  
5 Excess distributions carryover applied to 2023.    
(If an amount appears in column (d), the
same amount must be shown in column (a).)
6Enter the net total of each column as
indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5  
b Prior years’ undistributed income. Subtract
line 4b from line 2b .......... 		 
c Enter the amount of prior years’ undistributed
income for which a notice of deficiency has
been issued, or on which the section 4942(a)
tax has been previously assessed...... 		 
d Subtract line 6c from line 6b. Taxable amount
—see instructions ........... 		 
e Undistributed income for 2022. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		 
f Undistributed income for 2023. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2024 .......... 		 
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		 
8 Excess distributions carryover from 2018 not
applied on line 5 or line 7 (see instructions) ... 		 
9 Excess distributions carryover to 2024.
Subtract lines 7 and 8 from line 6a ...... 		 
10 Analysis of line 9:
a Excess from 2019....  
b Excess from 2020....  
c Excess from 2021....  
d Excess from 2022....  
e Excess from 2023....  
Form 990-PF (2023)
Form 990-PF (2023)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2023, enter the date of the ruling ...... right arrow
2007-07-31
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2023 (b) 2022 (c) 2021 (d) 2020
39,736,868 7,687,042 5,241,745 7,335,051 60,000,706
b 85% (0.85) of line 2a ......... 33,776,338 6,533,986 4,455,483 6,234,793 51,000,600
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		180,343,316 142,367,219 148,572,365 193,532,146 664,815,046
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		2,824,691 6,320,299 8,510,012 5,280,455 22,935,457
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		177,518,625 136,046,920 140,062,353 188,251,691 641,879,589
3 Complete 3a, b, or c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......         0
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		         0
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		63,395,924 72,686,705 43,106,671 4,890,034 184,079,334
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		        0
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		        0
(3) Largest amount of support
from an exempt organization		         0
(4) Gross investment income         0
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
MITCHELL P RALES
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here right arrow
aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
bThe form in which applications should be submitted and information and materials they should include:
cAny submission deadlines:
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
Form 990-PF (2023)
Form 990-PF (2023)
Page 11
Part XIV
Supplementary Information (continued)
3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient If recipient is an individual,
show any relationship to
any foundation manager
or substantial contributor
 Foundation
status of
recipient 		Purpose of grant or
contribution 		Amount
Name and address (home or business)
aPaid during the year

Foundation for Contemporary Arts

820 Greenwich St
NY,NY10014 		N/A PUBLIC CHARITY SUPPORT THE ARTS 144,000

Universities at Shady Grove Foundation

9636 Gudelsky Dr
Rockville,MD20850 		N/A PUBLIC CHARITY GENERAL SUPPORT 5,000

Greater Washington Community Foundation

1325 G St NW
Washington,DC20005 		N/A PUBLIC CHARITY FEED THE HUNGRY 100

United Way of National Capital Area

1101 15th St NW Suite 1000
Washington,DC20005 		N/A PUBLIC CHARITY GENERAL SUPPORT 7,969

Myriad USA Inc

551 5th Ave
NY,NY10176 		N/A PUBLIC CHARITY GENERAL SUPPORT 32,622

National Gallery of Art

Constitution Ave NW
Washington,DC20565 		N/A PUBLIC CHARITY SUPPORT THE ARTS 1,080,000

Storm King Art Center

1 Museum Rd
New Windsor,NY12553 		N/A PUBLIC CHARITY SUPPORT THE ARTS 100,000

Shelburne Museum

6000 Shelburne Rd
Shelburne,VT05482 		N/A PUBLIC CHARITY SUPPORT THE ARTS 10,000

Scotland AME Church

10902 Seven Locks Rd
Potomac,MD20854 		N/A PUBLIC CHARITY GENERAL SUPPORT 775,000

Bethesda Community Baseball Club

10600 Westlake Dr
Rockville,MD20852 		N/A PUBLIC CHARITY SUPPORT THE ARTS 25,000

Contemporary Arts Center

5216 Montrose Blvd
Houston,TX77006 		N/A PUBLIC CHARITY SUPPORT THE ARTS 20,000

Solomon Guggenheim Foundation

1071 5th Ave
NY,NY10128 		N/A PUBLIC CHARITY SUPPORT THE ARTS 25,000

Baltimore Museum of Art

10 Art Museum Dr
Baltimore,MD21218 		N/A PUBLIC CHARITY SUPPORT THE ARTS 600,000
Total .................................right arrow 3a 2,824,691
bApproved for future payment

Shelburne Museum
6000 Shelburne Rd
Shelburne,VT05482 		N/A PUBLIC CHARITY SUPPORT THE ARTS 20,000
Total ................................. right arrow 3b 20,000
Form 990-PF (2023)
Form 990-PF (2023)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		    14 1,064,283  
4 Dividends and interest from securities ....     14 8,125,835  
5 Net rental income or (loss) from real estate:
aDebt-financed property......          
bNot debt-financed property.....          
6 Net rental income or (loss) from personal property          
7 Other investment income .....          
8 Gain or (loss) from sales of assets other than
inventory ............ 		    18 183,140,389 0
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory         -104,895
11 Other revenue:
aLitigation settlement 		        33,000,000
bArt exhibition fee         75,000
cMiscellaneous         1,243
d
e
12 Subtotal. Add columns (b), (d), and (e) .. 0 192,330,507 32,971,348
13Total. Add line 12, columns (b), (d), and (e)..................
13
225,301,855
(See worksheet in line 13 instructions to verify calculations.)
Part XV-B
Relationship of Activities to the Accomplishment of Exempt Purposes
Line No.
DownArrow 		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
instructions.)
10 Bookstore items related to exhibits and 2 cafes serve only visitors
11a Settlement proceeds from litigation over museum building construction
11b Art loan fees related to exhibits
11c Recycling program revenue
Form 990-PF (2023)
Form 990-PF (2023)
Page 13
Part XVI
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
1
Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
Yes
No
a
Transfers from the reporting foundation to a noncharitable exempt organization of:
(1) Cash...................................
1a(1)
 
No
(2) Other assets.................................
1a(2)
 
No
b
Other transactions:
(1) Sales of assets to a noncharitable exempt organization....................
1b(1)
 
No
(2) Purchases of assets from a noncharitable exempt organization..................
1b(2)
 
No
(3) Rental of facilities, equipment, or other assets.......................
1b(3)
 
No
(4) Reimbursement arrangements...........................
1b(4)
 
No
(5) Loans or loan guarantees.............................
1b(5)
 
No
(6) Performance of services or membership or fundraising solicitations................
1b(6)
 
No
c
Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
1c
 
No
d
If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
(a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
2a
Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
b
If "Yes," complete the following schedule.

(a) Name of organization (b) Type of organization (c) Description of relationship
Sign Here
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
right arrow right arrow
May the IRS discuss this return
with the preparer shown below?
See instructions.
Signature of officer or trustee Date Title
Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date Check if self-
employed right arrow		 PTIN
Firm's name SmallBullet
 Firm's EIN SmallBullet
Firm's address SmallBullet


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


Software ID:  
Software Version:  


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

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

20-5938416
Organization type (check one):
Filers of:
Section:
Form 990 or 990-EZ






Form 990-PF




Check if your organization is covered by the General Rule or a Special Rule.  
Note: Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
General Rule
Special Rules
......... Arrow Bullet $  
Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).
For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.
Cat. No. 30613XSchedule B (Form 990) (2023)
Schedule B (Form 990) (2023) Page 2
Name of organization
Glenstone Foundation
  		Employer identification number
20-5938416
Part I
Contributors
Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
1
MA Long-Term Investors LP
 
11790 Glen Road
 
POTOMAC, MD20854

$ 40,588,068


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

$  


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

$  


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

$  


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

$  


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

$  


(Complete Part II for noncash contributions.)
Schedule B (Form 990) (2023)
Schedule B (Form 990) (2023)
Page 3
Name of organization
Glenstone Foundation
  		Employer identification number

20-5938416
Part II
Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
1
 723,753 SHARES OF ENOVIS CORP COMMON STOCK $ 40,588,068 2023-02-24
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
Schedule B (Form 990) (2023)
Schedule B (Form 990) (2023)
Page 4
Name of organization
Glenstone Foundation
  		Employer identification number

20-5938416
Part III
Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
Use duplicate copies of Part III if additional space is needed.
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
Schedule B (Form 990) (2023)
Additional Data


Software ID:  
Software Version:  

TY 2023 AccountingFeesSchedule
Name:
Glenstone Foundation
EIN:
20-5938416
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Accounting fees 28,450 13,840 0 14,090

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

TY 2023 DepreciationSchedule
Name:
Glenstone Foundation
EIN:
20-5938416
Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
Life (# of years)		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
Equipment 2015-11-01 62,596 62,596 SL 4.000000000000 0 0 0  
Equipment 2015-06-01 313,031 313,031 SL 6.000000000000 0 0 0  
Building imp. - equip 2015-02-01 68,463 13,907 SL 39.000000000000 1,755 0 0  
Equipment 2015-09-01 18,147 13,310 SL 10.000000000000 1,815 0 0  
Museum renovation 2015-08-14 6,405,606 1,218,158 SL 39.000000000000 164,246 0 0  
Buildings 2016-08-01 2,042,390 351,886 SL 39.000000000000 52,369 0 0  
Equipment 2016-08-01 90,490 60,436 SL 10.000000000000 9,049 0 0  
M 2500 Van 2016-05-01 42,351 42,351 SL 3.000000000000 0 0 0  
Equipment 2016-05-01 9,391 9,391 SL 6.000000000000 0 0 0  
Equipment 2016-09-01 5,465 887 SL 39.000000000000 140 0 0  
Land 2016-08-01 1,098,546   L   0 0 0  
Museum renovation 2016-01-01 35,723 6,412 SL 39.000000000000 916 0 0  
Equipment 2017-01-01 323,047 193,830 SL 10.000000000000 32,305 0 0  
Museum renovation 2017-01-01 55,826 8,586 SL 39.000000000000 1,431 0 0  
Land 2017-01-01 1,838,170   L   0 0 0  
Building 2017-04-01 786,450 115,949 SL 39.000000000000 20,165 0 0  
Equipment-17-04-1 2017-04-01 850,766 489,191 SL 10.000000000000 85,077 0 0  
DR 2500 Truck 2017-06-01 41,215 41,215 SL 3.000000000000 0 0 0  
Building 2017-07-01 1,567,351 221,034 SL 39.000000000000 40,188 0 0  
Equipment 2017-07-01 129,864 71,423 SL 10.000000000000 12,986 0 0  
Land improvement 18.1 2018-09-01 39,506,393 8,559,720 SL 20.000000000000 1,975,320 0 0  
Land improvement 18.2 2018-10-01 506,226 107,572 SL 20.000000000000 25,311 0 0  
Land improvement 18.3 2018-11-01 329,507 68,646 SL 20.000000000000 16,475 0 0  
Land improvement 18.4 2018-10-01 100,649 21,386 SL 20.000000000000 5,032 0 0  
Land 2018-09-01 40,978,991   L   0 0 0  
Building 18.1 2018-01-01 244,170,051 31,303,855 SL 39.000000000000 6,260,771 0 0  
Building 18.2 2018-02-01 1,255,486 160,960 SL 39.000000000000 32,192 0 0  
Building 18.3 2018-03-01 604,016 74,858 SL 39.000000000000 15,488 0 0  
Building 18.4 2018-04-01 8,238,920 1,003,457 SL 39.000000000000 211,254 0 0  
Building 18.5 2018-05-01 1,394,901 166,912 SL 39.000000000000 35,767 0 0  
Building 18.6 2018-06-01 748,180 87,927 SL 39.000000000000 19,184 0 0  
Building 18.7 2018-07-01 262,797 30,321 SL 39.000000000000 6,738 0 0  
Building 18.8 2018-08-01 375,120 42,480 SL 39.000000000000 9,618 0 0  
Building 18.9 2018-09-01 10,443,013 1,160,337 SL 39.000000000000 267,770 0 0  
Building 18.10 2018-10-01 779,077 84,898 SL 39.000000000000 19,976 0 0  
Building 18.11 2018-11-01 380,764 40,679 SL 39.000000000000 9,763 0 0  
Building 18.12 2018-12-01 1,000 106 SL 39.000000000000 26 0 0  
Equipment - Tools 2018-01-01 2,812 2,345 SL 6.000000000000 467 0 0  
Equipment - WAP 2018-01-01 10,197 8,500 SL 6.000000000000 1,697 0 0  
Equipment - furnishings 2018-02-01 30,857 15,173 SL 10.000000000000 3,086 0 0  
Equipment - furnishings 2018-07-01 21,840 9,828 SL 10.000000000000 2,184 0 0  
Equipment - technology 2018-01-01 269,543 224,620 SL 6.000000000000 44,923 0 0  
Equipment - IT equipment 2018-01-01 17,565 14,640 SL 6.000000000000 2,925 0 0  
Equipment - lift 2018-01-01 1,950 1,495 SL 6.000000000000 325 0 0  
Equipment - tools 2018-02-01 7,378 6,047 SL 6.000000000000 1,230 0 0  
Equipment - radios 2018-02-01 77,012 63,106 SL 6.000000000000 12,835 0 0  
Equipment - fixtures 2018-02-01 5,092 2,503 SL 10.000000000000 509 0 0  
Equipment - furnishings 2018-03-01 15,543 7,511 SL 10.000000000000 1,554 0 0  
Equipment - scrubber 2018-03-01 5,143 4,142 SL 6.000000000000 857 0 0  
Equipment - scrubber 2018-04-01 20,875 16,525 SL 6.000000000000 3,479 0 0  
Equipment - video 2018-04-01 31,385 24,847 SL 6.000000000000 5,231 0 0  
Equipment - truck 2018-04-01 32,400 31,725 SL 4.000000000000 0 0 0  
Equipment - safe 2018-04-01 5,855 2,783 SL 10.000000000000 586 0 0  
Equipment - furnishings 2018-04-01 10,193 4,840 SL 10.000000000000 1,019 0 0  
Equipment - display cases 2018-04-01 608,203 288,895 SL 10.000000000000 60,820 0 0  
Equipment - display cases 2018-09-01 31,885 13,819 SL 10.000000000000 3,189 0 0  
Equipment - lift 2018-04-01 11,319 8,963 SL 6.000000000000 1,887 0 0  
Equipment - compressor 2018-05-01 24,328 18,923 SL 6.000000000000 4,055 0 0  
Equipment - load mover 2018-05-01 39,109 30,417 SL 6.000000000000 6,518 0 0  
Equipment - mower 2018-05-01 8,550 3,990 SL 10.000000000000 855 0 0  
Equipment - K systems 2018-05-01 13,321 10,360 SL 6.000000000000 2,220 0 0  
Equipment - shelving 2018-05-01 25,572 11,933 SL 10.000000000000 2,557 0 0  
Equipment - lift 2018-06-01 15,496 7,104 SL 10.000000000000 1,550 0 0  
Equipment - server 2018-06-01 18,895 14,433 SL 6.000000000000 3,149 0 0  
Equipment - rotary files 2018-06-01 46,606 21,363 SL 10.000000000000 4,661 0 0  
Equipment - Toro 2018-07-01 21,926 21,926 SL 4.000000000000 0 0 0  
Equipment - Trimble 2018-07-01 5,575 4,181 SL 6.000000000000 929 0 0  
Equipment - projector 2018-08-01 41,097 30,254 SL 6.000000000000 6,850 0 0  
Equipment - furnishings 2018-08-01 15,070 6,530 SL 10.000000000000 1,507 0 0  
Equipment - benches 2018-09-01 247,996 107,467 SL 10.000000000000 24,800 0 0  
Equipment - cafe chairs 2018-09-01 62,384 27,031 SL 10.000000000000 6,238 0 0  
Equipment - cafe furnishings 2018-09-01 51,756 22,429 SL 10.000000000000 5,176 0 0  
Equipment - exhibition EC 2018-09-01 56,896 24,182 SL 10.000000000000 5,690 0 0  
Equipment - ice machine 2018-09-01 5,286 3,818 SL 6.000000000000 881 0 0  
Equipment - iMac Pro 2018-09-01 6,019 4,346 SL 6.000000000000 1,003 0 0  
Equipment - patio furnishings 2018-09-01 38,954 16,878 SL 10.000000000000 3,895 0 0  
Equipment - patio fridge 2018-09-01 10,713 4,641 SL 10.000000000000 1,071 0 0  
Equipment - signs 2018-09-01 1,047,601 453,960 SL 10.000000000000 104,760 0 0  
Equipment - signs 2018-10-01 47,014 20,371 SL 10.000000000000 4,701 0 0  
Equipment - cabinet 2018-09-01 8,992 3,896 SL 10.000000000000 899 0 0  
Equipment - cooler 2018-09-01 16,474 7,137 SL 10.000000000000 1,647 0 0  
Equipment - cooler 2018-10-01 5,286 2,292 SL 10.000000000000 529 0 0  
Equipment - shelving 2018-09-01 22,730 9,850 SL 10.000000000000 2,273 0 0  
Equipment - stools 2018-10-01 1,186 506 SL 10.000000000000 119 0 0  
Equipment - blower 2018-10-01 8,609 3,659 SL 10.000000000000 861 0 0  
Equipment - table 2018-10-01 8,960 3,808 SL 10.000000000000 896 0 0  
Equipment - table 2018-11-01 3,840 1,600 SL 10.000000000000 384 0 0  
Equipment - lift 2018-11-01 21,906 9,129 SL 10.000000000000 2,191 0 0  
Equipment - Kobota 2018-12-01 12,500 12,500 SL 4.000000000000 0 0 0  
Equipment - Toro 2018-12-01 28,795 28,795 SL 4.000000000000 0 0 0  
Equipment - Pol. A 2018-09-01 119,840 119,840 SL 3.000000000000 0 0 0  
Equipment - Pol. C 2018-09-01 14,678 14,678 SL 3.000000000000 0 0 0  
Equipment - Pol. E 2018-11-01 35,440 35,440 SL 3.000000000000 0 0 0  
Equipment - Club 5 2018-11-01 112,705 112,705 SL 3.000000000000 0 0 0  
Equipment - Club 7 2018-11-01 21,605 21,605 SL 3.000000000000 0 0 0  
Equipment - signs 2018-11-01 3,391 1,413 SL 10.000000000000 339 0 0  
Equipment - AH furnishings 2018-09-01 38,105 16,514 SL 10.000000000000 3,811 0 0  
CIP   11,479,257     0 % 0 0 0  
ADA Cart 2019-04-01 36,487 34,207 SL 4.000000000000 2,280 0 0  
Security cameras 2019-04-01 137,125 85,703 SL 6.000000000000 22,854 0 0  
Display cases - art storage 2019-01-01 47,827 19,132 SL 10.000000000000 4,783 0 0  
Forklift - indoor 2019-04-01 26,627 24,964 SL 4.000000000000 1,663 0 0  
Forklift - outdoor 2019-01-01 18,453 18,453 SL 4.000000000000 0 0 0  
Fuel tank 2019-01-01 4,199 1,680 SL 10.000000000000 420 0 0  
Polaris GEM cart 2019-04-01 20,836 19,534 SL 4.000000000000 1,302 0 0  
IT server upgrade 2019-05-01 190,681 116,527 SL 6.000000000000 31,780 0 0  
Models 2019-10-01 18,726 6,087 SL 10.000000000000 1,873 0 0  
Security system 2019-01-01 30,031 20,020 SL 6.000000000000 5,005 0 0  
Signage 2019-05-01 16,435 6,028 SL 10.000000000000 1,644 0 0  
ST Trailer 2019-05-01 7,515 4,594 SL 6.000000000000 1,253 0 0  
Toro 2019-01-01 33,449 33,449 SL 4.000000000000 0 0 0  
Walk-in refrigerator 2019-04-01 8,544 3,203 SL 10.000000000000 854 0 0  
Workstation - admin 2019-07-01 6,200 2,170 SL 10.000000000000 620 0 0  
Workstation - security 2019-04-01 8,493 3,184 SL 10.000000000000 849 0 0  
Security cameras 2019-09-01 11,160 6,200 SL 6.000000000000 1,860 0 0  
Security cameras 2019-10-01 19,638 10,637 SL 6.000000000000 3,273 0 0  
Polaris GEM cart 2019-07-01 22,704 19,866 SL 4.000000000000 2,838 0 0  
Signage 2019-02-01 2,740 1,073 SL 10.000000000000 274 0 0  
Security system 2019-09-01 4,376 2,430 SL 6.000000000000 729 0 0  
Land 2019-06-01 9,969,825   L   0 0 0  
BT - Land improvements 2019-04-01 4,188 784 SL 20.000000000000 209 0 0  
Irr. system - Land improvements 2019-05-01 27,485 5,038 SL 20.000000000000 1,374 0 0  
GR Fence - Land improvements 2019-06-01 31,719 5,683 SL 20.000000000000 1,586 0 0  
HR - Land improvements 2019-07-01 85,503 14,963 SL 20.000000000000 4,275 0 0  
Road - Land improvements 2019-10-01 32,576 5,294 SL 20.000000000000 1,629 0 0  
Entrance - Land improvements 2019-10-01 55,378 8,999 SL 20.000000000000 2,769 0 0  
SRB - Land improvements 2019-10-01 19,951 3,243 SL 20.000000000000 998 0 0  
Trails - Land improvements 2019-11-01 2,318 367 SL 20.000000000000 116 0 0  
Building 19.1 2019-01-01 48,924 5,016 SL 39.000000000000 1,254 0 0  
Building 19.2 2019-02-01 356,441 35,798 SL 39.000000000000 9,140 0 0  
Building 19.3 2019-03-01 5,122,789 503,523 SL 39.000000000000 131,354 0 0  
Building 19.4 2019-04-01 73,000 7,020 SL 39.000000000000 1,872 0 0  
Building 19.7 2019-07-01 567,668 50,946 SL 39.000000000000 14,556 0 0  
Building 19.10 2019-10-01 225,000 18,749 SL 39.000000000000 5,769 0 0  
Building 19.11 2019-11-01 150,000 12,179 SL 39.000000000000 3,846 0 0  
Building improvements 19.2 2019-02-01 180,408 18,118 SL 39.000000000000 4,626 0 0  
Building improvements 19.3 2019-03-01 173,427 17,047 SL 39.000000000000 4,447 0 0  
Building improvements 19.4-1 2019-04-01 425,824 38,576 SL 39.000000000000 10,919 0 0  
Building improvements 19.5 2019-05-01 124,214 11,678 SL 39.000000000000 3,185 0 0  
Building improvements 19.6 2019-06-01 104,578 9,607 SL 39.000000000000 2,681 0 0  
Building improvements 19.7 2019-07-01 112,221 10,070 SL 39.000000000000 2,877 0 0  
Building improvements 19.9 2019-09-01 27,868 2,383 SL 39.000000000000 715 0 0  
Building improvements 19.10 2019-10-01 153,324 12,776 SL 39.000000000000 3,931 0 0  
Building improvements 19.11 2019-11-01 6,000 488 SL 39.000000000000 154 0 0  
Building improvements 19.12 2019-12-01 109,564 8,661 SL 39.000000000000 2,809 0 0  
Land improvements 20.1 2020-01-01 6,371 957 SL 20.000000000000 319 0 0  
Land improvements 20.3 2020-03-01 107,192 15,186 SL 20.000000000000 5,360 0 0  
Land improvements 20.12 2020-12-01 335,946 34,994 SL 20.000000000000 16,797 0 0  
Equipment - hot water boiler 2020-07-30 6,298 1,522 SL 10.000000000000 630 0 0  
Equipment - IAQ instruments 2020-09-18 7,288 1,640 SL 10.000000000000 729 0 0  
Equipment - grinder pump 2020-08-24 9,000 2,100 SL 10.000000000000 900 0 0  
Land 2020-07-10 402,676   L   0 0 0  
Land 2021-11-10 516,461   L   0 0 0  
Land improvements 21.10 2021-10-29 68,600 4,002 SL 20.000000000000 3,430 0 0  
Equipment - Toro 2021-04-22 7,110 2,963 SL 4.000000000000 1,778 0 0  
Equipment - Bipolar ion system 2021-01-01 15,265 3,054 SL 10.000000000000 1,527 0 0  
Equipment - Soil / compost screener 2021-05-03 8,910 1,485 SL 10.000000000000 891 0 0  
Equipment - Eye scanner 2021-06-25 8,661 2,166 SL 6.000000000000 1,444 0 0  
Equipment - media storage 2021-08-25 123,099 27,356 SL 6.000000000000 20,517 0 0  
Land 2022-03-01 2,806,980   L   0 0 0  
Land 2022-05-01 955,257   L   0 0 0  
Land 2022-05-01 1,611,201   L   0 0 0  
Land 2022-07-01 1,202,902   L   0 0 0  
Land 2022-09-01 1,410,007   L   0 0 0  
Land 2022-09-01 1,978,999   L   0 0 0  
LP - SGH - Land improvements 2022-01-10 15,619 781 SL 20.000000000000 781 0 0  
SC - B - Land improvements 2022-02-01 194,338 8,907 SL 20.000000000000 9,717 0 0  
Maint road ext. - Land improvements 2022-12-15 111,367 464 SL 20.000000000000 5,568 0 0  
Building - FR 2022-06-15 12,175,602 182,114 SL 39.000000000000 312,195 0 0  
Building imp. - acoustics 2022-07-15 169,030 2,167 SL 39.000000000000 4,334 0 0  
Equipment - Kubota SS 2022-03-10 71,496 14,895 SL 4.000000000000 17,874 0 0  
Equipment - Tormax Op 2022-06-21 11,796 1,475 SL 4.000000000000 2,949 0 0  
Equipment - patio furnishings 2022-10-18 10,580 176 SL 10.000000000000 1,058 0 0  
Equipment - ice machine 2022-09-19 5,588 233 SL 6.000000000000 931 0 0  
PW - intangible 2022-10-21 1,000,079 6,667 SL 25.000000000000 40,003 0 0  
PW - intangible 2022-12-07 1,394,249 4,647 SL 25.000000000000 55,770 0 0  
Land 2023-01-01 754,128   L   0 0 0  
Land 2023-06-01 721,510   L   0 0 0  
Maint road ext. - Land improvements 2023-01-01 36,746   SL 20.000000000000 1,837 0 0  
Building 23.1 2023-01-01 1,000,000   SL 39.000000000000 25,641 0 0  
Building 23.2 2023-06-30 929,801   SL 39.000000000000 11,921 0 0  
Building imp. - GB 2023-11-01 130,476   SL 39.000000000000 558 0 0  
Equipment - lift 2023-01-01 103,390   SL 6.000000000000 17,232 0 0  
Equipment - servers 2023-03-15 7,778   SL 6.000000000000 1,080 0 0  
Equipment - Ventrac 2023-03-17 36,493   SL 4.000000000000 6,842 0 0  
Equipment - scrubber 2023-04-11 5,200   SL 6.000000000000 650 0 0  
Equipment - patio furnishings 2023-04-20 17,850   SL 10.000000000000 1,190 0 0  
Equipment - switch 2023-05-16 6,551   SL 6.000000000000 637 0 0  
Equipment - tank system 2023-10-09 15,723   SL 10.000000000000 393 0 0  
Equipment - AV 2023-11-01 18,187   SL 6.000000000000 505 0 0  
Equipment - camera 2023-11-15 9,222   SL 6.000000000000 256 0 0  
Equipment - patio furnishings 2023-12-01 9,400   SL 10.000000000000 78 0 0  
Equipment - avig system 2023-12-01 213,468   SL 6.000000000000 2,965 0 0  
CG - club 2023-06-21 17,747   SL 3.000000000000 2,958 0 0  
PW - intangible 2023-01-01 29,021   SL 25.000000000000 1,161 0 0  

TY 2023 GeneralExplanationAttachment
Name:
Glenstone Foundation
EIN:
20-5938416
Identifier Return Reference Explanation
Schedule of Controlled Entities Form 990-PF, Page 4, Part VI-A, line 11 1.NAME: MITCHELL AND EMILY RALES FAMILY FOUNDATIONEIN: 54-1739159ADDRESS: 11790 GLEN ROAD POTOMAC, MD 20854THE CONTROLLED ENTITY IS NOT AN EXCESS BUSINESS HOLDING.2.NAME: HANNIBAL FARMS, INCEIN: 52-1163098ADDRESS: 12001 GLEN ROAD POTOMAC, MD 20854THE CONTROLLED ENTITY IS NOT AN EXCESS BUSINESS HOLDING.

TY 2023 InvestmentsCorpStockSchedule
Name:
Glenstone Foundation
EIN:
20-5938416
Name of Stock End of Year Book Value End of Year Fair Market Value
6,822,500 shares Danaher Corp common stock 218,231,134 1,607,335,746
562,725 shares CHAPTERS Group (formerly Mediqon) common stock 7,647,626 12,233,537

TY 2023 InvestmentsOtherSchedule2
Name:
Glenstone Foundation
EIN:
20-5938416
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
Sator Grove limited partner AT COST 52,000,000 57,424,485
Datacor Inc common shares AT COST 29,000,000 29,000,000
Filtration Group Common Units AT COST 28,050,980 40,193,927
D1 Capital common shares AT COST 24,918,837 25,336,405
Durable Capital Opportunity Fund limited partner AT COST 22,787,070 23,122,563
Sequoia China Ltd common shares AT COST 15,000,000 10,775,786
Celonis SE Preferred Stock AT COST 10,100,000 17,116,190
National Center for Faculty Dev & Diversity common shares AT COST 6,400,000 7,110,906
Hillhouse Capital Ltd common shares AT COST 2,991,220 2,816,944
Madison Safety Technology common shares AT COST 13,250,000 13,929,487
Pacific Lake Fund 5 AT COST 12,831,065 11,483,521
C2 Investments LP AT COST 3,360,216 3,746,462
TQ Ventures III Early LP AT COST 1,875,000 2,033,306
TQ Ventures III Growth LP AT COST 5,625,000 4,572,906
Summus Global Inc. AT COST 7,741,567 7,741,567
Pacific Lake Fund 2 AT COST 2,061,270 1,704,647

TY 2023 LandEtcSchedule2
Name:
Glenstone Foundation
EIN:
20-5938416
Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
Equipment 62,596 62,596 0  
Equipment 313,031 313,031 0  
Building imp. - equip 68,463 15,662 52,801  
Equipment 18,147 15,125 3,022  
Museum renovation 6,405,606 1,382,404 5,023,202  
Buildings 2,042,390 404,255 1,638,135  
Equipment 90,490 69,485 21,005  
M 2500 Van 42,351 42,351 0  
Equipment 9,391 9,391 0  
Equipment 5,465 1,027 4,438  
Land 1,098,546 0 1,098,546  
Museum renovation 35,723 7,328 28,395  
Equipment 323,047 226,135 96,912  
Museum renovation 55,826 10,017 45,809  
Land 1,838,170 0 1,838,170  
Building 786,450 136,114 650,336  
Equipment-17-04-1 850,766 574,268 276,498  
DR 2500 Truck 41,215 41,215 0  
Building 1,567,351 261,222 1,306,129  
Equipment 129,864 84,409 45,455  
Land improvement 18.1 39,506,393 10,535,040 28,971,353  
Land improvement 18.2 506,226 132,883 373,343  
Land improvement 18.3 329,507 85,121 244,386  
Land improvement 18.4 100,649 26,418 74,231  
Land 40,978,991 0 40,978,991  
Building 18.1 244,170,051 37,564,626 206,605,425  
Building 18.2 1,255,486 193,152 1,062,334  
Building 18.3 604,016 90,346 513,670  
Building 18.4 8,238,920 1,214,711 7,024,209  
Building 18.5 1,394,901 202,679 1,192,222  
Building 18.6 748,180 107,111 641,069  
Building 18.7 262,797 37,059 225,738  
Building 18.8 375,120 52,098 323,022  
Building 18.9 10,443,013 1,428,107 9,014,906  
Building 18.10 779,077 104,874 674,203  
Building 18.11 380,764 50,442 330,322  
Building 18.12 1,000 132 868  
Equipment - Tools 2,812 2,812 0  
Equipment - WAP 10,197 10,197 0  
Equipment - furnishings 30,857 18,259 12,598  
Equipment - furnishings 21,840 12,012 9,828  
Equipment - technology 269,543 269,543 0  
Equipment - IT equipment 17,565 17,565 0  
Equipment - lift 1,950 1,820 130  
Equipment - tools 7,378 7,277 101  
Equipment - radios 77,012 75,941 1,071  
Equipment - fixtures 5,092 3,012 2,080  
Equipment - furnishings 15,543 9,065 6,478  
Equipment - scrubber 5,143 4,999 144  
Equipment - scrubber 20,875 20,004 871  
Equipment - video 31,385 30,078 1,307  
Equipment - truck 32,400 31,725 675  
Equipment - safe 5,855 3,369 2,486  
Equipment - furnishings 10,193 5,859 4,334  
Equipment - display cases 608,203 349,715 258,488  
Equipment - display cases 31,885 17,008 14,877  
Equipment - lift 11,319 10,850 469  
Equipment - compressor 24,328 22,978 1,350  
Equipment - load mover 39,109 36,935 2,174  
Equipment - mower 8,550 4,845 3,705  
Equipment - K systems 13,321 12,580 741  
Equipment - shelving 25,572 14,490 11,082  
Equipment - lift 15,496 8,654 6,842  
Equipment - server 18,895 17,582 1,313  
Equipment - rotary files 46,606 26,024 20,582  
Equipment - Toro 21,926 21,926 0  
Equipment - Trimble 5,575 5,110 465  
Equipment - projector 41,097 37,104 3,993  
Equipment - furnishings 15,070 8,037 7,033  
Equipment - benches 247,996 132,267 115,729  
Equipment - cafe chairs 62,384 33,269 29,115  
Equipment - cafe furnishings 51,756 27,605 24,151  
Equipment - exhibition EC 56,896 29,872 27,024  
Equipment - ice machine 5,286 4,699 587  
Equipment - iMac Pro 6,019 5,349 670  
Equipment - patio furnishings 38,954 20,773 18,181  
Equipment - patio fridge 10,713 5,712 5,001  
Equipment - signs 1,047,601 558,720 488,881  
Equipment - signs 47,014 25,072 21,942  
Equipment - cabinet 8,992 4,795 4,197  
Equipment - cooler 16,474 8,784 7,690  
Equipment - cooler 5,286 2,821 2,465  
Equipment - shelving 22,730 12,123 10,607  
Equipment - stools 1,186 625 561  
Equipment - blower 8,609 4,520 4,089  
Equipment - table 8,960 4,704 4,256  
Equipment - table 3,840 1,984 1,856  
Equipment - lift 21,906 11,320 10,586  
Equipment - Kobota 12,500 12,500 0  
Equipment - Toro 28,795 28,795 0  
Equipment - Pol. A 119,840 119,840 0  
Equipment - Pol. C 14,678 14,678 0  
Equipment - Pol. E 35,440 35,440 0  
Equipment - Club 5 112,705 112,705 0  
Equipment - Club 7 21,605 21,605 0  
Equipment - signs 3,391 1,752 1,639  
Equipment - AH furnishings 38,105 20,325 17,780  
CIP 11,479,257 0 11,479,257  
ADA Cart 36,487 36,487 0  
Security cameras 137,125 108,557 28,568  
Display cases - art storage 47,827 23,915 23,912  
Forklift - indoor 26,627 26,627 0  
Forklift - outdoor 18,453 18,453 0  
Fuel tank 4,199 2,100 2,099  
Polaris GEM cart 20,836 20,836 0  
IT server upgrade 190,681 148,307 42,374  
Models 18,726 7,960 10,766  
Security system 30,031 25,025 5,006  
Signage 16,435 7,672 8,763  
ST Trailer 7,515 5,847 1,668  
Toro 33,449 33,449 0  
Walk-in refrigerator 8,544 4,057 4,487  
Workstation - admin 6,200 2,790 3,410  
Workstation - security 8,493 4,033 4,460  
Security cameras 11,160 8,060 3,100  
Security cameras 19,638 13,910 5,728  
Polaris GEM cart 22,704 22,704 0  
Signage 2,740 1,347 1,393  
Security system 4,376 3,159 1,217  
Land 9,969,825 0 9,969,825  
BT - Land improvements 4,188 993 3,195  
Irr. system - Land improvements 27,485 6,412 21,073  
GR Fence - Land improvements 31,719 7,269 24,450  
HR - Land improvements 85,503 19,238 66,265  
Road - Land improvements 32,576 6,923 25,653  
Entrance - Land improvements 55,378 11,768 43,610  
SRB - Land improvements 19,951 4,241 15,710  
Trails - Land improvements 2,318 483 1,835  
Building 19.1 48,924 6,270 42,654  
Building 19.2 356,441 44,938 311,503  
Building 19.3 5,122,789 634,877 4,487,912  
Building 19.4 73,000 8,892 64,108  
Building 19.7 567,668 65,502 502,166  
Building 19.10 225,000 24,518 200,482  
Building 19.11 150,000 16,025 133,975  
Building improvements 19.2 180,408 22,744 157,664  
Building improvements 19.3 173,427 21,494 151,933  
Building improvements 19.4-1 425,824 49,495 376,329  
Building improvements 19.5 124,214 14,863 109,351  
Building improvements 19.6 104,578 12,288 92,290  
Building improvements 19.7 112,221 12,947 99,274  
Building improvements 19.9 27,868 3,098 24,770  
Building improvements 19.10 153,324 16,707 136,617  
Building improvements 19.11 6,000 642 5,358  
Building improvements 19.12 109,564 11,470 98,094  
Land improvements 20.1 6,371 1,276 5,095  
Land improvements 20.3 107,192 20,546 86,646  
Land improvements 20.12 335,946 51,791 284,155  
Equipment - hot water boiler 6,298 2,152 4,146  
Equipment - IAQ instruments 7,288 2,369 4,919  
Equipment - grinder pump 9,000 3,000 6,000  
Land 402,676 0 402,676  
Land 516,461 0 516,461  
Land improvements 21.10 68,600 7,432 61,168  
Equipment - Toro 7,110 4,741 2,369  
Equipment - Bipolar ion system 15,265 4,581 10,684  
Equipment - Soil / compost screener 8,910 2,376 6,534  
Equipment - Eye scanner 8,661 3,610 5,051  
Equipment - media storage 123,099 47,873 75,226  
Land 2,806,980 0 2,806,980  
Land 955,257 0 955,257  
Land 1,611,201 0 1,611,201  
Land 1,202,902 0 1,202,902  
Land 1,410,007 0 1,410,007  
Land 1,978,999 0 1,978,999  
LP - SGH - Land improvements 15,619 1,562 14,057  
SC - B - Land improvements 194,338 18,624 175,714  
Maint road ext. - Land improvements 111,367 6,032 105,335  
Building - FR 12,175,602 494,309 11,681,293  
Building imp. - acoustics 169,030 6,501 162,529  
Equipment - Kubota SS 71,496 32,769 38,727  
Equipment - Tormax Op 11,796 4,424 7,372  
Equipment - patio furnishings 10,580 1,234 9,346  
Equipment - ice machine 5,588 1,164 4,424  
PW - intangible 1,000,079 46,670 953,409  
PW - intangible 1,394,249 60,417 1,333,832  
Land 754,128 0 754,128  
Land 721,510 0 721,510  
Maint road ext. - Land improvements 36,746 1,837 34,909  
Building 23.1 1,000,000 25,641 974,359  
Building 23.2 929,801 11,921 917,880  
Building imp. - GB 130,476 558 129,918  
Equipment - lift 103,390 17,232 86,158  
Equipment - servers 7,778 1,080 6,698  
Equipment - Ventrac 36,493 6,842 29,651  
Equipment - scrubber 5,200 650 4,550  
Equipment - patio furnishings 17,850 1,190 16,660  
Equipment - switch 6,551 637 5,914  
Equipment - tank system 15,723 393 15,330  
Equipment - AV 18,187 505 17,682  
Equipment - camera 9,222 256 8,966  
Equipment - patio furnishings 9,400 78 9,322  
Equipment - avig system 213,468 2,965 210,503  
CG - club 17,747 2,958 14,789  
PW - intangible 29,021 1,161 27,860  


TY 2023 LegalFeesSchedule
Name:
Glenstone Foundation
EIN:
20-5938416
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Litigation defense fees 1,336,459 0 0 1,336,459


TY 2023 MortgagesAndNotesPayableSch
Name:
Glenstone Foundation
EIN:
20-5938416
Total Mortgage Amount:  

Item No. 1
Lender's Name Morgan Stanley Smith Barney
Lender's Title  
Relationship to Insider None
Original Amount of Loan 141,095,847
Balance Due 20,186,264
Date of Note 2020-01
Maturity Date 2025-08
Repayment Terms Due at maturity
Interest Rate 5.920000000000
Security Provided by Borrower Stock held by Glenstone.
Purpose of Loan Purchase of art, capital assets, and general operating expenses
Description of Lender Consideration N/A
Consideration FMV  

Item No. 2
Lender's Name JP Morgan Chase
Lender's Title  
Relationship to Insider None
Original Amount of Loan 50,000,000
Balance Due 50,000,000
Date of Note 2021-05
Maturity Date 2031-05
Repayment Terms Accrued interest payable quarterly, principal due at maturity
Interest Rate 2.210000000000
Security Provided by Borrower Secured by shares of stock owned by the Foundation
Purpose of Loan Purchase of art, capital assets, and general operating expenses
Description of Lender Consideration N/A
Consideration FMV  

Item No. 3
Lender's Name JP Morgan Chase
Lender's Title  
Relationship to Insider None
Original Amount of Loan 50,000,000
Balance Due 50,000,000
Date of Note 2021-05
Maturity Date 2031-05
Repayment Terms Accrued interest payable quarterly, principal due at maturity
Interest Rate 2.210000000000
Security Provided by Borrower Secured by shares of stock owned by the Foundation
Purpose of Loan Purchase of art, capital assets, and general operating expenses
Description of Lender Consideration N/A
Consideration FMV  

Item No. 4
Lender's Name JP Morgan Chase
Lender's Title  
Relationship to Insider None
Original Amount of Loan 50,000,000
Balance Due 50,000,000
Date of Note 2021-12
Maturity Date 2033-12
Repayment Terms Accrued interest payable quarterly, principal due at maturity
Interest Rate 2.400000000000
Security Provided by Borrower Secured by shares of stock owned by the Foundation
Purpose of Loan Purchase of art, capital assets, and general operating expenses
Description of Lender Consideration N/A
Consideration FMV  

Item No. 5
Lender's Name Bank of NY Mellon
Lender's Title  
Relationship to Insider None
Original Amount of Loan 50,000,000
Balance Due 0
Date of Note 2022-04
Maturity Date 2032-04
Repayment Terms Accrued interest payable monthly, principal due at maturity
Interest Rate 5.940000000000
Security Provided by Borrower Secured by shares of stock owned by the Foundation
Purpose of Loan Purchase of art, capital assets, and general operating expenses
Description of Lender Consideration N/A
Consideration FMV  


TY 2023 OtherAssetsSchedule
Name:
Glenstone Foundation
EIN:
20-5938416
Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
Artwork 1,902,425,736 2,035,555,475 2,035,555,475
Surety bonds and other 765,856 602,765 602,765
Investment in Hannibal Farms 15,129,849 15,129,849 15,129,849


TY 2023 OtherDecreasesSchedule
Name:
Glenstone Foundation
EIN:
20-5938416
Description Amount
ADJUST FMV VS BASIS OF DONATIONS 49,645,018


TY 2023 OtherExpensesSchedule
Name:
Glenstone Foundation
EIN:
20-5938416
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Art storage and handling 1,255,944 0 0 1,255,944
Supplies - art and other 597,525 0 0 597,525
Minor equipment and rentals 404,767 0 0 404,767
Shipping 653,620 0 0 653,620
Professional development 199,509 0 0 199,509
Maintenance and repairs 486,932 0 0 486,932
Contract labor 1,445,640 0 0 1,445,640
Catering and food 304,959 0 0 304,959
Uniforms 51,994 0 0 51,994
Other 158,926 0 0 158,926


TY 2023 OtherIncomeSchedule2
Name:
Glenstone Foundation
EIN:
20-5938416
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
Income/(Loss) from Partnership Investments   -2,612,098 -2,612,098
Litigation settlement 33,000,000   33,000,000
Art exhibition fee 75,000   75,000
Miscellaneous 1,243   1,243


TY 2023 OtherLiabilitiesSchedule
Name:
Glenstone Foundation
EIN:
20-5938416
Description Beginning of Year - Book Value End of Year - Book Value
Retainage, CIP 974,352 110,175
Due to HF 0 151,000


TY 2023 OtherProfessionalFeesSchedule
Name:
Glenstone Foundation
EIN:
20-5938416
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Art conservation and consulting 724,193 0 0 724,193
Other services 2,513,056 0 0 2,513,056
Information technology 428,947 0 0 428,947
Investment management services 2,162,872 2,162,872 0 0
Recruiting 242,525 0 0 242,525
Art contracting 482,609 0 0 482,609


TY 2023 SalesOfInventoryList 
Name:
Glenstone Foundation
EIN:
20-5938416

Category Gross Sales Cost of Goods Sold Net (Gross Sales Minus
Cost of Goods Sold)
Cafe 1,210,113 1,256,051 -45,938
Bookstore 163,534 222,491 -58,957

TY 2023 TaxesSchedule
Name:
Glenstone Foundation
EIN:
20-5938416
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Excise taxes 2,700,000 0 0 2,700,000
Real estate taxes and other 74,199 0 0 74,199
Unrelated business income tax 50,500 0 0 0