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
THE KESTREL FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)CO CCA LLC 180 PARK AVENUE 200
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
FLORHAM PARK, NJ07932
A Employer identification number

13-4007198
B Telephone number (see instructions)

(212) 254-3424
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$15,156,854J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check right arrow.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 153,060 151,952  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 -269,875
b Gross sales price for all assets on line 6a 419,480
7 Capital gain net income (from Part IV, line 2)... 0
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
357,703 337,631 0
12 Total. Add lines 1 through 11........ 240,888 489,583 0
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0 0 0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
6,191 0 0 6,191
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
14,648 0 0 14,648
c Other professional fees (attach schedule)....        
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
12,000 0 0 0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
378,915 364,803 0 0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 411,754 364,803 0 20,839
25 Contributions, gifts, grants paid....... 386,900 386,900
26 Total expenses and disbursements. Add lines 24 and 25 798,654 364,803 0 407,739
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -557,766
b Net investment income (if negative, enter -0-) 124,780
c Adjusted net income (if negative, enter -0-)... 0
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2023)
Form 990-PF (2023)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 144,500 249,466 249,466
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 arrow1,038,713
Less: allowance for doubtful accounts right arrow0 0 Click to see attachment
List of Attached Documents:
// Content
1,038,713 		1,038,713
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule) 481,287 Click to see attachment
List of Attached Documents:
// Content
389,486 		398,242
b Investments—corporate stock (attach schedule)....... 1,525,532 Click to see attachment
List of Attached Documents:
// Content
1,673,169 		1,526,452
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).......... 10,651,353 Click to see attachment
List of Attached Documents:
// Content
10,392,799 		11,831,943
14 Land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
15 Other assets (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
956,821 		Click to see attachment
List of Attached Documents:
// Content
112,038 		Click to see attachment
List of Attached Documents:
// Content
112,038
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 13,759,493 13,855,671 15,156,854
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe right arrow)    
23 Total liabilities (add lines 17 through 22)......... 0 0
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 13,759,493 13,855,671
29 Total net assets or fund balances (see instructions)..... 13,759,493 13,855,671
30 Total liabilities and net assets/fund balances (see instructions). 13,759,493 13,855,671
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
13,759,493
2
Enter amount from Part I, line 27a .....................
2
-557,766
3
Other increases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
3
653,944
4
Add lines 1, 2, and 3 ..........................
4
13,855,671
5
Decreases not included in line 2 (itemize) right arrow
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
13,855,671
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 CORTLAND PARTNERS FUND II, LLC - DISTRIBUTIONS IN EXCESS OF BASIS P 2023-01-01 2023-12-31
b DISPOSITION OF INVESTMENT IN UPSTATE KIMBALL LLC P 2019-01-01 2023-12-31
c DISPOSITION OF INVESTMENT IN BEEHOUSE AWH, LLC P 2021-01-01 2023-12-31
d ASCEND WELLNESS HOLDINGS INC. - 45,000 SHS   2021-01-07 2023-11-15
e VISKASE COS INC - 11,889 SHS   2010-01-06 2023-12-21
VISKASE COS INC - 1,070 SHS   2008-04-29 2023-12-21
REALCROWD, INC (WORTHLESS SECURITY) P 2014-01-01 2002-12-31
(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 25,537     25,537
b 51,743   51,952 -209
c 270,000   270,751 -751
d 49,203   270,000 -220,797
e 16,109   43,649 -27,540
1,450   3,928 -2,478
5,438   50,000 -44,562
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       25,537
b       -209
c       -751
d       -220,797
e       -27,540
      -2,478
      -44,562
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 -270,800
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here right arrow and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions) 1 1,734
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 1,734
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 1,734
6 Credits/Payments:
a 2023 estimated tax payments and 2022 overpayment credited to 2023 6a 28,152
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld .......... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 28,152
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 26,418
11 Enter the amount of line 10 to be: Credited to 2024 estimated taxright arrow26,418 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 arrowNY
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
8b
Yes
 
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2023 or the taxable year beginning in 2023? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
 
No
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
11
 
No
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressright arrowN/A
14
The books are in care ofright arrowCITRIN COOPERMAN ADVISORS LLC Telephone no.right arrow (973) 408-6700

Located atright arrow180 PARK AVENUE SUITE 200FLORHAM PARKNJ ZIP+4right arrow07932
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? .................
16Yes  
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country right arrowCA
Form 990-PF (2023)
Form 990-PF (2023)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
 
No
(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
 
 
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2023? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2023, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2023?....................
2a
 
No
If "Yes," list the years right arrow20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
right arrow20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2023 as a result of (1) any purchase by the foundation
or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
if the foundation had excess business holdings in 2023.) .....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2023? ..
4b
 
No
Form 990-PF (2023)
Form 990-PF (2023)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
 
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
BENJAMIN E NICKOLL TRUSTEE
2.00 		0 0 0
C/O CITRIN COOPERMAN ADVISORS 180
PARK AVENUE STE 200
FLORHAM PARK,NJ07932
CHRISTINE M ARMSTRONG TRUSTEE
2.00 		0 0 0
C/O CITRIN COOPERMAN ADVISORS 180
PARK AVENUE STE 200
FLORHAM PARK,NJ07932
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
NONE
Total number of other employees paid over $50,000...................right arrow 0
Form 990-PF (2023)
Form 990-PF (2023)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
NONE
Total number of others receiving over $50,000 for professional services.............right arrow0
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1  
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................right arrow0
Form 990-PF (2023)
Form 990-PF (2023)
Page 8
Part IX
Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
1
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:
a
Average monthly fair market value of securities...................
1a
2,328,580
b
Average of monthly cash balances.......................
1b
877,363
c
Fair market value of all other assets (see instructions)................
1c
9,861,423
d
Total (add lines 1a, b, and c).........................
1d
13,067,366
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
13,067,366
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
196,010
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
12,871,356
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
643,568
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
643,568
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
1,734
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
1,425
c
Add lines 2a and 2b............................
2c
3,159
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
640,409
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
640,409
6
Deduction from distributable amount (see instructions).................
6
0
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
640,409
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
407,739
b
Program-related investments—total from Part VIII-B..................
1b
0
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
 
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
 
b
Cash distribution test (attach the required schedule) .................
3b
 
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
407,739
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 7 640,409
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only....... 0
b Total for prior years:20 , 20, 20 0
3 Excess distributions carryover, if any, to 2022:
a From 2018...... 180,046
b From 2019...... 137,057
c From 2020...... 66,787
d From 2021...... 420,695
e From 2022......  
f Total of lines 3a through e ........ 804,585
4Qualifying distributions for 2023 from Part
XI, line 4: right arrow$ 407,739
a Applied to 2022, but not more than line 2a 0
b Applied to undistributed income of prior years
(Election required—see instructions)..... 		0
c Treated as distributions out of corpus (Election
required—see instructions)........ 		0
d Applied to 2023 distributable amount..... 407,739
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2023. 232,670 232,670
(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 5 571,915
b Prior years’ undistributed income. Subtract
line 4b from line 2b .......... 		0
c Enter the amount of prior years’ undistributed
income for which a notice of deficiency has
been issued, or on which the section 4942(a)
tax has been previously assessed...... 		0
d Subtract line 6c from line 6b. Taxable amount
—see instructions ........... 		0
e Undistributed income for 2022. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		0
f Undistributed income for 2023. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2024 .......... 		0
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		0
8 Excess distributions carryover from 2018 not
applied on line 5 or line 7 (see instructions) ... 		0
9 Excess distributions carryover to 2024.
Subtract lines 7 and 8 from line 6a ...... 		571,915
10 Analysis of line 9:
a Excess from 2019.... 84,433
b Excess from 2020.... 66,787
c Excess from 2021.... 420,695
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
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2023 (b) 2022 (c) 2021 (d) 2020
         
b 85% (0.85) of line 2a .........          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, b, or c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
BENJAMIN E NICKOLL
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

ACLU FOUNDATION

125 BROAD STREET 18TH FLOOR
NEW YORK,NY10004 		NONE PC GENERAL SUPPORT 2,000

AFTER SCHOOL ARTS PROGRAM

PO BOX 15
WASHINGTON DEPOT,CT06794 		N/A PC GENERAL UNRESTRICTED 10,000

BANTAM CINEMA

115 BANTAM LAKE RD
BANTAM,CT06750 		N/A PC GENERAL SUPPORT 300

BRADY CENTER TO PREVENT GUN VIOLENCE

840 FIRST STREET NE SUITE 400
WASHINGTON,DC20002 		N/A PC GENERAL SUPPORT 2,000

BROWN UNIVERSITY

BOX 1893
PROVIDENCE,RI02912 		N/A PC GENERAL SUPPORT 25,000

CHILDREN'S COMMUNITY SCHOOL

1212 S 47TH STREET
PHILADELPHIA,PA19143 		N/A PC GENERAL SUPPORT 1,000

CONNECTICUT COMMUNITY FOUNDATION

43 FIELD STREET
WATERBURY,CT06702 		N/A PC GENERAL SUPPORT 1,000

CONNECTICUT FOODSHARE

2 RESEARCH PARKWAY
WALLINGFORD,CT06492 		N/A PC GENERAL SUPPORT 2,700

CONVERSATIONS ON THE GREEN

PO BOX 1020
WASHINGTON,CT06793 		N/A PC GENERAL SUPPORT 2,000

CORNWALL VOLUNTEER FIRE DEPARTMENT

289 SHARON GOSHEN TPKE
WEST CORNWALL,CT06796 		N/A PC GENERAL SUPPORT 500

CT AGAINST GUN VIOLENCE

PO BOX 123
RIDGEFIELD,CT06877 		N/A PC GENERAL SUPPORT 1,000

CT NOFA

358 SPRINGSIDE AVE
NEW HAVEN,CT06515 		N/A PC GENERAL SUPPORT 200

DOCTORS WITHOUT BORDERS

40 RECTOR ST 16TH FLOOR
NEW YORK,NY10006 		N/A PC GENERAL SUPPORT 20,000

ENVIRONMENTAL DEFENSE FUND

257 PARK AVE SOUTH
NEW YORK,NY10010 		N/A PC GENERAL SUPPORT 10,000

FIRST ECCLESIASTICAL SOCIETY OF NEW PRESTON

100 NEW PRESTON HILL ROAD
NEW PRESTON,CT06777 		N/A PC GENERAL SUPPORT 1,000

FRIENDLY HANDS

50 KING ST
TORRINGTON,CT06790 		N/A PC GENERAL SUPPORT 10,000

GO PROJECT

50 COOPER SQ 3RD FLOOR
NEW YORK,NY10003 		N/A PC GENERAL SUPPORT 1,000

GRAMERCY PARK BLOCK ASSOCIATION

34 GRAMERCY PARK EAST
NEW YORK,NY10003 		N/A PC GENERAL SUPPORT 3,000

GREENWICH VILLAGE SOCIETY FOR HISTORICAL PRESERVATION

232 E 11TH ST
NEW YORK,NY10003 		N/A PC GENERAL SUPPORT 1,000

GREENWOODS COUNSELING

25 SOUTH ST
LITCHFIELD,CT06759 		N/A PC GENERAL SUPPORT 10,000

GUNN MEMORIAL LIBRARY

PO BOX 1273 5 WYKEHAM ROAD
WASHINGTON,CT06793 		N/A PC GENERAL SUPPORT 10,000

HOUSATONIC VALLEY ASSOCIATION

15 KENT ROAD PO BOX 28
CORNWALL BRIDGE,CT06754 		N/A PC GENERAL SUPPORT 5,000

HUMANE SOCIETY OF NY

306 EAST 59TH STREET
NEW YORK,NY10022 		N/A PC GENERAL SUPPORT 200

JERICHO PROJECT

245 WEST 29TH STREET SUITE 902
NEW YORK,NY10001 		N/A PC GENERAL SUPPORT 10,000

KENT LAND TRUST

PO BOX 888
KENT,CT06757 		N/A PC GENERAL SUPPORT 1,000

KENT VILLAGE HOUSING FOR THE ELDERLY

15 SWIFT LANE PO BOX 404
KENT,CT06757 		N/A PC GENERAL SUPPORT 200

LAKE WARAMAUG TASK FORCE INC

19 SACKETT HILL ROAD
WARREN,CT06754 		N/A PC GENERAL SUPPORT 10,000

LITERACY VOLUNTEERS ON THE GREEN

7 WHITTLESEY AVENUE PO BOX 366
NEW MILFORD,CT06776 		N/A PC GENERAL SUPPORT 500

LOS ANGELES LEADERSHIP ACADEMY

2670 GRIFFIN AVE
LOS ANGELES,CA90031 		NONE PC GENERAL SUPPORT 10,000

MUNICIPAL ART SOCIETY OF NEW YORK

488 MADISON AVE SUITE 1900
NEW YORK,NY10022 		N/A PC GENERAL SUPPORT 1,000

NATURAL RESOURCES DEFENSE COUNCIL

162 WASHINGTON AVENUE
ALBANY,NY12231 		N/A PC GENERAL SUPPORT 500

NEW YORK LANDMARKS CONSERVANCY

ONE WHITEHALL STREET
NEW YORK,NY10004 		N/A PC GENERAL SUPPORT 1,000

NORTHWEST CT COMMUNITY FUND

33 EAST MAIN STREET PO BOX 1144
TORRINGTON,CT06790 		N/A PC GENERAL SUPPORT 500

NORTHWEST CT LAND CONCERVANCY

5 MAPLE ST
KENT,CT06757 		N/A PC GENERAL SUPPORT 15,000

NUVANCE HEALTH

24 HOSPITAL AVENUE
DANBURY,CT06810 		N/A PC GENERAL SUPPORT 10,000

PEACE USA

505 N TOMAHAWK ISLAND DR
PORTLAND,OR97217 		NONE PC GENERAL SUPPORT 20,000

PILOBOLUS

18 EAST 16TH STREET STE 308
NEW YORK,NY10003 		N/A PC GENERAL SUPPORT 10,000

PLANNED PARENTHOOD

123 WILLIAM ST
NEW YORK,NY10038 		N/A PC GENERAL SUPPORT 10,000

PUNTA MITA HOSPITAL FOUNDATION

350 S BEVERLY DRIVE SUITE 230
BEVERLY HILLS,CA90212 		NONE PC GENERAL SUPPORT 10,000

RIVERS ALLIANCE OF CT

7 WEST ST
LITCHFIELD,CT06759 		N/A PC GENERAL SUPPORT 5,000

SAVE THE CHILDREN

501 KINGS HIGHWAY EAST SUITE 400
FAIRFIELD,CT06825 		N/A PC GENERAL SUPPORT 5,000

SHAKESPEARIENCE

203 FLAMINGO RD 177
MILL VALLEY,CA94941 		N/A PC GENERAL SUPPORT 300

SPRING HILL ARTS GATHERING

292 BEE BROOK RD
NEW PRESTON,CT06777 		N/A PC GENERAL SUPPORT 15,000

STEEP ROCK ASSOCIATION

PO BOX 279
WASHINGTON DEPOT,CT06794 		N/A PC GENERAL SUPPORT 15,000

STORM KING ART CENTER

1 MUSEUM ROAD
NEW WINDSOR,NY12553 		NONE PC GENERAL SUPPORT 10,000

STUDIO IN A SCHOOL

75 WEST END AVENUE
NEW YORK,NY10023 		N/A PC GENERAL SUPPORT 15,000

SUSAN B ANTHONY PROJECT

179 WATER STREET
TORRINGTON,CT06790 		N/A PC GENERAL SUPPORT 15,000

THE FREDERICK GUNN SCHOOL

22 KIRBY RD
WASHINGTON,CT06793 		N/A PC GENERAL SUPPORT 1,000

THEATER FOR A NEW AUDIENCE

262 ASHLAND PL
BROOKLYN,NY11217 		NONE PC GENERAL SUPPORT 10,000

UNHCR

1310 L ST NW STE 450
WASHINGTON,DC20005 		N/A PC GENERAL SUPPORT 20,000

WARREN LAND TRUST

50 CEMETERY ROAD
WARREN,CT06754 		N/A PC GENERAL SUPPORT 1,000

WARREN VOLUNTEER FIRE DEPARTMENT

11 SACKETT HILL ROAD
WARREN,CT06754 		N/A PC GENERAL SUPPORT 2,500

WASHINGTON AMBULANCE ASSOCIATION

109 BEE BROOK RD PO BOX 294
WASHINGTON DEPOT,CT06794 		N/A PC GENERAL SUPPORT 5,000

WASHINGTON ART ASSOCIATION

4 BRYAN HALL PLAZA
WASHINGTON DEPOT,CT06794 		N/A PC GENERAL SUPPORT 2,500

WASHINGTON COMMUNITY FUND

POST OFFICE BOX 1213
WASHINGTON,CT06793 		N/A PC GENERAL SUPPORT 10,000

WASHINGTON COMMUNITY HOUSING TRUST

16 CHURCH STREET PO BOX 1231
WASHINGTON,CT06793 		N/A PC GENERAL SUPPORT 1,000

WASHINGTON MONTESSORI SCHOOL

240 LITCHFIELD TPKE
NEW PRESTON,CT06777 		N/A PC GENERAL SUPPORT 1,000

WASHINGTON PARK FOUNDATION

18 TITUS ROAD
WASHINGTON DEPOT,CT06794 		N/A PC GENERAL SUPPORT 12,000

WASHINGTON REFUGEE RESETTLEMENT

PO BOX 1205
WASHINGTON,CT06793 		N/A PC GENERAL SUPPORT 6,000

WASHINGTON VOLUNTEER FIRE DEPARTMENT

109 BEE BROOK RD
WASHINGTON DEPOT,CT06794 		N/A PC GENERAL SUPPORT 5,000

WASSAIC

37 FURNACE BANK ROAD PO BOX 220
WASSAIC,NY12592 		N/A PC GENERAL SUPPORT 1,000
Total .................................right arrow 3a 386,900
bApproved for future payment
Total ................................. right arrow 3b 0
Form 990-PF (2023)
Form 990-PF (2023)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		         
4 Dividends and interest from securities ....     14 153,060  
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 ..... 901101 20,072 14 337,631  
8 Gain or (loss) from sales of assets other than
inventory ............ 		    18 -269,875  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. 20,072 220,816 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
240,888
(See worksheet in line 13 instructions to verify calculations.)
Part XV-B
Relationship of Activities to the Accomplishment of Exempt Purposes
Line No.
DownArrow 		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
instructions.)
Form 990-PF (2023)
Form 990-PF (2023)
Page 13
Part XVI
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
1
Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
Yes
No
a
Transfers from the reporting foundation to a noncharitable exempt organization of:
(1) Cash...................................
1a(1)
 
No
(2) Other assets.................................
1a(2)
 
No
b
Other transactions:
(1) Sales of assets to a noncharitable exempt organization....................
1b(1)
 
No
(2) Purchases of assets from a noncharitable exempt organization..................
1b(2)
 
No
(3) Rental of facilities, equipment, or other assets.......................
1b(3)
 
No
(4) Reimbursement arrangements...........................
1b(4)
 
No
(5) Loans or loan guarantees.............................
1b(5)
 
No
(6) Performance of services or membership or fundraising solicitations................
1b(6)
 
No
c
Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
1c
 
No
d
If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
(a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
2a
Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
b
If "Yes," complete the following schedule.

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


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


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

TY 2023 AccountingFeesSchedule
Name:
THE KESTREL FOUNDATION
EIN:
13-4007198
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
RETURN PREPARATION AND TAX COMPLIANCE 14,648 0 0 14,648

TY 2023 InvestmentsCorpStockSchedule
Name:
THE KESTREL FOUNDATION
EIN:
13-4007198
Name of Stock End of Year Book Value End of Year Fair Market Value
AGRO VISION CORP 388,400 388,400
AZEVAN PHARMACEUTICALS 58,620 58,620
CASTER HOLDINGS INC 212,879 212,879
CHICAGO ATLANTIC REAL ESTATE 209,030 226,520
EON GROUP HOLDINGS INC. 75,000 75,000
LENSGEN, INC 50,000 50,000
LOWELL FARMS INC 200,000 200,000
MEDIA LAB 288,983 288,983
TRUELIEVE CANNABIS CORP 190,257 26,050

TY 2023 InvestmentsGovtObligationsSch
Name:
THE KESTREL FOUNDATION
EIN:
13-4007198
US Government Securities - End of Year Book Value:

389,486
US Government Securities - End of Year Fair Market Value:

398,242
State & Local Government Securities - End of Year Book Value:


0
State & Local Government Securities - End of Year Fair Market Value:


0


TY 2023 InvestmentsOtherSchedule2
Name:
THE KESTREL FOUNDATION
EIN:
13-4007198
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
111 WEST CAPITAL FUND I, LP AT COST 161,858 248,495
ALBA FINANCE LLC AT COST 336 336
BIWKC LLC AT COST 50,306 50,306
BRICKMAN FUND VI, LP AT COST 298,317 1,842
CHICAGO ATLANTIC FUND OFFSHORE LP AT COST 2,228,993 2,338,475
CHICAGO ATLANTIC VERANO (FKA VERANO HOLDINGS CORP) AT COST 503,969 503,969
CONTEMPORARY ART PARTNERS II, LP AT COST 224,475 283,273
CORE SENIOR LENDING OFFSHORE FUND AT COST 320,476 335,901
CORTLAND PARTNERS FUND II, LLC AT COST 0 535,583
EF TECH PARTNERS LLC AT COST 524,587 524,587
G SQUARED OPPORTUNITIES FUND V LLC - SERIES N-1 AT COST 195,604 123,151
G SQUARED OPPORTUNITIES FUND V LLC - SERIES N-2 AT COST 5,240 38,218
G SQUARED OPPORTUNITIES FUND V LLC - SERIES N-3 AT COST 206,258 264,473
GERONIMO CENTRAL VALLEY OPPORTUNITY FUND LLC AT COST 399,394 399,394
GH RIDGE FLATS JV LLC AT COST 125,938 125,938
GLOBAL DENTAL SERVICES LIMITED AT COST 335,837 335,837
GOTHAM GREEN FUND 1 (Q), LP AT COST 282,097 185,485
GPS SECURITY LLC AT COST 2,164 2,164
HYPUR VENTURES, L.P. AT COST 175,358 175,358
INDUS HOLDING COMPANY INC. AT COST 150,000 150,000
J.P. MORGAN PEG DIGITAL GROWTH FUND OFFSHORE SPECIAL II LP AT COST 310,822 77,033
LOTUS AUSTRALIA OILSEED AT COST 10,000 10,000
MC HOLDCO LLC AT COST 204,344 204,344
MD VII PE ACCESS LP AT COST 131,338 218,832
MEDMEN OPPORTUNITY FUND II LP AT COST 134,669 21,897
MERIDA CAPITAL PARTNER II, LP AT COST 172,532 175,718
METHOD KING & GEORGE INVESTORS LLC AT COST 820,000 820,000
MVP DEALSHARE SERIES LLC AT COST 250,000 250,000
PIERCE PLACE LLC AT COST 206,009 206,009
POLYCHAIN VENTURES II, LP AT COST 235,285 891,835
RIBBIT CAPITAL II, L.P. AT COST 105,068 689,325
SCP OPPORTUNITY LXXI, LP AT COST 153,000 153,000
SR UPSTATE, LLC AT COST 178,928 178,928
TROPHY HUNTER COLORADO, LLC AT COST 274,664 274,664
TROY CAPITAL PARTNERS SX X LLC AT COST 728,484 728,484
UPSTATE HOUSTON LLC AT COST 75,655 75,655
UPSTATE PENN LLC AT COST 24,030 24,030
WARBURG PINCUS ENERGY PRIVATE INVESTORS OFFSHORE 1, L.P. AT COST 186,764 209,404

TY 2023 LegalFeesSchedule
Name:
THE KESTREL FOUNDATION
EIN:
13-4007198
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
GENERAL GOVERNANCE AND COUNSEL 6,191 0 0 6,191


TY 2023 OtherAssetsSchedule
Name:
THE KESTREL FOUNDATION
EIN:
13-4007198
Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
REALCROWD, INC. (NOTE) 50,000 0 0
OUTCOME MD (NOTE) 70,833 0 0
LPF JV LLC (NOTE) 347,880 0 0
DUE FROM CHICAGO ATLANTIC 16,417 18,593 18,593
DUE FROM CHICAGO ATLANTIC CREDIT FUND 63,191 10,640 10,640
COLUMBIA CARE (NOTE) 200,000 0 0
DUE FROM COLUMBIA CARE INC 13,000 0 0
DUE FROM GPS AGRO LLC 6,772 0 0
DUE FROM NAVY CAPITAL GREEN FUND 7,853 0 0
DUE FROM BROKER 3,897 548 548
DUE FROM BEN NICKOLL 176,978 0 0
DUE FROM CHICAGO ATLANTIC FUND OFFSHORE 0 63,888 63,888
DUE FROM CORE SENIOR LENDING OFFSHORE FUND 0 18,369 18,369


TY 2023 OtherExpensesSchedule
Name:
THE KESTREL FOUNDATION
EIN:
13-4007198
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
BANK FEES 1,145 1,145 0 0
ORDINARY LOSS - GPS SECURITY, LLC 80,437 80,437 0 0
ORDINARY LOSS - BIWKC LLC 137 137 0 0
ORDINARY LOSS - BRICKMAN FUND VI LP 899 899 0 0
ORDINARY LOSS - EF TECH PARTNERS, LP 90 90 0 0
ORDINARY LOSS - MEDMEN OPPORTUNITY FUND II, LP 56,566 56,566 0 0
ORDINARY LOSS - GOTHAM GREEN FUND 1 (Q), LP 13,397 13,397 0 0
ORDINARY LOSS - MVP DEALSHARE SERIES ARRISSAFE 2021 5,000 5,000 0 0
ORDINARY LOSS - POLYCHAIN VENTURES II LP 7,095 7,095 0 0
ORDINARY LOSS - 111 WEST CAPITAL FUND I, LP 7,813 7,813 0 0
ORDINARY LOSS - BEEHOUSE AWH, LLC 46 46 0 0
ORDINARY LOSS - MERIDA CAPITAL PARTNERS II, LP 4,977 4,977 0 0
ORDINARY LOSS - PIERCE PLACE LLC 140,236 140,236 0 0
ORDINARY LOSS - TROPHY HUNTER COLORADO LLC 43 43 0 0
ORDINARY LOSS - UPSTATE PENN LLC 3,690 3,690 0 0
ORDINARY LOSS - CORTLAND PARTNERS FUND II, LLC 6,256 6,256 0 0
ORDINARY LOSS - CONTEMPORARY ART PARTNERS II, LP 936 936 0 0
ORDINARY LOSS - GH RIDGE FLATS JV INVESTOR LLC 62 62 0 0
ORDINARY LOSS - HYPUR VENTURES, LP 29,994 29,994 0 0
ORDINARY LOSS - UPSTATE HOUSTON LLC 5,984 5,984 0 0
NONDEDUCTIBLE EXPENSES FROM PASSTHROUGH ENTITIES 404 0 0 0
ORDINARY LOSS - ROSEBROOK 2017 CO-INVEST I LP 13,708 0 0 0


TY 2023 OtherIncomeSchedule2
Name:
THE KESTREL FOUNDATION
EIN:
13-4007198
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
ORDINARY INCOME - BW SOLANA VISTA, LLC 5,444 5,444  
ORDINARY INCOME - CORE SENIOR LENDING OFFSHORE FUND (PB), L.P. 20,880 20,880  
ORDINARY INCOME - UPSTATE KIMBALL LLC 2,097 2,097  
ORDINARY INCOME - SR UPSTATE, LLC 14,603 14,603  
ORDINARY INCOME - MD VII PE ACCESS LP 33,757 33,757  
ORDINARY INCOME - CHICAGO ATLANTIC FUND OFFSHORE, LP 245,196 245,196  
UBT INCOME FROM K-1S REPORTED ON FORM 990-T 20,072 0  
ORDINARY INCOME - G SQUARED OPPORTUNITIES FUND V LLC - SERIES N-2 503 503  
ORDINARY INCOME - MC HOLDCO LLC 147 147  
ORDINARY INCOME - G SQUARED FUND V - SERIES N-3 6,258 6,258  
ORDINARY INCOME - G SQUARED FUND V - SERIES N-1 1,598 1,598  
ORDINARY INCOME - RIBBIT CAPITAL II, LP 7,148 7,148  


TY 2023 OtherIncreasesSchedule
Name:
THE KESTREL FOUNDATION
EIN:
13-4007198
Description Amount
BOOK TO TAX DIFFERENCES 653,944


TY 2023 OtherNotesLoansRcvblShortSch2
Name:
THE KESTREL FOUNDATION
EIN:
13-4007198
Name of 501(c)(3) Organization Balance Due
COLUMBIA CARE INC
  		70,000
BRIAN FENTY
  		300,000
LPF JV LLC
  		347,880
AGRO VISION CORP
  		250,000
OUTCOME MD
  		70,833


TY 2023 TaxesSchedule
Name:
THE KESTREL FOUNDATION
EIN:
13-4007198
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FEDERAL TAXES 12,000 0 0 0