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
R J MCELROY TRUST
 
Number and street (or P.O. box number if mail is not delivered to street address)114 E 4TH STREET STE 300
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
WATERLOO, IA50703
A Employer identification number

42-6173496
B Telephone number (see instructions)

(319) 287-9102
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$50,567,566J 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 309,456 309,456  
4 Dividends and interest from securities... 509,905 509,905  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 Click to see attachment
List of Attached Documents:
// Content
657,244
b Gross sales price for all assets on line 6a 7,861,244
7 Capital gain net income (from Part IV, line 2)... 484,270
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
210,349 153,060  
12 Total. Add lines 1 through 11........ 1,686,954 1,456,691  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 113,071 11,307   101,764
14 Other employee salaries and wages...... 70,390 7,039   63,351
15 Pension plans, employee benefits....... 19,239 1,924   17,315
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
805     805
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
2,059 206   1,853
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
212,002 212,002    
17 Interest............... 10,990 10,990    
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
11,431 10,822    
19 Depreciation (attach schedule) and depletion... Click to see attachment
List of Attached Documents:
// Content
3,369    
20 Occupancy.............. 10,353     10,353
21 Travel, conferences, and meetings....... 1,486     1,355
22 Printing and publications.......... 814     814
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
472,108 444,590   27,068
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 928,117 698,880   224,678
25 Contributions, gifts, grants paid....... 2,568,931 2,568,931
26 Total expenses and disbursements. Add lines 24 and 25 3,497,048 698,880   2,793,609
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -1,810,094
b Net investment income (if negative, enter -0-) 757,811
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2023)
Form 990-PF (2023)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............   1  
2 Savings and temporary cash investments......... 814,939 417,025 417,025
3 Accounts receivable right arrow  
Less: allowance for doubtful accounts right arrow        
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) right arrow  
Less: allowance for doubtful accounts right arrow        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 27,592,271 Click to see attachment
List of Attached Documents:
// Content
26,130,291 		31,044,865
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).......... 13,488,524 Click to see attachment
List of Attached Documents:
// Content
13,541,692 		19,105,676
14 Land, buildings, and equipment: basis right arrow81,030
Less: accumulated depreciation (attach schedule) right arrow79,346 5,053 Click to see attachment
List of Attached Documents:
// Content
1,684 		 
15 Other assets (describe right arrow)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 41,900,787 40,090,693 50,567,566
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
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........... 41,900,787 40,090,693
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........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds    
29 Total net assets or fund balances (see instructions)..... 41,900,787 40,090,693
30 Total liabilities and net assets/fund balances (see instructions). 41,900,787 40,090,693
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
41,900,787
2
Enter amount from Part I, line 27a .....................
2
-1,810,094
3
Other increases not included in line 2 (itemize) right arrow
3
 
4
Add lines 1, 2, and 3 ..........................
4
40,090,693
5
Decreases not included in line 2 (itemize) right arrow
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
40,090,693
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 MORGAN STANLEY 6751 P   2023-12-31
b CB&T 19W050 P   2023-12-14
c MORGAN STANLEY 6751 P   2023-12-31
d CB&T 23W050 P   2023-12-31
e MORGAN STANLEY 7434 P   2023-12-31
CB&T 24W050 P   2023-12-31
MORGAN STANLEY 7434 P   2023-12-31
CB&T 24W050 P   2023-12-31
MORGAN STANLEY 6084 P   2023-12-31
CB&T 26W050 P   2023-02-27
MORGAN STANLEY 2246 P   2023-12-31
CB&T 27W050 P   2023-02-27
MORGAN STANLEY 2246 P   2023-12-31
CB&T 27W050 P   2023-02-27
MORGAN STANLEY 6750 P   2023-12-31
MORGAN STANLEY 6750 P   2023-12-31
MORGAN STANLEY 6750 P   2023-12-31
MORGAN STANLEY 6750 P   2023-12-31
MORGAN STANLEY 6750 P   2023-12-31
CB&T 10W050 P   2023-02-24
CB&T 10W050 P   2023-02-24
CB&T 12W050 P   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 2,573   2,977 -404
b 57,872   60,112 -2,240
c 82,250   132,350 -50,100
d 267,000   291,148 -24,148
e 386,302   332,446 53,856
69,958   72,989 -3,031
601,168   498,357 102,811
1,031,161   1,137,061 -105,900
670,458   495,785 174,673
401,215   269,613 131,602
38,669   36,051 2,618
1,646   1,692 -46
315,219   265,160 50,059
343,447   253,314 90,133
1,173,162   1,195,585 -22,423
307,607   288,418 19,189
239,554   294,493 -54,939
42,141   39,279 2,862
696     696
31,335   31,797 -462
233,665   276,508 -42,843
1,262,736   1,100,429 162,307
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       -404
b       -2,240
c       -50,100
d       -24,148
e       53,856
      -3,031
      102,811
      -105,900
      174,673
      131,602
      2,618
      -46
      50,059
      90,133
      -22,423
      19,189
      -54,939
      2,862
      696
      -462
      -42,843
      162,307
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 2 484,270
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 49,297
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 10,534
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  
3 Add lines 1 and 2........................... 3 10,534
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 10,534
6 Credits/Payments:
a 2023 estimated tax payments and 2022 overpayment credited to 2023 6a  
b Exempt foreign organizations—tax withheld at source...... 6b  
c Tax paid with application for extension of time to file (Form 8868)... 6c 60,000
d Backup withholding erroneously withheld .......... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 60,000
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
8 616
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 48,850
11 Enter the amount of line 10 to be: Credited to 2024 estimated taxright arrow48,850 Refundedright arrow 11  
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$   (2) On foundation managers.right arrow$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$  
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 arrow
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 arrowMEGAN MCKENZIE Telephone no.right arrow (319) 287-9102

Located atright arrow425 CEDAR ST STE 312WATERLOOIA ZIP+4right arrow50701
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2023, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country right arrow
Form 990-PF (2023)
Form 990-PF (2023)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
 
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
 
 
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
RALEIGH BUCKMASTER TRUSTEE
0.10 		6,000 0 0
114 E 4TH ST STE 300
WATERLOO,IA50703
JAMES WATERBURY TRUSTEE
0.10 		6,000 0 0
114 E 4TH ST STE 300
WATERLOO,IA50703
KATHY FLYNN TRUSTEE
0.10 		6,000 0 0
114 E 4TH ST STE 300
WATERLOO,IA50703
ROBERT SMITH JR TRUSTEE
0.10 		6,000 0 0
114 E 4TH ST STE 300
WATERLOO,IA50703
MICHAEL YOUNG TRUSTEE
0.10 		6,000 0 0
114 E 4TH ST STE 300
WATERLOO,IA50703
SALLY HOLLIS TRUSTEE
0.10 		6,000 0 0
114 E 4TH ST STE 300
WATERLOO,IA50703
MEGAN MCKENZIE EXECUTIVE DI
40.00 		77,071 0 0
114 E 4TH ST STE 300
WATERLOO,IA50703
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  
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 arrow  
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1  
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1 N/A  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................right arrow  
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
29,755,819
b
Average of monthly cash balances.......................
1b
615,982
c
Fair market value of all other assets (see instructions)................
1c
19,105,676
d
Total (add lines 1a, b, and c).........................
1d
49,477,477
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
 
2
Acquisition indebtedness applicable to line 1 assets..................
2
 
3
Subtract line 2 from line 1d.........................
3
49,477,477
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
742,162
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
48,735,315
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
2,436,766
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
2,436,766
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
10,534
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
10,534
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
2,426,232
4
Recoveries of amounts treated as qualifying distributions................
4
 
5
Add lines 3 and 4............................
5
2,426,232
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
2,426,232
Part XI
Qualifying Distributions (see instructions)
1
Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
a
Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
1a
2,793,609
b
Program-related investments—total from Part VIII-B..................
1b
 
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
 
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
 
b
Cash distribution test (attach the required schedule) .................
3b
 
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
2,793,609
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 2,426,232
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only....... 49,824
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$ 2,793,609
a Applied to 2022, but not more than line 2a 49,824
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..... 2,426,232
e Remaining amount distributed out of corpus 317,553
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 5 317,553
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 .......... 		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) ....... 		 
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 ...... 		317,553
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.... 317,553
Form 990-PF (2023)
Form 990-PF (2023)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2023, enter the date of the ruling ...... right arrow
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2023 (b) 2022 (c) 2021 (d) 2020
         
b 85% (0.85) of line 2a .........          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, b, or c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here right arrow
aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
MEGAN MCKENZIE
425 CEDAR ST
SUITE 312
WATERLOO,IA50701
(319) 287-9102
bThe form in which applications should be submitted and information and materials they should include:
GRANT APPLICATIONS ARE FILLED OUT ONLINE THROUGH THEIR WEBSITE AT WWW.MCELROYTRUST.ORG. APPLICATIONS MUST INCLUDE THE PROJECT NAME, PROJECT SUMMARY, START/END DATE, HOW THE GRANT ALIGNS WITH MCELROY'S STRATEGIC MISSION, TYPE OF FUNDING NEEDED, TOTAL COST OF PROJECT, AND HOW MUCH FUNDING IS REQUESTED.
cAny submission deadlines:
THE TRUST CONSIDERS GRANT PROPOSALS THROUGHOUT THE YEAR.
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
EDUCATION PROJECTS - YOUTH IN NORTHEAST IOWA
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

BEST BUDDIES IN IOWA

7518 HICKMAN RD
WINDSOR HEIGHTS,IA50324 		NONE   PROGRAM SUPPORT 10,000

BOYS & GIRLS CLUB CEDAR VALLEY

515 LIME ST
WATERLOO,IA50703 		NONE   OPERATING SUPPORT 100,000

BUTLER COUNTY CONSERVATION

27887 195TH ST
CLARKSVILLE,IA50619 		NONE   PROGRAM SUPPORT 10,000

CEDAR FALLS COMMUNITY FOUNDATION

515 MAIN ST STE F
CEDAR FALLS,IA50613 		NONE   PROGRAM SUPPORT 10,000

CEDAR FALLS EDUCATIONAL SUPPORT CTR

5330 NORDIC DR
CEDAR FALLS,IA50613 		NONE   PROGRAM SUPPORT 400

CEDAR FALLS HIGH SCHOOL

2701 W 27TH ST
CEDAR FALLS,IA50613 		NONE   PROGRAM SUPPORT 750

CEDAR HEIGHTS ELEMENTARY

2417 RAINBOW DR
CEDAR FALLS,IA50613 		NONE   PROGRAM SUPPORT 400

CEDAR HEIGHTS PARENTS TEACHERS

2417 RAINBOW DR
CEDAR FALLS,IA50613 		NONE   PROGRAM SUPPORT 12,500

CEDAR VALLEY ANGELS

304 SOUTH ST
WATERLOO,IA50701 		NONE   PROGRAM SUPPORT 15,000

CEDAR VALLEY BICYCLE COLLECTIVE

219 W 4TH ST
WATERLOO,IA50701 		NONE   PROGRAM SUPPORT 5,000

CEDAR VALLEY CATHOLIC SCHOOLS

3231 W 9TH ST
WATERLOO,IA50702 		NONE   PROGRAM SUPPORT 1,000

CEDAR VALLEY PRESCHOOL & CHILDCARE

724 LANTZ AVE
CEDAR FALLS,IA50613 		NONE   OPERATING SUPPORT 60,500

CENTRAL RIVERS AEA FOUNDATION

1521 TECHNOLOGY PKWY
CEDAR FALLS,IA50613 		NONE   TEACHING GRANTS 13,000

CHRISTIAN COMMUNITY DEVELOPMENT

306 WALNUT ST
WATERLOO,IA50703 		NONE   PROGRAM SUPPORT 40,000

CITY OF ELKADER

207 N MAIN ST
ELKADER,IA52043 		NONE   OPERATING SUPPORT 5,000

COLLEGE HILL PARTNERSHIP

2304 COLLEGE ST
CEDAR FALLS,IA50613 		NONE   PROGRAM SUPPORT 30,000

COMM IN SCHOOLS OF MID-AMERICA

1919 DELAWARE ST
LAWRENCE,KS66046 		NONE   PROGRAM SUPPORT 15,000

DAN GABLE MUSEUM

303 JEFFERSON ST
WATERLOO,IA50701 		NONE   PROGRAM SUPPORT 400

EMBRACING EXPLORATIONS

131 TOWER PARK DR 312
WATERLOO,IA50701 		NONE   PROGRAM SUPPORT 30,000

EXPERIENCE WATERLOO

716 COMMERCIAL ST
WATERLOO,IA50701 		NONE   PROGRAM SUPPORT 2,500

FAMILY & CHILDREN'S COUNCIL

208 E 4TH ST
WATERLOO,IA50703 		NONE   PROGRAM SUPPORT 15,000

FIRST IN IOWA

PO BOX 845446
BOSTON,MA022845446 		NONE   PROGRAM SUPPORT 25,000

FOUR OAKS FAMILY & CHILDREN'S SVCS

2277 IOWA AVE
INDEPENDENCE,IA50644 		NONE   PROGRAM SUPPORT 4,171

FRIENDS OF MERCYONE WATERLOO

3421 W 9TH ST
WATERLOO,IA50702 		NONE   SCHOLARSHIPS 7,000

GIRL SCOUTS OF EASTERN IA

510 MULBERRY ST
WATERLOO,IA50703 		NONE   PROGRAM SUPPORT 20,000

GROUT MUSEUM DISTRICT

503 SOUTH ST
WATERLOO,IA50701 		NONE   PROGRAM SUPPORT 30,000

GRUNDY CENTER ELEMENTARY

903 9TH ST
GRUNDY CENTER,IA50638 		NONE   PROGRAM SUPPORT 1,400

HANSEN ELEMENTARY

616 HOLMES DR
CEDAR FALLS,IA50613 		NONE   PROGRAM SUPPORT 100

HAWKEYE COMM COLLEGE

1501 E ORANGE RD
WATERLOO,IA50701 		NONE   PROGRAM SUPPORT 500

HAWKEYE COMM COLLEGE FOUNDATION

1501 E ORANGE RD
WATERLOO,IA50701 		NONE   SCHOLARSHIPS/PROGRAM SUPPORT 60,000

HOLMES JUNIOR HIGH

505 HOLMES DR
CEDAR FALLS,IA50613 		NONE   PROGRAM SUPPORT 500

IJAG

1111 9TH ST
DES MOINES,IA50314 		NONE   PROGRAM SUPPORT 15,000

INDEPENDENCE FOOD PANTRY

1413 1ST ST W
INDEPENDENCE,IA50644 		NONE   OPERATING SUPPORT 7,500

IOWA DENTAL FOUNDATION

666 GRAND AVE 901
DES MOINES,IA50309 		NONE   PROGRAM SUPPORT 15,000

IOWA NATURAL HERITAGE FOUNDATION

505 5TH AVE 444
DES MOINES,IA50309 		NONE   PROGRAM SUPPORT 50,000

JANESVILLE PUBLIC LIBRARY

227 MAIN ST 7734
JANESVILLE,IA50647 		NONE   PROGRAM SUPPORT 10,000

JOB FOUNDATION

4600 UNIVERSITY AVE STE 1
CEDAR FALLS,IA50613 		NONE   PROGRAM SUPPORT 12,500

JUNIOR ACHIEVEMENT OF EASTERN IA

324 3RD ST SE 200
CEDAR RAPIDS,IA52401 		NONE   PROGRAM SUPPORT 25,000

KEYSTONE AREA EDUCATION AGENCY

1400 N 2ND ST NW
ELKADER,IA52043 		NONE   PROGRAM SUPPORT 31,000

LAURA INGALLS WILDER PARK & MUSEUM

3603 236TH AVE
DECORAH,IA52101 		NONE   PROGRAM SUPPORT 5,000

LAWLER PUBLIC LIBRARY

412 E GROVE ST
LAWLER,IA52154 		NONE   LIBRARY EXPANSION 10,000

LEADER VALLEY

360 WESTFIELD AVE 300A
WATERLOO,IA50701 		NONE   PROGRAM SUPPORT 50,000

LINCOLN ELEMENTARY

321 W 8TH ST
CEDAR FALLS,IA50613 		NONE   PROGRAM SUPPORT 500

LOVE INC

2603 RAINBOW DR
CEDAR FALLS,IA50613 		NONE   PROGRAM SUPPORT 7,500

MAQUOKETA VALLEY ALLIANCE

PO BOX 4
DELHI,IA52223 		NONE   PROGRAM SUPPORT 7,500

MCGREGOR-MARQUETTE CENTER FOR ARTS

158 MAIN ST
MCGREGOR,IA52157 		NONE   PROGRAM SUPPORT 2,000

NASHUA PLAINFIELD SCHOOL DISTRICT

612 GREELEY ST
NASHUA,IA50658 		NONE   PROGRAM SUPPORT 7,500

NATIONAL INVENTORS HALL OF FAME

600 DULANY ST
ALEXANDRIA,VA22314 		NONE   PROGRAM SUPPORT 10,000

NEW HAMPTON PARKS & RECREATION

112 E SPRING ST
NEW HAMPTON,IA50659 		NONE   PROGRAM SUPPORT 25,000

ORCHARD HILL ELEMENTARY

3909 ROWND ST
CEDAR FALLS,IA50613 		NONE   PROGRAM SUPPORT 450

OPERATION THRESHOLD

1535 LAFAYETTE
WATERLOO,IA50704 		NONE   OPERATING SUPPORT 22,500

PEET JUNIOR HIGH

525 E SEERLEY
CEDAR FALLS,IA50613 		NONE   PROGRAM SUPPORT 1,700

PEOPLE'S COMMUNITY HEALTH CLINIC

905 FRANKLIN ST
WATERLOO,IA50703 		NONE   PROGRAM SUPPORT 15,000

PHELPS YOUTH PAVILION

225 COMMERCIAL ST
WATERLOO,IA50701 		NONE   PROGRAM SUPPORT 6,000

PLANTIFUL PANTRY

100 1ST ST E
MT VERNON,IA52314 		NONE   PROGRAM SUPPORT 10,000

POSTVILLE POOL PARK & REC BOARD

124 N LAWLER ST
POSTVILLE,IA52162 		NONE   OPERATING SUPPORT 7,400

RIVER HILLS SCHOOL

2700 GRAND BLVD
CEDAR FALLS,IA50613 		NONE   PROGRAM SUPPORT 30,000

ROYAL LEGACY CHRISTIAN ACADEMY

620 W 5TH ST
WATERLOO,IA50702 		NONE   PROGRAM SUPPORT 15,000

SALVATION ARMY OF WATERLOO

89 FRANKLIN ST
WATERLOO,IA50703 		NONE   PROGRAM SUPPORT 15,000

SEVA HEALTH CENTER FOR WELL BEING

400 S PAGE ST
MONONA,IA52159 		NONE   PROGRAM SUPPORT 3,250

SOUTHDALE ELEMENTARY

627 ORCHARD DR
CEDAR FALLS,IA50613 		NONE   PROGRAM SUPPORT 500

ST TIMOTHY CHILDCARE & PRESCHOOL

1 THELMA ST
HUDSON,IA50643 		NONE   PROGRAM SUPPORT 5,000

SUCCESSLINK

3136 BROCKWAY RD STE B
WATERLOO,IA50701 		NONE   PROGRAM SUPPORT 190,000

SUMNER DAYCARE & LEARNING CENTER

411 W 5TH ST
SUMNER,IA50674 		NONE   OPERATING SUPPORT 40,000

SUNFLOWER CHILD DEVELOPMENT CENTER

902 COMMERCE DR
DECORAH,IA52101 		NONE   PROGRAM/OPERATING SUPPORT 200,000

TRY PIE BAKERY

522 MULBERRY ST
WATERLOO,IA50703 		NONE   OPERATING SUPPORT 30,000

UNI FOUNDATION

204 COMMONS
CEDAR FALLS,IA50614 		NONE   PROGRAM SUPPORT 280,000

VISION TO LEARN

12100 WILSHIRE BLVD 1275
LOS ANGELES,CA90025 		NONE   MEDICAL SUPPORT 15,000

VOLUNTEER CENTER OF CEDAR VALLEY

360 WESTFIELD AVE
WATERLOO,IA50701 		NONE   PROGRAM SUPPORT 20,850

WAPSIE VALLEY SCHOOL DISTRICT

2535 VIKING AVE
FAIRBANK,IA50629 		NONE   PROGRAM SUPPORT 15,000

WARTBURG COMM SYMPHONY ASSOCIATION

PO BOX 3
WAVERLY,IA50677 		NONE   PROGRAM SUPPORT 2,200

WATERLOO COMMUNITY FOUNDATION

114 E 4TH ST 300
WATERLOO,IA50703 		NONE   OPERATING SUPPORT 60,000

WATERLOO COMMUNITY PLAYHOUSE

224/225 COMMERCIAL ST
WATERLOO,IA50701 		NONE   PROGRAM SUPPORT 20,600

WATERLOO COMMUNITY SCHOOLS

1516 WASHINGTON ST
WATERLOO,IA50702 		NONE   PROGRAM SUPPORT 19,950

WATERLOO LEISURE SERVICES

1101 CAMPBELL AVE
WATERLOO,IA50701 		NONE   PROGRAM/OPERATING SUPPORT 213,500

WATERLOO PUBLIC LIBRARY

415 COMMERCIAL ST
WATERLOO,IA50701 		NONE   PROGRAM SUPPORT 91,100

WATERLOO YOUTH CITY COUNCIL

225 COMMERCIAL ST
WATERLOO,IA50701 		NONE   PROGRAM SUPPORT 20,000

WAVERLY CHILDCARE & PRESCHOOL

1600 W BREMER AVE
WAVERLY,IA50677 		NONE   BUILDING EXPANSION 100,000

WAVERLY PUBLIC LIBRARY

1500 W BREMER AVE
WAVERLY,IA50677 		NONE   PROGRAM SUPPORT 50,000

WCF SYMPHONY

8201 DAKOTA ST
CEDAR FALLS,IA50613 		NONE   EDUCATIONAL SUPPORT 25,000

WINNEBAGO COUNCIL BOY SCOUTS

2929 AIRPORT BLVD
WATERLOO,IA50703 		NONE   PROGRAM SUPPORT 10,000

YOUTH ART TEAM

325 E PARK AVE 101
WATERLOO,IA50703 		NONE   PROGRAM SUPPORT 70,000

YWCA

425 LAFAYETTE ST
WATERLOO,IA50703 		NONE   PROGRAM SUPPORT 50,200
ANDREW BUCHHEIM


100 WARTBURG BLVD
WAVERLY,IA50677 		NONE   FELLOWSHIP STIPEND 5,000
AUDREY MILLER


1450 ALTA VISTA ST
DUBUQUE,IA52001 		NONE   FELLOWSHIP STIPEND 6,000
DANIELLE JOHNSEN


2000 UNIVERSITY AVE
DUBUQUE,IA52001 		NONE   FELLOWSHIP STIPEND 13,000
EMMA PELLEGRINO


1227 W 27TH ST
CEDAR FALLS,IA50613 		NONE   FELLOWSHIP STIPEND 2,000
ERYN PERRY


100 WARTBURG BLVD
WAVERLY,IA50677 		NONE   FELLOWSHIP STIPEND 12,000
GWYNETH PAULE


600 1ST ST W
MT VERNON,IA52314 		NONE   FELLOWSHIP STIPEND 5,000
JOSEPH TIBBS


1227 W 27TH ST
CEDAR FALLS,IA50613 		NONE   FELLOWSHIP STIPEND 7,000
NATHAN ROETHLER


1450 ALTA VISTA ST
DUBUQUE,IA52001 		NONE   FELLOWSHIP STIPEND 2,000
RACHEL CRAWFORD


1550 CLARKE DRIVE
DUBUQUE,IA52001 		NONE   FELLOWSHIP STIPEND 12,000
ROCIO AMARO MARQUEZ


100 WARTBURG BLVD
WAVERLY,IA50677 		NONE   FELLOWSHIP STIPEND 12,000

CEDAR FALLS HIGH SCHOOL

2701 W 27TH ST
CEDAR FALLS,IA50613 		NONE   GOLD STAR AWARD 1,000

CEDAR HEIGHTS ELEMENTARY SCHOOL

2417 RAINBOW RD
CEDAR FALLS,IA50613 		NONE   GOLD STAR AWARD 1,000

CENTRAL MIDDLE SCHOOL

1350 KATOSKI DR
WATERLOO,IA50701 		NONE   GOLD STAR AWARD 1,000

COLUMBUS HIGH SCHOOL

3231 W 9TH ST
WATERLOO,IA50702 		NONE   GOLD STAR AWARD 1,000

DUNKERTON HIGH SCHOOL

509 S CANFIELD ST
DUNKERTON,IA50626 		NONE   GOLD STAR AWARD 1,000

IRVING ELEMENTARY SCHOOL

1115 W 5TH ST
WATERLOO,IA50702 		NONE   GOLD STAR AWARD 1,000

PEET JUNIOR HIGH SCHOOL

525 E SEERLEY BLVD
CEDAR FALLS,IA50613 		NONE   GOLD STAR AWARD 1,000

HOOVER MIDDLE SCHOOL

630 HILLCREST RD
WATERLOO,IA50701 		NONE   GOLD STAR AWARD 1,000

HUDSON HIGH SCHOOL

245 S WASHINGTON
HUDSON,IA50643 		NONE   GOLD STAR AWARD 1,000

NONPROFIT LEADERSHIP ALLIANCE

1801 MAIN ST STE 200
KANSAS CITY,MO64108 		NONE   GOLD STAR HONORARIUM 650

ORANGE ELEMENTARY SCHOOL

5805 KIMBALL AVE
WATERLOO,IA50701 		NONE   GOLD STAR AWARD 1,000

WATERLOO CENTER FOR THE ARTS

225 COMMERCIAL ST
WATERLOO,IA50701 		NONE   GOLD STAR AWARD 260
ANDREW SCRUGGS


1304 OREGON ST
WATERLOO,IA50702 		NONE   GOLD STAR AWARD 400
ANNE SCHRECK


1115 W 5TH ST
WATERLOO,IA50702 		NONE   GOLD STAR AWARD 1,000
ADAM BOLTS


509 S CANFIELD ST
DUNKERTON,IA50626 		NONE   GOLD STAR AWARD 1,000
BRENNA GRIFFIN


2701 W 27TH ST
CEDAR FALLS,IA50613 		NONE   GOLD STAR AWARD 1,000
CHRISTINA CORTEZ


245 S WASHINGTON
HUDSON,IA50643 		NONE   GOLD STAR AWARD 1,000
DALE ORTHMANN


3231 W 9TH ST
WATERLOO,IA50702 		NONE   GOLD STAR AWARD 1,000
DENISE LAWRENCE


209 8TH AVE SW
TRIPOLI,IA50676 		NONE   GOLD STAR AWARD 300
JOELLEN PRUIS


630 HILLCREST RD
WATERLOO,IA50701 		NONE   GOLD STAR AWARD 1,000
KENDELL ROCHFORD


1350 KATOSKI DR
WATERLOO,IA50701 		NONE   GOLD STAR AWARD 1,000
MEGHAN BRUNS


2417 RAINBOW RD
CEDAR FALLS,IA50613 		NONE   GOLD STAR AWARD 1,000
RA'SHUNA GREER


5805 KIMBALL AVE
WATERLOO,IA50701 		NONE   GOLD STAR AWARD 1,000
SHANTEL KAHRS


525 E SEERLEY BLVD
CEDAR FALLS,IA50613 		NONE   GOLD STAR AWARD 1,000
Total .................................right arrow 3a 2,568,931
bApproved for future payment
Total ................................. right arrow 3b  
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 ........... 		    14 309,456  
4 Dividends and interest from securities ....     14 509,905  
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 ............ 		    18 657,244  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aPASSIVE INCOME K-1 		    14 15,688  
bINVESTMENT ALLOCATED ORDINA     14 7,725  
cBLACKSTONE ENERGY     14 2,820  
dGOLDMAN SACHS     14 8,809  
eGOLDMAN SACHS IX     14 -12,892  
fTHIRD POINT OFFSHORE     14 150,000  
gBLUE OWL RE V     14 -3,294  
hBLUE OWL RE VI     14 -108  
iOTHER INCOME     1 382  
jBAYVIEW III 900099 46,695      
kBAYVIEW IV 900099 -7,954      
lPRIVATE EQUITY CORE FUND 900099 813      
mPENN SQUARE GLOBAL 900099 74      
nTOWN SQUARE REAL ESTATE ALP 900099 1,591      
12 Subtotal. Add columns (b), (d), and (e) .. 41,219 1,645,735  
13Total. Add line 12, columns (b), (d), and (e)..................
13
1,686,954
(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:
R J MCELROY TRUST
EIN:
42-6173496
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INDIRECT ACCOUNTING FEES 2,059 206   1,853

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TY 2023 DepreciationSchedule
Name:
R J MCELROY TRUST
EIN:
42-6173496
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
FILES 1983-12-31 832 832 S/L 5.0000        
WORD PROCESSOR 1984-04-30 4,066 4,066 S/L 5.0000        
FILE CABINET 2019-01-31 650 650 S/L 7.0000        
CARPET 1989-12-31 2,043 2,043 S/L 7.0000        
COMPUTER 1992-08-31 6,926 6,926 S/L 5.0000        
FURNITURE 1993-06-30 854 854 S/L 7.0000        
FAX AND TYPEWRITER 1993-06-30 1,697 1,697 S/L 5.0000        
REDECORATING 1993-09-30 4,816 4,816 S/L 7.0000        
CARPET 1993-09-30 1,389 1,389 S/L 7.0000        
DOORS 1993-09-30 839 839 S/L 7.0000        
CHAIRS - 4 1993-10-31 1,901 1,901 S/L 7.0000        
DESK 1994-01-31 292 292 S/L 7.0000        
COMPUTER 1997-11-20 8,819 8,819 S/L 5.0000        
COPIER 1998-11-17 5,775 5,775 S/L 5.0000        
TELEPHONE SYSTEM 1999-10-28 5,738 5,738 S/L 5.0000        
OFFICE FURNITURE 2004-09-15 4,166 4,166 S/L 7.0000        
LAPTOP COMPUTER 2006-03-14 953 953 S/L 5.0000        
PHONE 2006-11-29 488 488 S/L 5.0000        
CHAIR 2006-11-29 449 449 S/L 7.0000        
BOOKCASE CABINET 2007-08-09 2,116 2,116 S/L 7.0000        
COMPUTER 2013-12-11 1,271 1,271 200DB 5.0000        
OFFICE FURNITURE 2018-07-30 4,085 4,085 200DB 7.0000        
GRANTS MANAGEMENT SOFTWARE 2019-07-12 10,165 10,165 200DB 3.0000        
SOFTWARE 2021-06-28 10,700 5,647 200DB 3.0000 3,369      

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TY 2023 GainLossSaleOtherAssetsSch
Name:
R J MCELROY TRUST
EIN:
42-6173496
Name Date Acquired How Acquired Date Sold Purchaser Name Gross Sales Price Basis Basis Method Sales Expenses Total (net) Accumulated Depreciation
WASH SALES   PURCHASE 2023-12   15,733       15,733  
MARKET DISCOUNTS   PURCHASE 2023-12     26     -26  
MARKET DISCOUNTS   PURCHASE 2023-12     21,020     -21,020  
BAYVIEW CAPITAL PARTNERS III   PURCHASE 2023-12   33,174       33,174  
BTO OFFSHORE FEEDER FUND   PURCHASE 2023-12   42,325       42,325  
COHESIVE CAPITAL PARTNERS III   PURCHASE 2023-12   40,925 5,411     35,514  
GOLDMAN SACHS V   PURCHASE 2023-12   21,582 15,649     5,933  
GOLDMAN SACHS VI   PURCHASE 2023-12     41,931     -41,931  
GOLDMAN SACHS VIII   PURCHASE 2023-12   18,400       18,400  
HAMILTON LANE   PURCHASE 2023-12   80,171       80,171  
PRIVATE EQUITY CORE FUND   PURCHASE 2023-12     179     -179  
PRIVATE EQUITY CORE FUND   PURCHASE 2023-12   28,663       28,663  
BLUE OWL REAL ESTATE V   PURCHASE 2023-12   20,429       20,429  
PENN SQUARE GLOBAL REAL ESTATE   PURCHASE 2023-12     194     -194  
TOWNSQUARE REAL ESTATE ALPHA   PURCHASE 2023-12   8       8  
TOWNSQUARE REAL ESTATE ALPHA   PURCHASE 2023-12     44,026     -44,026  

TY 2023 InvestmentsCorpStockSchedule
Name:
R J MCELROY TRUST
EIN:
42-6173496
Name of Stock End of Year Book Value End of Year Fair Market Value
DOUBLE TOTAL RETURN 1,157,420 979,907
KOPERNIK   1,286,919
VANGUARD INT'L EQUITY 3,355,707 3,952,593
VOO 3,340,700 4,599,067
EDGEWOOD LARGE CAP 1,309,522 2,296,807
ISHARES BC TIP ETF    
OAKMARK LARGE CAP VALUE 2,120,536 2,353,422
LAZARD SMA 1,624,847 2,103,560
ISHARES CORE S&P SMALL-CAP ETF 488,123 768,250
ISHARES CORE S&P MID-CAP ETF 800,761 1,298,448
ARISTOTLE 1,672,187 2,144,797
PIMCO COMMODITY REAL RETURN 2,486,553 1,929,807
GARCIA HAMILTON 4,932,319 4,825,148
MARTIN CURRIE EM 1,767,331 1,426,070
SCHWAB US TIPS ETF 1,074,285 1,080,070

TY 2023 InvestmentsOtherSchedule2
Name:
R J MCELROY TRUST
EIN:
42-6173496
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
BAYVIEW CAPITAL PARTNERS II AT COST 100,000  
BAYVIEW CAPITAL PARTNERS III AT COST 389,231 527,709
BAYVIEW CAPITAL PARTNERS IV AT COST 372,455 405,222
BLACKSTONE ENERGY II AT COST 307,974 374,712
BTO OFFSHORE FEEDER FUND AT COST 697,442 888,371
CASCADE FUND LTD AT COST 2,810,000 2,366,549
COHESIVE CAPITAL PARTNERS III AT COST 432,447 555,474
GOLDMAN SACHS VINTAGE FD V OFFSHORE AT COST 74,626 5,990
GOLDMAN SACHS VINTAGE FD VI OFFSHORE AT COST 382,043 394,252
GOLDMAN SACHS VINTAGE FD VIII OFFSHO AT COST 903,192 936,894
GOLDMAN SACHS VINTAGE FD IX OFFSHORE AT COST 50,962 58,800
HAMILTON LANE AT COST 1,392,953 2,181,604
HCP MILLENNIUM AT COST 1,192,157 2,346,243
MAKENA PERPETUAL VC FUND AT COST 3,155,956 3,792,642
PRIVATE EQUITY CORE FUND III AT COST 113,845 148,750
OAK STREET REC V AT COST 537,719 622,263
OAK STREET REC VI AT COST 60,740 55,263
PENN SQUARE GLOBAL REAL ESTATE FUND AT COST 186,431 111,409
POINTER OFFSHORE ACCOUNT AT COST 100,000 2,174,586
THIRD POINT LLC AT COST   1,001,906
TOWN SQUARE REAL ESTATE ALPHA FUND AT COST 281,519 157,037

TY 2023 LandEtcSchedule2
Name:
R J MCELROY TRUST
EIN:
42-6173496
Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
  81,030 79,346 1,684  


TY 2023 LegalFeesSchedule
Name:
R J MCELROY TRUST
EIN:
42-6173496
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INDIRECT LEGAL FEES 805     805


TY 2023 OtherExpensesSchedule
Name:
R J MCELROY TRUST
EIN:
42-6173496
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
EXPENSES        
ALLOCATED INVESTMENT OPERATIN 429,538 429,538    
INSURANCE 2,241 560   1,681
DUES 2,245     2,245
OFFICE EXPENSE 2,022     2,022
MISCELLANEOUS 1,653     1,653
POSTAGE 92     92
UTILITIES 5,656     5,656
INVESTMENT EXPENSE 14,492 14,492    
MEETING EXPENSE 2,613     2,163
TECHNOLOGY EXPENSE 11,556     11,556


TY 2023 OtherIncomeSchedule2
Name:
R J MCELROY TRUST
EIN:
42-6173496
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
PASSIVE INCOME K-1 15,688    
INVESTMENT ALLOCATED ORDINARY 7,725 7,725  
BLACKSTONE ENERGY 2,820 2,820  
GOLDMAN SACHS 8,809 8,809  
GOLDMAN SACHS IX -12,892 -12,892  
THIRD POINT OFFSHORE 150,000 150,000  
BLUE OWL RE V -3,294 -3,294  
BLUE OWL RE VI -108 -108  
OTHER INCOME 382    
BAYVIEW III 46,695    
BAYVIEW IV -7,954    
PRIVATE EQUITY CORE FUND 813    
PENN SQUARE GLOBAL 74    
TOWN SQUARE REAL ESTATE ALPHA 1,591    


TY 2023 OtherProfessionalFeesSchedule
Name:
R J MCELROY TRUST
EIN:
42-6173496
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INDIRECT OTHER PROFESSIONAL FEES 212,002 212,002    


TY 2023 TaxesSchedule
Name:
R J MCELROY TRUST
EIN:
42-6173496
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
TAXES - EXCISE 609      
TAXES - FOREIGN 10,822 10,822