TY 2023 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

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

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

Go to www.irs.gov/Form990PF for instructions and the latest information.

OMB No. 1545-0047

2023

Open to Public Inspection

For calendar year 2023, or tax year beginning 01-01-2023 , and ending 12-31-2023

Name of foundation
Cummings Foundation Inc

% JOSEPH MONTANO

Number and street (or P.O. box number if mail is not delivered to street address)200 West Cummings Park
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
Woburn, MA01801

A Employer identification number

04-3073023

B Telephone number (see instructions)

(781) 935-8000

C If exemption application is pending, check here right arrow

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

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

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

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

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

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

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

$2,929,099,206J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

	Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).)	(a) Revenue and expenses per books		(b) Net investment income	(c) Adjusted net income	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)	4,451,664
2	Check .............
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	23,556,104		23,556,104	23,556,104
5a	Gross rents............	105,755		105,755	105,755
b	Net rental income or (loss) 82,808
6a	Net gain or (loss) from sale of assets not on line 10		29,651,855
b	Gross sales price for all assets on line 6a 103,549,508
7	Capital gain net income (from Part IV, line 2)...			26,287,730
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).......	List of Attached Documents: // Content	239,726,178	104,837,054	239,726,178
12	Total. Add lines 1 through 11........	297,491,556		154,786,643	263,388,037
13	Compensation of officers, directors, trustees, etc.	719,703				719,703
14	Other employee salaries and wages......	66,400,703				66,439,744
15	Pension plans, employee benefits.......	1,819,378				1,709,433
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	107,575	0	0	24,755
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	11,434			11,434
17	Interest...............	28,382		28,382	28,382
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	3,656,897	394,264	2,944,264
19	Depreciation (attach schedule) and depletion...	List of Attached Documents: // Content	514,517		514,517
20	Occupancy..............	4,364,891				4,427,103
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	94,104,138	34,630,372	34,636,930	59,314,692
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	171,727,618		35,053,018	38,124,093	132,646,864
25	Contributions, gifts, grants paid.......	18,366,000				16,000
26	Total expenses and disbursements. Add lines 24 and 25	190,093,618		35,053,018	38,124,093	132,662,864
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	107,397,938
b	Net investment income (if negative, enter -0-)			119,733,625
c	Adjusted net income (if negative, enter -0-)...				225,263,944

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2023)

Form 990-PF (2023)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............	2,606,319	818,290	818,290
	2	Savings and temporary cash investments.........	15,103,044	29,334,378	29,334,378
	3	Accounts receivable 10,484,400
		Less: allowance for doubtful accounts	8,215,439	10,484,400	10,484,400
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............	32,828	32,672	32,672
	9	Prepaid expenses and deferred charges..........	387,817	407,365	407,365
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	461,696,851	List of Attached Documents: // Content 476,640,783	860,975,417
	c	Investments—corporate bonds (attach schedule).......
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	1,476,338,494	List of Attached Documents: // Content 1,555,236,304	2,021,014,598
	14	Land, buildings, and equipment: basis 16,718,819
		Less: accumulated depreciation (attach schedule) 10,686,732	6,086,011	6,032,087	6,032,086
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	1,970,466,803	2,078,986,279	2,929,099,206
	17	Accounts payable and accrued expenses..........	1,968,753	1,937,205
	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 )	List of Attached Documents: // Content 35,642,774	List of Attached Documents: // Content 33,535,850
	23	Total liabilities (add lines 17 through 22).........	37,611,527	35,473,055
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........	1,932,855,276	2,043,513,224
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........
	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).....	1,932,855,276	2,043,513,224
	30	Total liabilities and net assets/fund balances (see instructions).	1,970,466,803	2,078,986,279

Part III

Analysis of Changes in Net Assets or Fund Balances

Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............

1,932,855,276

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

107,397,938

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

List of Attached Documents:

// Content

3,260,010

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

2,043,513,224

Decreases not included in line 2 (itemize) right arrow

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

2,043,513,224

Form 990-PF (2023)

Page 3

Part IV

Capital Gains and Losses for Tax on Investment Income

(a) List and describe the kind(s) of property sold (e.g., real estate, 2-story brick warehouse; or common stock, 200 shs. MLC Co.)		(b) How acquired P—Purchase D—Donation
1 a	PUBLICLY TRADED SECURITIES - SHORT TERM	P
b	PUBLICLY TRADED SECURITIES - LONG TERM	P
c	M LYNCH CARLYLE BUYOUT	P
d	M LYNCH SLP V	P
e	M LYNCH SLP VI	P
	M LYNCH ORBIMED	P
	M LYNCH OAK V	P
	KKR	P
	COMMONFUND CAPITAL NATURAL RESOURCES PARTNERS IX LP	P
	COMMONFUND CAPITAL NATURAL RESOURCES PARTNERS IX LP	P
	COMMONFUND CAPITAL NATURAL RESOURCES PARTNERS IX LP SEC 1231	P
	COMMONFUND CAPITAL PRIVATE EQUITY	P
	COMMONFUND CAPITAL PRIVATE EQUITY	P
	COMMONFUND CAPITAL PRIVATE EQUITY SEC 1231	P
	COMMONFUND CAPITAL INTERNATIONAL PARTNERS VII, LP	P
	COMMONFUND CAPITAL INTERNATIONAL PARTNERS VII, LP	P
	COMMONFUND CAPITAL VENTURE PARTNERS IX, L.P.	P
	US RESEARCH EQUITY EXTENDED FUND, L.P. C/O WELLINGTON MANAGEMENT CO.	P
	US RESEARCH EQUITY EXTENDED FUND, L.P. C/O WELLINGTON MANAGEMENT CO.	P
	THE SILCHESTER INTERNATIONAL INVESTORS	P
	THE SILCHESTER INTERNATIONAL INVESTORS	P
	WCAS XIII, LP	P
	PROVIDENCE EQUITY PARTNERS VII LP	P
	CRESCENT MEZZAINE PARTNERS VIIB, L.P.	P
	LONGWOOD FUND V, LP	P
	APOLLO INVESTMENT FUND IX, LP	P
	HIGHLAND LEADERS FUND I LP	P
	HIGHLAND CAPITAL PARTNERS 10	P
	CARLYLE EUROPE PARTNERS V, S.C.SP.	P
	STRATEGIC PARTNERS VIII L.P.	P
	STRATEGIC PARTNERS VIII L.P.	P
	STRATEGIC PARTNERS VIII L.P. SEC 1231	P
	HUNTER POINT CAPITAL INVESTORS (OFFSHORE) LP	P
	CUMMINGS FOUNDATION PRIVATE CAPITAL FUND, LP	P
	CUMMINGS FOUNDATION PRIVATE CAPITAL FUND, LP	P
	CUMMINGS FOUNDATION PRIVATE CAPITAL FUND, LP SEC 1231	P
	COMMONFUND STRATEGIC DIRECT SERIES LLC	P
	COMMONFUND STRATEGIC DIRECT SERIES LLC	P
	COMMONFUND CAPITAL VENTURE PARTNERS IX, L.P.	P
	COMMONFUND BLUE DIAMOND NON K1	P
	COMMONFUND SSGA MSCI NON K1	P
	PROVIDENCE EQUITY PARTNERS VIII LP	P
	COMMONFUND GLOBAL DISTRESSED INVESTORS, LLC	P
	COMMONFUND GLOBAL DISTRESSED INVESTORS, LLC	P
	CUMMINGS FOUNDATION PRIVATE CAPITAL FUND, LP SEC 1256	P
	US RESEARCH EQUITY EF, L.P. SEC 1256	P
	STRATEGIC PARTNERS VIII L.P. SEC 1256	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	11,189,763	11,550,920	-361,157
b	64,829,920	61,660,450	3,169,470
c		368,148	-368,148
d	2,639,976		2,639,976
e		188,120	-188,120
	356,726		356,726
	2,915		2,915
		2,960,405	-2,960,405
	388,247		388,247
	29,624		29,624
		856	-856
	114,726		114,726
		1,074	-1,074
		1,242	-1,242
	69,789		69,789
	1		1
	4,162		4,162
	884,012		884,012
	406,349		406,349
		286,593	-286,593
		50,475	-50,475
	4,328		4,328
	4,395,151		4,395,151
		34,674	-34,674
		215,507	-215,507
	181,423		181,423
	217,975		217,975
		634	-634
	21		21
	725,280		725,280
	16,853		16,853
	5,450		5,450
	6,970		6,970
	765,569		765,569
	15,381,280		15,381,280
	710,143		710,143
		991,089	-991,089
		1,335,058	-1,335,058
	169,420		169,420
	1,457,567		1,457,567
		32,139	-32,139
	1,044,142		1,044,142
		1,066	-1,066
		4,953	-4,953
		85,072	-85,072
	59,612		59,612
		1,189	-1,189

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			-361,157
b			3,169,470
c			-368,148
d			2,639,976
e			-188,120
			356,726
			2,915
			-2,960,405
			388,247
			29,624
			-856
			114,726
			-1,074
			-1,242
			69,789
			1
			4,162
			884,012
			406,349
			-286,593
			-50,475
			4,328
			4,395,151
			-34,674
			-215,507
			181,423
			217,975
			-634
			21
			725,280
			16,853
			5,450
			6,970
			765,569
			15,381,280
			710,143
			-991,089
			-1,335,058
			169,420
			1,457,567
			-32,139
			1,044,142
			-1,066
			-4,953
			-85,072
			59,612
			-1,189

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	26,287,730
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3	-182,303

Part V

Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)	1	1,664,297
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	1,664,297
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	1,664,297
6	Credits/Payments:

a	2023 estimated tax payments and 2022 overpayment credited to 2023	6a	2,167,456
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c
d	Backup withholding erroneously withheld ..........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	2,167,456
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 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.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	503,159
11	Enter the amount of line 10 to be: Credited to 2024 estimated tax503,159	Refunded	11

Form 990-PF (2023)

Page 4

Part VI-A

Statements Regarding Activities

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

Yes

it participate or intervene in any political campaign? Click to see list of attachments

List of Attached Documents:

// Content

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

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

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

If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials

published or distributed by the foundation in connection with the activities.

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

Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:

(1) On the foundation. right arrow

$ 0(2) On foundation managers. right arrow

$ 0

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

on foundation managers. right arrow

$ 0

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

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

Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles

of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes Click to see list of attachments

List of Attached Documents:

// Content

....

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

Yes

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

Yes

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

If "Yes," attach the statement required by General Instruction T. Click to see list of attachments

List of Attached Documents:

// Content

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

By language in the governing instrument, or

By state legislation that effectively amends the governing instrument so that no mandatory directions

that conflict with the state law remain in the governing instrument? ................

Yes

Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),

and Part XIV..................................

Yes

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

If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney

General (or designate) of each state as required by General Instruction G? If "No," attach explanation .

Yes

Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)

or 4942(j)(5) for calendar year 2023 or the taxable year beginning in 2023? See the instructions for Part XIII.

If "Yes," complete Part XIII .............................

Yes

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

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

At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the

meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions Click to see list of attachments

List of Attached Documents:

// Content

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

Yes

Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had

advisory privileges? If "Yes," attach statement. See instructions.................

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

Yes

Website address right arrow

www.cummingsfoundation.org

The books are in care of right arrow

JOSEPH MONTANO Telephone no. right arrow

(781) 935-8000

Located at right arrow

200 WEST CUMMINGS PARKWOBURNMA ZIP+4 right arrow

01801

Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here ......... right arrow

and enter the amount of tax-exempt interest received or accrued during the year ........ right arrow

16 At any time during calendar year 2023, did the foundation have an interest in or a signature or other authority over YesNo

a bank, securities, or other financial account in a foreign country? .................

16 No

See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country right arrow

Form 990-PF (2023)

Page 5

Part VI-B

Statements Regarding Activities for Which Form 4720 May Be Required

File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.

Yes

During the year did the foundation (either directly or indirectly):

(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........

1a(1)

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

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

1a(2)

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

1a(3)

Yes

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

1a(4)

Yes

(5) Transfer any income or assets to a disqualified person (or make any of either available

for the benefit or use of a disqualified person)? ......................

1a(5)

(6) Agree to pay money or property to a government official? (Exception. Check "No"

if the foundation agreed to make a grant to or to employ the official for a period

after termination of government service, if terminating within 90 days.) ...............

1a(6)

If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations

section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........

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

Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,

that were not corrected before the first day of the tax year beginning in 2023? .............

Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private

operating foundation defined in section 4942(j)(3) or 4942(j)(5)):

At the end of tax year 2023, did the foundation have any undistributed income (Part XII, lines 6d

and 6e) for tax year(s) beginning before 2023?....................

If "Yes," list the years right arrow

20, 20, 20, 20

Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)

(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)

to all years listed, answer "No" and attach statement—see instructions.) ..............

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

20, 20, 20, 20

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

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

Yes

If "Yes," did it have excess business holdings in 2023 as a result of (1) any purchase by the foundation

or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved

by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)

the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine

if the foundation had excess business holdings in 2023.) .....................

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

Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its

charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2023? ..

Form 990-PF (2023)

Page 6

Part VI-B

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

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

Yes

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

5a(1)

(2) Influence the outcome of any specific public election (see section 4955); or to carry

on, directly or indirectly, any voter registration drive? ....................

5a(2)

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

5a(3)

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

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

5a(4)

Yes

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals? .............

5a(5)

If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in

Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........

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

If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the

tax because it maintained expenditure responsibility for the grant? .................

Yes

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

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

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

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

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

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

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

Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or

excess parachute payment during the year? .........................

Part VII

Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors

1 List all officers, directors, trustees, foundation managers and their compensation. See instructions

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
Joyce M Cummings	TRUSTEE & TREASURER 25.0	0	0	0
200 West Cummings Park Woburn,MA01801	TRUSTEE & TREASURER 25.0	0	0	0
Patricia A Cummings PSY D	TRUSTEE & Vice President 1.0	0	0	0
200 West Cummings Park Woburn,MA01801	TRUSTEE & Vice President 1.0	0	0	0
William S Cummings	TRUSTEE & PRESIDENT 50.0	0	0	0
200 West Cummings Park Woburn,MA01801	TRUSTEE & PRESIDENT 50.0	0	0	0
Steven Disalvo	Trustee 1.0	0	0	0
200 West Cummings Park Woburn,MA01801	Trustee 1.0	0	0	0
Anthony Monaco MD PHD	Trustee (THRU 8/23) 1.0	0	0	0
Tufts University Medford,MA02155	Trustee (THRU 8/23) 1.0	0	0	0
HON Margot Botsford	Trustee 1.0	0	0	0
200 WEST CUMMINGS PARK WOBURN,MA01801	Trustee 1.0	0	0	0
Paul C Casey	Trustee (THRU 10/23) 1.0	0	0	0
200 West Cummings Park Woburn,MA01801	Trustee (THRU 10/23) 1.0	0	0	0
Carol A Donovan	Trustee (THRU 10/23) 1.0	0	0	0
200 West Cummings Park Woburn,MA01801	Trustee (THRU 10/23) 1.0	0	0	0
Marilyn Cummings Morris MD MPH	Trustee 1.0	0	0	0
200 West Cummings Park WOBURN,MA01801	Trustee 1.0	0	0	0
Richard C Ockerbloom	Trustee (THRU 3/23) 1.0	0	0	0
200 West Cummings Park Woburn,MA01801	Trustee (THRU 3/23) 1.0	0	0	0
Arlan F Fuller MD	Trustee 1.0	0	0	0
200 West Cummings Park Woburn,MA01801	Trustee 1.0	0	0	0
Thomas Pappas	TRUSTEE 1.0	0	0	0
200 WEST CUMMINGS PARK WOBURN,MA01801	TRUSTEE 1.0	0	0	0
David Harris PHD	Trustee 1.0	0	0	0
200 West Cummings Park Woburn,MA01801	Trustee 1.0	0	0	0
ERIC S ANDERSON	TRUSTEE 1.0	0	0	0
200 West Cummings Park Woburn,MA01801	TRUSTEE 1.0	0	0	0
DENNIS A CLARKE	TRUSTEE 1.0	0	0	0
200 West Cummings Park Woburn,MA01801	TRUSTEE 1.0	0	0	0
WILLIAM F GRANT	TRUSTEE 1.0	0	0	0
200 West Cummings Park Woburn,MA01801	TRUSTEE 1.0	0	0	0
CHRISTINE COAKLEY	EXEC DIRECTOR, NHC 50.0	178,485	13,425	0
200 West Cummings Park Woburn,MA01801	EXEC DIRECTOR, NHC 50.0	178,485	13,425	0
Marie Connoly	Exec Director, NHM 50.0	196,047	18,585	30,000
200 West Cummings Park Woburn,MA01801	Exec Director, NHM 50.0	196,047	18,585	30,000
ANDREW BISHOP	Deputy Director (AS OF 9/23) 50.0	159,350	8,456	0
200 West Cummings Park Woburn,MA01801	Deputy Director (AS OF 9/23) 50.0	159,350	8,456	0
AISHA FRANCIS PHD	TRUSTEE 1.0	0	0	0
Benjamin Franklin Cummings Institut BOSTON,MA02116	TRUSTEE 1.0	0	0	0
Robert Keefe Esq	Trustee 1.0	0	0	0
200 West Cummings Park Woburn,MA01801	Trustee 1.0	0	0	0
Jack Connors Jr	Trustee 1.0	0	0	0
Connors Family Office BOSTON,MA01801	Trustee 1.0	0	0	0
Agnes Binagwaho M D PhD	TRUSTEE 1.0	0	0	0
200 West Cummings Park Woburn,MA01801	TRUSTEE 1.0	0	0	0
IOANNIS MIAOULIS PHD	TRUSTEE 1.0	0	0	0
Roger Williams University BRISTOL,RI02809	TRUSTEE 1.0	0	0	0
JOHN KEENAN J D	TRUSTEE 1.0	0	0	0
SALEM STATE UNIVERSITY SALEM,MA01970	TRUSTEE 1.0	0	0	0
MICHAEL KENNEALY	TRUSTEE (AS OF 1/23) 1.0	0	0	0
200 West Cummings Park Woburn,MA01801	TRUSTEE (AS OF 1/23) 1.0	0	0	0
JIM YONG KIM MD PHD	Trustee (AS OF 10/23) 1.0	0	0	0
200 West Cummings Park Woburn,MA01801	Trustee (AS OF 10/23) 1.0	0	0	0
SUNIL KUMAR PHD	TRUSTEE (AS OF 8/23) 1.0	0	0	0
200 West Cummings Park Woburn,MA01801	TRUSTEE (AS OF 8/23) 1.0	0	0	0
Laura Hiller	Dep Dir/Asst Clerk (THRU 7/23) 50.0	112,917	2,438	0
200 West Cummings Park Woburn,MA01801	Dep Dir/Asst Clerk (THRU 7/23) 50.0	112,917	2,438	0

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


(a) Name and address of each employee paid more than $50,000	(b) Title, and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
SCOTT CROWLEY	DIVISION MANAGER 50.0	228,428	33,072	0
200 WEST CUMMINGS PARK WOBURN,MA01801	DIVISION MANAGER 50.0	228,428	33,072	0
KARA MURPHY	SR. ACCOUNT MANAGER 50.0	200,255	18,746	0
200 WEST CUMMINGS PARK WOBURN,MA01801	SR. ACCOUNT MANAGER 50.0	200,255	18,746	0
MICHAEL RAHN	DIVISION MANAGER 50.0	190,573	12,649	0
200 WEST CUMMINGS PARK WOBURN,MA01801	DIVISION MANAGER 50.0	190,573	12,649	0
MICHAEL DONAGHEY	TEAM LEADER 50.0	185,284	33,156	0
200 WEST CUMMINGS PARK WOBURN,MA01801	TEAM LEADER 50.0	185,284	33,156	0
BRANDON ADAMS	ASSOC. DIVISION MGR 50.0	168,386	8,045	0
200 WEST CUMMINGS PARK WOBURN,MA01801	ASSOC. DIVISION MGR 50.0	168,386	8,045	0
Total number of other employees paid over $50,000...................				117

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
MARY ANN MORSE AT NEW HORIZONS	ASSISTED LIVING	3,639,359
747 WATER STREET FRAMINGHAM,MA01701	ASSISTED LIVING	3,639,359
COMMONFUND	INVESTMENT SVCS	2,294,354
15 OLD DANBURY ROAD WILTON,CT068970812	INVESTMENT SVCS	2,294,354
STRATEGIC PARTNERS VIII LP	INVESTMENT SVCS	1,650,076
345 PARK AVE NEW YORK,NY10154	INVESTMENT SVCS	1,650,076
MERRILL LYNCH TRUST CO	INVESTMENT SVCS	1,405,439
ONE FEDERAL STREET BOSTON,MA02110	INVESTMENT SVCS	1,405,439
CARLYLE EUROPE PARTNERS	INVESTMENT SVCS	1,132,955
1001 PENNSYLVANIA NW STE 220 SOUTH WASHINGTON,DC20004	INVESTMENT SVCS	1,132,955

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	SEE GENERAL EXPLANATION ATTACHMENT - CUMMINGS SCHOOL OF VETERINARY MEDICINE	97,036,756
2	SEE GENERAL EXPLANATION ATTACHMENT - CUMMINGS SCHOOL OF NURSING AND HEALTH SCIENCES	15,719,352
3	SEE GENERAL EXPLANATION ATTACHMENT - NEW HORIZONS AT MARLBOROUGH	14,679,175
4	SEE GENERAL EXPLANATION ATTACHMENT - NEW HORIZONS AT CHOATE	4,805,346

Part VIII-B

Summary of Program-Related Investments (see instructions)

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.	Amount
1


2


All other program-related investments. See instructions.
3

Total. Add lines 1 through 3......................... right arrow

Form 990-PF (2023)

Page 8

Part IX

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

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

purposes:

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

2,168,050,964

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

8,744,390

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

540,251,669

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

2,717,047,023

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

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

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

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

2,717,047,023

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

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

40,755,705

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

2,676,291,318

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

133,814,566

Part X

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

and do not complete this part.)

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

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

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

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

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

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

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

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

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

Part XI

Qualifying Distributions (see instructions)

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

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

132,662,864

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

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

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

460,581

Amounts set aside for specific charitable projects that satisfy the:

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

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

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

133,123,445

Form 990-PF (2023)

Page 9

Part XII

Undistributed Income (see instructions)

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

Form 990-PF (2023)

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

1990-04-27

b Check box to indicate whether the organization is a private operating foundation described in section 4942(j)(3) or4942(j)(5)

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part IX for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2023	(b) 2022	(c) 2021	(d) 2020	(e) Total
	133,814,566	129,515,133	114,953,729	85,232,250	463,515,678
b 85% (0.85) of line 2a .........	113,742,381	110,087,863	97,710,670	72,447,413	393,988,327
c Qualifying distributions from Part XI, line 4 for each year listed .....	133,123,445	118,274,920	98,747,853	91,132,818	441,279,036
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........	16,000	22,600	8,823	117,250	164,673
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....	133,107,445	118,252,320	98,739,030	91,015,568	441,114,363
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)					0
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part IX, line 6 for each year listed ..	89,407,764	86,343,422	76,635,819	56,821,500	309,208,505
c “Support" alternative test—enter:
(1) Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) ....					0
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....					0
(3) Largest amount of support from an exempt organization					0
(4) Gross investment income					0

Part XIV

Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)

1Information Regarding Foundation Managers:

aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)

WILLIAM S CUMMINGS PATRICIA A CU

JOYCE CUMMINGS AND JASON Z MORRIS

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.

NONE

2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:

Check here right arrow

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

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

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

cAny submission deadlines:

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

Form 990-PF (2023)

Page 11

Part XIV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
ST CHARLES BORROMEO PARISH 280 MAIN STREET WOBURN,MA01801	N/A	PC	Community Welfare Program	5,000
MEDFORD JINGLE BELL FESTIVAL 74 HIGH STREET MEDFORD,MA02155	N/A	PC	COMMUNITY HEALTHCARE PROGRAM	1,000
CUMMINGS FOUNDATION GRANTS INC 200 WEST CUMMINGS PARK WOBURN,MA01801		PF	TRANSFER WAS MADE FOR ENDOWMENT PURPOSES	18,350,000
PLYMOUTH STATE UNIVERSITY 17 HIGH STREET PLYMOUTH,NH03264	N/A	PC	EDUCATIONAL SCHOLARSHIPS	2,000
UNIVERSITY OF MASSACHUSETTS-AMHERST 215 WHITMORE BLDG AMHERST,MA01003	N/A	PC	EDUCATIONAL SCHOLARSHIPS	2,000
VNA HOSPICE CARE INC 100 TRADECENTER SUITE G-500 WOBURN,MA01801	N/A	PC	COMMUNITY HEALTHCARE PROGRAM	1,000
MAYOR'S CHARITY RELIEF FUND PO BOX 345 MARLBOROUGH,MA01752		PC	CIVIC FUNDRAISER	5,000
Total ................................. 3a				18,366,000

bApproved for future payment

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

Form 990-PF (2023)

Page 12

Part XV-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
aSENIOR FACILITY REVENUE					22,220,264
bHOME HEALTH CARE REVENUE					3,333,103
cCUMMINGS HEALTH SCIENCES, LLC					107,786,496
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	23,556,104
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....			16	82,808
6 Net rental income or (loss) from personal property
7 Other investment income .....			14	104,792,721
8 Gain or (loss) from sales of assets other than inventory ............	901101	3,366,034	18	26,285,821
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aVENDING INCOME			01	23,708
bFLOW-THROUGH PARTNERSHIP LOSSES	901101	1,535,743
cBOOK SALES INCOME			01	22,909
dLITIGATION INCOME			01	11,234
e
12 Subtotal. Add columns (b), (d), and (e) ..		4,901,777		154,775,305	133,339,863

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

293,016,945

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

Part XV-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See instructions.)
1A	PART OF THE PRIMARY EXEMPT PURPOSE OF CUMMINGS FOUNDATION IS TO OPERATE TWO NOT-FOR PROFIT RESIDENTIAL INDEPENDENT AND ASSISTED LIVING FACILITIES FOR SENIORS. SENIOR FACILITY REVENUE IS INCOME FROM THE OPERATION OF SUCH FACILITIES.
1B	PART OF THE PRIMARY EXEMPT PURPOSE OF CUMMINGS FOUNDATION IS TO PROVIDE HOME HEALTH CARE TO SENIORS. HOME HEALTH CARE REVENUE IS INCOME FROM THE PROVISION OF SUCH CARE TO SENIORS.
1C	CUMMINGS FOUNDATION ENTERED INTO A LONG-TERM AGREEMENT WITH TUFTS UNIVERSITY IN 2004 TO OPERATE ITS VETERINARY SCHOOL THROUGH A SUBSIDIARY CALLED Cummings Health Sciences, LLC (FKA Veterinary School at Tufts, LLC.) DURING THE TERM OF THE AGREEMENT, CUMMINGS FOUNDATION WILL CONTRIBUTE AT LEAST $50 MILLION TO SUPPORT THE RENAMED CUMMINGS SCHOOL OF VETERINARY MEDICINE. THE IRS ISSUED A PRIVATE LETTER RULING ON MAY 6, 2004, CONFIRMING THAT THE EXPENDITURES DIRECTED TO TUFTS UNIVERSITY AND THE EXPENSES CUMMINGS FOUNDATION INCURS IN OPERATING THE CUMMINGS SCHOOL CONSTITUTE QUALIFIED DISTRIBUTIONS DIRECTLY FOR THE ACTIVE CONDUCT OF CUMMINGS FOUNDATION'S EXEMPT PURPOSES.
1D	Cummings Foundation, Inc. entered into a long-term agreement with Endicott College effective January 1, 2022, to operate the Cummings School of Nursing and Health Sciences (CSNHS) on Endicott College's campus through a subsidiary called Cummings Health Sciences, LLC (CHSL). The manner of operation of CSNHS by CHSL is virtually identical to CHSL's operation of Cummings School of Veterinary Medicine at Tufts University, approved in a letter ruling issued by the IRS on May 6, 2004.

Form 990-PF (2023)

Page 13

Part XVI

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

Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?

Yes

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

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

1a(1)

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

1a(2)

Other transactions:

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

1b(1)

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

1b(2)

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

1b(3)

Yes

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

1b(4)

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

1b(5)

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

1b(6)

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

If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

(a) Line No.	(b) Amount involved	(c) Name of noncharitable exempt organization	(d) Description of transfers, transactions, and sharing arrangements
1b(3)	0	HEM REALTY INC	SEE ATTACHED
1b(3)	0	NHC REALTY INC	SEE ATTACHED

Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........Yes No

If "Yes," complete the following schedule.

(a) Name of organization	(b) Type of organization	(c) Description of relationship
HEM REALTY INC	501(C)(2)	A DIVISION OF CFI
NHC REALTY INC	501(C)(2)	A DIVISION OF CFI

Sign Here

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
				May the IRS discuss this return with the preparer shown below? See instructions. Yes No
	Signature of officer or trustee	Date	Title

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

Form 990-PF (2023)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

Schedule B
(Form 990)

Department of the Treasury
Internal Revenue Service

Schedule of Contributors

Attach to Form 990, 990-EZ, or 990-PF.

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

OMB No. 1545-0047

2023

Name of the organization

Cummings Foundation Inc

Employer identification number

04-3073023

Organization type (check one):

Filers of:

Section:

Form 990 or 990-EZ

501(c)( ) (enter number) organization

4947(a)(1) nonexempt charitable trust not treated as a private foundation

527 political organization

Form 990-PF

501(c)(3) exempt private foundation

4947(a)(1) nonexempt charitable trust treated as a private foundation

501(c)(3) taxable private foundation

Check if your organization is covered by the General Rule or a Special Rule.
Note: Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.

General Rule

For an organization filing Form 990, 990-EZ, or 990-PF that received, during the year, contributions totaling $5,000 or more (in money or other property) from any one contributor. Complete Parts I and II. See instructions for determining a contributor's total contributions.

Special Rules

For an organization described in section 501(c)(3) filing Form 990 or 990-EZ that met the 33¹/3% support test of the regulations
under sections 509(a)(1) and 170(b)(1)(A)(vi), that checked Schedule A (Form 990 or 990-EZ), Part II, line 13, 16a, or 16b, and that received from any one contributor, during the year, total contributions of the greater of (1) $5,000 or (2) 2% of the amount on (i) Form 990, Part VIII, line 1h, or (ii) Form 990-EZ, line 1. Complete Parts I and II.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, total contributions of more than $1,000 exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals. Complete Parts I, II, and III.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, contributions exclusively for religious, charitable, etc., purposes, but no such contributions totaled more than $1,000. If this box is checked, enter here the total contributions that were received during the year for an exclusively religious, charitable, etc., purpose. Don't complete any of the parts unless the General Rule applies to this organization because it received nonexclusively religious, charitable, etc., contributions totaling $5,000 or more during the year ......... Arrow Bullet

Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).

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

Cat. No. 30613XSchedule B (Form 990) (2023)

Schedule B (Form 990) (2023) Page 2

Name of organization Cummings Foundation Inc

Part I Contributors	Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
1	William S Cummings 200 West Cummings Park Woburn, MA01801	$ 4,319,571	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
2	Kevin Cummings 200 West Cummings Park Woburn, MA01801	$ 130,000	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
Schedule B (Form 990) (2023)

Schedule B (Form 990) (2023)

Page 3

Name of organization Cummings Foundation Inc		Employer identification number 04-3073023

Part II	Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
Schedule B (Form 990) (2023)

Schedule B (Form 990) (2023)

Page 4


Name of organization Cummings Foundation Inc			Employer identification number 04-3073023
Part III Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $ Use duplicate copies of Part III if additional space is needed.

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

Schedule B (Form 990) (2023)

Additional Data

Software ID:
Software Version:

- TIN:

TY 2023 AccountingFeesSchedule

Name:

Cummings Foundation Inc

EIN:

04-3073023

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ACCOUNTING FEES	107,575			24,755

- TIN:

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

TY 2023 DepreciationSchedule

Name:

Cummings Foundation Inc

EIN:

04-3073023

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

- TIN:

TY 2023 GeneralExplanationAttachment

Name:

Cummings Foundation Inc

EIN:

04-3073023

Identifier	Return Reference	Explanation
SUMMARY OF DIRECT CHARITABLE ACTIVITIES	SUMMARY OF DIRECT CHARITABLE ACTIVITIES	FORM 990-PF, PART VIII-A CUMMINGS SCHOOL OF VETERINARY MEDICINE - $97,036,756. CUMMINGS FOUNDATION ENTERED INTO A LONG-TERM AGREEMENT WITH TUFTS UNIVERSITY in 2004 TO OPERATE ITS VETERINARY SCHOOL THROUGH A SUBSIDIARY CALLED Cummings Health Sciences, LLC (FKA Veterinary School At Tufts, LLC). DURING THE TERM OF AGREEMENT, CUMMINGS FOUNDATION WILL CONTRIBUTE AT LEAST $50 MILLION TO SUPPORT THE RENAMED CUMMINGS SCHOOL OF VETERINARY MEDICINE. THE IRS ISSUED A LETTER RULING ON MAY 6, 2004, CONFIRMING THAT THE EXPENDITURES DIRECTED TO TUFTS UNIVERSITY AND THE EXPENSES CUMMINGS FOUNDATION INCURS IN OPERATING THE CUMMINGS SCHOOL CONSTITUTE QUALIFIED DISTRIBUTIONS DIRECTLY FOR THE ACTIVE CONDUCT OF CUMMINGS FOUNDATION'S EXEMPT PURPOSES. NEW HORIZONS AT MARLBOROUGH - $14,679,175. ESTABLISHED IN 1993 AND ACCOMMODATES APPROXIMATELY 500 RESIDENTS AT ITS MARLBOROUGH, MASSACHUSETTS CAMPUS. THE FACILITY HAS THE ABILITY TO ACCOMMODATE ACTIVE AND INDEPENDENT SENIORS, SENIORS REQUIRING ASSISTANCE WITH ACTIVITIES OF DAILY LIVING (ASSISTED LIVING RESIDENTS) AND SENIORS SUFFERING FROM ALZHEIMER'S DISEASE. Cummings School of Nursing and Health Sciences $15,719,352. Cummings Foundation, Inc. entered into a long-term agreement with Endicott College effective January 1, 2022, to operate the Cummings School of Nursing and Health Sciences (CSNHS) on Endicott College's campus through a subsidiary called Cummings Health Sciences, LLC (CHSL). During the term of the agreement and in accordance therewith, the building housing CSNHS is leased by CHSL, and CSNHS's revenues and expenses are accounted for by CHSL. The manner of operation of CSNHS by CHSL is virtually identical to CHSL's operation of Cummings School of Veterinary Medicine at Tufts University, approved in a letter ruling issued by the IRS on May 6, 2004. NEW HORIZONS AT CHOATE - $4,805,346. ESTABLISHED IN 1990 AND ACCOMMODATES 125 SENIORS. THE FACILITY IS LOCATED IN WOBURN, MA. FORMERLY THE CHOATE MEMORIAL HOSPITAL PROPERTY, THIS PROPERTY WAS CONVERTED TO A RETIREMENT COMMUNITY WHICH INCLUDES SUITES FOR INDEPENDENT LIVING AND ASSISTED LIVING UNITS. THE FACILITY HAS THE ABILITY TO ACCOMMODATE ACTIVE AND INDEPENDENT SENIORS, SENIORS REQUIRING ASSISTANCE WITH ACTIVITIES OF DAILY LIVING (ASSISTED LIVING RESIDENTS) AND SENIORS SUFFERING FROM ALZHEIMER'S DISEASE.
DESCRIPTION OF RENTAL OF FACILITIES	DESCRIPTION OF RENTAL OF FACILITIES	FORM 990-PF, PART XVI, LINE 1D REPORTING ORGANIZATION HAS A DIVISION CALLED NEW HORIZONS AT MARLBOROUGH, LLC (EIN: 75-3031923) ("NHM"). NHM IS LESSEE OF REAL PROPERTY FROM HEM REALTY, INC. (EIN: 30-0553220) ("HEM REALTY"), WHICH IT USES IN OPERATIONS. HEM REALTY IS A 501(C)(2) TITLE HOLDING COMPANY THAT IS RELATED TO REPORTING ORGANIZATION. BECAUSE HEM REALTY HOLDS TITLE FOR REPORTING ORGANIZATION, AND CONSISTENT WITH ITS PURPOSES WOULD TURN OVER ANY RENT IT COLLECTS TO REPORTING ORGANIZATION, HEM REALTY WAIVES PAYMENT OF RENT FROM REPORTING ORGANIZATION'S DIVISION, NHM. REPORTING ORGANIZATION HAS A DIVISION CALLED NEW HORIZONS AT CHOATE, LLC (EIN: 75-3031909) ("NHC"). NHC IS LESSEE OF REAL PROPERTY FROM NHC REALTY, INC.(EIN: 30-0553218) ("NHC REALTY"), WHICH IT USES IN OPERATIONS. NHC REALTY IS A 501 (C)(2) TITLE HOLDING COMPANY THAT IS RELATED TO REPORTING ORGANIZATION. BECAUSE NHC REALTY HOLDS TITLE FOR REPORTING ORGANIZATION, AND CONSISTENT WITH ITS PURPOSES WOULD TURN OVER ANY RENT IT COLLECTS TO REPORTING ORGANIZATION, NHC REALTY WAIVES PAYMENT OF RENT FROM REPORTING ORGANIZATION'S DIVISION, NHC.

- TIN:

TY 2023 InvestmentsCorpStockSchedule

Name:

Cummings Foundation Inc

EIN:

04-3073023

Name of Stock	End of Year Book Value	End of Year Fair Market Value
ALPHABET INC SHS CL A	1,130,432	13,969,000
ALPHABET INC SHS CL C	1,129,969	14,169,102
AMAZON COM INC COM	10,118,351	16,277,180
AMER EXPRESS COMPANY	15,165,201	18,416,459
AMGEN INC COM	9,052,134	12,356,058
APPLE INC	4,534,676	67,077,452
APPLIED MATERIAL INC	10,046,549	11,985,077
AUTOMATIC DATA PROC	3,020,444	11,532,015
BERKSHIRE HATHAWAYINC	10,178,736	18,421,489
BLACKROCK TECHNOLOGY	15,496,899	11,710,155
CITIGROUP INC COM NEW	10,496,335	8,950,560
COMCAST CORP NEW CL A	2,402,595	11,576,400
CVS HEALTH CORP	10,107,457	8,192,100
DISNEY (WALT) CO COM STK	18,159,542	10,347,234
DOVER CORP	14,280,802	15,242,571
EMERSON ELEC CO	7,493,755	7,932,395
FEDEX CORP DELAWARE COM	3,479,744	8,348,010
GENERAL ELEC CO REG SHS	10,812,282	17,421,495
GENL DYNAMICS CORP COM	3,029,947	12,334,325
HOME DEPOT INC	4,750,071	16,634,400
HONEYWELL INTL INC DEL	3,390,097	9,436,950
JPMORGAN CHASE & CO	2,939,306	11,821,950
MARRIOTT INTL INC NEW A	11,142,173	16,507,332
MARVELL TECH INC	10,007,108	14,376,818
MCDONALDS CORP COM	2,299,208	12,349,642
META PLATFORMS INC	1,784,954	23,007,400
MONDELEZ INTERNATIONAL	4,000,532	14,486,000
NVIDIA	15,241,967	57,967,860
ORACLE CORP $0.01 DEL	3,227,803	12,651,600
PALO ALTO NETWORKS INC	10,489,690	17,725,237
PFIZER INC	4,441,254	2,893,395
SALESFORCE INC	593,630	15,788,400
STARBUCKS CORP	2,825,811	11,809,230
TAIWAN S MANUFCTRING ADR	689,644	1,074,135
THERMO FISHER SCIENTIFIC	1,148,156	13,322,829
UNION PACIFIC CORP	1,502,245	11,789,760
VANGUARD SMALL CAP VALUE	15,833,274	19,886,685
VISA INC CL A SHRS	15,144,494	18,085,733
WALMART INC	10,730,098	17,341,500
XOMETRY INC CL A	2,331,864	1,727,594
ADVANCED DRAIN SYS INC	515,359	622,191
AFFILIATED MANAGERS GRP	1,633,183	2,572,628
APTARGROUP INC	1,660,389	2,341,834
ARAMARK SHS	1,715,237	2,106,991
BIO TECHNE CORP COM STK	539,985	1,180,821
BLACKBAUD INC	877,599	2,027,156
BOOZ ALLEN HAMILTON HLDG	1,836,964	2,988,361
BROADRIDGE FINL	1,019,482	2,321,107
BROWN & BROWN INC FLA	1,863,938	3,048,415
BURLINGTON STORES INC	2,427,741	2,939,371
CACI INTL INC CL A	2,485,159	3,160,550
CARLISLE COS INC	2,463,060	5,309,136
CASEYS GEN STORES INC	1,331,526	1,829,219
CHOICE HOTELS INTL NEW	1,448,189	2,061,040
COLUMBIA SPORTSWEAR CO	1,853,986	2,222,264
DECKERS OUTDOORS CORP	835,370	1,899,678
DOLBY LABORATORIES INC	2,318,005	2,361,246
ENVISTA HOLDINGS CORP	2,767,321	2,300,689
FACTSET RESH SYS INC	254,372	1,056,682
FTI CONSULTING INC COM	1,371,692	1,574,281
GODADDY INC SHS CL A	2,509,408	3,579,609
GRACO INC	412,414	1,567,869
HEXCEL CORP NEW COM	802,727	1,555,683
HUNT J B TRANS SVCS INC	1,181,499	2,442,349
IDEX CORP DELAWARE COM	532,878	1,746,160
JACK HENRY & ASSOC INC	322,149	845,591
JONES LANG LASALLE INC	1,276,256	2,001,143
KIRBY CORP COM	1,761,359	1,983,267
LANDSTAR SYS INC COM	1,487,478	3,048,638
LENNOX INTL INC	1,305,412	2,462,564
LKQ CORP	1,969,852	2,299,607
MANHATTAN ASSOCS INC	329,459	1,182,753
MORNINGSTAR INC	2,193,765	3,839,798
NORDSON CORP	841,993	1,649,027
POOL CORPORATION	536,964	1,177,788
PROSPERITY BANCSHARES	1,023,078	1,050,221
RPM INTERNATIONAL INC	1,604,169	2,661,819
SCHEIN (HENRY) INC COM	533,814	655,043
SEI INVT CO PA PV $0.01	1,891,079	2,697,200
SERVICE CORP INTL	787,306	1,267,080
TELEFLEX INC	4,158,836	4,136,062
TRIMBLE INC	2,118,759	2,162,846
ULTA BEAUTY INC	384,872	946,660
W R BERKLEY CORP	3,258,079	5,456,341
WEX INC	1,753,931	2,408,140
ABB LTD	831,278	1,355,811
ADIDAS AG	383,108	384,057
AIA GROUP LTD	984,083	981,625
AIR LIQUIDE FN	489,246	643,769
AIRBUS SE	657,077	877,828
AMADEUS IT GROUP SA	762,308	938,012
AMERICA MOVIL SAB DE CV	273,944	278,152
ANHEUSER-BUSCH INBEV SA/	590,315	566,863
AON PLC REG SHS	153	151
ASML HOLDING N.V. ORD SH	1,348,068	1,805,036
ASSA ABLOY AB SHS	221,239	296,555
ASTRAZENECA PLC SHS FN	961,061	1,575,871
B AND M EUROPEAN VALUE R	296,126	251,513
BEIGENE LTD	265,465	256,652
BHP GROUP LTD	261,974	299,944
BRITISH AMERICAN TOBACCO	923,207	744,743
CARLSBERG AS-B	672,321	668,571
CIE FINANCIERE RICHEMONT	134,922	192,676
DAIICHI SANKYO CO LTD	437,037	476,707
DAIKIN INDUSTRIES 6367	575,654	478,514
DANONE S.A	419,463	450,180
DBS GROUP HOLDINGS LTD	606,899	771,105
DNB BANK ASA REG SHS	484,951	591,188
DSV A/S	193,761	389,466
ENGIE	605,515	754,556
EPIROC AB REG SHS	818,546	786,039
ESSILORLUXOTTICA	735,470	1,087,677
FUJITSU LTD 6702	486,742	483,207
GENMAB A/S	548,322	763,216
GIVAUDAN SA UNSP ADR	530,356	840,188
HDFC BANK LTD ADR	684,247	749,002
HERMES INTL S A	273,718	771,535
HONG KONG EXCHANGES AND	141,875	82,783
IBERDROLA SA, BILBAO	391,427	435,427
INDUSTRIA DE DISENO TEXT	477,393	879,402
KERING	850,282	730,772
KEYENCE CORP 6861 FN	631,786	823,536
KONINKLIJKE KPN NV FN	406,908	438,939
L OREAL	698,294	969,237
L.V.M.H. EUR 0.3	753,016	705,833
LONDON STK EXCHANGE GROU	859,068	1,402,856
MERCADOLIBRE INC	323,026	846,233
MTU AERO ENGINES AG	338,680	376,812
NESTLE SA CHAM UND VEVE	798,549	835,551
NETEASE INC REG SHS	322,666	243,114
NICE LTD ADR	213,423	196,118
NIDEC CORP 6594	296,550	182,023
NIPPON TEL & TEL 9432	603,448	618,505
NITORI HOLDINGS	591,920	409,124
NOKIA(AB)OY EUR0.06	324,362	190,778
RECKITT BENCKISER GROUP	527,156	437,158
RECRUIT HOLDINGS CO.LTD.	474,581	560,135
RELX PLC	367,606	511,357
SAFRAN SA	945,977	1,487,037
SAP SE	1,421,879	1,664,687
SHIN ETSU CHEMICAL 4063	497,846	902,280
SHOPIFY INC CL A	120,320	315,651
SIKA AG NAMEN-AKT	729,417	907,618
SMC CORP 6273	624,884	866,258
ST MICROELEC SIC 1.04EUR	686,257	868,799
STRAUMANN HLDG AG NAMEN-	322,254	581,292
TAIWAN S MANUFCTRING ADR	285,808	464,048
TENCENT HOLDINGS LTD SHS	635,832	451,911
TERUMO 4543 FN	294,185	271,654
TFI INTERNATIONAL INC	280,022	799,426
TOKYO ELECTRON 8035 FN	443,340	600,473
TOTALENERGIES SE	1,412,785	1,703,950
UNI CHARM CO LTD 8113 FN	291,084	306,321
ACCENTURE PLC SHS	160,480	201,422
ARGENX SE	79,371	84,455
ASML HLDG NV NY REG SHS	166,950	308,823
ASTRAZENECA PLC SPND ADR	296,492	350,153
ATLASSIAN CORP	60,412	113,935
BANK OF MONTREAL COM	256,183	236,566
COCA-COLA EUROPACIFIC	215,070	256,148
DIAGEO PLC SPSD ADR NEW	331,145	290,009
EATON CORP PLC	108,278	121,614
ELASTIC N V	99,629	160,034
EQUINOR ASA	77,646	121,814
FERRARI NV	136,710	170,569
HDFC BANK LTD ADR	149,604	189,250
ISHARES INTL SELECT	241,910	240,294
ISHARES MSCI INDONESIA	170,393	162,423
ISHARES MSCI JAPAN ETF	364,907	402,992
ISHARES MSCI SAUDI	109,956	112,217
MEDTRONIC PLC SHS	116,094	115,148
MITSUBISHI UFJ FINL GRP	200,525	272,877
NATIONAL GRID PLC SHS	385,135	402,909
NOVO NORDISK A S ADR	122,155	349,247
RELX PLC	202,138	339,781
RYANAIR HOLDINGS PLC SHS	153,814	219,244
SANOFI ADR	242,874	268,492
SHELL PLC	207,370	275,439
SONY GROUP CORP	292,797	376,961
SUNCOR ENERGY INC NEW	122,811	106,181
TECK RESOURCES LTD CLS B	241,056	290,987
TELEFONICA SA SPAIN ADR	225,021	210,955
THOMSON REUTERS CORP REG	103,802	191,841
TORONTO DOMINION BANK	194,280	178,868
TOYOTA MOTOR CORP ADR	181,146	225,557
ABM INDUSTRIES INC COM	273,183	358,416
AGIOS PHARMACEUTICALS	309,609	194,083
ALLEGIANT TRAVEL CO	395,252	204,460
AMERESCO CLASS A	226,130	211,049
AMICUS THERAPEUTICS INC	413,988	425,118
APELLIS PHARMACEUTICALS	61,722	135,104
APPLIED INDUSTRL TECH	258,491	684,025
ARMADA HOFFLER PPTYS INC	216,160	178,685
ARTIVION INC	346,482	230,008
ASGN INC	374,086	515,567
ATN INTERNATIONAL INC	166,627	114,026
ATRICURE INC	381,770	241,550
AZENTA INC	200,983	276,975
BALCHEM CORP COM	74,613	112,158
BLACK HILLS CORP	452,909	352,941
BLUEPRINT MEDICINES CORP	486,009	576,592
BOISE CASCADE CO DEL	156,600	659,995
BOX INC CL A	242,539	275,512
BRIGHTVIEW HLDGS INC	162,659	93,007
BRINKER INTL INC	324,580	252,042
CASELLA WASTE SYS INC A	262,288	413,883
CHART INDS INC	363,221	319,967
CHUYS HLDGS INC	112,601	174,940
CITY HOLDING CO CHARLSTN	199,186	288,330
COHERENT CORP	101,485	117,052
COLUMBUS MCKINNON CP N.Y	283,613	294,289
CONMED CORP COM	255,069	345,942
DANA INC	192,597	187,344
DIAMONDROCK HOSPITALITY	301,427	306,508
ENTERPRISE FINL SVCS CRP	194,671	206,462
ESCO TECHNOLOGIES INC	189,986	258,051
ESSENT GROUP LTD	320,772	415,275
EXLSERVICE HLDGS INC	188,949	418,820
FEDERAL SIGNAL CORP	246,696	738,929
FIRST BANCORP N C COM	194,897	223,651
FIRST FINANCIAL BANCORP	313,216	288,135
FIRST INTST BANCSYSTEM	408,333	314,142
FOUR CORNERS PROPERTY TR	328,557	303,018
HALOZYME THERAPEUTICS	297,822	351,490
HAMILTON LANE INC REG SH	274,040	564,591
HELEN OF TROY LTD	307,411	224,344
HIBBETT SPORTS INC	121,629	162,837
HUB GROUP INC CL A	191,963	353,050
HUNTSMAN CORP	196,822	177,267
ICHOR HOLDINGS LTD REG	243,347	202,049
IMAX CORP	226,818	184,986
INDEPENDENCE RLTY TR INC	438,598	375,661
INDEPENDENT BK CORP MASS	261,523	225,728
INDEPENDENT BK GROUP INC	194,782	179,047
INSMED INC	402,808	432,372
INSTRUCTURE HOLDINGS INC	226,695	248,411
J & J SNACK FOODS CRP	478,083	474,845
JACK IN THE BOX INC	211,559	193,953
KADANT INC	185,977	498,924
KAISER ALUM CORP	285,864	221,116
KB HOME	145,084	312,800
KITE REALTY GROUP TR SHS	321,195	402,639
LA-Z-BOY INC MICHIGAN	180,092	186,003
LIGAND PHARMACEUTICALS	225,304	282,180
LXP INDUSTRIAL TRUST	276,277	270,707
MACOM TECHNOLOGY	167,877	352,281
MALIBU BOATS INC SHS	224,944	298,659
MAXLINEAR INC CL A	198,294	222,273
MERIT MEDICAL SYS INC	225,537	430,693
MINERALS TECHNOLOGIES	517,071	622,686
MYR GROUP INC DEL	92,306	424,923
NEOGENOMICS INC	388,667	224,773
NMI HOLDINGS INC SHS	206,308	316,715
OLD NATL BANCORP IND	401,410	380,532
OMNIAB INC REG SHS	111,250	97,529
OMNICELL INC	377,013	155,487
PACIFIC BIOSCIENCES	360,517	224,109
PACIFIC PREMIER BANCORP	244,948	299,862
PATTERSON UTI ENERGY INC	604,308	587,423
PHYSICIANS RLTY TR	350,402	293,925
PRESTIGE CONSUMER	324,527	546,389
Q2 HOLDINGS INC SHS	469,733	452,897
QUAKER HOUGHTON	296,011	362,387
RAPID7 ORD	278,675	342,828
RPT RLTY SH BEN INT	96,822	110,043
SELECTIVE INS GRP INC	299,013	428,759
SEMTECH CORPORATION	360,209	180,845
SHOCKWAVE MEDICAL INC	47,778	143,492
SILICON LABS INC	334,782	442,840
SONIC AUTOMOTIVE INC A	108,729	133,330
SOUTHSTATE CORP	302,576	328,595
SOUTHWESTERN ENERGY CO	196,827	263,402
SPIRE INC	399,127	330,201
SPROUT SOCIAL INC REG	323,819	322,007
SPS COMM INC	304,393	443,506
STEVEN MADDEN LTD SHS	449,975	614,502
SUMMIT MATLS INC	456,913	607,899
SUN CTRY AIRLINES	359,623	266,639
SUPERNUS PHARMACEUTICALS	265,785	316,835
TAYLOR MORRISON HOME	195,244	455,716
TEXAS ROADHOUSE INC-CL A	61,576	121,986
TRANSMEDICS GROUP INC	150,119	378,943
TRAVERE THERAPEUTICS INC	308,989	164,643
UNITED COMMUNITY BANKS	261,999	293,858
VALLEY NATL BANCORP N J	265,628	273,878
VARONIS SYSTEMS INC SHS	399,087	495,771
VERINT SYSTEMS INC	313,281	215,997
WERNER ENTERPRISES INC	382,739	412,896
WESBANCO INC	246,954	230,256
WILLSCOT MOBILE MINI	51,624	149,921
WNS HOLDINGS LTD SPN ADR	260,522	292,300
WORTHINGTON INDSTRS OHIO	157,167	327,862
WSFS FINANCIAL CORP	252,094	316,360
YELP INC CL A	262,436	382,839
YETI HLDGS INC	97,978	123,702
ZIFF DAVIS INC	218,316	195,590
ZURN ELKAY WATER	165,858	301,658
GREENLIGHT BIO	5,000,000	551,531
CADENCE DESIGN SYS INC	9,702,308	11,848,095
CONOCOPHILLIPS	6,989,950	6,906,165
GE HEALTHCARE	3,236,689	3,518,060
AVERY DENNISON CORP	1,239,315	1,413,503
BALL CORP COM	493,733	595,562
COLUMBIA BKG SYS INC	804,516	811,949
KINSALE CAPITAL GROUP	802,818	750,198
MARKEL GROUP INC COM	2,200,201	3,515,672
TRANSUNION	1,447,077	1,827,068
TYLER TECHS INC DEL COM	1,424,266	1,679,588
BP PLC	584,217	560,630
CANADIAN NATL RAILWAY CO	481,325	543,350
CAPGEMINI SA	571,389	649,277
DASSAULT SYSTEMES SA	284,590	346,446
FEDERATED HERMES GOVT	3,585,629	3,585,629
HITACHI CORP 6501	363,742	419,337
IMPERIAL BRANDS PLC	423,700	416,299
ITOCHU CORP ORD 8001	541,019	555,918
LONZA GROUP AG	546,463	379,482
MARUBENI CORP 8002 FN	517,325	440,655
NOMURA RESEARCH INST4307	438,990	467,754
NOVO NORDISK A/S BR AND/	815,030	1,938,606
TDK CORP 6762	426,606	539,913
UNITED OVERSEAS BANK	863,181	813,987
AERCAP HOLDINGS N.V. SHS	111,761	122,108
ALIBABA GROUP HOLDING LT	249,981	173,777
ARM HLDGS PLC	177,193	187,863
AUTOLIV INC	111,646	137,738
CAMECO CORP COM	121,954	184,813
CANADIAN PAC KANS CITY	211,929	246,114
CEMEX SAB DE CV SPND ADR	118,192	112,832
FOMENTO ECNMCO MEX SPADR	145,441	198,914
HSBC HLDG PLC SP ADR	286,302	318,442
ING GP NV SPSD ADR	260,218	289,480
ISHARES MSCI SOUTH KOREA	163,688	175,227
JAMES HARDIE INDUSTRIES	79,852	140,604
LINDE PLC NEW	103,695	254,229
NOVARTIS ADR	106,899	112,683
ORIX CORPORATION SP ADR	220,617	230,206
PDD HOLDINGS INC	156,430	218,148
RENAISSANCERE HLDGS LTD	160,966	152,292
SAP SE SHS	158,292	197,411
STELLANTIS NV	109,352	141,902
STMICROELECTRONICS NY SH	158,376	184,579
YUM CHINA HOLDINGS INC	261,799	179,436
ARCBEST CORPORATION	197,624	208,925
ATKORE INC	201,959	215,040
BRP GROUP INC CL A	385,679	379,228
CLEARWTR ANALYTICS	106,925	104,957
CNO FINL GROUP INC	276,320	312,731
CONSTRUCTION PARTNERS	182,418	202,977
CUSHMAN AND WAKEFIELD	167,163	241,877
H AND E EQUIP SVCS INC	187,108	230,103
INTRA-CELLULAR THERAPIES	357,938	416,828
KONTOOR BRANDS INC REG	212,399	213,601
LANTHEUS HLDGS INC	427,796	348,006
MAGNOLIA OIL & GAS CORP	377,737	356,991
NORTHWESTERN ENE GR INC	398,336	330,225
ONESPAWORLD HLDGS LTD	85,085	83,909
PACIRA BIOSCIENCES INC	202,881	207,434
PERMIAN RES CORP	519,211	772,562
PHILLIPS EDISON AND CO	188,760	232,524
PJT PARTNERS INC SHS	235,645	307,138
PROGRESS SOFTWARE CORP	220,084	208,675
SM ENERGY CO SHS	388,265	367,763
TECNOGLASS INC	125,951	187,548
WORKIVA INC CL A	281,813	303,168
WORTHINGTON STL INC	79,637	160,085

- TIN:

TY 2023 InvestmentsOtherSchedule2

Name:

Cummings Foundation Inc

EIN:

04-3073023

Category/ Item	Book Value	End of Year Fair Market Value
PROPERTY 1	5,860,000	5,860,000
PROPERTY 2	8,500,000	8,500,000
PROPERTY 3	4,000,000	4,000,000
PROPERTY 4	5,300,000	5,300,000
PROPERTY 5	17,500,000	17,500,000
PROPERTY 6	7,409,869	7,409,869
PROPERTY 7	7,000,000	7,000,000
PROPERTY 8	5,700,000	5,700,000
PROPERTY 9	5,900,000	5,900,000
PROPERTY 10	460,000	460,000
PROPERTY 11	2,100,000	2,100,000
PROPERTY 12	3,300,000	3,300,000
PROPERTY 13	19,400,000	19,400,000
PROPERTY 14	9,500,000	9,500,000
PROPERTY 15	19,800,000	19,800,000
PROPERTY 16	3,300,000	3,300,000
PROPERTY 17	3,800,000	3,800,000
PROPERTY 18	8,100,000	8,100,000
PROPERTY 19	49,700,000	49,700,000
PROPERTY 20	11,800,000	11,800,000
PROPERTY 21	1,280,000	1,280,000
PROPERTY 22	5,300,000	5,300,000
PROPERTY 23	7,600,000	7,600,000
PROPERTY 24	4,400,000	4,400,000
PROPERTY 25	3,500,000	3,500,000
PROPERTY 26	5,500,000	5,500,000
PROPERTY 27	3,100,000	3,100,000
PROPERTY 28	11,300,000	11,300,000
PROPERTY 29	22,800,000	22,800,000
PROPERTY 30	13,800,000	13,800,000
PROPERTY 31	4,900,000	4,900,000
PROPERTY 32	15,100,000	15,100,000
PROPERTY 33	17,200,000	17,200,000
PROPERTY 34	12,700,000	12,700,000
PROPERTY 35	18,000,000	18,000,000
PROPERTY 36	5,200,000	5,200,000
PROPERTY 37	6,200,000	6,200,000
PROPERTY 38	18,540,000	18,540,000
PROPERTY 39	5,300,000	5,300,000
PROPERTY 40	20,000,000	20,000,000
PROPERTY 41	23,200,000	23,200,000
PROPERTY 43	351,800	351,800
PROPERTY 44	3,500,000	3,500,000
PROPERTY 45	3,400,000	3,400,000
PROPERTY 46	9,200,000	9,200,000
PROPERTY 47	7,000,000	7,000,000
PROPERTY 48	6,000,000	6,000,000
PROPERTY 49	7,600,000	7,600,000
PROPERTY 50	6,900,000	6,900,000
PROPERTY 51	9,900,000	9,900,000
PROPERTY 52	13,400,000	13,400,000
PROPERTY 53	10,800,000	10,800,000
PROPERTY 54	13,600,000	13,600,000
PROPERTY 55	21,500,000	21,500,000
PROPERTY 56	3,750,000	3,750,000
COMMONFUND	628,173,290	970,860,387
COURTAGEN LIFE	190,441	34,562
PROVIDENCE EQUITY PARTNERS VII	9,203,042	19,199,575
PROV EQUITY VIII LP	19,652,669	31,344,216
CARLYLE GROUP	2,407,814	1,158,268
BLACKSTONE ALTERNATIVES	2,606,226	1,558,224
KKR	16,736,296	15,059,530
LONGWOOD V	2,749,771	3,446,118
TPG PTRS HEALTHCARE	9,713,207	13,158,113
TPG PTRS VIII LP	10,297,415	15,490,105
HIGHLAND CAPITAL PRTS	8,900,986	11,463,954
SJC ONSHORE	25,975,281	24,106,934
CRESCENT MEZZANINE PTRS	10,546,440	11,368,707
CLAREANT SCF	7,266,600	4,667,596
CARLYLE EUROPE	31,399,235	54,952,851
STRATEGIC PARTNER OFFSHORE VII	24,126,293	34,370,675
STRATEGIC PARTNERS OFFSHORE VI	0	24,873,489
APOLLO INVESTMENT IX LP	16,581,637	25,548,848
CARLYLE BUYOUT VII	14,084,377	17,618,199
ORBIMED HEALTHCARE	5,754,882	4,833,836
SLP V TECHNOLOGY	15,668,927	20,445,495
SJC ONSHORE FUND IV	41,584,081	42,102,453
BLACKSTONE LIFE SCIENCES	7,133,451	9,219,728
WCAS XIII, LP	17,394,063	24,686,241
SLP VI TECHNOLOGY	13,673,664	14,529,192
THE CHILDRENS	20,500,000	22,644,300
STP IX LP	9,894,208	14,065,367
CYBERNETIX	1,882,036	1,889,236
HIGHLANDX FUND I	11,924,493	11,858,600
LONGWOOD VI	1,648,067	1,975,198
WCAS XIV	5,654,000	5,241,992
TPG HC PTRS II	1,000,869	1,251,558
TPG PTRS IX	4,226,772	4,989,540
APOLLO INVESTMENT X LP	4,119,605	4,408,339
TPG PTRS 10A	1,853,122	282,811
TPG HC PTRS LEADERS	10,099,157	12,863,877
HUNTER POINT	362,218	3,186,054
SLP VII	0	8,761

- TIN:

TY 2023 OtherExpensesSchedule

Name:

Cummings Foundation Inc

EIN:

04-3073023

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
CHSL MATERIALS, SUPPLIES & SER	52,435,393			52,405,006
INVESTMENT EXPENSE	34,630,372	34,630,372	34,630,372
CONTRACT SERVICES	3,319,576			3,233,492
SUPPLIES	2,026,398			2,013,237
REPAIR & MAINTENANCE	843,562		4,756	816,679
INSURANCE	203,682		1,802	211,947
TELEPHONE	110,562			110,562
ADVERTISING	71,775			73,553
ACTIVITIES & SERVICES	250,937			242,882
OFFICE SERVICES	32,550			26,955
DUES & SUBSCRIPTIONS	11,603			11,603
STAFF TRAINING\SEMINARS	4,376			4,376
ADP PAYROLL FEES	16,137			16,137
EMPLOYEE APPRECIATION	12,193			12,193
MISC PETTY CASH EXPENSE	17,613			23,088
SALES EXPENSE	87,673			87,673
LICENSE & FEES	27,736			23,309
STATE FILING FEES	2,000			2,000

- TIN:

TY 2023 OtherIncomeSchedule2

Name:

Cummings Foundation Inc

EIN:

04-3073023

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
Cummings Health Sciences, LLC INCOME	107,786,496		107,786,496
INVESTMENT INCOME - DISREGARDED ENTITY	89,041,397	89,041,397	89,041,397
PROGRAM SERVICE REVENUE	22,220,264		22,220,264
OTHER PARTNERSHIP INCOME	16,858,476	16,858,476	16,858,476
INVESTMENT INCOME - ALTERNATIVE INVEST	-1,107,152	-1,107,152	-1,107,152
BOOK SALES INCOME	9,391	9,391	9,391
VENDING INCOME	23,708	23,708	23,708
UNRELATED BUSINESS INCOME FROM K-1'S	1,535,743		1,535,743
contract revenue	3,333,103		3,333,103
LITIGATION SETTLEMENT INCOME	11,234	11,234	11,234
MISCELLANEOUS INCOME	13,518		13,518

- TIN:

TY 2023 OtherIncreasesSchedule

Name:

Cummings Foundation Inc

EIN:

04-3073023

Description	Amount
UNREALIZED GAINS ON PROPERTY	3,260,000
DEPRECIATION ADJUSTMENT	10

- TIN:

TY 2023 OtherLiabilitiesSchedule

Name:

Cummings Foundation Inc

EIN:

04-3073023

Description	Beginning of Year - Book Value	End of Year - Book Value
DEPOSITS & PREPAYMENTS	35,642,774	33,535,850

- TIN:

TY 2023 OtherProfessionalFeesSchedule

Name:

Cummings Foundation Inc

EIN:

04-3073023

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
PROFESSIONAL FEES	11,434			11,434

- TIN:

TY 2023 TaxesSchedule

Name:

Cummings Foundation Inc

EIN:

04-3073023

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
FEDERAL TAXES PAID	3,262,633		2,550,000
FOREIGN TAXES PAID	394,264	394,264	394,264

- TIN:

TY 2023 TransfersFrmControlledEntities

Name:

Cummings Foundation Inc

EIN:

04-3073023

Name	US / Foreign Address	EIN	Description	Amount
CUMMINGS FOUNDATION PRIVATE CAPITAL LP	15 OLD DANBURY ROAD WILTON,CT06897	90-1028644	WITHDRAWALS AND DISTRIBUTIONS - NOT AN EXCESS BUSINESS HOLDING.	43,270,000
Total				43,270,000

- TIN:

TY 2023 TransfersToControlledEntities

Name:

Cummings Foundation Inc

EIN:

04-3073023

Name	US / Foreign Address	EIN	Description	Amount
NHC REALTY INC	200 WEST CUMMINGS PARK WOBURN,MA01801	30-0553218	No transfers were made in 2023. Not an excess business holding.	0
HEM REALTY INC	200 WEST CUMMINGS PARK WOBURN,MA01801	30-0553220	No transfers were made in 2023. Not an excess business holding.	0
CUMMINGS FOUNDATION GRANTS INC	200 West Cummings Park Woburn,MA01801	80-0681389	ENDOWMENT GRANT. NOT AN EXCESS BUSINESS HOLDING.	18,350,000
CUMMINGS FOUNDATION PRIVATE CAPITAL LP	15 OLD DANBURY ROAD WILTON,CT06897	90-1028644	Capital Contributions - Not an excess business holding.	69,270,000
Total				87,620,000