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
ARIZONA FOUNDATION FOR EDUCATIONAL
ADVANCEMENT

Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 10417
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
PHOENIX, AZ850640417

A Employer identification number

86-0664560

B Telephone number (see instructions)

(480) 822-0881

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

$16,281,223J 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	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .............
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	375,504		375,504
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		322,547
b	Gross sales price for all assets on line 6a 5,893,461
7	Capital gain net income (from Part IV, line 2)...			322,547
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).......
12	Total. Add lines 1 through 11........	698,051		698,051
13	Compensation of officers, directors, trustees, etc.	139,500		6,975	132,525
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	9,950	4,975	4,975
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	110,031	108,172	1,859
17	Interest...............
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	28,476	333	6,323
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......	9,247		0	9,247
22	Printing and publications..........
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	5,255	0	5,255
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	302,459		120,455	160,184
25	Contributions, gifts, grants paid.......	557,000			557,000
26	Total expenses and disbursements. Add lines 24 and 25	859,459		120,455	717,184
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-161,408
b	Net investment income (if negative, enter -0-)			577,596
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	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.............	14,911	27,345	27,345
	2	Savings and temporary cash investments.........	423,482	334,208	334,208
	3	Accounts receivable
		Less: allowance for doubtful accounts
	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..............
	9	Prepaid expenses and deferred charges..........	9,055	4,026	4,026
	10a	Investments—U.S. and state government obligations (attach schedule)	1,081,927	List of Attached Documents: // Content 1,055,628	1,055,628
	b	Investments—corporate stock (attach schedule).......	11,195,176	List of Attached Documents: // Content 11,883,870	11,883,870
	c	Investments—corporate bonds (attach schedule).......	1,134,585	List of Attached Documents: // Content 1,288,270	1,288,270
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	1,570,459	List of Attached Documents: // Content 1,676,146	1,676,146
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	List of Attached Documents: // Content 10,363	List of Attached Documents: // Content 11,730	List of Attached Documents: // Content 11,730
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	15,439,958	16,281,223	16,281,223
	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 )	List of Attached Documents: // Content 28,932	List of Attached Documents: // Content 43,230
	23	Total liabilities (add lines 17 through 22).........	28,932	43,230
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........	15,411,026	16,237,993
	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).....	15,411,026	16,237,993
	30	Total liabilities and net assets/fund balances (see instructions).	15,439,958	16,281,223

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) ...............

15,411,026

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

-161,408

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

List of Attached Documents:

// Content

988,375

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

16,237,993

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 .

16,237,993

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	P
b
c
d
e

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	5,893,461	5,570,914	322,547
b
c
d
e

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			322,547
b
c
d
e

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	322,547
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

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	8,029
b	All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2	0
3	Add lines 1 and 2...........................	3	8,029
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4	0
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	8,029
6	Credits/Payments:

a	2023 estimated tax payments and 2022 overpayment credited to 2023	6a	11,068
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	0
d	Backup withholding erroneously withheld ..........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............		7	11,068
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		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	3,039
11	Enter the amount of line 10 to be: Credited to 2024 estimated tax3,039	Refunded	11	0

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? ....................

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....

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

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

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

If "Yes," attach the statement required by General Instruction T.

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

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

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

N/A

The books are in care of right arrow

JOHN MUESSLE Telephone no. right arrow

(480) 822-0881

Located at right arrow

PO BOX 10417PHOENIXAZ ZIP+4 right arrow

85064

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)

(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? ..............................

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)

(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? .................

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-)
JOHN MUESSLE	PRESIDENT/SECRETARY 20.00	87,000
PO BOX 10417 PHOENIX,AZ85064	PRESIDENT/SECRETARY 20.00	87,000
LEO VALDEZ	CHAIRMAN 2.00	10,000
PO BOX 10417 PHOENIX,AZ85064	CHAIRMAN 2.00	10,000
SCOTT BUTTERFIELD	DIRECTOR 2.00	10,000
PO BOX 10417 PHOENIX,AZ85064	DIRECTOR 2.00	10,000
THOMAS DUNCAN	ASSISTANT TREASURER 3.00	20,000
PO BOX 10417 PHOENIX,AZ85064	ASSISTANT TREASURER 3.00	20,000
LEE BURTON	VICE CHAIRMAN/TREASURER 3.00	12,500
PO BOX 10417 PHOENIX,AZ85064	VICE CHAIRMAN/TREASURER 3.00	12,500

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...................				0

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
MERRIL LYNCH	INVESTMENT MANAGMENT FEES	108,074
PO BOX 1580 PENNINGTON,NJ08534	INVESTMENT MANAGMENT FEES	108,074

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


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

15,251,276

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

469,072

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

4,026

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

15,724,374

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

15,724,374

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

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

235,866

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

15,488,508

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

774,425

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

774,425

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

8,029

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

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

8,029

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

766,396

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

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

766,396

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

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

766,396

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 ..........

717,184

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

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. .......

717,184

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				766,396
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only.......			668,108
b Total for prior years:20 , 20, 20		0
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 ........	0
4Qualifying distributions for 2023 from Part
XI, line 4: $ 717,184
a Applied to 2022, but not more than line 2a			668,108
b Applied to undistributed income of prior years (Election required—see instructions).....		0
c Treated as distributions out of corpus (Election required—see instructions)........	0
d Applied to 2023 distributable amount.....				49,076
e Remaining amount distributed out of corpus	0
5 Excess distributions carryover applied to 2023.	0			0
(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	0
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........		0
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......		0
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........		0
e Undistributed income for 2022. Subtract line 4a from line 2a. Taxable amount—see instructions .............			0
f Undistributed income for 2023. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2024 ..........				717,320
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......	0
8 Excess distributions carryover from 2018 not applied on line 5 or line 7 (see instructions) ...	0
9 Excess distributions carryover to 2024. Subtract lines 7 and 8 from line 6a ......	0
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

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

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

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
ACHIEVEMENT REWARDS FOR COLLEGE SCIENTISTS-DENVER PO BOX 460874 104 N BROADWAY SUITE 400 DENVER,CO80246	NONE	PC	ADVANCE SCIENCE & TECHNOLOGY THRU $ AWARDS TO ACADEMICALLY OUTSTANDING U S CITIZENS FOR DEGREES IN SCIENCE, ENGINEERING & MEDICAL RESEARCH	15,000
ACHIEVEMENT REWARDS FOR COLLEGE SCIENTISTS-PHOENIX 3104 EAST CAMELBACK ROAD PMB 975 PHOENIX,AZ85016	NONE	PC	ADVANCE SCIENCE & TECHNOLOGY THRU $ AWARDS TO ACADEMICALLY OUTSTANDING U S CITIZENS FOR DEGREES IN SCIENCE, ENGINEERING & MEDICAL RESEARCH	10,000
ARIZONA HISTORICAL SOCIETY 949 E 2ND STREET TUCSON,AZ85719	NONE	PC	EXPAND THE ARIZONA HISTORICAL SOCIETY (AHS) FELLOWSHIP PROGRAM WHICH BRINGS HISTORIANS AND OTHER FELLOWS TO DELVE INTO OUR STATES ARCHIVES	5,000
COLORADO LEAGUE OF CHARTER SCHOOLS 104 N BROADWAY SUITE 400 DENVER,CO80203	NONE	PC	IMPROVE STUDENT ACHIEVEMENT BY SUPPORTING COLORADO'S CHARTER SCHOOLS, POSITIVELY RESHAPING THE PUBLIC-SCHOOL LANDSCAPE FOR HIGH QUALITY PUBLIC CHOICE	40,000
DESERT VOICES 3426 EAST SHEA BLVD PHOENIX,AZ85028	NONE	PC	TO TEACH EACH CHILD WHO IS DEAF OR HARD OF HEARING, THE LISTENING & SPOKEN LANGUAGE SKILLS NEEDED TO TALK & UNDERSTAND WHEN OTHERS SPEAK TO THEM	10,000
EXPONENT PHILANTHROPY (FRMRLY ASSOC OF SMALL FDTNS) 1720 N STREET NW WASHINGTON,DC20036	NONE	PC	MEMBERSHIP ASSOCIATION TO EDUCATE, ASSIST AND NETWORK FOR SMALL (SMALL OR NO STAFF) FOUNDATIONS	7,000
HANDS ACROSS CULTURES PO BOX 2215 ESPANOLA,NM87532	NONE	PC	SUPPORT THE MISSION DEDICATED TO IMPROVING HEALTH, EDUCATION & WELL-BEING OF PEOPLE OF NORTHERN NM THROUGH FAMILY-CENTERED APPROACHES	2,500
HOLY CROSS CATHOLIC SCHOOL PO BOX 1260 1331 STATE ROAD 76 SANTA CRUZ,NM87567	NONE	PC	PROVIDE AN ADVANCED & FAITH-BASED EDUCATIONAL EXPERIENCE WITH AN EMPHASIS ON THE CATHOLIC FAMILY VALUES UNIQUE TO NORTHERN NEW MEXICO	5,000
HUMAN SERVICES CAMPUS & (FRMRLY LODESTAR RESOURCE) 204 S 12TH AVE PHOENIX,AZ85007	NONE	PC	ASSISTS CLIENTS IN ENDING THEIR HOMELESSNESS BY ACHIEVING GREATER SELF-SUFFIIENCY THROUGH NUMEROUS STRATEGIES INCLUDING EDUCATION & EMPLOYMENT	50,000
HUTCHINSON COMMUNITY COLLEGE ENDOWMENT ASSOC 1300 NORTH PLUM HUTCHINSON,KS67501	NONE	PC	PROVIDE ASISTANCE TO STUDENTS WHO ARE SEEKING TO TRANSFER TO A FOUR-YEAR UNIVERSITY OR EARN A TECHNICAL DEGREE, GAINING SKILLS TO ENTER THE WORKFORCE	50,000
IDAHO STATE UNIVERSITY 921 SOUTH 8TH AVE STOP 8173 POCATELLO,ID83209	NONE	GOV	TO CONSTRUCT A NEW ACADEMIC CENTER ALLOWING STUDENT ATHLETES TO STUDY, TAKE EXAMS AND HAVE ACCESS TO STRUCTURED ACADEMIC SCHOLASTIC ADVISORS	40,000
JESUIT HIGH SCHOOL 9000 SW BEAVERTON-HILLSDALE HWY PORTLAND,OR97225	NONE	PC	ST. ANDREW NATIVITY PROGRAM - TUITION ASSISTANCE FOR ECONOMICALLY DISADVANTAGED STUDENTS	20,000
NEW LIFE FARMINGTON (FRMRLY NL WORSHIP CENTER) 8121 EAST MAIN STREET FARMINGTON,NM87402	NONE	PC	FUNDING UNIVERSITY SCHOLARSHIPS AWARDED THROUGH YOUTH MINISTRY - TO BE USED FOR TUITION AND/OR BOOKS	91,500
NORTHERN NEW MEXICO COLLEGE FOUNDATION PO BOX 160 EL RITO,NM87530	NONE	PC	ENSURE STUDENT SUCCESS BY PROVIDING ACCESS TO AFFORDABLE LEARNING OPPORTUNITIES MEETING EDUCATIONAL, CULUTURAL & ECONOMIC NEEDS OF THE REGION	2,000
NORTHERN NEW MEXICO NORMAL SCHOOL ALUM ASSOC PO BOX 901 SANTA CRUZ,NM87567	NONE	PC	SUPPORT THE NORTHERN SCHOLARSHIP FUND, WHICH PROVIDES SCHOLARSHIPS TO WELL-DESERVING NORTHERN NEW MEXICO COLLEGE STUDENTS	9,000
PAT TILLMAN FOUNDATION 180 N LASALLE STREET SUITE 2910 CHICAGO,IL60601	NONE	PC	FILLING FINANCIAL GAPS NOT COVERED BY THE POST 9-11 G.I. BILL BY PROVIDING ACADEMIC SCHOLARSHIPS FOR SERVICE MEMBERS, VETERANS OR THEIR SPOUSES	75,000
PRIMERIA ALTA HISTORICAL SOCIETY PO BOX 2281 NOGALES,AZ85628	NONE	PC	PROVIDE A PRESERVATION OF HISTORIC AND CURRENT EVENTS AND DISPLAYS OF THE CITY OF NOGALES TO INFORM ITS INHABATITANTS AND EDUCATE TOURISTS	5,000
ST THOMAS THE APOSTLE 4510 NORTH 24TH STREET PHOENIX,AZ85016	NONE	PC	GRANT TO BE USED FOR CAPITAL IMPROVEMENTS FOR ITS CAMPUS, SPECIFICALLY A NEW CLASSROOM BUILDING - GROUND BREAKING EXPECTED IN JUNE, 2024	20,000
U OF A - BIO5 (KEYS) 1111 NORTH CHERRY AVENUE PO BOX 210109 TUCSON,AZ85721	NONE	GOV	TO PROVIDE ARIZONA HIGH SCHOOL STUDENTS WITH HANDS-ON LABORATORY RESEARCH UNDER THE MENTORSHIP OF WORLD-CLASS SCIENTISTS AND THEIR LAB TEAMS	50,000
UNIVERSITY OF IDAHO 875 PERIMETER DRIVE MS 3143 MOSCOW,ID83844	NONE	GOV	TO SUPPORT THE COLLEGE OF NATURAL RESOURCE'S (CNR) MCCALL FIELD CAMPUS FOR MASTER OF NATURAL RESOURCES IN ENVIRONMENTAL EDUCATION & SCIENCE	20,000
UNIVERSITY OF PORTLAND OFFICE OF DEVELOPMENT 5000 N WILLAMETTE BLVD PORTLAND,OR97203	NONE	PC	TO HELP FUND FACTSET AS THE NEW STANDARD RESEARCH AND INSTRUCTIONAL DATABASE TO REPLACE BLOOMBERG TERMINALS AND WRDS DATABASE	15,000
WASHBURN UNIVERSITY FOUNDATION 1729 SW MACVICAR AVENUE TOPEKA,KS66004	NONE	PC	SCHOLARSHIPS TO LAW STUDENTS, ALLOWING THEM TO FOCUS ON THEIR INITIAL STUDIES & WORRY LESS ABOUT WORKING TO ENHANCE ABILITY WITH EXHAUSTIVE STUDIES	15,000
Total ................................. 3a				557,000

bApproved for future payment

Total ................................. 3b				0

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.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments ....
3 Interest on savings and temporary cash investments ...........
4 Dividends and interest from securities ....			14	375,504
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	322,547
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..		0		698,051	0

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

698,051

(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.)

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)

(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

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

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:

TY 2023 AccountingFeesSchedule

Name:

ARIZONA FOUNDATION FOR EDUCATIONAL

ADVANCEMENT

EIN:

86-0664560

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ACCOUNTING	9,950	4,975		4,975

- TIN:

TY 2023 InvestmentsCorpBondsSchedule

Name:

ARIZONA FOUNDATION FOR EDUCATIONAL

ADVANCEMENT

EIN:

86-0664560

Name of Bond	End of Year Book Value	End of Year Fair Market Value
CREE INC	4,561	4,561
CB WAYFAIR INC	4,963	4,963
CONMED CORP	5,001	5,001
GUARDANT HEALTH INC	5,600	5,600
SHAKE SHACK INC	6,486	6,486
CARNIVAL CORP	6,582	6,582
LYFT INC	7,587	7,587
ALTERYX INC	7,803	7,803
BIOMARIN PHARMACEUTICAL	7,905	7,905
FORD MOTOR COMPANY	7,960	7,960
EQT CORP	7,972	7,972
PINDUODUO INC	8,250	8,250
TRANSOCEAN INC	8,321	8,321
LIVE NATION ENTERTAINMEN	8,475	8,475
NEUROCRINE BIOSCIENCES	8,634	8,634
GUIDEWIRE SOFTWARE INC	8,801	8,801
BRIDGEBIO PHARMA INC	9,702	9,702
ON SEMICONDUCTOR CORP	9,810	9,810
CONFLUENT INC	10,006	10,006
MAKEMYTRIP LIMITED	10,408	10,408
CHEGG INC	11,050	11,050
EXACT SCIENCES CORP	11,235	11,235
FIVE9 INC	11,471	11,471
NATERA INC	11,995	11,995
ZSCALER INC.	12,129	12,129
EURONET SERVICES INC.	12,183	12,183
CYTOKINETICS INC	12,406	12,406
SQUARE INC	13,116	13,116
BOOKING HOLDINGS INC	13,195	13,195
BAXTER INTERNATIONAL INC	13,729	13,729
MORGAN STANLEY	13,843	13,843
ENPHASE ENERGY INC	14,230	14,230
DRAFTKINGS INC	15,229	15,229
LUMENTUM HLDGS INC	16,072	16,072
EXPEDIA GROUP INC	16,074	16,074
MICROCHIP TECHNOLOGY INC	16,390	16,390
HUBSPOT INC	16,586	16,586
DATADOG INC	16,753	16,753
CYBERARK SOFTWARE LTD	16,992	16,992
CLOUDFLARE INC	17,062	17,062
INSMED INC	17,139	17,139
ANHEUSER-BUSCH INBEV FIN	18,017	18,017
JPMORGAN CHASE & CO	18,253	18,253
AIRBNB INC	18,860	18,860
UNITEDHEALTH GROUP INC	19,098	19,098
VERIZON COMMUNICATIONS	19,170	19,170
ABBVIE INC	19,770	19,770
HOME DEPOT INC	20,167	20,167
CITIGROUP INC	20,575	20,575
NORTHROP GRUMMAN CORP	20,802	20,802
ZILLOW GROUP INC	20,941	20,941
JPMORGAN CHASE & CO	21,375	21,375
LOWE'S COS INC	21,721	21,721
MONGODB INC	21,738	21,738
KINDER MORGAN INC/DELAWA	21,798	21,798
DEXCOM INC	21,930	21,930
MORGAN STANLEY	22,020	22,020
MASTERCARD INC	22,172	22,172
CVS HEALTH CORP	22,506	22,506
CB ROYAL CARIBBEAN	24,159	24,159
COMCAST CORP	24,341	24,341
USD ENBRIDGE INC	24,715	24,715
BENTLEY SYS INC	24,717	24,717
WELLS FARGO & COMPANY	25,057	25,057
AKAMAI TECHNOLOGIES INC	25,404	25,404
RTX CORP	25,766	25,766
FISERV INC	27,810	27,810
AMAZON.COM INC	29,721	29,721
UNION PACIFIC CORP	31,144	31,144
UBER TECHNOLOGIES INC	31,523	31,523
ALTERYX INC	32,099	32,099
WESTERN DIGITAL CORP	33,071	33,071
SHOPIFY INC	33,955	33,955
OKTA INC	34,995	34,995
PALO ALTO NETWORKS	35,174	35,174

- TIN:

TY 2023 InvestmentsCorpStockSchedule

Name:

ARIZONA FOUNDATION FOR EDUCATIONAL

ADVANCEMENT

EIN:

86-0664560

Name of Stock	End of Year Book Value	End of Year Fair Market Value
NEXTERA ENERGY INC	2,592	2,592
SYNOVUS FINL CORP SHS	4,405	4,405
CHARLES RIVER LABS INTL	5,201	5,201
CHART INDUSTRIES INC.	6,336	6,336
BIO RAD LABS CL A	6,781	6,781
TELEFLEX INC	7,231	7,231
WOLVERINE WORLD WIDE	7,290	7,290
REVVITY INC	7,542	7,542
RINGCENTRAL INC	7,605	7,605
HELMERICH PAYNE INC	7,642	7,642
WENDYS CO	7,656	7,656
PATTERSON UTI ENERGY INC	7,927	7,927
FMC CORP COM NEW	8,070	8,070
OVINTIV INC REG SHS	8,257	8,257
ENN ENERGY HOLDINGS LTD	8,326	8,326
MALIBU BOATS INC SHS	8,497	8,497
TORO CO	8,543	8,543
MATADOR RES CO	8,700	8,700
KRONOS WORLDWIDE INC	8,866	8,866
KAISER ALUM CORP	8,899	8,899
ZIFF DAVIS INC	8,936	8,936
TETRA TECH INC NEW	9,014	9,014
SEALED AIR CORP (NEW)	9,057	9,057
WORLD KINECT CORP	9,089	9,089
AMERICAN STATES WATER CO	9,248	9,248
LAMB WESTON HOLDINGS INC	9,296	9,296
FIRST INTST BANCSYSTEM	9,348	9,348
BLACKSTONE MORTGAGE TRUS	9,359	9,359
UMH PROPERTIES INC	9,468	9,468
PACIRA BIOSCIENCES INC	9,515	9,515
MKS INSTRUMENTS INC COM	9,567	9,567
BRIGHTHOUSE FINL INC REG	9,631	9,631
WESTLAKE CORP	9,657	9,657
HALMA PLC	9,673	9,673
SPS COMM INC	9,692	9,692
DOUGLAS DYNAMICS INC	9,735	9,735
OSHKOSH CORPORATION	9,757	9,757
UNDER ARMOUR INC CLASS A	9,792	9,792
PHYSICIANS RLTY TR	9,876	9,876
RB GLOBAL INC	9,900	9,900
CALIFORNIA WTR SVC GP DE	9,959	9,959
ALASKA AIR GROUP INC COM	10,197	10,197
CLEARWAY ENERGY INC	10,204	10,204
WATTS WATER TECH INC	10,209	10,209
AUTOLIV INC	10,248	10,248
BANDAI NAMCO HLDGS INC	10,299	10,299
EXPERIAN PLC SP ADR	10,470	10,470
ENVISTA HOLDINGS CORP	10,490	10,490
ALEXANDRIA REAL EST EQTS	10,522	10,522
STANLEY BLACK & DECKER	10,693	10,693
TRONOX HOLDINGS PLC REG	10,903	10,903
GILDAN ACTIVEWEAR INC	10,976	10,976
YETI HLDGS INC	10,977	10,977
ZOZO,INC. SHS ADR	11,037	11,037
NEOGEN CORP	11,061	11,061
KIRBY CORP COM	11,066	11,066
HALMA PLC	11,121	11,121
SANDY SPRING BNCRP INC	11,277	11,277
APTIV PLC SHS	11,394	11,394
MTU AERO ENGINES AG	11,442	11,442
RECRUIT HOLDINGS CO.LTD.	11,682	11,682
CARLSBERG AS SPONSOREDAD	11,687	11,687
PLANET FITNESS INC CL A	12,118	12,118
WATERS CORP	12,182	12,182
BANK HAWAII CORP	12,391	12,391
MEDPACE HLDGS INC	12,568	12,568
LAKELAND FINCL CORP IND	12,576	12,576
ADVANTEST CORP ADR	12,656	12,656
DIODES INC COM	12,722	12,722
RENAISSANCERE HLDGS LTD	12,740	12,740
DBS GROUP HLDGS SPN ADR	12,759	12,759
COEUR MINING INC	12,786	12,786
KEYSIGHT TECHNOLOGIES	12,886	12,886
CANADIAN PAC KANS CITY	13,203	13,203
TARGET CORP COM	13,245	13,245
IMCD GROUP ADR	13,280	13,280
LANDSTAR SYS INC COM	13,362	13,362
HENKEL AG & CO KGAA SP	13,563	13,563
ASHLAND INC	13,574	13,574
ASICS CORP -UNSP ADR	13,785	13,785
COMP SIDER NACL SPNS ADR	14,077	14,077
COVESTRO AG-	14,257	14,257
ADDUS HOMECARE CORP	14,485	14,485
SUZUKI MOTOR CORP SHS	14,651	14,651
EXPONENT INC	14,703	14,703
OSHKOSH CORPORATION	14,961	14,961
SIEMENS HEALTHINEERS ADR	14,973	14,973
DAIWA HOUSE IND LTD ADR	15,045	15,045
AMEDISYS INC	15,305	15,305
FANUC LTD-UNSP	15,508	15,508
WELLS FARGO & CO NEW	15,543	15,543
ALLEGION PLC SHS	15,710	15,710
INSIGHT ENTRPRISES INC	15,770	15,770
VONOVIA SE SHS ADR	15,836	15,836
POTLATCHDELTIC CORP	15,859	15,859
SANDVIK AB ADR	15,870	15,870
KBC GROUPE SA SHS	16,045	16,045
CAPGEMINI SE SHS ADR	16,154	16,154
UNIVERSAL MUSIC GRO-UNSP	16,162	16,162
COCA-COLA EUROPACIFIC	16,218	16,218
RENESAS ELECTRONICS CORP	16,432	16,432
NICE LTD ADR	16,559	16,559
KELLANOVA	16,661	16,661
HUMANA INC	16,939	16,939
STAG INDUSTRIALS, INC.	16,960	16,960
GENPACT LTD HAMILTON	17,008	17,008
TERADYNE INC	17,038	17,038
MERCK KGAA- ADR	17,051	17,051
LAM RESEARCH CORP COM	17,232	17,232
ASML HLDG NV NY REG SHS	17,409	17,409
LONDON STK EXCHANGE	17,475	17,475
SUNCOR ENERGY INC NEW	17,558	17,558
ARMSTRONG WORLD INDS INC	17,599	17,599
BALL CORP COM	17,601	17,601
PERNOD RICARD SA - SPON	17,685	17,685
DAIKIN INDUSTRIES LTD	17,819	17,819
CHUBB LTD	17,854	17,854
GATX CORPORATION	18,153	18,153
POPULAR INC COM NEW	18,220	18,220
AVANTOR INC	18,401	18,401
AKZO NOBEL N V	18,503	18,503
JONES LANG LASALLE INC	18,509	18,509
GLOBUS MED INC	18,705	18,705
BWX TECHNOLOGIES INC	18,722	18,722
SAMPO PLC SHS	18,870	18,870
UGI CORP NEW	18,917	18,917
BAKER HUGHES CO	18,970	18,970
DISCO CORP SHS ADR	19,059	19,059
APOLLO GLOBAL MGMT INC.	19,173	19,173
1ST FINANCIAL BCSHS INC	19,331	19,331
BURLINGTON STORES INC	19,448	19,448
SHIN-ETSU CHEM-UNSPON	19,500	19,500
BATH & BODY WORKS INC	19,595	19,595
EQTY LIFESTYLS PPTYS INC	19,610	19,610
BUREAU VERITAS ADR	19,804	19,804
CIE FINANCIERE RICHEMONT	19,850	19,850
HILLENBRAND INC	19,906	19,906
FOX CORP CL B	19,991	19,991
EQTY LIFESTYLS PPTYS INC	20,033	20,033
NOMURA RESH INST LTD ADR	20,080	20,080
FOX FACTORY HLDG CORP	20,244	20,244
SAP SE SHS	20,251	20,251
LEGRAND SA-UNSP	20,374	20,374
TELEFLEX INC	20,695	20,695
GRAPHIC PACKAGING HLDG C	20,706	20,706
MICROCHIP TECHNOLOGY INC	20,741	20,741
CBRE GROUP INC	20,759	20,759
ING GP NV SPSD ADR	20,773	20,773
CMNTY BANK SYS INC DEL	20,844	20,844
O'REILLY AUTOMOTIVE INC	20,902	20,902
WINTRUST FINL CP ILL COM	20,962	20,962
STEPAN CO	20,990	20,990
GLOBE LIFE INC	21,058	21,058
CONTINENTAL AG SPNRD ADR	21,286	21,286
HOYA CORP ADR	21,293	21,293
ABB LTD SPON ADR	21,308	21,308
VONTIER CORP	21,386	21,386
HANNON ARMSTRNG	21,457	21,457
MSC INDL DIRECT INC CL A	21,568	21,568
REXFORD INDL RLTY INC	21,823	21,823
COMMERCE BANCSHARES	21,845	21,845
TOLL BROS INC COM	21,894	21,894
LINCOLN ELEC HLDGS INC	21,963	21,963
PIONEER NATURAL RES CO	22,263	22,263
CORTEVA INC REG SHS	22,331	22,331
LABORATORY CP AMER HLDGS	22,729	22,729
MARTIN MARIETTA MATLS	22,950	22,950
CARLISLE COS INC	23,120	23,120
WASTE CONNECTIONS INC	23,137	23,137
ASM INTERNATIONAL-NY REG	23,364	23,364
ICON PLC	23,495	23,495
THALES SA UNSP ADR	23,540	23,540
AIRBUS SE	24,762	24,762
JEFFERIES FINL GROUP INC	24,812	24,812
AIR LIQUIDE ADR	24,928	24,928
AON PLC REG SHS	25,028	25,028
AGREE RLTY CORP	25,180	25,180
MARKETAXESS HOLDINGS INC	25,478	25,478
UNILEVER PLC NEW ADR	25,791	25,791
GLOBUS MED INC	25,952	25,952
COLUMBIA BKG SYS INC	26,013	26,013
GLACIER BANCORP INC NEW	26,321	26,321
MONOTARO CO LTD - UNSP	26,627	26,627
STATE STREET CORP	27,421	27,421
HSBC HLDG PLC SP ADR	27,608	27,608
AMETEK INC NEW	28,031	28,031
AIA GROUP LTD	28,256	28,256
FORTUNE BRANDS	28,629	28,629
TERRENO REALTY CORP SHS	29,016	29,016
L3HARRIS TECHNOLOGIES	29,066	29,066
COMPASS GROUP PLC SHS	29,785	29,785
MARATHON OIL CORP	29,789	29,789
LAMAR ADVERTISING CO-A	29,971	29,971
BP PLC SPON ADR	30,798	30,798
FIDELITY NATL INFO SVCS	30,876	30,876
RYANAIR HOLDINGS PLC SHS	31,873	31,873
ENTERPRISE FINL SVCS CRP	32,059	32,059
CHESAPEAKE ENERGY CORP	32,161	32,161
CARDINAL HEALTH INC OHIO	32,861	32,861
CASEYS GEN STORES INC	33,518	33,518
ENTERGY CORP NEW	34,405	34,405
FIDELITY NATL INFO SVCS	34,420	34,420
FREEPORT-MCMORAN INC	35,248	35,248
ROCHE HLDG LTD SPN ADR	35,288	35,288
ALLIANT ENERGY CORP	35,756	35,756
NORTHROP GRUMMAN CORP	37,451	37,451
PNC FINCL SERVICES GROUP	37,629	37,629
PACKAGING CORP AMERICA	38,935	38,935
HARTFORD FINL SVCS GROUP	39,467	39,467
ENGIE SHS	39,654	39,654
NOVO NORDISK A S ADR	42,828	42,828
WALKER & DUNLOP INC	42,850	42,850
RELX PLC	43,785	43,785
PEPSICO INC	50,442	50,442
UNION PACIFIC CORP	52,071	52,071
MCDONALDS CORP COM	52,186	52,186
WALMART INC	52,655	52,655
PHILIP MORRIS INTL INC	52,685	52,685
MONDELEZ INTERNATIONAL	52,801	52,801
ORACLE CORP $0.01 DEL	54,191	54,191
HONEYWELL INTL INC DEL	57,041	57,041
TRANE TECHNOLOGIES PLC	57,317	57,317
WEC ENERGY GROUP INC SHS	57,656	57,656
S&P GLOBAL INC	61,232	61,232
ELEVANCE HEALTH INC	61,774	61,774
MARSH & MCLENNAN COS INC	65,746	65,746
TJX COS INC NEW	65,948	65,948
ZOETIS INC	66,119	66,119
EXXON MOBIL CORP COM	66,787	66,787
TEXAS INSTRUMENTS	66,991	66,991
CHEVRON CORP	67,271	67,271
AMER EXPRESS COMPANY	67,817	67,817
NEXTERA ENERGY INC SHS	68,090	68,090
ABBVIE INC SHS	68,342	68,342
COMCAST CORP NEW CL A	68,450	68,450
EATON CORP PLC	69,115	69,115
SCHWAB CHARLES CORP NEW	70,589	70,589
LOWE'S COMPANIES INC	71,884	71,884
AMERICAN TOWER REIT INC	73,399	73,399
ABBOTT LABS	73,967	73,967
MASTERCARD INC	78,051	78,051
PPG INDUSTRIES INC SHS	78,215	78,215
EQUINIX INC	78,928	78,928
T-MOBILE US INC SHS	80,806	80,806
NORTHROP GRUMMAN CORP	80,988	80,988
WILLIAMS COMPANIES DEL	85,125	85,125
EASTMAN CHEMICAL CO COM	86,137	86,137
PROLOGIS INC	88,511	88,511
AMERICAN TOWER REIT INC	90,885	90,885
LINDE PLC NEW	91,178	91,178
WEC ENERGY GROUP INC SHS	91,661	91,661
JPMORGAN CHASE & CO	91,684	91,684
ASTRAZENECA PLC SPND ADR	93,617	93,617
ACCENTURE PLC SHS	95,097	95,097
MOTOROLA SOLUTIONS INC	97,997	97,997
ACCENTURE PLC SHS	98,606	98,606
PEPSICO INC	98,847	98,847
UNITEDHEALTH GROUP INC	101,609	101,609
TARGET CORP COM	107,527	107,527
NEXTERA ENERGY INC SHS	118,200	118,200
PROCTER & GAMBLE CO	118,697	118,697
ABBOTT LABS	122,838	122,838
UNITEDHEALTH GROUP INC	123,194	123,194
AMGEN INC COM	127,593	127,593
FEDEX CORP DELAWARE COM	128,509	128,509
PROLOGIS INC	129,834	129,834
HONEYWELL INTL INC DEL	131,278	131,278
ANALOG DEVICES INC COM	133,432	133,432
MOTOROLA SOLUTIONS INC	133,689	133,689
BROADCOM INC	133,950	133,950
HOME DEPOT INC	134,461	134,461
MONDELEZ INTERNATIONAL	135,082	135,082
UNION PACIFIC CORP	136,810	136,810
EATON CORP PLC	139,916	139,916
TEXAS INSTRUMENTS	142,164	142,164
MEDTRONIC PLC SHS	144,824	144,824
ABBVIE INC SHS	145,052	145,052
TE CONNECTIVITY LTD	145,418	145,418
PNC FINCL SERVICES GROUP	167,393	167,393
GOLDMAN SACHS GROUP INC	170,125	170,125
BLACKROCK INC	174,537	174,537
MERCK AND CO INC SHS	175,849	175,849
JPMORGAN CHASE & CO	181,837	181,837
MCDONALDS CORP COM	191,842	191,842
BROADCOM INC	191,995	191,995
MICROSOFT CORP	206,446	206,446
CHEVRON CORP	211,658	211,658
APPLE INC	214,671	214,671
MICROSOFT CORP	234,516	234,516

- TIN:

TY 2023 InvestmentsGovtObligationsSch

Name:

ARIZONA FOUNDATION FOR EDUCATIONAL

ADVANCEMENT

EIN:

86-0664560

US Government Securities - End of Year Book Value:

1,055,628

US Government Securities - End of Year Fair Market Value:

1,055,628

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

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

- TIN:

TY 2023 InvestmentsOtherSchedule2

Name:

ARIZONA FOUNDATION FOR EDUCATIONAL

ADVANCEMENT

EIN:

86-0664560

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
ISHARES INTERNATIONAL	FMV	50	50
VANGUARD TOTAL WORLD	FMV	69	69
BLACKROCK ALLOCATION	FMV	59,064	59,064
BLACKROCK ALLOCATION	FMV	461,019	461,019
BNY MELLON GLOBAL FIXED	FMV	564,629	564,629
BLACKROCK HI YLD BD	FMV	591,315	591,315

- TIN:

TY 2023 OtherAssetsSchedule

Name:

ARIZONA FOUNDATION FOR EDUCATIONAL

ADVANCEMENT

EIN:

86-0664560

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
INTEREST RECEIVABLE	10,363	11,730	11,730

- TIN:

TY 2023 OtherExpensesSchedule

Name:

ARIZONA FOUNDATION FOR EDUCATIONAL

ADVANCEMENT

EIN:

86-0664560

Description	Revenue and Expenses per Books	Disbursements for Charitable Purposes
INSURANCE	987	987
DUES AND SUBSCRIPTIONS	2,525	2,525
POSTAGE, MAILING SERVICE	1,743	1,743

- TIN:

TY 2023 OtherIncreasesSchedule

Name:

ARIZONA FOUNDATION FOR EDUCATIONAL

ADVANCEMENT

EIN:

86-0664560

Description	Amount
UNREALIZED GAIN (LOSS)	988,375

- TIN:

TY 2023 OtherLiabilitiesSchedule

Name:

ARIZONA FOUNDATION FOR EDUCATIONAL

ADVANCEMENT

EIN:

86-0664560

Description	Beginning of Year - Book Value	End of Year - Book Value
ACCRUED FEES	8,829	9,334
DEFERRED TAX LIABILITY	20,103	33,896

- TIN:

TY 2023 OtherProfessionalFeesSchedule

Name:

ARIZONA FOUNDATION FOR EDUCATIONAL

ADVANCEMENT

EIN:

86-0664560

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT FEES	108,074	108,074		0
PAYROLL PROCESSING	1,957	98		1,859

- TIN:

TY 2023 TaxesSchedule

Name:

ARIZONA FOUNDATION FOR EDUCATIONAL

ADVANCEMENT

EIN:

86-0664560

Category	Amount	Net Investment Income	Disbursements for Charitable Purposes
PAYROLL TAXES	6,656	333	6,323
EXCISE TAX	8,029	0	0
DEFERRED EXCISE TAX EXPENSE	13,791	0	0