Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
right arrowDo not enter social security numbers on this form as it may be made public.
right arrowGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2023
Open to Public Inspection
For calendar year 2023, or tax year beginning 01-01-2023 , and ending 12-31-2023
Name of foundation
GEORGE W NEILSON FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 692
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
BEMIDJI, MN566190692
A Employer identification number

41-6022186
B Telephone number (see instructions)

(218) 444-4963
C right arrow
G Check all that apply:

D 1. Foreign organizations, check here............. right arrow
2. Foreign organizations meeting the 85%
test, check here and attach computation ... right arrow
E right arrow
H Check type of organization:
F right arrow
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)right arrow$33,020,557J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check right arrow.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 721,177 721,177  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 244,045
b Gross sales price for all assets on line 6a 6,709,112
7 Capital gain net income (from Part IV, line 2)... 244,045
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
25 25  
12 Total. Add lines 1 through 11........ 965,247 965,247  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 60,000 0   60,000
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
6,850 0   6,850
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
130,534 117,480   13,054
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
6,101 913   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
23,282 0   23,282
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 226,767 118,393   103,186
25 Contributions, gifts, grants paid....... 1,481,722 1,481,722
26 Total expenses and disbursements. Add lines 24 and 25 1,708,489 118,393   1,584,908
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -743,242
b Net investment income (if negative, enter -0-) 846,854
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2023)
Form 990-PF (2023)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 28,357 151,329 151,329
2 Savings and temporary cash investments......... 1,808,877 3,460,142 3,460,142
3 Accounts receivable right arrow  
Less: allowance for doubtful accounts right arrow        
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) right arrow  
Less: allowance for doubtful accounts right arrow        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule) 645,512 Click to see attachment
List of Attached Documents:
// Content
978,247 		985,645
b Investments—corporate stock (attach schedule)....... 23,325,081 Click to see attachment
List of Attached Documents:
// Content
21,334,624 		24,182,287
c Investments—corporate bonds (attach schedule)....... 5,410,352 Click to see attachment
List of Attached Documents:
// Content
4,550,595 		4,241,154
11 Investments—land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........      
14 Land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
15 Other assets (describe right arrow)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 31,218,179 30,474,937 33,020,557
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe right arrow)    
23 Total liabilities (add lines 17 through 22)......... 0 0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here right arrow
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions........... 31,218,179 30,474,937
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here right arrow
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds    
29 Total net assets or fund balances (see instructions)..... 31,218,179 30,474,937
30 Total liabilities and net assets/fund balances (see instructions). 31,218,179 30,474,937
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
31,218,179
2
Enter amount from Part I, line 27a .....................
2
-743,242
3
Other increases not included in line 2 (itemize) right arrow
3
0
4
Add lines 1, 2, and 3 ..........................
4
30,474,937
5
Decreases not included in line 2 (itemize) right arrow
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
30,474,937
Form 990-PF (2023)
Form 990-PF (2023)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a ABBOTT LABS COM P 2021-02-04 2023-10-19
b ABBVIE INC P 2023-02-10 2023-10-19
c ACCENTURE PLC IRELAND SHS CLASS A P 2021-02-04 2023-11-08
d ACCENTURE PLC IRELAND SHS CLASS A P 2021-03-25 2023-11-08
e ACCENTURE PLC IRELAND SHS CLASS A P 2021-03-25 2023-10-19
ADOBE INC P 2022-08-03 2023-03-28
ADOBE INC P 2022-01-31 2023-10-19
ADOBE INC P 2022-01-31 2023-03-28
ADVANCED MICRO DEVICES INC P 2022-08-10 2023-10-19
AIRBNB INC CL A P 2021-06-09 2023-10-19
AIRBNB INC CL A P 2021-06-09 2023-08-04
AIRBNB INC CL A P 2021-02-26 2023-08-04
AIRBNB INC CL A P 2021-03-25 2023-08-04
ALBEMARLE CORP P 2023-05-24 2023-10-19
ALBEMARLE CORP P 2021-02-04 2023-10-19
ALPHABET INC CL A P 2022-08-03 2023-10-19
ALPHABET INC CL A P 2021-02-04 2023-10-19
AMAZON COM INC P 2021-02-04 2023-10-19
AMAZON COM INC P 2021-02-04 2023-02-24
AMAZON COM INC P 2022-12-07 2023-05-12
AMAZON COM INC P 2021-02-26 2023-05-12
AMAZON COM INC P 2021-03-05 2023-05-12
AMAZON COM INC P 2021-02-04 2023-05-12
AMERICAN TOWER CORP P 2022-12-07 2023-10-19
AMERICAN TOWER CORP P 2023-02-10 2023-10-19
AMGEN INC P 2021-02-04 2023-10-19
ANALOG DEVICES INC P 2022-06-15 2023-10-19
APPLE INC COM P 2021-02-04 2023-10-19
APPLE INC COM P 2021-02-04 2023-10-19
APTIV PLC SHS P 2021-02-04 2023-10-19
BANK OF AMERICA CORP P 2023-03-15 2023-10-19
BANK OF AMERICA CORP P 2021-02-04 2023-10-19
BERKSHIRE HATHAWAY 3.000% 2/11/23 P 2014-12-09 2023-02-11
BEST BUY CO INC P 2021-07-26 2023-10-19
BLACKROCK INC P 2022-08-03 2023-10-19
BLACKROCK INC P 2021-02-04 2023-11-08
BLACKROCK INC P 2022-03-29 2023-10-19
BLACKROCK INC P 2022-03-29 2023-11-08
CATERPILLAR INC P 2021-09-09 2023-05-12
CATERPILLAR INC P 2021-09-09 2023-10-19
CATERPILLAR INC P 2021-07-26 2023-05-12
CATERPILLAR INC P 2022-01-10 2023-05-12
CATERPILLAR INC P 2021-11-05 2023-05-12
CENTENE CORP P 2021-02-04 2023-10-19
CHUBB LIMITED COM P 2021-02-04 2023-10-19
CHUBB LIMITED COM P 2021-02-04 2023-02-10
CISCO SYSTEMS INC P 2021-02-04 2023-10-19
CME GROUP INC P 2021-02-04 2023-10-19
COMCAST CORP CLASS A P 2021-11-05 2023-10-19
CONOCOPHILLIPS P 2022-03-01 2023-10-19
COPART INC P 2021-02-04 2023-05-24
COPART INC P 2021-02-04 2023-10-19
COSTCO WHSL CORP P 2021-02-04 2023-10-19
COSTCO WHSL CORP P 2021-03-25 2023-10-19
CVS HEALTH CORP P 2023-03-28 2023-10-19
DANAHER CORP P 2022-12-07 2023-10-19
DEERE CO P 2023-05-12 2023-10-19
EDWARDS LIFESCIENCES CORP P 2022-12-07 2023-10-19
EQUINIX INC P 2022-03-04 2023-08-04
EXACT SCIENCES CORP P 2022-12-07 2023-02-24
EXACT SCIENCES CORP P 2022-12-07 2023-05-24
EXACT SCIENCES CORP P 2021-09-09 2023-02-24
EXACT SCIENCES CORP P 2021-11-05 2023-02-24
GILEAD SCIENCES INC P 2021-02-04 2023-10-19
GILEAD SCIENCES INC P 2021-02-04 2023-10-19
GILEAD SCIENCES INC P 2021-02-04 2023-02-10
HOME DEPOT INC P 2023-05-24 2023-10-19
HOME DEPOT INC P 2023-05-12 2023-10-19
HONEYWELL INTERNATIONAL INC P 2021-02-04 2023-10-19
IBM CORP 3.375% 8/01/23 P 2018-07-10 2023-08-01
IBM CORP 3.375% 8/01/23 P 2018-04-11 2023-08-01
INTUIT INC P 2021-02-04 2023-10-19
ISHARES CORE S P 500 ETF P 2021-02-05 2023-05-30
J P MORGAN CHASE CO COM P 2021-02-04 2023-10-19
J P MORGAN CHASE CO COM P 2021-02-04 2023-10-19
L3HARRIS TECHNOLOGIES INC P 2022-12-07 2023-10-19
LINDE PLC SHS P 2021-03-05 2023-10-19
LOWE S COMPANIES INC 3.875% 9/15/23 P 2018-11-13 2023-09-15
LOWE S COMPANIES INC 3.875% 9/15/23 P 2013-09-25 2023-09-15
LOWE S COMPANIES INC 3.875% 9/15/23 P 2014-10-23 2023-09-15
LULULEMON ATHLETICA INC P 2022-08-10 2023-10-19
MAGNA INTL INC CL A P 2022-03-01 2023-10-19
MARATHON PETROLEUM CORP P 2021-02-04 2023-10-19
MARATHON PETROLEUM CORP P 2021-02-04 2023-08-04
MARATHON PETROLEUM CORP P 2021-02-04 2023-10-27
MARATHON PETROLEUM CORP P 2021-02-04 2023-10-19
MARATHON PETROLEUM CORP P 2021-02-04 2023-11-08
MASTERCARD INC P 2022-01-10 2023-10-19
MASTERCARD INC P 2021-02-04 2023-10-19
MATCH GROUP INC NEW P 2021-02-04 2023-10-19
MEDTRONIC PLC SHS P 2022-12-07 2023-10-19
MERCK CO INC 2.800% 5/18/23 P 2017-04-12 2023-05-18
META PLATFORMS INC P 2021-02-04 2023-10-19
MICROSOFT CORP COM P 2021-02-04 2023-10-19
MICROSOFT CORP COM P 2021-02-04 2023-05-24
MICROSOFT CORP COM P 2021-02-04 2023-10-19
MONDELEZ INTL INC CL A P 2022-06-15 2023-10-19
MORGAN STANLEY COM NEW P 2022-03-01 2023-10-19
MOTOROLA SOLUTIONS INC P 2022-05-26 2023-02-24
MOTOROLA SOLUTIONS INC P 2021-02-04 2023-02-10
NEXTERA ENERGY INC P 2022-05-26 2023-10-19
NEXTERA ENERGY INC P 2021-07-26 2023-10-19
NVIDIA CORP P 2022-08-03 2023-05-24
NVIDIA CORP P 2022-08-03 2023-10-19
NVIDIA CORP P 2021-02-26 2023-03-28
NVIDIA CORP P 2021-03-05 2023-05-24
NVIDIA CORP P 2021-03-05 2023-03-28
NVIDIA CORP P 2021-03-25 2023-03-28
PALO ALTO NETWORKS INC P 2022-08-03 2023-10-19
PAYCOM SOFTWARE INC P 2023-05-24 2023-10-19
PAYPAL HOLDINGS INC P 2021-02-04 2023-10-19
PAYPAL HOLDINGS INC P 2021-03-05 2023-10-27
PAYPAL HOLDINGS INC P 2022-01-10 2023-10-27
PAYPAL HOLDINGS INC P 2021-02-04 2023-10-27
PFIZER INC P 2021-02-04 2023-10-19
PROLOGIS INC P 2023-05-12 2023-10-19
QUALCOMM INC COM P 2023-05-12 2023-10-19
S P GLOBAL INC P 2022-03-04 2023-10-19
SALESFORCE INC P 2021-07-26 2023-10-19
SCHWAB CHARLES CORP P 2023-03-15 2023-10-19
SERVICENOW INC P 2021-02-04 2023-10-19
STARBUCKS CORP COM P 2021-11-05 2023-10-19
TARGET CORP COM P 2023-08-04 2023-10-19
TARGET CORP COM P 2023-05-12 2023-10-19
TEXAS INSTRUMENTS INC P 2021-07-26 2023-10-19
TRADE DESK INC COM CL A P 2021-02-04 2023-10-19
TRADE DESK INC COM CL A P 2021-02-04 2023-02-24
TRANSDIGM GROUP INC P 2021-02-04 2023-10-19
TRANSDIGM GROUP INC P 2021-02-04 2023-02-24
UBER TECHNOLOGIES INC P 2022-08-10 2023-08-04
UBER TECHNOLOGIES INC P 2022-08-10 2023-10-19
UNION PACIFIC CORP COM P 2022-03-01 2023-10-19
UNITED PARCEL SERVICE INC CL B P 2023-05-12 2023-10-19
UNITEDHEALTH GROUP INC COM P 2022-05-26 2023-10-19
UNITEDHEALTH GROUP INC COM P 2021-02-04 2023-10-19
US TREASURY BILL 6/29/23 P   2023-06-29
US TREASURY BILL 11/30/23 P   2023-11-30
US TREASURY BILL 12/28/23 P   2023-12-28
VANGUARD INTERNATIONAL GROWTH FUND P   2023-12-18
VERALTO CORP COM SHS P 2022-12-07 2023-10-13
VERALTO CORP COM SHS P 2022-12-07 2023-10-27
VERALTO CORP COM SHS P 2022-12-07 2023-10-19
VERALTO CORP COM SHS P 2023-05-24 2023-10-27
VERALTO CORP COM SHS P 2022-12-07 2023-10-27
VERIZON COMMUNICATIONS INC COM P 2021-02-04 2023-10-19
VISA INC COM CL A P 2021-02-04 2023-10-19
VISA INC COM CL A P 2021-03-05 2023-02-10
VISA INC COM CL A P 2021-02-04 2023-02-10
WALMART INC COM P 2021-02-04 2023-10-19
ZILLOW GROUP INC P 2021-11-05 2023-10-19
RETURN OF CAPITAL P   2023-12-31
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 21,250   26,853 -5,603
b 33,000   34,409 -1,409
c 23,117   18,263 4,854
d 29,134   24,658 4,476
e 42,045   36,987 5,058
24,822   27,915 -3,093
6,761   6,312 449
30,750   43,660 -12,910
7,888   7,359 529
5,596   6,750 -1,154
19,980   20,690 -710
22,956   30,757 -7,801
23,098   28,912 -5,814
8,932   12,886 -3,954
18,250   19,354 -1,104
23,833   20,190 3,643
47,488   34,957 12,531
15,875   20,220 -4,345
54,297   95,797 -41,500
86,275   67,930 18,345
22,293   30,667 -8,374
22,293   29,927 -7,634
66,545   98,946 -32,401
11,785   15,603 -3,818
34,558   45,777 -11,219
24,695   20,661 4,034
11,268   9,821 1,447
32,788   25,284 7,504
66,606   51,248 15,358
7,555   12,011 -4,456
9,136   9,367 -231
17,539   20,710 -3,171
150,000   151,800 -1,800
8,546   13,881 -5,335
5,623   6,081 -458
17,629   19,728 -2,099
30,002   36,956 -6,954
33,952   40,036 -6,084
3,800   3,713 87
14,234   11,346 2,888
11,821   11,808 13
43,696   45,962 -2,266
76,627   75,174 1,453
9,518   7,981 1,537
1,490   1,130 360
88,024   66,496 21,528
14,806   12,999 1,807
25,336   22,931 2,405
36,449   45,487 -9,038
10,773   8,236 2,537
118,126   77,534 40,592
6,392   4,036 2,356
2,284   1,419 865
4,568   2,728 1,840
6,621   6,961 -340
10,408   11,901 -1,493
11,894   11,672 222
8,475   8,897 -422
64,066   59,903 4,163
9,580   7,295 2,285
77,587   43,998 33,589
20,184   35,368 -15,184
24,401   41,699 -17,298
3,940   3,277 663
12,082   10,026 2,056
102,628   78,704 23,924
8,978   9,049 -71
30,409   30,414 -5
22,508   24,453 -1,945
25,000   24,992 8
250,000   251,792 -1,792
3,180   2,315 865
982,673   906,344 76,329
4,666   4,411 255
21,444   20,261 1,183
27,225   33,521 -6,296
13,722   9,103 4,619
30,000   30,451 -451
150,000   152,664 -2,664
160,000   171,997 -11,997
6,797   5,425 1,372
14,440   19,924 -5,484
15,531   4,799 10,732
66,544   22,854 43,690
106,388   34,733 71,655
52,329   16,155 36,174
164,984   54,261 110,723
5,447   4,982 465
15,185   13,360 1,825
2,136   8,684 -6,548
21,444   22,802 -1,358
75,000   76,062 -1,062
12,681   10,639 2,042
31,382   22,623 8,759
54,037   41,396 12,641
70,953   51,023 19,930
19,939   18,364 1,575
23,632   27,795 -4,163
14,662   12,097 2,565
93,439   62,489 30,950
3,099   4,378 -1,279
14,951   21,547 -6,596
26,460   16,183 10,277
10,277   4,413 5,864
17,926   9,364 8,562
31,571   13,044 18,527
32,995   15,778 17,217
59,234   28,897 30,337
15,191   10,341 4,850
8,351   8,714 -363
3,898   18,549 -14,651
6,192   29,403 -23,211
7,816   27,650 -19,834
38,116   199,000 -160,884
12,489   14,032 -1,543
9,472   11,453 -1,981
11,352   10,522 830
6,820   7,639 -819
12,358   14,631 -2,273
7,910   8,761 -851
10,672   11,102 -430
14,270   17,381 -3,111
10,244   12,411 -2,167
24,803   35,665 -10,862
22,104   27,216 -5,112
4,851   5,358 -507
27,051   42,017 -14,966
5,052   3,647 1,405
51,347   42,553 8,794
69,195   50,095 19,100
10,228   7,820 2,408
9,371   10,768 -1,397
14,372   15,905 -1,533
14,355   13,583 772
26,066   16,185 9,881
341,904   341,904 0
730,622   730,622 0
334,155   334,155 0
255     255
50   63 -13
137   189 -52
1,146   1,508 -362
5,978   6,842 -864
7,558   10,368 -2,810
3,691   6,408 -2,717
20,038   17,692 2,346
31,923   30,080 1,843
35,799   32,678 3,121
8,216   7,258 958
2,456   4,124 -1,668
    10,893 -10,893
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       -5,603
b       -1,409
c       4,854
d       4,476
e       5,058
      -3,093
      449
      -12,910
      529
      -1,154
      -710
      -7,801
      -5,814
      -3,954
      -1,104
      3,643
      12,531
      -4,345
      -41,500
      18,345
      -8,374
      -7,634
      -32,401
      -3,818
      -11,219
      4,034
      1,447
      7,504
      15,358
      -4,456
      -231
      -3,171
      -1,800
      -5,335
      -458
      -2,099
      -6,954
      -6,084
      87
      2,888
      13
      -2,266
      1,453
      1,537
      360
      21,528
      1,807
      2,405
      -9,038
      2,537
      40,592
      2,356
      865
      1,840
      -340
      -1,493
      222
      -422
      4,163
      2,285
      33,589
      -15,184
      -17,298
      663
      2,056
      23,924
      -71
      -5
      -1,945
      8
      -1,792
      865
      76,329
      255
      1,183
      -6,296
      4,619
      -451
      -2,664
      -11,997
      1,372
      -5,484
      10,732
      43,690
      71,655
      36,174
      110,723
      465
      1,825
      -6,548
      -1,358
      -1,062
      2,042
      8,759
      12,641
      19,930
      1,575
      -4,163
      2,565
      30,950
      -1,279
      -6,596
      10,277
      5,864
      8,562
      18,527
      17,217
      30,337
      4,850
      -363
      -14,651
      -23,211
      -19,834
      -160,884
      -1,543
      -1,981
      830
      -819
      -2,273
      -851
      -430
      -3,111
      -2,167
      -10,862
      -5,112
      -507
      -14,966
      1,405
      8,794
      19,100
      2,408
      -1,397
      -1,533
      772
      9,881
      0
      0
      0
      255
      -13
      -52
      -362
      -864
      -2,810
      -2,717
      2,346
      1,843
      3,121
      958
      -1,668
      -10,893
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 244,045
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here right arrow and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions) 1 11,771
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 11,771
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 11,771
6 Credits/Payments:
a 2023 estimated tax payments and 2022 overpayment credited to 2023 6a 10,968
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 10,968
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment
List of Attached Documents:
// Content
8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9 803
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10  
11 Enter the amount of line 10 to be: Credited to 2024 estimated taxright arrow   Refundedright arrow 11  
Form 990-PF (2023)
Form 990-PF (2023)
Page 4
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. right arrow$ 0(2) On foundation managers.right arrow$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
right arrowMN
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
8b
Yes
 
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2023 or the taxable year beginning in 2023? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
 
No
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
11
 
No
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressright arrowWWW.GWNF.ORG
14
The books are in care ofright arrowMILLER MCDONALD INC Telephone no.right arrow (218) 751-6300

Located atright arrow513 BELTRAMI AVENUEBEMIDJIMN ZIP+4right arrow56601
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2023, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country right arrow
Form 990-PF (2023)
Form 990-PF (2023)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
 
No
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
 
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2023? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2023, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2023?....................
2a
 
No
If "Yes," list the years right arrow20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
right arrow20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2023 as a result of (1) any purchase by the foundation
or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
if the foundation had excess business holdings in 2023.) .....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2023? ..
4b
 
No
Form 990-PF (2023)
Form 990-PF (2023)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........right arrow
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
No
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
(a) Name and address (b) Title, and average
hours per week
devoted to position 		(c) Compensation
 (If not paid, enter
-0-) 		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
other allowances
SUZANNE LIAPIS TRUSTEE
0.25 		12,000 0 0
1122 MINNESOTA AVE NW
BEMIDJI,MN56601
PAUL WELLE TRUSTEE
0.25 		12,000 0 0
3121 BIRCHMONT DR
BEMIDJI,MN56601
JAMES NAYLOR TRUSTEE
0.25 		12,000 0 0
4925 OAKDALE LANE NW
BEMIDJI,MN56601
GLEN LINDSETH TRUSTEE
0.25 		12,000 0 0
PO BOX 1558
BEMIDJI,MN56619
MARK DICKINSON TRUSTEE
0.25 		12,000 0 0
2310 BIRCHMONT DR NE
BEMIDJI,MN56601
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
NONE
Total number of other employees paid over $50,000...................right arrow 0
Form 990-PF (2023)
Form 990-PF (2023)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
NONE
Total number of others receiving over $50,000 for professional services.............right arrow0
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1  
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................right arrow0
Form 990-PF (2023)
Form 990-PF (2023)
Page 8
Part IX
Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
1
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:
a
Average monthly fair market value of securities...................
1a
31,133,526
b
Average of monthly cash balances.......................
1b
143,019
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, b, and c).........................
1d
31,276,545
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
0
2
Acquisition indebtedness applicable to line 1 assets..................
2
0
3
Subtract line 2 from line 1d.........................
3
31,276,545
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
469,148
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
30,807,397
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
1,540,370
Part X
Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
1
Minimum investment return from Part IX, line 6..................
1
1,540,370
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
11,771
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
11,771
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
1,528,599
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
1,528,599
6
Deduction from distributable amount (see instructions).................
6
0
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
1,528,599
Part XI
Qualifying Distributions (see instructions)
1
Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
a
Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
1a
1,584,908
b
Program-related investments—total from Part VIII-B..................
1b
0
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
 
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
 
b
Cash distribution test (attach the required schedule) .................
3b
 
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
1,584,908
Form 990-PF (2023)
Form 990-PF (2023)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2022 		(c)
2022 		(d)
2023
1 Distributable amount for 2023 from Part X, line 7 1,528,599
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only....... 1,555,725
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: right arrow$ 1,584,908
a Applied to 2022, but not more than line 2a 1,555,725
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..... 29,183
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 .......... 		1,499,416
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)
Form 990-PF (2023)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2023, enter the date of the ruling ...... right arrow
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2023 (b) 2022 (c) 2021 (d) 2020
         
b 85% (0.85) of line 2a .........          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, b, or c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here right arrow
aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
SUZANNE LIAPIS
PO BOX 692
BEMIDJI,MN56619
(218) 444-4963
bThe form in which applications should be submitted and information and materials they should include:
GENERAL OUTLINE OF PROPOSAL
cAny submission deadlines:
NONE
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
QUALIFIED CHARITABLE ORGANIZATIONS
Form 990-PF (2023)
Form 990-PF (2023)
Page 11
Part XIV
Supplementary Information (continued)
3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient If recipient is an individual,
show any relationship to
any foundation manager
or substantial contributor
 Foundation
status of
recipient 		Purpose of grant or
contribution 		Amount
Name and address (home or business)
aPaid during the year

BELTRAMI COUNTY AGRICULTURAL ASSOCIATES

7223 FAIRGROUNDS RD NW
BEMIDJI,MN56601 		NONE 501(C)(3) WIFI UPDATE 6,995

BELTRAMI COUNTY HISTORICAL SOCIETY

130 MINNESOTA AVE SW
BEMIDJI,MN56601 		NONE 501(C)(3) EXECUTIVE DIRECTORY SALARY 5,000

BELTRAMI COUNTY HISTORICAL SOCIETY

130 MINNESOTA AVE SW
BEMIDJI,MN56601 		NONE 501(C)(3) CHAIRS, PROGRAMM. 20,000

BEMIDJI AREA CROSS COUNTRY SKI CLUB

PO BOX 3165
BEMIDJI,MN56619 		NONE 501(C)(3) STORAGE FACILITY 100,000

BEMIDJI CAREER ACADEMIES

502 MINNESOTA AVENUE NW
BEMIDJI,MN56601 		NONE LOCAL GOVERNMENT SUBSIDIZE SALARY 60,000

BEMIDJI ISD #31

502 MINNESOTA AVE NW
BEMIDJI,MN56601 		NONE LOCAL GOVERNMENT 2023 HIGH SCHOOL GRAD PARTY 1,000

BEMIDJI MIDDLE SCHOOL

502 MINNESOTA AVE NW
BEMIDJI,MN56601 		NONE LOCAL GOVERNMENT TRAVEL SUPPORT 5,000

BEMIDJI STATE UNIVERSITY FOUNDATION

1500 BIRCHMONT DRIVE NW 17
BEMIDJI,MN56601 		NONE 501(C)(3) FULL TUITION SCHOLARSHIPS 36,818

BEMIDJI STATE UNIVERSITY FOUNDATION

1500 BIRCHMONT DRIVE NW 17
BEMIDJI,MN56601 		NONE 501(C)(3) FUND 14 INTERNSHIPS 37,500

BEMIDJI STATE UNIVERSITY FOUNDATION

1500 BIRCHMONT DRIVE NW 17
BEMIDJI,MN56601 		NONE 501(C)(3) FUND 30 SCHOLARSHIPS 30,000

BEMIDJI SYMPHONY ORCHESTRA

519 MINNESOTA AVE NW
BEMIDJI,MN56601 		NONE 501(C)(3) FUND 2 CONCERTS 22,000

LUTHERAN SOCIAL SERVICES

216 3RD STREET NW
BEMIDJI,MN56601 		NONE 501(C)(3) COMMUNITY MEALS FREEZER 12,000

MISSISSIPPI HEADWATERS AUDUBON SOCIETY

48851 COUNTY 29
BEMIDJI,MN56601 		NONE 501(C)(3) ROAD REPAIR 15,000

FIRST NATIONAL BANK FOUNDATION

PO BOX 670
BEMIDJI,MN56601 		NONE 501(C)(3) DONATION 4,000

NORTHWOODS BATTERED WOMENS SHELTER

PO BOX 563
BEMIDJI,MN56601 		NONE 501(C)(3) NEW BUILDING 250,000

BEMIDJI ISD #31 MARCHING BAND

502 MINNESOTA AVE NW
BEMIDJI,MN56601 		NONE LOCAL GOVERNMENT TRAVEL SUPPORT 4,000

BEMIDJI STATE UNIVERSITY DEPT OF ATHLETICS

1500 BIRCHMONT DRIVE NE
BEMIDJI,MN56601 		NONE LOCAL GOVERNMENT ICE BREAKER TOURNAMENT 79,000

BEMIDJI WRESTLING CLUB

2221 MIDDLE SCHOOL DR NW
BEMIDJI,MN56601 		NONE 501(C)(3) NEW HOIST/EQUIPMENT 35,000

BEMIDJI WRESTLING CLUB

2221 MIDDLE SCHOOL DR NW
BEMIDJI,MN56601 		NONE 501(C)(3) CEILING UPGRADE 15,691

BEMIDJI YOUTH SOCCER

2221 MIDDLE SCHOOL DR NW
BEMIDJI,MN56601 		NONE 501(C)(3) GOALS/NETS 75,000

CASS LAKE VOLUNTEER FIRE DEPT

213 CEDAR AVE
CASS LAKE,MN56633 		NONE 501(C)(3) FUND GRANTWRITER 15,000

FRIENDS OF LAKE BEMIDJI STATE PARK

3401 STATE PARK ROAD NE
BEMIDJI,MN56601 		NONE 501(C)(3) BATHROOM REMODEL 10,000

GREAT RIVER RESCUE

1612 CARR LAKE ROAD SE
BEMIDJI,MN56601 		NONE 501(C)(3) USED CARGO VAN PURCHASE 32,000

HEADWATERS SCIENCE CENTER

413 BELTRAMI AVE NW
BEMIDJI,MN56601 		NONE 501(C)(3) ADA REST/FOOD PREP LAB 120,000

MEWINZHA ONDAADIZIIKE WIIGAMING

802 PAUL BUNYAN DR S STE 12
BEMIDJI,MN56601 		NONE 501(C)(3) FURNITURE PURCHASE 30,000

NATURE CONNECTION

17 MAIN ST
BLACKDUCK,MN56630 		NONE 501(C)(3) RAPTOR MEWS REPAIRS 10,000

NORTHERN MINNESOTA ROBOTICS CONFERENCE

PO BOX 416
BEMIDJI,MN56619 		NONE 501(C)(3) FACILITY CONSTRUCTION 165,000

NORTHWEST TECHNICAL COLLEGE FOUNDATION

905 GRANT AVENUE SE
BEMIDJI,MN56601 		NONE 501(C)(3) SCHOLARSHIPS 20,000

OAK HILLS CHRISTIAN COLLEGE

1600 OAK HILLS RD SW
BEMIDJI,MN56601 		NONE 501(C)(3) SCHOLARSHIPS 10,000

OAK HILLS CHRISTIAN COLLEGE

1600 OAK HILLS RD SW
BEMIDJI,MN56601 		NONE 501(C)(3) PURCH SKIDSTEER 20,000

PLAY AND LEARN FOR ALL ABILITIES

8781 LOON CALL LN NE
BEMIDJI,MN56601 		NONE 501(C)(3) HANDICAP PLAYGROUND EQUIPMENT 100,000

218 SPORTS INC

102 1ST ST W
BEMIDJI,MN56601 		NONE 501(C)(3) SPORTS MARKETING 50,000

RESTORE HOUSE INC

51756 229TH AVE
BEMIDJI,MN56601 		NONE 501(C)(3) FIRE PROTECTION SYSTEM 60,000

WATERMARK ART CENTER

505 BEMIDJI AVE N
BEMIDJI,MN56601 		NONE 501(C)(3) PAINT EXT/UPGRADE SEC SYSTEM 25,718
Total .................................right arrow 3a 1,481,722
bApproved for future payment

BOYS AND GIRLS CLUB OF THE BEMIDJI AREA
1600 MINNESOTA AVE NW
BEMIDJI,MN56601 		NONE 501(C)(3) PROGRAMMING 2023-2024 100,000

BAGLEY PTO
202 BAGLEY AVE NW
BAGLEY,MN56621 		NONE LOCAL GOVERNMENT PLAYGROUND UPGRADE 50,000

BELTRAMI COUNTY HISTORICAL SOCIETY
130 MINNESOTA AVE SW
BEMIDJI,MN56601 		NONE 501(C)(3) EXECUTIVE DIRECTOR SALARY 5,000

BEMIDJI STATE UNIVERSITY FOUNDATION
1500 BIRCHMONT DRIVE NW 17
BEMIDJI,MN56601 		NONE 501(C)(3) FUND 14 INTERNSHIPS 150,000

GREATER BEMIDJI
102 1ST ST W
BEMIDJI,MN56601 		NONE 501(C)(3) WELLNESS PROJECT 1,600,000

BEMIDJI STATE UNIVERSITY FOUNDATION
1500 BIRCHMONT DRIVE NW 17
BEMIDJI,MN56601 		NONE 501(C)(3) FUND 30 SCHOLARSHIPS 40,000

CASS LAKE VOLUNTEER FIRE DEPT
213 CEDAR AVE
CASS LAKE,MN56633 		NONE 501(C)(3) FUND GRANTWRITER 300,000

NORTHERN MINNESOTA ROBOTICS CONFERENCE
PO BOX 416
BEMIDJI,MN56619 		NONE 501(C)(3) FACILITY CONSTRUCTION 50,000

NORTHWEST TECHNICAL COLLEGE
905 GRANT AVENUE SE
BEMIDJI,MN56601 		NONE 501(C)(3) SCHOLARSHIPS 30,000

NORTHWOODS BATTERED WOMENS SHELTER
PO BOX 563
BEMIDJI,MN56601 		NONE 501(C)(3) NEW BUILDING 250,000

218 SPORTS INC
102 1ST ST W
BEMIDJI,MN56601 		NONE 501(C)(3) SPORTS MARKETING 70,000
Total ................................. right arrow 3b 2,645,000
Form 990-PF (2023)
Form 990-PF (2023)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		         
4 Dividends and interest from securities ....     14 721,177  
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 .....     14 25  
8 Gain or (loss) from sales of assets other than
inventory ............ 		    18 244,045  
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) .. 0 965,247 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
965,247
(See worksheet in line 13 instructions to verify calculations.)
Part XV-B
Relationship of Activities to the Accomplishment of Exempt Purposes
Line No.
DownArrow 		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
instructions.)
Form 990-PF (2023)
Form 990-PF (2023)
Page 13
Part XVI
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
1
Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
Yes
No
a
Transfers from the reporting foundation to a noncharitable exempt organization of:
(1) Cash...................................
1a(1)
 
No
(2) Other assets.................................
1a(2)
 
No
b
Other transactions:
(1) Sales of assets to a noncharitable exempt organization....................
1b(1)
 
No
(2) Purchases of assets from a noncharitable exempt organization..................
1b(2)
 
No
(3) Rental of facilities, equipment, or other assets.......................
1b(3)
 
No
(4) Reimbursement arrangements...........................
1b(4)
 
No
(5) Loans or loan guarantees.............................
1b(5)
 
No
(6) Performance of services or membership or fundraising solicitations................
1b(6)
 
No
c
Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
1c
 
No
d
If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
(a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
2a
Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
b
If "Yes," complete the following schedule.

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


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


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

TY 2023 AccountingFeesSchedule
Name:
GEORGE W NEILSON FOUNDATION
EIN:
41-6022186
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
MILLER MCDONALD, INC. 6,850 0   6,850

TY 2023 InvestmentsCorpBondsSchedule
Name:
GEORGE W NEILSON FOUNDATION
EIN:
41-6022186
Name of Bond End of Year Book Value End of Year Fair Market Value
EXXON MOBIL CORP 2.709 3/6/2025 200,671 195,300
PRECISION CASTPARTS CORP 3.25 6/15/25 248,563 244,813
SIMON PROPERTY GROUP 3.5 9/1/25 375,377 366,304
STATE STREET CORP 3.3 12/16/2024 254,938 245,955
APPLE INC 3.25 2/23/2026 264,105 243,917
TOYOTA MOTOR CREDIT CORP 3.2 1/11/2027 128,489 120,474
UNITED HEALTH GROUP INC 3.45 1/15/2027 207,438 194,748
BP CAPITAL MARKETS PLC 3.588 4/14/27 246,917 232,406
BURLINGTON NORTH SANTA FE 3.65 9/1/25 81,827 78,562
ILLINOIS TOOL WORKS INC 3.5 3/1/2024 263,238 249,108
ADOBE SYSTEMS INC 3.25 2/1/2025 260,498 245,615
MEDIUM TERM NOTE 3.125 7/27/2026 101,030 95,755
AMERICAN HONDA FINANCE 2.3 9/9/2026 250,937 236,380
JP MORGAN CHASE CO 2.95 10/1/2026 206,760 190,514
ORACLE CORP 3.25 11/15/2027 212,898 189,874
ANHEUSER BUSCH 4.00 4/13/2028 267,612 246,927
3M COMPANY 2.375 8/26/29 252,912 221,245
COSTCO WHSL CORP 1.375 4/20/30 238,208 214,155
AMAZON.COM INC 2.100 5/12/31 246,622 215,577
SALESFORCE.COM 1.950 7/15/31 241,555 213,525

TY 2023 InvestmentsCorpStockSchedule
Name:
GEORGE W NEILSON FOUNDATION
EIN:
41-6022186
Name of Stock End of Year Book Value End of Year Fair Market Value
UNITED HEALTH GROUP INC 220,585 315,356
FIDELITY INVT TRAD INTL DISCI 131,500 146,929
BARON EMERGING MARKETS INSTITUTIONAL 42,573 55,312
CAUSEWAY EMERGING MARKETS INSTL 42,600 42,793
CATERPILLAR INC 57,763 82,788
SCHWAB CHARLES CORP 136,075 171,381
CISCO SYSTEMS INC 97,685 104,778
COMCAST CORP CLASS A 226,717 193,379
PFIZER INC 92,710 76,466
VISA INC CLASS A SHARES 90,324 113,252
WALMART INC 138,760 153,709
CLEARBRIDGE INTERNATIONAL GROWTH 30,000 37,266
MEDTRONIC PLC 184,582 171,103
T ROWE PRICE INTL VAL EQTY FD INTL 131,500 161,404
VANGUARD INTERNATIONAL GROWTH FUND 30,000 31,147
ABBOTT LABORATORIES 150,569 138,248
AIRBNB INC CI A 60,410 70,793
ALPHABET INC CI A 390,352 543,115
AMAZON COM INC 275,623 299,626
AMGEN INC 93,269 121,544
APPLE INC 569,285 835,003
BANK OF AMERICA CORP 262,156 279,427
BLACKROCK INC 258,672 297,931
CENTENE CORP 97,968 115,545
CME GROUP INC 110,994 125,096
COSTCO WHSL CORP 53,635 108,253
EDWARDS LIFESCIENCES CORP 140,524 119,941
GILEAD SCIENCES INC 93,233 116,249
HOME DEPOT INC 290,758 361,452
HONEYWELL INTERNATIONAL INC 132,689 138,828
INTUIT INC 39,208 65,003
ISHARES CORE SP 500 ETF 4,945,792 6,065,901
JP MORGAN CHASE CO 303,777 374,900
MASTERCARD INC 143,955 179,134
META PLATFORMS INC 125,537 167,069
MICROSOFT CORP 598,078 934,459
NEXTERA ENERGY INC 297,792 270,354
NVIDIA CORP 63,062 173,822
SP GLOBAL INC 122,166 149,336
SALESFORCE COM INC 142,968 157,358
SERVICENOW INC 120,045 151,895
STARBUCKS CORP 123,058 111,372
TARGET CORP 390,585 360,750
TEXAS INSTRUMENTS 190,644 189,893
TRADE DESK INC THE CLASS A 40,825 53,466
VERIZON COMMUNICATIONS INC 87,840 59,943
ALBEMARLE CORP 240,856 218,309
BEST BUY CO INC 96,165 69,121
COPART INC 48,045 78,596
MARATHON PETROLEUM CORP 73,738 172,988
MATCH GROUP INC NEW 127,457 31,609
TRANSDIGM GROUP INC 44,376 73,847
ZILLOW GROUP INC 63,730 54,338
ISHARES RUSSELL 2000 1,278,531 1,161,107
ACCENTURE PLC IRELAND SHS CLASS A 149,020 197,211
APTIV PLC SHS 110,006 88,823
CHUBB LIMITED 25,017 35,030
ISHARES CORE MSCI EAFE 833,106 820,281
LINDE PLC SHS 50,438 84,196
ISHARES CORE MSCI EMERGING MKTS 1,281,744 984,540
AMERICAN TOWER CORP 436,586 425,068
ISHARES RUSSELL MID CAP 846,894 942,088
VANGUARD REAL ESTATE EFT 873,242 895,970
ABBVIE INC 163,223 180,230
ADOBE INC 74,076 94,263
ADVANCED MICRO DEVICES 101,353 183,968
ANALOG DEVICES 114,327 142,765
CONOCOPHILLIPS 61,434 73,588
DANAHER CORP 162,789 175,587
LULULEMON ATHLETICA INC 52,976 84,874
L3HARRIS TECHNOLOGIES 173,189 167,864
MONDELEZE INTERNATIONAL 107,740 130,881
MORGAN STANLEY 169,283 189,671
NETFLIX.COM INC 103,470 164,565
PALO ALTO NETWORKS 99,559 171,915
UBER TECHNOLOGIES INC 88,894 179,230
UNION PACIFIC CORP 58,002 58,212
MAGNA INTL INC CL A 121,668 104,808
CHEVRON CORPORATION - CVX 58,578 61,156
CVS HEALTH CORP 105,450 112,439
DEERE CO 57,230 60,780
QUALCOMM INC COM 89,267 117,873
UNITED PARCEL SERVICE INC 84,940 78,930
PAYCOM SOFTWARE INC 107,938 79,380
SCHLUMBERGER LTD COM 112,637 104,652
PROLOGIS INC 118,807 138,765

TY 2023 InvestmentsGovtObligationsSch
Name:
GEORGE W NEILSON FOUNDATION
EIN:
41-6022186
US Government Securities - End of Year Book Value:

978,247
US Government Securities - End of Year Fair Market Value:

985,645
State & Local Government Securities - End of Year Book Value:


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


0


TY 2023 OtherExpensesSchedule
Name:
GEORGE W NEILSON FOUNDATION
EIN:
41-6022186
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INSURANCE 2,542 0   2,542
TELEPHONE 1,050 0   1,050
OFFICE SUPPLIES 630 0   630
DUES & SUBSCRIPTIONS 815 0   815
REGISTRATION FEES 25 0   25
MISCELLANEOUS EXPENSE 7,420 0   7,420
ADMINISTRATIVE EXPENSES 10,200 0   10,200
RENT EXPENSE 230 0   230
EQUIPMENT EXPENSE 370 0   370


TY 2023 OtherIncomeSchedule2
Name:
GEORGE W NEILSON FOUNDATION
EIN:
41-6022186
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
MISCELLANEOUS INCOME 25 25 25


TY 2023 OtherProfessionalFeesSchedule
Name:
GEORGE W NEILSON FOUNDATION
EIN:
41-6022186
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT ADVISORY FEES 130,534 117,480   13,054


TY 2023 TaxesSchedule
Name:
GEORGE W NEILSON FOUNDATION
EIN:
41-6022186
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FOREIGN TAXES 913 913   0
EXCISE TAXES 5,188 0   0