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
Kully Family Foundation

% Foundation Source

Number and street (or P.O. box number if mail is not delivered to street address)Foundation Source 501 Silverside Rd
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
Wilmington, DE198091377

A Employer identification number

45-4027161

B Telephone number (see instructions)

(800) 839-1754

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

$10,087,736J 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)	0
2	Check .............
3	Interest on savings and temporary cash investments	19,223		19,223
4	Dividends and interest from securities...	231,928		231,928
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		27,659
b	Gross sales price for all assets on line 6a 2,086,263
7	Capital gain net income (from Part IV, line 2)...			27,659
8	Net short-term capital gain.........
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......	List of Attached Documents: // Content	84	84
12	Total. Add lines 1 through 11........	278,894		278,894
13	Compensation of officers, directors, trustees, etc.	0
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	59,258	59,258
17	Interest...............
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	3,465	465
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	15,529	3	15,526
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	78,252		59,726	15,526
25	Contributions, gifts, grants paid.......	412,939			412,939
26	Total expenses and disbursements. Add lines 24 and 25	491,191		59,726	428,465
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-212,297
b	Net investment income (if negative, enter -0-)			219,168
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.............
	2	Savings and temporary cash investments.........	502,473	245,861	245,861
	3	Accounts receivable
		Less: allowance for doubtful accounts	1,216
	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..........
	10a	Investments—U.S. and state government obligations (attach schedule)	19,784	List of Attached Documents: // Content 557,094	568,808
	b	Investments—corporate stock (attach schedule).......	4,168,498	List of Attached Documents: // Content 3,653,384	6,455,809
	c	Investments—corporate bonds (attach schedule).......	2,914,735	List of Attached Documents: // Content 2,938,070	2,817,258
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	7,606,706	7,394,409	10,087,736
	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 )
	23	Total liabilities (add lines 17 through 22).........	0	0
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		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	7,606,706	7,394,409
	29	Total net assets or fund balances (see instructions).....	7,606,706	7,394,409
	30	Total liabilities and net assets/fund balances (see instructions).	7,606,706	7,394,409

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

7,606,706

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

-212,297

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

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

7,394,409

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 .

7,394,409

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	Publicly-traded Securities
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	2,086,263	2,058,604	27,659
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			27,659
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	27,659
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	3,046
b	All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2
3	Add lines 1 and 2...........................	3	3,046
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	3,046
6	Credits/Payments:

a	2023 estimated tax payments and 2022 overpayment credited to 2023	6a	3,503
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c
d	Backup withholding erroneously withheld ..........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	3,503
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. List of Attached Documents: // Content		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	457
11	Enter the amount of line 10 to be: Credited to 2024 estimated tax457	Refunded	11

Form 990-PF (2023)

Page 4

Part VI-A

Statements Regarding Activities

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

Yes

it participate or intervene in any political campaign? ....................

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

$ (2) On foundation managers. right arrow

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

on foundation managers. right arrow

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

The books are in care of right arrow

Foundation Source Telephone no. right arrow

(800) 839-1754

Located at right arrow

501 Silverside Road Suite 123WilmingtonDE ZIP+4 right arrow

198091377

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)

(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-)	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
Deborah G Kully	Sec, Dir 1.0	0	0	0
Foundation Source 501 Silverside Rd Wilmington,DE198091377	Sec, Dir 1.0	0	0	0
Jonathan Kully	Pres, Dir, Treas 1.0	0	0	0
Foundation Source 501 Silverside Rd Wilmington,DE198091377	Pres, Dir, Treas 1.0	0	0	0
Sandra Kully	Dir, VP 1.0	0	0	0
Foundation Source 501 Silverside Rd Wilmington,DE198091377	Dir, VP 1.0	0	0	0

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


(a) Name and address of each employee paid more than $50,000	(b) Title, and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances










Total number of other employees paid over $50,000...................

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

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

9,056,749

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

486,003

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

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

9,542,752

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

9,542,752

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

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

143,141

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

9,399,611

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

469,981

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

469,981

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

3,046

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

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

3,046

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

466,935

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

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

466,935

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

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

466,935

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 ..........

428,465

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. .......

428,465

Form 990-PF (2023)

Page 9

Part XII

Undistributed Income (see instructions)

		(a) Corpus	(c) 2022	(d) 2023
1 Distributable amount for 2023 from Part X, line 7				466,935
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only.......			415,455
b Total for prior years:2021, 2020, 2019
3 Excess distributions carryover, if any, to 2022:
a From 2018......
b From 2019......
c From 2020......
d From 2021......
e From 2022......
f Total of lines 3a through e ........
4Qualifying distributions for 2023 from Part
XI, line 4: $ 428,465
a Applied to 2022, but not more than line 2a			415,455
b Applied to undistributed income of prior years (Election required—see instructions).....
c Treated as distributions out of corpus (Election required—see instructions)........
d Applied to 2023 distributable amount.....				13,010
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2023.
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5		0
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........
e Undistributed income for 2022. Subtract line 4a from line 2a. Taxable amount—see instructions .............
f Undistributed income for 2023. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2024 ..........				453,925
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......
8 Excess distributions carryover from 2018 not applied on line 5 or line 7 (see instructions) ...
9 Excess distributions carryover to 2024. Subtract lines 7 and 8 from line 6a ......		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....	0

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).)

Sandra Kully

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
BELMONT DAY SCHOOL INC 55 DAY SCHOOL LN BELMONT,MA02478	N/A	PC	Scholarship fund	5,000
CHALLENGED ATHLETES INC 9591 WAPLES ST SAN DIEGO,CA92121	N/A	PC	2023 Heroes, Heart & Hope Gala Courage Sponsorship	10,000
FRIENDS OF HUDSON RIVER PARK INC 305 7TH AVE 12TH FL NEW YORK,NY10001	N/A	PC	General & Unrestricted	5,000
FRIENDS OF THE CHILDREN-BOSTON INC 184 DUDLEY ST SUITE 100 ROXBURY,MA02119	N/A	PC	General & Unrestricted	10,000
GO PROJECT INC 50 COOPER SQ 3RD FLOOR NEW YORK,NY10003	N/A	PC	Charitable Event	10,000
GO PROJECT INC 50 COOPER SQ 3RD FLOOR NEW YORK,NY10003	N/A	PC	Annual Fund	6,939
GO PROJECT INC 50 COOPER SQ 3RD FLOOR NEW YORK,NY10003	N/A	PC	GO Project 2023 Spring Benefit	10,000
MASSACHUSETTS GENERAL HOSPITAL 125 NASHUA ST STE 540 BOSTON,MA02114	N/A	PC	Lifestyle Medicine Clinic	100,000
PARTNERS IN HEALTH A NONPROFIT CORPORATION PO BOX 996 FREDERICK,MD21705	N/A	PC	General & Unrestricted	6,000
TRUSTEES OF COLUMBIA UNIVERSITY IN THE CITY OF NEW 622 W 113TH ST MC4524 NEW YORK,NY10025	N/A	PC	for research on the pathogenesis of pulmonary fibrosis and lung regeneration	150,000
TRUSTEES OF COLUMBIA UNIVERSITY IN THE CITY OF NEW 622 W 113TH ST MC4524 NEW YORK,NY10025	N/A	PC	GSAPP - Kully Family Scholarship Fund	100,000
Total ................................. 3a				412,939

bApproved for future payment

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

Form 990-PF (2023)

Page 12

Part XV-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments ....
3 Interest on savings and temporary cash investments ...........			14	19,223
4 Dividends and interest from securities ....			14	231,928
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	27,659
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aCLASS ACTION LAWSUIT PROCEEDS			01	84
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..				278,894

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

278,894

(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:

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

TY 2023 DepreciationSchedule

Name:

Kully Family Foundation

EIN:

45-4027161

Description of Property	Date Acquired	Cost or Other Basis	Prior Years' Depreciation	Computation Method	Rate / Life (# of years)	Current Year's Depreciation Expense	Net Investment Income	Adjusted Net Income	Cost of Goods Sold Not Included

- TIN:

TY 2023 InvestmentsCorpBondsSchedule

Name:

Kully Family Foundation

EIN:

45-4027161

Name of Bond	End of Year Book Value	End of Year Fair Market Value
AECOM - 5.125% - 03/15/2027	71,033	63,533
ALTRIA GROUP - 4.800% - 02/14/	22,633	22,941
AMERICAN TOWER CORP - 3.375% -	17,931	15,335
AMERICAN TOWER CORP BOND - 4.0	41,602	40,272
ATT INC - 3.800% - 02/15/2027	81,965	70,307
BAT CAPITAL CORP - 4.906% - 04	48,275	50,195
BLOCK FINL LLC - 2.500% - 07/1	35,439	33,032
BLOCK FINL LLC - 3.875% - 08/1	26,683	27,470
BOYD GAMING - 4.750% - 12/01/2	85,617	79,844
BROADCOM CORP/BROADCOM CAYMAN	19,110	19,519
CA INC - 4.700% - 03/15/2027	59,743	56,112
CARLISLE COS INC - 2.200% - 03	8,880	8,974
CARLISLE COS INC NOTE CALL - 3	53,069	51,980
CDW LLC / CDW FIN CORP - 4.125	23,073	21,534
CDW LLC / CDW FIN CORP - 4.250	58,398	55,545
CROWN AMERS LLC - 4.250% - 09/	85,851	76,630
CROWN AMERS LLC SER B - 4.750%	6,696	6,934
DISCOVERY COMMUNICATIONS LLC -	8,365	9,077
DISCOVERY COMMUNICATIONS LLC -	71,466	59,958
DOLLAR TREE INC - 4.000% - 05/	34,705	32,397
DOLLAR TREE INC - 4.200% - 05/	31,319	27,408
ELANCO ANIMAL HEALTHINC - 4.90	12,059	13,470
ENCOMPASS HEALTH CORP - 4.500%	87,172	79,426
EXPEDIA GROUP INC - 3.800% - 0	18,530	19,299
EXPEDIA GROUP INC SER B NOTE -	11,121	11,949
EXPEDIA GROUP INC SER B NOTE C	29,002	30,295
HCA INC - 5.625% - 09/01/2028	86,598	75,793
KRAFT HEINZ FOODS - 3.875% - 0	71,343	63,794
L BRANDS INC - 7.500% - 06/15/	70,453	75,852
LAMAR MEDIA CORP SER B NOTE -	77,524	72,370
MICROCHIP TECHNOLOGYINC. SER B	86,305	80,779
MOLSON COORS BEVERAGE CO NOTE	71,878	65,161
MOTOROLA - 4.600% - 02/23/2028	9,894	8,956
MOTOROLA SOLUTIONS INC - 4.000	4,407	3,957
MOTOROLA SOLUTIONS INC NOTE -	19,080	19,606
NEWELL BRANDS INC NOTE - 6.625	16,724	16,935
NORDSTROM - 4.250% - 08/01/203	67,350	75,710
OLIN CORP NOTE - 5.625% - 08/0	66,280	70,855
ORACLE CORP NOTE - 6.250% - 11	62,877	67,551
QORVO INC - 4.350% - 10/15/202	86,603	74,951
QVC INC NOTE - 4.750% - 02/15/	67,835	64,909
REYNOLDS AMERICAN - 4.450% - 0	17,051	14,827
SBA COMMUNICATIONS CORP SER B	46,693	51,223
SBA COMMUNICATIONS CORP SER B	34,202	35,542
SERVICE CORP INTL - 5.125% - 0	28,480	25,480
SERVICE CORP INTL NOTE - 4.625	58,850	53,213
SILGAN HOLDINGS - 4.125% - 02/	87,599	84,043
TEGNA INC SER B NOTE - 4.625%	92,049	85,934
TELEFLEX INC - 4.625% - 11/15/	87,129	80,075
TENET HEALTHCARE CORP SER B NO	81,083	85,757
TOTAL SYSTEMS SERVICES - 4.800	69,327	64,448
TRANSDIGM INC SER B NOTE - 5.5	78,600	85,210
TREEHOUSE FOODS INC - 4.000% -	93,686	87,633
UNITED RENTALS - 5.500% - 05/1	32,100	30,066
UNITED RENTALS NORTHAMER INC -	54,278	55,590
VONTIER CORPORATION SER B NOTE	28,106	29,480
WESTINGHOUSE AIR BRAKE TECHNOL	61,295	56,412
WILLIS NORTH AMER - 2.950% - 0	8,649	8,953
WILLIS NORTH AMER INC NOTE - 4	9,152	7,794
WILLIS NORTH AMERICA - 3.600%	40,743	39,632
YUM BRANDS INC NOTE CALL MAKE	14,110	15,331

- TIN:

TY 2023 InvestmentsCorpStockSchedule

Name:

Kully Family Foundation

EIN:

45-4027161

Name of Stock	End of Year Book Value	End of Year Fair Market Value
ABBOTT LABS	53,315	55,365
ABBVIE INC	36,016	38,588
ACCENTURE PLC	62,346	83,166
ADOBE SYSTEMS, INC	10,527	68,609
ADVANCED MICRO DEVICES INC	20,614	31,104
ALPHABET INC CL A	78,903	200,455
ALPHABET INC CL C	6,585	42,279
AMAZON COM	88,226	231,101
AMERICAN ELECTRIC POWER INC	15,169	13,807
AMERICAN EXPRESS CO	52,957	79,620
AMERICAN TOWER REIT INC	29,793	28,928
AMERIPRISE FINANCIAL INC	8,049	21,650
AMETEK INC	13,126	45,345
ANALOG DEVICES INC	32,390	36,535
AON PLC CL A	47,478	66,935
APPLE INC	74,655	328,263
APPLIED MATERIALS INC	19,082	27,714
ASML HOLDING NV NY REG SHS	12,374	15,138
AUTOMATIC DATA PROCESSING INC	24,324	26,326
BLACKROCK INC	26,146	33,284
BOSTON SCIENTIFIC	14,199	20,638
BROADCOM INC	44,241	78,138
CHARLES SCHWAB CORP	32,616	41,280
CHIPOTLE MEX GRILL	21,030	25,157
CHUBB LIMITED	22,357	33,674
COSTAR GROUP, INC	18,086	87,390
COSTCO WHOLESALE CORPORATION	20,903	30,364
DANAHER CORP	35,034	104,797
DEXCOM, INC	6,362	140,842
DIAGEO PLC ADS	6,251	5,826
DOUBLELINE TOTAL RETURN BOND	423,739	352,384
ECOLAB INC	62,256	75,373
EDWARDS LIFESCIENCES	19,923	48,038
ELI LILLY & CO	59,765	282,715
EOG RESOURCES INC	14,416	19,473
EVOLENT HEALTH INC	52,288	121,121
EXACT SCIENCES CORPORATION	41,250	36,990
EXXON MOBIL CORP	42,935	39,992
FLYWIRE CORP	17,052	19,678
GUIDEWIRE SOFTWARE INC	26,776	32,712
HOLOGIC, INC	13,879	21,435
HOME DEPOT INC	50,294	142,779
HONEYWELL INTL	40,244	43,829
IDEXX CORP	11,571	141,538
INTERCONTINENTAL EXCHANGE, INC	31,914	80,269
INTUIT	23,726	34,377
INTUITIVE SURGICAL	15,691	20,579
IRHYTHM TECHNOLOGIES INC	34,228	54,055
ISHARES MSCI EMERGING MARKETS	23,916	24,126
JOHNSON & JOHNSON	74,905	96,238
JP MORGAN CHASE	47,736	79,777
LINDE PLC COM	55,560	94,463
MARSH AND MCLENNAN COMPANIES I	13,300	27,663
MASTERCARD INC	27,642	31,135
MCDONALD'S CORP	19,973	30,837
META PLATFORMS INC	57,409	67,960
MICROSOFT CORP	180,361	552,402
MORGAN STANLEY	28,262	29,560
NEOGEN CORPORATION	33,600	29,662
NEXTERA ENERGY, INC	25,906	22,352
NIKE INC-CL B	28,236	24,320
O'REILLY AUTOMOTIVE INC	8,937	20,902
ORACLE CORP	32,975	44,808
PALO ALTO NETWORKS INC	9,797	20,936
PARKER HANNIFIN CP	10,242	18,428
PAYPAL HOLDINGS, INC	49,842	27,635
PHILLIPS 66	11,879	18,107
PHREESIA INC COM	17,416	12,733
PORTILLO S ORD SHS CLASS A	17,259	11,948
PROCTER GAMBLE CO	22,526	27,843
PROLOGIS	31,008	33,725
REPUBLIC SVCS INC	8,823	19,789
RITCHIE BROS AUCTIONEERS	16,980	33,445
ROCKWELL AUTOMATION INC	7,487	13,972
RYAN SPECIALTY GROUP HOLDINGS	42,217	60,658
S&P GLOBAL INC COM	17,140	20,704
SALESFORCE.COM	40,514	117,360
SCHLUMBERGER LTD	11,497	16,601
SHERWIN-WILLIAMS CO	17,425	27,759
SPROUT SOCIAL INC	30,616	66,048
STARBUCKS CORP COM	51,836	73,928
TAIWAN SEMICONDUCTOR MFG CO LT	39,979	44,720
THE BLACKSTONE GROUP INC CL A	38,080	108,664
THE COCA-COLA CO	58,030	62,760
THERMO FISHER SCIENTIFIC INC	16,076	20,701
TJX COMPANIES INC	19,686	32,646
TRANE TECHNOLOGIES PLC	9,033	11,219
UBER	66,472	87,429
UNION PACIFIC	45,083	58,703
UNITED PARCEL SERVICE	32,758	29,559
UNITEDHEALTH GROUP INC	75,035	84,235
VERALTO CORPORATION	3,346	10,941
VISA INC	65,335	153,346
WESTINGHOUSE AIR BRAKE TECHNOL	55,581	87,561
WORKDAY INC	39,302	69,015
XOMETRY INC	82,013	68,409
ZOETIS INC	19,252	118,422

- TIN:

TY 2023 InvestmentsGovtObligationsSch

Name:

Kully Family Foundation

EIN:

45-4027161

US Government Securities - End of Year Book Value:

557,094

US Government Securities - End of Year Fair Market Value:

568,808

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

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

- TIN:

TY 2023 OtherExpensesSchedule

Name:

Kully Family Foundation

EIN:

45-4027161

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
Administrative Fees	15,500		15,500
Bank Charges	3	3
State or Local Filing Fees	26		26

- TIN:

TY 2023 OtherIncomeSchedule2

Name:

Kully Family Foundation

EIN:

45-4027161

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
Class Action Lawsuit Proceeds	84	84

- TIN:

TY 2023 OtherProfessionalFeesSchedule

Name:

Kully Family Foundation

EIN:

45-4027161

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Investment Management Services	59,258	59,258

- TIN:

TY 2023 TaxesSchedule

Name:

Kully Family Foundation

EIN:

45-4027161

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
990-PF Estimated Tax for 2023	3,000
Foreign Tax Paid	465	465