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
RAVEN TRUST FUND
 
Number and street (or P.O. box number if mail is not delivered to street address)999 THIRD AVENUE 3400
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
SEATTLE, WA98104
A Employer identification number

91-1816037
B Telephone number (see instructions)

(206) 674-3000
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$65,152,263J 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... 680,359 680,359  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 1,789,630
b Gross sales price for all assets on line 6a 14,351,938
7 Capital gain net income (from Part IV, line 2)... 1,789,630
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
-168,206 74,815  
12 Total. Add lines 1 through 11........ 2,301,783 2,544,804  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0   0
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
10,285 5,143   5,143
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
184,483 148,483   36,000
17 Interest...............        
18 Taxes (attach schedule) (see instructions)...        
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
312,595 312,177   418
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 507,363 465,803   41,561
25 Contributions, gifts, grants paid....... 4,145,023 4,145,023
26 Total expenses and disbursements. Add lines 24 and 25 4,652,386 465,803   4,186,584
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -2,350,603
b Net investment income (if negative, enter -0-) 2,079,001
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............. 216,634 492,523 492,523
2 Savings and temporary cash investments......... 1,947,736 1,385 1,385
3 Accounts receivable right arrow  
Less: allowance for doubtful accounts right arrow        
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) right arrow  
Less: allowance for doubtful accounts right arrow        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 6,781,538 Click to see attachment
List of Attached Documents:
// Content
8,295,032 		7,775,414
c Investments—corporate bonds (attach schedule)....... 5,802,017 Click to see attachment
List of Attached Documents:
// Content
8,303,423 		8,303,423
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).......... 32,871,365 Click to see attachment
List of Attached Documents:
// Content
34,590,418 		48,378,384
14 Land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
15 Other assets (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
201,134 		Click to see attachment
List of Attached Documents:
// Content
201,134 		Click to see attachment
List of Attached Documents:
// Content
201,134
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 47,820,424 51,883,915 65,152,263
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........... 47,820,424 51,883,915
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)..... 47,820,424 51,883,915
30 Total liabilities and net assets/fund balances (see instructions). 47,820,424 51,883,915
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
47,820,424
2
Enter amount from Part I, line 27a .....................
2
-2,350,603
3
Other increases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
3
6,414,094
4
Add lines 1, 2, and 3 ..........................
4
51,883,915
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
51,883,915
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 1,120 SHS MICROSOFT P 2020-12-30 2023-05-19
b 1,272 SHS ISHARES CORE MSCI INTERNATIONAL DEVELOPED MARKETS ETF P 2022-02-25 2023-08-01
c 1,953.1469 SHS SCHWAB FUNDAMENTAL US SMALL COMPANY ETF P 2019-07-08 2023-05-19
d 10,771 SHS IMPINJ, INC P 2012-07-13 2023-01-20
e 10,905.978 SHS BAIRD ULTRA-SHORT BOND INSTITUTIONAL P 2023-01-23 2023-12-08
132 SHS SCHWAB FUNDAMENTAL US SMALL COMPANY ETF P 2022-02-25 2023-05-19
135 SHS MICROSOFT P 2020-03-11 2023-05-19
14,897.219 SHS BAIRD ULTRA-SHORT BOND INSTITUTIONAL P 2023-05-19 2023-07-20
16,056.943 SHS BAIRD ULTRA-SHORT BOND INSTITUTIONAL P 2023-01-23 2023-09-05
18,814.356 SHS VANGUARD SHORT-TERM INVESTMENT GRADE ADMIRAL P 2013-08-30 2023-03-23
18.8531 SHS SCHWAB FUNDAMENTAL US SMALL COMPANY ETF P 2021-01-06 2023-05-19
2,085 SHS HARTFORD MULTIFACTOR DEVELOPED MARKETS (EXUS) ETF P 2019-07-08 2023-08-01
2,187 SHS ISHARES CORE MSCI INTERNATIONAL DEVELOPED MARKETS ETF P 2019-10-15 2023-08-01
2,198.57 SHS BLACKROCK EVENT DRIVEN EQUITY FUND INSTITUTIONAL P 2020-03-25 2023-06-27
2,462 SHS HARTFORD MULTIFACTOR DEVELOPED MARKETS (EXUS) ETF P 2019-07-08 2023-05-19
2,465.3361 SHS INVESCO RUSSELL 1000 DYNAMIC MULTIFACTOR ETF P 2019-10-15 2023-05-19
2,569 SHS IMPINJ, INC P 2012-07-13 2023-01-19
2,571 SHS VANGUARD S&P 500 ETF P 2022-02-25 2023-05-19
2,626 SHS VANGUARD S&P 500 ETF P 2022-02-25 2023-08-01
20,749.724 SHS ABSOLUTE CONVERTIBLE ARBITRAGE FUND INSTITUTIONAL SHARES P 2022-12-21 2023-06-27
22,434.197 SHS BAIRD ULTRA-SHORT BOND INSTITUTIONAL P 2023-05-19 2023-05-31
23,377.282 SHS BLACKROCK EVENT DRIVEN EQUITY FUND INSTITUTIONAL P 2022-12-21 2023-06-27
29,733.895 SHS BAIRD ULTRA-SHORT BOND INSTITUTIONAL P 2023-01-23 2023-10-19
29,911.765 SHS BAIRD ULTRA-SHORT BOND INSTITUTIONAL P 2023-05-19 2023-06-26
3,101 SHS ISHARES CORE MSCI EMERGING MARKETS ETF P 2022-02-25 2023-08-01
3,291 SHS SCHWAB FUNDAMENTAL US SMALL COMPANY ETF P 2019-07-08 2023-08-01
32,734.081 SHS ABSOLUTE CONVERTIBLE ARBITRAGE FUND INSTITUTIONAL SHARES P 2021-12-21 2023-06-27
36,292.996 SHS ABSOLUTE CONVERTIBLE ARBITRAGE FUND INSTITUTIONAL SHARES P 2021-01-21 2023-06-27
448 SHS IMPINJ, INC P 2016-07-26 2023-01-20
5,344 SHS ISHARES CORE MSCI INTERNATIONAL DEVELOPED MARKETS ETF P 2022-02-25 2023-05-19
5,376 SHS INVESCO RUSSELL 1000 DYNAMIC MULTIFACTOR ETF P 2019-10-15 2023-08-01
5,431 SHS IMPINJ, INC P 2009-01-01 2023-01-19
5194 SHS AMAZON P 1995-12-05 2023-05-19
6,310.353 SHS BAIRD ULTRA-SHORT BOND INSTITUTIONAL P 2023-05-19 2023-09-05
6,814.6639 SHS INVESCO RUSSELL 1000 DYNAMIC MULTIFACTOR ETF P 2019-09-16 2023-05-19
641 SHS SCHWAB FUNDAMENTAL INTERNATIONAL SMALL COMPANY ETF P 2019-07-08 2023-08-01
75,698.705 SHS BAIRD ULTRA-SHORT BOND INSTITUTIONAL P 2023-05-19 2023-07-06
75,948.241 SHS BLACKROCK EVENT DRIVEN EQUITY FUND INSTITUTIONAL P 2019-11-08 2023-06-27
803 SHS SCHWAB FUNDAMENTAL INTERNATIONAL SMALL COMPANY ETF P 2019-07-08 2023-05-19
89,153.0610 SHS BAIRD SHORT TERM-BOND P   2023-05-10
92,851.539 SHS BAIRD ULTRA-SHORT BOND INSTITUTIONAL P 2023-01-23 2023-10-05
930 SHS ISHARES CORE MSCI EMERGING MARKETS ETF P 2022-02-25 2023-05-19
99,702.393 SHS BAIRD ULTRA-SHORT BOND INSTITUTIONAL P 2023-01-23 2023-05-14
ELEVAR EQUITY II, LP P    
EUCLIDEAN FUND I, LP GAIN ON DISTRIBUTION IN EXCESS OF BASIS P    
EUCLIDEAN FUND I, LP. P    
EUCLIDEAN FUND I, LP. P    
LAVIEN OFFSHORE SELECT DISTRIBUTION HOLDINGS P    
LAVIEN OFFSHORE SELECT DISTRIBUTION HOLDINGS P    
MADRONA III MANAGER FUND, LP P    
MADRONA III MANAGER FUND, LP P    
MADRONA IV MANAGER FUND, LP P    
MADRONA IV MANAGER FUND, LP - APPTENTIVE, INC. - QSBS P 2012-08-01 2023-01-05
MADRONA IV MANAGER FUND, LP - APPTENTIVE, INC. - QSBS EXCLUSION P 2012-08-01 2023-01-05
MADRONA IV MANAGER FUND, LP - NEWORDERAUTO, INC. - QSBS P 2012-07-26 2023-02-10
MADRONA IV MANAGER FUND, LP - NEWORDERAUTO, INC. - QSBS EXCLUSION P 2012-07-26 2023-02-10
MADRONA IV MANAGER FUND, LP - REMLITY GLOBAL, INC. - QSBS P 2012-12-14 2023-06-08
MADRONA IV MANAGER FUND, LP - REMLITY GLOBAL, INC. - QSBS EXCLUSION P 2012-12-14 2023-06-08
MADRONA IV MANAGER FUND, LP - SMORE, INC. - QSBS P 2011-08-11 2023-02-10
MADRONA IV MANAGER FUND, LP - SMORE, INC. - QSBS EXCLUSION P 2011-08-11 2023-02-10
MADRONA IX MANAGER FUND, LP P    
MADRONA V MANAGER FUND P    
MADRONA VENTURE FUND IV, LP P    
MADRONA VENTURE FUND IV, LP - APPTENTIVE, INC. - QSBS P 2012-08-01 2023-01-05
MADRONA VENTURE FUND IV, LP - APPTENTIVE, INC. - QSBS EXCLUSION P 2012-08-01 2023-01-05
MADRONA VENTURE FUND IV, LP - NEWORDERAUTO, INC. - QSBS P 2012-07-26 2023-02-10
MADRONA VENTURE FUND IV, LP - NEWORDERAUTO, INC. - QSBS EXCLUSION P 2012-07-26 2023-02-10
MADRONA VENTURE FUND IV, LP - REMLITY GLOBAL, INC. - QSBS P 2012-12-14 2023-06-08
MADRONA VENTURE FUND IV, LP - REMLITY GLOBAL, INC. - QSBS EXCLUSION P 2012-12-14 2023-06-08
MADRONA VENTURE FUND IV, LP - SMORE, INC. - QSBS P 2011-08-11 2023-02-10
MADRONA VENTURE FUND IV, LP - SMORE, INC. - QSBS EXCLUSION P 2011-08-11 2023-02-10
MADRONA VENTURE FUND V, LP P    
MADRONA VENTURE FUND VI, LP P    
MADRONA VENTURE FUND VI, LP P    
MADRONA VI MANAGER FUND P    
MADRONA VI MANAGER FUND P    
MADRONA VII MANAGER FUND EXTENSION, LP P    
MADRONA VII MANAGER FUND, LP P    
MADRONA VII MANAGER FUND, LP P    
MADRONA VIII MANAGER FUND, LP P    
MADRONA VIII MANAGER FUND, LP P    
NORTHGATE VENTURE PARTNERS IX, LP P    
NORTHGATE VENTURE PARTNERS IX, LP P    
NORTHGATE VENTURE PARTNERS IX, LP - 988 LOSS P    
OCEAN AVENUE FUND III, LP P    
OCEAN AVENUE FUND III, LP P    
OCEAN AVENUE FUND III, LP - SECTION 1231 GAIN P    
OWL VENTURES II P    
OWL VENTURES III, LP P    
OWL VENTURES IV, L.P. P    
RSQUARED FUND I, LP P    
SCHWAB ACCT # 7335-4867 - IMPINJ, INC - QSBS EXCLUSION P 2009-01-01 2023-01-19
SCHWAB ACCT # 7335-4867 - IMPINJ, INC - QSBS EXCLUSION P 2012-07-13 2023-01-19
SCHWAB ACCT # 7335-4867 - IMPINJ, INC - QSBS EXCLUSION P 2012-07-13 2023-01-20
THE MIRI STRATEGIC EMERGING MARKETS FUND LP P    
THE MIRI STRATEGIC EMERGING MARKETS FUND LP P    
THE MIRI STRATEGIC EMERGING MARKETS FUND LP - 988 LOSS P    
TRANSFORMATION CAPITAL FUND II LP P    
VERDAD LEVERAGED COMPANY FUND, L.P. P    
VERDAD LEVERAGED COMPANY FUND, L.P. P    
CAPITAL GAINS DIVIDENDS P    
(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 356,108   248,899 107,209
b 79,054   81,039 -1,985
c 92,156   73,829 18,327
d 1,369,524   80,244 1,289,280
e 110,026   109,388 638
6,228   6,969 -741
42,924   20,973 21,951
150,000   149,719 281
161,522   161,052 470
190,000   200,386 -10,386
890   837 53
55,961   58,965 -3,004
135,921   121,226 14,695
21,216   20,000 1,216
66,295   69,626 -3,331
117,078   75,982 41,096
329,612   19,139 310,473
989,346   1,031,305 -41,959
1,100,692   1,053,367 47,325
229,488   225,357 4,131
225,000   225,466 -466
225,591   225,357 234
300,000   298,233 1,767
300,000   300,616 -616
159,824   178,339 -18,515
175,442   124,400 51,042
362,033   365,000 -2,967
401,394   409,400 -8,006
56,963   338 56,625
331,810   340,466 -8,656
270,688   165,688 105,000
696,817   142,232 554,585
605,356   7 605,349
63,478   63,420 58
323,625   217,865 105,760
21,988   20,089 1,899
760,000   760,780 -780
732,901   755,700 -22,799
27,049   25,166 1,883
    2,524 -2,524
935,000   931,307 3,693
45,030   53,484 -8,454
1,000,000   1,000,021 -21
70,563     70,563
21,497     21,497
33,746     33,746
    11,149 -11,149
    13,078 -13,078
    4,623 -4,623
1,537     1,537
10,619     10,619
    34,106 -34,106
1,019     1,019
    1,019 -1,019
95     95
    95 -95
8,259     8,259
    8,259 -8,259
1,199     1,199
    1,199 -1,199
    515 -515
    361 -361
    12,716 -12,716
380     380
    380 -380
35     35
    35 -35
3,079     3,079
    3,079 -3,079
447     447
    447 -447
    92 -92
    3,187 -3,187
    2 -2
    11,561 -11,561
    6 -6
    10,000 -10,000
    250 -250
    82,868 -82,868
    5,125 -5,125
    128 -128
    1,423 -1,423
7     7
    3 -3
8,337     8,337
2     2
68,225     68,225
    10,723 -10,723
    1 -1
    15,114 -15,114
    10,000 -10,000
    277,292 -277,292
    310,473 -310,473
    1,289,280 -1,289,280
259,320     259,320
66,131     66,131
    14,814 -14,814
    14,705 -14,705
139,131     139,131
23,975     23,975
10,305     10,305
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       107,209
b       -1,985
c       18,327
d       1,289,280
e       638
      -741
      21,951
      281
      470
      -10,386
      53
      -3,004
      14,695
      1,216
      -3,331
      41,096
      310,473
      -41,959
      47,325
      4,131
      -466
      234
      1,767
      -616
      -18,515
      51,042
      -2,967
      -8,006
      56,625
      -8,656
      105,000
      554,585
      605,349
      58
      105,760
      1,899
      -780
      -22,799
      1,883
      -2,524
      3,693
      -8,454
      -21
      70,563
      21,497
      33,746
      -11,149
      -13,078
      -4,623
      1,537
      10,619
      -34,106
      1,019
      -1,019
      95
      -95
      8,259
      -8,259
      1,199
      -1,199
      -515
      -361
      -12,716
      380
      -380
      35
      -35
      3,079
      -3,079
      447
      -447
      -92
      -3,187
      -2
      -11,561
      -6
      -10,000
      -250
      -82,868
      -5,125
      -128
      -1,423
      7
      -3
      8,337
      2
      68,225
      -10,723
      -1
      -15,114
      -10,000
      -277,292
      -310,473
      -1,289,280
      259,320
      66,131
      -14,814
      -14,705
      139,131
      23,975
      10,305
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 1,789,630
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 28,898
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 28,898
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 28,898
6 Credits/Payments:
a 2023 estimated tax payments and 2022 overpayment credited to 2023 6a 62,145
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 62,145
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  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10 33,247
11 Enter the amount of line 10 to be: Credited to 2024 estimated taxright arrow33,247 Refundedright arrow 11 0
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
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
right arrowWA
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
 
No
Website addressright arrowRAVENTRUSTFUND.ORG
14
The books are in care ofright arrowJUDITH BECK Telephone no.right arrow (206) 674-3000

Located atright arrow999 THIRD AVENUE SUITE 3400SEATTLEWA ZIP+4right arrow98104
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)
Yes
 
(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
 
No
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)
Yes
 
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
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
 
No
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
Yes
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d). Click to see attachment
List of Attached Documents:
// Content
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
JUDITH BECK VP/SECRETARY/TRUSTEE
30.00 		0 0 0
999 THIRD AVENUE SUITE 3400
SEATTLE,WA98104
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
CLARIUS GROUP PROFESSIONAL SERVICES 184,483
999 THIRD AVE SUITE 3050
SEATTLE,WA98104
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
49,954,271
b
Average of monthly cash balances.......................
1b
431,498
c
Fair market value of all other assets (see instructions)................
1c
12,515,014
d
Total (add lines 1a, b, and c).........................
1d
62,900,783
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
62,900,783
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
943,512
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
61,957,271
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
3,097,864
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
3,097,864
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
28,898
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
28,898
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
3,068,966
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
3,068,966
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
3,068,966
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
4,186,584
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
4,186,584
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 3,068,966
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only....... 2,696,972
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$ 4,186,584
a Applied to 2022, but not more than line 2a 2,696,972
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..... 1,489,612
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 .......... 		1,579,354
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).)
JUDITH BECK
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.
JUDITH BECK
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here right arrow
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)
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

SKAGITONIANS FOR FARMLAND PRESERVATION

414A SNOQUALMIE STREET PO BOX 2405
MT VERNON,WA98273 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 1,000

AMARA PARENTING AND ADOPTION SERVICES

5907 MARTIN LUTHER KING JR WAY
SOUTH
SEATTLE,WA98118 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 5,000

ARBORETUM FOUNDATION

UNIVERSITY OF WASHINGTON XD-10
SEATTLE,WA98195 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 1,000

ARTSFUND (CCA)

PO BOX 19780 SUITE 200
SEATTLE,WA98109 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 10,000

BURKE MUSEUM ASSOCIATION

4300 15TH AVE NE
SEATTLE,WA98195 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 5,000

CASCADE PUBLIC MEDIAKCTS TELEVISION

401 MERCER STREET
SEATTLE,WA98109 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 5,000

CENTER FOR WOODEN BOATS

1010 VALLEY STREET
SEATTLE,WA98109 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 2,000

CHILDHAVEN

316 BROADWAY
SEATTLE,WA98122 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 1,000

COLUMBIA UNIVERSITY SCHOOL OF LAW

435 WEST 116TH STREET
NEW YORK,NY10027 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 10,000

CROSSCUT

309 CEDAR STREET
SEATTLE,WA98121 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 5,000

DISCOVERY INSTITUTE

208 COLUMBIA STREET
SEATTLE,WA98104 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 15,000

FARESTART

1902 2ND AVENUE
SEATTLE,WA98101 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 10,000

FORTERRA NW

901 FIFTH AVENUE SUITE 2200
SEATTLE,WA98164 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 10,000

FRED HUTCHINSON CANCER RESEARCH CENTER

PO BOX 19024
SEATTLE,WA98109 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 5,000

FRIENDS OF THE SAN JUANS

PO BOX 1344
FRIDAY HARBOR,WA98250 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 1,000

HEDGEBROOK

2197 MILLMAN ROAD
LANGLEY,WA98260 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 1,000

HOPELINK

16225 NE 87TH ST SUITE A-1
REDMOND,WA980523536 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 5,000

HUGO HOUSE

1634 11TH AVENUE
SEATTLE,WA98122 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 1,000

ISLANDWOOD

4450 BLAKELY AVENUE NORTHEAST
BAINBRIDGE ISLAND,WA98110 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 5,000

JUVENILE DIABETES RESERACH FOUNDATION

1215 4TH AVE 1100
SEATTLE,WA98161 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 5,000

MARY'S PLACE

1830 9TH AVENUE PO BOX 1711
SEATTLE,WA98111 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 5,000

MOCKINGBIRD SOCIETY

2100 24TH AVENUE S STE240
SEATTLE,WA98144 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 5,000

MUSEUM OF HISTORY & INDUSTRY

2700 24TH AVENUE EAST
SEATTLE,WA981122099 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 5,000

NATIONAL TROPICAL BOTANICAL GARDEN

3530 PAPALINA ROAD
KALAHEO,HI96741 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 5,000

NORTHWEST AFRICAN AMERICAN MUSEUM

2300 S MASSACHUSETTS ST
SEATTLE,WA98144 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 5,000

OUR LADY OF THE ROCK

PO BOX 425
SHAW ISLAND,WA982860425 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 1,000

OXBOW CENTER FOR SUSTAINABLE AGRICULTURE AND THE ENVIRONMENT

10819 CARNATION DUVALL ROAD NE
CARNATION,WA98014 		NONE POF GENERAL SUPPORT 3,732,000

PACIFIC SCIENCE CENTER FOUNDATION

200 SECOND AVENUE N
SEATTLE,WA98109 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 11,000

PAT GRANEY DANCE COMPANY

1419 SOUTH JACKSON ST STUDIO 11
SEATTLE,WA98144 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 1,000

PATH FOR GLOBAL HEALTH

1455 NW LEARY WAY
SEATTLE,WA98107 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 10,000

PATH WITH ART

PO BOX 9218
SEATTLE,WA98109 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 5,000

PLYMOUTH HOUSING GROUP

2209 FIRST AVENUE
SEATTLE,WA981211614 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 5,000

RAINIER SCHOLARS

2100 24TH AVENUE S SUITE 360
SEATTLE,WA98144 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 5,000

RYTHER CHILD CENTER

2400 NE 95TH STREET
SEATTLE,WA98115 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 2,000

SALISH SEA EXPEDITIONS

431 WATER STREET
PORT TOWNSEND,WA98368 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 2,000

SEATTLE AQUARIUM SOCIETY

1415 WESTERN AVENUE SUITE 505
SEATTLE,WA98101 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 105,000

SEATTLE ART MUSEUM

1300 FIRST AVENUE
SEATTLE,WA98101 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 5,000

SEATTLE FOUNDATION

1200 FIFTH AVENUE SUITE 1300
SEATTLE,WA981013132 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 15,000

SEATTLE HUMANE SOCIETY

13212 SE EASTGATE WAY
BELLEVUE,WA98005 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 1,000

SEATTLE PARKS FOUNDATION

860 TERRY AVENUE NORTH SUITE 117
SEATTLE,WA98109 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 1,000

SEATTLE PUBLIC LIBRARY FOUNDATION

1000 4TH AVENUE
SEATTLE,WA98104 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 1,000

SNOQUALMIE VALLEY PRESERVATION ALLIANCE

4621 TOLT AVENUE
CARNATION,WA98014 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 2,000

STEWARDSHIP PARTNERS

80 YESLER WAY SUITE 315
SEATTLE,WA98104 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 15,000

SWEDISH HOSPITAL MEDICAL CENTER FOUNDATION

747 BROADWAY
SEATTLE,WA98122 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 5,000

TAKE THE NEXT STEP

202 SAMS ST
MONROE,WA98272 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 5,000

TEACH FOR AMERICA

210 S HUDSON ST SUITE 307
SEATTLE,WA98134 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 10,000

TEAM READ

135 32ND AVENUE
SEATTLE,WA98122 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 1,000

TECHNOLOGY ACCESS FOUNDATION

3803 SOUTH EDMUNDS STREET
SEATTLE,WA98118 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 11,023

THE NATURE CONSERVANCY

1917 FIRST AVENUE
SEATTLE,WA98101 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 1,000

TOWN HALL SEATTLE

1119 8TH AVENUE
SEATTLE,WA98101 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 1,000

TREEHOUSE FUND

2100 24TH AVENUE S SUITE 200
SEATTLE,WA98144 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 5,000

TRUST FOR PUBLIC LAND PNW

WATERFRONT PLACE BUILDING SUITE 605
1011 WESTERN AVENUE
SEATTLE,WA98104 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 1,000

UNITED WAY OF KING COUNTY

720 SECOND AVENUE
SEATTLE,WA98104 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 10,000

UNIVERSITY OF IDAHO

PO BOX 443150
MOSCOW,ID838443150 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 5,000

UNIVERSITY OF WASHINGTON

PO BOX 351210 401 ADMINISTRATION
BUILDING AI- 10
SEATTLE,WA981951210 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 1,000

WASHINGTON FARMLAND TRUST

1402 3RD AVE 709
SEATTLE,WA98101 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 1,000

WASHINGTON STATE UNIVERSITY

PO BOX 641925
PULLMAN,WA991641925 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 1,000

WENATCHEE VALLEY COMMUNITY COLLEGE

1300 5TH STREET
WENATCHEE,WA98801 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 1,000

WOOD RIVER ABILITY PROGRAM

PO BOX 2605
KETCHUM,ID83340 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 2,000

WOODLAND PARK ZOO

601 NORTH 59TH STREET
SEATTLE,WA98103 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 25,000

YEAR UP PUGET SOUND

2607 2ND AVENUE
SEATTLE,WA98121 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 5,000

ADA DEVELOPERS ACADEMY

315 5TH AVENUE SOUTH SUITE 200
SEATTLE,WA98104 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 1,000

ALAN T SUGIYAMA HIGH SCHOOL

8601 RAINIER AVE
SEATTLE,WA98118 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 1,000

BIKE WORKS

3715 S HUDSON ST UNIT 111
SEATTLE,WA98118 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 1,000

FRIENDS OF WATERFRONT SEATTLE

1201 ALASKAN WAY
SEATTLE,WA98101 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 1,000

MUSEUM OF FLIGHT

9404 EAST MARGINAL WAY SOUTH
SEATTLE,WA98108 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 1,000

RAINIER VALLEY FOOD BANK

9021 RAINIER AVE S
SEATTLE,WA98118 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 1,000

WORLDREADERORG

2030 1ST AVE SUITE 300
SEATTLE,WA98121 		NONE PUBLIC CHARITIES GENERAL SUPPORT FOR ALL PUBLIC CHARITIES 1,000
Total .................................right arrow 3a 4,145,023
bApproved for future payment
Total ................................. right arrow 3b 0
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 ....     14 680,359  
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 1,789,630  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aORDINARY INCOME - FORTERRA STRONG COMMUNITITES FUND II, LP 		  -149,354 14    
bORDINARY INCOME - OCEAN AVENUE FUND III, LP   -86,413 14 24,086  
cRENTAL INCOME - FORTERRA STRONG COMMUNITIES I, LP   -2,259 14 -8,000  
dOTHER PORTFOLIO INCOME - THE MIRI STRATEGIC EMERGING MARKETS FUND, LP       -179  
eORDINARY INCOME - ELEVAR EQUITY II, LP   -1,252 14    
fOTHER PORTFOLIO INCOME - NORTHGATE VENTURE PARTNERS IX, LP       4  
gRENTAL INCOME - OCEAN AVENUE FUND III, LP       22  
hINVOLUNTARY CONVERSIONS - OCEAN AVENUE FUND III, LP       34  
iORDINARY INCOME FROM A QEF - NORTHGATE VENTURE PARTNERS IX, LP       64  
jOTHER PORTFOLIO INCOME - OCEAN AVENUE FUND III, LP       219  
kORDINARY INCOME - CSRHUB, LLC       3,662  
lCANCELLATION OF DEBT - OCEAN AVENUE FUND III, LP       54,903  
mOCEAN AVENUE FUND V, LP   -3,743 14    
12 Subtotal. Add columns (b), (d), and (e) .. -243,021 2,544,804 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
2,301,783
(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:
RAVEN TRUST FUND
EIN:
91-1816037
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING FEES 10,285 5,143   5,143

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

TY 2023 ExpenditureResponsibilityStmt
Name:
RAVEN TRUST FUND
EIN:
91-1816037
Grantee's Name Grantee's Address Grant Date Grant Amount Grant Purpose Amount Expended By Grantee Any Diversion By Grantee? Dates of Reports By Grantee Date of Verification Results of Verification
OXBOW CENTER FOR SUSTAINABLE AGRICULTURE AND THE ENVIRONMENT
  		999 THIRD AVENUE SUITE 3050
SEATTLE,WA98104 		2023-02-15 933,000 OUR GRANT MUST BE EXPENDED FOR CHARITABLE, SCIENTIFIC, LITERARY, OR EDUCATIONAL PURPOSES AS DEFINED UNDER INTERNAL REVENUE CODE 501 ( C )(3 ), AND MORE SPECIFICALLY FOR GENERAL SUPPORT OF THE GRANTEE. 933,000   5/15/24 2024-05-15  
OXBOW CENTER FOR SUSTAINABLE AGRICULTURE AND THE ENVIRONMENT
  		999 THIRD AVENUE SUITE 3050
SEATTLE,WA98104 		2023-05-10 933,000 OUR GRANT MUST BE EXPENDED FOR CHARITABLE, SCIENTIFIC, LITERARY, OR EDUCATIONAL PURPOSES AS DEFINED UNDER INTERNAL REVENUE CODE 501 ( C )(3 ), AND MORE SPECIFICALLY FOR GENERAL SUPPORT OF THE GRANTEE. 933,000   5/15/24 2024-05-15  
OXBOW CENTER FOR SUSTAINABLE AGRICULTURE AND THE ENVIRONMENT
  		999 THIRD AVENUE SUITE 3050
SEATTLE,WA98104 		2023-07-07 933,000 OUR GRANT MUST BE EXPENDED FOR CHARITABLE, SCIENTIFIC, LITERARY, OR EDUCATIONAL PURPOSES AS DEFINED UNDER INTERNAL REVENUE CODE 501 ( C )(3 ), AND MORE SPECIFICALLY FOR GENERAL SUPPORT OF THE GRANTEE. 933,000   5/15/24 2024-05-15  
OXBOW CENTER FOR SUSTAINABLE AGRICULTURE AND THE ENVIRONMENT
  		999 THIRD AVENUE SUITE 3050
SEATTLE,WA98104 		2023-10-10 933,000 OUR GRANT MUST BE EXPENDED FOR CHARITABLE, SCIENTIFIC, LITERARY, OR EDUCATIONAL PURPOSES AS DEFINED UNDER INTERNAL REVENUE CODE 501 ( C )(3 ), AND MORE SPECIFICALLY FOR GENERAL SUPPORT OF THE GRANTEE. 933,000   5/15/24 2024-05-15  

TY 2023 InvestmentsCorpBondsSchedule
Name:
RAVEN TRUST FUND
EIN:
91-1816037
Name of Bond End of Year Book Value End of Year Fair Market Value
BOND FUNDS 8,303,423 8,303,423

TY 2023 InvestmentsCorpStockSchedule
Name:
RAVEN TRUST FUND
EIN:
91-1816037
Name of Stock End of Year Book Value End of Year Fair Market Value
SQN INVESTORS OFFSHORE FUND LTD 1,000,000 480,382
PUBLICLY TRADED SECURITIES 7,094,289 7,094,289
INFINITY Q DIVERSIFIED ALPHA FUND 200,743 200,743

TY 2023 InvestmentsOtherSchedule2
Name:
RAVEN TRUST FUND
EIN:
91-1816037
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
TCII THRIVEWORKS FEEDER, LP FMV 30,693 0
OCEAN AVENUE FUND IV, LP FMV 1,666,539 1,675,818
OCEAN AVENUE FUND III, LP FMV 1,557,824 1,480,254
RSQUARED FUND I, LP FMV 368,857 2,095,313
MADRONA IV MANAGER FUND LP FMV 417,895 1,876,335
MADRONA VI MANAGER FUND FMV 735,622 1,729,351
VERDAD LEVERAGED COMPANY FUND, L.P. FMV 2,135,633 2,064,764
THE MIRI STRATEGIC EMERGING MARKETS FUND LP FMV 1,753,340 2,425,015
MADRONA V MANAGER FUND LP FMV 629,684 2,696,836
MADRONA VII MANAGER FUND, LP FMV 1,269,336 3,985,405
OTHER INVESTMENTS FMV 10,874,252 10,874,252
MADRONA IX MANAGER FUND, LP FMV 586,857 680,886
MADRONA VII MANAGER FUND EXTENSION, LP FMV 408,197 374,817
TCII LONG FEEDER LP FMV 24,812 0
ELEVAR EQUITY III LP FMV 149,065 644,876
OWL VENTURES II FMV 366,922 611,732
MADRONA VENTURE FUND V, LP FMV 196,612 720,636
ELEVAR EQUITY II LP FMV 8,884 10,306
OWL VENTURES V, LP FMV 143,204 142,350
TEACHTOWN FMV 99,000 99,000
VERAVANTI FMV 99,996 99,996
CSRHUB LLC FMV 121,365 119,995
LAVIEN OFFSHORE SELECT DISTRIBUTION HOLDINGS FMV 57,211 20,968
RSQUARED FUND II, LP FMV 247,029 263,262
MADRONA ACCELERATION II MANAGER FUND, LP FMV 546,264 487,264
MADRONA VENTURE FUND IV, LP FMV 176,861 736,479
OWL VENTURES OPPORTUNITY FUND II, LP FMV 140,129 157,170
OWL VENTURES OPPORTUNITY FUND I, L.P. FMV 244,125 237,552
FORTERRA STRONG COMMUNITIES I LP FMV 383,334 290,565
FORTERRA STRONG COMMUNITIES FUND II, LP FMV 176,036 147,762
OWL VENTURES IV, L.P. FMV 427,521 541,033
MADRONA III MANAGER FUND LP FMV 251,960 143,247
OWL VENTURES III, LP FMV 402,642 441,973
MADRONA VENTURE FUND VI, LP FMV 260,540 527,986
NORTHGATE VENTURE PARTNERS IX, LP FMV 781,095 961,959
MADRONA VIII MANAGER FUND, LP FMV 1,359,044 1,948,041
TRANSFORMATION CAPITAL FUND II, L.P. FMV 350,457 593,123
ONE4ALL FMV 50,000 49,145
SNOWFLAKE INC. FMV 89,152 89,152
MAGNITUDE INTERNATIONAL - CLASS A FMV 2,076,816 2,076,816
QUELLOS STRATEGIC PARTNERS INC FMV 2,480,071 3,739,808
MADRONA ACCELERATION III MANAGER FUND, L FMV 175,823 174,834
OCEAN AVENUE FUND V LP FMV 269,719 342,308

TY 2023 OtherAssetsSchedule
Name:
RAVEN TRUST FUND
EIN:
91-1816037
Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
DEPOSITS 201,134 201,134 201,134


TY 2023 OtherExpensesSchedule
Name:
RAVEN TRUST FUND
EIN:
91-1816037
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
PORTFOLIO DEDUCTIONS FROM FLOW-THROUGH INVESTMENTS 267,353 267,353   0
FOREIGN TAXES 26,743 26,743   0
LICENSE & PERMITS 85 43   42
OFFICE SUPPLIES 157 79   78
DUES AND SUBSCRIPTIONS 278 139   139
INVESTMENT INTEREST EXPENSE FROM FLOW-THROUGH INVESTMENT 17,660 17,660   0
POSTAGE AND DELIVERY 294 147   147
CHARLES SCHWAB FEES AND CHARGES 25 13   12


TY 2023 OtherIncomeSchedule2
Name:
RAVEN TRUST FUND
EIN:
91-1816037
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
ORDINARY INCOME - FORTERRA STRONG COMMUNITITES FUND II, LP -149,354 0 -149,354
ORDINARY INCOME - OCEAN AVENUE FUND III, LP -62,327 24,086 -62,327
RENTAL INCOME - FORTERRA STRONG COMMUNITIES I, LP -10,259 -8,000 -10,259
OTHER PORTFOLIO INCOME - THE MIRI STRATEGIC EMERGING MARKETS FUND, LP -179 -179 -179
ORDINARY INCOME - ELEVAR EQUITY II, LP -1,252 0 -1,252
OTHER PORTFOLIO INCOME - NORTHGATE VENTURE PARTNERS IX, LP 4 4 4
RENTAL INCOME - OCEAN AVENUE FUND III, LP 22 22 22
INVOLUNTARY CONVERSIONS - OCEAN AVENUE FUND III, LP 34 34 34
ORDINARY INCOME FROM A QEF - NORTHGATE VENTURE PARTNERS IX, LP 64 64 64
OTHER PORTFOLIO INCOME - OCEAN AVENUE FUND III, LP 219 219 219
ORDINARY INCOME - CSRHUB, LLC 3,662 3,662 3,662
CANCELLATION OF DEBT - OCEAN AVENUE FUND III, LP 54,903 54,903 54,903
OCEAN AVENUE FUND V, LP -3,743 0 -3,743


TY 2023 OtherIncreasesSchedule
Name:
RAVEN TRUST FUND
EIN:
91-1816037
Description Amount
UNREALIZED GAIN (LOSS) 6,414,094


TY 2023 OtherProfessionalFeesSchedule
Name:
RAVEN TRUST FUND
EIN:
91-1816037
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT FEES 148,483 148,483   0
OPERATING FEES 36,000 0   36,000