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
HERBERT H AND BARBARA C DOW FOUNDATION

Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 393
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
FRANKFORT, MI496350393

A Employer identification number

38-6058513

B Telephone number (see instructions)

(231) 352-6960

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

$27,557,728J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

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


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .............
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	732,083		706,014
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		924,062
b	Gross sales price for all assets on line 6a 3,231,116
7	Capital gain net income (from Part IV, line 2)...			924,062
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	860	802
12	Total. Add lines 1 through 11........	1,657,005		1,630,878
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).........	List of Attached Documents: // Content	581	0	581
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	10,782	5,391	5,391
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	187,636	187,636	0
17	Interest...............
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	3,928	1,082	0
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	862	0	862
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	203,789		194,109	6,834
25	Contributions, gifts, grants paid.......	1,222,500			1,272,500
26	Total expenses and disbursements. Add lines 24 and 25	1,426,289		194,109	1,279,334
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	230,716
b	Net investment income (if negative, enter -0-)			1,436,769
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.........	808,459	325,315	325,315
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	9,691,199	List of Attached Documents: // Content 13,474,263	13,474,263
	c	Investments—corporate bonds (attach schedule).......	1,838,560	List of Attached Documents: // Content 2,236,584	2,236,584
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	11,106,481	List of Attached Documents: // Content 11,497,713	11,497,713
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	List of Attached Documents: // Content 3,290	List of Attached Documents: // Content 23,853	List of Attached Documents: // Content 23,853
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	23,447,989	27,557,728	27,557,728
	17	Accounts payable and accrued expenses..........
	18	Grants payable.................	300,000	250,000
	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).........	300,000	250,000
		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........	23,147,989	27,307,728
	27	Paid-in or capital surplus, or land, bldg., and equipment fund	0	0
	28	Retained earnings, accumulated income, endowment, or other funds	0	0
	29	Total net assets or fund balances (see instructions).....	23,147,989	27,307,728
	30	Total liabilities and net assets/fund balances (see instructions).	23,447,989	27,557,728

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

23,147,989

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

230,716

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

List of Attached Documents:

// Content

3,929,023

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

27,307,728

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 .

27,307,728

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	3,231,116	2,307,054	924,062
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			924,062
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	924,062
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	19,971
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	19,971
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	19,971
6	Credits/Payments:

a	2023 estimated tax payments and 2022 overpayment credited to 2023	6a	13,473
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	13,473
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. List of Attached Documents: // Content		8	245
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9	6,743
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2024 estimated tax	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

$ 0(2) On foundation managers. right arrow

$ 0

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

on foundation managers. right arrow

$ 0

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

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

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

of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....

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

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

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

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

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

By language in the governing instrument, or

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

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

Yes

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

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

Yes

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

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

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

Yes

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

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

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

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

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

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

meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............

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

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

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

Yes

Website address right arrow

N/A

The books are in care of right arrow

PAMELA D COLLIE Telephone no. right arrow

(231) 352-6960

Located at right arrow

PO BOX 393FRANKFORTMI ZIP+4 right arrow

496350393

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
WILLARD H DOW II	PRESIDENT/TRUSTEE 2.00	0	0	0
PO BOX 393 FRANKFORT,MI496350393	PRESIDENT/TRUSTEE 2.00	0	0	0
PAMELA D COLLIE	VP/SEC/TREASURER/TRUSTEE 2.00	0	0	0
PO BOX 393 FRANKFORT,MI496350393	VP/SEC/TREASURER/TRUSTEE 2.00	0	0	0
MARGO PRAYTOR	TRUSTEE 0.10	0	0	0
PO BOX 393 FRANKFORT,MI496350393	TRUSTEE 0.10	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
NONE









Total number of other employees paid over $50,000...................				0

Form 990-PF (2023)

Page 7

Part VII

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

3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
NONE

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

25,111,271

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

719,242

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

23,853

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

25,854,366

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

25,854,366

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

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

387,815

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

25,466,551

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

1,273,328

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

1,273,328

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

19,971

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

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

19,971

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

1,253,357

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

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

1,253,357

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

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

1,253,357

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 ..........

1,279,334

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. .......

1,279,334

Form 990-PF (2023)

Page 9

Part XII

Undistributed Income (see instructions)

	(a) Corpus	(b) Years prior to 2022	(c) 2022	(d) 2023
1 Distributable amount for 2023 from Part X, line 7				1,253,357
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only.......			1,270,967
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: $ 1,279,334
a Applied to 2022, but not more than line 2a			1,270,967
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.....				8,367
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 ..........				1,244,990
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......	0
8 Excess distributions carryover from 2018 not applied on line 5 or line 7 (see instructions) ...	0
9 Excess distributions carryover to 2024. Subtract lines 7 and 8 from line 6a ......	0
10 Analysis of line 9:
a Excess from 2019....
b Excess from 2020....
c Excess from 2021....
d Excess from 2022....
e Excess from 2023....

Form 990-PF (2023)

Page 10

Part XIII

Private Operating Foundations (see instructions and Part VI-A, question 9)

1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2023, enter the date of the ruling ...... right arrow

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

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part IX for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2023	(b) 2022	(c) 2021	(d) 2020	(e) Total

b 85% (0.85) of line 2a .........
c Qualifying distributions from Part XI, line 4 for each year listed .....
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part IX, line 6 for each year listed ..
c “Support" alternative test—enter:
(1) Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) ....
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....
(3) Largest amount of support from an exempt organization
(4) Gross investment income

Part XIV

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

1Information Regarding Foundation Managers:

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

bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.

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

Check here right arrow

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

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

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

cAny submission deadlines:

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

Form 990-PF (2023)

Page 11

Part XIV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
ARIZONA HUMANE SOCIETY 1521 WEST DOBBINS ROAD PHOENIX,AZ85041		PC	VEHICLE MAINTENANCE AND ULTRASOUND MACHINE	82,000
ARIZONA SCIENCE CENTER 600 E WASHINGTON STREET PHOENIX,AZ85004		PC	GIRLS IN STEM PROGRAM	15,000
BARROW NEUROLOGICAL FOUNDATION 124 WEST THOMAS ROADSUITE 250 PHOENIX,AZ85013		PC	WOMAN'S BOARD PROJECT: ENT SKULL BASE SURGERY	52,000
BENZIE AREA CHRISTIAN NEIGHBORS PO BOX 93 BENZONIA,MI49616		PC	OPERATIONAL BUDGET FOR SERVICES	50,000
BENZIE SENIOR RESOURCES 10542 MAIN STREET HONOR,MI49640		PC	SENIOR ASSISTANCE OPERATIONAL FUNDS	35,000
CRYSTAL LAKE AND WATERSHED PO BOX 89 BEULAH,MI49617		PC	SWIMMER'S ITCH ERADICATION	5,000
ELIZABETH LANE OLIVER CENTER FOR THE ARTS PO BOX 1513 FRANKFORT,MI49635		PC	EQUIPMENT AND CAPITAL UPGRADES	50,000
FAMILY LIFE BROADCASTING SYSTEM PO BOX 35300 TUCSON,AZ85740		PC	RADIO AND PODCAST MINISTRY	20,000
FOCUS ON THE FAMILY 8605 EXPLORER DRIVE COLORADO SPRINGS,CO80920		PC	RAISING HIGHLY CAPABLE KIDS (RHCK) PROGRAM	35,000
FRESH START WOMENS FOUNDATION 1130 E MCDOWELL RD PHOENIX,AZ85006		PC	COMPUTER TRAINING PROGRAMS	25,000
FRIENDS OF POINT BETSIE LIGHTHOUSE PO BOX 3 FRANKFORT,MI49635		PC	CAPITAL IMPROVEMENT PROJECTS	50,000
FRIENDS OF THE BETSIE VALLEY TRAIL PO BOX 474 BEULAH,MI49617		PC	GATOR TRACTOR UTILITY VEHICLE	15,000
GRAND TRAVERSE BAY YMCA(WEST) 3700 SILVER LAKE ROAD TRAVERSE CITY,MI49684		PC	BUILDING CAMPAIGN-PHASE II	75,000
GROW BENZIE 5885 FRANKFORT HIGHWAY BENZONIA,MI49616		PC	OPERATING FUNDS FOR COMMUNITY EDUCATION	5,000
HERITAGE FOUNDATION 214 MASSACHUSETTS AVENUE NE WASHINGTON,DC200024999		PC	TAX POLICY EDUCATION	60,000
HILLSDALE COLLEGE 33 EAST COLLEGE STREET HILLSDALE,MI49242		PC	PRODUCTION OF "THE GREAT RESET" ONLINE LEARNING PROGRAM	25,000
HONOR HEALTH FOUNDATION 8125 N HAYDEN ROAD SCOTTSDALE,AZ85258		PC	LUNG CANCER RESEARCH	40,000
HOPE WOMENS CENTER 1640 E MCDOWELL RD PHOENIX,AZ85006		PC	SUPPORT OF PHOENIX CENTER, OPERATIONAL BUDGET	5,000
INTERLOCHEN CENTER FOR THE ARTS PO BOX 199 INTERLOCHEN,MI496430199		PC	FUNDING OF HHD/BCD VISUAL ARTS SCHOLARSHIP FOR STUDENTS	50,000
MUNSON HEALTHCARE FOUNDATION 1150 MEDICAL CAMPUS DRIVE TRAVERSE CITY,MI49684		PC	TRAVERSE HEART AND VASCULAR-ULTRA SOUND MACHINE	130,000
PARADISE VALLEY COMMUNITY FOOD BANK 10862 N 32ND ST PHOENIX,AZ85028		PC	BACKPACKS AND FOOD FOR THE NEEDY	35,000
PAUL OLIVER MEMORIAL HOSPITAL FOUNDATION AND MUNSON HEALTHCARE FOUNDATION 1150 MEDICAL CAMPUS DRIVE TRAVERSE CITY,MI49684		PC	PULMONARY FUNCTION MACHINE, AND ANESTHESIA MACHINE	150,000
SAGU (SOUTHWESTERN ASSEMBLIES OF GOD UNIVERSITY) 1200 SYCAMORE STREET WAXAHACHIE,TX75165		PC	STUDENT SCHOLARSHIPS AND FCA PROGRAM	50,000
SEARCH DOG FOUNDATION 6800 WHEELER CANYON ROAD SANTA PAULA,CA93060		PC	TRAINING OF AN EMERGENCY RESCUE SEARCH DOG	10,000
TGEN FOUNDATION 445 NORTH FIFTH STREET STE 120 PHOENIX,AZ85004		PC	LUNG CANCER RESEARCH AT TGEN CENTER	70,000
TRAVERSE SYMPHONY ORCHESTRA 300 EAST FRONT STREET SUITE 230 TRAVERSE CITY,MI49684		PC	"MUSIC MATTERS" PROGRAM	25,000
FRANKFORT AREA COMMUNITY LAND TRUST PO BOX 254 FRANKFORT,MI49635		PC	PURCHASE AND REMODEL HOME FOR LOW INCOME	100,000
BENZIE BLESSINGS IN A BACKPACK PO BOX 1097 FRANKFORT,MI49635		PC	BACKPACKS WITH SUPPLIES FOR NEEDY CHILDREN	8,500
Total ................................. 3a				1,272,500

bApproved for future payment

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

Form 990-PF (2023)

Page 12

Part XV-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments ....
3 Interest on savings and temporary cash investments ...........
4 Dividends and interest from securities ....			14	732,083
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	924,062
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aCLASS ACTION SUIT					58
bMISCELLANEOUS INCOME			14	802
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..		0		1,656,947	58

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

1,657,005

(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.)
11	CLASS ACTION SUIT

Form 990-PF (2023)

Page 13

Part XVI

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

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

Yes

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

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

1a(1)

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

1a(2)

Other transactions:

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

1b(1)

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

1b(2)

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

1b(3)

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

1b(4)

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

1b(5)

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

1b(6)

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

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

(a) Line No.	(b) Amount involved	(c) Name of noncharitable exempt organization	(d) Description of transfers, transactions, and sharing arrangements

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

If "Yes," complete the following schedule.

(a) Name of organization	(b) Type of organization	(c) Description of relationship

Sign Here

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

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

Form 990-PF (2023)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2023 AccountingFeesSchedule

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ACCOUNTING FEES	10,782	5,391		5,391

- TIN:

TY 2023 InvestmentsCorpBondsSchedule

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Name of Bond	End of Year Book Value	End of Year Fair Market Value
JP MORGAN CORE PLUS FUND CLASS I	197,110	197,110
NUVEEN PREFERRED SECURITIES AND INCOME FUND CLASS I	83,019	83,019
PIMCO INCOME FUND CLASS I2	155,708	155,708
VIRTUS NEWFLEET MULTI SECTOR INTERMEDIATE BOND FUND CLASS I	28,590	28,590
PEPSICO INC	150,600	150,600
HERSHEY COMPANY	150,018	150,018
NEXTERA ENERGY CAPITAL	148,574	148,574
SHERWIN WILLIAMS CO	148,403	148,403
JPMORGAN CHASE AND CO	148,329	148,329
BERKSHIRE HATHAWAY ENERGY	148,301	148,301
CSX CORP	148,140	148,140
AMAZON COM INC	147,681	147,681
MCCORMICK AND CO	147,633	147,633
CSX CORP	147,335	147,335
EXXON MOBIL CORP COM	145,661	145,661
MONDELEZ INTERNATIONAL	141,482	141,482

- TIN:

TY 2023 InvestmentsCorpStockSchedule

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Name of Stock	End of Year Book Value	End of Year Fair Market Value
AKAMAI TECHNOLOGIES INC. (AKAM)	23,433	23,433
ALBANY INTL CRP NEW CL. A (AIN)	14,144	14,144
ALBEMARLE CORP. COM (ALB)	18,204	18,204
ALLSTATE CORP DEL COM (ALL)	16,518	16,518
AMERICAN EXPRESS COMPANY (AXP)	38,779	38,779
ANSYS INC (ANSS)	19,958	19,958
ARCHROCK INC. (AROC)	24,917	24,917
ARROW ELECTRONICS (ARW)	20,294	20,294
BECTON DICKINSON CO (BDX)	32,186	32,186
BIO RAD LABS CL A (BIO)	15,176	15,176
BLACKROCK INC. (BLK)	44,649	44,649
BLUE OWL CAP INC (OWL)	19,206	19,206
BORG WRNER INC COM (BWA)	13,731	13,731
BOSTON PPTYS INC (BXP)	11,789	11,789
BOX INC CL. A (BOX)	16,979	16,979
BROADCOM INC. (AVGO)	34,604	34,604
CABOT CORP (CBT)	14,947	14,947
CBRE GROUP INC (CBRE)	28,486	28,486
CENTENE CORP (CNC)	14,916	14,916
CF INDS HOLDINGS INC (CF)	28,302	28,302
CHARLES RIVER LABS INTL (CRL)	23,640	23,640
CHEVRON CORP (CVX)	16,258	16,258
CIRRUS LOGIC INC (CRUS)	17,387	17,387
COMCAST CORP NEW CL A (CMCSA)	33,019	33,019
CONMED CORP COM (CNMD)	17,193	17,193
CONSOLIDATED EDISON INC (ED)	20,468	20,468
COPT DEFENSE PROPERTIES (CDP)	12,764	12,764
CRACKER BAREL OAL COUNTRY STORE INC. (CBRL)	13,027	13,027
CSX CORP (CSX)	28,325	28,325
DARDEN RESTAURANTS INC (DRI)	19,716	19,716
DEERE CO (DE)	16,795	16,795
DIGITAL REALTY TR INC (DLR)	35,260	35,260
DIODES INC COM (DIOD)	16,909	16,909
DOW INC. REG SHARES (DOW)	511,164	511,164
DR HORTON INC. (DHI)	53,041	53,041
EASTMAN CHEMICAL CO COM (EMN)	18,952	18,952
EATON CORP PLC (ETN)	27,935	27,935
ELI LILLY & CO (LLY)	19,236	19,236
EMERSON ELEC. CO (EMR)	35,039	35,039
EXXON MOBIL CORP COM (XOM)	41,792	41,792
FIRST CASH HOLDINGS INC (FCFS)	16,150	16,150
FORMFACTOR INC (FORM)	17,518	17,518
GATX CORPORATION (GATX)	27,771	27,771
GENL DYNAMICS CORP COM (GD)	12,204	12,204
HCA HEALTHCARE INC (HCA)	23,278	23,278
HEWLETT PACKARD ENTERPRISE CO (HPE)	27,576	27,576
HEXCEL CORP NEW COM (HXL)	24,043	24,043
HOLOGIC INC. (HOLX)	23,150	23,150
HOME DEPOT INC (HD)	11,783	11,783
HOULIHAN LOKEY INC (HLI)	26,620	26,620
HP INC (HPQ)	16,339	16,339
HUNTINGTON INFALLS INDS INC (HII)	18,954	18,954
INSPERITY INC (NSP)	24,030	24,030
INTL BUSINESS MACHINES (IBM)	38,598	38,598
INTRPUBLIC GRP OF CO (IPG)	28,168	28,168
JPMORGAN CHASE AND CO (JPM)	46,607	46,607
KEYCORP NEW COM (KEY)	12,398	12,398
KINDER MORGAN INC. DEL (KMI)	25,860	25,860
KRAFT (THE) HEINZ CO. (KHC)	28,327	28,327
MAGNA INTL. INC. CLASS A VTG (MGA)	32,967	32,967
MCDONALDS CORP COM (MCD)	16,605	16,605
MEDTRONIC PLC (MDT)	32,211	32,211
MICROSOFT CORP (MSFT)	21,058	21,058
MONOLITHIC PWR SYSTEMS INC (MPWR)	31,539	31,539
MOOG INC CL A (MOGA)	26,350	26,350
MYRIAD GENETICS INC (MYGN)	9,627	9,627
PEPSICO (PEP)	30,571	30,571
ON SEMICONDUCTOR CORP COM (ON)	31,324	31,324
PAPA JOHNS INTL INC (PZZA)	20,811	20,811
PENN ENTERTAINMENT INC (PENN)	16,393	16,393
PRINCIPAL FINANCIAL GROUP (PFG)	22,342	22,342
QIAGEN NV REG SHS (QGEN)	14,766	14,766
RAYMOND JAMES FINANCIAL INC (RJF)	23,861	23,861
REALTY INCM CORP. (O)	16,135	16,135
REINSURNCE GROUP AMERICA (RGA)	27,503	27,503
REPUBLIC SERVICES INC (RSG)	19,624	19,624
RYDER SYSTEM INC.( R)	23,587	23,587
SBA COMMUNICATIONS CORP NEW (SBAC)	21,310	21,310
SMITH A O CORP DEL COM (AOS)	28,277	28,277
SNAP ON INC. COM (SNA)	25,996	25,996
SONOCO PRODUCTS CO (SON)	18,940	18,940
SPIRIT AEROSYSTEMS HLDGS (SPR)	20,276	20,276
STERICYCLE INC COM (SRCL)	15,264	15,264
SYNCHRONY FINANCAL COMP. (SYF)	30,934	30,934
TELEDYNE TECH INC (TDY)	29,455	29,455
TEXAS INSTRUMENTS (TXN)	16,876	16,876
TRUIST FINANCIAL CORP (TFC)	23,038	23,038
UNITEDHEALTH GROUP INC. (UNH)	29,482	29,482
VICI PPTYS INC. (VICI)	16,099	16,099
WEBSTER FINANCIAL CP PV (WBS)	17,258	17,258
WEC ENERGY GROUP INC SHS (WEC)	9,511	9,511
WELLTOWER INC (WELL)	22,362	22,362
WILLIAMS COMPANIES DEL (WMB)	35,422	35,422
WOODWARD INC (WWD)	22,598	22,598
APPLE INC	1,443,975	1,443,975
IDEXX LABORATORIES CORP	999,090	999,090
NVIDIA CORP	987,964	987,964
AMAZON.COM INC	790,088	790,088
MICROSOFT CORP	643,028	643,028
ASML HOLDING N V	605,536	605,536
ALPHABET INC CLASS C	535,534	535,534
ZOETIS INC	487,504	487,504
ALPHABET INC CLASS A	405,101	405,101
VERTEX PHARMACEUTICALS INC	325,512	325,512
COSTCO WHOLESALE CORP-NEW	264,032	264,032
J P MORGAN CHASE & CO	234,738	234,738
HONEYWELL INTL INC	219,147	219,147
ELI LILLY & CO	174,876	174,876
SERVICENOW INC	158,960	158,960
INTUITIVE SURGICAL INC NEW	153,499	153,499
PALO ALTO NETWORKS INC	132,696	132,696
HOME DEPOT INC	131,689	131,689
EDWARDS LIFESCIENCES CORP	119,713	119,713
ADOBE SYSTEMS INC	113,354	113,354
WALT DISNEY CO HOLDING CO	77,198	77,198
CREDIT SUISSE AG	31,950	31,950
CREDIT SUISSE AG	28,850	28,850
GS FINANCE CORP	20,720	20,720
JP MORGAN LARGE CAP GROWTH FUND CLASS I	325,481	325,481
JP MORGAN CHASE FINANCIAL	50,713	50,713
JP MORGAN CHASE FINANCIAL	29,675	29,675
MFS VALUE FUND CLASS I	457,031	457,031
PIMCO STOCKSPLUS SMALL FUND CLASS I2	189,525	189,525
ROYAL BANK OF CANADA	23,180	23,180
ROYAL BANK OF CANADA	22,520	22,520
UBS AG	24,250	24,250
UBS AG	27,475	27,475
VICTORY SYCAMORE ESTABLISHED VALUE FUND CLASS I	215,944	215,944
VIRTUS KAR MID CAP CORE FUND CLASS I	142,169	142,169
AMER FUNDS NEW WORLD FUND CLASS F2	36,411	36,411
MFS INTERNATIONAL INTRINSIC VALUE FUND-I	166,251	166,251

- TIN:

TY 2023 InvestmentsOtherSchedule2

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
AMERICAN HIGH INCOME MUNICIPAL BOND FUND (AHMFX)	FMV	350,080	350,080
AMERICAN NEW WORLD FUND (NFFFX)	FMV	341,706	341,706
ARTISAN DEVELOPING WORLD FUND (APDYX)	FMV	100,294	100,294
BLACKROCK STRATEGIC INCOME OPPRTNTS (BSIIX)	FMV	263,832	263,832
BLACKROCK STRATEGIC MUNI OPPORTUNITIES FUND (MAMTX)	FMV	422,441	422,441
FIRST EAGLE GLOBAL FUND (SGIIX)	FMV	542,592	542,592
INVESCO SHORT (TBLL)	FMV	264,013	264,013
ISHARES MSCI EAFE (EFA)	FMV	481,562	481,562
ISHARES RUSSELL 1000 GROWTH (IWF)	FMV	1,773,545	1,773,545
ISHARES RUSSELL 1000 VALUE (IWD)	FMV	1,159,725	1,159,725
KAYNE ANDERSON ENTERGY INFRASTRUCTURE FUND (KYN)	FMV	42,091	42,091
LORD ABBETT SHORT DURATION INCOME FUND (LLDYX)	FMV	420,071	420,071
MFS GROWTH FUND (MFEIX)	FMV	1,361,766	1,361,766
MFS INTL INTRINSIC VALUE FUND (MINIX)	FMV	564,634	564,634
PIMCO INCOME FUND (PONPX)	FMV	532,726	532,726
TORTOISE ENERGY INFRASTRUCTURE CORP (TYG)	FMV	25,231	25,231
VANGUARD RUSSELL 1000 ET VALUE (VONV)	FMV	1,014,544	1,014,544
BLACKSTONE REAL ESTATE INCOME TRUST CLASS S BROKERAGE CLASS	FMV	977,659	977,659
BLACKSTONE PRIVATE CREDIT FUND CLASS S	FMV	340,946	340,946
OWL ROCK CORE INCOME CORP CLASS S	FMV	305,844	305,844
FIRST EAGLE GLOBAL FUNDS CLASS I	FMV	156,018	156,018
NORTH SQUARE TACTICAL GROWTH FUND CLASS I	FMV	56,393	56,393

- TIN:

TY 2023 LegalFeesSchedule

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
LEGAL FEES	581	0		581

- TIN:

TY 2023 OtherAssetsSchedule

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
INTEREST RECEIVABLE	3,290	23,853	23,853

- TIN:

TY 2023 OtherExpensesSchedule

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
MISCELLANEOUS EXPENSES	862	0		862

- TIN:

TY 2023 OtherIncomeSchedule2

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
CLASS ACTION SUIT	58		58
MISCELLANEOUS INCOME	802	802	802

- TIN:

TY 2023 OtherIncreasesSchedule

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Description	Amount
UNREALIZED GAIN (LOSS) ON INVESTMENTS	3,929,023

- TIN:

TY 2023 OtherProfessionalFeesSchedule

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT FEES	187,636	187,636		0

- TIN:

TY 2023 TaxesSchedule

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
FOREIGN TAXES	1,082	1,082		0
EXCISE TAXES	2,846	0		0