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
BANGS-RUSSELL FOUNDATION XXX-XX-XXXX
 
Number and street (or P.O. box number if mail is not delivered to street address)9030 STONY POINT PARKWAY SUITE 300
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
RICHMOND, VA23235
A Employer identification number

20-1840390
B Telephone number (see instructions)

(757) 221-0044
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$7,178,469J 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... 154,556 150,445  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 -58,320
b Gross sales price for all assets on line 6a 729,531
7 Capital gain net income (from Part IV, line 2)... 0
8 Net short-term capital gain......... 0
9 Income modifications........... 10,000
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
11,590    
12 Total. Add lines 1 through 11........ 107,826 150,445 10,000
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc.        
14 Other employee salaries and wages......   0 0 0
15 Pension plans, employee benefits.......   0 0  
16a Legal fees (attach schedule).........       0
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
1,200 1,200 0 0
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
52,581 52,581   0
17 Interest...............       0
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
2,501 2,501   0
19 Depreciation (attach schedule) and depletion... 0 0  
20 Occupancy..............        
21 Travel, conferences, and meetings.......   0 0  
22 Printing and publications..........   0 0  
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
83 83    
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 56,365 56,365 0 0
25 Contributions, gifts, grants paid....... 646,020 646,020
26 Total expenses and disbursements. Add lines 24 and 25 702,385 56,365 0 646,020
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -594,559
b Net investment income (if negative, enter -0-) 94,080
c Adjusted net income (if negative, enter -0-)... 10,000
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.............      
2 Savings and temporary cash investments......... 173,186 36,788 36,788
3 Accounts receivable right arrow  
Less: allowance for doubtful accounts right arrow     0 0
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 arrow0      
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)....... 4,984,632 Click to see attachment
List of Attached Documents:
// Content
4,648,135 		6,131,309
c Investments—corporate bonds (attach schedule)....... 1,170,690 Click to see attachment
List of Attached Documents:
// Content
1,057,713 		1,010,372
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)..........     0
14 Land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
15 Other assets (describe right arrow)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 6,328,508 5,742,636 7,178,469
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
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...........    
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........ 6,328,508 5,742,636
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)..... 6,328,508 5,742,636
30 Total liabilities and net assets/fund balances (see instructions). 6,328,508 5,742,636
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
6,328,508
2
Enter amount from Part I, line 27a .....................
2
-594,559
3
Other increases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
3
11,538
4
Add lines 1, 2, and 3 ..........................
4
5,745,487
5
Decreases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
5
2,851
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
5,742,636
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 50000. MONTGOMERY CNTY VA ECONOMIC DE LEASE REV BDS 3.125% DTD 11/23/2   2021-07-14 2023-01-15
b 1060. DOMINION RESOURCES INC VA NEW   2021-07-14 2023-01-23
c 270. NOVARTIS AG SPONSORED ADR   2021-07-14 2023-03-20
d 1120. TC ENERGY CORP COM   2020-10-19 2023-03-20
e 1700. V F CORP   2021-07-14 2023-03-20
25000. FAIRFAX CNTY VA ECONOMIC DEV A REF BDS 4.00% DTD 04/23/2019 DUE   2021-07-14 2023-04-01
75000. JOHNS HOPKINS HEALTH SYS CORP TAX BD 2.767% DTD 05/09/2013 DUE   2017-08-25 2023-05-15
349. CHEVRON TEXACO CORP   2021-07-14 2023-06-07
393. COLGATE PALMOLIVE CO   2006-12-19 2023-06-07
38. MICROSOFT CORP   2021-07-14 2023-06-07
405. MONDELEZ INTL INC COM   2021-07-14 2023-06-07
1093. VANGUARD FTSE DEVELOPED MARKETS ETF   2008-12-12 2023-06-07
675. DISNEY WALT CO   2021-07-14 2023-10-02
2895. FOX CORP CL A COM   2021-07-14 2023-10-02
77. AUTOMATIC DATA PROCESSING   2021-07-14 2023-12-06
315. IRON MTN INC NEW COM   2022-11-18 2023-12-06
50. MICROSOFT CORP   2021-07-14 2023-12-06
35. VANGUARD INDEX FDS VANGUARD MID-CAP ETF   2021-07-14 2023-12-06
33. VANGUARD INDEX FDS VANGUARD SMALL-CAP ETF   2021-07-14 2023-12-06
71. VISA INC COM CL A   2021-07-14 2023-12-06
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN 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 50,000   50,000  
b 66,569   80,432 -13,863
c 22,381   24,926 -2,545
d 42,129   48,326 -6,197
e 36,342   79,949 -43,607
25,000   25,000  
75,000   75,000  
55,759   36,128 19,631
29,483     29,483
12,329   10,720 1,609
29,374   25,662 3,712
49,950   29,013 20,937
54,833   124,328 -69,495
89,075   99,072 -9,997
17,832   15,760 2,072
20,793   16,474 4,319
18,479   14,105 4,374
7,711   8,285 -574
6,583   7,287 -704
18,064   17,384 680
      1,845
      1,845
      1,845
      1,845
      1,845
      1,845
      1,845
      1,845
      1,845
      1,845
      1,845
      1,845
      1,845
      1,845
      1,845
      1,845
      1,845
      1,845
      1,845
      1,845
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        
b       -13,863
c       -2,545
d       -6,197
e       -43,607
       
       
      19,631
      29,483
      1,609
      3,712
      20,937
      -69,495
      -9,997
      2,072
      4,319
      4,374
      -574
      -704
      680
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
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 -58,320
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 1,308
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 1,308
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 1,308
6 Credits/Payments:
a 2023 estimated tax payments and 2022 overpayment credited to 2023 6a 1,835
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  
7 Total credits and payments. Add lines 6a through 6d.............. 7 1,835
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10 527
11 Enter the amount of line 10 to be: Credited to 2024 estimated taxright arrow527 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$   (2) On foundation managers.right arrow$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
 
No
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 arrowVA
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
8b
Yes
 
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2023 or the taxable year beginning in 2023? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
 
No
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
11
 
No
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressright arrow  
14
The books are in care ofright arrowTCV TRUST & WEALTH MANAGEMENT Telephone no.right arrow (757) 221-0044

Located atright arrow4350 NEW TOWN AVEWILLIAMSBURGVA ZIP+4right arrow23188
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2023, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country right arrow
Form 990-PF (2023)
Form 990-PF (2023)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
 
No
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
 
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2023? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2023, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2023?....................
2a
 
No
If "Yes," list the years right arrow20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
right arrow20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2023 as a result of (1) any purchase by the foundation
or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
if the foundation had excess business holdings in 2023.) .....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2023? ..
4b
 
No
Form 990-PF (2023)
Form 990-PF (2023)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........right arrow
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
No
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
(a) Name and address (b) Title, and average
hours per week
devoted to position 		(c) Compensation
 (If not paid, enter
-0-) 		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
other allowances
ELIZABETH R OGBURN PRESIDENT
1 		0    
7565 MELISSA LANE
WILLIAMSBURG,VA23188
WILLIAM F RUSSELL DIRECTOR
1 		0    
25025 BLACK BEAR LANE
EUSTIS,FL327368472
BARBARA R VALENTI SECRETARY
1 		0    
80 SKYLINE DRIVE
MORRIS TOWNSHIP,NJ07960
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
NONE
Total number of other employees paid over $50,000...................right arrow 0
Form 990-PF (2023)
Form 990-PF (2023)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
NONE
Total number of others receiving over $50,000 for professional services.............right arrow0
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1  
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................right arrow  
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
6,843,926
b
Average of monthly cash balances.......................
1b
105,603
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, b, and c).........................
1d
6,949,529
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
6,949,529
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
104,243
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
6,845,286
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
342,264
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
342,264
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
1,308
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
1,308
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
340,956
4
Recoveries of amounts treated as qualifying distributions................
4
10,000
5
Add lines 3 and 4............................
5
350,956
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
350,956
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
646,020
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
0
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
0
b
Cash distribution test (attach the required schedule) .................
3b
0
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
646,020
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 7 350,956
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only....... 0
b Total for prior years:20 , 20, 20 0
3 Excess distributions carryover, if any, to 2022:
a From 2018...... 376,954
b From 2019...... 397,146
c From 2020...... 487,004
d From 2021...... 478,676
e From 2022...... 310,826
f Total of lines 3a through e ........ 2,050,606
4Qualifying distributions for 2023 from Part
XI, line 4: right arrow$ 646,020
a Applied to 2022, but not more than line 2a 0
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..... 350,956
e Remaining amount distributed out of corpus 295,064
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 2,345,670
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 .......... 		0
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) ... 		376,954
9 Excess distributions carryover to 2024.
Subtract lines 7 and 8 from line 6a ...... 		1,968,716
10 Analysis of line 9:
a Excess from 2019.... 397,146
b Excess from 2020.... 487,004
c Excess from 2021.... 478,676
d Excess from 2022.... 310,826
e Excess from 2023.... 295,064
Form 990-PF (2023)
Form 990-PF (2023)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2023, enter the date of the ruling ...... right arrow
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2023 (b) 2022 (c) 2021 (d) 2020
         
b 85% (0.85) of line 2a .........          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, b, or c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here right arrow
aThe name, address, and telephone number or 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

YOUTH AERONAUTICS EDUCATIONAL FOUNDATION

1000 AIRPORT ROAD
MATTAPONI,VA23110 		NONE PC OPERATIONS 25,000

JAMES CITY CHAPEL CEMETERY

7801 CHURCH LANE
TOANO,VA23168 		NONE PC OPERATIONS 10,000

GROTON CENTRAL HIGH SCHOOL

400 PERU ROAD
GROTON,NY13073 		NONE PC OPERATIONS 15,500

HABITAT FOR HUMANITY

285 PEACHTREE CENTER AVENUE N
ATLANTA,GA30303 		NONE PC OPERATIONS 100,000

HELEN KELLER INTERNATIONAL

352 PARK AVENUE SOUTH 12TH FLOOR
NEW YORK,NY10010 		NONE PC OPERATIONS 20,000

MISSION HOUSE MINISTRIES

38149 TIMBERLINE DRIVE
UMATILLA,FL32784 		NONE PC OPERATIONS 30,000

SAMARITAN'S PURSE

POST OFFICE BOX 3000
BOONE,NC28607 		NONE PC OPERATIONS 50,000

SANKARA EYE FOUNDATION

1900 MCCARTHY BLVD 305
MILPITAS,CA95035 		NONE PC OPERATIONS 25,000

THE SALVATION ARMY

615 SLATERS LANE
ALEXANDRIA,VA22313 		NONE PC OPERATIONS 50,000

VIRGINIA PENINSULA REGIONAL JAIL

9320 MERRIMAC TRAIL
WILLIAMSBURG,VA23185 		NONE PC OPERATIONS 10,000

WORLD VISION

POST OFFICE BOX 70200
TACOMA,WA98481 		NONE PC OPERATIONS 30,520

DRURY UNIVERSITY OF
INTERNATIONAL ADVANCEMENT
900 NORTH BENTON AVENUE
SPRINGFIELD,MO65890 		NONE PC OPERATIONS 50,000

AMERICAN RED CROSS

2825 EMERYWOOD PARKWAY
RICHMOND,VA23224 		NONE PC OPERATIONS 50,000

CONVOY OF HOPE

330 S PATTERSON AVE
SPRINGFIELD,MO65802 		NONE PC OPERATIONS 25,000

AMERICARES

88 HAMILTON AVE
STAMFORD,CT06902 		NONE PC OPERATIONS 25,000

BRIDGES TO PROSPERITY INC

5007 C-126 VICTORY BOULEVARD
YORKTOWN,VA23693 		NONE PC OPERATIONS 25,000

DOCTORS WITHOUT BORDERS USA

40 RECTOR STREET 16TH FLOOR
NEW YORK,NY10001 		NONE PC OPERATIONS 50,000

FISTULA FOUNDATION

1900 THE ALAMADA SUITE 500
SAN JOSE,CA95126 		NONE PC OPERATIONS 10,000

T2T FOUNDATION

2361 HYLAN BLVD
STATEN ISLAND,NY10306 		NONE PC OPERATIONS 40,000

EDUCATION THROUGH MUSIC

122 EAST 42ND STREET
NEW YORK,NY10168 		NONE PC OPERATIONS 5,000
Total .................................right arrow 3a 646,020
bApproved for future payment
Total ................................. right arrow 3b  
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 ....     14 154,556  
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 -58,320  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..   107,826  
13Total. Add line 12, columns (b), (d), and (e)..................
13
107,826
(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:
BANGS-RUSSELL FOUNDATION XXX-XX-XXXX
EIN:
20-1840390
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
TAX PREPARATION FEE (NON-ALLOC 1,200 1,200    

TY 2023 InvestmentsCorpBondsSchedule
Name:
BANGS-RUSSELL FOUNDATION XXX-XX-XXXX
EIN:
20-1840390
Name of Bond End of Year Book Value End of Year Fair Market Value
BAIRD INTERMEDIATE BOND FD 99,523 92,352
GLAXOSMITHKLINE CAP PLC    
JOHNS HOPKINS HEALTH SYS CORP    
MET GOVT NASHVILLE & DAVIDSON 51,299 49,077
METROPOLITAN GOVT NASHVILLE    
NORTH CAROLINA MUN PWR AGY NO    
ST LOUIS REGL ARPT AUTH ILL LT 51,312 50,014
TEXAS A & M UNIV REV REV FINAN 25,352 24,779
WISCONSIN ST GEN FD ANNUAL APP 24,601 23,823
ARLINGTON CNTY VA GO REF BDS 2    
BLACKROCK INC SR GLBL 24,983 20,875
COLONIAL HEIGHTS VA GO PUB IMP 51,306 49,993
FAIRFAX CNTY VA PUB IMPT AND R 27,221 25,762
FAIRFAX CNTY VA ECONOMIC DEV A    
FAIRFAX CNTY VA WTR AUTH WTR R    
HAMPTON VA REF PUB IMPT BDS A    
MONTGOMERY CNTY VA ECONOMIC DE    
PORTSMOUTH VA GO REF BDS 2016 49,428 46,365
RICHMOND VA GO PUB IMPT BDS 20 25,347 25,001
ROANOKE CNTY VA ECONOMIC DEV A    
VIENNA VA GO PUB IMPT BDS 30,000 30,000
VIRGINIA COLLEGE BLDG AUTH VA 51,862 49,753
VIRGINIA COLLEGE BLDG AUTH VA 53,232 49,302
VIRGINIA COLLEGE BLDG AUTH VA 52,672 50,074
VIRGINIA ST HSG DEV AUTH COMWL 50,000 48,407
AMAZON COM INC SR GLBL 24,816 21,558
BERKSHIRE HATHAWAY ENERGY CO S 26,776 23,639
BROADRIDGE FINL SOLUTIONS 41,957 44,797
CAPITAL ONE FINL CORP SR GLBL 24,256 23,870
DISNEY WALT CO SR GLBL 28,691 28,270
EBAY SR GLBL 21,860 21,794
MULTNOMAH CNTY ORE GO TAXABLE 24,055 23,572
SHERWIN WILLIAMS CO SR NT 25,032 24,775
STRYKER CORP SR GLBL NT 51,256 48,667
VIRGINIA COLLEGE BLDG AUTH VA 24,808 22,595
VIRGINIA COMWLTH UNIV REV 24,887 22,112
VIRGINIA COLLEGE BLDG AUTH VA 25,000 23,029
BROWN FORMAN CORP SR GLBL NT 25,529 25,489
MARRIOTT INTL INC NEW CR SEN S 20,652 20,628

TY 2023 InvestmentsCorpStockSchedule
Name:
BANGS-RUSSELL FOUNDATION XXX-XX-XXXX
EIN:
20-1840390
Name of Stock End of Year Book Value End of Year Fair Market Value
APTIV PLC SHS    
ABBOTT LABORATORIES 84,312 81,782
AMGEN INC 112,099 158,411
AUTOMATIC DATA PROCESSING INC 92,925 163,778
BLACKROCK INC 150,648 168,854
BROWN CAPITAL MANAGEMENT 137,654 122,590
CSX CORP 80,887 100,820
CHEVRON CORP 35,197 191,671
COLGATE PALMOLIV   62,971
CONAGRA BRANDS 74,510 67,781
DISNEY WALT CO    
DOMINION ENERGY    
FOX CORP CL A    
HARDING LOEVNER INSTITUTIONAL 292,736 251,249
INTEL CORP    
JPMORGAN CHASE & C 154,142 183,708
MASCO CORP 62,484 74,348
MICROSOFT CORP 172,432 507,654
MONDELEZ INTL INC 9,188 56,495
NORTHROP GRUMMAN CORP 66,086 86,606
PROCTER & GAMBLE CO 55,096 81,330
SELECT SECTOR SPDR TR MATLS 82,660 85,540
STARBUCKS CORP 59,023 52,325
TJX COS INC 34,794 56,286
TC ENERGY CORP    
TRUIST FINL CORP   29,536
UNITEDHEALTH GROUP 247,289 405,382
VF CORP COM    
VANGUARD FTSE DEVELOPED MARKET 133,394 246,206
VANGUARD REAL ESTATE 110,657 119,905
VANGUARD INDEX FDS MID-CAP 245,119 311,505
VISA INC COM 218,184 325,438
WASTE MANAGEMENT INC 43,999 101,371
APPLE INC COM 36,156 46,015
BROADCOM INC COM 35,359 77,021
ACCENTURE PLC CLASS A ORDINARY    
CHUBB LIMITED COM 76,293 105,090
DIAGEO PLC SPONSORED ADR NEW 30,935 23,306
FASTENAL CO COM 68,738 84,201
HOME DEPOT INC COM 95,403 103,618
INTUIT COM    
ISHARES MSCI EAFE MIN VOL FACT    
MICROCHIP TECHNOLOGY INC COM 43,505 54,108
NOVARTIS AG SPONSORED ADR    
PEPSICO INC COM 30,033 33,119
PRICE T ROWE GROUP INC COM 132,869 70,106
REALTY INCOME CORP COM 52,285 41,630
RUSSELL INVESTMENTS GLOBAL EQU    
US BANCORP DEL COM NEW 54,154 41,246
VANGUARD INTL GROWTH FUND ADM 235,942 142,534
ZOETIS INC CL A 153,384 162,830
VANGUARD INDEX FDS VANGUARD SM 229,694 314,662
ADOBE INC 52,995 69,206
AMAZON COM INC 19,927 25,678
COSTCO WHSL CORP 18,072 24,423
IRON MTN INC 67,599 90,414
THORNBURG INTL EQ 156,461 173,069
ACCENTURE PLC CLASS A 33,366 46,320
LILLY ELI & CO 33,126 58,292
SELECT SECTOR SPDR TR COMMUNIC 139,232 152,659
SELECT SECTOR SPDR TR UTILS 63,250 57,504
WILLIAMS COS INC COM 33,842 40,716

TY 2023 OtherDecreasesSchedule
Name:
BANGS-RUSSELL FOUNDATION XXX-XX-XXXX
EIN:
20-1840390
Description Amount
2023 TRANSACTION POSTED IN 2024 1,379
ROUNDING 14
COST BASIS ADJUSTMENTS FOR RETURN OF CAP 1,458


TY 2023 OtherExpensesSchedule
Name:
BANGS-RUSSELL FOUNDATION XXX-XX-XXXX
EIN:
20-1840390
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
OTHER EXPENSE (NON-DEDUCTIBLE 80 80   0
OTHER EXPENSE (NON-DEDUCTIBLE 3 3   0


TY 2023 OtherIncomeSchedule2
Name:
BANGS-RUSSELL FOUNDATION XXX-XX-XXXX
EIN:
20-1840390
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
OTHER REVENUE 11,590 0  


TY 2023 OtherIncreasesSchedule
Name:
BANGS-RUSSELL FOUNDATION XXX-XX-XXXX
EIN:
20-1840390
Description Amount
2022 TRANSACTION POSTED IN 2023 505
RETURN OF CAPITAL 0
RECOVERY OF QUALIFIED DISTRIBUTION 10,000
ADJUSTMENT FOR NON-DEDUCTIBLE EXPENSES 0
MUTUAL FUND ADJUSTMENTS 1,033


TY 2023 OtherProfessionalFeesSchedule
Name:
BANGS-RUSSELL FOUNDATION XXX-XX-XXXX
EIN:
20-1840390
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMNT MNGMNT FEES (NON-DED 52,581 52,581    


TY 2023 TaxesSchedule
Name:
BANGS-RUSSELL FOUNDATION XXX-XX-XXXX
EIN:
20-1840390
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FOREIGN TAXES 636 636   0
FOREIGN TAXES ON QUALIFIED FOR 1,749 1,749   0
FOREIGN TAXES ON NONQUALIFIED 116 116   0