TY 2023 Form 990PF

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)
	1	Contributions, gifts, grants, etc., received (attach schedule)	638,769
2	Check .............
3	Interest on savings and temporary cash investments	25	25	25
4	Dividends and interest from securities...	58,065	58,065	58,065
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		-16,254
b	Gross sales price for all assets on line 6a 49,336
7	Capital gain net income (from Part IV, line 2)...
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).......
12	Total. Add lines 1 through 11........	680,605	58,090	58,090
	13	Compensation of officers, directors, trustees, etc.	128,433			128,433
14	Other employee salaries and wages......	111,094			111,094
15	Pension plans, employee benefits.......	458			458
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	37,615			37,615
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	159,458			159,458
17	Interest...............
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	19,920			19,920
19	Depreciation (attach schedule) and depletion...	List of Attached Documents: // Content	1,444
20	Occupancy..............	24,000			24,000
21	Travel, conferences, and meetings.......	7,124			7,124
22	Printing and publications..........
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	123,480			123,480
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	613,026	0		611,582
25	Contributions, gifts, grants paid.......	18,665			18,665
26	Total expenses and disbursements. Add lines 24 and 25	631,691	0		630,247
	27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	48,914
b	Net investment income (if negative, enter -0-)		58,090
c	Adjusted net income (if negative, enter -0-)...			58,090

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.............	79,369	91,014	91,014
	2	Savings and temporary cash investments.........	130,067	162,530	162,530
	3	Accounts receivable
		Less: allowance for doubtful accounts	2,799
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................	150,000	24,034	24,034
	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..........	1,989	3,050	3,050
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	1,084,029	List of Attached Documents: // Content 1,240,256	2,546,550
	c	Investments—corporate bonds (attach schedule).......	257,356	List of Attached Documents: // Content 236,465	214,598
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........
	14	Land, buildings, and equipment: basis 11,317
		Less: accumulated depreciation (attach schedule) 7,552	5,351	3,765	3,765
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	1,710,960	1,761,114	3,045,541
	17	Accounts payable and accrued expenses..........	46,879	48,119
	18	Grants payable.................
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22).........	46,879	48,119
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........	1,409,246	1,372,828
	25	Net assets with donor restrictions............	254,835	340,167
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........
	27	Paid-in or capital surplus, or land, bldg., and equipment fund
	28	Retained earnings, accumulated income, endowment, or other funds
	29	Total net assets or fund balances (see instructions).....	1,664,081	1,712,995
	30	Total liabilities and net assets/fund balances (see instructions).	1,710,960	1,761,114

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

1,664,081

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

48,914

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

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

1,712,995

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 .

1,712,995

(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
1 a	see CapitalGainsSummarypdf	P
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	49,336	65,590	-16,254
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			-16,254
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	-16,254
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

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	807
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	807
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	807
6	Credits/Payments:

a	2023 estimated tax payments and 2022 overpayment credited to 2023	6a	3,050
b	Exempt foreign organizations—tax withheld at source......	6b
c	Tax paid with application for extension of time to file (Form 8868)...	6c
d	Backup withholding erroneously withheld ..........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	3,050
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	2,243
11	Enter the amount of line 10 to be: Credited to 2024 estimated tax2,243	Refunded	11

(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
Julia Chang Bloch	Executive Chair 40.00	102,433	0	0
2660 Connecticut Avenue NW Unit 4D Washington,DC20008
Samuel Chang	Vice President 1.00	0	0	0
2660 Connecticut Avenue NW Unit 4D Washington,DC20008
Rhonda Chang	Vice President 1.00	0	0	0
2660 Connecticut Avenue NW Unit 4D Washington,DC20008
Stuart M Bloch	Treasurer 2.00	0	0	0
2660 Connecticut Avenue NW Unit 4D Washington,DC20008
Laurie S Size	Secretary 20.00	43,945	0	0
2660 Connecticut Avenue NW Unit 4D Washington,DC20008
Dale Fuller	Vice President 0.10	0	0	0
2660 Connecticut Avenue NW Unit 4D Washington,DC20008
Madelyn Ross	President 40.00	70,000	0	0
2660 Connecticut Avenue NW Unit 4D Washington,DC20008

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	DRL Women and Media - See attached explanation at Schedule O	31,557
2	DRL Promoting Womens Rights and Freedom of Expression - See attached explanation at Schedule O	89,033
3	FORD Foundation - See attached explanation at Schedule O	190,788
4	LUCE - See attached explanation at Schedule O	78,769

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.	Amount
1	JCB Fellowship - See attached explanation at Schedule O	7,250
2	Restoring US China Relations - See attached explanation at Schedule O	1,319
All other program-related investments. See instructions.
3

		(a) Corpus	(d) 2023
1 Distributable amount for 2023 from Part X, line 7			128,477
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only.......
b Total for prior years:20 , 20, 20
3 Excess distributions carryover, if any, to 2022:
a From 2018......	520,654
b From 2019......	605,025
c From 2020......	288,272
d From 2021......	289,987
e From 2022......	687,080
f Total of lines 3a through e ........		2,391,018
4Qualifying distributions for 2023 from Part
XI, line 4: $ 638,816
a Applied to 2022, but not more than line 2a
b Applied to undistributed income of prior years (Election required—see instructions).....
c Treated as distributions out of corpus (Election required—see instructions)........
d Applied to 2023 distributable amount.....			128,477
e Remaining amount distributed out of corpus		510,339
5 Excess distributions carryover applied to 2023.
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5		2,901,357
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........
e Undistributed income for 2022. Subtract line 4a from line 2a. Taxable amount—see instructions .............
f Undistributed income for 2023. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2024 ..........			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) .......
8 Excess distributions carryover from 2018 not applied on line 5 or line 7 (see instructions) ...		520,654
9 Excess distributions carryover to 2024. Subtract lines 7 and 8 from line 6a ......		2,380,703
10 Analysis of line 9:
a Excess from 2019....	605,025
b Excess from 2020....	288,272
c Excess from 2021....	289,987
d Excess from 2022....	687,080
e Excess from 2023....	510,339

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

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:

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
Levine Music School 2801 Upton Street NW Washington,DC20008	none		Program support	2,500
Ullico Foundation 8402 Colesville Road Silver Spring,MD20910	none		Program support	5,000
Council on American Ambassadors 888 17th Street Washington,DC20006	none		Program support	3,000
Foreign Policy Association 470 Park Avenue South New York,NY10016	none		Program support	1,500
National Kidney Foundation 1600 Tysons Boulevard Mc Lean,VA22102	none		Program support	5,000
University of Miami 1320 S Dixie Highway Miami,FL33146	none		Program support	1,565
Bush Foundation 101 Fifth Street East Suite 2400 Saint Paul,MN55101	none		Program support	100
Total ................................. 3a				18,665

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

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments ....
3 Interest on savings and temporary cash investments ...........			14	25
4 Dividends and interest from securities ....			14	58,065
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 ............
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) ..				58,090

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

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.

Name of organization The FY Chang Foundation

Part I Contributors	Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
1	ULLICO Inc 1625 Eye Street NW Washington, DC20006	$ 25,000	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
2	Greater Washington Community Found 1325 G Street NW 480 Washington, DC20005	$ 50,000	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
3	Faith Breen 2455 Dunstan Road Apt 160 Houston, TX78005	$ 7,500	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
4	Laborers International Union 905 16th Street NW Washington, DC20006	$ 100,000	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
Schedule B (Form 990) (2023)


(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
Ye S DeStefanis	Project Manager 40.00	70,000	0	0
2660 Connecticut Avenue NW Unit 4D Washington,DC20008	Project Manager 40.00	70,000	0	0








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

bApproved for future payment

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

Name of organization The FY Chang Foundation		Employer identification number 38-3383222

Part II	Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
Schedule B (Form 990) (2023)


Name of organization The FY Chang Foundation			Employer identification number 38-3383222
Part III Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $ Use duplicate copies of Part III if additional space is needed.

Category	Amount	Disbursements for Charitable Purposes
Bechanan & Company	13,500	13,500
Robert Pugh Jr	13,800	13,800
Laurie Size	10,315	10,315

Description of Property	Date Acquired	Cost or Other Basis	Prior Years' Depreciation	Computation Method	Rate / Life (# of years)	Current Year's Depreciation Expense
Bernice Steinbaum Gallery	2003-12-30	5,400	5,400	SL	10	0
Telephone equipment	2009-04-30	3,270	3,270	SL	5	0
Laptop	2012-02-18	1,174	1,174	SL	5	0
Lenovo computers and monitors	2013-02-27	1,758	1,758	SL	5	0
Lenovo computer	2016-07-21	4,534	4,534	SL	5	0
Laptop	2016-09-21	1,993	1,993	SL	5	0
Monitor	2018-01-08	546	546	SL	5	0
Computer	2019-06-21	1,421	1,017	SL	5	260
Apple laptop	2022-08-21	794	57	SL	5	159
Computer accessories	2022-02-22	1,416	252	SL	5	283
VOSTRO laptops	2022-02-22	1,270	226	SL	5	254
Lenovo Thinkpad	2022-02-22	1,113	198	SL	5	223
DELL XP15 system	2022-02-22	1,325	235	SL	5	265

Identifier	Return Reference	Explanation
	Form 990PF-General Explanation Attachment 1	Part IX-A: Women and MediaSeries of webinars featuring Chinese American women that have made a difference in government and public service.
	Form 990PF-General Explanation Attachment 2	Part IX-A: Promoting Womens Rights and Freedom of ExpressionRaise awareness and deepen womens understanding of their rights and protections in China, strengthening community and advocacy in the process.
	Form 990PF-General Explanation Attachment 3	Part IX-A: FORD FOUNDATION -Core support for the US-China Education Trust
	Form 990PF-General Explanation Attachment 4	Part IX-A: LUCE - Raises Asian American voices and visibility by focusing on the achievements of Asian Americans and Chinese students in the United States.
	Form 990PF-General Explanation Attachment 5	JCB Fellowship -To support students of East Asian heritage and their research in the field of International Relations and East Asian Studies at selected universities.
	Form 990PF-General Explanation Attachment 6	Restoring US China Relations -This program is to revitalize US-China education ties through a workshop to address the challenges and solutions to US-China educational exchanges and to conduct the 20th American Studies Network conference in Bejing.

Name of Stock	End of Year Book Value	End of Year Fair Market Value
Stocks	752,628	1,839,845
Mutual funds	313,849	261,186
Closed end ETF	173,779	445,519

Description	Revenue and Expenses per Books	Disbursements for Charitable Purposes
Other direct program costs	87,499	87,499
Web site and computer	666	666
Dues and subscriptions	9,370	9,370
Office expenses	2,757	2,757
Other expenses	6,857	6,857
Telecommunications	2,313	2,313
Investment fees	14,018	14,018

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Other consultants	156,541	0	0	156,541
Payroll processing fees	2,917	0	0	2,917

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