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
Adams Family Foundation of Nora Springs Iowa
 
% Foundation Source
Number and street (or P.O. box number if mail is not delivered to street address)Foundation Source 501 Silverside Rd
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Wilmington, DE198091377
A Employer identification number

25-5100130
B Telephone number (see instructions)

(800) 839-1754
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$20,748,953J 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) 0
2 Check right arrow.............
3 Interest on savings and temporary cash investments 30,304 30,304  
4 Dividends and interest from securities... 315,444 315,444  
5a Gross rents............ 231,559 231,559  
b Net rental income or (loss) 194,342
6a Net gain or (loss) from sale of assets not on line 10 83,388
b Gross sales price for all assets on line 6a 13,524,338
7 Capital gain net income (from Part IV, line 2)... 83,388
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
42,737 51,249  
12 Total. Add lines 1 through 11........ 703,432 711,944  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 60,000     60,000
14 Other employee salaries and wages......        
15 Pension plans, employee benefits....... 3,443     3,443
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
480 0 0 480
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
149 0 0 149
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
147,378 132,128   15,250
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
28,496 21,045    
19 Depreciation (attach schedule) and depletion...     0
20 Occupancy..............        
21 Travel, conferences, and meetings....... 224     224
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
57,886 3,898   53,765
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 298,056 157,071 0 133,311
25 Contributions, gifts, grants paid....... 990,270 990,270
26 Total expenses and disbursements. Add lines 24 and 25 1,288,326 157,071 0 1,123,581
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -584,894
b Net investment income (if negative, enter -0-) 554,873
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2023)
Form 990-PF (2023)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 1,732,055 317,561 317,561
3 Accounts receivable right arrow  
Less: allowance for doubtful accounts right arrow        
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) right arrow  
Less: allowance for doubtful accounts right arrow        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 11,539,996 Click to see attachment
List of Attached Documents:
// Content
11,160,431 		11,595,526
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis right arrow8,638,657
Less: accumulated depreciation (attach schedule) right arrow   8,638,657 Click to see attachment
List of Attached Documents:
// Content
8,638,657 		6,064,807
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 1,210,285 Click to see attachment
List of Attached Documents:
// Content
2,441,950 		2,771,059
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) 23,120,993 22,558,599 20,748,953
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe right arrow)    
23 Total liabilities (add lines 17 through 22)......... 0 0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here right arrow
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here right arrow
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds 23,120,993 22,558,599
29 Total net assets or fund balances (see instructions)..... 23,120,993 22,558,599
30 Total liabilities and net assets/fund balances (see instructions). 23,120,993 22,558,599
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
23,120,993
2
Enter amount from Part I, line 27a .....................
2
-584,894
3
Other increases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
3
22,500
4
Add lines 1, 2, and 3 ..........................
4
22,558,599
5
Decreases not included in line 2 (itemize) right arrow
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
22,558,599
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 Publicly-traded Securities      
b Passthrough K1 Capital Gain/(Loss)      
c
d
e
(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 13,524,338   13,477,676 46,662
b       36,726
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       46,662
b        
c
d
e
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 83,388
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 7,713
b All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2  
3 Add lines 1 and 2........................... 3 7,713
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 7,713
6 Credits/Payments:
a 2023 estimated tax payments and 2022 overpayment credited to 2023 6a 11,666
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c  
d Backup withholding erroneously withheld .......... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 11,666
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment
List of Attached Documents:
// Content
8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10 3,953
11 Enter the amount of line 10 to be: Credited to 2024 estimated taxright arrow3,953 Refundedright arrow 11  
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
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
right arrowIA
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 arrowN/A
14
The books are in care ofright arrowFoundation Source Telephone no.right arrow (800) 839-1754

Located atright arrow55 WALLS DRIVE FL 3FairfieldCT ZIP+4right arrow06824
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)
Yes
 
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
No
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2023? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2023, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2023?....................
2a
 
No
If "Yes," list the years right arrow20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
right arrow20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2023 as a result of (1) any purchase by the foundation
or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
if the foundation had excess business holdings in 2023.) .....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2023? ..
4b
 
No
Form 990-PF (2023)
Form 990-PF (2023)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
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
Lori M Jost Dir, Sec
3.0 		8,000 0 0
Foundation Source 501 Silverside Rd
Wilmington,DE198091377
Kenneth Kirk Dir
3.0 		3,000 0 0
Foundation Source 501 Silverside Rd
Wilmington,DE198091377
Michael Marth Dir, VP
3.0 		3,000 0 0
Foundation Source 501 Silverside Rd
Wilmington,DE198091377
Debra O'Banion Treas, Dir
10.0 		23,000 0 0
Foundation Source 501 Silverside Rd
Wilmington,DE198091377
Angie L Pippert Dir, Pres
10.0 		23,000 0 0
Foundation Source 501 Silverside Rd
Wilmington,DE198091377
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
 
Total number of other employees paid over $50,000...................right arrow  
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
Gilbert & Cook Inc INVESTMENT MGMT 117,077
5058 Grand Ridge Dr
WEST DES MOINES,IA502653746
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)
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
10,939,795
b
Average of monthly cash balances.......................
1b
941,412
c
Fair market value of all other assets (see instructions)................
1c
8,808,349
d
Total (add lines 1a, b, and c).........................
1d
20,689,556
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
 
2
Acquisition indebtedness applicable to line 1 assets..................
2
0
3
Subtract line 2 from line 1d.........................
3
20,689,556
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
310,343
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
20,379,213
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
1,018,961
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
1,018,961
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
7,713
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
7,713
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
1,011,248
4
Recoveries of amounts treated as qualifying distributions................
4
22,500
5
Add lines 3 and 4............................
5
1,033,748
6
Deduction from distributable amount (see instructions).................
6
 
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
1,033,748
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
1,123,581
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
1,123,581
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 1,033,748
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only....... 1,032,594
b Total for prior years:2021, 2020, 2019  
3 Excess distributions carryover, if any, to 2022:
a From 2018......  
b From 2019......  
c From 2020......  
d From 2021......  
e From 2022......  
f Total of lines 3a through e ........  
4Qualifying distributions for 2023 from Part
XI, line 4: right arrow$ 1,123,581
a Applied to 2022, but not more than line 2a 1,032,594
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..... 90,987
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2023.    
(If an amount appears in column (d), the
same amount must be shown in column (a).)
6Enter the net total of each column as
indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
b Prior years’ undistributed income. Subtract
line 4b from line 2b .......... 		 
c Enter the amount of prior years’ undistributed
income for which a notice of deficiency has
been issued, or on which the section 4942(a)
tax has been previously assessed...... 		 
d Subtract line 6c from line 6b. Taxable amount
—see instructions ........... 		 
e Undistributed income for 2022. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		 
f Undistributed income for 2023. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2024 .......... 		942,761
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		 
8 Excess distributions carryover from 2018 not
applied on line 5 or line 7 (see instructions) ... 		 
9 Excess distributions carryover to 2024.
Subtract lines 7 and 8 from line 6a ...... 		0
10 Analysis of line 9:
a Excess from 2019....  
b Excess from 2020....  
c Excess from 2021....  
d Excess from 2022....  
e Excess from 2023.... 0
Form 990-PF (2023)
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).)
NONE
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 e-mail address of the person to whom applications should be addressed:
ANGIE PEPPERT
PO BOX 236
NORA SPRINGS,IA504580236
APIPPERT@HOTMAIL.COM
bThe form in which applications should be submitted and information and materials they should include:
FSREQUESTS.COM/ADAMSFAMILYNORASPRINGS
cAny submission deadlines:
FSREQUESTS.COM/ADAMSFAMILYNORASPRINGS
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
FSREQUESTS.COM/ADAMSFAMILYNORASPRINGS
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

CENTRAL SPRINGS AG ED BOOSTERS INCORPORATED

1175 BALSAM AVE
NORA SPRINGS,IA50458 		N/A PC Central Springs AgEd Curriculum and FFA Chapter 20,000

CENTRAL SPRINGS COMMUNITY SCHOOL DISTRICT

PO BOX 190
MANLY,IA50456 		N/A GOV To purchase Portable Blinker Stop Signs 11,287

CENTRAL SPRINGS COMMUNITY SCHOOL DISTRICT

PO BOX 190
MANLY,IA50456 		N/A GOV Preschool Tuition Grant 26,723

CENTRAL SPRINGS COMMUNITY SCHOOL DISTRICT

PO BOX 190
MANLY,IA50456 		N/A GOV Summer Food Program at Nora Springs Campus 5,539

CITY OF NORA SPRINGS

PO BOX 336
NORA SPRINGS,IA50458 		N/A GOV Boulder Park Slide Installation 6,650

CITY OF NORA SPRINGS

PO BOX 336
NORA SPRINGS,IA50458 		N/A GOV Adams Woods tree removal 3,000

CITY OF NORA SPRINGS

PO BOX 336
NORA SPRINGS,IA50458 		N/A GOV Lookout Point Parking Lot Engineering 18,000

CITY OF NORA SPRINGS

PO BOX 336
NORA SPRINGS,IA50458 		N/A GOV Nora Springs Public Library Local and Guest Speakers/Presenters/Programs 3,000

CITY OF NORA SPRINGS

PO BOX 336
NORA SPRINGS,IA50458 		N/A GOV Boulder Park Slide Replacement 13,108

CITY OF RUDD

PO BOX 78
RUDD,IA50471 		N/A GOV Imagination Splash Station 25,000

COMMUNITY FDN OF GREATER DES MOINES

1915 GRAND AVE
DES MOINES,IA50309 		N/A PC General & Unrestricted 500,000

FIRST CHURCH OF CHRIST SCIENTIST

210 MASSACHUSETTS AVE P02-02
BOSTON,MA02115 		N/A PC General & Unrestricted 1,000

FLOYD COMMUNITY VOLUNTEER FIREDEPARTMENT INCORPORA

2563 155TH ST
FLOYD,IA50435 		N/A PC to purchase equipment for new ladder truck 2,500

NORA SPRINGS FARM FIRE SERVICE COMPANY

30 N HAWKEYE AVE
NORA SPRINGS,IA50458 		N/A PC Bunker Gear Replacement 20,068

NORA SPRINGS FARM FIRE SERVICE COMPANY

30 N HAWKEYE AVE
NORA SPRINGS,IA50458 		N/A PC to purchase Jaws of Life rescue tools replacement 16,395

NORA SPRINGS HISTORICAL SOCIETY WEST CONGRESS

116 1ST ST
NORA SPRINGS,IA50458 		N/A PC General & Unrestricted 5,000

NORA SPRINGS HISTORICAL SOCIETY WEST CONGRESS

116 1ST ST
NORA SPRINGS,IA50458 		N/A PC Documentary on Historical Society 5,000

NORTH CENTRAL IOWA AG IN THE CLASSROOM

65 STATE ST
GARNER,IA50438 		N/A PC Agriculture Education for Floyd County Schools 3,000

NORTH IOWA AREA COMMUNITY COLLEGE FOUNDATION

500 COLLEGE DR
MASON CITY,IA50401 		N/A SO I Adams Family Foundation of Nora Springs, Iowa Scholarship FUnd 305,000
Total .................................right arrow 3a 990,270
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 ........... 		    14 30,304  
4 Dividends and interest from securities ....     14 315,444  
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     16 194,342  
7 Other investment income .....          
8 Gain or (loss) from sales of assets other than
inventory ............ 		    18 83,388  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aK-1 Inc/Loss 		525990 -8,512 14 50,584  
bCLASS ACTION LAWSUIT PROCEEDS     01 665  
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. -8,512 674,727  
13Total. Add line 12, columns (b), (d), and (e)..................
13
666,215
(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:
Adams Family Foundation of Nora Springs Iowa
EIN:
25-5100130
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Bookkeeping 149     149

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

TY 2023 DepreciationSchedule
Name:
Adams Family Foundation of Nora Springs Iowa
EIN:
25-5100130
Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
Life (# of years)		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
FARMLAND - SEC 31   1,951,625   L       0  
FARMLAND - SEC 4 R   533,797   L       0  
FARMLAND - SEC 8 R   2,475,668   L       0  
FARMLAND - SEC 9 R   3,677,567   L       0  

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TY 2023 ExpenditureResponsibilityStmt
Name:
Adams Family Foundation of Nora Springs Iowa
EIN:
25-5100130
Grantee's Name Grantee's Address Grant Date Grant Amount Grant Purpose Amount Expended By Grantee Any Diversion By Grantee? Dates of Reports By Grantee Date of Verification Results of Verification
PARK CEMETERY ASSOCIATION
  		1055 135TH STREET
NORA SPRINGS,IA50458 		2013-12-18 21,840 TO FUND THE PRESERVATION OF HISTORICAL INFORMATION AND SUBSIDIZE BURIALS OF LOW INCOME INDIVIDUALS   NO SEE GENERAL EXPLANATION FOR DATES OF REPORTS   NO VERIFICATION WAS NECESSARY
PARK CEMETERY ASSOCIATION
  		1055 135TH STREET
NORA SPRINGS,IA50458 		2013-10-07 5,000 TO FUND THE PRESERVATION OF HISTORICAL INFORMATION AND SUBSIDIZE BURIALS OF LOW INCOME INDIVIDUALS   NO SEE GENERAL EXPLANATION FOR DATES OF REPORTS   NO VERIFICATION WAS NECESSARY
NORA SPRINGS VOLUNTEER AMBULANCE SERVICE
  		PO BOX 625
NORA SPRINGS,IA50458 		2013-10-03 42,500 PROMOTE HEALTH OF COMMUNITY BY FUNDING CONSTRUCTION OF HOUSING FOR ON CALL AMBULANCE CREW 42,500 NO SEE GENERAL EXPLANATION FOR DATES OF REPORTS   NO VERIFICATION WAS NECESSARY

TY 2023 GeneralExplanationAttachment
Name:
Adams Family Foundation of Nora Springs Iowa
EIN:
25-5100130
Identifier Return Reference Explanation
FORM 990-PF, PART VI-B, LINE 5D - EXPENDITURE RESPONSIBILITY FORM 990-PF, PART VI-B, LINE 5D - EXPENDITURE RESPONSIBILITY GRANTEE'S NAME: PARK CEMETERY ASSOCIATION GRANT DATE: 12/18/2013 GRANT AMOUNT: $21,840 DATES OF ANNUAL REPORTS: 10/22/2014, 4/15/2015, 4/7/2016, 4/4/2017, 4/4/2018, 3/27/2019, 4/1/2020, 4/12/2021, 4/12/2022, 4/10/2023, AND 4/10/2024
FORM 990-PF, PART VI-B, LINE 5D - EXPENDITURE RESPONSIBILITY FORM 990-PF, PART VI-B, LINE 5D - EXPENDITURE RESPONSIBILITY GRANTEE'S NAME: PARK CEMETERY ASSOCIATION GRANT DATE: 10/07/2013 GRANT AMOUNT: $5,000 DATES OF ANNUAL REPORTS: 10/22/2014, 4/15/2015, 4/7/2016, 4/4/2017, 4/4/2018, 3/27/19, 4/1/2020, 4/12/2021, 4/12/2022, 4/10/2023, AND 4/10/2024
FORM 990-PF, PART VI-B, LINE 5D - EXPENDITURE RESPONSIBILITY FORM 990-PF, PART VI-B, LINE 5D - EXPENDITURE RESPONSIBILITY GRANTEE'S NAME: NORA SPRINGS VOLUNTEER AMBULANCE SERVICE GRANT DATE: 10/03/2013 GRANT AMOUNT: $42,500 DATES OF ANNUAL REPORTS: 3/4/2014, 6/7/2014, 11/21/2014, 4/20/2015, 4/7/2016, 4/3/2017, 4/4/2018, 3/27/2019, 4/3/2020, 4/12/2021, 4/12/2022, 4/10/2023 AND 4/10/2024

TY 2023 InvestmentsCorpStockSchedule
Name:
Adams Family Foundation of Nora Springs Iowa
EIN:
25-5100130
Name of Stock End of Year Book Value End of Year Fair Market Value
3M CO 11,862 11,916
ABBOTT LABS 9,725 10,457
ABBVIE INC 21,456 22,471
ADVANCED ENERGY IND INC 8,133 8,387
AGILENT TECHNOLOGIES INC 11,418 13,347
AKAMAI TECH COM STK 4,126 4,616
ALBANY INTERNATIONAL CORP 6,829 7,661
ALNYLAM PHARMACEUTICALS, INC 24,548 23,543
ALPHABET INC CL C 98,111 101,047
ALTRIA GROUP INC 10,877 9,924
AMAZON COM 97,402 108,181
ANSYS INC 6,985 7,983
AON PLC CL A 6,968 6,111
APPLIED MATERIALS INC 13,015 13,776
ARCH CAPITAL GROUP LTD 13,165 12,774
ARCHROCK INC 6,463 7,946
ARES CAPITAL CORPORATION - CLO 346,793 353,930
ARES MANAGEMENT CORPORATION 5,075 5,827
ARGENX SE 28,097 20,924
ASCENDIS PHARMA 7,587 9,824
AT&T, INC 11,536 13,172
AUTODESK, INC 14,526 16,070
BANK NEW YORK MELLON CORP COM 10,697 12,284
BANK OF AMERICA CORP 11,522 13,468
BILL COM HOLDINGS 17,760 12,402
BIO RAD LABS INC CL A 5,876 5,166
BLACKROCK INC 24,586 28,413
BLACKROCK STRAT INC OPP PORTFO 848,578 807,329
BLOCK INC 15,484 20,343
BLUEPRINT MEDICINES CORPORATIO 6,510 12,268
BOSTON BEER CO INC 11,977 11,404
BROADCOM INC 17,480 22,325
BROOKFIELD ASSET MANAGEMENT LT 8,103 9,279
BROOKFIELD CORP ORD SHS CL A 40,486 47,703
BROOKFIELD INFRASTRUCTURE ORD 22,594 22,121
BROOKFIELD RENEWABLE CORP CL A 8,998 9,443
BROWN & BROWN INC 26,656 25,955
BROWN FORMAN CORP CL B 4,138 3,997
CABOT CP 6,422 7,599
CACTUS, INC. CLASS A 20,791 16,753
CADENCE DESIGN SYSTEMS INC 24,322 26,965
CARMAX INC 22,124 20,490
CATERPILLAR INC 29,757 31,045
CBRE GROUP 17,468 18,990
CHEVRON CORP 36,262 32,517
CHIPOTLE MEX GRILL 54,274 64,035
CIRRUS LOGIC INC 4,726 5,407
CISCO SYSTEMS INC 30,609 26,877
CITIGROUP INC 5,861 7,253
CITIZENS FINANCIAL GROUP, INC 4,573 5,236
COGNEX CORPORATION 1,792 1,628
COMCAST CORP 17,738 17,145
CONNECTONE BANCORP INC 1,965 2,428
CONOCOPHILLIPS 31,296 29,366
CONSTELLATION BRANDS INC 35,864 33,603
COPART INC 42,768 46,893
COSTAR GROUP, INC 40,369 42,908
CROWN CASTLE INTL 7,749 8,870
CSX CORP 14,552 16,815
DANAHER CORP 10,318 10,179
DARLING INGREDIENTS INC 7,675 6,679
DENNYS CORPORATION 5,094 6,104
DEXCOM, INC 9,435 11,664
DIGI INTERNATIONAL INC 4,859 3,978
DIODES 6,073 6,281
DOCUSIGN INC 12,457 13,971
DOMINOS PIZZA INC 19,549 20,612
DOW INC 17,388 17,329
EASTGROUP PROPERTIES INC 5,863 6,057
EASTMAN CHEMICAL CO 9,520 10,239
EMERSON ELECTRIC CO 10,064 10,025
ENERSYS 7,088 7,370
ENOVIS CORPORATION 1,005 1,008
ENTEGRIS INC 3,579 4,433
EVERGY, INC. 9,503 9,396
EVERQUOTE INC 2,313 4,651
EXXON MOBIL CORP 41,007 35,693
FANUC LIMITED UNSPONSORED 10,476 10,782
FASTENAL COMPANY 12,613 14,508
FB FINANCIAL CORPORATION 5,265 7,253
FIDELITY NATIONAL FINANCIAL IN 6,724 7,959
FIFTH THIRD BANCORP 11,999 15,279
FIRSTCASH HOLDINGS INC 4,029 4,878
FORD MOTOR COMPANY 14,575 14,701
FORMFACTOR INC. 4,684 5,881
FOUR CORNERS PROPERTY TRUST IN 3,852 3,997
FRANKLIN ELECTRIC CO., INC 7,176 7,539
GALLAGHER ARTHUR J & CO 31,823 31,483
GAMING AND LEISURE PROPERTIES, 6,525 6,613
GARTNER INC 16,994 21,653
GEN DYNAMICS CP 13,653 15,840
GILEAD SCIENCES INC 13,637 14,420
HACKETT GROUP INC 5,213 4,941
HEALTHPEAK PROPERTIES INC 7,067 6,732
HEICO CP CL A 37,490 39,456
HEXCEL CP DELAWARE 5,236 5,458
HILTON WORLDWIDE HOLDINGS, INC 32,525 39,878
HOME DEPOT INC 29,237 30,843
HORACE MANN EDUCATOR 2,347 2,681
HOWARD HUGHES CORP 3,935 4,278
HUBSPOT INC 30,309 31,349
HUNTINGTON BANCSHARES INC 6,365 7,161
HYATT HOTELS CORP 7,846 9,129
IDEXX CORP 8,984 9,991
INSPERITY INC 4,278 5,158
INTERCONTINENTAL EXCHANGE, INC 11,397 12,715
INTERNATIONAL BUSINESS MACHINE 11,571 12,757
INTUITIVE SURGICAL 28,915 31,374
ISHARES RUSSELL 2000 283,566 295,445
ISHARES RUSSELL TOP 200 ETF 704,784 753,494
ISHARES S&P 500 INDEX FD 1,764,795 1,873,741
ISHARES SHORT TERM CORPORATE B 335,400 342,312
ISHARES TRUST RUSSELL MIDCAP I 906,483 953,980
JACK IN THE BOX INC 4,690 4,979
JOHNSON & JOHNSON 29,565 28,683
JOHNSON CONTROLS INTERNATIONAL 10,693 10,490
JP MORGAN CHASE 37,891 44,226
JPMORGAN EMERGING MARKETS EQUI 468,907 467,805
KEYSIGHT TECHNOLOGIES INC 14,284 16,864
KIMBALL ELECTRONICS, INC 7,253 6,711
KINDER MORGAN INC 13,622 14,024
KKR & CO INC 30,266 40,265
LAMAR ADVERTISING CO CL A REIT 11,051 13,179
LENNAR CORP 16,030 20,866
LIBERTY MEDIA CORPORATION - SE 766 754
LIBERTY MEDIA CORPORATION - SE 11,120 10,543
LITTELFUSE, INC 5,415 5,619
LIVE NATION INC COM 18,034 20,405
LOCKHEED MARTIN CORP 13,370 13,597
LUXFER HOLDINGS PLC 2,975 2,244
MARKEL CORP 26,469 25,558
MARTIN MARIETTA MATLS INC 12,419 13,969
MASTERCARD INC 35,081 36,253
MCDONALD'S CORP 19,287 20,459
MEDTRONIC PLC 12,701 12,851
MERCK & CO INC 25,487 25,402
MERITAGE CORPORATION 4,144 5,400
METLIFE INC 22,621 23,146
MGP INGREDIENTS, INC 4,915 4,236
MICROCHIP TECHNOLOGY INC 14,625 16,142
MICROSOFT CORP 80,524 88,745
MONDELEZ INTERNATIONAL INC 8,474 8,836
MONOLITHIC POWER SYSTEMS, INC 25,348 30,277
MOODYS CORP 7,457 8,592
MOOG INC CL A 4,593 5,791
MSCI INC 12,271 13,010
MYRIAD GENETICS, INC 2,593 3,005
NETFLIX INC 26,590 28,726
NIKE INC-CL B 14,119 15,200
NOV INC 7,286 6,936
NVIDIA CORP 101,288 103,006
O'REILLY AUTOMOTIVE INC 39,789 39,903
OAKMARK INTERNATIONAL FUND 468,907 465,602
OKTA INC 36,668 37,660
ORACLE CORP 10,007 9,067
OXFORD INDUSTRIES 4,299 4,500
PAPA JOHNS INTL INC 5,101 5,184
PARKER HANNIFIN CP 11,114 12,439
PAYLOCITY CORP 14,382 11,704
PEBBLEBROOK HOTEL TR COM 3,616 4,027
PENN NATIONAL GAMING 4,197 4,866
PEPSICO INC 18,219 17,663
PERIMETER SOLUTIONS ORD SHS 1,949 1,564
PFIZER INC 21,596 17,188
PHILIP MORRIS INTL 21,318 21,168
PNC FINANCIAL GROUP INC 9,766 12,388
PROCTER GAMBLE CO 35,795 33,997
PROGRESSIVE CORP OHIO 13,305 15,609
PROLOGIS 17,947 19,329
PRUDENTIAL FINCL INC 22,274 24,061
PUBLIC SVC ENTERPRISE GROUP IN 11,540 11,863
QUALCOMM INC 14,761 19,525
RAYMOND JAMES FINANCIAL INC 4,190 4,460
REGENERON PHARMACEUTICALS INC 42,873 45,671
ROCKET LAB USA INC 8,532 7,272
ROPER INDUSTRIES 30,223 33,255
ROSS STORES, INC 3,406 3,875
S&P GLOBAL INC COM 11,812 13,216
SALESFORCE.COM 33,974 40,787
SANMINA-SCI CORPORATION 7,647 7,449
SBA COMMUNICATIONS CORP 17,891 20,295
SHERWIN-WILLIAMS CO 3,982 4,990
SHOPIFY INC 3,454 3,428
SOUTHERN CO 19,143 20,195
STEELECASE INC 2,872 4,502
SUMMIT MATERIALS INC 4,015 4,231
TECHTARGET 5,155 6,031
TELEDYNE TECH INC 4,084 4,463
TESLA MOTORS INC 86,937 84,235
THE COCA-COLA CO 18,046 18,033
TRANSDIGM GRP INC 43,738 49,568
TRIUMPH BANCORP INC 4,268 5,292
TYLER TECHNOLOGIES, INC 18,877 20,070
UNITED FIRE GROUP 2,345 2,495
UNITED PARCEL SERVICE 8,510 8,019
US BANCORP 14,424 16,793
VAIL RESORTS INC 11,898 10,674
VANGUARD FTSE DEVELOPED MARKET 939,167 975,627
VANGUARD TOTAL BOND MARKET ETF 792,063 811,257
VERISIGN INC 15,934 15,859
VERISK ANALYTICS, INC 24,368 24,125
VERIZON COMMUNICATIONS 19,326 20,886
VIAVI SOLUTIONS INC 4,714 4,753
VISA INC 35,238 37,230
VULCAN MATERIALS CO 28,611 29,965
W. P. CAREY INC 9,902 9,916
WAL-MART STORES INC 19,210 18,760
WATERS CORP 4,215 4,938
WESBANCO INC 4,039 5,207
WESTINGHOUSE AIR BRAKE TECHNOL 19,728 22,715
WIX COM LTD 3,162 4,060
WSFS FINANCIAL CORPORATION 5,702 6,890

TY 2023 InvestmentsLandSchedule2
Name:
Adams Family Foundation of Nora Springs Iowa
EIN:
25-5100130
Category/ Item Cost/Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
FARMLAND - SEC 31 1,951,625   1,951,625 1,951,625
FARMLAND - SEC 4 R 533,797   533,797 533,797
FARMLAND - SEC 8 R 2,475,668   2,475,668 2,475,668
FARMLAND - SEC 9 R 3,677,567   3,677,567 3,677,567

TY 2023 InvestmentsOtherSchedule2
Name:
Adams Family Foundation of Nora Springs Iowa
EIN:
25-5100130
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
BLACKSTONE REAL ESTATE INCOME   250,000 304,984
BLUE OWL RE FD V (FKA OAK STRE   388,852 459,412
CRYSTAL CAPITAL INTERNATIONAL   1,041,882 1,091,919
FORTRESS LENDING FUND 2 A   260,698 255,922
MARCH CAPITAL OPPORTUNITY FUND   250,499 408,062
MS DIRECT LENDING FUND   250,019 250,760

TY 2023 LegalFeesSchedule
Name:
Adams Family Foundation of Nora Springs Iowa
EIN:
25-5100130
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
General Consultations 480     480


TY 2023 OtherExpensesSchedule
Name:
Adams Family Foundation of Nora Springs Iowa
EIN:
25-5100130
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Administrative Fees 49,500     49,500
Bank Charges 206 206    
Digital Subscriptions 172     172
Foundation Dues & Memberships 1,630     1,630
Indemnification Insurance 2,250     2,250
K-1 Exp BLUE OWL RE FD V (FKA 2,353 2,353    
K-1 Exp FORTRESS LENDING FUND 35 35    
K-1 Exp MARCH CAPITAL OPPORTUN 260 37    
Postage/Delivery Service 213     213
Property insurance 1,267 1,267    


TY 2023 OtherIncomeSchedule2
Name:
Adams Family Foundation of Nora Springs Iowa
EIN:
25-5100130
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
K-1 Inc/Loss BLUE OWL RE FD V (FKA OAK STREET RE 6,044 6,044  
K-1 Inc/Loss FORTRESS LENDING FUND 2 A 41,209 41,209  
K-1 Inc/Loss MARCH CAPITAL OPPORTUNITY FUND 4, LP -5,181 3,331  
Class Action Lawsuit Proceeds 665 665  


TY 2023 OtherIncreasesSchedule
Name:
Adams Family Foundation of Nora Springs Iowa
EIN:
25-5100130
Description Amount
RETURNED GRANT 22,500


TY 2023 OtherProfessionalFeesSchedule
Name:
Adams Family Foundation of Nora Springs Iowa
EIN:
25-5100130
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Investment Management Services 117,077 117,077    
PROPERTY MANAGEMENT SERVICES 15,051 15,051    
SCHOLARSHIP ADMIN SERVICES 15,250     15,250


TY 2023 TaxesSchedule
Name:
Adams Family Foundation of Nora Springs Iowa
EIN:
25-5100130
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
990-PF Estimated Tax for 2023 7,400      
Foreign Tax Paid 146 146    
IRS Miscellaneous Fee Expense 51      
Property Taxes 20,899 20,899