TY 2023 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Trust Treated as Private Foundation

Do not enter social security numbers on this form as it may be made public.
right arrow

Go to www.irs.gov/Form990PF for instructions and the latest information.

OMB No. 1545-0047

2023

Open to Public Inspection

For calendar year 2023, or tax year beginning 01-01-2023 , and ending 12-31-2023

Name of foundation
The Garfield Foundation
C/O Baldwin Brothers

Number and street (or P.O. box number if mail is not delivered to street address)204 Spring Street
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
Marion, MA02738

A Employer identification number

22-2285358

B Telephone number (see instructions)

(508) 748-0800

C If exemption application is pending, check here right arrow

G Check all that apply: Initial returnInitial return of a former public charity
Final returnAmended return
Address change Name change

D 1. Foreign organizations, check here............. right arrow

2. Foreign organizations meeting the 85%
test, check here and attach computation ... right arrow

E If private foundation status was terminated
under section 507(b)(1)(A), check here ....... right arrow

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trust Other taxable private foundation

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here ....... right arrow

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16) right arrow

$28,086,540J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

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


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .............
3	Interest on savings and temporary cash investments	369,336		741,423
4	Dividends and interest from securities...	217,614		154,709
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		2,680,026
b	Gross sales price for all assets on line 6a 15,142,739
7	Capital gain net income (from Part IV, line 2)...			2,419,256
8	Net short-term capital gain.........
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......	List of Attached Documents: // Content	-12,673	21,738
12	Total. Add lines 1 through 11........	3,254,303		3,337,126
13	Compensation of officers, directors, trustees, etc.	551,171		413,378	137,793
14	Other employee salaries and wages......	44,340		33,255	11,085
15	Pension plans, employee benefits.......	111,531		83,648	27,883
16a	Legal fees (attach schedule).........	List of Attached Documents: // Content	61,950	46,463	15,487
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	43,800	32,850	10,950
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	189,668	163,865	25,803
17	Interest...............
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	90,732	732	0
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............	74,923		0	74,923
21	Travel, conferences, and meetings.......	54,894		0	54,894
22	Printing and publications..........	189		0	189
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	33,361	0	151,238
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	1,256,559		774,191	510,245
25	Contributions, gifts, grants paid.......	342,010			342,010
26	Total expenses and disbursements. Add lines 24 and 25	1,598,569		774,191	852,255
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	1,655,734
b	Net investment income (if negative, enter -0-)			2,562,935
c	Adjusted net income (if negative, enter -0-)...

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2023)

Form 990-PF (2023)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............	58,174	86,096	86,096
	2	Savings and temporary cash investments.........	458,529	2,836,286	2,836,286
	3	Accounts receivable
		Less: allowance for doubtful accounts	15,009
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........	3,976
	10a	Investments—U.S. and state government obligations (attach schedule)	17,779,393	List of Attached Documents: // Content 1,600,705	1,600,705
	b	Investments—corporate stock (attach schedule).......	5,325,520	List of Attached Documents: // Content 14,714,790	14,714,790
	c	Investments—corporate bonds (attach schedule).......	2,345,797	List of Attached Documents: // Content 3,462,907	3,462,907
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	854,486	List of Attached Documents: // Content 5,295,000	5,295,000
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	List of Attached Documents: // Content 1,410	List of Attached Documents: // Content 90,756	List of Attached Documents: // Content 90,756
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	26,842,294	28,086,540	28,086,540
	17	Accounts payable and accrued expenses..........	197,795	75,942
	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 )	List of Attached Documents: // Content 33,406	List of Attached Documents: // Content 31,190
	23	Total liabilities (add lines 17 through 22).........	231,201	107,132
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........	0	0
	27	Paid-in or capital surplus, or land, bldg., and equipment fund	0	0
	28	Retained earnings, accumulated income, endowment, or other funds	26,611,093	27,979,408
	29	Total net assets or fund balances (see instructions).....	26,611,093	27,979,408
	30	Total liabilities and net assets/fund balances (see instructions).	26,842,294	28,086,540

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

26,611,093

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

1,655,734

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

List of Attached Documents:

// Content

93,519

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

28,360,346

Decreases not included in line 2 (itemize) right arrow

List of Attached Documents:

// Content

380,938

Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .

27,979,408

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	Capital Gains Dividends
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	15,142,517	12,723,483	2,419,034
b	222		222
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			2,419,034
b			222
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	2,419,256
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3

Part V

Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)	1	35,625
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	35,625
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	35,625
6	Credits/Payments:

a	2023 estimated tax payments and 2022 overpayment credited to 2023	6a	112,971
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	0
d	Backup withholding erroneously withheld ..........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............		7	112,971
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.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	77,346
11	Enter the amount of line 10 to be: Credited to 2024 estimated tax77,346	Refunded	11	0

Form 990-PF (2023)

Page 4

Part VI-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions

for the definition.................................

If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials

published or distributed by the foundation in connection with the activities.

Did the foundation file Form 1120-POL for this year?.....................

Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:

(1) On the foundation. right arrow

$ 0(2) On foundation managers. right arrow

$ 0

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

on foundation managers. right arrow

$ 0

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

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

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

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

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

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

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

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

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

By language in the governing instrument, or

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

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

Yes

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

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

Yes

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

CA, MA, NJ

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

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

Yes

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

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

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

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

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

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

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

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

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

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

Yes

Website address right arrow

www.garfieldfoundation.org

The books are in care of right arrow

Baldwin Brothers Telephone no. right arrow

(508) 748-0800

Located at right arrow

204 Spring StreetMarionMA ZIP+4 right arrow

02738

Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here ......... right arrow

and enter the amount of tax-exempt interest received or accrued during the year ........ right arrow

16 At any time during calendar year 2023, did the foundation have an interest in or a signature or other authority over YesNo

a bank, securities, or other financial account in a foreign country? .................

16 No

See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country right arrow

Form 990-PF (2023)

Page 5

Part VI-B

Statements Regarding Activities for Which Form 4720 May Be Required

File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.

Yes

During the year did the foundation (either directly or indirectly):

(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........

1a(1)

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person? ..............................

1a(2)

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........

1a(3)

Yes

(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)

(6) Agree to pay money or property to a government official? (Exception. Check "No"

if the foundation agreed to make a grant to or to employ the official for a period

after termination of government service, if terminating within 90 days.) ...............

1a(6)

If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations

section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........

Organizations relying on a current notice regarding disaster assistance check here ........ right arrow

Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,

that were not corrected before the first day of the tax year beginning in 2023? .............

Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private

operating foundation defined in section 4942(j)(3) or 4942(j)(5)):

At the end of tax year 2023, did the foundation have any undistributed income (Part XII, lines 6d

and 6e) for tax year(s) beginning before 2023?....................

If "Yes," list the years right arrow

20, 20, 20, 20

Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)

(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)

to all years listed, answer "No" and attach statement—see instructions.) ..............

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at

any time during the year? ..............................

If "Yes," did it have excess business holdings in 2023 as a result of (1) any purchase by the foundation

or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved

by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)

the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine

if the foundation had excess business holdings in 2023.) .....................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its

charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2023? ..

Form 990-PF (2023)

Page 6

Part VI-B

Statements Regarding Activities for Which Form 4720 May Be Required (continued)

During the year did the foundation pay or incur any amount to:

Yes

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........

5a(1)

(2) Influence the outcome of any specific public election (see section 4955); or to carry

on, directly or indirectly, any voter registration drive? ....................

5a(2)

(3) Provide a grant to an individual for travel, study, or other similar purposes? .............

5a(3)

(4) Provide a grant to an organization other than a charitable, etc., organization described

in section 4945(d)(4)(A)? See instructions ........................

5a(4)

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals? .............

5a(5)

If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in

Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........

Organizations relying on a current notice regarding disaster assistance check ......... right arrow

If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the

tax because it maintained expenditure responsibility for the grant? .................

If "Yes," attach the statement required by Regulations section 53.4945–5(d).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on

a personal benefit contract? .............................

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....

If "Yes" to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?

If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....

Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or

excess parachute payment during the year? .........................

Part VII

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

1 List all officers, directors, trustees, foundation managers and their compensation. See instructions

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)	(d) Contributions to employee benefit plans and deferred compensation
Dianne Martinez	Trustee (end 1/23); Secretary 40.00	286,950	35,145
C/O Baldwin Brothers 204 Spring Street Marion,MA02738	Trustee (end 1/23); Secretary 40.00	286,950	35,145
Hwei Sen Tan	Treasurer 20.00	91,500	24,791
C/O Baldwin Brothers 204 Spring Street Marion,MA02738	Treasurer 20.00	91,500	24,791
David Grossblat	Trustee 20.00	75,000	17,785
C/O Baldwin Brothers 204 Spring Street Marion,MA02738	Trustee 20.00	75,000	17,785
Jeremiah Marquez	Trustee/President 1.00	10,000	0
C/O Baldwin Brothers 204 Spring Street Marion,MA02738	Trustee/President 1.00	10,000	0
Bina Garfield	Trustee/Vice President 1.00	10,000	0
C/O Baldwin Brothers 204 Spring Street Marion,MA02738	Trustee/Vice President 1.00	10,000	0

2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."


(a) Name and address of each employee paid more than $50,000	(b) Title, and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
NONE









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

Form 990-PF (2023)

Page 7

Part VII

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

3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
Baldwin Brothers	Investment Management & Recordkeeping	124,988
204 Spring Street Marion,MA02738	Investment Management & Recordkeeping	124,988
RBC Wealth Management	Investment Management & Recordkeeping	60,921
345 California Street San Francisco,CA94104	Investment Management & Recordkeeping	60,921

Total number of others receiving over $50,000 for professional services............. right arrow

Part VIII-A

Summary of Direct Charitable Activities

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.	Expenses
1


2


3


4

Part VIII-B

Summary of Program-Related Investments (see instructions)

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.	Amount
1


2


All other program-related investments. See instructions.
3

Total. Add lines 1 through 3......................... right arrow

Form 990-PF (2023)

Page 8

Part IX

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

20,646,210

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

4,203,309

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

5,295,000

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

30,144,519

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) .............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d.........................

30,144,519

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

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

452,168

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

29,692,351

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

1,484,618

Part X

Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow

and do not complete this part.)

Minimum investment return from Part IX, line 6..................

1,484,618

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

35,625

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

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

35,625

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

1,448,993

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

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

1,448,993

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

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

1,448,993

Part XI

Qualifying Distributions (see instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........

852,255

Program-related investments—total from Part VIII-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes...............................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......

852,255

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					1,448,993
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......	3,409,535
b From 2019......
c From 2020......	3,443,417
d From 2021......	1,179,384
e From 2022......
f Total of lines 3a through e ........		8,032,336
4Qualifying distributions for 2023 from Part
XI, line 4: $ 852,255
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.....					852,255
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2023.		596,738			596,738
(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		7,435,598
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) ...		2,812,797
9 Excess distributions carryover to 2024. Subtract lines 7 and 8 from line 6a ......		4,622,801
10 Analysis of line 9:
a Excess from 2019....
b Excess from 2020....	3,443,417
c Excess from 2021....	1,179,384
d Excess from 2022....
e Excess from 2023....

Form 990-PF (2023)

Page 10

Part XIII

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

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

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

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

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

Part XIV

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

1Information Regarding Foundation Managers:

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

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

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

Check here right arrow

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

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

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

cAny submission deadlines:

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

Form 990-PF (2023)

Page 11

Part XIV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
ACLU Foundation of Southern California 1313 West Eight Street Los Angeles,CA90017	N/A	PC	General Purpose	5,000
Anti-Defamation League of Los Angeles 10495 Santa Monica Boulevard Los Angeles,CA90025	N/A	PC	General Purpose	3,500
Cancer Support Community Greater San Gabriel Valley 331 West Sierra Madre Boulevard Sierra Madre,CA91024	N/A	PC	General Purpose	3,500
Community Partners 1000 North Alameda Street 240 Los Angeles,CA90012	N/A	PC	General Purpose	10,000
Computer & Technology Resource Center 42 Digital Drive Suite 2 Novato,CA94949	N/A	PC	General Purpose; donation of used computer equipment	2,467
Dr Susan Love Foundation for Breast Cancer Research 8605 Santa Monica Boulevard Suite 89002 West Hollywood,CA900694109	N/A	PC	General Purpose	5,000
Food & Water Watch Los Angeles 1616 P Street NW Suite 300 Washington,DC20036	N/A	PC	General Purpose	3,500
Government Accountability Project Inc 1612 K Street NW 1100 Washington,DC20006	N/A	PC	General Purpose	2,500
Huntington Memorial Hospital 100 W California Boulevard Pasadena,CA91105	N/A	PC	Huntington Cancer Center	3,500
LA Regional Food Bank 1734 East 41st Street Los Angeles,CA90058	N/A	PC	General Purpose	2,000
North East Trees 570 West Avenue 26 200 Los Angeles,CA90065	N/A	PC	General Purpose	5,000
Pasadena Humane Society 361 South Raymond Avenue Pasadena,CA91105	N/A	PC	General Purpose	2,000
Planned Parenthood Los Angeles 400 West 30th Street Los Angeles,CA90007	N/A	PC	General Purpose	8,000
Polytechnic School 1030 East California Boulevard Pasadena,CA91106	N/A	PC	General Purpose	5,500
Rainforest Action Network 425 Bush Street Suite 300 San Francisco,CA94108	N/A	PC	General Purpose	3,500
Rockefeller Family Fund 475 Riverside Drive Suite 900 New York,NY10115	N/A	PC	General Purpose	250,000
Southern Poverty Law Center 400 Washington Avenue Montgomery,AL36104	N/A	PC	General Purpose	3,500
TreePeople Inc 12601 Mulholland Drive Beverly Hills,CA90210	N/A	PC	General Purpose	20,000
Veloz 400 Capital Mall 900 Sacramento,CA95814	N/A	PC	General Purpose	2,000
William L Valentine Elementary School 1650 Huntington Drive San Marino,CA91108	N/A	GOV	General Purpose	1,543
Total ................................. 3a				342,010

bApproved for future payment

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

Form 990-PF (2023)

Page 12

Part XV-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments ....
3 Interest on savings and temporary cash investments ...........			18	369,336
4 Dividends and interest from securities ....			18	217,614
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	2,680,026
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aPassthrough Income	523000		14	21,738
bAmounts Recorded Per Books			14	-34,411
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..		0		3,254,303	0

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

3,254,303

(See worksheet in line 13 instructions to verify calculations.)

Part XV-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See instructions.)

Form 990-PF (2023)

Page 13

Part XVI

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

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

Yes

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

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

1a(1)

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

1a(2)

Other transactions:

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

1b(1)

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

1b(2)

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

1b(3)

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

1b(4)

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

1b(5)

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

1b(6)

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

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

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

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

If "Yes," complete the following schedule.

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

Sign Here

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

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

Form 990-PF (2023)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2023 AccountingFeesSchedule

Name:

The Garfield Foundation

C/O Baldwin Brothers

EIN:

22-2285358

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Accounting Fees	43,800	32,850		10,950

- TIN:

TY 2023 InvestmentsCorpBondsSchedule

Name:

The Garfield Foundation

C/O Baldwin Brothers

EIN:

22-2285358

Name of Bond	End of Year Book Value	End of Year Fair Market Value
6000 shs Toronto Dominion Bank (CUSIP: 89115A2V3)	6,122	6,122
25000 shs Bank Amer FDG Corp (CUSIP: 06051GJG5)	24,131	24,131
45000 shs Citigroup Inc (CUSIP: 172967ND9)	43,300	43,300
50000 shs Prudential Financial (CUSIP: 74432QCH6)	46,610	46,610
45000 shs State Street Corp (CUSIP: 857477BX0)	45,706	45,706
2000 shs JP Morgan Chase (CUSIP: 46647PDW3)	2,058	2,058
40000 shs FHLMC Remic (CUSIP: 3137HAMS2)	40,600	40,600
20000 shs FNMA GTD (CUSIP: 3140LLZW4)	20,864	20,864
70000 shs ERP Oper LTD (CUSIP: 26884ABK8)	68,705	68,705
36000 shs FNMA GTD (CUSIP: 3140NUEF2)	36,952	36,952
65000 shs American Express (CUSIP: 025816CW7)	64,411	64,411
50000 shs Sysco Corp (CUSIP: 871829BK2)	44,171	44,171
40000 shs FNMA GTD (CUSIP: 3140LKQX4)	39,886	39,886
34000 shs Alphabet Inc (CUSIP: 02079KAD9)	28,209	28,209
36000 shs FHLMC Mutifamily Structured (CUSIP: 3137H7MF7)	31,571	31,571
50000 shs Prologis (CUSIP: 74340XBT7)	50,316	50,316
50000 shs Comcast Corp (CUSIP: 20030NEC1)	50,270	50,270
25000 shs Small Business Admin GTG (CUSIP: 83162CU92)	25,841	25,841
47000 shs FNMA GTD (CUSIP: 3140NUAT6)	50,713	50,713
36000 shs FNMA GTD (CUSIP: 3140NUC72)	38,111	38,111
84000 shs Small Business Administration (CUSIP: 83162CXH1)	23,330	23,330
53000 shs Small Business Admin GTD (CUSIP: 83162CXP3)	16,454	16,454
63000 shs Small Business Admin GTD (CUSIP: 83162CXV0)	19,261	19,261
38000 shs Small Business Admin GTG (CUSIP: 83162CA86)	22,447	22,447
40000 shs GNMA Remic Trust (CUSIP: 38381JPU5)	37,348	37,348
105000 shs FNMA GTD (CUSIP: 3140XKUU2)	86,862	86,862
157000 shs FNMA GTD (CUSIP: 3140XHHS9)	117,507	117,507
11000 shs FNMA GTD (CUSIP: 3140XGB32)	8,658	8,658
23000 shs FEDL Home Loan MTG (CUSIP: 3132DWDH3)	17,332	17,332
18000 shs FNMA GTG (CUSIP: 31418ECQ1)	13,993	13,993
7000 shs FEDL Home Loan MTG (CUSIP: 3132DPUL0)	6,207	6,207
52000 shs FEDL Home Loan MTG (CUSIP: 3132DQHA7)	45,461	45,461
72000 shs FEDL Home Loan MTG (CUSIP: 3132DWEG4)	59,694	59,694
19000 shs FNMA GTD (CUSIP: 31418EJ50)	16,924	16,924
14000 shs FNMA GTD (CUSIP: 31418ELW8)	12,821	12,821
96000 shs FEDL Home Loan MTG (CUSIP: 3132DQHH2)	88,086	88,086
20000 shs FEDL Home Loan MTG (CUSIP: 3132DWHU0)	19,369	19,369
69000 shs FEDL Home Loan MTG (CUSIP: 3132DWHY2)	65,836	65,836
62000 shs FNMA GTD (CUSIP: 3140QTA82)	60,816	60,816
10000 shs FNMA GTD (CUSIP: 31418EW48)	9,909	9,909
32000 shs FNMA GTD (CUSIP: 3140A5RA8)	32,751	32,751
60000 shs FNMA GTD (CUSIP: 3140QTJA8)	60,167	60,167
7000 shs FNMA GTD (CUSIP: 3140QTJD2)	6,916	6,916
9000 shs FNMA GTD (CUSIP: 31418EXV7)	9,027	9,027
15000 shs FNMA GTD (CUSIP: 3140QTNJ4)	15,056	15,056
13000 shs FNMA GTD (CUSIP: 3140QTN70)	12,861	12,861
40000 shs GNMA Remic Trust (CUSIP: 38381JR9)	36,924	36,924
42000 shs Segate HDD Cayman (CUSIP: 81180WAR2)	41,203	41,203
44000 shs Bank Nova Scotia (CUSIP: 06418BAE8)	41,617	41,617
44000 shs United Rentals (CUSIP: 911365BM5)	41,983	41,983
44000 shs Centene Corp (CUSIP: 15135BAR2)	42,413	42,413
47000 shs Encompass Health (CUSIP: 29261AAA8)	44,976	44,976
47000 shs Silgan Holdings (CUSIP: 827048AW9)	44,887	44,887
49000 shs Lamar Media (CUSIP: 513075BR1)	46,054	46,054
51000 shs CDW LLC (CUSIP: 12513GBF5)	46,634	46,634
55000 shs Vontier Corp (CUSIP: 928881AF8)	46,325	46,325
36000 shs Express Scripts (CUSIP: 30219GAK4)	35,586	35,586
44000 shs Arrow Electrs Inc (CUSIP: 042735BG4)	43,204	43,204
36000 shs Smucker JM (CUSIP: 832696AK4)	35,302	35,302
42000 shs Southwest Airls (CUSIP: 844741BJ6)	41,992	41,992
36000 shs Fiserv Inc (CUSIP: 337738AP3)	35,325	35,325
44000 shs Microchip Technology (CUSIP: 595017BA1)	43,345	43,345
42000 shs American Express Co (CUSIP: 025816CA5)	41,510	41,510
36000 shs Mead Johnson Nutrition (CUSIP: 582839AH9)	35,508	35,508
42000 shs American Tower Corp (CUSIP: 03027XAJ9)	41,480	41,480
44000 shs Expedia Inc (CUSIP: 30212PAM7)	43,966	43,966
47000 shs Autozone Inc (CUSIP: 053332AT9)	45,170	45,170
42000 shs Nasdaq (CUSIP: 631103AG3)	40,936	40,936
44000 shs TJX Cos Inc (CUSIP: 872540AQ2)	41,576	41,576
47000 shs Jefferies Group LLC (CUSIP: 47233JAG3)	46,806	46,806
44000 shs Unitedhealth Group (CUSIP: 91324PCW0)	42,870	42,870
40000 shs HCA Inc (CUSIP: 404119BU2)	39,475	39,475
44000 shs Royal Bk (CUSIP: 78016EZD2)	42,556	42,556
44000 shs Apple Inc (CUSIP: 037833CR9)	42,604	42,604
44000 shs Ebay Inc (CUSIP: 278642AU7)	42,566	42,566
42000 shs Verisign (CUSIP: 92343EAL6)	41,669	41,669
42000 shs VMWare Inc (CUSIP: 928563AC9)	40,674	40,674
44000 shs JP Morgan Chase (CUSIP: 46625HRX0)	42,275	42,275
47000 shs Bank New York Mellon (CUSIP: 06406RAB3)	45,253	45,253
36000 shs Trimble Inc (CUSIP: 896239AC4)	36,206	36,206
44000 shs Northern Tr Corp (CUSIP: 665859AT1)	42,555	42,555
42000 shs Westinghouse Air Brake (CUSIP: 960386AM2)	41,567	41,567
42000 shs Broadcom Inc (CUSIP: 11135FBA8)	42,133	42,133
44000 shs Schwab Charles Corp (CUSIP: 808513CD5)	45,171	45,171
44000 shs Morgan Stanley (CUSIP: 61747YFF7)	44,873	44,873
42000 shs Keysight Technologies (CUSIP: 49338LAF0)	38,223	38,223
53000 shs Reinsurance Group (CUSIP: 759351AP4)	47,634	47,634
60000 shs Kyndryl Hldgs (CUSIP: 50155QAL4)	50,236	50,236
46000 shs John Deere Capital (CUSIP: 24422EWL9)	46,005	46,005

- TIN:

TY 2023 InvestmentsCorpStockSchedule

Name:

The Garfield Foundation

C/O Baldwin Brothers

EIN:

22-2285358

Name of Stock	End of Year Book Value	End of Year Fair Market Value
839 shs ALC	65,542	65,542
697 shs MDT	57,418	57,418
3199 shs MGDDY	57,354	57,354
6450 shs MUFG	55,534	55,534
832 shs SONY	78,781	78,781
172 shs ADBE	102,615	102,615
268 shs AMGN	77,189	77,189
579 shs BX	75,803	75,803
1479 shs KO	87,157	87,157
344 shs DHR	79,581	79,581
405 shs ECL	80,332	80,332
281 shs LOW	62,537	62,537
649 shs MRK	70,754	70,754
356 shs MSFT	133,870	133,870
217 shs PH	99,972	99,972
496 shs PNC	76,806	76,806
532 shs PG	77,959	77,959
462 shs QCOM	66,819	66,819
232 shs AMP	88,121	88,121
271 shs ANSS	98,340	98,340
285 shs ADSK	69,392	69,392
566 shs COF	74,214	74,214
248 shs STZ	59,954	59,954
671 shs LEN	100,006	100,006
196 shs MLM	97,786	97,786
922 shs MCHP	83,146	83,146
716 shs RPM	79,927	79,927
773 shs SYY	56,529	56,529
58 shs TDY	25,885	25,885
202 shs VLTO	16,617	16,617
710 shs XYL	81,196	81,196
1017 shs CBSH	54,318	54,318
474 shs CFR	51,424	51,424
512 shs OSK	55,506	55,506
498 shs CCI	57,365	57,365
1009 shs ELS	71,175	71,175
188 shs ADBE	112,161	112,161
1189 shs GOOGL	166,091	166,091
1413 shs AMZN	214,691	214,691
467 shs ADI	92,728	92,728
369 shs TEAM	87,770	87,770
851 shs BX	111,413	111,413
374 shs CDNS	101,866	101,866
43 shs CMG	98,339	98,339
631 shs DHR	145,976	145,976
411 shs ECL	81,522	81,522
243 shs AJG	54,646	54,646
323 shs INTU	201,885	201,885
1710 shs MRVL	103,130	103,130
672 shs MSFT	252,699	252,699
843 shs NKE	91,525	91,525
481 shs NVDA	238,201	238,201
225 shs NOW	158,960	158,960
216 shs TMO	114,651	114,651
1786 shs UBER	109,964	109,964
306 shs UNH	161,100	161,100
729 shs V	189,795	189,795
271 shs A	37,677	37,677
1666 shs DT	91,114	91,114
1395 shs EW	106,369	106,369
1429 shs FTV	105,217	105,217
228 shs IT	102,853	102,853
185 shs IDXX	102,684	102,684
197 shs MPWR	124,264	124,264
204 shs MSCI	115,393	115,393
647 shs VLTO	53,222	53,222
441 shs VRSK	105,337	105,337
268 shs WST	94,368	94,368
659 shs AMT	142,265	142,265
730 shs TSM	75,920	75,920
188 shs AON	54,712	54,712
94 shs ASML	71,150	71,150
624 shs CNI	78,393	78,393
816 shs LRLCY	81,243	81,243
1784 shs SBGSY	71,647	71,647
763 shs SIEGY	71,609	71,609
364 shs TT	88,780	88,780
928 shs GOOG	130,783	130,783
435 shs AMZN	66,094	66,094
88 shs COST	58,087	58,087
314 shs DHR	72,641	72,641
104 shs DE	41,586	41,586
57 shs INTU	35,627	35,627
289 shs MSFT	108,676	108,676
179 shs MCO	69,910	69,910
614 shs NKE	66,662	66,662
162 shs SPGI	71,364	71,364
154 shs TMO	81,742	81,742
774 shs UBER	47,655	47,655
527 shs WM	94,386	94,386
277 shs ADSK	67,444	67,444
896 shs BALL	51,538	51,538
523 shs CARR	30,046	30,046
915 shs TRMB	48,678	48,678
144 shs URI	82,572	82,572
75 shs VLTO	6,170	6,170
7947 shs ABEV	22,252	22,252
155 shs BAP	23,239	23,239
600 shs FMX	78,210	78,210
4866 shs HSHCY	54,961	54,961
587 shs HDB	39,394	39,394
1160 shs IBN	27,654	27,654
1217 shs TLK	31,350	31,350
1858 shs PNGAY	16,822	16,822
793 shs TSM	82,472	82,472
618 shs TCEHY	23,237	23,237
680 shs XP	17,728	17,728
2526 shs ADYEY	32,553	32,553
1091 shs AAGIY	38,031	38,031
855 shs AIQUY	33,268	33,268
419 shs ALC	32,732	32,732
917 shs ALFVY	36,706	36,706
3625 shs ALIZY	96,885	96,885
1691 shs ASAZY	24,355	24,355
2565 shs ATLKY	44,172	44,172
5142 shs BBVA	46,844	46,844
252 shs BNTX	26,596	26,596
316 shs CNI	39,699	39,699
3881 shs CHGCY	73,529	73,529
2033 shs DFKCY	20,568	20,568
1186 shs DASTY	57,953	57,953
716 shs DBSDY	72,539	72,539
846 shs GMAB	26,937	26,937
5379 shs HLN	44,269	44,269
2123 shs IFNNY	88,648	88,648
1266 shs KMTUY	33,119	33,119
754 shs LRLCY	75,071	75,071
435 shs LZAGY	18,281	18,281
2870 shs MFC	63,427	63,427
1499 shs NCLTY	20,075	20,075
445 shs NVZMY	24,471	24,471
1121 shs RHHBY	40,707	40,707
426 shs SAP	65,855	65,855
1272 shs SBGSY	51,085	51,085
1012 shs SMNNY	15,674	15,674
1980 shs SGIOY	23,869	23,869
750 shs SSDOY	22,620	22,620
343 shs SONVY	22,365	22,365
516 shs SONY	48,860	48,860
1265 shs SYIEY	34,809	34,809
746 shs SSMXY	20,790	20,790
4305 shs UNICY	31,134	31,134
125 shs RNR	24,500	24,500
99 shs ARGX	37,663	37,663
522 shs IMCR	35,663	35,663
898 shs FROG	31,080	31,080
504 shs NVT	29,781	29,781
187 shs RBA	12,508	12,508
307 shs XENE	14,140	14,140
522 shs AOS	43,034	43,034
342 shs ARES	40,671	40,671
381 shs BMRN	36,736	36,736
42 shs DECK	28,074	28,074
370 shs DLB	31,887	31,887
172 shs EME	37,054	37,054
518 shs ENTG	62,067	62,067
398 shs ETSY	32,258	32,258
528 shs GDDY	56,052	56,052
342 shs GGG	29,672	29,672
94 shs HUBB	30,919	30,919
105 shs HUBS	60,957	60,957
369 shs H	48,121	48,121
294 shs KNX	16,949	16,949
201 shs LECO	43,709	43,709
127 shs MOH	45,886	45,886
148 shs MDB	60,510	60,510
302 shs NBIX	39,792	39,792
138 shs NDSN	36,454	36,454
469 shs PHM	48,410	48,410
279 shs RJF	31,109	31,109
161 shs ROKU	14,757	14,757
142 shs BLD	53,145	53,145
116 shs TYL	48,502	48,502
551 shs ACIW	16,861	16,861
2878 shs FOLD	40,839	40,839
516 shs APLS	30,888	30,888
533 shs ATRC	19,023	19,023
420 shs AVNT	17,459	17,459
357 shs BRZE	18,967	18,967
495 shs CGNX	20,661	20,661
116 shs CW	25,844	25,844
707 shs GTLB	44,513	44,513
560 shs GH	15,148	15,148
326 shs NARI	21,164	21,164
219 shs IRTC	23,442	23,442
137 shs KRTX	43,362	43,362
343 shs LNTH	21,266	21,266
523 shs LSCC	36,082	36,082
119 shs LAD	39,184	39,184
807 shs NYT	39,535	39,535
121 shs NXST	18,967	18,967
393 shs OPCH	13,240	13,240
352 shs OM	1,904	1,904
301 shs POWI	24,715	24,715
189 shs RRX	27,976	27,976
209 shs SRPT	20,154	20,154
145 shs SWAV	27,631	27,631
483 shs SWTX	17,630	17,630
308 shs SF	21,298	21,298
867 shs TPR	31,914	31,914
375 shs VCYT	10,316	10,316
154 shs WING	39,513	39,513
302 shs DOX	26,543	26,543
144 shs ALLE	18,243	18,243
123 shs CHKP	18,793	18,793
359 shs AOS	29,596	29,596
238 shs AKAM	28,167	28,167
245 shs AFG	29,128	29,128
308 shs ATR	38,075	38,075
133 shs AVY	26,887	26,887
528 shs BJ	35,196	35,196
161 shs CHRW	13,909	13,909
209 shs CBOE	37,319	37,319
61 shs CHE	35,670	35,670
112 shs COO	42,385	42,385
354 shs DLB	30,508	30,508
368 shs EWBC	26,478	26,478
257 shs EXPD	32,690	32,690
88 shs FDS	41,980	41,980
224 shs FFIV	40,092	40,092
140 shs JKHY	22,877	22,877
83 shs HUBB	27,301	27,301
138 shs IEX	29,961	29,961
821 shs IPG	26,797	26,797
167 shs LECO	36,316	36,316
105 shs MANH	22,609	22,609
253 shs MAS	16,946	16,946
141 shs MEDP	43,221	43,221
301 shs NTAP	26,536	26,536
154 shs NDSN	40,681	40,681
302 shs NTRS	25,483	25,483
300 shs OMC	25,953	25,953
139 shs PKG	22,644	22,644
105 shs PAYC	21,706	21,706
165 shs RVTY	18,036	18,036
195 shs RHI	17,144	17,144
286 shs RPM	31,926	31,926
111 shs SNA	32,061	32,061
134 shs TFX	33,412	33,412
116 shs BLD	43,414	43,414
223 shs TTC	21,406	21,406
148 shs WAT	48,726	48,726
213 shs WSM	42,979	42,979
93 shs ZBRA	25,420	25,420
196 shs AIT	33,847	33,847
29 shs CABO	16,141	16,141
302 shs CRI	22,617	22,617
46 shs CVCO	15,945	15,945
280 shs CHH	31,724	31,724
219 shs CNS	16,585	16,585
316 shs COLM	25,135	25,135
306 shs CBSH	16,343	16,343
518 shs DCI	33,851	33,851
1080 shs EXLS	33,318	33,318
1211 shs FLO	27,260	27,260
342 shs IBOC	18,577	18,577
188 shs JLL	35,508	35,508
120 shs MIDD	17,660	17,660
483 shs PRGS	26,227	26,227
195 shs QLYS	38,275	38,275
612 shs SEIC	38,893	38,893
249 shs SIGI	24,771	24,771
363 shs SLGN	16,426	16,426
178 shs TXRH	21,757	21,757
240 shs UMBF	20,052	20,052
149 shs CPT	14,794	14,794
516 shs CUBE	23,917	23,917
233 shs LAMR	24,763	24,763
1612 shs DOC	21,456	21,456
656 shs STAG	25,755	25,755
23421.440 shs BCSFX	538,693	538,693

- TIN:

TY 2023 InvestmentsGovtObligationsSch

Name:

The Garfield Foundation

C/O Baldwin Brothers

EIN:

22-2285358

US Government Securities - End of Year Book Value:

1,309,194

US Government Securities - End of Year Fair Market Value:

1,309,194

State & Local Government Securities - End of Year Book Value:

291,511

State & Local Government Securities - End of Year Fair Market Value:

291,511

- TIN:

TY 2023 InvestmentsOtherSchedule2

Name:

The Garfield Foundation

C/O Baldwin Brothers

EIN:

22-2285358

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
Meranti Green Steel - Singapore	FMV	100,000	100,000
Generation Global Equity Fund	FMV	4,000,000	4,000,000
Colchis/Marlette Income Fund LTD	FMV	53,706	53,706
TriLinc Global Impact Fund LLC	FMV	281,322	281,322
Best Egg, Inc.	FMV	260,209	260,209
Context Partners Offshore LTD	FMV	524,368	524,368
Libra Fund Offshore II	FMV	75,395	75,395

- TIN:

TY 2023 LegalFeesSchedule

Name:

The Garfield Foundation

C/O Baldwin Brothers

EIN:

22-2285358

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Legal Fees	61,950	46,463		15,487

- TIN:

TY 2023 OtherAssetsSchedule

Name:

The Garfield Foundation

C/O Baldwin Brothers

EIN:

22-2285358

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
Security Deposit	1,410	1,410	1,410
Deferred Tax Asset	0	89,346	89,346

- TIN:

TY 2023 OtherDecreasesSchedule

Name:

The Garfield Foundation

C/O Baldwin Brothers

EIN:

22-2285358

Description	Amount
Net investment unrealized gains/(losses)	380,938

- TIN:

TY 2023 OtherExpensesSchedule

Name:

The Garfield Foundation

C/O Baldwin Brothers

EIN:

22-2285358

Description	Revenue and Expenses per Books	Disbursements for Charitable Purposes
Office and Computer Expenses	19,903	19,903
Insurance	12,522	12,522
State Filing Fees	936	936
Accrual-to-Cash - Expense Adjustments	0	117,877

- TIN:

TY 2023 OtherIncomeSchedule2

Name:

The Garfield Foundation

C/O Baldwin Brothers

EIN:

22-2285358

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
Passthrough Income	21,738	21,738	21,738
Amounts Recorded Per Books	-34,411		-34,411

- TIN:

TY 2023 OtherIncreasesSchedule

Name:

The Garfield Foundation

C/O Baldwin Brothers

EIN:

22-2285358

Description	Amount
Excise tax accrual adjustments (net)	91,562
Net timing differences, investment fees	1,957

- TIN:

TY 2023 OtherLiabilitiesSchedule

Name:

The Garfield Foundation

C/O Baldwin Brothers

EIN:

22-2285358

Description	Beginning of Year - Book Value	End of Year - Book Value
Deferred Tax Liability	33,406	31,190

- TIN:

TY 2023 OtherProfessionalFeesSchedule

Name:

The Garfield Foundation

C/O Baldwin Brothers

EIN:

22-2285358

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Investment Management Fees	163,865	163,865		0
Other Professional Fees	25,803	0		25,803

- TIN:

TY 2023 TaxesSchedule

Name:

The Garfield Foundation

C/O Baldwin Brothers

EIN:

22-2285358

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Excise Taxes	90,000	0		0
Foreign Taxes on Dividends	732	732		0