TY 2024 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

2024

Open to Public Inspection

For calendar year 2024, or tax year beginning 01-01-2024 , and ending 12-31-2024

Name of foundation
THE MAX STENBECK FOUNDATION

Number and street (or P.O. box number if mail is not delivered to street address)200 BELLEVUE PARKWAY SUITE 250
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
WILMINGTON, DE198093747

A Employer identification number

85-1187751

B Telephone number (see instructions)

(302) 793-3290

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

$10,626,968J 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	(c) Adjusted net income	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .............
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	2,199,574		2,199,574
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		55,782
b	Gross sales price for all assets on line 6a 768,861
7	Capital gain net income (from Part IV, line 2)...			55,782
8	Net short-term capital gain.........				0
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	14
12	Total. Add lines 1 through 11........	2,255,370		2,255,356
13	Compensation of officers, directors, trustees, etc.
14	Other employee salaries and wages......			0	0	0
15	Pension plans, employee benefits.......			0	0
16a	Legal fees (attach schedule).........					0
b	Accounting fees (attach schedule).......
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	96,422	51,770		44,652
17	Interest...............					0
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	234,176	173,520		0
19	Depreciation (attach schedule) and depletion...		0	0
20	Occupancy..............
21	Travel, conferences, and meetings.......			0	0
22	Printing and publications..........			0	0
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	21	21
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	330,619		225,311	0	44,652
25	Contributions, gifts, grants paid.......	110,000				110,000
26	Total expenses and disbursements. Add lines 24 and 25	440,619		225,311	0	154,652
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	1,814,751
b	Net investment income (if negative, enter -0-)			2,030,045
c	Adjusted net income (if negative, enter -0-)...				0

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2024)

Form 990-PF (2024)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............
	2	Savings and temporary cash investments.........	2,619,170	3,352,615	3,352,615
	3	Accounts receivable
		Less: allowance for doubtful accounts		0	0
	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 0
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	9,394,483	List of Attached Documents: // Content 9,952,635	6,184,905
	c	Investments—corporate bonds (attach schedule).......	927,324	List of Attached Documents: // Content 1,087,523	1,089,448
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........			0
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	12,940,977	14,392,773	10,626,968
	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 )
	23	Total liabilities (add lines 17 through 22).........		0
		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........	12,940,977	14,392,773
	27	Paid-in or capital surplus, or land, bldg., and equipment fund
	28	Retained earnings, accumulated income, endowment, or other funds
	29	Total net assets or fund balances (see instructions).....	12,940,977	14,392,773
	30	Total liabilities and net assets/fund balances (see instructions).	12,940,977	14,392,773

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

12,940,977

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

1,814,751

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

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

14,755,728

Decreases not included in line 2 (itemize) right arrow

List of Attached Documents:

// Content

362,955

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

14,392,773

Form 990-PF (2024)

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.)		(c) Date acquired (mo., day, yr.)	(d) Date sold (mo., day, yr.)
1 a	1. GOLDMAN SACHS & CO	2024-01-01	2024-12-31
b	1. GOLDMAN SACHS & CO	2023-01-01	2024-12-31
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	118,907	114,564	4,343
b	649,954	598,515	51,439
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			4,343
b			51,439
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	55,782
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	28,218
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	28,218
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	28,218
6	Credits/Payments:

a	2024 estimated tax payments and 2023 overpayment credited to 2024	6a	54,790
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	0
d	Backup withholding erroneously withheld ..........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	54,790
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	26,572
11	Enter the amount of line 10 to be: Credited to 2025 estimated tax26,572	Refunded	11	0

Form 990-PF (2024)

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

$ (2) On foundation managers. right arrow

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

on foundation managers. right arrow

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

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

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

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

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

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

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

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

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

By language in the governing instrument, or

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

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

Yes

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

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

Yes

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

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

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

Yes

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

or 4942(j)(5) for calendar year 2024 or the taxable year beginning in 2024? 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

The books are in care of right arrow

Goldman Sachs Trust Company of Delaware Telephone no. right arrow

(302) 793-3290

Located at right arrow

200 BELLEVUE PARKWAY SUITE 250WILMINGTONDE ZIP+4 right arrow

198093747

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 2024, 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 (2024)

Page 5

Part VI-B

Statements Regarding Activities for Which Form 4720 May Be Required

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

Yes

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

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

1a(1)

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

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

1a(2)

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

1a(3)

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............

1a(4)

(5) Transfer any income or assets to a disqualified person (or make any of either available

for the benefit or use of a disqualified person)? ......................

1a(5)

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

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

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

1a(6)

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

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

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

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

that were not corrected before the first day of the tax year beginning in 2024? .............

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 2024, did the foundation have any undistributed income (Part XII, lines 6d

and 6e) for tax year(s) beginning before 2024?....................

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 2024 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 2024.) .....................

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 2024? ..

Form 990-PF (2024)

Page 6

Part VI-B

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

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

Yes

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

5a(1)

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

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

5a(2)

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

5a(3)

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

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

5a(4)

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

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

5a(5)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Part VII

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

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

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
HENRY GUY	DIRECTOR 2	0
434 LYNNWOOD BLVD NASHVILLE,TN37205	DIRECTOR 2	0
CRISTINA STENBECK	PRESIDENT/TREASURER/SECRETARY/DIRECTOR 1	0
200 BELLEVUE PARKWAY SUITE 250 WILMINGTON,DE19809	PRESIDENT/TREASURER/SECRETARY/DIRECTOR 1	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 (2024)

Page 7

Part VII

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

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

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

Part VIII-A

Summary of Direct Charitable Activities

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


2


3


4

Part VIII-B

Summary of Program-Related Investments (see instructions)

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


2


All other program-related investments. See instructions.
3

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

Form 990-PF (2024)

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

8,472,463

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

2,968,492

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

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

11,440,955

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

11,440,955

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

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

171,614

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

11,269,341

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

563,467

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

563,467

Tax on investment income for 2024 from Part V, line 5 .......

28,218

Income tax for 2024. (This does not include the tax from Part V.) ...

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

28,218

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

535,249

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

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

535,249

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

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

535,249

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 ..........

154,652

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. .......

154,652

Form 990-PF (2024)

Page 9

Part XII

Undistributed Income (see instructions)

		(a) Corpus	(b) Years prior to 2023	(c) 2023	(d) 2024
1 Distributable amount for 2024 from Part X, line 7					535,249
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only.......				0
b Total for prior years:20 , 20, 20			0
3 Excess distributions carryover, if any, to 2024:
a From 2019......	0
b From 2020......	0
c From 2021......	24,483,922
d From 2022......	0
e From 2023......	0
f Total of lines 3a through e ........		24,483,922
4Qualifying distributions for 2024 from Part
XI, line 4: $ 154,652
a Applied to 2023, 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 2024 distributable amount.....					154,652
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2024.		380,597			380,597
(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		24,103,325
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 2023. Subtract line 4a from line 2a. Taxable amount—see instructions .............				0
f Undistributed income for 2024. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2025 ..........					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 2019 not applied on line 5 or line 7 (see instructions) ...		0
9 Excess distributions carryover to 2025. Subtract lines 7 and 8 from line 6a ......		24,103,325
10 Analysis of line 9:
a Excess from 2020....	0
b Excess from 2021....	24,103,325
c Excess from 2022....	0
d Excess from 2023....	0
e Excess from 2024....	0

Form 990-PF (2024)

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 2024, 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) 2024	(b) 2023	(c) 2022	(d) 2021	(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 (2024)

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
GOLDMAN SACHS PHILANTROPHY FUND PO BOX 15203 ALBANY,NJ122125203	NONE	PC	PROGRAM SUPPORT	110,000
Total ................................. 3a				110,000

bApproved for future payment

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

Form 990-PF (2024)

Page 12

Part XV-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments ....
3 Interest on savings and temporary cash investments ...........
4 Dividends and interest from securities ....			14	2,199,574
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	55,782
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aTAX REFUND			14	14
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..				2,255,370

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

2,255,370

(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 (2024)

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 (2024)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2024 InvestmentsCorpBondsSchedule

Name:

THE MAX STENBECK FOUNDATION

EIN:

85-1187751

Name of Bond	End of Year Book Value	End of Year Fair Market Value
458140CA6 INTEL CORPORATION 4.	9,513	9,271
961214EF6 WESTPAC BANKING CORP	14,657	15,356
46647PCB0 JPMORGAN CHASE & CO.	15,061	15,406
59156RBQ0 METLIFE, INC. 3.6% 1
6174468V4 MORGAN STANLEY HYBRI	10,365	10,615
95000U2F9 WELLS FARGO & COMPAN	14,515	14,671
17327CAM5 CITIGROUP INC. HYBRI	14,106	14,476
828807CW5 SIMON PROPERTY GROUP	13,788	14,034
756109BR4 REALTY INCOME CORPOR	12,934	13,102
478160104 JOHNSON & JOHNSON 3.	12,120	12,395
89788MAE2 TRUIST FINANCIAL COR	13,501	13,551
581557BQ7 MCKESSON CORP 0.9% 1
316773DG2 FIFTH THIRD BANCORP	12,817	13,004
35137LAH8 FOX CORPORATION 4.70	11,833	12,106
62954HAY4 NXP BV/NXP FDG/NXP U	11,920	12,014
05526DBP9 B.A.T. CAPITAL CORPO	11,857	12,088
06368BGS1 BANK OF MONTREAL HYB	12,072	12,462
126650CX6 CVS HEALTH CORPORATI	11,828	11,763
256677105 DOLLAR GENERAL CORPO
55336VAR1 MPLX LP 4.0% 03/15/2	11,654	11,782
444859BT8 HUMANA INC. 3.7% 03/	11,420	11,452
071813CP2 BAXTER INTERNATIONAL	11,786	11,741
884903BV6 THOMSON REUTERS CORP	11,780	11,833
22822VAK7 CROWN CASTLE INTERNA	11,611	11,720
65339KBJ8 NEXTERA ENERGY CAPIT	11,365	11,429
579780AQ0 MCCORMICK & CO 2.5%	11,570	11,565
00914AAT9 AIR LEASE CORPORATIO	11,108	11,303
785592AS5 SABINE PASS LIQUEFAC	10,940	11,184
98956PAS1 ZIMMER BIOMET HOLDIN	5,891	5,991
29103DAJ5 EMERA US FINANCE LP	10,734	10,793
24703DBJ9 DELL INTERNATIONAL L	10,009	10,339
0641593U8 BANK OF NOVA SCOTIA	10,525	10,590
446150BB9 HUNTINGTON BANCSHARE	9,850	10,079
13607GLZ5 CANADIAN IMPERIAL BA
08576PAH4 BERRY GLOBAL INC 1.5	9,628	9,723
37833100_1 APPLE INC. 4.5% 02/	8,673	8,931
278642AX1 EBAY INC. 1.4% 05/10	9,561	9,594
11135FBD2 BROADCOM INC. 5.0% 0	8,865	9,096
68389XCE3 ORACLE CORPORATION 2	8,844	8,878
68217FAA0 OMNICOM GROUP INC. 3	8,866	8,941
05329WAQ5 AUTONATION INC 4.75%	8,606	8,724
233331AY3 DTE ENERGY COMPANY 2	8,696	8,782
14040HCG8 CAPITAL ONE FINANCIA	8,772	8,993
89114TZD7 TORONTO-DOMINION BAN	8,550	8,583
03522AAH3 ANHEUSER-BUSCH COMPA	7,455	7,740
03027X100_1 AMERICAN TOWER COR	7,060	7,237
260543CK7 DOW CHEMICAL CO/THE	6,470	6,439
824348BJ4 SHERWIN-WILLIAMS CO	6,453	6,504
780087102 ROYAL BANK OF CANADA	6,183	6,257
494550AT3 KINDER MORGAN ENERGY	6,122	6,142
87165BAM5 SYNCHRONY FINANCIAL	5,709	5,820
37045VAZ3 GENERAL MOTORS COMPA	4,931	5,105
26078JAC4 DOWDUPONT INC. 4.493
969457100 THE WILLIAMS COMPANI
92826CAE2 VISA INC. 4.15% 12/1	4,586	4,631
02209SAU7 ALTRIA GROUP, INC. 2	4,833	4,867
14040HCN3 CAPITAL ONE FINANCIA	4,562	4,678
00206RGQ9 AT&T INC. 4.3% 02/15	3,900	3,941
842587CV7 THE SOUTHERN COMPANY	3,905	3,984
254709AM0 DISCOVER FINANCIAL S	3,919	3,993
37045XCS3 GENERAL MOTORS FINL	3,015	3,122
49271VAF7 KEURIG DR PEPPER INC	2,978	2,987
064159TF3 BANK OF NOVA SCOTIA
87165BAL7 SYNCHRONY FINANCIAL	2,915	2,980
539830BC2 LOCKHEED MARTIN CORP	7,835	8,003
06051GJQ3 BANK OF AMERICA CORP	2,836	2,906
06368EDC3 BANK OF MONTREAL HYB	2,823	2,894
38145C455 GS HIGH YIELD FLOATI
67065Q699 NUVEEN FLOATING RATE
06406RBN6 BANK OF NY MELLON CO	15,950	16,180
025816BL2 AMERICAN EXPRESS COM	15,434	15,431
06051GHG7 BANK OF AMERICA CORP	13,645	13,756
857477CH4 STATE STREET CORPORA	12,936	13,067
45866FAN4 INTERCONTINENTAL EXC	12,491	12,746
883556CL4 THERMO FISHER SCIENT	11,917	11,712
22160KAQ8 COSTCO WHOLESALE COR	11,633	11,443
907818FQ6 UNION PACIFIC CORPOR	10,439	10,580
03740MAB6 AON NORTH AMERICA, I	10,137	10,204
125523CS7 CIGNA GROUP (THE) 5.	10,181	10,154
03073EAT2 AMERISOURCEBERGEN CO	9,692	9,630
747525BP7 QUALCOMM INCORPORATE	8,949	8,804
015271AV1 ALEXANDRIA REAL ESTA	8,581	8,562
29273VAQ3 ENERGY TRANSFER LP 5	8,208	8,283
91159HJJ0 U.S. BANCORP HYBRID	8,315	8,270
693475BA2 PNC FINANCIAL SERVIC	7,930	7,977
053332BB7 AUTOZONE INC 4.75% 0	7,840	7,898
14149Y108 CARDINAL HEALTH INC	7,838	7,879
832696AR9 JM SMUCKER CO 3.375%	7,746	7,761
375558BJ1 GILEAD SCIENCES, INC	7,043	7,170
682680103 ONEOK, INC. 5.05% 11	6,821	6,793
30040WBA5 EVERSOURCE ENERGY 5.	6,239	6,234
61747YFQ3 MORGAN STANLEY HYBRI	6,191	6,176
30040WAX6 EVERSOURCE ENERGY 5.	6,066	6,119
G7709Q104 ROYALTY PHARMA PLC 5	5,967	6,021
14448CAQ7 CARRIER GLOBAL CORPO	5,440	5,428
00914AAQ5 AIR LEASE CORPORATIO	4,539	4,543
29250NBR5 ENBRIDGE INC 5.7% 03	4,123	4,115
718172DB2 PHILIP MORRIS INTERN	4,078	4,090
760759AZ3 REPUBLIC SERVICES IN	4,094	4,050
609207AY1 MONDELEZ INTERNATION	4,115	4,034
136385AX9 CANADIAN NATURAL RES	3,928	3,928
594918BS2 MICROSOFT CORPORATIO	3,493	3,543
760759BA7 REPUBLIC SERVICES, I	3,320	3,269
906548CM2 UNION ELECTRIC COMPA	2,523	2,479
314211103 FEDERATED HERMES INS	269,000	262,529

- TIN:

TY 2024 InvestmentsCorpStockSchedule

Name:

THE MAX STENBECK FOUNDATION

EIN:

85-1187751

Name of Stock	End of Year Book Value	End of Year Fair Market Value
78462F103 SPDR S&P 500 ETF TRU	833,083	1,190,792
594918104 MICROSOFT CORPORATIO
23135106 AMAZON.COM INC CMN	3,269	7,020
67066G104 NVIDIA CORPORATION C	7,207	45,659
37833100 APPLE INC. CMN	18,851	28,798
7903107 ADVANCED MICRO DEVICES	1,812	2,537
26874784 AMERICAN INTL GROUP,	13,025	15,870
30303M102 META PLATFORMS INC-C	13,654	27,519
88160R101 TESLA, INC. CMN	6,526	13,731
532457108 ELI LILLY & CO CMN	5,031	11,580
20825C104 CONOCOPHILLIPS CMN	14,528	13,388
92826C839 VISA INC. CMN CLASS	6,883	9,481
11135F101 BROADCOM INC. CMN	6,829	22,952
02079K305 ALPHABET INC. CMN C	4,200	7,572
02079K107 ALPHABET INC. CMN C	4,032	7,427
60505104 BANK OF AMERICA CORP	10,325	12,702
2824100 ABBOTT LABORATORIES CM	12,114	12,555
57636Q104 MASTERCARD INCORPORA	7,810	11,058
20002101 ALLSTATE CORPORATION	1,352	2,522
48251W104 KKR & CO. INC. CMN
149123101 CATERPILLAR INC (DEL	4,496	6,530
713448108 PEPSICO, INC. CMN		39
143130102 CARMAX, INC. CMN	7,248	7,931
670100205 NOVO-NORDISK A/S ADR	4,407	5,505
22160K105 COSTCO WHOLESALE COR	5,353	9,163
64110L106 NETFLIX, INC. CMN	9,376	17,826
90353T100 UBER TECHNOLOGIES, I	3,445	5,127
62944T105 N V R INC CMN
949746101 WELLS FARGO & COMPAN	2,483	4,144
79466L302 SALESFORCE INC CMN	3,997	5,356
40412C101 HCA HEALTHCARE, INC	5,587	6,603
907818108 UNION PACIFIC CORP.	5,667	6,157
00724F101 ADOBE INC CMN	2,632	3,113
81762P102 SERVICENOW INC CMN	3,470	7,421
882508104 TEXAS INSTRUMENTS IN	10,415	11,063
58733R102 MERCADOLIBRE, INC. C	4,716	6,802
37045V100 GENERAL MOTORS COMPA	7,128	9,216
550021109 LULULEMON ATHLETICA	4,348	6,119
701094104 PARKER-HANNIFIN CORP	1,757	3,180
437076102 THE HOME DEPOT, INC.	3,829	4,668
87612E106 TARGET CORPORATION C	6,159	6,353
78467J100 SS&C TECHNOLOGIES HO	5,560	6,972
91324P102 UNITEDHEALTH GROUP I
166764100 CHEVRON CORPORATION
35671D857 FREEPORT-MCMORAN INC	5,280	4,684
444859102 HUMANA INC. CMN
758750103 REGAL REXNORD CORP C	4,965	5,753
717081103 PFIZER INC. CMN	11,045	8,861
502441306 LVMH MOET HENNESSY L
50540R409 LABORATORY CORPORATI
437076102_1 THE HOME DEPOT, IN
30225T102 EXTRA SPACE STORAGE	4,614	5,386
31502A204 FERGUSON PLC CMN
02079K305_1 ALPHABET INC. CMN
84670702 BERKSHIRE HATHAWAY IN	11,469	12,692
075887109 BECTON, DICKINSON AN	7,702	7,260
78410G104 SBA COMMUNICATIONS C	6,432	5,706
244199105 DEERE & COMPANY CMN	4,919	5,104
631103108 NASDAQ INC. CMN	4,857	6,262
94106L109 WASTE MANAGEMENT INC	5,823	7,063
22788C105 CROWDSTRIKE HOLDINGS	2,312	5,132
833445109 SNOWFLAKE INC. CMN C	4,174	3,706
438516106 HONEYWELL INTL INC C
46120E602 INTUITIVE SURGICAL,	2,256	4,698
127387108 CADENCE DESIGN SYSTE	5,548	7,211
03027X100 AMERICAN TOWER CORPO
502431109 L3HARRIS TECHNOLOGIE	4,211	4,206
863667101 STRYKER CORPORATION
25278X109 DIAMONDBACK ENERGY I	7,819	7,864
046353108 ASTRAZENECA PLC SPON	4,078	4,062
G5960L103 MEDTRONIC PUBLIC LIM	6,101	5,789
92532F100 VERTEX PHARMACEUTICA	5,307	6,041
573284106 MARTIN MARIETTA MATE	3,825	4,649
416515104 HARTFORD FINANCIAL S	3,618	5,386
521865204 LEAR CORPORATION CMN
00287Y109 ABBVIE INC CMN	2,911	3,554
60937P106 MONGODB, INC. CMN
571903202 MARRIOTT INTERNATION	1,463	2,232
502117203 L'OREAL CO (ADR) ADR
97023105 BOEING COMPANY CMN	6,357	5,664
872540109 TJX COMPANIES INC (N	1,854	2,779
N07059210 ASML HOLDING N.V. AD
25746U109 DOMINION ENERGY INC	4,197	4,255
89832Q109 TRUIST FINANCIAL COR
67103H107 O'REILLY AUTOMOTIVE,	4,972	5,929
615369105 MOODY'S CORPORATION	3,192	4,260
99724106 BORGWARNER INC. CMN
571748102 MARSH & MCLENNAN CO
654106103 NIKE CLASS-B CMN CLA
42068205 ARM HOLDINGS PLC ADR
88339J105 TRADE DESK, INC. (TH	2,776	4,819
9066101 AIRBNB, INC. CMN CLASS	4,119	4,074
443573100 HUBSPOT INC. CMN
595112103 MICRON TECHNOLOGY, I
49338L103 KEYSIGHT TECHNOLOGIE	3,245	3,373
697435105 PALO ALTO NETWORKS I	2,512	2,911
60741F104 MOBILEYE GLOBAL INC.
04016X101 ARGENX SE SPONSORED
9EQ5HD4I3 KINNEVIK AB CMN CLA	7,936,071	3,546,721
46434V803 ISHARES TRUST-ISHARE	227,344	269,313
969251719 WILLIAM BLAIR INTERN	228,187	240,849
70472Q807 PEAR TREE POLARIS FO	189,057	191,665
23135106_1 AMAZON.COM INC CMN	17,705	36,419
594918104_1 MICROSOFT CORPORAT	17,736	29,084
871829107 SYSCO CORPORATION CM	9,345	9,099
G0403H108 AON PUBLIC LIMITED C	7,285	7,542
504922105 LABCORP HOLDINGS INC	6,663	7,338
931142103 WALMART INC CMN	6,489	7,245
254687106 WALT DISNEY COMPANY	7,196	7,158
194162103 COLGATE-PALMOLIVE CO	6,701	6,546
92826C839_1 VISA INC. CMN CLAS	4,359	6,005
493267108 KEYCORP CMN	4,755	5,708
31488V107 FERGUSON ENTERPRISES	4,892	5,406
855244109 STARBUCKS CORP. CMN	4,435	4,836
12008R107 BUILDERS FIRSTSOURCE	4,829	4,288
369604301 GE AEROSPACE CMN	4,138	4,177
G29183103 EATON CORP PLC CMN	3,825	3,982
437076102A THE HOME DEPOT, INC	3,305	3,890
460146103 INTERNATIONAL PAPER	2,995	3,875
23804L103 DATADOG, INC. CMN CL	3,291	3,858
G1151C101 ACCENTURE PLC CMN CL	3,451	3,518
43300A203 HILTON WORLDWIDE HOL	2,977	3,460
92537N108 VERTIV HOLDINGS LLC	3,064	3,181
032654105 ANALOG DEVICES, INC.	2,554	2,550
252131107 DEXCOM, INC. CMN	2,087	2,333
28176E108 EDWARDS LIFESCIENCES	2,241	2,221
743315103 THE PROGRESSIVE CORP	1,964	2,156
9EQ2EN1S2 ADIDAS AG ADR CMN	2,267	2,084
9EQ3LF2F6 INDUSTRIA DE DISENO	1,928	1,671
03831W108 APPLOVIN CORPORATION	1,602	1,619
9EQ3Y3C43 FLUTTER ENTERTAINMEN	1,340	1,292

- TIN:

TY 2024 OtherDecreasesSchedule

Name:

THE MAX STENBECK FOUNDATION

EIN:

85-1187751

Description	Amount
COST BASIS ADJUSTMENT	362,955

- TIN:

TY 2024 OtherExpensesSchedule

Name:

THE MAX STENBECK FOUNDATION

EIN:

85-1187751

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ADR FEES	21	21		0

- TIN:

TY 2024 OtherIncomeSchedule2

Name:

THE MAX STENBECK FOUNDATION

EIN:

85-1187751

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
TAX REFUND	14	0

- TIN:

TY 2024 OtherProfessionalFeesSchedule

Name:

THE MAX STENBECK FOUNDATION

EIN:

85-1187751

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT FEES	51,770	51,770
CHARITABLE ADVISORY FEES	44,652			44,652

- TIN:

TY 2024 TaxesSchedule

Name:

THE MAX STENBECK FOUNDATION

EIN:

85-1187751

Category	Amount	Net Investment Income
FEDERAL ESTIMATED TAXES PAID	48,000	0
FEDERAL EXTENSION PAYMENT PY	8,000	0
OTHER FEDERAL PAYMENTS	4,656	0
FOREIGN TAXES PAID	173,520	173,520