Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
right arrowDo not enter social security numbers on this form as it may be made public.
right arrowGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
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 Dunn Foundation
 
% Foundation Source
Number and street (or P.O. box number if mail is not delivered to street address)Foundation Source 501 Silverside Rd
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Wilmington, DE198091377
A Employer identification number

65-0415977
B Telephone number (see instructions)

(800) 839-1754
C right arrow
G Check all that apply:

D 1. Foreign organizations, check here............. right arrow
2. Foreign organizations meeting the 85%
test, check here and attach computation ... right arrow
E right arrow
H Check type of organization:
F right arrow
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)right arrow$97,497,357J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule) 0
2 Check right arrow.............
3 Interest on savings and temporary cash investments 73,999 73,999  
4 Dividends and interest from securities... 1,433,971 1,433,971  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 4,992,592
b Gross sales price for all assets on line 6a 22,133,846
7 Capital gain net income (from Part IV, line 2)... 4,992,592
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
2,641,321 2,641,321  
12 Total. Add lines 1 through 11........ 9,141,883 9,141,883  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 80,000     80,000
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
275,843 275,843    
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
134,558 4,358    
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings....... 1,610     1,610
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
95,209 309   94,900
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 587,220 280,510   176,510
25 Contributions, gifts, grants paid....... 9,998,500 9,998,500
26 Total expenses and disbursements. Add lines 24 and 25 10,585,720 280,510   10,175,010
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -1,443,837
b Net investment income (if negative, enter -0-) 8,861,373
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 Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 1,691,923 1,005,027 1,005,027
3 Accounts receivable right arrow  
Less: allowance for doubtful accounts right arrow        
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) right arrow  
Less: allowance for doubtful accounts right arrow        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 48,146,217 Click to see attachment
List of Attached Documents:
// Content
42,850,232 		47,552,073
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 44,172,843 Click to see attachment
List of Attached Documents:
// Content
48,711,887 		48,940,257
14 Land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
15 Other assets (describe right arrow)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 94,010,983 92,567,146 97,497,357
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe right arrow)    
23 Total liabilities (add lines 17 through 22)......... 0 0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here right arrow
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here right arrow
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds 94,010,983 92,567,146
29 Total net assets or fund balances (see instructions)..... 94,010,983 92,567,146
30 Total liabilities and net assets/fund balances (see instructions). 94,010,983 92,567,146
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
94,010,983
2
Enter amount from Part I, line 27a .....................
2
-1,443,837
3
Other increases not included in line 2 (itemize) right arrow
3
 
4
Add lines 1, 2, and 3 ..........................
4
92,567,146
5
Decreases not included in line 2 (itemize) right arrow
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
92,567,146
Form 990-PF (2024)
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.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a Publicly-traded Securities      
b Passthrough K1 Capital Gain/(Loss)      
c
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 22,133,846   20,238,146 1,895,700
b       3,096,892
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       1,895,700
b        
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 4,992,592
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here right arrow and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions) 1 123,173
b All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2  
3 Add lines 1 and 2........................... 3 123,173
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 123,173
6 Credits/Payments:
a 2024 estimated tax payments and 2023 overpayment credited to 2024 6a 162,497
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c  
d Backup withholding erroneously withheld .......... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 162,497
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment
List of Attached Documents:
// Content
8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10 39,324
11 Enter the amount of line 10 to be: Credited to 2025 estimated taxright arrow39,324 Refundedright arrow 11  
Form 990-PF (2024)
Form 990-PF (2024)
Page 4
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. right arrow$   (2) On foundation managers.right arrow$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
right arrowFL
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
8b
Yes
 
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2024 or the taxable year beginning in 2024? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
 
No
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
11
 
No
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructionsClick to see attachment
List of Attached Documents:
// Content
.................
12
Yes
 
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressright arrow  
14
The books are in care ofright arrowFoundation Source Telephone no.right arrow (800) 839-1754

Located atright arrow501 Silverside Road Suite 123WilmingtonDE ZIP+4right arrow198091377
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 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)
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
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
Yes
 
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
No
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2024? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2024, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2024?....................
2a
 
No
If "Yes," list the years right arrow20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
right arrow20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 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.) .....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2024? ..
4b
 
No
Form 990-PF (2024)
Form 990-PF (2024)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........right arrow
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
No
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
(a) Name and address (b) Title, and average
hours per week
devoted to position 		(c) Compensation
 (If not paid, enter
-0-) 		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
other allowances
Tom Beach Trustee
20.0 		40,000 0 0
Foundation Source 501 Silverside Rd
Wilmington,DE198091377
David Dreyer Trustee
5.0 		0 0 0
Foundation Source 501 Silverside Rd
Wilmington,DE198091377
Rebecca Walter Dunn Trustee
20.0 		40,000 0 0
Foundation Source 501 Silverside Rd
Wilmington,DE198091377
William A Dunn Trustee Emeritus
0.0 		0 0 0
Foundation Source 501 Silverside Rd
Wilmington,DE198091377
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
 
Total number of other employees paid over $50,000...................right arrow  
Form 990-PF (2024)
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
RBC Wealth Management Investment Mgmt 209,686
8800 Firethorn Lane Suite 200
LINCOLN,NE68520
Foundation Source Administrative 94,900
55 Walls Drive 3rd Fl
Fairfield,CT06824
LDR Capital Management LLC Investment Mgmt 60,455
300 Park Avenue Suite 501
New York,NY10022
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)
Form 990-PF (2024)
Page 8
Part IX
Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
1
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:
a
Average monthly fair market value of securities...................
1a
48,713,173
b
Average of monthly cash balances.......................
1b
3,545,492
c
Fair market value of all other assets (see instructions)................
1c
51,556,799
d
Total (add lines 1a, b, and c).........................
1d
103,815,464
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
 
2
Acquisition indebtedness applicable to line 1 assets..................
2
0
3
Subtract line 2 from line 1d.........................
3
103,815,464
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
1,557,232
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
102,258,232
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
5,112,912
Part X
Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
1
Minimum investment return from Part IX, line 6..................
1
5,112,912
2a
Tax on investment income for 2024 from Part V, line 5 .......
2a
123,173
b
Income tax for 2024. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
123,173
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
4,989,739
4
Recoveries of amounts treated as qualifying distributions................
4
 
5
Add lines 3 and 4............................
5
4,989,739
6
Deduction from distributable amount (see instructions).................
6
 
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
4,989,739
Part XI
Qualifying Distributions (see instructions)
1
Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
a
Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
1a
10,175,010
b
Program-related investments—total from Part VIII-B..................
1b
0
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
0
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
0
b
Cash distribution test (attach the required schedule) .................
3b
0
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
10,175,010
Form 990-PF (2024)
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 4,989,739
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only.......  
b Total for prior years:20 , 20, 20  
3 Excess distributions carryover, if any, to 2024:
a From 2019...... 1,615,721
b From 2020...... 418,980
c From 2021...... 1,864,821
d From 2022...... 4,109,032
e From 2023...... 5,155,147
f Total of lines 3a through e ........ 13,163,701
4Qualifying distributions for 2024 from Part
XI, line 4: right arrow$ 10,175,010
a Applied to 2023, but not more than line 2a  
b Applied to undistributed income of prior years
(Election required—see instructions)..... 		 
c Treated as distributions out of corpus (Election
required—see instructions)........ 		 
d Applied to 2024 distributable amount..... 4,989,739
e Remaining amount distributed out of corpus 5,185,271
5 Excess distributions carryover applied to 2024.    
(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 18,348,972
b Prior years’ undistributed income. Subtract
line 4b from line 2b .......... 		 
c Enter the amount of prior years’ undistributed
income for which a notice of deficiency has
been issued, or on which the section 4942(a)
tax has been previously assessed...... 		 
d Subtract line 6c from line 6b. Taxable amount
—see instructions ........... 		 
e Undistributed income for 2023. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		 
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) ....... 		 
8 Excess distributions carryover from 2019 not
applied on line 5 or line 7 (see instructions) ... 		1,615,721
9 Excess distributions carryover to 2025.
Subtract lines 7 and 8 from line 6a ...... 		16,733,251
10 Analysis of line 9:
a Excess from 2020.... 418,980
b Excess from 2021.... 1,864,821
c Excess from 2022.... 4,109,032
d Excess from 2023.... 5,155,147
e Excess from 2024.... 5,185,271
Form 990-PF (2024)
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 or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2024 (b) 2023 (c) 2022 (d) 2021
         
b 85% (0.85) of line 2a .........          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, b, or c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
NONE
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here right arrow 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)
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)
aPaid during the year

ALLIANCE DEFENDING FREEDOM

15100 N 90TH ST
SCOTTSDALE,AZ85260 		N/A PC Corporate Freedom Program and general support 540,000

AMERICA FIRST LEGAL FOUNDATION

611 PENNSYLVANIA AVE SE 231
WASHINGTON,DC20003 		N/A PC General & Unrestricted 100,000

AMERICA FIRST POLICY INSTITUTE

1635 ROGERS RD
FORT WORTH,TX76107 		N/A PC General & Unrestricted 350,000

AMERICAN ACCOUNTABILITY FOUNDATION

300 INDEPENDENCE AVE SE
WASHINGTON,DC20003 		N/A PC General & Unrestricted 25,000

AMERICAN MOMENT INC

300 INDEPENDENCE AVE SE
WASHINGTON,DC20003 		N/A PC General & Unrestricted 25,000

AMERICAN MOVEMENT FOUNDATION

2340 DULLES CORNER BLVD 1000
HERNDON,VA20171 		N/A PC General & Unrestricted 20,000

ATLAS ECONOMIC RESEARCH FOUNDATION - ATLAS NETWORK

4075 WILSON BLVD STE 310 2 LIBERTY
ARLINGTON,VA22203 		N/A PC General & Unrestricted 250,000

AZ LIBERTY NETWORK

835 W WARNER RD STE 101-441
GILBERT,AZ85233 		N/A PC General & Unrestricted 31,250

CATO INSTITUTE

1000 MASSACHUSETTS AVE NW
WASHINGTON,DC20001 		N/A PC General & Unrestricted 50,000

CENTER FOR RENEWING AMERICA INC

300 INDEPENDENCE AVE SE
WASHINGTON,DC20003 		N/A PC General & Unrestricted 30,000

CITIZENS ALLIANCE OF AMERICA FOUNDATION INC

10332 MAIN ST 264
FAIRFAX,VA22030 		N/A PC General & Unrestricted 25,000

CITIZENS DEFENDING FREEDOM

590 NW 3RD ST
MULBERRY,FL33860 		N/A PC General & Unrestricted 250,000

COMMONWEALTH FOUNDATION FOR PUBLIC POLICY ALTERNAT

223 STATE ST
HARRISBURG,PA17101 		N/A PC General & Unrestricted 725,000

COMPETITIVE ENTERPRISE INSTITUTE

1310 L ST NW 7TH FL
WASHINGTON,DC20005 		N/A PC General & Unrestricted 40,000

CONSERVATIVE PARTNERSHIP INSTITUTE

300 INDEPENDENCE AVE SE
WASHINGTON,DC20003 		N/A PC The Academy 2,500,000

DAILY CALLER NEWS FOUNDATION

1775 EYE ST NW STE 1150-290
WASHINGTON,DC20006 		N/A PC General & Unrestricted 20,000

DO NO HARM

11357 NUCKOLS RD PMB 115
GLEN ALLEN,VA23059 		N/A PC General & Unrestricted 50,000

DONORS TRUST INC

1800 DIAGONAL RD STE 280
ALEXANDRIA,VA22314 		N/A PC The Dunn Foundation Fund 100,000

EDCHOICE INC

111 MONUMENT CIR STE 2650
INDIANAPOLIS,IN46204 		N/A PC General & Unrestricted 20,000

EPOCH TIMES ASSOCIATION INC

229 W 28TH ST FL 6
NEW YORK,NY10001 		N/A PC General & Unrestricted 150,000

ETHICS AND PUBLIC POLICY CENTER INC

1730 M ST NW STE 910
WASHINGTON,DC20036 		N/A PC David Network 31,250

EVERGREEN FREEDOM FOUNDATION

PO BOX 552
OLYMPIA,WA98507 		N/A PC General & Unrestricted 50,000

FAIRNESS CENTER INC

500 N 3RD ST
HARRISBURG,PA17101 		N/A PC General & Unrestricted 275,000

FDRLST MEDIA FOUNDATION

1747 PENNSYLVANIA AVE NW STE 100
WASHINGTON,DC20006 		N/A PC General & Unrestricted 50,000

FEDERALIST SOCIETY FOR LAW & PUBLIC POLICY STUDIES

1776 I ST NW STE 300
WASHINGTON,DC20006 		N/A PC General & Unrestricted 25,000

FOUNDATION FOR ECONOMIC EDUCATION INC

1819 PEACHTREE RD NE STE 300
ATLANTA,GA30309 		N/A PC General & Unrestricted 125,000

FOUNDATION FOR GOVERNMENT ACCOUNTABILITY INC

15275 COLLIER BLVD STE 201-279
NAPLES,FL34119 		N/A PC General & Unrestricted 500,000

FOUNDATION FOR INDIVIDUAL RIGHTS AND EXPRESSION IN

510 WALNUT ST STE 900
PHILADELPHIA,PA19106 		N/A PC General & Unrestricted 380,000

FRANKLIN NEWS FOUNDATION

20 N CLARK ST 2100
CHICAGO,IL60602 		N/A PC General & Unrestricted 100,000

FREE THE PEOPLE FIGHT THE POWER FOUNDATION

611 PENNSYLVANIA AVE SE 259
WASHINGTON,DC20003 		N/A PC General & Unrestricted 5,000

FREE TO CHOOSE NETWORK

2002 FILMORE AVE
ERIE,PA16506 		N/A PC General & Unrestricted 45,000

HEARTLAND INSTITUTE

3939 N WILKE RD
ARLINGTON HEIGHTS,IL60004 		N/A PC General & Unrestricted 15,000

HERITAGE FOUNDATION

214 MASSACHUSETTS AVE NE
WASHINGTON,DC20002 		N/A PC General & Unrestricted 50,000

HILLSDALE COLLEGE

33 E COLLEGE ST
HILLSDALE,MI49242 		N/A PC General & Unrestricted 50,000

ILLINOIS POLICY INSTITUTE

300 S RIVERSIDE PLAZA STE 1650
CHICAGO,IL60606 		N/A PC General & Unrestricted 35,000

INSTITUTE FOR JUSTICE

901 N GLEBE RD STE 900
ARLINGTON,VA22203 		N/A PC SCIENTIFIC research project 155,000

JACK MILLER CENTER FOR TEACHING AMERICAS FOUNDING

3 BALA PLZ WEST STE401
BALA CYNWYD,PA19004 		N/A PC General & Unrestricted 15,000

LEADERSHIP INSTITUTE

1101 N HIGHLAND ST
ARLINGTON,VA22201 		N/A PC General & Unrestricted 50,000

LIBERTAS INSTITUTE

2183 W MAIN ST STE A102
LEHI,UT84043 		N/A PC General & Unrestricted 40,000

LUCY BURNS INSTITUTE INC

8383 GREENWAY BLVD STE 600
MIDDLETON,WI53562 		N/A PC General & Unrestricted 50,000

MACKINAC CENTER

140 W MAIN ST
MIDLAND,MI48640 		N/A PC General & Unrestricted 30,000

MOMS FOR AMERICA

1440 STATE HWY 248 STE Q304
BRANSON,MO65616 		N/A PC General & Unrestricted 100,000

MOVING PICTURE INSTITUTE

375 GREENWICH ST
NEW YORK,NY10013 		N/A PC General & Unrestricted 10,000

NATIONAL FOUNDATION FOR GUN RIGHTS INC

PO BOX 1776
LOVELAND,CO80539 		N/A PC General & Unrestricted 50,000

NATIONAL TAXPAYERS UNION FOUNDATION

122 C ST NW STE 700
WASHINGTON,DC20001 		N/A PC General & Unrestricted 75,000

NETWORK OF ENLIGHTENED WOMEN INC

6501 DEAN RD
INDIANAPOLIS,IN46220 		N/A PC General & Unrestricted 10,000

PACIFIC LEGAL FOUNDATION

555 CAPITOL MALL STE 1290
SACRAMENTO,CA95814 		N/A PC General & Unrestricted 75,000

PERSONNEL POLICY OPERATIONS INC

300 INDEPENDENCE AVE SE
WASHINGTON,DC20003 		N/A PC General & Unrestricted 87,500

PRAGER UNIVERSITY FOUNDATION

15021 VENTURA BLVD 552
SHERMAN OAKS,CA91403 		N/A PC General & Unrestricted 400,000

PROPERTY & ENVIRONMENT RESEARCH CTR

2048 ANALYSIS DR STE A
BOZEMAN,MT59718 		N/A PC General & Unrestricted 25,000

REAL CLEAR FOUNDATION

666 DUNDEE RD STE 600
NORTHBROOK,IL60062 		N/A PC General & Unrestricted 35,000

STATE POLICY NETWORK

1655 N FORT MYER DR STE 360
ARLINGTON,VA22209 		N/A PC General & Unrestricted 100,000

STUDENTS FOR LIBERTY INCORPORATED

1750 TYSONS BLVD STE 1500
MC LEAN,VA22102 		N/A PC General & Unrestricted 220,000

THE ATLAS SOCIETY LTD

1038 MIWOK DR
LODI,CA95240 		N/A PC General & Unrestricted 20,000

THE INDEPENDENT INSTITUTE

100 SWAN WAY
OAKLAND,CA94621 		N/A PC General & Unrestricted 56,250

THE JAMES MADISON INSTITUTE FOR PUBLIC POLICY STUD

100 N DUVAL ST
TALLAHASSEE,FL32301 		N/A PC General & Unrestricted 100,000

THE NRA FOUNDATION INC

11250 WAPLES MILL RD
FAIRFAX,VA22030 		N/A PC General & Unrestricted 10,000

THE PHILANTHROPY ROUNDTABLE INC

1120 20TH ST NW STE 400N
WASHINGTON,DC20036 		N/A PC General & Unrestricted 5,000

THE POLICY CIRCLE CO

4347 W NW HWY STE 130 PMB 2
DALLAS,TX75220 		N/A PC General & Unrestricted 25,000

THE REASON FOUNDATION

5737 MESMER AVE
LOS ANGELES,CA90230 		N/A PC General & Unrestricted 100,000

TURNING POINT USA INC

4940 EAST BEVERLY RD
PHOENIX,AZ85044 		N/A PC general & unrestricted 1,000,000

UNLEASH PROSPERITY INC

9008 BELMART RD
POTOMAC,MD20854 		N/A PC General & Unrestricted 25,000

VMTS EDUCATION INC

137 MONTAGUE ST 132
BROOKLYN,NY11201 		N/A PC Kite & Key Media 32,250

YOUNG AMERICANS AGAINST SOCIALISM

200 S BARIINGTON AVE STE 49274
LOS ANGELES,CA90049 		N/A PC General & Unrestricted 20,000

YOUNG AMERICANS FOR LIBERTY FOUNDATION

500 N CAPITAL OF TEXAS HWY BLDG 5
AUSTIN,TX78746 		N/A PC General & Unrestricted 15,000

YOUNG VOICES

1 THOMAS CIR NW STE 700
WASHINGTON,DC20005 		N/A PC General & Unrestricted 25,000
Total .................................right arrow 3a 9,998,500
bApproved for future payment
Total ................................. right arrow 3b  
Form 990-PF (2024)
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
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		    14 73,999  
4 Dividends and interest from securities ....     14 1,433,971  
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 4,992,592  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aK-1 Inc/Loss 		    14 1,836,125  
bDIV INC - BLUE OWL CR INC     14 805,196  
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..   9,141,883  
13Total. Add line 12, columns (b), (d), and (e)..................
13
9,141,883
(See worksheet in line 13 instructions to verify calculations.)
Part XV-B
Relationship of Activities to the Accomplishment of Exempt Purposes
Line No.
DownArrow 		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
instructions.)
Form 990-PF (2024)
Form 990-PF (2024)
Page 13
Part XVI
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
1
Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
Yes
No
a
Transfers from the reporting foundation to a noncharitable exempt organization of:
(1) Cash...................................
1a(1)
 
No
(2) Other assets.................................
1a(2)
 
No
b
Other transactions:
(1) Sales of assets to a noncharitable exempt organization....................
1b(1)
 
No
(2) Purchases of assets from a noncharitable exempt organization..................
1b(2)
 
No
(3) Rental of facilities, equipment, or other assets.......................
1b(3)
 
No
(4) Reimbursement arrangements...........................
1b(4)
 
No
(5) Loans or loan guarantees.............................
1b(5)
 
No
(6) Performance of services or membership or fundraising solicitations................
1b(6)
 
No
c
Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
1c
 
No
d
If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
(a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
2a
Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
b
If "Yes," complete the following schedule.

(a) Name of organization (b) Type of organization (c) Description of relationship
Sign Here
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
right arrow right arrow
May the IRS discuss this return
with the preparer shown below?
See instructions.
Signature of officer or trustee Date Title
Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date Check if self-
employed right arrow		 PTIN
Firm's name Right Arrow
 Firm's EIN Right Arrow
Firm's address Right Arrow


 Phone no.
Form 990-PF (2024)
Additional Data


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Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

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TY 2024 DepreciationSchedule
Name:
The Dunn Foundation
EIN:
65-0415977
Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
Life (# of years)		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included

TY 2024 InvestmentsCorpStockSchedule
Name:
The Dunn Foundation
EIN:
65-0415977
Name of Stock End of Year Book Value End of Year Fair Market Value
AAM BAHL & GAYNOR SMALL/MID CA 1,197,271 1,331,732
ADOBE SYSTEMS, INC 168,041 193,436
ADVANCED MICRO DEVICES INC 246,490 241,580
AGNC INV CORP 6.125% SER F 113,483 134,929
AGNC INVT PREF SHS SER C 119,460 130,525
ALEXANDER AND BALDWIN HOLDINGS 308,232 330,975
ALPHABET INC CL A 177,163 261,802
AMAZON COM 166,680 279,283
AMERICAN ELECTRIC POWER INC 361,182 371,502
AMPHENOL CORPORATION 137,111 253,631
ANALOG DEVICES INC 294,225 364,369
ANNALY CAPITAL MANAGEMENT PFD 219,409 236,757
APPLE INC 232,471 447,501
ARBOR REALTY TRUST - 12/31/204 99,406 95,889
ARMADA HOFFLER PROPERTIES PFD 256,654 255,260
AT&T, INC 231,000 273,240
BOEING CO 239,521 223,020
BRANDYWINE RLTY TR 746,947 551,499
BRIXMOR PPTY GROUP INC COM 220,823 473,141
BROADCOM INC 76,874 357,497
CHATHAM LODGING TRUST 6.625% P 210,123 226,704
CHEVRON CORP 330,303 362,535
CHIPOTLE MEX GRILL 267,000 301,500
CISCO SYSTEMS INC 420,592 480,349
CLOROX CO 450,081 516,464
CROWDSTRIKE HOLDINGS, INC 322,869 342,160
CROWN CASTLE INTL 580,235 360,045
CVS CAREMARK CORP 292,358 170,537
DB X TRACKERS MSCI EAFE HEDGED 1,677,253 1,953,417
DEERE CO 206,985 260,152
DIAMONDBACK ENERGY INC 188,743 193,483
DIGITAL RLTY TR INC 339,253 473,826
DIGITALBRIDGE GROUP PFD SER H 170,491 186,316
DUKE ENERGY CO 363,191 385,494
FINANCIAL SELECT SECTOR SPDR F 562,102 745,829
FIRST TRUST FINANCIAL ALPHADEX 1,569,039 1,599,519
FIRST TRUST NASDAQ CYBERSECURI 652,700 885,889
FIRST TRUST SMALL CAP CORE ALP 2,559,254 2,829,679
FISERV, INC 141,816 294,367
GENERAC HOLDING INC 322,858 231,955
GILEAD SCIENCES INC 355,844 462,312
GLOBAL NET LEASE INC PFD SER E 93,976 85,500
GLOBAL NET LEASE PREF SER B 165,184 152,231
GOLDMAN SACHS GQG PARTNERS INT 2,533,070 2,831,537
GSK PLC 357,082 328,358
HEALTHCARE REALTY TRUST 557,953 503,347
HEALTHPEAK PROPERTIES, INC 471,674 463,636
HILTON WORLDWIDE HOLDINGS, INC 130,141 266,933
HOME DEPOT INC 166,192 251,677
HOWARD HUGHES CORP 411,126 499,903
HUDSON PAC PPTYS INC COM CUML 238,792 196,210
INTERNATIONAL BUSINESS MACHINE 283,931 449,992
INTUIT 259,125 251,400
JOHN HANCOCK MULTIFACTOR DEVEL 1,200,772 1,282,800
JOHN HANCOCK MULTIFACTOR MID C 3,196,710 3,586,427
KENNEDY WILSON HOLDINGS INC 626,050 468,391
KITE RLTY GROUP TRUST 416,734 501,948
KKR REAL ESTATE FINANCE TRUST 218,396 229,118
LOCKHEED MARTIN CORP 205,474 215,271
LXP INDUSTRIAL TRUST 6.500% PF 140,392 144,203
LYONDELLBASELL INDUSTRIES NV 411,865 296,931
META PLATFORMS INC 172,669 291,584
MICROSOFT CORP 102,120 230,561
NETFLIX INC 109,657 331,571
NIKE INC-CL B 401,620 279,903
NORTHROP GRUMMAN CORP 188,296 227,606
NVIDIA CORP 256,336 324,310
PALO ALTO NETWORKS INC 181,710 435,976
PAYPAL HOLDINGS, INC 299,981 339,437
PEBBLEBROOK HOTEL PREF SHS SER 130,234 126,272
PEBBLEBROOK HOTEL PREF SHS SER 127,838 120,996
PEPSICO INC 372,987 343,656
PFIZER INC 363,675 335,127
PNC FINANCIAL GROUP INC 413,256 455,512
PRINCIPAL INVESTORS DIVERSIFIE 284,957 287,620
PUBLIC STORAGE INC 352,010 385,679
REGENCY CENTERS CORP. SERIES A 142,248 139,362
RESTAURANT BRANDS INTL 369,222 370,809
RITHM CAPITAL CORP 6.375 119,930 126,965
RLJ LODGING TR 1.95 SER A 117,308 120,319
SALESFORCE.COM 158,289 298,557
SAUL CENTERS INC 6.000% PFD SE 147,734 162,032
SEAPORT ENTERTAINMENT GROUP IN 18,072 20,180
SERITAGE GROWTH PROPERTIES PFD 100,527 99,719
SERVICE NOW 156,711 304,254
SL GREEN RLTY CORP PFD SER I - 241,396 267,744
STARBUCKS CORP COM 284,387 283,879
STARWOOD PROPERTY TRUST INC 451,705 479,189
SUN COMMUNITIES INC 315,820 229,093
SUNSTONE HOTEL INVS PREF SHS 164,587 166,895
THE TRADE DESK INC 216,161 297,233
UBER 238,294 241,280
UMH PROPERTIES INC PFD 6.375% 225,439 222,785
UMH PROPERTIES, INC 414,072 450,326
UNION PACIFIC 339,695 365,548
UNITEDHEALTH GROUP INC 107,483 208,414
US BANCORP 447,630 409,233
VAIL RESORTS INC 215,744 187,450
VERIZON COMMUNICATIONS 459,378 391,582
VERTEX PHARMCTLS INC 131,412 188,061
VISA INC 166,246 281,908
VORNADO REALTY TR PFD SER N - 121,481 141,981
VORNADO RLTY TR PFD SER L - 5. 361,722 313,205
WALT DISNEY HOLDINGS CO 355,045 282,384
WILLIAM BLAIR EMERGING MARKETS 1,944,900 1,753,243
WILLIAMS COS 271,381 492,330
WORKDAY INC 212,296 263,965
XYLEM INC 148,062 191,549
ZOETIS INC 248,337 208,876

TY 2024 InvestmentsOtherSchedule2
Name:
The Dunn Foundation
EIN:
65-0415977
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
BLUE OWL CREDIT INCOME CORP CL   8,474,209 8,564,300
BROOKFIELD INFRAST PARTNERS LP   155,440 139,561
DUNN-WMA, LLC   40,082,238 40,236,396

TY 2024 OtherExpensesSchedule
Name:
The Dunn Foundation
EIN:
65-0415977
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ADMIN FEES - FOUNDATION SOURCE 94,900     94,900
Bank Charges 309 309    


TY 2024 OtherIncomeSchedule2
Name:
The Dunn Foundation
EIN:
65-0415977
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
K-1 Inc/Loss BROOKFIELD INFRAST PARTNERS LP 5.125 11,237 11,237  
K-1 Inc/Loss DUNN-WMA, LLC 1,824,888 1,824,888  
DIV INC - BLUE OWL CR INC 805,196 805,196  


TY 2024 OtherProfessionalFeesSchedule
Name:
The Dunn Foundation
EIN:
65-0415977
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Investment Management Services 275,843 275,843    


TY 2024 TaxesSchedule
Name:
The Dunn Foundation
EIN:
65-0415977
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
990-PF Estimated Tax for 2024 130,200      
Foreign Tax Paid 4,358 4,358