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
GENERATION FUND INC
C/O DINSE PC
Number and street (or P.O. box number if mail is not delivered to street address)209 BATTERY STREET PO BOX 988
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
BURLINGTON, VT05402
A Employer identification number

27-2993973
B Telephone number (see instructions)

(802) 864-5751
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$39,670,379J Accounting method:
modified cash
(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)  
2 Check right arrow.............
3 Interest on savings and temporary cash investments 30,644 30,644  
4 Dividends and interest from securities... 370,018 370,018  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 1,616,377
b Gross sales price for all assets on line 6a 5,856,414
7 Capital gain net income (from Part IV, line 2)... 1,702,068
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
10,373 4,509  
12 Total. Add lines 1 through 11........ 2,027,412 2,107,239  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 45,000 13,500   31,500
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
36,090 0   36,090
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
20,295 0   18,645
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
130,592 130,592   0
17 Interest............... 625 625   0
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
12,342 42   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
109,901 107,544   2,357
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 354,845 252,303   88,592
25 Contributions, gifts, grants paid....... 5,859,986 5,859,986
26 Total expenses and disbursements. Add lines 24 and 25 6,214,831 252,303   5,948,578
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -4,187,419
b Net investment income (if negative, enter -0-) 1,854,936
c Adjusted net income (if negative, enter -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......... 720,154 329,877 329,877
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)....... 5,493,512 Click to see attachment
List of Attached Documents:
// Content
5,734,294 		5,734,294
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).......... 35,455,396 Click to see attachment
List of Attached Documents:
// Content
33,606,208 		33,606,208
14 Land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
15 Other assets (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
1,705 		Click to see attachment
List of Attached Documents:
// Content
0 		Click to see attachment
List of Attached Documents:
// Content
0
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 41,670,767 39,670,379 39,670,379
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........... 41,670,767 39,670,379
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    
29 Total net assets or fund balances (see instructions)..... 41,670,767 39,670,379
30 Total liabilities and net assets/fund balances (see instructions). 41,670,767 39,670,379
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
41,670,767
2
Enter amount from Part I, line 27a .....................
2
-4,187,419
3
Other increases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
3
2,187,031
4
Add lines 1, 2, and 3 ..........................
4
39,670,379
5
Decreases not included in line 2 (itemize) right arrow
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
39,670,379
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 SALE OF PUBLICLY TRADED SECURITIES      
b 1,157.71 SH. GENERATION IM GLOBAL EQUITY A SHARES D    
c THROUGH JMF LIQUIDATING CO. LLC K-1 D    
d THROUGH LEGACY VENTURE IX, LLC K-1 P    
e THROUGH LEGACY VENTURE XI, LLC K-1 P    
CAPITAL GAINS DIVIDENDS P    
(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 4,370,252   3,928,536 441,716
b 1,000,000   247,490 752,510
c       3,583
d       16,051
e       2,046
486,162     486,162
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       441,716
b       752,510
c       3,583
d       16,051
e       2,046
      486,162
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 1,702,068
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 25,784
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 25,784
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 25,784
6 Credits/Payments:
a 2024 estimated tax payments and 2023 overpayment credited to 2024 6a 11,404
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 10,000
d Backup withholding erroneously withheld .......... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 21,404
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 67
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9 4,447
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10  
11 Enter the amount of line 10 to be: Credited to 2025 estimated taxright arrow   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$ 0(2) On foundation managers.right arrow$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
right arrowVT
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 arrowN/A
14
The books are in care ofright arrowTHE ORGANIZATION Telephone no.right arrow (802) 864-5751

Located atright arrow209 BATTERY STREET PO BOX 988BURLINGTONVT ZIP+4right arrow05402
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)
Yes
 
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
Yes
 
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
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
AUSTIN HART CO DINSE PC PRESIDENT
2.00 		15,000 0 0
209 BATTERY ST PO BOX 988
BURLINGTON,VT05402
WALLACE TAPIA CO DINSE PC TREASURER
3.50 		15,000 0 0
209 BATTERY ST PO BOX 988
BURLINGTON,VT05402
PETER BROWN CO DINSE PC SECRETARY
1.00 		15,000 0 0
209 BATTERY ST PO BOX 988
BURLINGTON,VT05402
E RUSSELL PEACH IV CO DINSE PC ASSISTANT TREASURER - THRU 6/27/2024
1.00 		0 0 0
209 BATTERY ST PO BOX 988
BURLINGTON,VT05402
MEREDITH MURPHY CO DINSE PC ASSISTANT TREASURER - BEGAN 5/16/2024
1.00 		0 0 0
209 BATTERY ST PO BOX 988
BURLINGTON,VT05402
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...................right arrow 0
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
PATHSTONE INVESTMENT MANAGEMENT 53,750
24 FEDERAL ST 8TH FL
BOSTON,MA02110
Total number of others receiving over $50,000 for professional services.............right arrow0
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 arrow0
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
28,314,926
b
Average of monthly cash balances.......................
1b
1,003,014
c
Fair market value of all other assets (see instructions)................
1c
13,789,232
d
Total (add lines 1a, b, and c).........................
1d
43,107,172
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
0
2
Acquisition indebtedness applicable to line 1 assets..................
2
0
3
Subtract line 2 from line 1d.........................
3
43,107,172
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
646,608
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
42,460,564
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
2,123,028
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
2,123,028
2a
Tax on investment income for 2024 from Part V, line 5 .......
2a
25,784
b
Income tax for 2024. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
25,784
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
2,097,244
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
2,097,244
6
Deduction from distributable amount (see instructions).................
6
0
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
2,097,244
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
5,948,578
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
 
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
 
b
Cash distribution test (attach the required schedule) .................
3b
 
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
5,948,578
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 2,097,244
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......  
b From 2020......  
c From 2021...... 18,063
d From 2022...... 238,864
e From 2023...... 4,900,674
f Total of lines 3a through e ........ 5,157,601
4Qualifying distributions for 2024 from Part
XI, line 4: right arrow$ 5,948,578
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..... 2,097,244
e Remaining amount distributed out of corpus 3,851,334
5 Excess distributions carryover applied to 2024. 0 0
(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 9,008,935
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 ...... 		9,008,935
10 Analysis of line 9:
a Excess from 2020....  
b Excess from 2021.... 18,063
c Excess from 2022.... 238,864
d Excess from 2023.... 4,900,674
e Excess from 2024.... 3,851,334
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).)
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

FIDELITY CHARITABLE GIFT FUND

BOX 77001
CINCINNATI,OH45277 		N/A PC CHARITABLE (UNRESTRICTED) 1,438,522

NATIONAL PHILANTHROPIC TRUST

165 TOWNSHIP LINE RD SUITE 1200
JENKINTOWN,PA19046 		N/A PC CHARITABLE (UNRESTRICTED) 1,398,800

THE BOSTON FOUNDATION

75 ARLINGTON STREET 3RD FLOOR
BOSTON,MA02116 		N/A PC CHARITABLE (UNRESTRICTED) 1,389,304

VANGUARD CHARITABLE

PO BOX 55766
BOSTON,MA02205 		N/A PC CHARITABLE (UNRESTRICTED) 1,633,360
Total .................................right arrow 3a 5,859,986
bApproved for future payment
Total ................................. right arrow 3b 0
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 ........... 		    01 30,644  
4 Dividends and interest from securities ....     14 370,018  
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 .....     14 8,242  
8 Gain or (loss) from sales of assets other than
inventory ............ 		    18 1,616,377  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aUNRELATED BUSINESS INCOME THROUGH K-1 		901101 3,733 01 -3,733  
bIRS REFUND     01 2,131  
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. 3,733 2,023,679 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
2,027,412
(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


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

TY 2024 AccountingFeesSchedule
Name:
GENERATION FUND INC
 
C/O DINSE PC
EIN:
27-2993973
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
AUDIT AND TAX PREP 20,295 0   18,645

TY 2024 InvestmentsCorpStockSchedule
Name:
GENERATION FUND INC
 
C/O DINSE PC
EIN:
27-2993973
Name of Stock End of Year Book Value End of Year Fair Market Value
ACCO BRANDS CORP 4,643.0000 SHARES 24,376 24,376
ADVANCED ENERGY INDUSTRIES INC 390.0000 SHARES 45,097 45,097
AEROVIRONMENT INC 315.0000 SHARES 48,475 48,475
AGREE REALTY CORP 530.0000 SHARES 37,339 37,339
AMBARELLA INC 1,085.0000 SHARES 78,923 78,923
AMERICAN FINANCIAL GROUP INC/OH 100.0000 SHARES 13,693 13,693
AMERISAFE INC 220.0000 SHARES 11,339 11,339
AMPHASTAR PHARMACEUTICALS INC 310.000 SHARES 11,510 11,510
ARCOSA INC 570.0000 SHARES 55,142 55,142
ARRAY TECHNOLOGIES INC 1,370.0000 SHARES 8,275 8,275
ARSTRANA HEALTH INC 520.0000 SHARES 16,395 16,395
ATKORE INC 210.0000 SHARES 17,525 17,525
BARRETT BUSINESS SERVICES INC 1,800.0000 SHARES 78,192 78,192
BICYCLE THERAPEUTICS PLC 550.0000 SHARES 7,700 7,700
BLOOM ENERGY CORP CL A 1,530.0000 SHARES 33,981 33,981
BOYD GAMING CORP 1,145.0000 SHARES 83,058 83,058
BRIGHTVIEW HOLDINGS INC 2,240.000 SHARES 35,818 35,818
CACTUS INC 690.0000 SHARES 40,268 40,268
CANADA GOOSE HOLDINGS INC 1,050.0000 SHARES 10,532 10,532
CANADIAN PACIFIC RAILWAY LTD 520.0000 SHARES 37,632 37,632
CBIZ INC 560.0000 SHARES 45,825 45,825
CHATHAM LODGING TRUST 3,360.0000 SHARES 30,072 30,072
CHEESECAKE FACTORY INC 1,520.0000 SHARES 72,109 72,109
COGNEX CORP 1,500.0000 SHARES 53,790 53,790
COHERENT CORP 920.0000 SHARES 87,152 87,152
COLUMBUS MCKINNON CORP/NY 700.0000 SHARES 26,068 26,068
COMMVAULT SYSTEMS INC 460.0000 SHARES 69,419 69,419
COMPASS DIVERSIFIED HOLDINGS 1,310.0000 SHARES 30,235 30,235
CRANE NXT CO 580.0000 SHARES 33,768 33,768
CUBESMART 610.0000 SHARES 26,139 26,139
CYTOKINETICS INC 670.0000 SHARES 31,517 31,517
DIAMONDBACK ENERGY INC 155.0000 SHARES 25,394 25,394
DIAMONDROCK HOSPITALITY CO 3,510.0000 SHARES 31,695 31,695
DIGITAL REALTY TRUST INC 351.0000 SHARES 62,243 62,243
DOUGLAS DYNAMIC INC 1,060.0000 SHARES 25,048 25,048
DUCOMMUN INC 830.0000 SHARES 52,838 52,838
EASTGROUP PROPERTIES INC 180.0000 SHARES 28,888 28,888
ENERGY RECOVER INC 770.0000 SHARES 11,319 11,319
FARO TECHNOLOGIES INC 1,150.0000 SHARES 29,164 29,164
FORMFACTOR INC 1,040.0000 SHARES 45,760 45,760
GATES INDUSTRIAL CORP PLC 2,050.000 SHARES 42,169 42,169
GENESCO INC 740.0000 SHARES 31,635 31,635
G-III APPAREL GROUP LTD 400.0000 SHARES 13,048 13,048
GLOBUS MEDICAL INC 630.0000 SHARES 52,107 52,107
GOLAR LNG LTD 2,380.0000 SHARES 100,722 100,722
GREENBRIER COS INC/THE 561.0000 SHARES 34,215 34,215
GROUP 1 AUTOMOTIVE INC 170.0000 SHARES 71,652 71,652
HELMERICH & PAYNE INC 486.0000 SHARES 15,562 15,562
HEXCEL CORP NEW 456.0000 SHARES 28,591 28,591
IAC INC 490.0000 SHARES 21,139 21,139
ICHOR HOLDINGS LTD 1,050.0000 SHARES 33,831 33,831
INDEPENDENT BANK GROUP INC 620.0000 SHARES 37,614 37,614
INSTEEL INDUSTRIES INC 590.0000 SHARES 15,935 15,935
INTELLIA THERAPEUTICS 500.000 SHARES 5,829 5,829
INTRA-CELLULAR THERAPIES INC 380.0000 SHARES 31,737 31,737
IONIS PHARMACEUTICALS INC 923.0000 SHARES 32,267 32,267
IPG PHOTONICS CORP 275.000 SHARES 19,997 19,997
IRIDIUM COMMUNICATIONS INC 1,880.0000 SHARES 54,557 54,557
ITRON INC 630.0000 SHARES 68,404 68,404
JOHN B SANFILIPPO & SON INC 160.0000 SHARES 13,937 13,937
KOPPERS HOLDINGS INC 770.0000 SHARES 24,948 24,948
KRATOS DEFENSE & SECURITY SOLUTIONS 1,140.0000 SHARES 30,073 30,073
LAM RESEARCH CORP 1,220.0000 SHARES 88,121 88,121
LANTHEUS HOLDINGS INC 520.0000 SHARES 46,519 46,519
LAS VEGAS SANDS CORP 870.0000 SHARES 44,683 44,683
LEXICON PHARMACEUTICALS INC 3,840.0000 SHARES 2,836 2,836
LIBERTY LIVE GROUP 241.0000 SHARES 16,041 16,041
LINDBLAD EXPEDITIONS HOLDINGS 2,640.0000 SHARES 31,310 31,310
LUMENTUM HOLDINGS INC 910.0000 SHARES 76,395 76,395
MACROGENICS INC 1,400.0000 SHARES 4,550 4,550
MADISON SQUARE GARDEN ENTERTAINMENT CORP 1.0000 SHARES 36 36
MADISON SQUARE GARDEN SPORTS CORP CL A 200.0000 SHARES 45,136 45,136
MAGNOLIA OIL & GAS CORP 2,030.0000 SHARES 47,461 47,461
MANCHESTER UNITED PLC CL A 1,672.0000 SHARES 29,009 29,009
MATADOR RESOURCES CO 1,010.0000 SHARES 56,823 56,823
MATCH GROUP INC 550.0000 SHARES 17,991 17,991
MATERION CORP 350.0000 SHARES 34,608 34,608
MERCANTILE BANK CORP 1,040.0000 SHARES 46,270 46,270
MERCK & CO INC 6,735.0000 SHARES 669,998 669,998
MERIT MEDICAL SYSTEMS INC 380.0000 SHARES 36,753 36,753
METALLUS INC 1,870.0000 SHARES 26,423 26,423
MKS INSTRUMENTS INC 420.0000 SHARES 43,844 43,844
MP MATERIALS CORP 1,760.0000 SHARES 27,456 27,456
NAPCO SECURITY TECHNOLOGIES INC 590.0000 SHARES 20,980 20,980
NEXSTAR MEDIA GROUP INC COMMON STOCK 310.0000 SHARES 48,971 48,971
NLIGHT INC 4,060.0000 SHARES 42,589 42,589
NORTHRIM BANCORP INC 320.0000 SHARES 24,941 24,941
OMNICELL INC COM 620.0000 SHARES 27,602 27,602
ONESPAWORLD HOLDINGS LTD 3,405.0000 SHARES 67,760 67,760
ONTO INNOVATION INC 215.0000 SHARES 35,834 35,834
OXFORD INDUSTRIES INC 227.0000 SHARES 17,883 17,883
PATRICK INDUSTRIES INC 360.0000 SHARES 29,909 29,909
PC CONNECTION INC 430.0000 SHARES 29,786 29,786
PINNACLE FINANCIAL PARTNERS INC 600.0000 SHARES 68,634 68,634
PLUG POWER INC 6,977.0000 SHARES 14,861 14,861
PREFERRED BANK/LOS ANGELES 550.0000 SHARES 47,509 47,509
PROTHENA CORP PLC 260.0000 SHARES 3,601 3,601
PTC THERAPEUTICS INC 345.0000 SHARES 15,573 15,573
QCR HOLDINGS INC 550.0000 SHARES 44,352 44,352
QORVO INC 690.0000 SHARES 48,252 48,252
RAYMOND JAMES FINANCIAL INC 500.0000 SHARES 77,665 77,665
REGENERON PHARMACEUTICALS INC 82.0000 SHARES 58,411 58,411
REINSURANCE GROUP OF AMERICA INC 230.0000 SHARES 49,135 49,135
RELIANCE INC 100.0000 SHARES 26,926 26,926
ROBERT HALF INTERNATIONAL INC 413.0000 SHARES 29,100 29,100
ROGERS CORP 270.0000 SHARES 27,435 27,435
ROYAL CARIBBEAN CRUISES LTD 390.0000 SHARES 89,969 89,969
SAGE THERAPEUTICS INC 590.0000 SHARES 3,204 3,204
SAREPTA THERAPEUTICS INC 215.0000 SHARES 26,142 26,142
SEACOAST BANKING CORP OF FLORIDA 990.0000 SHARES 27,255 27,255
SELECT WATER SOLUTIONS INC 2,310.0000 SHARES 30,584 30,584
SINCLAIR BROADCAST GROUP INC CL A 1,040.0000 SHARES 16,786 16,786
SOUTHWEST GAS HOLDINGS INC 710.0000 SHARES 50,204 50,204
SPHERE ENTERTAINMENT CO 1.0000 SHARES 40 40
STAG INDUSTRIAL INC 860.0000 SHARES 29,085 29,085
STEVEN MADDEN LTD 580.0000 SHARES 24,662 24,662
STEWART INFORMATION SERVICES CORP 510.0000 SHARES 34,420 34,420
STOCK YARDS BANCORP INC 850.0000 SHARES 60,869 60,869
STRATASYS LTD 2,100.0000 SHARES 18,669 18,669
SUMMIT HOTEL PROPERTIES INC 4,910.0000 SHARES 33,634 33,634
TAYLOR MORRISON HOME CORP 890.0000 SHARES 54,477 54,477
TEGNA INC 923.0000 SHARES 16,882 16,882
TELOS CORP 5,350.0000 SHARES 18,297 18,297
TENABLE HOLDINGS INC 640.0000 SHARES 25,203 25,203
TEREX CORP 390.0000 SHARES 18,026 18,026
TREEHOUSE FOODS INC 610.0000 SHARES 21,429 21,429
TRIMBLE INC 967.0000 SHARES 68,328 68,328
TUTOR PERINI CORP 710.0000 SHARES 17,182 17,182
ULTRA CLEAN HOLDINGS INC 900.0000 SHARES 32,355 32,355
ULTRAGENYX PHARMACEUTICAL INC 315.0000 SHARES 13,252 13,252
UNIFI INC 696.0000 SHARES 4,350 4,350
UNITED PARKS & RESORTS INC 1,290.0000 SHARES 72,485 72,485
UNITI GROUP INC 2,950.0000 SHARES 16,225 16,225
UNITIL CORP 560.0000 SHARES 30,346 30,346
URANIUM ENERGY CORP 4,190.0000 SHARES 28,031 28,031
VERITEX HOLDINGS INC 450.0000 SHARES 12,222 12,222
VICOR CORP 315.0000 SHARES 15,221 15,221
VIMEO INC 1,495.0000 SHARES 9,568 9,568
VISHAY INTERTECHNOLOGY INC 921.0000 SHARES 15,602 15,602
WARNER BROS DISCOVERY INC 2,143.0000 SHARES 22,652 22,652
WERNER ENTERPRISES INC 1,040.0000 SHARES 37,357 37,357
WINTRUST FINANCIAL CORP 520.0000 SHARES 64,849 64,849
WSFS FINANCIAL CORP 970.0000 SHARES 51,536 51,536
XYLEM INC 683.0000 SHARES 79,242 79,242

TY 2024 InvestmentsOtherSchedule2
Name:
GENERATION FUND INC
 
C/O DINSE PC
EIN:
27-2993973
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
333.33 SHARES OF SUMMIT PARTNERS SUSTAINABLE OPPORTUNITIES L/S FUND LTD FMV 1,802,209 1,802,209
8,015.015 SHARES OF GENERATION IM GLOBAL EQUITY FUND FMV 6,882,941 6,882,941
AMERICAN BEACON SHAPIRO EQUITY FUND CL Y 172,031.1570 SHARES FMV 2,386,072 2,386,072
ARTISAN INTERNATIONAL SMALL-MID FUND 58,754.2850 SHARES FMV 1,022,325 1,022,325
ARTISAN INTERNATIONAL VALUE FUND - INV 78,123.2090 SHARES FMV 3,663,979 3,663,979
BROWN ADVISORY SUSTAINABLE GROWTH FUND 49,719.1880 SHARES FMV 2,740,024 2,740,024
DELAWARE EMERGING MARKETS FUND 64,526.2620 SHARES FMV 1,313,755 1,313,755
JMF LIQUIDATING LLC FMV 48,111 48,111
LEGACY VENTURE IX, LLC FMV 3,576,042 3,576,042
LEGACY VENTURE XI, LLC FMV 595,391 595,391
RBC EMERGING MARKETS EQUITY FUND/US CL I 113,430.7460 SHARES FMV 1,487,077 1,487,077
VANGUARD S&P 500 ETF 9,512.0000 SHARES FMV 5,125,161 5,125,161
VANGUARD ULTRA-SHORT-TERM BOND FUND 57,912.1520 SHARES FMV 1,159,980 1,159,980
WCM FOCUSED INTERNATIONAL GROWTH 58,754.2850 SHARES FMV 1,803,141 1,803,141

TY 2024 LegalFeesSchedule
Name:
GENERATION FUND INC
 
C/O DINSE PC
EIN:
27-2993973
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
LEGAL FEES 36,090 0   36,090


TY 2024 OtherAssetsSchedule
Name:
GENERATION FUND INC
 
C/O DINSE PC
EIN:
27-2993973
Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
RECEIVABLE FROM BROKER 1,705    


TY 2024 OtherExpensesSchedule
Name:
GENERATION FUND INC
 
C/O DINSE PC
EIN:
27-2993973
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
OTHER EXPENSES THROUGH K-1S 107,544 107,544   0
INSURANCE 1,525 0   1,525
MEMBERSHIP DUES 832 0   832


TY 2024 OtherIncomeSchedule2
Name:
GENERATION FUND INC
 
C/O DINSE PC
EIN:
27-2993973
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
ROYALTIES 4,426 4,426 4,426
INCOME THROUGH K-1S 3,816 83 3,816
IRS REFUND 2,131   2,131


TY 2024 OtherIncreasesSchedule
Name:
GENERATION FUND INC
 
C/O DINSE PC
EIN:
27-2993973
Description Amount
UNREALIZED GAIN ON INVESTMENTS 997,994
NON-TAXABLE GAIN ON GRANT OF SECURITIES 1,189,037


TY 2024 OtherProfessionalFeesSchedule
Name:
GENERATION FUND INC
 
C/O DINSE PC
EIN:
27-2993973
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT 100,973 100,973   0
CUSTODIAL FEES 29,619 29,619   0


TY 2024 TaxesSchedule
Name:
GENERATION FUND INC
 
C/O DINSE PC
EIN:
27-2993973
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FOREIGN TAXES WITHHELD 42 42   0
FEDERAL EXCISE TAX PAID 12,000 0   0
VERMONT UBI TAX 300 0   0