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
Better Way Foundation
 
Number and street (or P.O. box number if mail is not delivered to street address)60 South 6th St Ste 2950
 
Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Minneapolis, MN55402
A Employer identification number

36-3608625
B Telephone number (see instructions)

(612) 440-2500
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$68,241,965
J 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)  
2 Check right arrow.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 530,021 530,021  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 -156,072
b Gross sales price for all assets on line 6a  
7 Capital gain net income (from Part IV, line 2)... 565,914
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)....... 991,050 1,323,219  
12 Total. Add lines 1 through 11........ 1,364,999 2,419,154  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0   0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... 973 0   973
b Accounting fees (attach schedule)....... 25,860 0   25,728
c Other professional fees (attach schedule).... 724,367 59,373   667,051
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... 130,183 1,250   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings....... 34,281 578   33,703
22 Printing and publications..........        
23 Other expenses (attach schedule)....... 73,978 1,033,573   42,009
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 989,642 1,094,774   769,464
25 Contributions, gifts, grants paid....... 2,015,000 2,695,000
26 Total expenses and disbursements. Add lines 24 and 25 3,004,642 1,094,774   3,464,464
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -1,639,643
b Net investment income (if negative, enter -0-) 1,324,380
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......... 2,376,167 2,773,708 2,773,708
3 Accounts receivable right arrow43,609
Less: allowance for doubtful accounts right arrow   31,647 43,609 43,609
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.......... 3,723 3,946 3,946
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 15,133,914 Click to see attachment
List of Attached Documents:
// Content
17,902,551
17,902,551
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).......... 48,195,963 Click to see attachment
List of Attached Documents:
// Content
45,018,151
45,018,151
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
2,500,000
Click to see attachment
List of Attached Documents:
// Content
2,500,000
Click to see attachment
List of Attached Documents:
// Content
2,500,000
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 68,241,414 68,241,965 68,241,965
Liabilities 17 Accounts payable and accrued expenses.......... 162,959 208,034
18 Grants payable................. 2,085,000 1,405,000
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)......... 2,247,959 1,613,034
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........ 0 0
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 65,993,455 66,628,931
29 Total net assets or fund balances (see instructions)..... 65,993,455 66,628,931
30 Total liabilities and net assets/fund balances (see instructions). 68,241,414 68,241,965
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
65,993,455
2
Enter amount from Part I, line 27a .....................
2
-1,639,643
3
Other increases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
3
2,275,119
4
Add lines 1, 2, and 3 ..........................
4
66,628,931
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
66,628,931
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 Capital Gain/Loss From Partnerships P    
b Capital Gain/Loss From Partnerships P    
c Publicly Traded Securities      
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 47,538     47,538
b 674,448     674,448
c     156,072 -156,072
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       47,538
b       674,448
c       -156,072
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 2 565,914
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 18,409
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 18,409
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 18,409
6 Credits/Payments:
a 2024 estimated tax payments and 2023 overpayment credited to 2024 6a 55,796
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld .......... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 55,796
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......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 37,387
11 Enter the amount of line 10 to be: Credited to 2025 estimated taxright arrow37,387 Refundedright arrow 11 0
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 arrowMN
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 instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressright arrowN/A
14
The books are in care ofright arrowTax Officer Telephone no.right arrow (612) 440-2500

Located atright arrowSuite 2950 60 South 6th StreetMinneapolisMN ZIP+4right arrow55402
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)
Yes
 
(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
 
No
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
Yes
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d). Click to see attachment
List of Attached Documents:
// Content
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
Nicholas Banovetz Vice President
40.00
202,965 52,563 0
Suite 2950 60 South 6th Street
Minneapolis,MN55402
Kristen Grubb Tax Officer
6.00
13,333 2,403 0
Suite 2950 60 South 6th Street
Minneapolis,MN55402
Karen Rauenhorst Chair/President
1.00
0 0 0
Suite 2950 60 South 6th Street
Minneapolis,MN55402
Judy Rauenhorst Doerr Chair-elect
1.00
0 0 0
Suite 2950 60 South 6th Street
Minneapolis,MN55402
Janine Geske Vice Chair/Secretary
1.00
0 0 0
Suite 2950 60 South 6th Street
Minneapolis,MN55402
Stephanie Russell Treasurer
1.00
0 0 0
Suite 2950 60 South 6th Street
Minneapolis,MN55402
Anita Fineday Director
1.00
0 0 0
Suite 2950 60 South 6th Street
Minneapolis,MN55402
Cary Buzzelli Director
1.00
0 0 0
Suite 2950 60 South 6th Street
Minneapolis,MN55402
Gia Rauenhorst Director
1.00
0 0 0
Suite 2950 60 South 6th Street
Minneapolis,MN55402
Shamsia Ramadhan Director
1.00
0 0 0
Suite 2950 60 South 6th Street
Minneapolis,MN55402
Tarajean Yazzie-Mintz Director
1.00
0 0 0
Suite 2950 60 South 6th Street
Minneapolis,MN55402
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
GHR Foundation Management and Philanthropy Services 576,883
60 South Sixth Street Ste 2950
Minneapolis,MN55402
Adler Management LLC Accounting/Investment Services 57,500
10350 Bren Road West
Minnetonka,MN55343
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
30,477,885
b
Average of monthly cash balances.......................
1b
2,553,693
c
Fair market value of all other assets (see instructions)................
1c
33,595,042
d
Total (add lines 1a, b, and c).........................
1d
66,626,620
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
66,626,620
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
999,399
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
65,627,221
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
3,281,361
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
3,281,361
2a
Tax on investment income for 2024 from Part V, line 5 .......
2a
18,409
b
Income tax for 2024. (This does not include the tax from Part V.) ...
2b
43,593
c
Add lines 2a and 2b............................
2c
62,002
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
3,219,359
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
3,219,359
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
3,219,359
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
3,464,464
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
3,464,464
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 3,219,359
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......  
d From 2022......  
e From 2023...... 388,706
f Total of lines 3a through e ........ 388,706
4Qualifying distributions for 2024 from Part
XI, line 4: right arrow$ 3,464,464
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..... 3,219,359
e Remaining amount distributed out of corpus 245,105
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 5 633,811
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 ......
633,811
10 Analysis of line 9:
a Excess from 2020....  
b Excess from 2021....  
c Excess from 2022....  
d Excess from 2023.... 388,706
e Excess from 2024.... 245,105
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

Aim Higher Foundation

2610 University Avenue W Suite 525
St Paul,MN55114
None PC General Operations 5,000

Amani Girls Home

POBox 5073
Mwanza    
TZ
None PC - Equivalency Transition Grant - AGH 100,000

Brazelton Touchpoints Center

1295 Boylston St Suite 320
Boston,MA02215
None PC Indigenous Early Learning Collaborative 15,000

Catholic Climate Covenant

415 Michigan Avenue NE Suite 260
Washington DC,DC20017
None PC General Operations 5,000

Chief Seattle Club

410 Second Ave Extension S
Seattle,WA98104
None PC General Operations 5,000

Comanche Language and Cultural Preservation Committee

PO Box 908 c/o CN Language Dept
Lawton,OK73502
None PC Building the Capacity of CLCPC 100,000

De La Salle Blackfeet School

104 1st Street NW
Browning,MT59417
None PC Little Flower Academy Initiative 50,000

Denver Indian Center

4407 Morrison Road
Denver,CO80219
None PC Honoring Fatherhood Project 5,000

Farm to Family Fund

PO Box 1771
Bloomington,IN47402
None PC General Operations 5,000

Hearts Gathered

PO BOX 767
Omak,WA98841
None PC Building for the Future 150,000

House of Champions

2066 West 47th Street
Cleveland,OH44102
None PC General Operations 5,000

Keres Children's Learning Center

PO Box 113
Cochiti Pueblo,NM87072
None PC Indigenous Montessori Institute Strategic Growth Phase 100,000

Lower Sioux Indian Community

PO Box 308 39527 Reservation
Highway 1
Morton,MN56270
None GOV Transition Grant - Lower Sioux 160,000

Mama's Hope Organization for Legal Assistance

PO Box 1240 Hanyama Chember in
Hamugembe ward
Kagera   255
TZ
None PC - Equivalency Transition Grant - MHOLA 100,000

Mashpee Wampanoag Tribe

483 Great Neck Road South
Mashpee,MA02649
None GOV Cultural Curriculum for Weetumuw School and Beyond! 200,000

Montessori American Indian Childcare Center

1909 Ivy Avenue E
St Paul,MN55119
None PC Relocation & Renovation Request 25,000

Montessori American Indian Childcare Center

1909 Ivy Avenue E
St Paul,MN55119
None PC Relocation & Renovation Request 25,000

Montessori American Indian Childcare Center

1909 Ivy Avenue E
St Paul,MN55119
None PC Continuity, Growth & Vision 100,000

Mount Mary University

2900 North Menomonee River Parkway
Milwaukee,WI532224597
None PC General Operations 15,000

NACA-Inspired Schools Network

924 Park Avenue SW Suite C
Albuquerque,NM871023023
None PC Expanding professional development & IECD programming 100,000

Northern Star Council

6202 Bloomington Road
Fort Snelling,MN55111
None PC General Operations 5,000

Oceti Sakowin Community Academy

408 Knollwood Drive
Rapid City,SD57701
None PC Innovative Approaches to Teaching and Community-based Indigenous Education 150,000

Red Cloud Indian School

100 Mission Drive
Pine Ridge,SD57770
None PC General Operations 15,000

Red Cloud Indian School

100 Mission Drive
Pine Ridge,SD57770
None PC Truth & Healing Project - Part II 100,000

Saad K'idilye

9315 Candelaria Rd NE
Albuquerque,NM87120
None PC Caretaker Language Apprentice Program 75,000

Saint Clare's Tahoe A Mountain Montessori School

701 Mt Rose Hwy
Incline Village,NV89451
None PC General Operations 15,000

Sojourner Family Peace Center

619 W Walnut St
Milwaukee,WI53212
None PC General Operations 5,000

St Anthony Indian Mission

11 St Anthony Dr PO Box 486
Zuni,NM87327
None PC Zuni Language & Culture Project 2024-2025 30,000

St Augustine Indian Mission

PO Box 766 705 South Mission Drive
Winnebago,NE68071
None PC Community and Family Engagement and Healing 30,000

St Charles Catholic School

PO Box 339
San Carlos,AZ85550
None PC Apache Language and Cultural Program 2024-2025 30,000

St Joseph Mission School

PO Box 370 26 School Road
San Fidel,NM87049
None PC Shaping the Future of Indigenous Early Learning 80,000

St Mary's Mission School

15341 St Marys Mission Rd
Red Lake,MN56671
None PC Expanding Donor Base and Increasing Donations Launch 30,000

Tanzania Early Childhood Development Network

PO Box 4104
Dodoma   411015
TZ
None NC/Expenditure Respo Transition Grant - TECDEN 100,000

Tanzania Home Economics Association

Nyegezi - Masunu Street PO Box
11242
Mwanza   255
TZ
None PC - Equivalency Transition Grant - TAHEA 100,000

TeamLift Inc

2020 NE Multnomah St Apt 302
Portland,OR97232
None PC General Operations 15,000

TeamLift Inc

2020 NE Multnomah St Apt 302
Portland,OR97232
None PC General Operations 5,000

The Cathedral Center

845 N Van Buren Streent
Milwaukee,WI53202
None PC General Operations 5,000

Thunder Valley Community Development Corporation

290 Empowerment Drive
Porcupine,SD57772
None PC Transition Grant - Thunder Valley CDC 120,000

Tumaini Letu

PO Box 278 Muleba 2Box 278 Muleba
Bukoba   255
TZ
None NC/Expenditure Respo Transition Grant - Tumaini Letu 100,000

University of Notre Dame

400 Main Building
Notre Dame,IN46556
None PC American Indian Catholic Schools Network (AICSN) Support 2020-2024 185,000

University of Notre Dame

400 Main Building
Notre Dame,IN46556
None PC American Indian Catholic Schools Network 5,000

University of Notre Dame

400 Main Building
Notre Dame,IN46556
None PC General Operations 10,000

Wicoie Nandagikendan

1308 E Franklin Avenue Suite 126
Minneapolis,MN55404
None PC Growing Wicoie Nandagikendan's Capacity for Continued Growth 100,000

Wicoie Nandagikendan

1308 E Franklin Avenue Suite 126
Minneapolis,MN55404
None PC Growing Wicoie Nandagikendan's Capacity for Continued Growth 100,000

Zaman International (Hope for Humanity)

26091 Trowbridge St
Inkster,MI48141
None PC BOOST: Skills Training 15,000
Total .................................right arrow 3a 2,695,000
bApproved for future payment

Mashpee Wampanoag Tribe
483 Great Neck Road South
Mashpee,MA02649
None GOV Cultural Curriculum for Weetumuw School and Beyond! 325,000

Oceti Sakowin Community Academy
408 Knollwood Drive
Rapid City,SD57701
None PC Innovative Approaches to Teaching and Community-based Indigenous Education 300,000

St Augustine Indian Mission
PO Box 766 705 South Mission Drive
Winnebago,NE68071
None PC Community and Family Engagement and Healing 30,000

St Joseph Mission School
PO Box 370 26 School Road
San Fidel,NM87049
None PC Shaping the Future of Indigenous Early Learning 80,000

Thunder Valley Community Development Corporation
290 Empowerment Drive
Porcupine,SD57772
None PC Transition Grant - Thunder Valley CDC 120,000
Total ................................. right arrow 3b 855,000
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 ...........
         
4 Dividends and interest from securities ....     14 530,021  
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 ..... 525990 339,121 18 651,929  
8 Gain or (loss) from sales of assets other than
inventory ............
    18 -156,072  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. 339,121 1,025,878 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
1,364,999
(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:
Better Way Foundation
EIN:
36-3608625
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Accounting Fees 25,860 0   25,728

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

TY 2024 ExpenditureResponsibilityStmt
Name:
Better Way Foundation
EIN:
36-3608625
Grantee's Name Grantee's Address Grant Date Grant Amount Grant Purpose Amount Expended By Grantee Any Diversion By Grantee? Dates of Reports By Grantee Date of Verification Results of Verification
Tanzania Early Childhood Development Network
 
Box 14658
Dodoma   411015
TZ
2023-01-25 100,000 Transition Grant - TECDEN 100,000 None 2/25/2025   Better Way Foundation reviewed the Grant Report noted above but did not undertake any verification of the grantee's reports as there has not been any reason to doubt their accuracy or reliability (Reg. 53.4945-5(c)).
Tanzania Early Childhood Development Network
 
PO Box 4104
Dodoma   411015
TZ
2024-01-10 100,000 Transition Grant - TECDEN 100,000 None 2/25/2025   Better Way Foundation reviewed the Grant Report noted above but did not undertake any verification of the grantee's reports as there has not been any reason to doubt their accuracy or reliability (Reg. 53.4945-5(c)).
Tumaini Letu
 
PO Box 278 Muleba
Bukoba   255
TZ
2024-01-24 100,000 Transition Grant - Tumaini Letu 100,000 None 11/29/2024   Better Way Foundation reviewed the Grant Report noted above but did not undertake any verification of the grantee's reports as there has not been any reason to doubt their accuracy or reliability (Reg. 53.4945-5(c)).

TY 2024 GeneralExplanationAttachment
Name:
Better Way Foundation
EIN:
36-3608625
Identifier Return Reference Explanation
  Form 990-PF, Part VII, Line 1: Compensation reported on Form 990-PF, Part VII, for Nicholas Banovetz and Kristen Grubb represents compensation paid by GHR Foundation, an unrelated organization, for services provided to Better Way Foundation. Better Way Foundation has an agreement with GHR Foundation for management and philanthropy services. The total amount paid to GHR Foundation during 2024 was $576,883.

TY 2024 InvestmentsCorpStockSchedule
Name:
Better Way Foundation
EIN:
36-3608625
Name of Stock End of Year Book Value End of Year Fair Market Value
Aperio Equities 17,902,551 17,902,551

TY 2024 InvestmentsOtherSchedule2
Name:
Better Way Foundation
EIN:
36-3608625
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
ISHARES CORE US AGGREGATE BOND ETF FMV 10,455,861 10,455,861
Vanguard Total Bond Market Index Fund FMV 2,814,005 2,814,005
Siguler Guff Small Business Credit Impact Fund, LP FMV 343,654 343,654
Carlyle Europe Parts II, L.P. FMV 9,204 9,204
CIS Catholic Impact Fund II, LP FMV 1,417,013 1,417,013
CF Private Equity Environmental Solutions Partners II, LP FMV 112,095 112,095
Adler Asian Private Eqty, LLC FMV 19,119 19,119
Adler CPV, LLC FMV 31,222 31,222
Adler Energy Infrastr III, LLC FMV 6,472 6,472
Adler Energy Infrastr IV, LLC FMV 2,499 2,499
Adler New Euro Priv Eqty, LLC FMV 21,846 21,846
Adler Opportunistic Debt, LLC FMV 1,284 1,284
Adler Energy Finance, LLC FMV 7,178 7,178
Adler Opportunistic Debt II, L FMV 930,575 930,575
Adler CPVI, LLC FMV 176,005 176,005
Adler Energy Infrastr V, LLC FMV 39,800 39,800
Adler Health Partners III, LLC FMV 1,999,046 1,999,046
Adler Small Buyout Fund, LLC FMV 329,427 329,427
Adler Trans Recovery Fd, LLC FMV 26,821 26,821
Adler Co-invest Opp Fd, LLC FMV 198,168 198,168
Adler NGP XI, LLC FMV 523,831 523,831
Adler Energy Finance II, LLC FMV 62,608 62,608
Adler Opportunistic Debt III FMV 676,512 676,512
Adler SG Small Buyout Fund III FMV 698,436 698,436
Adler Cinven VI, LLC FMV 384,731 384,731
Adler MPE Fund II, LLC FMV 805,616 805,616
Adler Southfield II, LLC FMV 2,961,541 2,961,541
Adler Health Partners IV, LLC FMV 1,909,698 1,909,698
Adler Frontenac XI, LLC FMV 2,903,883 2,903,883
Adler 2018 Alternative Investments, LLC FMV 3,503,898 3,503,898
Adler 2019 Alternative Investments, LLC FMV 5,717,673 5,717,673
Adler Panco Fund IV, LLC FMV 1,392,406 1,392,406
Adler 2020 Alternative Investments, LLC FMV 3,329,100 3,329,100
Adler 2022 Alternative Investments, LLC FMV 1,206,924 1,206,924

TY 2024 LegalFeesSchedule
Name:
Better Way Foundation
EIN:
36-3608625
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Legal Fees 973 0   973


TY 2024 OtherAssetsSchedule
Name:
Better Way Foundation
EIN:
36-3608625
Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
PRI 2,500,000 2,500,000 2,500,000


TY 2024 OtherExpensesSchedule
Name:
Better Way Foundation
EIN:
36-3608625
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Dues and Subscriptions 5,547 2,200   3,347
Bank Fees 29,992 29,992   0
Miscellaneous 3,487 0   3,487
Pass-Through Portfolio Deductions 0 1,001,381   0
Professional Development 9,582 0   9,582
Insurance 64 0   64
Communications 25,306 0   25,529


TY 2024 OtherIncomeSchedule2
Name:
Better Way Foundation
EIN:
36-3608625
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
Allocated Partnership Income 991,050 0 991,050
Allocated Partnership Income   1,323,219  


TY 2024 OtherIncreasesSchedule
Name:
Better Way Foundation
EIN:
36-3608625
Description Amount
Unrealized Gain/(Loss) 2,275,119


TY 2024 OtherProfessionalFeesSchedule
Name:
Better Way Foundation
EIN:
36-3608625
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Program Fees 522,321 0   522,806
Consulting Fees 112,471 0   99,229
Investment Management Fees 59,373 59,373   0
Grants Management Fee 30,202 0   45,016


TY 2024 TaxesSchedule
Name:
Better Way Foundation
EIN:
36-3608625
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Excise Tax 130,183 0   0
Foreign Tax 0 1,250   0