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
KAENA FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)50 SOUTH SIXTH STREET 1500
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
MINNEAPOLIS, MN55402
A Employer identification number

46-2692867
B Telephone number (see instructions)

(612) 492-6813
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$115,307,484J 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... 1,305,039 1,343,556  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 8,940,917
b Gross sales price for all assets on line 6a 43,982,799
7 Capital gain net income (from Part IV, line 2)... 8,886,264
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
30,976 1,971,688  
12 Total. Add lines 1 through 11........ 10,276,932 12,201,508  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 60,000 30,000   30,000
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
39,144 19,572   19,572
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
75,242 55,940   10,474
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
1,065,978 385,518   680,460
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
1,320 33,026   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings....... 17,624 3,326   14,298
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
4,533 2,254   2,279
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 1,263,841 529,636   757,083
25 Contributions, gifts, grants paid....... 14,155,000 14,155,000
26 Total expenses and disbursements. Add lines 24 and 25 15,418,841 529,636   14,912,083
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -5,141,909
b Net investment income (if negative, enter -0-) 11,671,872
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............. 399,017 373,504 373,504
2 Savings and temporary cash investments......... 2,056,505 17,032,472 17,032,472
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) 9,083,654 Click to see attachment
List of Attached Documents:
// Content
8,149,757 		8,015,530
b Investments—corporate stock (attach schedule)....... 8,936,595 Click to see attachment
List of Attached Documents:
// Content
5,504,993 		6,308,315
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).......... 80,098,929 Click to see attachment
List of Attached Documents:
// Content
64,372,065 		83,577,663
14 Land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
15 Other assets (describe right arrow)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 100,574,700 95,432,791 115,307,484
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe right arrow)    
23 Total liabilities (add lines 17 through 22)......... 0 0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here right arrow
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here right arrow
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 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 100,574,700 95,432,791
29 Total net assets or fund balances (see instructions)..... 100,574,700 95,432,791
30 Total liabilities and net assets/fund balances (see instructions). 100,574,700 95,432,791
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
100,574,700
2
Enter amount from Part I, line 27a .....................
2
-5,141,909
3
Other increases not included in line 2 (itemize) right arrow
3
0
4
Add lines 1, 2, and 3 ..........................
4
95,432,791
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
95,432,791
Form 990-PF (2024)
Form 990-PF (2024)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a PUBLICLY TRADED SECURITIES P 2024-01-01 2024-12-31
b CAPITAL LOSS FROM FOREIGN CORPORATION TERMINATION P 2024-01-01 2024-12-31
c CAPITAL GAINS FROM SCH K-1'S P 2024-01-01 2024-12-31
d CAPITAL GAINS FROM FOREIGN CORPORATIONS P 2024-01-01 2024-12-31
e CAPITAL GAIN DISTRIBUTION P 2024-01-01 2024-12-31
(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 41,515,173   34,294,261 7,220,912
b     802,274 -802,274
c 2,041,464     2,041,464
d 27,802     27,802
e 398,360     398,360
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       7,220,912
b       -802,274
c       2,041,464
d       27,802
e       398,360
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 8,886,264
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) 1 162,239
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........................... 3 162,239
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- ..... 5 162,239
6 Credits/Payments:
a 2024 estimated tax payments and 2023 overpayment credited to 2024 6a 108,299
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 100,000
d Backup withholding erroneously withheld .......... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 208,299
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment
List of Attached Documents:
// Content
8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10 46,060
11 Enter the amount of line 10 to be: Credited to 2025 estimated taxright arrow46,060 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 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 arrowSONNY MILLER Telephone no.right arrow (612) 492-6813

Located atright arrow50 SOUTH SIXTH STREET STE 1500MINNEAPOLISMN 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)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
Yes
 
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
No
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2024? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2024, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2024?....................
2a
 
No
If "Yes," list the years right arrow20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
right arrow20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
Yes
 
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
 
No
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
JEFFREY WESTON VICE PRESIDENT/DIRECTOR
1.00 		20,000 0 0
1957 CARSON STREET SUITE 102
TORRANCE,CA90501
MICHELLE GALDOS VICE PRESIDENT/DIRECTOR
1.00 		20,000 0 0
50 SOUTH SIXTH STREET SUITE 1500
MINNEAPOLIS,MN55402
SONNY MILLER PRES/TREAS/SECRETARY/DIRECTOR
1.00 		20,000 0 0
50 SOUTH SIXTH STREET SUITE 1500
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
POWERED BY SHAKTI LLC PHILANTHROPIC ADVISORY SERVICES 351,010
1021 CRITTENDEN STREET NE
WASHINGTON,DC20017
CAMBRIDGE ASSOCIATES INVESTMENT ADVISORY SERVICES 267,606
115 FEDERAL STREET SUITE 2600
BOSTON,MA021102112
GMA FOUNDATIONS PHILANTHROPIC ADVISORY SERVICES 204,833
2 LIBERTY SQ 500
BOSTON,MA02109
CBK PHILANTHROPY LLC PHILANTHROPIC ADVISORY SERVICES 112,517
15 MAPLEFIELD
PLEASANT RIDGE,MI48069
US BANK FINANCIAL SERVICES 97,166
1555 N RIVERCENTER DR SUITE 300
MILWAUKEE,WI53212
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
53,427,798
b
Average of monthly cash balances.......................
1b
2,526,676
c
Fair market value of all other assets (see instructions)................
1c
59,030,342
d
Total (add lines 1a, b, and c).........................
1d
114,984,816
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
114,984,816
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
1,724,772
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
113,260,044
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
5,663,002
Part X
Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
1
Minimum investment return from Part IX, line 6..................
1
5,663,002
2a
Tax on investment income for 2024 from Part V, line 5 .......
2a
162,239
b
Income tax for 2024. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
162,239
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
5,500,763
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
5,500,763
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
5,500,763
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
14,912,083
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
14,912,083
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 5,500,763
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...... 2,291,320
e From 2023...... 2,075,341
f Total of lines 3a through e ........ 4,366,661
4Qualifying distributions for 2024 from Part
XI, line 4: right arrow$ 14,912,083
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..... 5,500,763
e Remaining amount distributed out of corpus 9,411,320
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 13,777,981
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 ...... 		13,777,981
10 Analysis of line 9:
a Excess from 2020....  
b Excess from 2021....  
c Excess from 2022.... 2,291,320
d Excess from 2023.... 2,075,341
e Excess from 2024.... 9,411,320
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

PO BOX 770001
CINCINNATI,OH452770053 		N/A PC GENERAL OPERATIONS 14,155,000
Total .................................right arrow 3a 14,155,000
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 ........... 		         
4 Dividends and interest from securities ....     14 1,305,039  
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 .....     18 29,489  
8 Gain or (loss) from sales of assets other than
inventory ............ 		    18 8,940,917  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aFEDERAL TAX REFUND 		    01 1,487  
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. 0 10,276,932 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
10,276,932
(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:
KAENA FOUNDATION
EIN:
46-2692867
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING FEES 75,242 55,940   10,474

TY 2024 InvestmentsCorpStockSchedule
Name:
KAENA FOUNDATION
EIN:
46-2692867
Name of Stock End of Year Book Value End of Year Fair Market Value
ABBOTT LABORATORIES 59,307 56,006
ABBVIE INC 36,582 35,918
AEP TRANSMISSION CO LLC 59,538 57,174
ALEXANDRIA REAL ESTATE EQUITIES 42,268 34,454
ALIGN TECHNOLOGY INC 111,430 90,285
AMERICAN TOWER CORP 37,413 33,861
AMERISAFE INC 44,991 43,036
AMGEN INC 43,571 44,668
AMN HEALTHCARE SVCS INC 77,517 24,638
ANTHEM INC 123,970 107,498
AON CORP AON GLOBAL HLDGS 57,881 55,022
ARES CAPITAL CORP 29,618 48,158
ASTRAZENECA PLC SR 36,977 35,965
AT T INC 56,286 56,422
BANK OF AMERICA CORP 161,337 134,166
BLOCK INC CL A 270,596 255,905
CARRIER GLOBAL CORPORATION 13,577 13,616
CITIGROUP INC 184,274 160,078
COMCAST CORP 58,718 55,747
CONSENSUS CLOUD SOLUTIONS INC COM 19,952 20,162
COSTAR GROUP INC 31,970 47,965
CVS HEALTH CORP 40,292 37,105
DIGITALBRIDGE GROUP INC 124,775 101,971
DTE ELECTRIC CO 81,523 83,734
ELEMENT SOLUTIONS INC 42,352 100,321
ENBRIDGE INC 74,904 75,779
ENERSYS 66,823 103,059
EQUINIX INC 47,024 41,370
ETSY INC 179,056 132,384
EVERSOURCE ENERGY 108,959 91,518
FIFTH THIRD BANCORP 63,413 65,139
FIRSTCASH HLDGS INC 52,677 81,844
GARRETT MOTION INC 88,194 102,310
GOLDMAN SACHS GROUP INC 77,268 82,526
HANESBRANDS INC 81,549 101,954
HOWARD HUGHES HOLDINGS INC 33,457 51,921
HUDSON TECHNOLOGIES INC 61,796 33,954
INTERACTIVE BROKERS GROUP INC CL A 66,881 197,517
INTERNATIONAL MONEY EXPRESS 102,846 106,545
JOHN DEERE CAPITAL CORPORATION 109,160 105,818
JPMORGAN CHASE CO 72,531 70,238
K FORCE INC 88,041 82,499
KEMPER CORP 92,502 111,619
KEURIG DR PEPPER INC 117,085 97,351
LINCOLN NATIONAL CORP 32,600 27,006
LOCKHEED MARTIN CORP 56,766 53,613
MARRIOTT VACATIONS WORLD 54,303 58,370
MEDTRONIC GLOBAL HLDGS 76,762 79,002
MERCK CO INC 57,926 54,209
MORGAN STANLEY 74,105 74,047
MSC INDL DIRECT CO INC CL A 45,007 56,018
NEXTERA ENERGY CAP HLDGS INC 105,276 99,213
NV5 GLOBAL INC 22,655 37,303
ONESPAWORLD HOLDINGS LTD 61,927 175,618
PEGASYSTEMS INC 134,974 270,187
PLAYA HOTELS RESORTS NV 34,662 49,715
PUBLIC SERVICE ELECTRIC 42,998 41,025
ROYAL BK CDA FR 112,915 113,597
RUSH ENTERPRISES INC 37,515 119,990
SEMPRA 114,164 100,371
SHOE CARNIVAL INC 23,994 35,892
STATE STR CORP 79,327 80,791
THERMO FISHER SCIENTIFIC INC 40,228 38,675
THERMON GROUP HOLDINGS INC 50,798 85,878
TOTAL CAPITAL SA 104,167 97,219
TREEHOUSE FOODS INC 73,482 64,112
TRUIST FINANCIAL CORP 109,298 111,247
UNIFIRST CORP MASS 35,437 37,640
UNITED PARCEL SVCS INC 35,964 34,107
UNITEDHEALTH GROUP INC 27,839 27,072
UPLAND SOFTWARE INC 66,985 26,018
VERTIV HOLDINGS CO 22,098 205,634
WAYFAIR INC CLASS A 60,907 47,821
WELL TOWER INC 36,639 39,159
WESCO INTL INC COM 45,408 181,865
WORKDAY INC 110,373 171,848
ZEBRA TECHNOLOGIES CORPORATION CL A 86,613 144,833

TY 2024 InvestmentsGovtObligationsSch
Name:
KAENA FOUNDATION
EIN:
46-2692867
US Government Securities - End of Year Book Value:

6,982,934
US Government Securities - End of Year Fair Market Value:

6,879,580
State & Local Government Securities - End of Year Book Value:


1,166,823
State & Local Government Securities - End of Year Fair Market Value:


1,135,950


TY 2024 InvestmentsOtherSchedule2
Name:
KAENA FOUNDATION
EIN:
46-2692867
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
AMG FRONTIER SMALL CAP GROWTH Z AT COST 2,580,717 2,246,951
ARTISAN INTL VALUE FUND INS AT COST 551,926 607,815
DFA EMERGING MARKETS VALUE AT COST 3,932,941 4,093,330
FUND 1 AT COST 1,345,669 1,493,592
FUND 10 AT COST 3,850,000 5,806,546
FUND 12 AT COST 1,000,000 1,046,700
FUND 15 AT COST 27,781 27,781
FUND 16 AT COST 936,884 1,395,598
FUND 17 AT COST 1,200,000 1,326,167
FUND 18 AT COST 1,060,090 1,422,018
FUND 19 AT COST 372,989 710,517
FUND 2 AT COST 1,635,784 2,334,630
FUND 20 AT COST 410,936 315,882
FUND 21 AT COST 89,858 51,057
FUND 22 AT COST 84,070 224,944
FUND 24 AT COST 729,300 552,446
FUND 25 AT COST 437,000 295,294
FUND 26 AT COST 1,300,000 3,087,781
FUND 27 AT COST 200,000 168,110
FUND 28 AT COST 1,261,435 3,004,619
FUND 29 AT COST 3,124,023 5,753,205
FUND 3 AT COST 124,554 1,419,416
FUND 31 AT COST 84,950 84,950
FUND 32 AT COST 90,454 110,082
FUND 33 AT COST 335,000 329,978
FUND 34 AT COST 479,782 741,554
FUND 35 AT COST 560,000 492,623
FUND 36 AT COST 1,900,000 2,708,707
FUND 37 AT COST 564,180 796,346
FUND 38 AT COST 968,467 1,127,210
FUND 39 AT COST 270,000 238,861
FUND 4 AT COST 159,495 102,359
FUND 40 AT COST 497,495 370,895
FUND 41 AT COST 973,954 1,006,944
FUND 43 AT COST 2,208,793 2,571,049
FUND 44 AT COST 1,708,980 2,177,021
FUND 45 AT COST 428,420 1,019,567
FUND 46 AT COST 515,900 1,147,311
FUND 47 AT COST 84 115
FUND 48 AT COST 74,836 89,331
FUND 49 AT COST 642,910 625,444
FUND 5 AT COST 210,000 99,720
FUND 50 AT COST 0 371,689
FUND 51 AT COST 1,200,000 1,517,737
FUND 54 AT COST 1,000,000 952,052
FUND 55 AT COST 2,400,000 2,400,000
FUND 56 AT COST 1,200,000 1,340,325
FUND 57 AT COST 1,900,000 1,888,079
FUND 58 AT COST 1,200,000 1,267,251
FUND 6 AT COST 2,062,500 3,892,285
FUND 7 AT COST 1,200,000 1,389,363
FUND 8 AT COST 600,000 1,365,245
FUND 9 AT COST 1,028,696 1,362,938
GMO CLIMATE CHANGE FUND CLASS III AT COST 1,040,384 734,481
GQG PARTNERS US SELECT QUALITY EQ AT COST 1,140,217 2,053,691
ISHARES CORE MSCI EMERGING MKTS AT COST 1,992,873 1,868,327
ISHARES CORE U.S. AGGREGATE BOND AT COST 1,090,325 1,089,156
LSV VALUE EQUITY FUND AT COST 2,605,588 2,828,732
VANGUARD FTSE DEVELOPED MARKETS AT COST 51,801 54,180
VANGUARD S P 500 ETF AT COST 2,926,182 3,119,710
VANGUARD TOTAL WORLD STOCK INDEX AT COST 803,842 857,956

TY 2024 LegalFeesSchedule
Name:
KAENA FOUNDATION
EIN:
46-2692867
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
LEGAL FEES 39,144 19,572   19,572


TY 2024 OtherExpensesSchedule
Name:
KAENA FOUNDATION
EIN:
46-2692867
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
OTHER EXPENSES (BANK CHARGES, CELL PHONE EXP) 488 244   244
MINNESOTA FILING FEE 25 0   25
INSURANCE 4,020 2,010   2,010


TY 2024 OtherIncomeSchedule2
Name:
KAENA FOUNDATION
EIN:
46-2692867
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
OTHER INCOME FROM SCHEDULE K-1'S 0 739,936 0
DIVIDENDS FROM FOREIGN CORPORATIONS 0 1,202,263 0
HOLDBACK DISTRIBUTION FROM FUND 15 29,489 29,489 29,489
FEDERAL TAX REFUND 1,487   1,487


TY 2024 OtherProfessionalFeesSchedule
Name:
KAENA FOUNDATION
EIN:
46-2692867
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
PHILANTHROPIC ADVISORY FEE - 1 112,517 0   112,517
GRANTS MANAGEMENT SOFTWARE 12,100 0   12,100
ACCOUNT 3 BANK FEES 97,166 97,166   0
INVESTMENT ADVISORY FEES 267,606 267,606   0
PHILANTHROPIC ADVISORY FEE - 2 351,010 0   351,010
PHILANTHROPIC ADVISORY FEE - 3 204,833 0   204,833
ACCOUNT 2 INVESTMENT ADVISORY FEES 20,746 20,746   0


TY 2024 TaxesSchedule
Name:
KAENA FOUNDATION
EIN:
46-2692867
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNT 3 FOREIGN TAXES PAID 0 31,706   0
ACCOUNT 2 FOREIGN TAXES PAID 1,320 1,320   0