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
GRAY MATTERS CAPITAL INC
 
Number and street (or P.O. box number if mail is not delivered to street address)1000 PARKWOOD CIRCLE SE 900
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
ATLANTA, GA30339
A Employer identification number

20-5176973
B Telephone number (see instructions)

(404) 458-4153
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$52,070,429J 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) 175,000
2 Check right arrow.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 521,472 521,472 521,472
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 356
b Gross sales price for all assets on line 6a 367
7 Capital gain net income (from Part IV, line 2)... 356
8 Net short-term capital gain......... 0
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
7,794 7,794 7,794
12 Total. Add lines 1 through 11........ 704,622 529,622 529,266
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 189,238 189,238 18,938 0
14 Other employee salaries and wages...... 175,519 106,375 106,375 69,144
15 Pension plans, employee benefits....... 89,126 89,126 89,126 0
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
55,032 10,238 10,238 44,794
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
21,512 21,512 21,512 0
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
55,877 8,022 8,022 47,855
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
67,188 67,188 65,755 0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
104,631 39,000 39,000 65,631
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 758,123 530,699 358,966 227,424
25 Contributions, gifts, grants paid....... 0 0
26 Total expenses and disbursements. Add lines 24 and 25 758,123 530,699 358,966 227,424
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -53,501
b Net investment income (if negative, enter -0-) 0
c Adjusted net income (if negative, enter -0-)... 170,300
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............. 6,294,612 1,363,673 1,363,673
2 Savings and temporary cash investments.........      
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 arrow2,978,072
Less: allowance for doubtful accounts right arrow0 4,548,307 2,978,072 2,978,072
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule) 0 Click to see attachment
List of Attached Documents:
// Content
7,369,746 		7,369,746
b Investments—corporate stock (attach schedule).......      
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).......... 40,672,018 Click to see attachment
List of Attached Documents:
// Content
40,358,938 		40,358,938
14 Land, buildings, and equipment: basis right arrow20,239
Less: accumulated depreciation (attach schedule) right arrow20,239      
15 Other assets (describe right arrow)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 51,514,937 52,070,429 52,070,429
Liabilities 17 Accounts payable and accrued expenses..........   11,221
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) Click to see attachment
List of Attached Documents:
// Content
7,820,381 		Click to see attachment
List of Attached Documents:
// Content
8,440,107
23 Total liabilities (add lines 17 through 22)......... 7,820,381 8,451,328
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 43,694,556 43,619,101
29 Total net assets or fund balances (see instructions)..... 43,694,556 43,619,101
30 Total liabilities and net assets/fund balances (see instructions). 51,514,937 52,070,429
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
43,694,556
2
Enter amount from Part I, line 27a .....................
2
-53,501
3
Other increases not included in line 2 (itemize) right arrow
3
0
4
Add lines 1, 2, and 3 ..........................
4
43,641,055
5
Decreases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
5
21,954
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
43,619,101
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 THROUGH PASSTHROUGH P   2024-12-31
b THROUGH PASSTHROUGH P   2024-12-31
c
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 367     367
b     11 -11
c
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       367
b       -11
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 356
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 -11
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 0
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 0
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 0
6 Credits/Payments:
a 2024 estimated tax payments and 2023 overpayment credited to 2024 6a 36,939
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 36,939
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 36,939
11 Enter the amount of line 10 to be: Credited to 2025 estimated taxright arrow36,939 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
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
right arrowGA
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
Yes
 
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 arrowWWW.GRAYMATTERSCAP.COM
14
The books are in care ofright arrowLAURA W PUTZ Telephone no.right arrow (404) 218-1180

Located atright arrow1000 PARKWOOD CIRCLE SE SUITE 900ATLANTAGA ZIP+4right arrow30339
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? .................
16Yes  
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country right arrowMP
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)
Yes
 
(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
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)
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
ROBERT A PATTILLO DIRECTOR
1.00 		0 0 0
1000 PARKWOOD CIRCLE SE SUITE 900
ATLANTA,GA30339
LAURA W PUTZ VICE PRESIDENT
40.00 		99,680 4,984 0
1000 PARKWOOD CIRCLE SE SUITE 900
ATLANTA,GA30339
CLAY REESE SECRETARY
1.00 		0 0 0
1000 PARKWOOD CIRCLE SE SUITE 900
ATLANTA,GA30339
SMITA SIRCAR DIRECTOR/CHARIMAN/PRESIDENT
40.00 		0 0 0
1000 PARKWOOD CIRCLE SE SUITE 900
ATLANTA,GA30339
JENNIFER SOLTIS VICE PRESIDENT
40.00 		75,431 811 0
1000 PARKWOOD CIRCLE SE SUITE 900
ATLANTA,GA30339
GILBERT CRAWFORD DIRECTOR/CHAIRMAN
1.00 		8,333 0 0
1000 PARKWOOD CIRCLE SE SUITE 900
ATLANTA,GA30339
RAUNAK SINGHVI DIRECTOR/CEO
40.00 		0 0 0
1000 PARKWOOD CIRCLE SE SUITE 900
ATLANTA,GA30339
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
BLUE EARTH CONSULTING FZ-LLC INVESTMENT MANAGEMENT SERVICES 122,797
FDCW1372 COMPASS BUILDING AL
SHIHADA RD
KHAIMAH    
AE
SMITA SICAR BUSINESS SUPPORT SERVICES 51,600
40/12 CHITTARANJAN PARK
NEW DELHI    
IN
RAUNAK SINGHVI BUSINESS SUPPORT SERVICES 51,600
A-37 A SHASTRI NAGAR JODHPUR
RAJASTHAN    
IN
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 THE EDUCATION FUND/ASIA & AFRICA: VARIOUS INVESTMENTS AND OPERATIONS WITH SOCIAL ENTERPRISES FOCUSED ON BRINGING AND IMPROVING EDUCATION ACCESS AND QUALITY TO THE BOTTOM OF THE PYRAMID IN INDIA AND EXPLORING REPLICATION SUCCESSFUL EDUCATION INVESTMENTS IN OTHER COUNTRIES. 369,920
2 GMC FUND: A PORTFOLIO OF PRI INVESTMENTS AIMED AT COMPANIES THAT USE MARKET-BASED SOLUTIONS TO ADDRESS SOCIAL AND ECONOMIC PROBLEMS IN LOW-INCOME COMMUNITIES. 78,355
3 GMC COLABS: AN EARLY STAGE INVESTMENT PORTFOLIO SEEKING TO INVEST IN BOLD, INNOVATIVE, AND WIDELY SCALABLE SOCIAL ENTERPRISES THAT HAVE THE POTENTIAL TO DRAMATICALLY IMPROVE THE LIVES OF WOMEN AND GIRLS AROUND THE WORLD. 25,429
4 THE EDUCATION FUND/LATAM: VARIOUS INVESTMENTS AND OPERATIONS WITH SOCIAL ENTERPRISES FOCUSED ON BRINGING AND IMPROVING EDUCATION ACCESS AND QUALITY TO THE BOTTOM OF THE PYRAMID IN LATIN AMERICA. 25,279
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 LOAN TO EKAGRATA 500,000
2 INVESTMENT IN KIDO ENTERPRISE PRIVATE LIMITED 153,118
All other program-related investments. See instructions.
3 Click to see attachment
List of Attached Documents:
// Content
91,280
Total. Add lines 1 through 3.........................right arrow744,398
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
0
b
Average of monthly cash balances.......................
1b
4,860,667
c
Fair market value of all other assets (see instructions)................
1c
287,663
d
Total (add lines 1a, b, and c).........................
1d
5,148,330
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
5,148,330
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
77,225
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
5,071,105
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
253,555
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
 
2a
Tax on investment income for 2024 from Part V, line 5 .......
2a
 
b
Income tax for 2024. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
 
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
 
4
Recoveries of amounts treated as qualifying distributions................
4
 
5
Add lines 3 and 4............................
5
 
6
Deduction from distributable amount (see instructions).................
6
 
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
 
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
227,424
b
Program-related investments—total from Part VIII-B..................
1b
744,398
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
971,822
Form 990-PF (2024)
Form 990-PF (2024)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2023 		(c)
2023 		(d)
2024
1 Distributable amount for 2024 from Part X, line 7  
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only.......  
b Total for prior years:20 , 20, 20  
3 Excess distributions carryover, if any, to 2024:
a From 2019......  
b From 2020......  
c From 2021......  
d From 2022......  
e From 2023......  
f Total of lines 3a through e ........  
4Qualifying distributions for 2024 from Part
XI, line 4: right arrow$  
a Applied to 2023, but not more than line 2a  
b Applied to undistributed income of prior years
(Election required—see instructions)..... 		 
c Treated as distributions out of corpus (Election
required—see instructions)........ 		 
d Applied to 2024 distributable amount.....  
e Remaining amount distributed out of corpus  
5 Excess distributions carryover applied to 2024.    
(If an amount appears in column (d), the
same amount must be shown in column (a).)
6Enter the net total of each column as
indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5  
b Prior years’ undistributed income. Subtract
line 4b from line 2b .......... 		 
c Enter the amount of prior years’ undistributed
income for which a notice of deficiency has
been issued, or on which the section 4942(a)
tax has been previously assessed...... 		 
d Subtract line 6c from line 6b. Taxable amount
—see instructions ........... 		 
e Undistributed income for 2023. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		 
f Undistributed income for 2024. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2025 .......... 		 
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		 
8 Excess distributions carryover from 2019 not
applied on line 5 or line 7 (see instructions) ... 		 
9 Excess distributions carryover to 2025.
Subtract lines 7 and 8 from line 6a ...... 		 
10 Analysis of line 9:
a Excess from 2020....  
b Excess from 2021....  
c Excess from 2022....  
d Excess from 2023....  
e Excess from 2024....  
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
2006-07-11
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
170,300 0 0 71,507 241,807
b 85% (0.85) of line 2a ......... 144,755 0 0 60,781 205,536
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		971,822 4,800,280 2,258,906 150,640 8,181,648
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		0 0 22,000 65,640 87,640
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		971,822 4,800,280 2,236,906 85,000 8,094,008
3 Complete 3a, b, or c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......         0
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		         0
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		169,037 132,066 94,271 47,671 443,045
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) .... 		        0
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		        0
(3) Largest amount of support
from an exempt organization		         0
(4) Gross investment income         0
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).)
ROBERT A PATTILLO
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
Total .................................right arrow 3a 0
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 ....     14 521,472  
5 Net rental income or (loss) from real estate:
aDebt-financed property......          
bNot debt-financed property.....          
6 Net rental income or (loss) from personal property          
7 Other investment income .....     14 7,794  
8 Gain or (loss) from sales of assets other than
inventory ............ 		    18 356  
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) .. 0 529,622 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
529,622
(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
Schedule B
(Form 990)
(Rev. January 2025)
Department of the Treasury
Internal Revenue Service
Schedule of Contributors

right arrow Attach to Form 990, 990-EZ, or 990-PF.
right arrow Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
Name of the organization
GRAY MATTERS CAPITAL INC
 
Employer identification number

20-5176973
Organization type (check one):
Filers of:
Section:
Form 990 or 990-EZ
501(c)( ) (enter number) organization

4947(a)(1) nonexempt charitable trust not treated as a private foundation

527 political organization


Form 990-PF
501(c)(3) exempt private foundation

4947(a)(1) nonexempt charitable trust treated as a private foundation

501(c)(3) taxable private foundation
Check if your organization is covered by the General Rule or a Special Rule.  
Note:  Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
General Rule
For an organization filing Form 990, 990-EZ, or 990-PF that received, during the year, contributions totaling $5,000 or more (in money or other property) from any one contributor. Complete Parts I and II. See instructions for determining a contributor's total contributions.
Special Rules
For an organization described in section 501(c)(3) filing Form 990 or 990-EZ that met the 331/3% support test of the regulations
under sections 509(a)(1) and 170(b)(1)(A)(vi), that checked Schedule A (Form 990 or 990-EZ), Part II, line 13, 16a, or 16b, and that received from any one contributor, during the year, total contributions of the greater of (1) $5,000 or (2) 2% of the amount on (i) Form 990, Part VIII, line 1h, or (ii) Form 990-EZ, line 1. Complete Parts I and II.
For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, total contributions of more than $1,000 exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals. Complete Parts I, II, and III.
For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, contributions exclusively for religious, charitable, etc., purposes, but no such contributions totaled more than $1,000. If this box is checked, enter here the total contributions that were received during the year for an exclusively religious, charitable, etc., purpose. Don't complete any of the parts unless the General Rule applies to this organization because it received nonexclusively religious, charitable, etc., contributions totaling $5,000 or more during the year ......... Right Arrow $  
Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).
For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.
Cat. No. 30613XSchedule B (Form 990) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 1-2025) Page 2
Name of organization
GRAY MATTERS CAPITAL INC
  		Employer identification number
20-5176973
Part I
Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
1
GRAY GHOST VENTURES SOCIAL INVESTMENTS HOLDING LLC
 
1000 PARKWOOD CIRCLE SE SUITE 900
 
ATLANTA, GA30339

$ 175,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
Schedule B (Form 990) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 1-2025)
Page 3
Name of organization
GRAY MATTERS CAPITAL INC
  		Employer identification number

20-5176973
Part II
Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
Schedule B (Form 990) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 1-2025)
Page 4
Name of organization
GRAY MATTERS CAPITAL INC
  		Employer identification number

20-5176973
Part III
Exclusively religious, charitable, etc., contributions to organizations described in section 501(c) (7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $  
Use duplicate copies of Part III if additional space is needed.
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
Schedule B (Form 990) (Rev. 1-2025)
Additional Data


Software ID:  
Software Version:  

TY 2024 AccountingFeesSchedule
Name:
GRAY MATTERS CAPITAL INC
EIN:
20-5176973
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING FEES 21,512 21,512 21,512 0

TY 2024 AllOthProgRltdInvestmentsSch
Name:
GRAY MATTERS CAPITAL INC
EIN:
20-5176973
Category Amount
INVESTMENT IN ISFC 13,700
INVESTMENT IN RECULTA SOLUTIONS PRV LTD 800
INVESTMENT IN BLINC INVESTMENT 76,780

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

TY 2024 ExpenditureResponsibilityStmt
Name:
GRAY MATTERS CAPITAL INC
EIN:
20-5176973
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
ISFC (INDIAN SCHOOL FINANCE COMPANY PRIVATE LIMITED)
  		UNIT NO 8-2-269/2/52 1ST FLOOR PLOT
NO 52 SAG
HYDERABAD,TELANGANA500034
IN 		2020-05-15 5,013,700 PRI INVESTMENT - TO SUPPORT ISFC IN ITS MISSION OF EMPOWERING WOMEN AND UNDERSERVED COMMUNITIES BY PROVIDING FINANCIAL SOLUTIONS FOR EMPLOYABILITY, LIVELIHOODS, SKILLING AND CREDIT ACCESS WITH A FOCUS ON AFFORDABLE PRIVATE SCHOOLS. 13,700 NONE 6/21/2024   INVESTMENT CONTINUING TO COMPLYING WITH AGREED UPON PROGRAM RELATED MISSION
GRAY GHOST VENTURES EDUCATION HOLDINGS LLC
  		1000 PARKWOOD CIRCLE SE SUITE 900
ATLANTA,GA30339 		2011-01-01 12,667,678 PRI INVESTMENT - TO FURTHER GMC'S MISSION TO POSTIVELY IMPACT WOMEN AND EDUCATION IN THE DEVELOPING WORLD WITH FOCUSING ON SCHOOL FINANCE.   NONE     INVESTMENT CONTINUING TO COMPLYING WITH AGREED UPON PROGRAM RELATED MISSION
GRAY GHOST VENTURES SOCIAL INVESTMENT HOLDINGS
  		1000 PARKWOOD CIRCLE SE SUITE 900
ATLANTA,GA30339 		2020-01-01 4,080,000 PRI INVESTMENT - TO FURTHER GMC'S MISSION TO POSTIVELY IMPACT ACCESS AND EDUCATION IN THE DEVELOPING WORLD.   NONE 7/31/2025   INVESTMENT CONTINUING TO COMPLYING WITH AGREED UPON PROGRAM RELATED MISSION
EDUCATION CATALYST FUND OR ECF
  		602 HALLMARK BUSINESS PLAZA SANT
DNYANESHWAR MAR
MUMBAI,MAHARASHTRA400051
IN 		2017-06-30 3,738,704 PRI INVESTMENT - TO SUPPORT ECF IN INVESTING AND FUNDING EDUCATION AND SKILL TRAINING ENTERPISES IN INDIA   NONE 9/24/2025   INVESTMENT CONTINUING TO COMPLYING WITH AGREED UPON PROGRAM RELATED MISSION
HIPOCAMPUS (HIPOCAMPUS CENTROS DE APRENDIZAJE SAPI DE CV)
  		COLIMA 220 INT 101 COLONIC ROMA
NORTE DELEGACIO
MEXICO CITY   06700
MX 		2025-06-16 498,491 PRI INVESTMENT - TO SUPPORT HIPOCAMPUS IN ITS MISSION TO INCREASE ACCESS TO HIGH-QUALITY CHILDCARE AND EDUCATIONS SERVICES FOR CHILDREN IN MEXICO.   NONE     INVESTMENT CONTINUING TO COMPLYING WITH AGREED UPON PROGRAM RELATED MISSION
SONOCARE (SOLARIS INTEGRATED SERVICES)
  		3 DIDI MC CLOSE
PORT HARCOURT,WOJI  
NI 		2018-11-02 150,000 PRI INVESTMENT - TO SUPPORT SONOCARE IN ITS MISSION TO BRING MOBILE DIAGNOSTIC IMAGING TO SITES IN NIGERIA TO POSITIVELY IMPACT THE LIVES OF WOMEN.   NONE     INVESTMENT CONTINUING TO COMPLYING WITH AGREED UPON PROGRAM RELATED MISSION
TAIMBA LIMITED
  		PO BOX 2630
VILLAGE MARKET   00621
KE 		2019-06-11 105,000 PRI INVESTMENT - TO SUPPORT TAIMBA IN ITS MISSION TO SIMPLIFY THE FARM TO MARKET BUSINESS MODEL FOR FARMERS BY MAKING IT EASIER FOR THEM TO CONNECT DIRECTLY WITH RETAILERS IN KENYA.   NONE     INVESTMENT CONTINUING TO COMPLYING WITH AGREED UPON PROGRAM RELATED MISSION
FARMSHINE (PP SHERPAS LTD)
  		PO BOX 23194
NAIROBI   00604
KE 		2019-09-26 250,000 PRI INVESTMENT - TO SUPPORT FARMSHINE IN ADVANCING ITS GLOBAL AGRICULTURE PLATFORM TO CONNECT FARMERS, BUYERS AND SERVICE PROVIDERS TO FACILITATE TRADE ON MUTUALLY BENEFICIAL TERMS IN KENYA.   NONE     INVESTMENT CONTINUING TO COMPLYING WITH AGREED UPON PROGRAM RELATED MISSION
WOMENCHOICE INDUSTRIES
  		PO BOX 5730 INDEPENDENCE AVENUE
TANGA    
TZ 		2020-02-10 135,000 PRI INVESTMENT - TO SUPPORT WOMENCHOICE INDUSTRIES IN ITS OPERATIONS TO MANUFACTURE AND DISTRIBUTE LOW COST, AFFORDABLE MENSTRUAL HYGIENE MANAGEMENT IN THE DEVELOPING WORLD.   NONE     INVESTMENT CONTINUING TO COMPLYING WITH AGREED UPON PROGRAM RELATED MISSION
SHAMBE PRIDE LIMITED (FORMERLY FARMERS PRIDE LIMITED)
  		PLOT NO 345/232
NAIROBI    
KE 		2020-07-20 220,000 PRI INVESTMENT - TO SUPPORT SAMBA PRIDE IN ITS BUSINESS OF PROVIDING QUALITY AGRICULTURAL INPUR THROUGH A DIGITAL PLATFORM AND FRANCHISE NETWORD OF PHYSICAL AGRODEALER SHOPS IN KENYA.   NONE     INVESTMENT CONTINUING TO COMPLYING WITH AGREED UPON PROGRAM RELATED MISSION
CONVEGENIUS EDUCATION PRIVATE LIMTED SOLUTIONS
  		5-8-43/27 PLOT 37 38 ELITE COLONY
YAPRAL SECUN
HYDERABAD,TELANGANA500087
IN 		2021-08-18 98 PRI INVESTMENT - TO SUPPORT THE COMPANY'S MISSION AS AN EDUCATIONAL COMPANY FOCUSED ON PROVIDING ACCESS TO QUALITY EDUCATION FOR THE NEXT 1 BILLION CHILDREN ACROSS EMERGING MARKETS USING TECHNOLOGY TO BRIDGE INFORMATION AND KNOWLEDGE GAPS WITH USERS ACROSS MASSES.   NONE     INVESTMENT CONTINUING TO COMPLYING WITH AGREED UPON PROGRAM RELATED MISSION
ARED (AFRICAN RENEWABLE ENERGY DISTRIBUTOR LTD)
  		KN4AV CAR FREE ZONE
KIGALI    
RW 		2017-05-01 85,000 PRI INVESTMENT - TO SUPPORT ARED IN ITS MISSION TO DEVELOP THE BEST "BUSINESS IN A BOX" SOLAR KIOSK PLATFORM FOR THE PEOPLE THE LOW END OF THE SPECTRUM ACROSS AFRICA.   NONE     INVESTMENT CONTINUING TO COMPLYING WITH AGREED UPON PROGRAM RELATED MISSION
DOCTHERS PVT LTD
  		C4C 6TH LANE ITTEHAD COMM AREA DHA
6
KARACHI    
PK 		2017-05-01 90,000 PRI INVESTMENT - TO SUPPORT DOCTHERS IN THEIR MISSION TO COMBINE TELE-MEDICINE AND IN-PERSON CARE TO REACH THE REMOTE POPULATION.   NONE     INVESTMENT CONTINUING TO COMPLYING WITH AGREED UPON PROGRAM RELATED MISSION
LIKEU SAS
  		CALLE 67 52-20 RUTA N BUSINESS
CENTER OF
    4015
CO 		2017-07-17 100,000 PRI INVESTMENT - TO SUPPORT LIKEU IN ITS MISSION TO CONTRIBUTE TO CLOSING THE UNEMPLOYMENT GAP AND TO POSITIVELY IMPACT THE LIVES OF THOSE THEY SERVE IN COLOMBIA.   NONE     INVESTMENT CONTINUING TO COMPLYING WITH AGREED UPON PROGRAM RELATED MISSION
NEW VENTURES (CONSULTORIA EN NEGOCIOS SUTENTABLES SC))
  		CORINA 59 DEL CARMEN COYOCAN
MEXICO CITY    
MX 		2017-04-26 45,000 PRI INVESTMENT - TO SUPPORT NEW VENTURES IN ITS OPERATIONS TO PROVIDE STRATEGIC, SUPPORT, MENTORSHIP AND BUSINESS DEVELOPMENT TO SOCIAL ENTREPRENEURS IN MEXICO AND LATIN AMERICA.   NONE     INVESTMENT CONTINUING TO COMPLYING WITH AGREED UPON PROGRAM RELATED MISSION
PAIRIN INC
  		1550 WEWATTA ST SUITE 200
DENVER,CO80202 		2016-10-28 224,096 PRI INVESTMENT - TO SUPPORT PAIRIN IN ITS OPERATIONS TO FACILITATE PERSONALIZED WORKFORCE AND EDUCATION CONNECTIONS TO FOSTER REWARDING AND RELEVANT JOURNEYS FOR STUDENTS AND JOB SEEKERS.   NONE     INVESTMENT CONTINUING TO COMPLYING WITH AGREED UPON PROGRAM RELATED MISSION
BLINC INVESTMENT (BLINC FUND)
  		15/454 NAVNIRMATA CHS LTD SIDDHART
NAGAR SV RO
MUMBAI,MAHARASHTRA400104
IN 		2022-04-05 453,489 PRI INVESTMENT - TO SUPPORT BLINC IN INVESTING AND FUNDING EARLY-STAGE STARTUPS IN THE EDUCATION (EDTECH) AND FINANCIAL SERVICES (FINTECH) IN INDIA. 76,780 NONE 11/11/2024   INVESTMENT CONTINUING TO COMPLYING WITH AGREED UPON PROGRAM RELATED MISSION
KIDO ENTERPRISE PRIVATE LIMITED
  		INDUSTRIAL PLOT NO 19-A SY NO 36 37
131 KUM
BANGALORE,KARNATAKA560044
IN 		2022-03-30 447,733 PRI INVESTMENT - TO SUPPORT KIDO'S OPERATIONS TO PROVIDE EDUCATIONAL PRODUCTS TO MIDDLE INCOME AND LOWER INCOME SCHOOLS (AFFORDABLE PRIVATE SCHOOLS) IN INDIA. 153,118 NONE     INVESTMENT CONTINUING TO COMPLYING WITH AGREED UPON PROGRAM RELATED MISSION
MEDHAVI PROFESSIONAL SERVICES PRIVATE LIMITED (IDREAMCAREER OR IDC)
  		3RD FLOOR 59 9TH MAID RD STAGE 2
ESHWARA LAYOU
BANGALORE,KARNATAKA560008
IN 		2022-03-21 261,072 PRI INVESTMENT - TO SUPPORT IDC'S OPERATIONS TO PROVIDE PRODUCTS AND SERVICES IN THE FIELD OF CAREER INFORMATION, CAREER COUNSELING, CAREER GUIDANCE/ASSESSMENTS TESTS, COLLEGE ADMISSTIONS FOR COLLEGES AND ACNILLARY SERVICES TO CUSTOMERS/USERS/STUDENTS THROUGH OFFLINE AND ONLINE MODES IN INDIA.   NONE 9/7/2023   INVESTMENT CONTINUING TO COMPLYING WITH AGREED UPON PROGRAM RELATED MISSION
UFABER EDUTECH PRIVATE LIMITED (UFABER)
  		UNIT NO 1-A GLOBAL 1 LBS MARG KURL
WEST MUMBAI
MUMBAI,MAHARASHTRA400070
IN 		2023-01-25 1,068,647 PRI INVESTMENT - TO SUPPORT UFABER'S OPERATIONS TO PROVIDE CUSTOMIZED TRAINING FOR STUDENTS THROUGH LIVE 1:1 SESSION AND INHOUSE SUPPLY OF TEACHERS WITH A FOCUS ON LEARNING ENGLISH IN INDIA.   NONE 3/31/2024   INVESTMENT CONTINUING TO COMPLYING WITH AGREED UPON PROGRAM RELATED MISSION
CONVEGENIUS INTERNATIONAL HOLDINGS PTE LTD (CONVEGENIUS OR CVG)
  		160 ROBINSON ROAD 14-04
    068914
SN 		2023-04-18 500,000 PRI INVESTMENT - TO SUPPORT CVG'S OPERATIONS AS AN AI ENABLED EDUCATIONAL COMPANY FOCUSED ON PROVIDING ACCESS TO QUALITY EDUCATION FOR THE NEXT 1 BILLION CHILDREN ACROSS EMERGING MARKETS USING TECHNOLOGY TO BRIDGE INFORMATION AND KNOWLEDGE GAPS WITH USERS ACROSS MASSES.   NONE     INVESTMENT CONTINUING TO COMPLYING WITH AGREED UPON PROGRAM RELATED MISSION
FINAGG TECHNOLOGIES PRIVATE LIMITED (FINAGG)
  		C193 FIRST FLOOR ANAND VIHAR NA
EAST DELHI,DELHI110092
IN 		2023-10-04 500,000 PRI INVESTMENT - TO SUPPORT FINAGG TO PROMOTE MSME BUSINESS GROWTH THROUGH CREDIT AND TECHNOLOGICAL INTERGRATION IN INDIA.   NONE     INVESTMENT CONTINUING TO COMPLYING WITH AGREED UPON PROGRAM RELATED MISSION
RECULTA SOLUTIONS PRIVATE LIMITED (PICK MY WORK)
  		B1/H3 MOHAN CO-OPERATIVE INDUSTRIAL
AREA MATHURA
NEW DELHI,DELHI110044
IN 		2023-10-07 51,130 PRI INVESTMENT - TO SUPPORT PICKMYWORK'S OPERATIONS IN HIRING WOMEN FOR THE BUSINESS OF DESIGN, DEVELOPMENT, SALES, SERVICES AND MARKETING OF SOFTEARE APPLICATIONS AND SOLUTIONS, MOBILE APPLICATIONS INCLUDING SOFTWARE APPLICATION FOR WRITTEN COMMUNICATION IN INDIA 800 NONE     INVESTMENT CONTINUING TO COMPLYING WITH AGREED UPON PROGRAM RELATED MISSION
EZ VIDYA PRIVATE LIMITED (CHRYSALLIS)
  		NO 61 KAMDAR NAGAR 2ND STREET
NUNGAMBAKKAM
CHENNAI,TAMIL NADU600034
IN 		2023-05-23 512,500 PRI INVESTMENT - TO SUPPORT CHRYSALLIS IN ITS OPERATIONS TO PROVIDE ACTIVITY BASED LEARNING AND OTHER EDUCATIONAL SERVICES TO EDUCATIONAL INSTITUTIONS INCLUDING AFFORDABLE PRIVATE SCHOOLS IN INDIA. 512,500 NONE 7/30/2025   INVESTMENT CONTINUING TO COMPLYING WITH AGREED UPON PROGRAM RELATED MISSION
LABOURNET SERVICES INDIA PRIVATE LIMITED (LABOURNET)
  		25/1-4 9TH CROSS MARENAHALLI PALYA
JP NAGAR 2
BANGALORE,KARNATAKA560078
IN 		2024-01-03 500,000 PRI INVESTMENT - TO SUPPORT LABOURNET IN ITS BUSINESS OF PROVIDING VOCATIONAL TRAINING AND JOBS FOR WOMEN AND OTHER UNEMPLOYED IN THE UNORGANIZED AND LOW INCOME SECTORS IN THE DEVELOPING WORLD.   NONE     INVESTMENT CONTINUING TO COMPLYING WITH AGREED UPON PROGRAM RELATED MISSION
GRAY MATTERS MAURITIUS
  		FIFTH FLOOR EBENE ESPLANADE 24 BANK
STREET
EBENE    
MP 		2012-05-15 12,145,776 PRI INVESTMENT - TO FURTHER GMC'S MISSION TO POSTIVELY IMPACT WOMEN AND EDUCATION IN THE DEVELOPING WORLD.   NONE 12/31/2024   INVESTMENT CONTINUING TO COMPLYING WITH AGREED UPON PROGRAM RELATED MISSION
EKAGRATA FINANCE PRIVATE LIMITED (MY SHRUB LIFE)
  		C/O DATASIGNS TECHNOLOGIES PVT LTD
NOVA MILLER 333 THIMMIAH ROAD
BANGALORE,VASANTH NAGAR  
IN 		2024-01-05 500,000 PRI INVESTMENT - TO SUPPORT EKAGRATA IN ITS BUSINESS OF PROVIDING A PIONEERING LENDING PLATFORM, DRIVEN BY TECHNOLOGY AND DATA SCIENCE. 500,000 NONE     INITIAL YEAR OF INVESTMENT

TY 2024 InvestmentsGovtObligationsSch
Name:
GRAY MATTERS CAPITAL INC
EIN:
20-5176973
US Government Securities - End of Year Book Value:

7,369,746
US Government Securities - End of Year Fair Market Value:

7,369,746
State & Local Government Securities - End of Year Book Value:


0
State & Local Government Securities - End of Year Fair Market Value:


0


TY 2024 InvestmentsOtherSchedule2
Name:
GRAY MATTERS CAPITAL INC
EIN:
20-5176973
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
GRAY MATTERS MAURITIUS AT COST 12,145,776 12,145,776
ISFC AT COST 5,013,700 5,013,700
GRAY GHOST VENTURES EDUCATION HOLDINGS, LLC AT COST 12,667,678 12,667,678
EDUCATION FUND AT COST 3,738,704 3,738,704
HIPOCAMPUS AT COST 498,491 498,491
SONOCARE AT COST 150,000 150,000
TAIMBA LIMITED AT COST 105,000 105,000
FARMSHINE PP SHERPAS LTD AT COST 250,000 250,000
WOMENS CHOICE INDUSTRIES AT COST 135,000 135,000
FARMERS PRIDE AT COST 220,000 220,000
CONVEGENIUS EDUCATION SOLUTIONS AT COST 98 98
ARED AT COST 85,000 85,000
DOCTHERS PVT. LTD. AT COST 90,000 90,000
LIKEU AT COST 100,000 100,000
NEW VENTURES AT COST 45,000 45,000
PAIRIN INC. AT COST 224,096 224,096
LEGACY IV AT COST 142,688 142,688
LEGACY V AT COST 121,822 121,822
BLINC INVESTMENT AT COST 453,489 453,489
KIDO ENTERPRISE PRIVATE LIMITED AT COST 447,733 447,733
MEDHAVI AT COST 261,072 261,072
UFABER EDUTECH PRIVATE LIMITED AT COST 1,912,461 1,912,461
CONVEGENIUS INTERNATIONAL AT COST 500,000 500,000
RECULTA SOLUTIONS PRIVATE LIMIT AT COST 51,130 51,130
NCD INVESTMENTS AT COST 1,000,000 1,000,000

TY 2024 LegalFeesSchedule
Name:
GRAY MATTERS CAPITAL INC
EIN:
20-5176973
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
LEGAL FEES 55,032 10,238 10,238 44,794


TY 2024 OtherDecreasesSchedule
Name:
GRAY MATTERS CAPITAL INC
EIN:
20-5176973
Description Amount
UNREALIZED GAIN/LOSS 21,954


TY 2024 OtherExpensesSchedule
Name:
GRAY MATTERS CAPITAL INC
EIN:
20-5176973
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
MANAGEMENT FEES 9,000 9,000 9,000 0
BANK SERVICE FEES 57,695 20,838 20,838 36,857
ADMINISTRATIVE EXPENSES 1,207 0 0 1,207
PAYROLL EXPENSES 1,983 654 654 1,329
INSURANCE 15,971 0 0 15,971
IT EXPENSES 15,400 5,133 5,133 10,267
ORDINARY LOSS FROM PASSTHROUGH 3,375 3,375 3,375 0


TY 2024 OtherIncomeSchedule2
Name:
GRAY MATTERS CAPITAL INC
EIN:
20-5176973
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
INVESTMENT INCOME FROM PASSTHROUGH 2,346 2,346 2,346
REFUND FOR FOREIGN TAXES 5,448 5,448 5,448


TY 2024 OtherLiabilitiesSchedule
Name:
GRAY MATTERS CAPITAL INC
EIN:
20-5176973
Description Beginning of Year - Book Value End of Year - Book Value
INVESTMENT IN GRAY GHOST MICROFINANCE FUND 5,614,263 6,281,176
INVESTMENT IN GGVSIH 2,206,118 2,158,931


TY 2024 OtherProfessionalFeesSchedule
Name:
GRAY MATTERS CAPITAL INC
EIN:
20-5176973
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
OTHER PROFESSIONAL FEES 55,877 8,022 8,022 47,855


TY 2024 TaxesSchedule
Name:
GRAY MATTERS CAPITAL INC
EIN:
20-5176973
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
PAYROLL TAX 65,755 65,755 65,755 0
FOREIGN TAXES 1,433 1,433 0 0