TY 2024 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Trust Treated as Private Foundation

Do not enter social security numbers on this form as it may be made public.
right arrow

Go to www.irs.gov/Form990PF for instructions and the latest information.

OMB No. 1545-0047

2024

Open to Public Inspection

For calendar year 2024, or tax year beginning 01-01-2024 , and ending 12-31-2024

Name of foundation
THE MORGAN E CLINE PERPETUAL
CHARITABLE FOUNDATION

Number and street (or P.O. box number if mail is not delivered to street address)217 N 13TH ST
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
CENTERVILLE, IA52544

A Employer identification number

47-7016421

B Telephone number (see instructions)

(641) 437-1025

C If exemption application is pending, check here right arrow

G Check all that apply: Initial returnInitial return of a former public charity
Final returnAmended return
Address change Name change

D 1. Foreign organizations, check here............. right arrow

2. Foreign organizations meeting the 85%
test, check here and attach computation ... right arrow

E If private foundation status was terminated
under section 507(b)(1)(A), check here ....... right arrow

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trust Other taxable private foundation

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here ....... right arrow

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16) right arrow

$15,009,936J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

	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)


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .............
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...		347,837		347,837
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10			803,672
b	Gross sales price for all assets on line 6a 5,058,005
7	Capital gain net income (from Part IV, line 2)...				803,672
8	Net short-term capital gain.........
9	Income modifications...........
10a	Gross sales less returns and allowances	733,514
b	Less: Cost of goods sold....	288,118
c	Gross profit or (loss) (attach schedule).....			445,396		445,396
11	Other income (attach schedule).......		List of Attached Documents: // Content	677,841	0	677,841
12	Total. Add lines 1 through 11........		2,274,746		1,151,509	1,123,237
13	Compensation of officers, directors, trustees, etc.		190,317		20,032	0	151,435
14	Other employee salaries and wages......		676,204		0	348,538	353,794
15	Pension plans, employee benefits.......		106,032		0	89,130	27,843
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......		List of Attached Documents: // Content	71,727	0	33,706	38,340
c	Other professional fees (attach schedule)....		List of Attached Documents: // Content	107,928	57,093	29,590	16,119
17	Interest...............
18	Taxes (attach schedule) (see instructions)...		List of Attached Documents: // Content	31,067	0	31,067	0
19	Depreciation (attach schedule) and depletion...			170,651	0	170,651
20	Occupancy..............		108,337		0	98,568	9,444
21	Travel, conferences, and meetings.......		89		0	89	90
22	Printing and publications..........		1,908		0	1,908	0
23	Other expenses (attach schedule).......		List of Attached Documents: // Content	336,508	0	319,991	12,730
24	Total operating and administrative expenses.
	Add lines 13 through 23..........		1,800,768		77,125	1,123,238	609,795
25	Contributions, gifts, grants paid.......		101,000				101,000
26	Total expenses and disbursements. Add lines 24 and 25		1,901,768		77,125	1,123,238	710,795
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements		372,978
b	Net investment income (if negative, enter -0-)				1,074,384
c	Adjusted net income (if negative, enter -0-)...					0

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2024)

Form 990-PF (2024)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............	323,829	247,690	247,690
	2	Savings and temporary cash investments.........	358,652	378,403	378,403
	3	Accounts receivable 58,172
		Less: allowance for doubtful accounts	51,349	58,172	58,172
	4	Pledges receivable
		Less: allowance for doubtful accounts
	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) 318,730
		Less: allowance for doubtful accounts 0	326,048	318,730	318,730
	8	Inventories for sale or use..............	20,594	20,594	20,594
	9	Prepaid expenses and deferred charges..........	2,867	6,673	6,673
	10a	Investments—U.S. and state government obligations (attach schedule)	1,830,692	List of Attached Documents: // Content 1,299,446	1,299,446
	b	Investments—corporate stock (attach schedule).......	9,154,518	List of Attached Documents: // Content 7,031,489	7,031,489
	c	Investments—corporate bonds (attach schedule).......	0	List of Attached Documents: // Content 3,242,234	3,242,234
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........
	14	Land, buildings, and equipment: basis 3,282,738
		Less: accumulated depreciation (attach schedule) 876,233	2,411,558	List of Attached Documents: // Content 2,406,505	2,406,505
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	14,480,107	15,009,936	15,009,936
	17	Accounts payable and accrued expenses..........	139,550	121,118
	18	Grants payable.................
	19	Deferred revenue.................	9,906	11,647
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )	List of Attached Documents: // Content 775	List of Attached Documents: // Content 0
	23	Total liabilities (add lines 17 through 22).........	150,231	132,765
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........	14,329,876	14,877,171
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........
	27	Paid-in or capital surplus, or land, bldg., and equipment fund
	28	Retained earnings, accumulated income, endowment, or other funds
	29	Total net assets or fund balances (see instructions).....	14,329,876	14,877,171
	30	Total liabilities and net assets/fund balances (see instructions).	14,480,107	15,009,936

Part III

Analysis of Changes in Net Assets or Fund Balances

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) ...............

14,329,876

Enter amount from Part I, line 27a .....................

372,978

Other increases not included in line 2 (itemize) right arrow

List of Attached Documents:

// Content

174,317

Add lines 1, 2, and 3 ..........................

14,877,171

Decreases not included in line 2 (itemize) right arrow

Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .

14,877,171

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
1 a	PUBLICLY TRADED SECURITIES
b	CAPITAL GAINS DIVIDENDS	P
c
d
e

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	5,057,696	4,254,333	803,363
b	309		309
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			803,363
b			309
c
d
e

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	803,672
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 ...................		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 and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)	1	14,934
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	14,934
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	14,934
6	Credits/Payments:

a	2024 estimated tax payments and 2023 overpayment credited to 2024	6a	6,354
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	6,354
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. List of Attached Documents: // Content		8	370
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9	8,950
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2025 estimated tax	Refunded	11

Form 990-PF (2024)

Page 4

Part VI-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions

for the definition.................................

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.

Did the foundation file Form 1120-POL for this year?.....................

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

Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed

on foundation managers. right arrow

$ 0

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If "Yes," attach a detailed description of the activities.

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....

Did the foundation have unrelated business gross income of $1,000 or more during the year?.........

If "Yes," has it filed a tax return on Form 990-T for this year?...................

Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........

If "Yes," attach the statement required by General Instruction T.

Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:

By language in the governing instrument, or

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? ................

Yes

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..................................

Yes

Enter the states to which the foundation reports or with which it is registered (see instructions)

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 .

Yes

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 .............................

Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names

and addresses. ...............................

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 .............

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.................

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website address right arrow

MORGANCLINEFOUNDATION.ORG

The books are in care of right arrow

ALISON FRASER Telephone no. right arrow

(641) 437-1025

Located at right arrow

217 N 13TH STCENTERVILLEIA ZIP+4 right arrow

52544

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

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)

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

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)

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person? ..............................

1a(2)

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........

1a(3)

(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)

(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)

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 ..........

Organizations relying on a current notice regarding disaster assistance check here ........ right arrow

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? .............

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)):

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?....................

If "Yes," list the years right arrow

20, 20, 20, 20

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.) ..............

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at

any time during the year? ..............................

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.) .....................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

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? ..

Form 990-PF (2024)

Page 6

Part VI-B

Statements Regarding Activities for Which Form 4720 May Be Required (continued)

During the year did the foundation pay or incur any amount to:

Yes

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........

5a(1)

(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)

(3) Provide a grant to an individual for travel, study, or other similar purposes? .............

5a(3)

(4) Provide a grant to an organization other than a charitable, etc., organization described

in section 4945(d)(4)(A)? See instructions ........................

5a(4)

(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)

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 ........

Organizations relying on a current notice regarding disaster assistance check ......... right arrow

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? .................

If "Yes," attach the statement required by Regulations section 53.4945–5(d).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on

a personal benefit contract? .............................

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....

If "Yes" to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?

If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....

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? .........................

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
ALISON FRASER	CEO 40.00	137,000	13,317
217 N 13TH ST CENTERVILLE,IA52544	CEO 40.00	137,000	13,317
MICHAEL CRAVER ESQ	CHAIR 2.00	5,000	0
217 N 13TH ST CENTERVILLE,IA52544	CHAIR 2.00	5,000	0
BILL BUSS	VICE-CHAIR 2.00	5,000	0
217 N 13TH ST CENTERVILLE,IA52544	VICE-CHAIR 2.00	5,000	0
ANN YOUNG	SECRETARY 2.00	5,000	0
217 N 13TH ST CENTERVILLE,IA52544	SECRETARY 2.00	5,000	0
JEFF YOUNG	TREASURER 2.00	0	0
217 N 13TH ST CENTERVILLE,IA52544	TREASURER 2.00	0	0
THE IOWA TRUST AND SAVINGS BANK	CORPORATE TRUSTEE 2.00	5,000	0
217 N 13TH ST CENTERVILLE,IA52544	CORPORATE TRUSTEE 2.00	5,000	0
JERRY KIRKPATRICK	TRUSTEE 2.00	5,000	0
217 N 13TH ST CENTERVILLE,IA52544	TRUSTEE 2.00	5,000	0
MARIJO ALLEN	TRUSTEE 2.00	5,000	0
217 N 13TH ST CENTERVILLE,IA52544	TRUSTEE 2.00	5,000	0
JOHN SCHMIDT	TRUSTEE 2.00	5,000	0
217 N 13TH ST CENTERVILLE,IA52544	TRUSTEE 2.00	5,000	0
JUSTIN ZAPITUL	TRUSTEE 2.00	5,000	0
217 N 13TH ST CENTERVILLE,IA52544	TRUSTEE 2.00	5,000	0
VANESSA FRASER	TRUSTEE 2.00	0	0
217 N 13TH ST CENTERVILLE,IA52544	TRUSTEE 2.00	0	0
CONNIE STATER	TRUSTEE 2.00	0	0
217 N 13TH ST CENTERVILLE,IA52544	TRUSTEE 2.00	0	0

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
LINDSEY VARESE	KITCHEN MANAGER 40.00	57,543	2,777	0
217 N 13TH ST CENTERVILLE,IA52544	KITCHEN MANAGER 40.00	57,543	2,777	0
PENNY EXLINE	FRONT DESK MANAGER 40.00	56,152	2,771	0
217 N 13TH ST CENTERVILLE,IA52544	FRONT DESK MANAGER 40.00	56,152	2,771	0
KERRY MORLAN	SENIOR LINE COOK 40.00	48,305	3,210	0
217 N 13TH ST CENTERVILLE,IA52544	SENIOR LINE COOK 40.00	48,305	3,210	0




Total number of other employees paid over $50,000...................				0

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
MARTIN BROTHERS	FOOD AND SUPPLIES FOR RESALE	124,229
406 VIKING ROAD PO BOX 69 CEDAR FALLS,IA50613	FOOD AND SUPPLIES FOR RESALE	124,229
PERFORMANCE FOODSERVICE	FOOD AND SUPPLIES FOR RESALE	78,383
4100 44TH AVE SW CEDAR RAPIDS,IA52406	FOOD AND SUPPLIES FOR RESALE	78,383
COMMERCIAL RESOURCES INC	ACCOUNTING AND HUMAN RESOURCES	73,474
15703 HWY J29 CENTERVILLE,IA52544	ACCOUNTING AND HUMAN RESOURCES	73,474
TK CONCRETE	PARKING LOT PAVING	57,340
1608 FIFIELD RD PELLA,IA50219	PARKING LOT PAVING	57,340

Total number of others receiving over $50,000 for professional services............. right arrow

Part VIII-A

Summary of Direct Charitable Activities

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.	Expenses
1	FOSTERING VIABLE AND THRIVING COMMUNITIES IN AND AROUND APPANOOSE COUNTY, IOWA BY COLLABORATING TO PROVIDE RESOURCES AND PROFESSIONAL SUPPORT. OPERATIONS IN 2024 INCLUDED, THE OPERATIONS OF THE CONTINENTAL HOTEL AND THE MAJESTIC THEATER BOTH OF WHICH ARE LOCATED IN APPANOOSE COUNTY, IOWA AND WERE OPERATED AS OUTLINED IN THE WILL OF MORGAN E. CLINE AND THE FORM 1023 APPLICATION.	1,503,662
2


3


4

Part VIII-B

Summary of Program-Related Investments (see instructions)

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.	Amount
1


2


All other program-related investments. See instructions.
3

Total. Add lines 1 through 3......................... right arrow

Form 990-PF (2024)

Page 8

Part IX

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

11,489,431

Average of monthly cash balances.......................

503,504

Fair market value of all other assets (see instructions)................

Total (add lines 1a, b, and c).........................

11,992,935

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) .............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d.........................

11,992,935

Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see

instructions) .............................

179,894

Net value of noncharitable-use assets. Subtract line 4 from line 3. ............

11,813,041

Minimum investment return. Enter 5% (0.05) of line 5................

590,652

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.)

Minimum investment return from Part IX, line 6..................

590,652

Tax on investment income for 2024 from Part V, line 5 .......

14,934

Income tax for 2024. (This does not include the tax from Part V.) ...

Add lines 2a and 2b............................

14,934

Distributable amount before adjustments. Subtract line 2c from line 1............

575,718

Recoveries of amounts treated as qualifying distributions................

Add lines 3 and 4............................

575,718

Deduction from distributable amount (see instructions).................

Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...

575,718

Part XI

Qualifying Distributions (see instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........

710,795

Program-related investments—total from Part VIII-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes...............................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......

710,795

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					575,718
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......	97,965
c From 2021......	299,639
d From 2022......	232,362
e From 2023......	356,101
f Total of lines 3a through e ........		986,067
4Qualifying distributions for 2024 from Part
XI, line 4: $ 710,795
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.....					575,718
e Remaining amount distributed out of corpus		135,077
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		1,121,144
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 ......		1,121,144
10 Analysis of line 9:
a Excess from 2020....	97,965
b Excess from 2021....	299,639
c Excess from 2022....	232,362
d Excess from 2023....	356,101
e Excess from 2024....	135,077

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 4942(j)(3) or4942(j)(5)

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	(e) Total

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 e-mail address of the person to whom applications should be addressed:

ALISON FRASER
217 N 13TH ST
CENTERVILLE,IA52544
(641) 437-1025

bThe form in which applications should be submitted and information and materials they should include:

THE MORGAN E. CLINE FOUNDATION FUNDS CHARITABLE PROJECTS IN AND AROUND APPANOOSE COUNTY IN OUR FOUR AREAS OF FOCUS: COMMUNITY AND ECONOMIC DEVELOPMENT, HISTORIC PRESERVATION AND REDEVELOPMENT, SENIORS AND HEALTHCARE, AND CULTURE AND THE ARTS. FUNDING IS AWARDED ANNUALLY, WITH A CALL FOR LETTERS OF INQUIRY GOING OUT TYPICALLY IN AUGUST EACH YEAR.

cAny submission deadlines:

THERE ARE NO SUBMISSION DEADLINES AT THIS TIME.

dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:

ANY GRANT AWARDED WILL REQUIRE AN ACKNOWLEDGEMENT FROM THE RECIPIENT THAT THE FUNDS WILL BE USED EXCLUSIVELY FOR CHARITABLE PURPOSES. EACH RECIPIENT WILL BE REQUIRED TO SUBMIT PROOF OF 501(C)(3) EXEMPT STATUS. IT IS INTENDED THAT AWARDEE ORGANIZATIONS BE LOCATED IN AND AROUND APPANOOSE COUNTY, IOWA. WE SUPPORT ORGANIZATIONS WITH: 501(C)(3) STATUS THAT ARE ALSO 509(A)(1) OR 509(A)(2) PUBLIC CHARITIES. CHURCHES, HOSPITALS, SCHOOLS, OR GOVERNMENTAL AGENCIES LIKE FIRE DEPARTMENTS OR PUBLIC LIBRARIES UNDERTAKING CHARITABLE ACTIVITIES OR TAX EXEMPT ORGANIZATIONS THAT ARE 509(A)(3) ORGANIZATIONS. AS SPECIAL RULES APPLY TO SOME OF THESE TYPES OF ORGANIZATIONS, IT IS IMPORTANT THAT THEY CONTACT THE FOUNDATION TO LEARN MORE ABOUT THEIR ELIGIBILITY.

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)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
CITY OF EXLINE PO BOX 101 EXLINE,IA52555		GOV	CEMETERY MAINTENANCE	1,000
INDIAN HILLS COMMUNITY COLLEGE FOUNDATION 525 GRANDVIEW AVE OTTUMWA,IA52501		SO III FI	CONSTRUCTION OF NEW FACILITY	100,000
Total ................................. 3a				101,000

bApproved for future payment

Total ................................. 3b				0

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	(e) Related or exempt function income (See instructions.)
aNON-INVESTMENT RENTAL INCOME					666,432
bOTHER INCOME					11,409
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	347,837
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....
6 Net rental income or (loss) from personal property
7 Other investment income .....
8 Gain or (loss) from sales of assets other than inventory ............			18	803,672
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory					445,396
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..		0		1,151,509	1,123,237

13Total. Add line 12, columns (b), (d), and (e)..................

2,274,746

(See worksheet in line 13 instructions to verify calculations.)

Part XV-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	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.)
1A	NON-DEBT FINANCED RENTAL TO SUPPORT ECONOMICALLY DEPRESSED AREA SERVED
1B	NON-DEBT FINANCED RENTAL TO SUPPORT ECONOMICALLY DEPRESSED AREA SERVED
10	INVENTORY SALES TO SUPPORT ECONOMICALLY DEPRESSED AREA SERVED

Form 990-PF (2024)

Page 13

Part XVI

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations

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

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash...................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

(4) Reimbursement arrangements...........................

1b(4)

(5) Loans or loan guarantees.............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

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

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? ...........Yes No

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.
				May the IRS discuss this return with the preparer shown below? See instructions. Yes No
	Signature of officer or trustee	Date	Title

Paid Preparer Use Only	Print/Type preparer's name	Preparer's Signature	Date	Check if self- employed	PTIN
	Firm's name				Firm's EIN
	Firm's address				Phone no.

Form 990-PF (2024)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2024 AccountingFeesSchedule

Name:

THE MORGAN E CLINE PERPETUAL

CHARITABLE FOUNDATION

EIN:

47-7016421

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ACCOUNTING FEES	71,727	0	33,706	38,340

- TIN:

TY 2024 InvestmentsCorpBondsSchedule

Name:

THE MORGAN E CLINE PERPETUAL

CHARITABLE FOUNDATION

EIN:

47-7016421

Name of Bond	End of Year Book Value	End of Year Fair Market Value
AMERICAN AIRLINES 2015-1 CLASS A PASS THROU 26234.39 SHS	25,049	25,049
ARES CAPITAL CORP 5.95% 15 JUL 2029 100000 SHS	101,117	101,117
BANK OF NEW YORK MELLON CORP/THE VARIABLE 5 75000 SHS	77,672	77,672
BERKSHIRE HATHAWAY ENERGY CO 6.125% 01 APR 100000 SHS	105,255	105,255
BROADCOM INC 2.45% 15 FEB 2031 75000 SHS	64,677	64,677
CABOT CORP 3.4% 15 SEP 2026 100000 SHS	97,453	97,453
CAPITAL ONE FINANCIAL CORP VARIABLE 7.624% 75000 SHS	82,808	82,808
CONAGRA BRANDS INC 7.125% 01 OCT 2026 75000 SHS	77,863	77,863
CONOCOPHILLIPS 4.3% 15 AUG 2028 50000 SHS	49,273	49,273
CROWN CASTLE TOWERS LLC 3.663% 15 MAY 2025 50000 SHS	49,741	49,741
FANNIE MAE POOL FN AL7890 3.5% 01 DEC 2045 30576.25 SHS	27,545	27,545
FANNIE MAE POOL FN AL8468 4% 01 APR 2046 23689.49 SHS	22,075	22,075
FANNIE MAE POOL FN AS5378 4% 01 JUL 2045 18455.72 SHS	17,138	17,138
FANNIE MAE POOL FN AS6815 3% 01 MAR 2046 15158.44 SHS	13,182	13,182
FANNIE MAE POOL FN AS9339 3.5% 01 MAR 2032 17920.98 SHS	17,375	17,375
FANNIE MAE POOL FN AV0703 4% 01 DEC 2043 13682.74 SHS	12,842	12,842
FANNIE MAE POOL FN CA1545 4% 01 APR 2048 19174.45 SHS	17,781	17,781
FANNIE MAE POOL FN MA1770 4.5% 01 FEB 2044 16308.41 SHS	15,669	15,669
FANNIE MAE POOL FN MA4978 5% 01 APR 2053 706889 SHS	682,523	682,523
FANNIE MAE POOL FN MA5247 6% 01 JAN 2054 253635.88 SHS	254,886	254,886
FEDERAL NATIONAL MORTGAGE ASSOCIATION 6.25% 40000 SHS	42,954	42,954
FLEX LTD 4.875% 15 JUN 2029 100000 SHS	97,961	97,961
FLOWERS FOODS INC 3.5% 01 OCT 2026 50000 SHS	48,775	48,775
FREDDIE MAC GOLD POOL FG G08737 3% 01 DEC 2 31776.29 SHS	27,542	27,542
FREDDIE MAC GOLD POOL FG G18557 3% 01 JUN 2 6672.43 SHS	6,442	6,442
FREDDIE MAC GOLD POOL FG Q04674 4% 01 DEC 2 17742.44 SHS	16,635	16,635
GINNIE MAE II POOL G2 MA1285 3.5% 20 SEP 20 22334.24 SHS	20,420	20,420
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GN 149894.47 SHS	115,579	115,579
HIGHWOODS REALTY LP 3.05% 15 FEB 2030 100000 SHS	88,135	88,135
IBM INTERNATIONAL CAPITAL PTE LTD 4.6% 05 F 125000 SHS	123,882	123,882
JEFFERIES FINANCIAL GROUP INC 6.2% 14 APR 2 100000 SHS	103,138	103,138
JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST 88562.13 SHS	88,287	88,287
JPMORGAN CHASE & CO VARIABLE 5.35% 01 JUN 2 75000 SHS	74,948	74,948
MORGAN STANLEY VARIABLE 5.948% 19 JAN 2038 50000 SHS	50,052	50,052
NETAPP INC 2.7% 22 JUN 2030 100000 SHS	88,223	88,223
NNN REIT INC 5.6% 15 OCT 2033 75000 SHS	75,634	75,634
NORFOLK SOUTHERN CORP 3.15% 01 JUN 2027 50000 SHS	48,378	48,378
ORACLE CORP 6.9% 09 NOV 2052 75000 SHS	84,166	84,166
PROVINCE OF QUEBEC CANADA 6.35% 30 JAN 2026 25000 SHS	25,421	25,421
SIXTH STREET SPECIALTY LENDING INC 6.95% 14 75000 SHS	78,049	78,049
TEXAS EASTERN TRANSMISSION LP 3.5% 15 JAN 2 100000 SHS	95,652	95,652
UNITED AIRLINES 2013-1 CLASS A PASS THROUGH 2530203.4 SHS	30,037	30,037

- TIN:

TY 2024 InvestmentsCorpStockSchedule

Name:

THE MORGAN E CLINE PERPETUAL

CHARITABLE FOUNDATION

EIN:

47-7016421

Name of Stock	End of Year Book Value	End of Year Fair Market Value
ASHTEAD GROUP PLC 111 SHS	27,140	27,140
ASML HOLDING NV 19 SHS	13,169	13,169
AXA SA 1199 SHS	42,660	42,660
BAE SYSTEMS PLC 449 SHS	25,665	25,665
BNP PARIBAS SA 805 SHS	24,714	24,714
CANADIAN PACIFIC KANSAS CITY LTD 171 SHS	12,375	12,375
CAPGEMINI SE 614 SHS	19,930	19,930
CHECK POINT SOFTWARE TECHNOLOGIES LTD 91 SHS	16,990	16,990
CIE DE SAINT-GOBAIN SA 1885 SHS	33,374	33,374
COMPASS GROUP PLC 691 SHS	23,211	23,211
DAIWA HOUSE INDUSTRY CO LTD 503 SHS	15,442	15,442
ENEL SPA 2827 SHS	20,015	20,015
ENGIE SA 1086 SHS	17,207	17,207
ESSILORLUXOTTICA SA 178 SHS	21,479	21,479
FORTESCUE LTD 642 SHS	14,471	14,471
GIGACLOUD TECHNOLOGY INC 154 SHS	2,852	2,852
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIG 35083.76 SHS	302,422	302,422
HITACHI LTD 605 SHS	29,923	29,923
HOLCIM AG 1696 SHS	32,478	32,478
HONDA MOTOR CO LTD 806 SHS	23,011	23,011
IBERDROLA SA 253 SHS	13,950	13,950
JANUS HENDERSON GROUP PLC 402 SHS	17,097	17,097
JAZZ PHARMACEUTICALS PLC 480 SHS	59,112	59,112
JULIUS BAER GROUP LTD 1528 SHS	19,676	19,676
KONINKLIJKE AHOLD DELHAIZE NV 1192 SHS	38,847	38,847
LVMH MOET HENNESSY LOUIS VUITTON SE 144 SHS	18,819	18,819
MACQUARIE GROUP LTD 203 SHS	27,722	27,722
MAGNA INTERNATIONAL INC 459 SHS	19,182	19,182
MITSUBISHI UFJ FINANCIAL GROUP INC 1902 SHS	22,291	22,291
NESTLE SA 302 SHS	24,673	24,673
NICE SYSTEMS LTD 76 SHS	12,908	12,908
NIPPON TELEGRAPH & TELEPHONE CORP 825 SHS	20,598	20,598
NOVARTIS AG 250 SHS	24,328	24,328
NOVO NORDISK A/S 185 SHS	15,914	15,914
ORIX CORP 304 SHS	32,294	32,294
PUBLICIS GROUPE SA 855 SHS	22,683	22,683
RIO TINTO PLC 493 SHS	28,993	28,993
ROLLS-ROYCE HOLDINGS PLC 3377 SHS	24,025	24,025
SCHNEIDER ELECTRIC SE 407 SHS	20,203	20,203
SEKISUI HOUSE LTD 877 SHS	20,969	20,969
SOFTBANK GROUP CORP 639 SHS	18,416	18,416
SONY GROUP CORP 1075 SHS	22,747	22,747
SUMITOMO MITSUI FINANCIAL GROUP INC 2723 SHS	39,456	39,456
TECHNIPFMC LTD 685 SHS	19,824	19,824
TOKIO MARINE HOLDINGS INC 365 SHS	13,147	13,147
TOTALENERGIES SE 634 SHS	34,553	34,553
TURKCELL ILETISIM HIZMETLERI AS 3483 SHS	22,674	22,674
UBS GROUP AG 746 SHS	22,619	22,619
UNILEVER PLC 653 SHS	37,025	37,025
VOLVO AB 793 SHS	19,151	19,151
ABBVIE INC 343 SHS	60,951	60,951
ACI WORLDWIDE INC 118 SHS	6,125	6,125
ADOBE INC 137 SHS	60,921	60,921
ALLSTATE CORP/THE 308 SHS	59,379	59,379
ALPHABET INC 1200 SHS	227,160	227,160
AMAZON.COM INC 1021 SHS	223,997	223,997
AMERICAN TOWER CORP 67 SHS	12,288	12,288
AMKOR TECHNOLOGY INC 174 SHS	4,470	4,470
ANI PHARMACEUTICALS INC 149 SHS	8,237	8,237
APPLE INC 1514 SHS	379,136	379,136
ASBURY AUTOMOTIVE GROUP INC 13 SHS	3,159	3,159
ATMUS FILTRATION TECHNOLOGIES INC 119 SHS	4,662	4,662
BANK OZK 143 SHS	6,368	6,368
BLACKROCK INC 65 SHS	66,632	66,632
BLUELINX HOLDINGS INC 35 SHS	3,576	3,576
BRADY CORP 65 SHS	4,800	4,800
BROADCOM INC 899 SHS	208,424	208,424
CACI INTERNATIONAL INC 18 SHS	7,273	7,273
CATALYST PHARMACEUTICALS INC 217 SHS	4,529	4,529
CLEARWAY ENERGY INC 182 SHS	4,732	4,732
COGENT COMMUNICATIONS HOLDINGS INC 64 SHS	4,932	4,932
COLLEGIUM PHARMACEUTICAL INC 167 SHS	4,785	4,785
COMFORT SYSTEMS USA INC 19 SHS	8,057	8,057
COMMUNITY TRUST BANCORP INC 100 SHS	5,303	5,303
CONTRA LIGAND PHARMACEUTICALS INC 16.306 SHS	12	12
CONTRA LIGAND PHARMACEUTICALS INC 16.306 SHS	12	12
CRESCENT ENERGY CO 374 SHS	5,464	5,464
CROWDSTRIKE HOLDINGS INC 267 SHS	91,357	91,357
DANAHER CORP 237 SHS	54,403	54,403
DAVITA INC 320 SHS	47,856	47,856
DEERE & CO 170 SHS	72,029	72,029
EAGLE MATERIALS INC 18 SHS	4,442	4,442
EATON CORP PLC 218 SHS	72,348	72,348
ELI LILLY & CO 84 SHS	64,848	64,848
EMCOR GROUP INC 21 SHS	9,532	9,532
EMPLOYERS HOLDINGS INC 127 SHS	6,506	6,506
EPR PROPERTIES 107 SHS	4,738	4,738
EQUINIX INC 14 SHS	13,200	13,200
EXELIXIS INC 166 SHS	5,528	5,528
EXPERIAN PLC 420 SHS	17,947	17,947
EXXON MOBIL CORP 1141 SHS	122,737	122,737
FEDEX CORP 249 SHS	70,051	70,051
FISERV INC 378 SHS	77,649	77,649
FLOWSERVE CORP 60 SHS	3,451	3,451
FORESTAR GROUP INC 216 SHS	5,599	5,599
GENERAL MOTORS CO 1040 SHS	55,401	55,401
GRAND CANYON EDUCATION INC 35 SHS	5,733	5,733
HANCOCK WHITNEY CORP 100 SHS	5,472	5,472
HEALTHEQUITY INC 87 SHS	8,348	8,348
H&E EQUIPMENT SERVICES INC 144 SHS	7,050	7,050
HOME BANCSHARES INC/AR 223 SHS	6,311	6,311
INTERCONTINENTAL EXCHANGE INC 469 SHS	69,886	69,886
INTUIT INC 110 SHS	69,135	69,135
IRADIMED CORP 88 SHS	4,840	4,840
JOHNSON & JOHNSON 514 SHS	74,335	74,335
JPMORGAN CHASE & CO 447 SHS	107,150	107,150
L3HARRIS TECHNOLOGIES INC 284 SHS	59,720	59,720
LAM RESEARCH CORP COM USD0.001 (P/S) 1260 SHS	91,010	91,010
LIGAND PHARMACEUTICALS INC 42 SHS	4,500	4,500
LOWE'S COS INC 286 SHS	70,585	70,585
MARRIOTT INTERNATIONAL INC/MD 276 SHS	76,987	76,987
MASTERCARD INC 223 SHS	117,425	117,425
MERCK & CO INC 670 SHS	66,652	66,652
META PLATFORMS INC 225 SHS	131,740	131,740
MICROSOFT CORP 760 SHS	320,340	320,340
MORGAN STANLEY 607 SHS	76,312	76,312
MUELLER INDUSTRIES INC 106 SHS	8,412	8,412
MURPHY USA INC 12 SHS	6,021	6,021
NEUROCRINE BIOSCIENCES INC 383 SHS	52,280	52,280
NEXTERA ENERGY INC 832 SHS	59,646	59,646
NORFOLK SOUTHERN CORP 278 SHS	65,247	65,247
NUTANIX INC 97 SHS	5,934	5,934
NVIDIA CORP 2223 SHS	298,527	298,527
OMNICOM GROUP INC 514 SHS	44,225	44,225
ORACLE CORP 609 SHS	101,484	101,484
O'REILLY AUTOMOTIVE INC 63 SHS	74,705	74,705
OTIS WORLDWIDE CORP 518 SHS	47,972	47,972
PARKER HANNIFIN CORP 85 SHS	54,063	54,063
PATRICK INDUSTRIES INC 36 SHS	2,991	2,991
PEPSICO INC 383 SHS	58,239	58,239
PERFORMANCE FOOD GROUP CO 65 SHS	5,496	5,496
PHOTRONICS INC 198 SHS	4,665	4,665
PINNACLE FINANCIAL PARTNERS INC 61 SHS	6,978	6,978
POWELL INDUSTRIES INC 27 SHS	5,985	5,985
PRICESMART INC 52 SHS	4,793	4,793
PRIMERICA INC 28 SHS	7,600	7,600
PROCTER & GAMBLE CO/THE 457 SHS	76,616	76,616
PROGRESS SOFTWARE CORP 101 SHS	6,580	6,580
PROLOGIS INC 675 SHS	71,348	71,348
PULTEGROUP INC 555 SHS	60,440	60,440
REGIONS FINANCIAL CORP 2304 SHS	54,190	54,190
ROCHE HOLDING AG 980 SHS	34,182	34,182
SANOFI SA 544 SHS	26,237	26,237
SHELL PLC 427 SHS	26,752	26,752
SKYWARD SPECIALTY INSURANCE GROUP INC 140 SHS	7,076	7,076
SOUTHWEST GAS HOLDINGS INC 43 SHS	3,041	3,041
S&P GLOBAL INC 101 SHS	50,301	50,301
SPIRE INC 46 SHS	3,120	3,120
STEEL DYNAMICS INC 456 SHS	52,016	52,016
STONEX GROUP INC 51.5 SHS	5,045	5,045
TAYLOR MORRISON HOME CORP 76 SHS	4,652	4,652
TD SYNNEX CORP 40 SHS	4,691	4,691
TG THERAPEUTICS INC 210 SHS	6,321	6,321
THERMO FISHER SCIENTIFIC INC 108 SHS	56,185	56,185
TJX COS INC/THE 583 SHS	70,432	70,432
T-MOBILE US INC 234 SHS	51,651	51,651
UNITEDHEALTH GROUP INC 129 SHS	65,256	65,256
UNUM GROUP 73 SHS	5,331	5,331
VERTEX PHARMACEUTICALS INC 103 SHS	41,478	41,478
VIPER ENERGY INC 142 SHS	6,968	6,968
VITAL FARMS INC 89 SHS	3,354	3,354
WALMART INC 1502 SHS	135,706	135,706
WARRIOR MET COAL INC 131 SHS	7,105	7,105
WELLS FARGO & CO 1306 SHS	91,733	91,733
WINGSTOP INC 20 SHS	5,684	5,684
XCEL ENERGY INC 1063 SHS	71,774	71,774

- TIN:

TY 2024 InvestmentsGovtObligationsSch

Name:

THE MORGAN E CLINE PERPETUAL

CHARITABLE FOUNDATION

EIN:

47-7016421

US Government Securities - End of Year Book Value:

1,299,446

US Government Securities - End of Year Fair Market Value:

1,299,446

State & Local Government Securities - End of Year Book Value:

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

- TIN:

TY 2024 LandEtcSchedule2

Name:

THE MORGAN E CLINE PERPETUAL

CHARITABLE FOUNDATION

EIN:

47-7016421

Category / Item	Cost / Other Basis	Accumulated Depreciation	Book Value	End of Year Fair Market Value
LAND	37,424	0	37,424	37,424
BUILDING	1,132,226	238,239	893,987	893,987
IMPROVEMENTS	1,785,676	418,742	1,366,934	1,366,934
FURNITURE AND FIXTURES	161,389	109,865	51,524	51,524
EQUIPMENT	166,023	109,387	56,636	56,636

- TIN:

TY 2024 OtherExpensesSchedule

Name:

THE MORGAN E CLINE PERPETUAL

CHARITABLE FOUNDATION

EIN:

47-7016421

Description	Revenue and Expenses per Books	Adjusted Net Income	Disbursements for Charitable Purposes
ADVERTISING	40,455	42,033	-1,578
EQUIPMENT LEASE AND MAINTENANCE	80,604	80,603	0
INSURANCE	80,871	68,509	12,387
LICENSES & PERMITS	1,673	1,673	0
MEMBERSHIP DUES AND SUBSCRIPTIONS	26,307	23,288	3,020
SUPPLIES	39,666	37,753	1,914
CREDIT CARD FEES	61,433	60,674	759
OTHER EXPENSES	5,499	5,458	-3,772

- TIN:

TY 2024 OtherIncomeSchedule2

Name:

THE MORGAN E CLINE PERPETUAL

CHARITABLE FOUNDATION

EIN:

47-7016421

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
NON-INVESTMENT RENTAL INCOME	666,432		666,432
OTHER INCOME	11,409		11,409

- TIN:

TY 2024 OtherIncreasesSchedule

Name:

THE MORGAN E CLINE PERPETUAL

CHARITABLE FOUNDATION

EIN:

47-7016421

Description	Amount
UNREALIZED GAIN ON INVESTMENTS	174,317

- TIN:

TY 2024 OtherLiabilitiesSchedule

Name:

THE MORGAN E CLINE PERPETUAL

CHARITABLE FOUNDATION

EIN:

47-7016421

Description	Beginning of Year - Book Value	End of Year - Book Value
TENANT DEPOSITS PAYABLE	775	0

- TIN:

TY 2024 OtherProfessionalFeesSchedule

Name:

THE MORGAN E CLINE PERPETUAL

CHARITABLE FOUNDATION

EIN:

47-7016421

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
CONTRACT SERVICES	6,000	0	0	0
INVESTMENT FEES	57,044	57,044	0	0
BANK FEES	58	49	7	2
HUMAN RESOURCE SERVICES	23,293	0	16,657	6,568
OTHER PROFESSIONAL SERVICES	21,533	0	12,926	9,549

- TIN:

TY 2024 TaxesSchedule

Name:

THE MORGAN E CLINE PERPETUAL

CHARITABLE FOUNDATION

EIN:

47-7016421

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
REAL ESTATE TAXES	31,067	0	31,067	0