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
HERBERT H AND BARBARA C DOW FOUNDATION

Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 393
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
FRANKFORT, MI496350393

A Employer identification number

38-6058513

B Telephone number (see instructions)

(231) 352-6960

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

$31,117,502J 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	(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...	933,655		903,716
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		1,539,587
b	Gross sales price for all assets on line 6a 4,730,169
7	Capital gain net income (from Part IV, line 2)...			1,539,587
8	Net short-term capital gain.........
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......	List of Attached Documents: // Content	1,505	1,505
12	Total. Add lines 1 through 11........	2,474,747		2,444,808
13	Compensation of officers, directors, trustees, etc.	0		0	0
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	8,400	4,200	4,200
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	231,125	231,125	0
17	Interest...............
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	27,619	876	0
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	16,137	15,210	927
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	283,281		251,411	5,127
25	Contributions, gifts, grants paid.......	1,196,000			1,246,000
26	Total expenses and disbursements. Add lines 24 and 25	1,479,281		251,411	1,251,127
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	995,466
b	Net investment income (if negative, enter -0-)			2,193,397
c	Adjusted net income (if negative, enter -0-)...

For Paperwork Reduction Act Notice, see instructions.

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

Form 990-PF (2024)

Page 2

Part II		Balance Sheets	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.............	0
	2	Savings and temporary cash investments.........	325,315	353,402	353,402
	3	Accounts receivable
		Less: allowance for doubtful accounts
	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)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	13,474,263	List of Attached Documents: // Content 15,613,566	15,613,566
	c	Investments—corporate bonds (attach schedule).......	2,236,584	List of Attached Documents: // Content 2,496,142	2,496,142
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	11,497,713	List of Attached Documents: // Content 12,632,448	12,632,448
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	List of Attached Documents: // Content 23,853	List of Attached Documents: // Content 21,944	List of Attached Documents: // Content 21,944
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	27,557,728	31,117,502	31,117,502
	17	Accounts payable and accrued expenses..........
	18	Grants payable.................	250,000	200,000
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22).........	250,000	200,000
		Foundations that follow FASB ASC 958, check here
		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
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........	27,307,728	30,917,502
	27	Paid-in or capital surplus, or land, bldg., and equipment fund	0	0
	28	Retained earnings, accumulated income, endowment, or other funds	0	0
	29	Total net assets or fund balances (see instructions).....	27,307,728	30,917,502
	30	Total liabilities and net assets/fund balances (see instructions).	27,557,728	31,117,502

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

27,307,728

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

995,466

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

List of Attached Documents:

// Content

2,614,308

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

30,917,502

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 .

30,917,502

Form 990-PF (2024)

Page 3

Part IV

Capital Gains and Losses for Tax on Investment Income

(a) List and describe the kind(s) of property sold (e.g., real estate, 2-story brick warehouse; or common stock, 200 shs. MLC Co.)		(b) How acquired P—Purchase D—Donation	(c) Date acquired (mo., day, yr.)	(d) Date sold (mo., day, yr.)
1 a	PUBLICLY TRADED SECURITIES
b	PASSTHROUGH- KKR INFRASTRUCTURE CONGLOMERATE LLC
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	4,722,530	3,190,582	1,531,948
b	7,639		7,639
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			1,531,948
b			7,639
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	1,539,587
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	30,488
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	30,488
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	30,488
6	Credits/Payments:

a	2024 estimated tax payments and 2023 overpayment credited to 2024	6a	20,000
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	40,000
d	Backup withholding erroneously withheld ..........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............		7	60,000
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. List of Attached Documents: // Content		8	366
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	29,146
11	Enter the amount of line 10 to be: Credited to 2025 estimated tax29,146	Refunded	11	0

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

N/A

The books are in care of right arrow

PAMELA D COLLIE Telephone no. right arrow

(231) 352-6960

Located at right arrow

PO BOX 393FRANKFORTMI ZIP+4 right arrow

496350393

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)

(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	(e) Expense account, other allowances
WILLARD H DOW II	PRESIDENT/TRUSTEE 2.00	0	0	0
PO BOX 393 FRANKFORT,MI496350393	PRESIDENT/TRUSTEE 2.00	0	0	0
PAMELA D COLLIE	VP/SEC/TREASURER/TRUSTEE 2.00	0	0	0
PO BOX 393 FRANKFORT,MI496350393	VP/SEC/TREASURER/TRUSTEE 2.00	0	0	0
MARGO PRAYTOR	TRUSTEE 0.10	0	0	0
PO BOX 393 FRANKFORT,MI496350393	TRUSTEE 0.10	0	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
NONE









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
NONE

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


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

29,552,578

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

695,687

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

21,944

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

30,270,209

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

30,270,209

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

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

454,053

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

29,816,156

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

1,490,808

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

1,490,808

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

30,488

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

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

30,488

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

1,460,320

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

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

1,460,320

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

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

1,460,320

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 ..........

1,251,127

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. .......

1,251,127

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				1,460,320
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only.......			1,244,990
b Total for prior years:20 , 20, 20		0
3 Excess distributions carryover, if any, to 2024:
a From 2019......
b From 2020......
c From 2021......
d From 2022......
e From 2023......
f Total of lines 3a through e ........	0
4Qualifying distributions for 2024 from Part
XI, line 4: $ 1,251,127
a Applied to 2023, but not more than line 2a			1,244,990
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.....				6,137
e Remaining amount distributed out of corpus	0
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	0
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 ..........				1,454,183
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 ......	0
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)

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 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)

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
ARIZONA HUMANE SOCIETY 1521 WEST DOBBINS ROAD PHOENIX,AZ85041		PC	TRUCK, ANIMAL TRANSPORT BOX, AND MEDICAL SUPPLIES	100,000
ARIZONA SCIENCE CENTER 600 E WASHINGTON STREET PHOENIX,AZ85004		PC	GIRLS IN STEM PROGRAM	15,000
BARROW NEUROLOGICAL FOUNDATION 124 WEST THOMAS ROADSUITE 250 PHOENIX,AZ85013		PC	WOMAN'S BOARD PROJECT: ALZHEIMER'S RESEARCH	60,000
BENZIE AREA CHRISTIAN NEIGHBORS PO BOX 93 BENZONIA,MI49616		PC	OPERATIONAL BUDGET FOR SERVICES AND FOOD PANTRY	20,000
BENZIE BLESSINGS IN A BACKPACK PO BOX 1097 FRANKFORT,MI49635		PC	BACKPACKS WITH SUPPLIES FOR NEEDY CHILDREN	15,000
BENZIE SENIOR RESOURCES 10542 MAIN STREET HONOR,MI49640		PC	SENIOR ASSISTANCE OPERATIONAL FUNDS	35,000
CRYSTAL LAKE AND WATERSHED PO BOX 89 BEULAH,MI49617		PC	SWIMMER'S ITCH ERADICATION	6,000
ELIZABETH LANE OLIVER CENTER FOR THE ARTS PO BOX 1513 FRANKFORT,MI49635		PC	EQUIPMENT AND CAPITAL UPGRADES	50,000
FOCUS ON THE FAMILY 8605 EXPLORER DRIVE COLORADO SPRINGS,CO80920		PC	RAISING HIGHLY CAPABLE KIDS (RHCK) PROGRAM	35,000
FRESH START WOMENS FOUNDATION 1130 E MCDOWELL RD PHOENIX,AZ85006		PC	COMPUTER TRAINING PROGRAMS	25,000
FRIENDS OF POINT BETSIE LIGHTHOUSE PO BOX 3 FRANKFORT,MI49635		PC	CAPITAL IMPROVEMENT PROJECTS AND LIGHTHOUSE GRANT ASSISTANCE	50,000
FRIENDS OF THE BETSIE VALLEY TRAIL PO BOX 474 BEULAH,MI49617		PC	BETSIE TRAIL SURFACE IMPROVEMENTS	5,000
GRAND TRAVERSE BAY YMCA(WEST) 3700 SILVER LAKE ROAD TRAVERSE CITY,MI49684		PC	BUILDING CAMPAIGN-PHASE II	75,000
GRAND TRAVERSE REGIONAL LAND CONSERVANCY 2846 3 MILE RD N TRAVERSE CITY,MI49686		PC	ELBERTA WATERFRONT COMMUNITY CONSERVATION PROJECT	75,000
HERITAGE FOUNDATION 214 MASSACHUSETTS AVENUE NE WASHINGTON,DC200024999		PC	TAX POLICY RESEARCH AND EDUCATION EFFORTS	75,000
HILLSDALE COLLEGE 33 EAST COLLEGE STREET HILLSDALE,MI49242		PC	PRODUCTION OF ONLINE LEARNING PROGRAM	25,000
HONOR HEALTH FOUNDATION 8125 N HAYDEN ROAD SCOTTSDALE,AZ85258		PC	LUNG CANCER RESEARCH	40,000
INTERLOCHEN CENTER FOR THE ARTS PO BOX 199 INTERLOCHEN,MI496430199		PC	FUNDING OF HHD/BCD VISUAL ARTS SCHOLARSHIP FOR STUDENTS	50,000
MUNSON HEALTHCARE FOUNDATION 1150 MEDICAL CAMPUS DRIVE TRAVERSE CITY,MI49684		PC	MUNSON ORTHOPEDIC: SURGICAL EQUIPMENT	150,000
PALM BEACH SYMPHONY 500 HIBISCUS STREET SUITE 100 WEST PALM BEACH,FL33401		PC	FAMILY CONCERT PROJECT: "CINDERELLA AND THE ORCHESTRA"	25,000
PARADISE VALLEY COMMUNITY FOOD BANK 10862 N 32ND ST PHOENIX,AZ85028		PC	"WEEKEND FOOD4KIDS" PROGRAM	35,000
PAUL OLIVER MEMORIAL HOSPITAL FOUNDATION AND MUNSON HEALTHCARE FOUNDATION 1150 MEDICAL CAMPUS DRIVE TRAVERSE CITY,MI49684		PC	SIEMENS MULTIX IMPACT C X-RAY UNIT	150,000
SAGU (SOUTHWESTERN ASSEMBLIES OF GOD UNIVERSITY) 1200 SYCAMORE STREET WAXAHACHIE,TX75165		PC	STUDENT SCHOLARSHIPS AND FCA PROGRAM	50,000
SEARCH DOG FOUNDATION 6800 WHEELER CANYON ROAD SANTA PAULA,CA93060		PC	TRAINING OF AN EMERGENCY RESCUE SEARCH DOG	10,000
TGEN FOUNDATION 445 NORTH FIFTH STREET STE 120 PHOENIX,AZ85004		PC	LUNG CANCER RESEARCH AT TGEN CENTER	70,000
Total ................................. 3a				1,246,000

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.)
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	933,655
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	1,539,587
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aMISCELLANEOUS INCOME			14	1,505
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..		0		2,474,747	0

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

2,474,747

(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.)

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:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ACCOUNTING FEES	8,400	4,200		4,200

- TIN:

TY 2024 InvestmentsCorpBondsSchedule

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Name of Bond	End of Year Book Value	End of Year Fair Market Value
BERKSHIRE HATHAWAY ENERGY CO SER B NOTE 4.05000%	149,742	149,742
CSX CORP NOTE CALL MAKE WHOLE 3.80000%	145,787	145,787
EXXON MOBIL CORP NOTE CALL MAKE WHOLE 3.04300%	147,642	147,642
HERSHEY CO NOTE CALL MAKE WHOLE 4.25000%	148,572	148,572
HOME DEPOT INC NOTE CALL MAKE WHOLE 4.95000%	151,248	151,248
MARRIOTT INTL INC NEW SER JJ NOTE 5.00000%	151,193	151,193
META PLATFORMS INC NOTE CALL MAKE WHOLE 4.30000%	148,118	148,118
MONDELEZ INTL INC NOTE CALL MAKE WHOLE 2.62500%	143,480	143,480
NETFLIX INC. SER B NOTE 4.87500%	150,612	150,612
PEPSICO INC NOTE CALL MAKE WHOLE 4.55000%	150,330	150,330
SHERWIN WILLIAMS CO NOTE CALL MAKE WHOLE 3.45000%	145,884	145,884
T MOBILE USA INC NOTE CALL MAKE WHOLE 4.95000%	150,071	150,071
ZOETIS INC NOTE CALL MAKE WHOLE 3.90000%	145,410	145,410
JP MORGAN CORE PLUS FUND CLASS I	216,955	216,955
NUVEEN PREFERRED SECURITIES AND INCOME FUND CLASS I	116,765	116,765
PIMCO INCOME FUND CLASS I2	178,868	178,868
VIRTUS NEWFLEET MULTI SECTOR INTERMEDIATE BOND FUND CLASS I	55,465	55,465

- TIN:

TY 2024 InvestmentsCorpStockSchedule

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Name of Stock	End of Year Book Value	End of Year Fair Market Value
DOW INC. REG SHARES (DOW)	301,818	301,818
ALLSTATE CORP DEL COM (ALL)	33,545	33,545
ALPHABET INC SHS (GOOGL)	15,333	15,333
AMERICAN EXPRESS COMPANY (AXP)	14,543	14,543
BLACKROCK INC. (BLK)	55,356	55,356
BLUE OWL CAP INC (OWL)	19,934	19,934
BROADCOM INC. (AVGO)	17,852	17,852
COMCAST CORP NEW CL A (CMCSA)	16,960	16,960
CONSOLIDATED EDISON INC (ED)	28,911	28,911
CSX CORP (CSX)	18,975	18,975
DR HORTON INC. (DHI)	21,812	21,812
DIGITAL REALTY TR INC (DLR)	47,879	47,879
EATON CORP PLC (ETN)	20,576	20,576
ELI LILLY & CO (LLY)	18,528	18,528
EMERSON ELEC. CO (EMR)	43,004	43,004
EXXON MOBIL CORP COM (XOM)	47,116	47,116
GENL DYNAMICS CORP COM (GD)	11,067	11,067
GILEAD SCIENCES INC (GILD)	34,823	34,823
HCA HEALTHCARE INC (HCA)	14,407	14,407
HEWLETT PACKARD ENTERPRISE CO (HPE)	27,008	27,008
HOME DEPOT INC (HD)	19,450	19,450
HP INC (HPQ)	24,342	24,342
INTL BUSINESS MACHINES (IBM)	52,100	52,100
INTRPUBLIC GRP OF CO (IPG)	2,438	2,438
JPMORGAN CHASE AND CO (JPM)	58,010	58,010
KINDER MORGAN INC. DEL (KMI)	51,019	51,019
KRAFT (THE) HEINZ CO. (KHC)	2,641	2,641
MCDONALDS CORP COM (MCD)	12,175	12,175
MEDTRONIC PLC (MDT)	31,233	31,233
MICROSOFT CORP (MSFT)	12,645	12,645
PEPSICO (PEP)	13,077	13,077
PRINCIPAL FINANCIAL GROUP (PFG)	21,984	21,984
PUB SVC ENTERPRISE GRP (PEG)	32,191	32,191
REALTY INCM CORP. (O)	5,555	5,555
RTX CORP (RTX)	23,954	23,954
SIMON PROPERTY GROUP DEL (SPG)	32,548	32,548
SYNCHRONY FINANCAL COMP. (SYF)	25,155	25,155
TEXAS INSTRUMENTS (TXN)	12,563	12,563
TRUIST FINANCIAL CORP (TFC)	43,163	43,163
UNITEDHEALTH GROUP INC. (UNH)	26,305	26,305
WALMART INC (WMT)	26,473	26,473
WELLS FARGO (WFC)	24,935	24,935
WELLTOWER INC (WELL)	29,995	29,995
WILLIAMS COMPANIES DEL (WMB)	43,891	43,891
XCEL ENERGY INC (XEL)	34,570	34,570
ANSYS INC (ANSS)	18,553	18,553
AKAMAI TECHNOLOGIES INC. (AKAM)	18,939	18,939
ALBANY INTL CRP NEW CL. A (AIN)	11,516	11,516
ALBEMARLE CORP. COM (ALB)	11,965	11,965
ARCHROCK INC. (AROC)	35,717	35,717
ARROW ELECTRONICS (ARW)	18,778	18,778
BIO RAD LABS CL A (BIO)	22,010	22,010
BORG WRNER INC COM (BWA)	15,736	15,736
BOX INC CL. A (BOX)	23,984	23,984
BXP INC	20,375	20,375
CABOT CORP (CBT)	16,344	16,344
CBRE GROUP INC (CBRE)	40,175	40,175
CENTENE CORP (CNC)	17,508	17,508
CF INDS HOLDINGS INC (CF)	30,374	30,374
CHARLES RIVER LABS INTL (CRL)	21,044	21,044
CIRRUS LOGIC INC (CRUS)	20,812	20,812
CONMED CORP COM (CNMD)	15,331	15,331
COPT DEFENSE PROPERTIES (CDP)	15,413	15,413
DR HORTON INC. (DHI)	17,338	17,338
DARDEN RESTAURANTS INC (DRI)	22,403	22,403
DIODES INC COM (DIOD)	9,682	9,682
EASTMAN CHEMICAL CO COM (EMN)	19,269	19,269
FIRST CASH HOLDINGS INC (FCFS)	15,436	15,436
FORMFACTOR INC (FORM)	18,612	18,612
GATX CORPORATION (GATX)	35,796	35,796
HEXCEL CORP NEW COM (HXL)	20,440	20,440
HOLOGIC INC. (HOLX)	23,357	23,357
HOULIHAN LOKEY INC (HLI)	34,037	34,037
HUNTINGTON INFALLS INDS INC (HII)	13,795	13,795
INSPERITY INC (NSP)	15,890	15,890
MIDDLEBY CORP COM (MIDD)	20,995	20,995
MONOLITHIC PWR SYSTEMS INC (MPWR)	19,526	19,526
MOOG INC CL A (MOGA)	35,825	35,825
MYRIAD GENETICS INC (MYGN)	6,896	6,896
ON SEMICONDUCTOR CORP COM (ON)	17,276	17,276
PAPA JOHNS INTL INC (PZZA)	15,894	15,894
PENN ENTERTAINMENT INC (PENN)	8,225	8,225
QIAGEN NV REG SHS (QGEN)	19,771	19,771
RAYMOND JAMES FINANCIAL INC (RJF)	33,241	33,241
REINSURNCE GROUP AMERICA (RGA)	32,472	32,472
REPUBLIC SERVICES INC (RSG)	23,940	23,940
RYDER SYSTEM INC.( R)	32,156	32,156
SBA COMMUNICATIONS CORP NEW (SBAC)	19,565	19,565
SMITH A O CORP DEL COM (AOS)	23,396	23,396
SNAP ON INC. COM (SNA)	30,553	30,553
SONOCO PRODUCTS CO (SON)	16,560	16,560
TELEDYNE TECH INC (TDY)	30,633	30,633
VALMONT INDUSTRIES (VMI)	20,240	20,240
WEBSTER FINANCIAL CP PV (WBS)	20,818	20,818
WEC ENERGY GROUP INC SHS (WEC)	18,526	18,526
WEX INC (WEX)	18,759	18,759
WINTRUST FINL CP ILL COM (WTFC)	19,205	19,205
WOODWARD INC (WWD)	27,626	27,626
ALPHABET INC CAP STK CL A	530,040	530,040
ALPHABET INC CAP STK CL C	723,672	723,672
AMAZON.COM INC	1,140,828	1,140,828
APPLE INC	1,828,066	1,828,066
ASML HOLDING NV EUR0.09 NY REGISTRY SHS 2012	554,464	554,464
CONSTELLATION ENERGY CORP COM	167,783	167,783
COSTCO WHOLESALE CORP COM	366,508	366,508
DANAHER CORPORATION COM	154,946	154,946
ELI LILLY &CO COM	231,600	231,600
HOME DEPOT INC	147,816	147,816
IDEXX LABORATORIES INC COM USD0.10	620,160	620,160
INTUITIVE SURGICAL INC	237,492	237,492
JPMORGAN CHASE &CO. COM	330,800	330,800
MICROSOFT CORP	720,765	720,765
NVIDIA CORPORATION COM	1,786,057	1,786,057
PALO ALTO NETWORKS INC COM USD0.0001	163,764	163,764
SERVICENOW INC COM USD0.001	238,527	238,527
SPOTIFY TECHNOLOGY S.A. COM EUR0.000625	223,690	223,690
VERTEX PHARMACEUTICALS INC	322,160	322,160
VISA INC	213,327	213,327
ZOETIS INC	374,739	374,739
AMER FUNDS NEW WORLD	38,882	38,882
JP MORGAN LARGE CAP	672,254	672,254
MFS INTERNATIONAL INTRINSIC VALUE FUND-I	178,610	178,610
PIMCO STOCKSPLUS SMALL FUND CLASS Y	213,184	213,184
PUTNAM LARGE CAP VALUE CLASS Y	196,665	196,665
VICTORY SYCAMORE ESTABLISHED VALUE FUND CLASS I	237,949	237,949
VIRTUS KAR MID CAP CORE FUND CLASS I	149,558	149,558
JP MORGAN CHASE FINANCIAL CT-GEARS SPX	33,575	33,575
UBS AG LONDON CT-GEARS RTY	34,025	34,025
UBS AG LONDON CT-GEARS NDX	35,575	35,575
JP MORGAN CHASE FINANCIAL CT-GEARS INDU	56,259	56,259
GS FINANCE CORP	26,680	26,680
ROYAL BANK OF CANADA T-GEARS SPX	30,300	30,300
ROYAL BANK OF CANADA T-SS SPX	28,260	28,260

- TIN:

TY 2024 InvestmentsOtherSchedule2

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
SCHWAB US DIVIDEND EQUITY	FMV	106,220	106,220
AMERICAN HIGH INCOME MUNICIPAL BOND FUND (AHMFX)	FMV	372,723	372,723
AMERICAN NEW WORLD FUND (NFFFX)	FMV	364,893	364,893
BLACKROCK STRATEGIC INCOME OPPRTNTS (BSIIX)	FMV	277,687	277,687
BLACKROCK STRATEGIC MUNI OPPORTUNITIES FUND (MAMTX)	FMV	420,839	420,839
FIRST EAGLE GLOBAL FUND (SGIIX)	FMV	607,931	607,931
INVESCO SHORT (TBLL)	FMV	264,000	264,000
ISHARES MSCI EAFE (EFA)	FMV	434,077	434,077
ISHARES RUSSELL 1000 GROWTH (IWF)	FMV	2,046,050	2,046,050
ISHARES RUSSELL 1000 VALUE (IWD)	FMV	1,188,164	1,188,164
LORD ABBETT SHORT DURATION INCOME FUND (LLDYX)	FMV	443,329	443,329
MFS GROWTH FUND (MFEIX)	FMV	1,793,062	1,793,062
MFS INTL INTRINSIC VALUE FUND (MINIX)	FMV	606,609	606,609
PIMCO INCOME FUND (PONPX)	FMV	561,001	561,001
VANGUARD RUSSELL 1000 ET VALUE (VONV)	FMV	1,136,363	1,136,363
WISDOM TREE INDIA (EPI)	FMV	108,648	108,648
FIRST EAGLE GLOBAL FUNDS CLASS I	FMV	174,806	174,806
NORTH SQUARE TACTICAL GROWTH FUND CLASS I	FMV	65,091	65,091
BLACKSTONE REAL ESTATE INCOME TRUST CLASS S BROKERAGE CLASS	FMV	476,839	476,839
BLACKSTONE PRIVATE CREDIT FUND CLASS S	FMV	344,054	344,054
BLUE OWL CREDIT INCOME CORP CLASS S	FMV	310,065	310,065
KKR INFRASTRUCTURE CONGLOMERATE LLC CLASS U	FMV	529,997	529,997

- TIN:

TY 2024 OtherAssetsSchedule

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
INTEREST RECEIVABLE	23,853	21,944	21,944

- TIN:

TY 2024 OtherExpensesSchedule

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
MISCELLANEOUS EXPENSES	16,137	15,210		927

- TIN:

TY 2024 OtherIncomeSchedule2

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
MISCELLANEOUS INCOME	1,505	1,505	1,505

- TIN:

TY 2024 OtherIncreasesSchedule

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Description	Amount
UNREALIZED GAIN (LOSS) ON INVESTMENTS	2,614,308

- TIN:

TY 2024 OtherProfessionalFeesSchedule

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT FEES	231,125	231,125		0

- TIN:

TY 2024 TaxesSchedule

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
FOREIGN TAXES	876	876		0
EXCISE TAXES	26,743	0		0