Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
right arrowDo not enter social security numbers on this form as it may be made public.
right arrowGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2024
Open to Public Inspection
For calendar year 2024, or tax year beginning 01-01-2024 , and ending 12-31-2024
Name of foundation
THE TANG FUND
 
Number and street (or P.O. box number if mail is not delivered to street address)551 FIFTH AVE 33FL
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
NEW YORK, NY10176
A Employer identification number

38-3973256
B Telephone number (see instructions)

(646) 701-6084
C right arrow
G Check all that apply:

D 1. Foreign organizations, check here............. right arrow
2. Foreign organizations meeting the 85%
test, check here and attach computation ... right arrow
E right arrow
H Check type of organization:
F right arrow
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)right arrow$144,863,747J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule) 13,962,271
2 Check right arrow.............
3 Interest on savings and temporary cash investments 119,714 119,714  
4 Dividends and interest from securities... 372,220 372,220  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 5,744,330
b Gross sales price for all assets on line 6a 10,417,529
7 Capital gain net income (from Part IV, line 2)... 5,744,330
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
790 790  
12 Total. Add lines 1 through 11........ 20,199,325 6,237,054  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0   0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
325 0   0
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule)....        
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
127,244 17,244   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
209,870 180,765   5,287
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 337,439 198,009   5,287
25 Contributions, gifts, grants paid....... 7,772,160 7,772,160
26 Total expenses and disbursements. Add lines 24 and 25 8,109,599 198,009   7,777,447
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 12,089,726
b Net investment income (if negative, enter -0-) 6,039,045
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2024)
Form 990-PF (2024)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 3,246,742 15,014,606 15,014,606
2 Savings and temporary cash investments.........      
3 Accounts receivable right arrow  
Less: allowance for doubtful accounts right arrow        
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) right arrow  
Less: allowance for doubtful accounts right arrow        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 34,580 Click to see attachment
List of Attached Documents:
// Content
34,580 		139,230
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 40,331,931 Click to see attachment
List of Attached Documents:
// Content
38,965,389 		129,709,911
14 Land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
15 Other assets (describe right arrow)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 43,613,253 54,014,575 144,863,747
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe right arrow)    
23 Total liabilities (add lines 17 through 22)......... 0 0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here right arrow
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here right arrow
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 0 0
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 43,613,253 54,014,575
29 Total net assets or fund balances (see instructions)..... 43,613,253 54,014,575
30 Total liabilities and net assets/fund balances (see instructions). 43,613,253 54,014,575
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
43,613,253
2
Enter amount from Part I, line 27a .....................
2
12,089,726
3
Other increases not included in line 2 (itemize) right arrow
3
0
4
Add lines 1, 2, and 3 ..........................
4
55,702,979
5
Decreases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
5
1,688,404
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
54,014,575
Form 990-PF (2024)
Form 990-PF (2024)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a GAIN ON PARTIAL LIQUIDATION OF QVT FAMILY OFFICE P 2003-12-30  
b GAIN ON PARTIAL LIQUIDATION OF QVT ROIV HOLDINGS OFFSHORE LTD P 2015-12-31 2024-03-07
c GAIN ON PARTIAL LIQUIDATION OF WYNNEFIELD SM CAP VALUE OFFSHORE P 2000-12-31 2024-07-11
d GAIN ON PARTIAL LIQUIDATION OF RTW OFFSHORE FUND ONE LTD P 2012-09-04 2024-07-25
e GAIN ON LIQUIDATION OF COMMONFUND CAP VENTURE PTRS VI P    
GAIN ON LIQUIDATION OF MPM BIOVENTURES IV-QP P    
20,000 SHARES TOCQUEVILLE FUND D    
10,254 SHARES SEMRUSH HOLDINGS, INC. D 2018-03-15 2024-09-19
71,427 SHARES ROIVANT SCIENCES LTD P 2024-03-07  
172,266 SHARES ROIVANT SCIENCES LTD D 2024-03-07  
PASS THRU FROM ASP VII LP P    
PASS THRU FROM ASP VIII LP P    
PASS THRU FROM ISZO CAPITAL LP P    
PASS THRU FROM ISZO CAPITAL LP P    
PASS THRU FROM MPM BIOVENTURES IV-QO LP P    
PASS THRU FROM TAUBENPOST CAPITAL LP P    
PASS THRU FROM TAUBENPOST CAPITAL LP P    
PASS THRU FROM SILCHESTER INT'L INVESTORS LP P    
PASS THRU FROM SILCHESTER INT'L INVESTORS LP P    
PASS THRU FROM SAMSARA BIOCAPITAL LP P    
PASS THRU FROM SAMSARA BIOCAPITAL LP P    
PASS THRU FROM COMMONFUND CAP VENTURE PTRS VI P    
PASS THRU FROM COMMONFUND CAP VENTURE PTRS VI P    
PASS THRU FROM EDGE PRINCIPAL INVEST IV LP P    
CAPITAL GAINS DIVIDENDS P    
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 1,542,119   362,515 1,179,604
b 826,410   83,080 743,330
c 500,000   107,786 392,214
d 2,357,966   423,995 1,933,971
e 4,712   71,671 -66,959
28,923   45,262 -16,339
1,059,185   694,857 364,328
154,735   10,972 143,763
822,854   826,410 -3,556
2,026,408   1,993,118 33,290
56,812     56,812
54,377     54,377
27,365     27,365
10     10
13,929     13,929
    2,088 -2,088
278,990     278,990
3,722     3,722
182,077     182,077
172,089     172,089
234,349     234,349
    5 -5
    51,440 -51,440
143     143
70,354     70,354
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       1,179,604
b       743,330
c       392,214
d       1,933,971
e       -66,959
      -16,339
      364,328
      143,763
      -3,556
      33,290
      56,812
      54,377
      27,365
      10
      13,929
      -2,088
      278,990
      3,722
      182,077
      172,089
      234,349
      -5
      -51,440
      143
      70,354
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 5,744,330
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here right arrow and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions) 1 83,943
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 83,943
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 83,943
6 Credits/Payments:
a 2024 estimated tax payments and 2023 overpayment credited to 2024 6a 127,886
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 55,000
d Backup withholding erroneously withheld .......... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 182,886
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment
List of Attached Documents:
// Content
8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10 98,943
11 Enter the amount of line 10 to be: Credited to 2025 estimated taxright arrow98,943 Refundedright arrow 11 0
Form 990-PF (2024)
Form 990-PF (2024)
Page 4
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. right arrow$ 0(2) On foundation managers.right arrow$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
right arrowDE
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
8b
Yes
 
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2024 or the taxable year beginning in 2024? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
 
No
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
11
 
No
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressright arrowN/A
14
The books are in care ofright arrowCATHERINE L WORNOM Telephone no.right arrow (646) 701-6082

Located atright arrow551 FIFTH AVE 33RD FLOORNEW YORKNY ZIP+4right arrow10176
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2024, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country right arrow
Form 990-PF (2024)
Form 990-PF (2024)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
 
No
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
 
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2024? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2024, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2024?....................
2a
 
No
If "Yes," list the years right arrow20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
right arrow20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2024 as a result of (1) any purchase by the foundation
or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
if the foundation had excess business holdings in 2024.) .....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2024? ..
4b
 
No
Form 990-PF (2024)
Form 990-PF (2024)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........right arrow
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
No
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
(a) Name and address (b) Title, and average
hours per week
devoted to position 		(c) Compensation
 (If not paid, enter
-0-) 		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
other allowances
OSCAR L TANG PRESIDENT
2.00 		0 0 0
551 FIFTH AVE 33FL
NEW YORK,NY10176
HSIN-MEI AGNES HSU DIRECTOR/VICE PRESIDENT
1.00 		0 0 0
551 FIFTH AVE 33FL
NEW YORK,NY10176
GWENN S WINKHAUS SECRETARY/TREASURER
1.00 		0 0 0
551 FIFTH AVE 33FL
NEW YORK,NY10176
CATHERINE L WORNOM ASST. SECRETARY
2.00 		0 0 0
551 FIFTH AVE 33FL
NEW YORK,NY10176
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
NONE
Total number of other employees paid over $50,000...................right arrow 0
Form 990-PF (2024)
Form 990-PF (2024)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
NONE
Total number of others receiving over $50,000 for professional services.............right arrow0
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1 DIVERSITY AND RACISM AWARENESS 0
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................right arrow0
Form 990-PF (2024)
Form 990-PF (2024)
Page 8
Part IX
Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
1
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:
a
Average monthly fair market value of securities...................
1a
1,143,691
b
Average of monthly cash balances.......................
1b
5,054,543
c
Fair market value of all other assets (see instructions)................
1c
122,331,702
d
Total (add lines 1a, b, and c).........................
1d
128,529,936
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
0
2
Acquisition indebtedness applicable to line 1 assets..................
2
0
3
Subtract line 2 from line 1d.........................
3
128,529,936
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
1,927,949
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
126,601,987
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
6,330,099
Part X
Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
1
Minimum investment return from Part IX, line 6..................
1
6,330,099
2a
Tax on investment income for 2024 from Part V, line 5 .......
2a
83,943
b
Income tax for 2024. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
83,943
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
6,246,156
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
6,246,156
6
Deduction from distributable amount (see instructions).................
6
0
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
6,246,156
Part XI
Qualifying Distributions (see instructions)
1
Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
a
Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
1a
7,777,447
b
Program-related investments—total from Part VIII-B..................
1b
0
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
 
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
 
b
Cash distribution test (attach the required schedule) .................
3b
 
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
7,777,447
Form 990-PF (2024)
Form 990-PF (2024)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2023 		(c)
2023 		(d)
2024
1 Distributable amount for 2024 from Part X, line 7 6,246,156
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only....... 3,495,957
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: right arrow$ 7,777,447
a Applied to 2023, but not more than line 2a 3,495,957
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..... 4,281,490
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 .......... 		1,964,666
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)
Form 990-PF (2024)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2024, enter the date of the ruling ...... right arrow
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2024 (b) 2023 (c) 2022 (d) 2021
         
b 85% (0.85) of line 2a .........          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, b, or c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here right arrow if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, b, c, and d. See instructions
aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
bThe form in which applications should be submitted and information and materials they should include:
cAny submission deadlines:
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
Form 990-PF (2024)
Form 990-PF (2024)
Page 11
Part XIV
Supplementary Information (continued)
3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient If recipient is an individual,
show any relationship to
any foundation manager
or substantial contributor
 Foundation
status of
recipient 		Purpose of grant or
contribution 		Amount
Name and address (home or business)
aPaid during the year

AMERICAN ACADEMY OF ARTS AND SCIENCES

136 IRVING STREET
CAMBRIDGE,MA02138 		NONE 501(C)(3) CHARITABLE 50,000

AMERICAN ENTERPRISE INSTITUTE FOR PUBLIC POLICY RESEARCH

1789 MASSACHUSETTS AVENUE NW
WASHINGTON,DC20036 		NONE 501(C)(3) CHARITABLE 4,750

ALZEHEIMERS DISEASE AND RELATED DISORDERS NEW YORK CITY INCCARINGKIND

360 LEXINGTON AVENUE 3RD FL
NEW YORK,NY10017 		NONE 501(C)(3) CHARITABLE 5,000

ADOPT-A-DOG INC

PO BOX 11135
GREENWICH,CT06831 		NONE 501(C)(3) CHARITABLE 2,000

ARCHITECTURAL LEAGUE OF NEW YORK

594 BROADWAY SUITE 607
NEW YORK,NY10012 		NONE 501(C)(3) CHARITABLE 5,000

ASPCA

424 EAST 92ND STREET
NEW YORK,NY10128 		NONE 501(C)(3) CHARITABLE 1,000

BREARLEY SCHOOL

610 EAST 83RD STREET
NEW YORK,NY10028 		NONE 501(C)(3) CHARITABLE 5,000

BROOKLYN PUBLIC LIBRARY

10 GRAND ARMY PLAZA
BROOKLYN,NY11238 		NONE 501(C)(3) CHARITABLE 500

BRYN MAWR COLLEGE

101 NORTH MERION AVENUE
BRYN MAWR,PA19010 		NONE 501(C)(3) CHARITABLE 2,500

CENTRAL QUEENS ACADEMY

55-30 JUNCTION BLVD
ELMHURST,NY11373 		NONE 501(C)(3) CHARITABLE 5,000

CHARLES H TAYLOR ARTS CENTER FOUNDATIONTHE HAMPTON ARTS FOUNDATION

125 EAST MELLEN STREET
HAMPTON,VA23663 		NONE 501(C)(3) CHARITABLE 1,000

CHINATI FOUNDATION

PO BOX 1135
MARFA,TX79843 		NONE 501(C)(3) CHARITABLE 10,000

CITY HARVEST

150 52ND STREET
BROOKLYN,NY11232 		NONE 501(C)(3) CHARITABLE 10,500

CITYMEALS-ON-WHEELS

355 LEXINGTON AVENUE
NEW YORK,NY10017 		NONE 501(C)(3) CHARITABLE 500

CLEVELAND BOTANICAL GARDENSHOLDEN FORESTS & GARDEN

11030 EAST BOULEVARD
CLEVELAND,OH44106 		NONE 501(C)(3) CHARITABLE 2,000

CELEBRATE THE BEAT

2949 FEDERAL BLVD SUITE 102
DENVER,CO80211 		NONE 501(C)(3) CHARITABLE 25,000

COMMITTEE OF 100 INC

28 WEST 44TH STREET SUITE 1014
NEW YORK,NY10036 		NONE 501(C)(3) CHARITABLE 303,500

CONCERNED CITIZENS OF MONTAUK INC

PO BOX 915
MONTAUK,NY11954 		NONE 501(C)(3) CHARITABLE 5,000

DANNY & RON'S RESCUE

PO BOX 604
CAMDEN,SC29021 		NONE 501(C)(3) CHARITABLE 500

DUKE UNIVERSITY

PO BOX 90581
DURHAM,NC27701 		NONE 501(C)(3) CHARITABLE 10,000

EAST COAST ASSISTANCE DOGS INC

PO BOX 831
TORRINGTON,CT06790 		NONE 501(C)(3) CHARITABLE 500

EDGE PRINCIPAL INVESTMENTS IV LP

1700 BROADWAY 37TH FLOOR
NEW YORK,NY10019 		NONE 501(C)(3) CHARITABLE 277

ENDOMETRIOSIS FOUNDATION OF AMERICA INC

872 FIFTH AVENUE
NEW YORK,NY10065 		NONE 501(C)(3) CHARITABLE 2,500

ENVIRONMENTAL DEFENSE FUND INC

257 PARK AVENUE SOUTH
NEW YORK,NY10010 		NONE 501(C)(3) CHARITABLE 20,000

FAIRBANKS MUSEUM & PLANETARIUM

1302 MAIN STREET
ST JOHNSBURY,VT05819 		NONE 501(C)(3) CHARITABLE 200,000

FOUNDATION FOR HISTORIC CHRIST CHURCH

PO BOX 24
IRVINGTON,VA22480 		NONE 501(C)(3) CHARITABLE 5,000

GOVERNORS ISLAND ALLIANCE INCFRIENDS OF GOVERNORS ISLAND

10 SOUTH STREET SLIP 7
NEW YORK,NY10004 		NONE 501(C)(3) CHARITABLE 21,800

HARVARD BUSINESS SCHOOL

124 MOUNT AUBURN STREET
CAMBRIDGE,MA02138 		NONE 501(C)(3) CHARITABLE 2,500

JACOB BURNS FILM CENTER

405 MANVILLE ROAD
PLEASANTVILLE,NY10570 		NONE 501(C)(3) CHARITABLE 1,500

JOB PATH INC

256 WEST 38TH STREET 2ND FL
NEW YORK,NY10018 		NONE 501(C)(3) CHARITABLE 1,500

LINCOLN CENTER FOR THE PERFORMING ARTS INC

70 LINCOLN CENTER PLAZA
NEW YORK,NY10023 		NONE 501(C)(3) CHARITABLE 1,270

MAD FOUNDATION

100 CROSBY STREET SUITE 301
NEW YORK,NY10012 		NONE 501(C)(3) CHARITABLE 21,750

MANZANITA OUTREACHTEWA HOLIDAY

PO BOX 371
COTTONWOOD,AZ86326 		NONE 501(C)(3) CHARITABLE 3,000

MESERVE-KUNHARDT FOUNDATIONGORDON PARKS FOUNDATION

48 WHEELER AVENUE
PLEASANTVILLE,NY10027 		NONE 501(C)(3) CHARITABLE 111,700

MILLBROOK SCHOOL

131 MILLBROOK SCHOOL ROAD
MILLBROOK,NY12545 		NONE 501(C)(3) CHARITABLE 2,000

NEW JERSEY SCHNAUZER RESCUE NETWORK INC

PO BOX 36
FANWOOD,NJ07023 		NONE 501(C)(3) CHARITABLE 500

MONTAUK PLAYHOUSE COMMUNITY CENTER FOUNDATION

PO BOX 1612
MONTAUK,NY11954 		NONE 501(C)(3) CHARITABLE 5,000

NEW YORK BOTANICAL GARDEN

2900 SOUTHERN BOULEVARD
BRONX,NY10458 		NONE 501(C)(3) CHARITABLE 150,000

NEW YORK PHILHARMONIC

10 LINCOLN CENTER PLAZA
NEW YORK,NY10023 		NONE 501(C)(3) CHARITABLE 2,169,485

NEW YORK UNIVERSITYGALLATIN SCHOOL

25 WEST FOURTH STREET
NEW YORK,NY10012 		NONE 501(C)(3) CHARITABLE 10,000

NEW-YORK HISTORICAL SOCIETY

170 CENTRAL PARK WEST
NEW YORK,NY10024 		NONE 501(C)(3) CHARITABLE 2,210,000

NEW YORK LANDMARKS CONSERVANCY INC

25 WEST FOURTH STREET
NEW YORK,NY10012 		NONE 501(C)(3) CHARITABLE 10,000

ONE TO WORLD INC

307 SEVENTH AVE STE 2003
NEW YORK,NY10001 		NONE 501(C)(3) CHARITABLE 2,000

NOLS

284 LINCOLN STREET
LANDER,WY82520 		NONE 501(C)(3) CHARITABLE 500

POLICE ATHLETIC LEAGUE

34 1/2 EAST 12TH STREET
NEW YORK,NY10003 		NONE 501(C)(3) CHARITABLE 1,000

PTA OF THE HIGH SCHOOL OF MATH SCIENCE AND ENGINEERING

240 CONVENT AVENUE
NEW YORK,NY10031 		NONE 501(C)(3) CHARITABLE 300

READING PARTNERS

499 7TH AVENUE 20TH FL NORTH TOWER
NEW YORK,NY10018 		NONE 501(C)(3) CHARITABLE 1,500

RECTORY SCHOOL INC

528 POMFRET ST
POMFRET,CT06258 		NONE 501(C)(3) CHARITABLE 5,000

RETHINK FOOD USA INC

214 SULLIVAN STREET SUITE 6C
NEW YORK,NY10012 		NONE 501(C)(3) CHARITABLE 142,948

SKIDMORE COLLEGE

815 NORTH BROADWAY
SARATOGA SPRINGS,NY12866 		NONE 501(C)(3) CHARITABLE 522,000

ST JOHNSBURY ACADEMY

1000 MAIN STREET PO BOX 906
ST JOHNSBURY,VT05819 		NONE 501(C)(3) CHARITABLECHARITABLE 2,500

ST JUDE CHILDREN'S RESEARCH HOSPITAL INC

501 ST JUDE PLACE
MEMPHIS,TN38105 		NONE 501(C)(3) CHARITABLE 100

SEVENTH REGIMENT ARMORY CONSERVANCY INCPARK AVENUE ARMORY

643 PARK AVENUE
NEW YORK,NY10065 		NONE 501(C)(3) CHARITABLE 10,000

STEAMBOAT MUSEUM AT IRVINGTON INC

PO BOX 132
IRVINGTON,VA22480 		NONE 501(C)(3) CHARITABLE 5,000

STONE BARNS RESTORATION CORP

630 BEDFORD ROAD
POCANTICO HILLS,NY10591 		NONE 501(C)(3) CHARITABLE 22,800

STORM KING ART CENTER

1 MUSEUM ROAD
NEW WINDSOR,NY12553 		NONE 501(C)(3) CHARITABLE 11,500

STUDENTS SHOULDER-TO-SHOULDER

PO BOX 4814
EDWARDS,CO81632 		NONE 501(C)(3) CHARITABLE 500

STOREFRONT FOR ART & ARCHITECTURE INC

97 KENMARE STREET
NEW YORK,NY10012 		NONE 501(C)(3) CHARITABLE 10,000

THE BARUCH COLLEGE FUND

1 BERNARD BARUCH WAY
NEW YORK,NY10010 		NONE 501(C)(3) CHARITABLE 100

TECTONIC THEATER PROJECT INC

130 WEST 56TH STREET 702
NEW YORK,NY10019 		NONE 501(C)(3) CHARITABLE 10,000

FAMILY SERVICES OF THE MERRIMACK VALLEY

430 NORTH CANAL STREET
LAWRENCE,MA01840 		NONE 501(C)(3) CHARITABLE 1,000

FORDHAM UNIVERSITYWFUV

441 E FORDHAM ROAD
BRONX,NY10458 		NONE 501(C)(3) CHARITABLE 1,500

FOREIGN POLICY ASSOCIATION

551 FIFTH AVENUE 30TH FLOOR
NEW YORK,NY10176 		NONE 501(C)(3) CHARITABLE 5,000

LANG LANG INTERNATIONAL MUSIC FOUNDATION INC

300 WINSTON DRIVE 2621
CLIFFSIDE PARK,NJ07010 		NONE 501(C)(3) CHARITABLE 5,000

PHILADELPHIA ORCHESTRA ASSOCIATION

1 SOUTH BROAD STREET
PHILADELPHIA,PA19107 		NONE 501(C)(3) CHARITABLE 50,000

THE SANTA FE OPERA

PO BOX 2408
SANTA FE,NM87504 		NONE 501(C)(3) CHARITABLE 50,000

TRUSTEES OF DEERFIELD ACADEMY

7 BOYDEN LANE PO BOX
DEERFIELD,MA01342 		NONE 501(C)(3) CHARITABLE 400,000

OPERA PHILADELPHIA

1420 LOCUST STREET SUITE 210
PHILADELPHIA,PA19107 		NONE 501(C)(3) CHARITABLE 50,000

COLUMBIA UNIVERSITY IN THE CITY OF NEW YORK

622 WEST 113TH STREET
NEW YORK,NY10025 		NONE 501(C)(3) CHARITABLE 10,000

UNIVERSITY OF CALIFORNIA SAN FRANCISCO FOUNDATION

PO BOX 45339
SAN FRANCISCO,CA94145 		NONE 501(C)(3) CHARITABLE 1,000

UNITED ANIMAL NATIONS (RED ROVER)

PO BOX 188890
SACRAMENTO,CA95818 		NONE 501(C)(3) CHARITABLE 1,000

UNITED STATES BOBSLEDSKELETON FOUNDATION

PO BOX 307
CLARENCE CENTER,NY14032 		NONE 501(C)(3) CHARITABLE 35,000

UNIVERSITY OF COLORADO FOUNDATION

1800 GRANT STREET SUITE 725
DENVER,CO80203 		NONE 501(C)(3) CHARITABLE 10,000

VAIL MOUNTAIN SCHOOL

3000 BOOTH FALLS ROAD
VAIL,CO81657 		NONE 501(C)(3) CHARITABLE 86,000

VAIL VALLEY FOUNDATION

PO BOX 6550
AVON,CO81620 		NONE 501(C)(3) .CHARITABLE 84,390

WALKING MOUNTAIN SCIENCE CENTER

318 WALKING MOUNTAINS LANE
AVON,CO81620 		NONE 501(C)(3) CHARITABLE 63,240

WORLD EDUCATION & DEVELOPMENT FUNDEDUCANDO

82 NASSAU STREET 60740
NEW YORK,NY10038 		NONE 501(C)(3) CHARITABLE 10,000

QUEENS SOFIA SPANISH INSTITUTE INC

445 PARK AVENUE 9TH FLOOR
NEW YORK,NY10022 		NONE 501(C)(3) CHARITABLE 11,750

YALE UNIVERSITY

PO BOX 2038
NEW HAVEN,CT06521 		NONE 501(C)(3) CHARITABLE 62,500

YOUNG CONCERT ARTISTS INC

1776 BROADWAY SUITE 1500
NEW YORK,NY10019 		NONE 501(C)(3) CHARITABLE 10,500

BALLETX

1923 WASHINGTON AVENUE
PHILADELPHIA,PA19146 		NONE 501(C)(3) CHARITABLE 2,500

BEGINNING WITH CHILDREN FOUNDATION INC

185 BROADWAY 2FL
BROOKLYN,NY11211 		NONE 501(C)(3) CHARITABLE 2,000

METROPOLITAN OPERA ASSOCIATION INC

30 LINCOLN CENTER PLAZA
NEW YORK,NY10023 		NONE 501(C)(3) CHARITABLE 22,000

THE MASTERS SCHOOL

49 CLINTON AVENUE
DOBBS FERRY,NY10522 		NONE 501(C)(3) CHARITABLE 641,000

AMERICAN FRIENDS OF SHANGHAI MUSEUM

1115 FIFTH AVENUE
NEW YORK,NY10128 		NONE 501(C)(3) CHARITABLE 10,000
Total .................................right arrow 3a 7,772,160
bApproved for future payment
Total ................................. right arrow 3b 0
Form 990-PF (2024)
Form 990-PF (2024)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		        119,714
4 Dividends and interest from securities ....         372,220
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 .....         790
8 Gain or (loss) from sales of assets other than
inventory ............ 		        5,744,330
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. 0 0 6,237,054
13Total. Add line 12, columns (b), (d), and (e)..................
13
6,237,054
(See worksheet in line 13 instructions to verify calculations.)
Part XV-B
Relationship of Activities to the Accomplishment of Exempt Purposes
Line No.
DownArrow 		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
instructions.)
3 CHARITABLE CONTRIBUTIONS
4 CHARITABLE CONTRIBUTIONS
7 CHARITABLE CONTRIBUTIONS
8 CHARITABLE CONTRIBUTIONS
Form 990-PF (2024)
Form 990-PF (2024)
Page 13
Part XVI
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
1
Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
Yes
No
a
Transfers from the reporting foundation to a noncharitable exempt organization of:
(1) Cash...................................
1a(1)
 
No
(2) Other assets.................................
1a(2)
 
No
b
Other transactions:
(1) Sales of assets to a noncharitable exempt organization....................
1b(1)
 
No
(2) Purchases of assets from a noncharitable exempt organization..................
1b(2)
 
No
(3) Rental of facilities, equipment, or other assets.......................
1b(3)
 
No
(4) Reimbursement arrangements...........................
1b(4)
 
No
(5) Loans or loan guarantees.............................
1b(5)
 
No
(6) Performance of services or membership or fundraising solicitations................
1b(6)
 
No
c
Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
1c
 
No
d
If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
(a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
2a
Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
b
If "Yes," complete the following schedule.

(a) Name of organization (b) Type of organization (c) Description of relationship
Sign Here
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
right arrow right arrow
May the IRS discuss this return
with the preparer shown below?
See instructions.
Signature of officer or trustee Date Title
Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date Check if self-
employed right arrow		 PTIN
Firm's name Right Arrow
 Firm's EIN Right Arrow
Firm's address Right Arrow


 Phone no.
Form 990-PF (2024)
Additional Data


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description
Schedule B
(Form 990)
(Rev. January 2025)
Department of the Treasury
Internal Revenue Service
Schedule of Contributors

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

38-3973256
Organization type (check one):
Filers of:
Section:
Form 990 or 990-EZ
501(c)( ) (enter number) organization

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

527 political organization


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

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

501(c)(3) taxable private foundation
Check if your organization is covered by the General Rule or a Special Rule.  
Note:  Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
General Rule
For an organization filing Form 990, 990-EZ, or 990-PF that received, during the year, contributions totaling $5,000 or more (in money or other property) from any one contributor. Complete Parts I and II. See instructions for determining a contributor's total contributions.
Special Rules
For an organization described in section 501(c)(3) filing Form 990 or 990-EZ that met the 331/3% support test of the regulations
under sections 509(a)(1) and 170(b)(1)(A)(vi), that checked Schedule A (Form 990 or 990-EZ), Part II, line 13, 16a, or 16b, and that received from any one contributor, during the year, total contributions of the greater of (1) $5,000 or (2) 2% of the amount on (i) Form 990, Part VIII, line 1h, or (ii) Form 990-EZ, line 1. Complete Parts I and II.
For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, total contributions of more than $1,000 exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals. Complete Parts I, II, and III.
For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, contributions exclusively for religious, charitable, etc., purposes, but no such contributions totaled more than $1,000. If this box is checked, enter here the total contributions that were received during the year for an exclusively religious, charitable, etc., purpose. Don't complete any of the parts unless the General Rule applies to this organization because it received nonexclusively religious, charitable, etc., contributions totaling $5,000 or more during the year ......... Right Arrow $  
Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).
For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.
Cat. No. 30613XSchedule B (Form 990) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 1-2025) Page 2
Name of organization
THE TANG FUND
  		Employer identification number
38-3973256
Part I
Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
1
GRANTOR TRUST FOR KRISTIN A TANG
C/O TANCURA 551 5TH AVE 33FL
 
NEW YORK, NY10176

$ 317,273


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
2
GRANTOR TRUST FOR KRISTIN A TANG
C/O TANCURA 551 5TH AVE 33FL
 
NEW YORK, NY10176

$ 347,100


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
3
GRANTOR TRUST FOR TRACY L TANG
C/O TANCURA 551 5TH AVE 33FL
 
NEW YORK, NY10176

$ 317,273


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
4
GRANTOR TRUST FOR TRACY L TANG
C/O TANCURA 551 5TH AVE 33FL
 
NEW YORK, NY10176

$ 347,100


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
5
GRANTOR TRUST FOR TRACY L TANG
C/O TANCURA 551 5TH AVE 33FL
 
NEW YORK, NY10176

$ 76,905


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
6
GRANTOR TRUST FOR DANA E TANG
C/O TANCURA 551 5TH AVE 33FL
 
NEW YORK, NY10176

$ 317,273


(Complete Part II for noncash contributions.)
Schedule B (Form 990) (Rev. 1-2025)
Name of organization
THE TANG FUND
  		Employer identification number
38-3973256
Part I
Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
7
GRANTOR TRUST FOR DANA E TANG
C/O TANCURA 551 5TH AVE 33FL
 
NEW YORK, NY10176

$ 347,100


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
8
GRANTOR TRUST FOR DANA E TANG
C/O TANCURA 551 5TH AVE 33FL
 
NEW YORK, NY10176

$ 76,905


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
9
GRANTOR TRUST FOR DANA E TANG
C/O TANCURA 551 5TH AVE 33FL
 
NEW YORK, NY10176

$ 405,114


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
10
GRANTOR TRUST FOR KRISTIN A TANG
C/O TANCURA 551 5TH AVE 33FL
 
NEW YORK, NY10176

$ 405,114


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
11
TRACY L TANG
C/O TANCURA 551 5TH AVE 33FL
 
NEW YORK, NY10176

$ 405,114


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
12
TANG FAMILY FOUNDATION
 
C/O TANCURA 551 5TH AVE 33FL
 
NEW YORK, BERMUDA10176BD

$ 10,600,000


(Complete Part II for noncash contributions.)
Schedule B (Form 990) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 1-2025)
Page 3
Name of organization
THE TANG FUND
  		Employer identification number

38-3973256
Part II
Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
1
 27,422 SHARES ROIVANT SCIENCES LTD. $ 317,273 2024-04-04
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
2
 30,000 SHARES ROIVANT SCIENCES LTD. $ 347,100 2024-08-21
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
3
 27,422 SHARES ROIVANT SCIENCES LTD. $ 317,273 2024-04-04
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
4
 30,000 SHARES ROIVANT SCIENCES LTD. $ 347,100 2024-08-21
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
5
 5,127 SHARES SEMRUSH HOLDINGS, INC. $ 76,905 2024-09-19
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
6
 27,422 SHARES ROIVANT SCIENCES LTD. $ 317,273 2024-04-04
Schedule B (Form 990) (Rev. 1-2025)
Name of organization
THE TANG FUND
  		Employer identification number

38-3973256
Part II
Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
7
 30,000 SHARES ROIVANT SCIENCES LTD. $ 347,100 2024-08-21
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
8
 5,127 SHARES SEMRUSH HOLDINGS, INC. $ 76,905 2024-09-19
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
9
 7,636.451 SHARES TOCQUEVILLE FUND $ 405,114 2024-11-26
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
10
 7,636.451 SHARES TOCQUEVILLE FUND $ 405,114 2024-11-26
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
11
 7,636.451 SHARES TOCQUEVILLE FUND $ 405,114 2024-11-26
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
Schedule B (Form 990) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 1-2025)
Page 4
Name of organization
THE TANG FUND
  		Employer identification number

38-3973256
Part III
Exclusively religious, charitable, etc., contributions to organizations described in section 501(c) (7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $  
Use duplicate copies of Part III if additional space is needed.
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
Schedule B (Form 990) (Rev. 1-2025)
Additional Data


Software ID:  
Software Version:  

TY 2024 InvestmentsCorpStockSchedule
Name:
THE TANG FUND
EIN:
38-3973256
Name of Stock End of Year Book Value End of Year Fair Market Value
CORPORATE STOCK 34,580 139,230

TY 2024 InvestmentsOtherSchedule2
Name:
THE TANG FUND
EIN:
38-3973256
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
AMERICAN SECURITIES PARTNERS VII AT COST 0 372,206
ISZO CAPITAL PARTNERS LP AT COST 643,832 0
QVT OVERSEAS LTD. AT COST 108,258 937,914
RTW OFFSHORE FUND ONE LTD AT COST 930,621 9,334,793
SILCHESTER INTN'L INVESTORS VALUE EQUITY TRUST AT COST 719,321 2,730,321
TANG CAPITAL PARTNERS INT'L LTD AT COST 4,700,000 70,637,421
TAUBENPOST CAPITAL L.P. AT COST 2,000,000 6,319,425
WYNNEFIELD SMALL CAP VALUE OFFSHORE AT COST 259,358 1,210,478
SAMSARA BIOCAPITAL LP AT COST 2,265,578 4,756,258
TCW DIRECT LENDING VII LLC AT COST 145,154 576,679
AMERICAN SECURITIES PARTNERS VIII AT COST 339,735 584,395
EDGE PRINCIPAL INVESTMENT IV LP AT COST 643,424 1,119,447
CHINA ART INVESTMENT AT COST 25,000,000 28,155,000
RTW VENTURE FUND LTD AT COST 1,210,108 1,788,296
TOCQUEVILLE FUND AT COST 0 933,207
TCW DIRECT LENDING LLC AT COST 0 254,071

TY 2024 LegalFeesSchedule
Name:
THE TANG FUND
EIN:
38-3973256
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
LEGAL FEES 325 0   0


TY 2024 OtherDecreasesSchedule
Name:
THE TANG FUND
EIN:
38-3973256
Description Amount
DISTRIBUTIONS IN EXCESS OF ORIGINAL COST 127,147
PARTNERSHIP ADJUSTMENTS(NET INCOME NOT INCLUDED IN BOOK VALUE-ORIGINAL COST) 1,561,257


TY 2024 OtherExpensesSchedule
Name:
THE TANG FUND
EIN:
38-3973256
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT EXPENSES 180,765 180,765   0
FILING FEES 227 0   227
ART STORAGE AND INSURANCE FEES 23,818 0   0
DIRECT PROGRAM EXPENSES - YELLOW WHISTLE PROGRAM 5,060 0   5,060


TY 2024 OtherIncomeSchedule2
Name:
THE TANG FUND
EIN:
38-3973256
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
SILCHESTER VALUE EQUITY INT'L 545 545 545
TAUBENPOST CAPITAL LP 245 245 245


TY 2024 TaxesSchedule
Name:
THE TANG FUND
EIN:
38-3973256
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FOREIGN TAXES 17,244 17,244   0
FEDERAL TAXES 110,000 0   0