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
WALTER CHRISTIAN DEVELOPMENT FOUNDATION

Number and street (or P.O. box number if mail is not delivered to street address)1100 LOUISIANA ST SUITE 200
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
HOUSTON, TX77002

A Employer identification number

20-8481719

B Telephone number (see instructions)

(713) 659-1221

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

$32,647,088J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

	Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).)	(a) Revenue and expenses per books		(b) Net investment income	(c) Adjusted net income	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .............
3	Interest on savings and temporary cash investments	226,189		226,175
4	Dividends and interest from securities...	617,201		617,201
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		749,834
b	Gross sales price for all assets on line 6a 7,956,577
7	Capital gain net income (from Part IV, line 2)...			749,834
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	24,936	-66	0
12	Total. Add lines 1 through 11........	1,618,160		1,593,144	0
13	Compensation of officers, directors, trustees, etc.	0		0	0	0
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......
c	Other professional fees (attach schedule)....
17	Interest...............	250		250	0	0
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	1,885	1,885	0	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	104,306	99,955	0	4,261
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	106,441		102,090	0	4,261
25	Contributions, gifts, grants paid.......	1,395,012				1,395,000
26	Total expenses and disbursements. Add lines 24 and 25	1,501,453		102,090	0	1,399,261
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	116,707
b	Net investment income (if negative, enter -0-)			1,491,054
c	Adjusted net income (if negative, enter -0-)...				0

For Paperwork Reduction Act Notice, see instructions.

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

Form 990-PF (2024)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............
	2	Savings and temporary cash investments.........	2,260,769	1,923,746	1,923,746
	3	Accounts receivable 3
		Less: allowance for doubtful accounts	1,219	3	3
	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)	5,083,128	List of Attached Documents: // Content 5,191,156	5,000,651
	b	Investments—corporate stock (attach schedule).......	14,439,930	List of Attached Documents: // Content 14,906,503	22,625,348
	c	Investments—corporate bonds (attach schedule).......	2,787,117	List of Attached Documents: // Content 2,670,158	2,696,140
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	5,590	List of Attached Documents: // Content 2,894	396,200
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	List of Attached Documents: // Content 5,000	List of Attached Documents: // Content 5,000	List of Attached Documents: // Content 5,000
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	24,582,753	24,699,460	32,647,088
	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 )
	23	Total liabilities (add lines 17 through 22).........	0	0
		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........	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	24,582,753	24,699,460
	29	Total net assets or fund balances (see instructions).....	24,582,753	24,699,460
	30	Total liabilities and net assets/fund balances (see instructions).	24,582,753	24,699,460

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

24,582,753

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

116,707

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

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

24,699,460

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 .

24,699,460

Form 990-PF (2024)

Page 3

Part IV

Capital Gains and Losses for Tax on Investment Income

(a) List and describe the kind(s) of property sold (e.g., real estate, 2-story brick warehouse; or common stock, 200 shs. MLC Co.)		(b) How acquired P—Purchase D—Donation
1 a	PUBLICLY TRADED SECURITIES	P
b	PUBLICLY TRADED SECURITIES	P
c	CAPITAL GAINS DIVIDENDS	P
d
e

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	5,080,401	4,303,114	777,287
b	2,874,068	2,903,629	-29,561
c	2,108		2,108
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			777,287
b			-29,561
c			2,108
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	749,834
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	20,726
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	20,726
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	20,726
6	Credits/Payments:

a	2024 estimated tax payments and 2023 overpayment credited to 2024	6a	23,922
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	15,000
d	Backup withholding erroneously withheld ..........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............		7	38,922
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	18,196
11	Enter the amount of line 10 to be: Credited to 2025 estimated tax18,196	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?.........

Yes

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

Yes

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

GAY WHITNEY Telephone no. right arrow

(713) 756-1107

Located at right arrow

1100 LOUISIANA ST SUITE 200HOUSTONTX ZIP+4 right arrow

77002

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)

Yes

(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
JOSEPH CHARLES WALTER III	DESIGNATING TRUSTEE & TRUS 2.00	0	0	0
1100 LOUISIANA ST SUITE 200 HOUSTON,TX77002	DESIGNATING TRUSTEE & TRUS 2.00	0	0	0
PAULA L WALTER	TRUSTEE 1.00	0	0	0
1100 LOUISIANA ST SUITE 200 HOUSTON,TX77002	TRUSTEE 1.00	0	0	0
STEVEN D ARNOLD	TRUSTEE 1.00	0	0	0
1100 LOUISIANA ST SUITE 200 HOUSTON,TX77002	TRUSTEE 1.00	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
AVALON ADVISORS LLC	INVESTMENT MANAGEMENT	95,652
2929 ALLEN PARKWAY SUITE 3000 HOUSTON,TX77019	INVESTMENT MANAGEMENT	95,652

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

30,173,014

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

2,143,333

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

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

32,316,347

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

32,316,347

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

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

484,745

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

31,831,602

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

1,591,580

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

1,591,580

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

20,726

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

2,189

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

22,915

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

1,568,665

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

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

1,568,665

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

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

1,568,665

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 ..........

1,399,261

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. .......

1,399,261

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					1,568,665
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only.......				0
b Total for prior years:20 , 20, 20			0
3 Excess distributions carryover, if any, to 2024:
a From 2019......	1,713,562
b From 2020......	573,061
c From 2021......
d From 2022......
e From 2023......
f Total of lines 3a through e ........		2,286,623
4Qualifying distributions for 2024 from Part
XI, line 4: $ 1,399,261
a Applied to 2023, but not more than line 2a				0
b Applied to undistributed income of prior years (Election required—see instructions).....			0
c Treated as distributions out of corpus (Election required—see instructions)........		0
d Applied to 2024 distributable amount.....					1,399,261
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2024.		169,404			169,404
(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		2,117,219
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........			0
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......			0
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........			0
e Undistributed income for 2023. Subtract line 4a from line 2a. Taxable amount—see instructions .............				0
f Undistributed income for 2024. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2025 ..........					0
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......		0
8 Excess distributions carryover from 2019 not applied on line 5 or line 7 (see instructions) ...		1,544,158
9 Excess distributions carryover to 2025. Subtract lines 7 and 8 from line 6a ......		573,061
10 Analysis of line 9:
a Excess from 2020....	573,061
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).)

JOSEPH CHARLES WALTER III

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
COLLEGE OF BIBLICAL STUDIES - HOUSTON 7000 REGENCY SQUARE BLVD SUITE 110 HOUSTON,TX77036		PC	SUPPORT	400,000
HOPE INTERNATIONAL 227 GRANITE RUN DRIVE SUITE 250 LANCASTER,PA17601		PC	SUPPORT	250,000
PULSE OUTREACH 34 13TH AVENUE NE SUITE B001 MINNEAPOLIS,MN55413		PC	SUPPORT	250,000
STAR OF HOPE MISSION 4848 LOOP CENTRAL HOUSTON,TX77081		PC	SUPPORT	100,000
THE SALVATION ARMY GREATER HOUSTON AREA 1500 AUSTIN STREET HOUSTON,TX77002		PC	SUPPORT	375,000
HOUSTON FIRST BAPTIST CHURCH 7401 KATY FREEWAY HOUSTON,TX77024		PC	SUPPORT	20,000
Total ................................. 3a				1,395,000

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 ...........			14	226,189
4 Dividends and interest from securities ....			14	617,201
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 .....	901101	25,002
8 Gain or (loss) from sales of assets other than inventory ............			18	749,834
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: a1231 GAINS FROM PASS THROUGH ENTITIES	901101		18	-66
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..		25,002		1,593,158	0

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

1,618,160

(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 InvestmentsCorpBondsSchedule

Name:

WALTER CHRISTIAN DEVELOPMENT FOUNDATION

EIN:

20-8481719

Name of Bond	End of Year Book Value	End of Year Fair Market Value
AON PLC NOTE CALL	105,362	103,268
ROYAL BK CDA SER I	96,000	95,198
HYUNDAI CAP AMER	148,719	149,217
NATWEST GROUP PLC	97,356	100,083
RENAISSANCERE HOLDINGS LTD	98,879	102,686
COLUMBIA PIPELINE GROUP	102,175	101,753
PNC FINL SVCS GROUP INC NOTE	101,000	102,446
ASSURED GTY US HOLDINGS	92,170	95,493
PHILIP MORRIS INTL INC NOTE	147,720	152,393
CNA FINL CORP NOTE	147,020	147,141
MISSISSIPPI POWER CO	96,977	98,479
META PLATFORMS INC	97,974	98,754
TRANE TECHNOLOGIES PLC	202,518	203,268
WELLS FARGO & CO NOTE	183,482	193,097
UNITED AIRLINES PTC	44,697	46,499
FEDERAL EX CORP	75,818	77,294
MORGAN STANLEY	95,671	97,295
BP CAP MKTS AMER INC	196,901	195,561
SCHWAB CHARLES CORP NOTE	96,954	98,737
SIMON PPTY GROUP LP	197,677	193,690
F&G GLOBAL FUNDING BOND	151,126	152,229
COMCAST CORP NEW NOTE	93,962	91,559

- TIN:

TY 2024 InvestmentsCorpStockSchedule

Name:

WALTER CHRISTIAN DEVELOPMENT FOUNDATION

EIN:

20-8481719

Name of Stock	End of Year Book Value	End of Year Fair Market Value
NORTHROP GRUMMAN CORP	60,616	59,600
AMERICAN TOWER CORP	51,327	48,604
MICROSOFT CORP	88,239	413,492
TARGET CORP	68,731	135,180
JOHNSON CONTROLS INTERNATIONAL PLC	77,489	100,951
PROCTER & GAMBLE CO	59,939	100,255
NESTLE ADR	57,218	44,453
JANUS DETROIT STR TR HENDERSON MTG	1,308,253	1,116,826
ISHARES TR PFD AND INCM SEC	57,692	51,467
ISHARES TRUST 1-3 YEAR TREASURY BOND	121,790	123,462
VISA INC	44,351	63,840
ISHARES TR MBS ETF	744,475	657,162
TARGET CORP	74,427	135,180
PROLOGIS INC	74,896	68,599
WELLS FARGO	247,979	423,056
MERCK & CO	75,515	94,904
VONTIER CORPORATION COM	430,562	588,954
ISHARES TR IBOXX HI YD ETF	42,272	38,303
PHILIP MORRIS INTERNATIONAL	49,501	72,090
UNITEDHEALTH GROUP	78,724	71,326
UNITEDHEALTH GROUP	112,958	110,277
TEXAS INSTRUMENTS INC	66,039	103,881
UNION PACIFIC	46,487	69,096
TRUIST FINL CORP	54,401	73,789
THERMO FISHER SCIENTIFIC INC	37,892	66,069
TEXAS INSTRUMENTS INC	209,595	349,894
TARGET CORP	55,035	55,829
IRON MOUNTAIN INC	25,044	88,713
STARBUCKS CORP	63,762	59,769
SEMPRA COM	72,651	98,597
SCHLUMBERGER LIMITED	83,821	65,600
ROPER TECHNOLOGIES INC	30,422	29,631
TJX COMPANIES INC	42,497	69,466
PROCTER & GAMBLE CO	31,185	68,737
STRYKER CORPORATION	60,326	64,449
PHILLIPS 66	375,189	391,919
PRICE T ROWE GROUPS	326,004	309,188
METLIFE INC	58,295	96,045
ELI LILLY AND CO	52,290	124,292
JANUS DETROIT STR TR HENDERSON AAA	198,612	200,305
PAYCHEX INC	54,824	75,999
PARKER-HANNIFIN CORP	63,764	92,224
NVIDIA CORPORATION	27,858	468,001
NETFLIX INC	59,987	86,458
PEPSICO INC	389,762	387,145
EXXON MOBIL CORP	117,006	249,885
PNC FINANCIAL SERVICES GROUP	55,788	83,118
PEPSICO INC	92,757	79,832
MORGAN STANLEY	73,721	107,993
AIR PRODUCTS AND CHEMICALS INC	61,498	70,480
UNITED PARCEL SVC INC	51,055	52,836
UNITEDHEALTH GROUP	259,875	408,229
MERCK & CO	340,813	408,465
PHILLIPS 65	69,722	56,851
MORGAN STANLEY	78,155	164,945
FERGUSON ENTERPRISES INC	45,956	53,633
LAM RESEARCH CORP	87,738	241,248
INTUITIVE SURGICAL INC	62,192	85,079
JPMORGAN CHASE & CO	24,680	96,603
COCA COLA	73,938	86,915
KIMBERLY CLARK CORP	61,231	61,065
VALERO ENERGY CORP	23,831	49,526
BRITISH AMN TOBACO SPON ADR	339,249	290,560
EMERSON ELECTRIC CO	293,677	452,592
HONEYWELL INTL	36,427	77,706
META PLATFORMS INC	57,116	173,311
BROOKFIELD ASSET MANAGEMENT LTD	30,891	42,106
HOME DEPOT	53,316	98,025
HILTON WORLDWIDE HLDINGS	59,345	71,429
GILEAD SCIENCES INC	70,385	101,053
CAL MAINE FOODS INC	261,493	598,068
LOCKHEED MARTIN CORP	82,789	90,871
FISERV INC	44,912	87,509
LOCKHEED MARTIN CORP	64,225	84,554
CONOCOPHILLIPS	24,888	57,618
COTERRA ENERGY (CABOT OIL & GAS CORP)	49,988	127,700
CISCO SYSTEMS INC	21,992	51,149
DUKE ENERGY CORP	73,206	89,532
DISCOVER FINL SVCS	210,344	554,856
DANAHER CORP	44,976	55,092
CUMMINS INC	40,841	63,794
CUMMINS INC	263,735	461,895
CUMMINS INC	39,372	71,114
COSTCO WHOLESALE CORP	44,218	83,381
B&G FOODS INC	59,125	13,780
EXXON MOBIL CORP	250,562	250,100
CHEVRON CORP	121,066	202,197
CHEVRON CORP	75,901	88,787
CATERPILLAR INC	44,080	74,366
CARMAX INC	108,230	130,652
HOME DEPOT	37,113	71,963
LAM RESEARCH CORP	210,060	448,548
CARMAX INC	361,662	458,101
BLACKROCK INC	53,036	64,582
BHP GROUP PLC	41,051	45,998
JPMORGAN CHASE & CO	33,973	136,155
CENCORA (FRMLY AMERISOURCEBERGEN)	48,016	449,360
ADVANCED MICRO DEVICES INC	20,730	74,769
BROOKFIELD CORPORATION CLASS A	351,730	618,966
BERKSHIRE HATHAWAY INC	289,638	487,276
B&G FOODS INC	28,949	6,890
ARISTA NETWORKS INC	27,397	99,919
APPLE INC	175,432	598,253
AMGEN INC	20,545	46,915
MARTIN MARIETTA MATERIALS INC	32,779	51,650
AMGEN INC	32,519	43,527
MASTERCARD INCORPORATED	44,433	66,348
ALPHABET INC. (FKA GOOGLE CL A)	131,438	343,012
AMERICAN INTERNATIONAL GROUP	24,504	56,784
BANK OF AMERICA	48,302	62,717
BERKSHIRE HATHAWAY INC	66,975	99,722
TRANE TECHNOLOGIES PLC	60,587	74,609
MEDTRONIC	78,244	78,442
BROADCOM INC	17,710	164,606
ALPHABET INC. (FKA GOOGLE CL A)	404,350	663,496
ACCENTURE PLC	262,982	420,389
ACCENTURE PLC	53,345	56,638
ABBVIE INC	27,934	57,397
ABBVIE INC	64,818	115,327
AMERICAN EXPRESS CO	33,953	88,443
AMERICAN TOWER CORP	440,103	414,873
CHUBB LIMITED	99,257	128,203
LINDE PLC	72,574	120,996
BROADCOM INC	43,976	162,288
ICON PLC	62,177	42,152
AMAZON.COM INC	119,467	299,687
ABBOTT LABS	79,740	226,220
ABBVIE INC	46,003	266,550

- TIN:

TY 2024 InvestmentsGovtObligationsSch

Name:

WALTER CHRISTIAN DEVELOPMENT FOUNDATION

EIN:

20-8481719

US Government Securities - End of Year Book Value:

5,191,156

US Government Securities - End of Year Fair Market Value:

5,000,651

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

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

- TIN:

TY 2024 InvestmentsOtherSchedule2

Name:

WALTER CHRISTIAN DEVELOPMENT FOUNDATION

EIN:

20-8481719

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
PLAINS ALL AMERICAN	FMV	2,894	51,240
ENTERPRISE PRODUCT PARTNERS	FMV	0	344,960

- TIN:

TY 2024 OtherAssetsSchedule

Name:

WALTER CHRISTIAN DEVELOPMENT FOUNDATION

EIN:

20-8481719

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
ORGANIZATION COSTS	5,000	5,000	5,000

- TIN:

TY 2024 OtherExpensesSchedule

Name:

WALTER CHRISTIAN DEVELOPMENT FOUNDATION

EIN:

20-8481719

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
INVESTMENT EXPENSES	95,652	95,652	0
TAX PREPARATION	8,521	4,261	4,261
NONDEDUCTIBLE EXP	91	0	0
FOREIGN FEES	42	42	0

- TIN:

TY 2024 OtherIncomeSchedule2

Name:

WALTER CHRISTIAN DEVELOPMENT FOUNDATION

EIN:

20-8481719

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
PARTNERSHIP INCOME	25,002	0
1231 GAINS FROM PASS THROUGH ENTITIES	-66	-66	0

- TIN:

TY 2024 TaxesSchedule

Name:

WALTER CHRISTIAN DEVELOPMENT FOUNDATION

EIN:

20-8481719

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
FOREIGN WITHHOLDING	1,885	1,885	0	0