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
HORST RECHELBACHER FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)1010 DALE STREET NORTH
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
ST PAUL, MN55117
A Employer identification number

41-1956679
B Telephone number (see instructions)

(651) 343-2254
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$22,859,707J 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) 11,187
2 Check right arrow.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 482,449 644,318 644,318
5a Gross rents............ 60,800 60,800 60,800
b Net rental income or (loss) 60,800
6a Net gain or (loss) from sale of assets not on line 10 116,967
b Gross sales price for all assets on line 6a 2,734,526
7 Capital gain net income (from Part IV, line 2)... 76,074
8 Net short-term capital gain......... 0
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
14,485 0 14,485
12 Total. Add lines 1 through 11........ 685,888 781,192 719,603
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0 0 0
14 Other employee salaries and wages...... 530,349 0 0 530,349
15 Pension plans, employee benefits....... 92,523 0 0 92,523
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
179 0 0 179
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
23,077 11,539 11,539 11,539
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
102,566 102,566 102,566 0
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
13,468 4,174 4,174 5,064
19 Depreciation (attach schedule) and depletion... 90,017 0 75,285
20 Occupancy.............. 51,257 0 0 51,257
21 Travel, conferences, and meetings....... 48,812 0 0 48,812
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
500,846 0 0 500,846
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 1,453,094 118,279 193,564 1,240,569
25 Contributions, gifts, grants paid....... 52,000 52,000
26 Total expenses and disbursements. Add lines 24 and 25 1,505,094 118,279 193,564 1,292,569
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -819,206
b Net investment income (if negative, enter -0-) 662,913
c Adjusted net income (if negative, enter -0-)... 526,039
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............. 161,363 228,709 228,709
2 Savings and temporary cash investments......... 801,287 2,981,567 2,981,567
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) 5,342,310 Click to see attachment
List of Attached Documents:
// Content
1,504,278 		1,491,948
b Investments—corporate stock (attach schedule)....... 6,389,941 Click to see attachment
List of Attached Documents:
// Content
6,403,716 		7,418,191
c Investments—corporate bonds (attach schedule)....... 3,417,068 Click to see attachment
List of Attached Documents:
// Content
4,432,451 		4,218,009
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).......... 1,736,310 Click to see attachment
List of Attached Documents:
// Content
1,736,356 		1,958,664
14 Land, buildings, and equipment: basis right arrow5,114,074
Less: accumulated depreciation (attach schedule) right arrow551,455 4,652,637 Click to see attachment
List of Attached Documents:
// Content
4,562,619 		4,562,619
15 Other assets (describe right arrow)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 22,500,916 21,849,696 22,859,707
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 22,500,916 21,849,696
29 Total net assets or fund balances (see instructions)..... 22,500,916 21,849,696
30 Total liabilities and net assets/fund balances (see instructions). 22,500,916 21,849,696
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
22,500,916
2
Enter amount from Part I, line 27a .....................
2
-819,206
3
Other increases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
3
167,986
4
Add lines 1, 2, and 3 ..........................
4
21,849,696
5
Decreases not included in line 2 (itemize) right arrow
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
21,849,696
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 PUBLICLY TRADED SECURITIES - LT      
b PUBLICLY TRADED SECURITIES - ST      
c CAPITAL GAINS DIVIDENDS P    
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 2,734,399   2,653,556 80,843
b 104,774   109,670 -4,896
c 127     127
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       80,843
b       -4,896
c       127
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 76,074
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 -4,896
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 9,214
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 9,214
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 9,214
6 Credits/Payments:
a 2024 estimated tax payments and 2023 overpayment credited to 2024 6a 0
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 6,000
d Backup withholding erroneously withheld .......... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 6,000
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 317
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9 3,531
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10  
11 Enter the amount of line 10 to be: Credited to 2025 estimated taxright arrow   Refundedright arrow 11  
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 arrowMN
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
8b
Yes
 
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2024 or the taxable year beginning in 2024? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
Yes
 
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
11
 
No
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressright arrowN/A
14
The books are in care ofright arrowJILL GREENHALGH Telephone no.right arrow (651) 343-2254

Located atright arrow1010 DALE STREET NORTHST PAULMN ZIP+4right arrow55117
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)
Yes
 
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
No
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2024? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2024, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2024?....................
2a
 
No
If "Yes," list the years right arrow20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
right arrow20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
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
LINDA KIRAN STORDALEN DIRECTOR, PRESIDENT
5.00 		0 0 0
1010 DALE STREET NORTH
ST PAUL,MN55117
NICOLE RECHELBACHER THOMAS DIRECTOR, VICE PRESIDENT/SECRETARY
5.00 		0 0 0
1010 DALE STREET NORTH
ST PAUL,MN55117
ANTHONY GLEEKEL DIRECTOR, TREASURER
5.00 		0 0 0
1010 DALE STREET NORTH
ST PAUL,MN55117
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
GREG GENTLE DIRECTOR OF OPERATIO
40.00 		103,333 11,532 0
945 PIONEER DRIVE
OSCEOLA,WI54020
BENJAMIN BROWN FACILITIES/MAINTENAN
40.00 		83,875 0 0
945 PIONEER DRIVE
OSCEOLA,WI54020
JODI GENTLE PROGRAM COORDINATOR
40.00 		65,129 9,205 0
945 PIONEER DRIVE
OSCEOLA,WI54020
CHERYL ELLIOTT PROGRAM COORDINATOR
40.00 		54,194 18,545 0
945 PIONEER DRIVE
OSCEOLA,WI54020
JILL GREENHALGH FOUNDATION DIRECTOR
40.00 		71,145 0 0
945 PIONEER DRIVE
OSCEOLA,WI54020
Total number of other employees paid over $50,000...................right arrow 2
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
RENFROW INC PROFESSIONAL PAINTING SERVICES 54,866
1390 FOX RIDGE TRAIL
HOULTON,WI54082
Total number of others receiving over $50,000 for professional services.............right arrow0
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1 THE HORST RECHELBACHER FOUNDATION IS A FAMILY FOUNDATION THAT OPERATES MULTIPLE PROGRAMS AT THE ACREAGE ON 350 ACRES OF PRISTINE HARDWOOD FORESTS, OAK SAVANNAS, MEADOWS, PRAIRIES, WETLANDS AND SHORES OF THE NATIONALLY DESIGNATED WILD & SCENIC ST CROIX RIVER.THE ACREAGE WORKS WITH PARTNER NON-PROFITS TO OFFER A MULTITUDE OF PROGRAMS INCLUDING EDUCATIONAL CLASSES, ENVIRONMENTAL PROGRAMS, CONVENINGS, AND ART EVENTS THAT UTILIZE THE UNIQUE NATURE-BASED SETTING, SCULPTURE GARDEN, ANIMALS AND BUILDINGS THAT ENCOMPASS THE PROPERTY. THE FOUNDATION IS ACTIVELY CONSERVING, RESTORING, MANAGING, AND PRESERVING THE NATURAL ECOSYSTEMS, HABITATS, HISTORICAL SIGNIFICANT AND NATURAL RESOURCES ON THE PROPERTY. 1,229,030
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
18,289,309
b
Average of monthly cash balances.......................
1b
209,863
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, b, and c).........................
1d
18,499,172
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
18,499,172
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
277,488
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
18,221,684
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
911,084
Part X
Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
1
Minimum investment return from Part IX, line 6..................
1
 
2a
Tax on investment income for 2024 from Part V, line 5 .......
2a
 
b
Income tax for 2024. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
 
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
 
4
Recoveries of amounts treated as qualifying distributions................
4
 
5
Add lines 3 and 4............................
5
 
6
Deduction from distributable amount (see instructions).................
6
 
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
 
Part XI
Qualifying Distributions (see instructions)
1
Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
a
Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
1a
1,292,569
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
1,292,569
Form 990-PF (2024)
Form 990-PF (2024)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2023 		(c)
2023 		(d)
2024
1 Distributable amount for 2024 from Part X, line 7  
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only.......  
b Total for prior years:20 , 20, 20  
3 Excess distributions carryover, if any, to 2024:
a From 2019......  
b From 2020......  
c From 2021......  
d From 2022......  
e From 2023......  
f Total of lines 3a through e ........  
4Qualifying distributions for 2024 from Part
XI, line 4: right arrow$  
a Applied to 2023, but not more than line 2a  
b Applied to undistributed income of prior years
(Election required—see instructions)..... 		 
c Treated as distributions out of corpus (Election
required—see instructions)........ 		 
d Applied to 2024 distributable amount.....  
e Remaining amount distributed out of corpus  
5 Excess distributions carryover applied to 2024.    
(If an amount appears in column (d), the
same amount must be shown in column (a).)
6Enter the net total of each column as
indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5  
b Prior years’ undistributed income. Subtract
line 4b from line 2b .......... 		 
c Enter the amount of prior years’ undistributed
income for which a notice of deficiency has
been issued, or on which the section 4942(a)
tax has been previously assessed...... 		 
d Subtract line 6c from line 6b. Taxable amount
—see instructions ........... 		 
e Undistributed income for 2023. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		 
f Undistributed income for 2024. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2025 .......... 		 
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		 
8 Excess distributions carryover from 2019 not
applied on line 5 or line 7 (see instructions) ... 		 
9 Excess distributions carryover to 2025.
Subtract lines 7 and 8 from line 6a ...... 		 
10 Analysis of line 9:
a Excess from 2020....  
b Excess from 2021....  
c Excess from 2022....  
d Excess from 2023....  
e Excess from 2024....  
Form 990-PF (2024)
Form 990-PF (2024)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2024, enter the date of the ruling ...... right arrow
 
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
526,039 0 0 6,902 532,941
b 85% (0.85) of line 2a ......... 447,133 0 0 5,867 453,000
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		1,292,569 976,620 1,283,992 1,273,636 4,826,817
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		52,000 69,685 120,200 296,500 538,385
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		1,240,569 906,935 1,163,792 977,136 4,288,432
3 Complete 3a, b, or c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......         0
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		         0
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		607,389 596,841 624,248 691,089 2,519,567
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		        0
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		        0
(3) Largest amount of support
from an exempt organization		         0
(4) Gross investment income         0
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
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

CHILDREN'S HEALTH CARE FOUNDATION

2525 CHICAGO AVE SOUTH
MINNEAPOLIS,MN55404 		  PC PEDIATRIC PAIN, PALLIATIVE AND INTEGRATIVE MEDICINE CLINIC 25,000

ST CROIX VALLEY FOUNDATION

1830 HANLEY RD STE 200
HUDSON,WI54016 		  PC WELLNESS FOR EVERYONE - ST CROIX FALLS PUBLIC LIBRARY PROGRAM 5,000

STEGER CENTER

2008 PORTLAND AVE
ST PAUL,MN55104 		  PC CAPITAL CAMPAIGN PLEDGE 2,000

VILLAGE OF OSCEOLA

310 CHEIFTAN ST
OSCEOLA,WI54020 		  GOV GENERAL OPERATING SUPPORT 15,000

STANDING CEDARS COMMUNITY LAND CONSERVANCY

215 280TH ST
OSCEOLA,WI54020 		  PC GENERAL OPERATING SUPPORT 5,000
Total .................................right arrow 3a 52,000
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
aPROGRAM EVENT INCOME         14,485
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		         
4 Dividends and interest from securities ....     14 482,449  
5 Net rental income or (loss) from real estate:
aDebt-financed property......          
bNot debt-financed property.....     16 60,800  
6 Net rental income or (loss) from personal property          
7 Other investment income .....          
8 Gain or (loss) from sales of assets other than
inventory ............ 		    18 116,967  
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) .. 0 660,216 14,485
13Total. Add line 12, columns (b), (d), and (e)..................
13
674,701
(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.)
1 HOSTING EDUCATIONAL CLASSES ABOUT NATURE TO ENHANCE COMMUNITY STEWARDSHIP TO FOSTER A SUSTAINABLE AND VIBRANT FUTURE. EMPOWERMENT THROUGH EDUCATION.
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
HORST RECHELBACHER FOUNDATION
 
Employer identification number

41-1956679
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
HORST RECHELBACHER FOUNDATION
  		Employer identification number
41-1956679
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
UNIVERSITY OF MINNESOTA
 
711 E RIVER PKWY
 
MINNEAPOLIS, MN55455

$ 8,937


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

$  


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

$  


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

$  


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

$  


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

$  


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

41-1956679
Part II
Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
Schedule B (Form 990) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 1-2025)
Page 4
Name of organization
HORST RECHELBACHER FOUNDATION
  		Employer identification number

41-1956679
Part III
Exclusively religious, charitable, etc., contributions to organizations described in section 501(c) (7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $  
Use duplicate copies of Part III if additional space is needed.
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
Schedule B (Form 990) (Rev. 1-2025)
Additional Data


Software ID:  
Software Version:  

TY 2024 AccountingFeesSchedule
Name:
HORST RECHELBACHER FOUNDATION
EIN:
41-1956679
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING 23,077 11,539 11,539 11,539

TY 2024 InvestmentsCorpBondsSchedule
Name:
HORST RECHELBACHER FOUNDATION
EIN:
41-1956679
Name of Bond End of Year Book Value End of Year Fair Market Value
APPLE INC 252,254 241,747
BANK OF AMERICA CORP 228,000 230,990
BANK OF AMERICA CORP FXD TO 032025 VAR THRAFTR 6.1000% 397,230 399,500
BERKELEY CNTY S 106,520 99,976
BERKSHIRE HATHAWAY INC 255,726 246,153
CAPITAL ONE FINANCIAL CORP 103,081 97,971
EVOLVE BANK AND TRUST 240,000 240,695
FORD MOTOR CO 101,794 98,464
GENERAL MOTORS FIN CO FXD TO 092027 VAR THRAFTR 5.7500% 209,007 192,000
GEORGETOWN CNTY 112,450 100,125
HUNTINGTON BANCSHARES INC/OH F XD TO 102027 VAR THRAFTR 4.45% 54,361 47,688
JPMORGAN CHASE & CO FXD TO 022025 VAR THRAFTR 4.6000% 206,580 199,000
MACOMB CNTY MIC 206,692 199,562
MARYLAND ST 110,085 100,008
MORGAN STANLEY 153,331 146,624
MORGAN STANLEY 108,049 99,137
MORGAN STANLEY PRIV 200,000 202,338
NATIONAL RURAL UTILITIES COOP 105,506 99,000
OCCIDENTAL PETROLEUM CORP 199,955 191,000
PEOPLE STATE BA 240,000 240,116
SEMPRA ENERGY 5.750% (SREA) 125,000 113,500
THE ALLSTATE C 5.1% PFD 125,000 109,400
THE SOUTHERN CO 4.20% (SOJE) 100,000 75,640
TRUIST FINANCIAL CORP FXD TO 122025 VAR THRAFTR 4.9500% 55,444 49,375
WELLS FARGO & CO FXD TO 062025 VAR THRAFTR 5.8750% 436,386 398,000

TY 2024 InvestmentsCorpStockSchedule
Name:
HORST RECHELBACHER FOUNDATION
EIN:
41-1956679
Name of Stock End of Year Book Value End of Year Fair Market Value
3I GROUP PLC UNSPONS ADR (TGOPY) 2,372 4,949
ABB LTD SPONSORED ADR 19,271 27,392
ABBOTT LABORATORIES 5,211 5,316
ABBVIE INC 21,199 31,275
ACAP STRATEGIC INTERVAL COMMON (XCAPX) 507,456 438,150
ACCENTURE PLC IRELAND CL A (ACN) 12,138 12,313
ADIDAS AG SPONSORED ADR 5,833 7,306
ADOBE INC 5,460 5,781
AGILENT TECHNOLOGIES INC 6,834 7,120
AIA GROUP LTD SPONSORED ADR 16,618 11,672
AIR LIQUIDE-ADR 7,287 8,611
AIR PRODUCTS & CHEMICALS INC 51,894 60,618
AIRBNB INC 14,078 11,827
AIRBUS SE AMERICAN DEPOSITARY RECEIPTS 10,188 13,026
AKAMAI TECHNOLOGIES INC 9,016 8,800
ALCON INC (ALC) 7,535 9,677
ALLEGION PUBLIC LIMITED COMPANY 13,312 13,721
ALPHABET INC 18,879 28,963
AMADEUS IT GROUP SA AMERICAN DEPOSITARY RECEIPTS 11,880 13,967
AMAZON COM INC 46,753 74,373
AMDOCS LIMITED 12,454 12,771
AMERICA MOVIL S A B DE C V 4,027 3,120
AMERICAN EXPRESS COMPANY 5,301 9,794
AMERICAN FINANCIAL GROUP INC 13,211 14,378
AMGEN INC 26,289 27,888
ANALOG DEVICES INC 6,703 8,498
ANHEUSER-BUSCH INBEV SA SPONSORED ADR 7,436 6,609
APPLE INC 37,030 66,111
APPLIED INDUSTRIAL TECHNOLOGIES INC 8,488 17,481
APTARGROUP INC 14,891 20,266
ARES MGMT COPR 13,507 16,641
ARGENX SE ADR 5,514 7,995
ASICS CORP 3,009 3,150
ASML HOLDING N V N Y REGISTRY SHS 2012 33,008 39,506
ASTRAZENECA PLC ADR 32,097 32,367
AT&T INC 4.750% SER-C (T.C) 125,000 99,250
ATLAS COPCO AS A ADR A NEW (ATLKY) 6,437 7,111
ATMOS ENERGY CORP 8,420 10,445
AUTOMATIC DATA PROCESSING INC (ADP) 8,109 13,173
AVERY DENNISON CORP 10,108 10,292
AXCELIS TECHNOLOGIES INC 6,654 4,332
B&M EUROPEAN VALUE RETAIL SA AMERICAN DEPOSITARY 3,292 2,178
BAE SYS PLC F 10,739 9,546
BANCO BILBAO VIZCAYA A F 6,181 5,599
BANK OF AMER CORP 5.375% S-KK (BAC.M) 100,000 90,680
BANK OF AMERICA COR 4.375%-NN (BAC.O) 50,000 38,840
BANK OF AMERICA 4.25% PFD 125,000 93,000
BANK OF AMERICA CORP 10,294 12,614
BANK OZK 4.625% PER PFD A (OZKAP) 125,000 79,800
BECTON DICKINSON & CO 3,642 3,403
BEIGENE LTD AMERICAN DEPOSITARY SHARES 8,831 7,573
BHP GROUP LIMITED AMERICAN DEPOSITARY SHARES ON 3,711 3,027
BJ S WHOLESALE CLUB HOLDINGS 13,346 17,423
BLACKROCK INC 4,032 6,151
BLACKSTONE INC 4,396 5,862
BP PLC SPONSORSORED ADR 8,724 6,976
BRAMBLES LTD SPONSORED ADR (BXBLY) 4,219 6,448
BRIDGESTONE CORP 5,927 4,514
BRIGHTHOUSE FINL INC 4.625% (BHFAM) 50,000 32,220
BRISTOL MYERS SQUIBB CO 10,051 8,710
BRITISH AMERICAN TOBACCO PLC SPONSORED ADR 5,962 5,920
BROADCOM INC (AVGO) 9,041 53,787
CACTUS INC CLASS A COMMON STOCK 14,794 16,808
CADENCE DESIGN SYSTEMS INC 7,905 12,920
CANADIAN NATIONAL RAILWAY CO 12,506 10,760
CANADIAN PACIFIC KANSA F 11,805 11,362
CAPGEMINI SE AMERICAN DEPOSITARY RECEIPTS UNSPONSORED 15,579 13,341
CAPITAL ONE FINANCIAL 4.80%-J (COF.J) 100,000 73,240
CAPITAL ONE FINANCIAL 5%-I PRF (COF.I) 50,000 38,040
CAPITAL ONE FINANCIAL CORP 2,588 3,566
CARLSBERG AS SPONSORED ADR REPRESENTING 10,933 7,189
CAVCO INDS INC DEL 4,729 8,478
CBOE GLOBAL MARKETS INC 9,311 14,264
CENCORA INC COMMON STOCK 1,894 2,696
CHARLES SCHWAB CORP NEW 9,043 10,213
CHECK POINT SOFTWARE TECHNOLOGIES LTD 11,960 15,123
CHEMED CORPORATION 12,808 13,775
CHEVRON CORP (CVX) 18,552 22,016
CHIPOTLE MEXICAN GRILL INC 5,187 9,407
CHOICE HOTELS INTERNATIONAL INC 15,764 17,889
CHUBB LTD COM 3,730 5,250
CINCINNATI FINAL CORP 14,713 18,537
CISCO SYS INC (CSCO) 2,290 3,315
CLOROX CO 8,850 10,719
CME GROUP INC 36,265 42,034
CMS ENERGY CORP 2,515 2,933
COHEN & STEERS INC 6,590 8,218
COLUMBIA SPORTSWEAR CO 10,395 10,491
COMCAST CORP CL A 9,115 7,544
COMMERCE BANCSHARES INC 9,634 10,530
COMPASS GROUP PLC SPD ADR (CMPGY) 6,550 8,733
CONOCOPHILLIPS 9,738 10,413
COOPER COMPANIES INC NEW (THE) 13,651 15,812
CORNING INC 9,608 12,498
CRH PLC ADR (CRH) 5,243 9,622
CULLEN/FROST BANKERS I 8,938 10,472
CVS HEALTH CORPORATION 4,137 2,334
DAIICHI SANKYO CO LTD SPONSORED ADR 15,200 14,409
DAIKIN INDS LTD UNSPONSORED ADR 11,571 8,118
DANAHER CORPORATION 13,815 13,773
DANONE SPONSORED ADR 10,936 11,435
DATADOG INC 2,927 3,429
DBS GROUP HOLDINGS LTD SPONSORED ADR 10,289 15,365
DEERE & CO 6,871 7,627
DELL TECHNOLOGIES INC CL C 4,612 7,145
DEUTSCHE BANK AG F 7,268 7,928
DEUTSCHE BOERSE AG UNSPON ADR (DBOEY) 7,422 9,434
DEUTSCHE TELEKOM AG 1 ORD 1ADS(DTEGY) 6,312 10,388
DNB BK ASA AMERICAN DEPOSITARY RECEIPTS 7,895 7,582
DOLBY LABORATORIES INC CL A 12,583 12,652
DOMINION ENERGY INC COMMON STOCK 4,820 4,363
DONALDSON CO INC 13,221 15,221
DOVER CORPORATION 5,652 7,316
DSV A S AMERICAN DEPOSITARY RECEIPTS 9,384 11,363
DYNATRACE INC 9,521 11,631
EAST WEST BANCORP INC 5,587 8,235
EATON CORP PLC SHS (ETN) 12,934 29,868
ECOLAB INC 31,269 43,349
EDP ENERGIAS DE PORTGUAL SA (EDPFY) 9,584 5,857
ELI LILLY & CO 10,961 33,968
ENGIE AMERICAN DEPOSITARY RECEIPTS 8,352 9,712
EOG RES INC 5,940 6,987
EPIROC AKTIEBOLAG AMERICAN DEPOSITARY RECEIPTS 15,670 14,444
EQUINIX INC (EQIX) 6,209 7,543
EQUITABLE HLDGS INC 5.25% DPRP (EQH.A) 100,000 81,840
ESSENTIAL UTILS INC 10,951 10,206
ESSILORLUXOTTICA AMERICAN DEPOSITARY RECEIPTS 13,564 19,066
EXLSERVICE HOLDINGS INC 10,926 16,687
EXPEDITORS INTERNATIONAL OF WASHINGTON INC 11,196 11,077
EXXON MOBIL CORP 34,658 44,211
F5 INC 7,784 13,328
FACTSET RESEARCH SYSTEMS INC 17,839 20,652
FASTENAL CO 2,636 3,452
FEDERAL AGRICULTURAL 5.25%-F (AGM.F) 100,000 83,320
FERRARI N V NEW 11,510 12,320
FIRST REP BK SAN FCO CAL 4.5% (FRC.N) 50,000 1
FLOWERS FOODS INC 11,194 9,628
FORTIVE CORPORATION 11,428 12,525
FUJITSU LTD-ADR NEW 6,113 7,621
GALLAGHER ARTHUR J & CO 14,175 17,883
GARTNER INC 5,732 8,236
GE AREOSPACE 5,058 4,670
GENERAL DYNAMICS CORP 37,575 42,422
GENMAB A S ADS 12,529 7,305
GENUINE PARTS CO 9,427 7,823
GIVAUDAN SA ADR (GVDNY) 15,492 17,677
GRAINGER W W INC 2,421 7,378
HALEON PLC ADR 5,106 6,373
HARTFORD FINANCIAL SERVICES GROUP INC 2,191 3,501
HDFC BK LTD 6,315 6,705
HELMERICH & PAYNE INC 14,316 13,064
HENRY JACK & ASSOCIATES INC 12,593 12,797
HERMES INTL S A UNSPONSORED ADR 6,146 10,039
HERSHEY COMPANY 37,585 31,330
HITACHI LTD ADR 10,359 17,064
HOME DEPOT INC 46,638 60,293
HONEYWELL INTL INC 46,272 53,536
HONG KONG EXCHANGES & CLEARING (HKXCY) 5,980 7,243
HOYA CORP SPONS ADR (HOCPY) 11,459 12,152
HP INC 5,328 4,797
HUBBELL INCORPORATED COM 5,298 9,216
IBERDROLA S A SPONSORED ADR REPSTG 1 ORD SHS 5,184 6,507
IBM CORP 1,770 2,858
ICON PLC 4,934 5,033
IDACORP INC 6,272 6,557
IDEX CORP 16,064 16,325
IDEXX LABORATORIES CORP 6,237 6,202
ILL TOOL WORKS INC (ITW) 5,861 7,353
IMPERIAL BRANDS PLC AMERICAN DEPOSITARY RECEIPTS SPONSORED 6,298 8,301
INDUSTRIA DE DISENO TEXTIL IND (IDEXY) 18,058 29,285
INTERCONTINENTAL EXCHANGE INC 1,656 2,235
INTERNATIONAL BANCSHARES CORP TEX 5,589 6,695
INTERPUBLIC GROUP OF COS INC 11,167 9,359
INTESA SANPAOLO S.P.A. ADR (ISNPY) 6,083 8,404
INTUIT INC 20,596 27,654
INTUITIVE SURGICAL INC 11,420 15,659
ISHARES CORE S&P MID CAP 169,535 232,416
ISHARES EDGE MSCI MIN VOL USA (USMV) 177,485 229,167
ITOCHU CORP-ADR 14,909 17,544
JOHNSON & JOHNSON 7,956 6,942
JONES LANG LASALLE INC 12,363 16,960
JPMORGAN CHASE & 4.20% SER MM (JPM.M) 50,000 37,780
JPMORGAN CHASE & CO 33,339 55,852
JPMORGAN CHASE & CO 4.625%-LL (JPM.L) 50,000 41,660
KERING UNSPONSORED ADR 13,198 5,985
KEURIG DR PEPPER INC COM (KDP) 8,338 7,355
KEYENCE CORP US LISTED 11,999 11,347
KINDER MORGAN INCORP (KMI) 3,547 5,754
KKR & CO INC 13,949 22,187
KLA CORP 9,479 8,822
L OREAL CO ADR (LRLCY) 18,939 17,743
L OREAL CO-ADR 2,424 2,240
LINCOLN ELEC HOLDINGS INC 6,581 8,436
LINDE PLC (LIN) 4,015 7,536
LLOYDS BANKING GROUP PF 6,865 6,373
LOCKHEED MARTIN CORP (LMT) 7,379 9,719
LONDON STK EXCHANGE GROUP ADR (LNSTY) 27,889 39,901
LOWES COMPANIES INC 7,180 7,898
LVMH MOET HENNESSY LOUIS VUITT (LVMUY) 19,629 15,813
MANHATTAN ASSOCIATES INC 6,769 12,431
MARSH & MCLENNAN COMPANIES INC 14,727 22,303
MARUBENI CORP-ADR 7,826 6,614
MARVELL TECHNOLOGY INC 10,668 22,863
MASCO CORP 7,498 9,362
MCCORMICK & CO INC 7,904 9,301
MCDONALDS CORP 49,796 57,978
MEDPACE HOLDINGS INC COM 6,282 10,631
MEDTRONIC PLC COM 47,974 38,822
MERCADOLIBRE INC 8,190 11,903
MERCK & CO INC NEW COM (MRK) 52,538 48,546
META PLATFORMS INC CL A 9,541 24,006
METLIFE INC 4,280 4,995
MICROCHIP TECHNOLOGY INC 5,319 3,441
MICROSOFT CORP 74,276 117,177
MONDELEZ INTL INC COM (MDLZ) 21,283 20,487
MONOLITHIC POWER SYS INC 7,369 10,651
MONOTARO CO LTD ADR (MONOY) 1,852 1,851
MONSTER BEVERAGE CORP NEW COM 4,390 5,729
MORGAN STANLEY 42,861 56,197
MORGAN STANLEY 4.250% DP PFD (MS.O) 125,000 92,050
MORGAN STANLEY 4.875% SER-L (MS.L) 125,000 104,850
MSCI INC 8,302 10,200
MTU AERO ENGINES AG UNSPONSORED ADR 5,017 8,615
NATWEST GROUP PLC F 9,343 11,482
NESTLE SA-SPONSORED ADR REPSTG REGD ORD (SF 10 PAR) 18,916 13,399
NETEASE INC SPONSORED ADR 3,615 3,301
NETFLIX INC 7,370 17,826
NEXTERA ENERGY INC 56,546 55,775
NIDEC CORPORATION SPONSORED ADR 5,335 2,284
NITORI HOLDINGS CO LTD AMERICAN DEPOSITARY RECEIPTS 4,215 3,955
NOMURA RESH INST LTD AMERICAN DEPOSITARY RECEIPTS UNSPONSORED 9,055 9,754
NORDSON CORP 15,037 14,019
NORFOLK SOUTHERN CORP 8,502 8,684
NORTHERN TRUST CORP 11,077 15,273
NORTHROP GRUMMAN CORP 2,282 2,346
NOVO NORDISK A/S ADR (NVO) 24,985 38,537
NTNL GRID PLC 7,443 6,655
NVIDIA CORP 15,055 81,245
NXP SEMICONDUCTORS N V 6,028 6,236
OLYMPUS CORPORATION SPONS ADR (OCPNY) 8,390 6,815
ONE GAS INC COM 8,680 7,825
ONEOK INC NEW 5,155 6,325
PACKAGING CORP AMER 6,004 9,681
PALO ALTO NETWORKS INC 1,933 8,734
PARKER HANNIFIN CORP 3,268 6,360
PAYCHEX INC (PAYX) 5,279 8,694
PAYCOM SOFTWARE INC 14,530 16,603
PAYPAL HLDGS INC COM 10,925 7,084
PEPSICO INC NC (PEP) 20,508 20,528
PFIZER INC 3,214 1,963
PHILIP MORRIS INTERNATIONAL INC 7,696 9,748
PHILLIPS 66 COM (PSX) 7,357 8,545
PNC FINL SVCS GP (PNC) 19,606 23,721
PPG INDUSTRIES INC 4,968 4,539
PPL CORP 6,491 7,304
PROCTER & GAMBLE (PG) 56,820 63,539
PROGRESS SOFTWARE CORPORATION 9,765 12,835
PROGRESSIVE CORP-OHIO 15,969 20,367
PUBLIC SERVICE ENTERPRISE GROUP INC 2,618 3,633
PUBLICIS S A NEW F 4,929 4,908
QUALCOMM INC (QCOM) 4,151 6,145
QUALYS INC COM 13,798 14,583
REALTY INCOME CORP (O) 11,309 9,560
RECKITT BENCKISER PLC SPONSORED ADR 7,133 5,493
RECRUIT HOLDINGS CO LTD AMERICAN DEPOSITARY RECEIPTS 7,701 13,132
RELX PLC SPONSORED ADR (RELX) 18,242 25,481
RENTOKIL INITIAL PLC ADR (RTO) 2,515 2,228
REPUBLIC SERVICES INC 1,416 2,012
REVVITY INC COMMON STOCK 10,340 7,701
ROLLIS-ROYCE HOLDINGS PF 6,660 11,731
ROYAL KPN NV SPONSORED ADR 7,395 7,844
RPM INTERNATIONAL INC 10,820 14,767
RTX CORPORATION 7,924 9,605
S&P GLOBAL INC COM (SPGI) 4,229 6,972
SAFRAN SA UNSPONSORED ADR 15,101 26,760
SALESFORCE INC 6,379 10,364
SAP SE SPONSORED ADR 27,974 55,397
SCHNEIDER ELEC SA F 9,206 10,127
SEA LTD F 6,330 8,700
SEAGATE TECHNOLOGY HOLDINGS PLC ORDINARY SHARES 2,952 3,366
SEI INVESTMENTS CO 15,246 21,197
SELECTIVE INSURANCE GROUP INC 10,580 10,194
SEMPRA 10,132 13,509
SERVICENOW INC 12,552 25,443
SHERWIN WILLIAMS COMPANY OHIO (SHW) 4,812 6,459
SHIN ETSU CHEMICAL CO LTD UNSPONSORED ADR 9,530 10,606
SHOPIFY INC 7,432 15,205
SEIMENS HELATHINEERS AF 3,436 2,947
SIKA AG AMERICAN DEPOSITARY SHARE 11,120 10,002
SILGAN HOLDINGS INC COMMON STOCK 7,333 7,287
SIMPLY GOOD FOODS CO 10,698 12,630
SMC CORP JAPAN SPONSORED ADR 5,025 4,012
SMC CORP US LISTED 11,895 8,470
SMITH A O CORP 12,771 12,141
SNAP-ON INC 10,901 16,295
SONY GROUP CORPORATION ADR (SONY) 9,994 12,696
SOUTHERN CO 34,695 36,550
SPOTIFY TECHNOLOGY S A F 2,998 3,579
STARBUCKS CORP WASHINGTON (SBUX) 8,499 9,034
STMICROELECTRONICS N V NY REGISTRY SHS 10,404 6,442
STRAUMANN HLDG AG ADR (SAUHY) 9,093 8,603
STRYKER CORP (SYK) 4,603 6,841
T-MOBILE US INC 34,104 45,470
TAIWAN SEMICONDUCTOR MFG CO LTD-SPONSORED ADR REPSTG 5 COM 25,493 43,645
TARGET CORPORATION 5,035 5,542
TDK CORP - AMERICAN DEP SHS 6,912 11,275
TELEFLEX INC 16,956 11,925
TENCENT HOLDINGS LIMITED UNSPONSORED ADR REPRESENTING B 9,568 9,253
TERADYNE INC 8,618 10,451
TERUMO CORP UNSPONSORED ADR 8,341 8,970
TESLA INC 3,077 7,269
TEXAS INSTRUMENTS INCORPORATED 46,747 52,690
TEXAS ROADHOUSE INC 5,877 11,187
TFI INTL INC COM 6,578 8,376
THE CIGNA GROUP 3,650 3,590
THE COCA-COLA CO 35,526 37,294
THERMO FISHER SCIENTIFIC INC 18,776 19,769
THOMSON REUTERS CORP (TRI) 3,988 7,217
TJX COMPANIES INC NEW 4,613 7,490
TOKIO MARINE HOLDINGS INC F 5,302 5,079
TOKYO ELECTRON LTD UNSPON ADR 14,638 15,249
TOPBUILD CORP 8,786 13,076
TORO CO 9,269 7,369
TOTALENERGIES SE AMERICAN DEPOSITARY SHS EACH 24,576 20,111
TRAVELLERS COMPANIES INC COM 14,550 18,789
TRUIST FINANCIAL CORPORATION COMMON STOCK 38,898 43,033
TRUIST FINCL CORP 4.75% SER-R (TFC.R) 50,000 38,600
UBER TECHNOLOGIES INC 13,568 18,579
UCB S A F 3,149 3,657
UNICHARM CORP SPONSORED ADR 4,212 2,237
UNICREDIT SPA F 4,306 5,514
UNILEVER PLC F 7,456 7,825
UNION PACIFIC CORP 10,596 10,262
UNITED PARCEL SER INC CL-B (UPS) 11,591 8,953
UNITEDHEALTH GP INC (UNH) 18,247 21,752
US BANCORP DEL COM 3,192 4,305
VANGUARD TOTAL INTL STOCK ETF (VXUS) 96,502 97,176
VERALTO CORPORATION COMMON STOCK 7,441 9,370
VERISK ANALYTICS INC COM 6,816 9,915
VERIZON COMMUNICATIONS 2,946 2,439
VISA INC CL A COMMON STOCK 55,272 82,486
WALMART INC 37,576 57,643
WATERS CORP 17,469 21,517
WATTS WATER TECHNOLOGIES 9,479 9,758
WEC ENERGY GROUP INC COM (WEC) 5,870 5,830
WELLS FARGO & CO 10,178 15,874
WEST PHARMACEUTICAL SVCS INC COM 11,059 11,137
WESTERN ASSET DIVERSIFIED INCM (WDI) 100,000 71,250
WILLIAMS CO INC (WMB) 12,746 19,591
WILLIAMS SONOMA INC 5,495 15,925
WORKDAY INC CL A 16,347 16,256
XCEL ENERGY INC 3,319 4,051
YUM BRANDS INC 2,811 2,817
ZEBRA TECHNOLOGIES CORP - CL A 13,204 16,994
ZOETIS INC CLASS-A (ZTS) 4,695 5,214
MSILF GOVERNMENT PTF INST 0 392,225

TY 2024 InvestmentsGovtObligationsSch
Name:
HORST RECHELBACHER FOUNDATION
EIN:
41-1956679
US Government Securities - End of Year Book Value:

856,983
US Government Securities - End of Year Fair Market Value:

883,692
State & Local Government Securities - End of Year Book Value:


647,295
State & Local Government Securities - End of Year Fair Market Value:


608,256


TY 2024 InvestmentsOtherSchedule2
Name:
HORST RECHELBACHER FOUNDATION
EIN:
41-1956679
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
ALEXANDRIA REAL ESTATE EQUITIES INC AT COST 1,485 878
AVALONBAY COMMUNITIES INC AT COST 1,908 2,200
BLACKSTONE BCRED AT COST 500,000 490,937
BREIT CL I AT COST 1,000,000 1,228,789
CAMDEN PROPERTY TRUST - SBI AT COST 8,134 9,283
CUBESMART AT COST 9,400 9,084
LAMAR ADVERTISING COMPANY CL A AT COST 10,117 12,052
PE PREMIER BLKSTONE GROWTH AT COST 172,999 172,999
PE PREMIER BLKSTONE GROWTH CPV AT COST 13,129 13,129
PROLOGIS INC AT COST 8,392 8,033
STAG INDUSTRIAL INC AT COST 7,891 8,218
VENTAS INC AT COST 2,901 3,062

TY 2024 LandEtcSchedule2
Name:
HORST RECHELBACHER FOUNDATION
EIN:
41-1956679
Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
BUILDINGS 2,516,942 449,671 2,067,271 2,067,271
EQUIPMENT 135,003 101,784 33,219 33,219
LAND 2,462,129 0 2,462,129 2,462,129


TY 2024 LegalFeesSchedule
Name:
HORST RECHELBACHER FOUNDATION
EIN:
41-1956679
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
LEGAL 179 0 0 179


TY 2024 OtherExpensesSchedule
Name:
HORST RECHELBACHER FOUNDATION
EIN:
41-1956679
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
EQUIPMENT/FURNITURE PURCHASE 39,750 0 0 39,750
OFFICE SUPPLIES 7,759 0 0 7,759
PROPERTY INSURANCE 71,215 0 0 71,215
PROPERTY MAINTENANCE 244,112 0 0 244,112
INFORMATION TECHNOLOGY 22,038 0 0 22,038
MISCELLANEOUS 11,955 0 0 11,955
ANIMAL CARE 52,591 0 0 52,591
LAND MANAGEMENT SUPPLIES 39,617 0 0 39,617
MARKETING & SIGNAGE 11,809 0 0 11,809


TY 2024 OtherIncomeSchedule2
Name:
HORST RECHELBACHER FOUNDATION
EIN:
41-1956679
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
PROGRAM EVENT INCOME 14,485   14,485


TY 2024 OtherIncreasesSchedule
Name:
HORST RECHELBACHER FOUNDATION
EIN:
41-1956679
Description Amount
BOOK TO TAX ADJUSTMENTS 167,986


TY 2024 OtherProfessionalFeesSchedule
Name:
HORST RECHELBACHER FOUNDATION
EIN:
41-1956679
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT 102,566 102,566 102,566 0


TY 2024 TaxesSchedule
Name:
HORST RECHELBACHER FOUNDATION
EIN:
41-1956679
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
PROPERTY TAXES 5,064 0 0 5,064
EXCISE TAXES 4,230 0 0 0
FOREIGN TAX 4,174 4,174 4,174 0