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
2023
Open to Public Inspection
For calendar year 2023, or tax year beginning 07-01-2023 , and ending 06-30-2024
Name of foundation
LINCOLN INSTITUTE OF LAND POLICY
 
Number and street (or P.O. box number if mail is not delivered to street address)11010 N TATUM BLVD D101
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
PHOENIX, AZ85028
A Employer identification number

86-6021106
B Telephone number (see instructions)

(602) 393-4300
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$774,364,523J 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) 5,585,411
2 Check right arrow.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 11,110,575 9,590,640 11,110,575
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 40,584,586
b Gross sales price for all assets on line 6a 40,584,586
7 Capital gain net income (from Part IV, line 2)... 40,584,586
8 Net short-term capital gain......... 6,533,673
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
2,229,466 124,644 2,229,466
12 Total. Add lines 1 through 11........ 59,510,038 50,299,870 19,873,714
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 2,307,350 790,800 790,800 1,461,450
14 Other employee salaries and wages...... 12,876,371 0 0 13,056,737
15 Pension plans, employee benefits....... 5,674,861 155,011 155,011 5,247,583
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
85,598 9,744 9,744 72,868
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
80,500 13,000 13,000 2,500
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
4,107,109 3,490,028 3,490,028 634,841
17 Interest............... 1,176,720 50,416 50,416 1,126,304
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
1,161,595 155,487 155,487 1,006,108
19 Depreciation (attach schedule) and depletion... 1,564,263 67,020 67,020
20 Occupancy.............. 957,367 39,344 39,344 837,386
21 Travel, conferences, and meetings....... 4,692,989 161,800 161,800 4,311,383
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
14,647,207 41,488 2,146,310 11,776,308
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 49,331,930 4,974,138 7,078,960 39,533,468
25 Contributions, gifts, grants paid....... 0 0
26 Total expenses and disbursements. Add lines 24 and 25 49,331,930 4,974,138 7,078,960 39,533,468
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 10,178,108
b Net investment income (if negative, enter -0-) 45,325,732
c Adjusted net income (if negative, enter -0-)... 12,794,754
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2023)
Form 990-PF (2023)
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............. 2,060,498 1,576,002 1,576,002
2 Savings and temporary cash investments......... 34,292,708 10,532,136 10,532,136
3 Accounts receivable right arrow802,946
Less: allowance for doubtful accounts right arrow   336,653 802,946 802,946
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow        
5 Grants receivable................. 3,267,737 1,046,926 1,046,926
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.......... 1,108,154 444,285 444,285
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 446,246,682 Click to see attachment
List of Attached Documents:
// Content
500,504,578 		500,504,578
c Investments—corporate bonds (attach schedule)....... 16,316,727 Click to see attachment
List of Attached Documents:
// Content
19,181,490 		19,181,490
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).......... 207,263,523 Click to see attachment
List of Attached Documents:
// Content
198,799,115 		198,799,115
14 Land, buildings, and equipment: basis right arrow46,321,317
Less: accumulated depreciation (attach schedule) right arrow13,469,905 34,443,286 Click to see attachment
List of Attached Documents:
// Content
32,851,412 		32,851,412
15 Other assets (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
170,087 		Click to see attachment
List of Attached Documents:
// Content
8,625,633 		Click to see attachment
List of Attached Documents:
// Content
8,625,633
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 745,506,055 774,364,523 774,364,523
Liabilities 17 Accounts payable and accrued expenses.......... 2,725,845 2,914,949
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) Click to see attachment
List of Attached Documents:
// Content
48,498,751 		Click to see attachment
List of Attached Documents:
// Content
49,120,008
23 Total liabilities (add lines 17 through 22)......... 51,224,596 52,034,957
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........... 684,188,563 720,575,544
25 Net assets with donor restrictions............ 10,092,896 1,754,022
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........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds    
29 Total net assets or fund balances (see instructions)..... 694,281,459 722,329,566
30 Total liabilities and net assets/fund balances (see instructions). 745,506,055 774,364,523
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
694,281,459
2
Enter amount from Part I, line 27a .....................
2
10,178,108
3
Other increases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
3
22,828,644
4
Add lines 1, 2, and 3 ..........................
4
727,288,211
5
Decreases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
5
4,958,645
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
722,329,566
Form 990-PF (2023)
Form 990-PF (2023)
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 (SHORT)      
b PUBLICLY TRADED SECURITIES (LONG)      
c
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 6,533,673     6,533,673
b 34,050,913     34,050,913
c
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       6,533,673
b       34,050,913
c
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 40,584,586
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 6,533,673
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) 1 630,028
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........................... 3 630,028
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- ..... 5 630,028
6 Credits/Payments:
a 2023 estimated tax payments and 2022 overpayment credited to 2023 6a 600,000
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld .......... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 600,000
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment
List of Attached Documents:
// Content
8 8,272
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9 38,300
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 2024 estimated taxright arrow   Refundedright arrow 11  
Form 990-PF (2023)
Form 990-PF (2023)
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
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
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 arrowAZ, MA, DC
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 2023 or the taxable year beginning in 2023? 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 arrowWWW.LINCOLNINST.EDU
14
The books are in care ofright arrowVINOD PARMESHWAR CFO Telephone no.right arrow (602) 393-4300

Located atright arrow11010 N TATUM BLVD D101PHOENIXAZ ZIP+4right arrow85028
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 2023, 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 (2023)
Form 990-PF (2023)
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 2023? .............
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 2023, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2023?....................
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 2023 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 2023.) .....................
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 2023? ..
4b
 
No
Form 990-PF (2023)
Form 990-PF (2023)
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
GEORGE MCCARTHY CEO & PRESIDENT/ DIRECTOR
37.50 		591,282 89,761 0
113 BRATTLE STREET
CAMBRIDGE,MA02138
KATHRYN J LINCOLN CHAIR & CIO/DIRECTOR
37.50 		528,540 51,644 0
11010 N TATUM BLVD
PHOENIX,AZ85028
VINOD PARMESHWAR TREAS. & CFO-CHRO
37.50 		300,000 63,966 0
113 BRATTLE STREET
CAMBRIDGE,MA02138
LIZZIE KAZAN ASSISTANT TREAS. & DIRECTOR OF FINANCE
37.50 		192,400 43,880 0
11010 N TATUM BLVD
PHOENIX,AZ85028
AMELIA STIER SECRETARY DIRECTOR OF BOARD & INVESTMENT MGMT
37.50 		140,608 36,303 0
11010 N TATUM BLVD
PHOENIX,AZ85028
CAROLINA BARCO DIRECTOR (AS OF APRIL 2024)
0.75 		3,000 0 0
11010 N TATUM BLVD
PHOENIX,AZ85028
THOMAS BECKER DIRECTOR
1.25 		21,000 0 0
11010 N TATUM BLVD
PHOENIX,AZ85028
JANE CAMPBELL DIRECTOR
0.75 		18,500 0 0
11010 N TATUM BLVD
PHOENIX,AZ85028
PETER CULP DIRECTOR
1.00 		8,500 0 0
11010 N TATUM BLVD
PHOENIX,AZ85028
CONSTANCE MITCHELL FORD DIRECTOR
1.00 		15,000 0 0
11010 N TATUM BLVD
PHOENIX,AZ85028
LOURDES GERMAN DIRECTOR
0.00 		0 0 0
11010 N TATUM BLVD
PHOENIX,AZ85028
NANCY GIBBS DIRECTOR
0.75 		12,000 0 0
11010 N TATUM BLVD
PHOENIX,AZ85028
WILLIAM GOODELL DIRECTOR
1.25 		13,000 0 0
11010 N TATUM BLVD
PHOENIX,AZ85028
TZU-CHIN LIN DIRECTOR
0.75 		7,500 0 0
11010 N TATUM BLVD
PHOENIX,AZ85028
BRUCE LINCOLN DIRECTOR
0.75 		17,500 0 0
11010 N TATUM BLVD
PHOENIX,AZ85028
JOHN G LINCOLN III DIRECTOR
0.75 		12,000 0 0
11010 N TATUM BLVD
PHOENIX,AZ85028
THOMAS NECHYBA DIRECTOR
2.00 		19,500 0 0
11010 N TATUM BLVD
PHOENIX,AZ85028
KEVYN ORR DIRECTOR
0.50 		16,000 0 0
11010 N TATUM BLVD
PHOENIX,AZ85028
TIM RENJILIAN DIRECTOR
0.75 		23,000 0 0
11010 N TATUM BLVD
PHOENIX,AZ85028
SCOTT SMITH DIRECTOR
0.75 		10,500 0 0
11010 N TATUM BLVD
PHOENIX,AZ85028
ADRIANA SOTO DIRECTOR
0.50 		5,500 0 0
11010 N TATUM BLVD
PHOENIX,AZ85028
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
JOAN M YOUNGMAN EXEC. DIR. - LAND &
37.50 		323,336 69,828 0
11010 N TATUM BLVD
PHOENIX,AZ85028
ANNE W SCOTT EXEC. DIR. - CTR FOR
37.50 		328,640 54,798 0
11010 N TATUM BLVD
PHOENIX,AZ85028
ROBIN HACKE EXEC. DIR. OF CCI
37.50 		344,000 39,356 0
11010 N TATUM BLVD
PHOENIX,AZ85028
ENRIQUE R SILVA CHIEF PROGRAM OFFICE
37.50 		300,000 67,995 0
11010 N TATUM BLVD
PHOENIX,AZ85028
ZHI LIU EXEC. DIR. - CHINA P
37.50 		288,080 65,548 0
11010 N TATUM BLVD
PHOENIX,AZ85028
Total number of other employees paid over $50,000...................right arrow 122
Form 990-PF (2023)
Form 990-PF (2023)
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
EAGLE CAPITAL MANAGEMENT INVESTMENT ADVICE 805,335
499 PARK AVENUE
NEW YORK,NY10222
MT AUBURN ASSOCIATES CONSULTANT 375,202
700 CHILDRENS DRIVE
COLUMBUS,OH43205
SANDS CAPITAL INVESTMENT ADVICE 366,446
1101 WILSON BLVD
ARLINGTON,VA22209
MERRILL LYNCH INVESTMENT CONSULTING 345,768
2555 E CAMELBACK RD
PHOENIX,AZ85016
MARIAN URQUILLA CONSULTANT 293,000
1204 PRESERVATION PARK WAY
OAKLAND,CA94612
Total number of others receiving over $50,000 for professional services.............right arrow56
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 LAND & COMMUNITIES: LAND AND WATER POLICY CAN SHAPE THE BUILT AND NATURAL ENVIRONMENT TO REDUCE THE EXTENT OF CLIMATE CHANGE AND TO HELP COMMUNITIES AND NATURAL SYSTEMS WITHSTAND THE IMPACTS OF A WARMER CLIMATE. THE LINCOLN INSTITUTE IS ADVANCING GOOD PLANNING PRACTICES TO ADDRESS THESE CHALLENGES AND ASPIRES TO EFFICIENT AND EQUITABLE ALLOCATION OF LIMITED LAND RESOURCES TO SUPPORT THRIVING COMMUNITIES. 16,657,957
2 LAND & FISCAL SYSTEMS: PROSPEROUS CITIES AND REGIONS PROVIDE ESSENTIAL PUBLIC GOODS AND SERVICES THROUGH COORDINATED LAND USE PLANNING AND PUBLIC FINANCE. OUR WORK SEEKS TO EXPAND ACCESS TO THRIVING CITIES TO CREATE NEW OPPORTUNITIES. 8,492,291
3 LAND & WATER: THE MOST BASIC OF NATURAL RESOURCES, LAND AND WATER ARE THE FOUNDATION OF CIVILIZATION. THROUGH INTERNATIONAL NETWORKS AND CUTTING-EDGE RESEARCH, WE STRIVE TOWARD GREATER LAND STEWARDSHIP AND COORDINATED LAND AND WATER DECISIONS TO ENSURE A LIVABLE FUTURE. 7,512,412
4 CLAREMONT LINCOLN UNIVERSITY: THE INSTITUTE PROVIDES FINANCIAL AND PROGRAMMATIC SUPPORT TO SUSTAIN AND EXPAND EDUCATIONAL OFFERINGS. 4,570,368
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 (2023)
Form 990-PF (2023)
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
521,172,506
b
Average of monthly cash balances.......................
1b
21,965,035
c
Fair market value of all other assets (see instructions)................
1c
174,382,585
d
Total (add lines 1a, b, and c).........................
1d
717,520,126
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
717,520,126
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
10,762,802
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
706,757,324
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
35,337,866
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 2022 from Part V, line 5.......
2a
 
b
Income tax for 2022. (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
39,533,468
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
39,533,468
Form 990-PF (2023)
Form 990-PF (2023)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2022 		(c)
2022 		(d)
2023
1 Distributable amount for 2023 from Part X, line 7  
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only.......  
b Total for prior years:20 , 20, 20  
3 Excess distributions carryover, if any, to 2022:
a From 2018......  
b From 2019......  
c From 2020......  
d From 2021......  
e From 2022......  
f Total of lines 3a through e ........  
4Qualifying distributions for 2023 from Part
XI, line 4: right arrow$  
a Applied to 2022, 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 2023 distributable amount.....  
e Remaining amount distributed out of corpus  
5 Excess distributions carryover applied to 2023.    
(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 2022. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		 
f Undistributed income for 2023. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2024 .......... 		 
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 2018 not
applied on line 5 or line 7 (see instructions) ... 		 
9 Excess distributions carryover to 2024.
Subtract lines 7 and 8 from line 6a ...... 		 
10 Analysis of line 9:
a Excess from 2019....  
b Excess from 2020....  
c Excess from 2021....  
d Excess from 2022....  
e Excess from 2023....  
Form 990-PF (2023)
Form 990-PF (2023)
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 2023, enter the date of the ruling ...... right arrow
2006-11-01
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) 2023 (b) 2022 (c) 2021 (d) 2020
12,794,754 9,604,384 5,918,517 14,264,643 42,582,298
b 85% (0.85) of line 2a ......... 10,875,541 8,163,726 5,030,739 12,124,947 36,194,953
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		39,533,468 41,732,550 40,943,792 32,346,039 154,555,849
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		0 0 0 0 0
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		39,533,468 41,732,550 40,943,792 32,346,039 154,555,849
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 .. 		23,558,577 21,240,521 23,560,455 21,987,504 90,347,057
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
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 (2023)
Form 990-PF (2023)
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
Total .................................right arrow 3a 0
bApproved for future payment
Total ................................. right arrow 3b 0
Form 990-PF (2023)
Form 990-PF (2023)
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
aPUBLICATIONS         20,763
bCONTRACT REVENUE         2,046,434
cEVENTS         37,625
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 .... 523000 174,902 14 10,935,673  
5 Net rental income or (loss) from real estate:
aDebt-financed property......          
bNot debt-financed property.....          
6 Net rental income or (loss) from personal property          
7 Other investment income .....          
8 Gain or (loss) from sales of assets other than
inventory ............ 		    18 40,584,586  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aOTHER INVESTMENT RELATED INCOME 		    14 124,644  
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. 174,902 51,644,903 2,104,822
13Total. Add line 12, columns (b), (d), and (e)..................
13
53,924,627
(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.)
1A SALES OF SCHOLARLY PUBLICATION IN VARIOUS PROGRAM AREAS
1B CONTRACT SERVICES FOR LINCOLN PROGRAM EXPERTISE
1C EVENT COSTS REIMBURSED
Form 990-PF (2023)
Form 990-PF (2023)
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 SmallBullet
 Firm's EIN SmallBullet
Firm's address SmallBullet


 Phone no.
Form 990-PF (2023)
Additional Data


Software ID:  
Software Version:  


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

Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
Arrow Bullet Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2023
Name of the organization
LINCOLN INSTITUTE OF LAND POLICY
 
Employer identification number

86-6021106
Organization type (check one):
Filers of:
Section:
Form 990 or 990-EZ






Form 990-PF




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
Special Rules
......... Arrow Bullet $  
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) (2023)
Schedule B (Form 990) (2023) Page 2
Name of organization
LINCOLN INSTITUTE OF LAND POLICY
  		Employer identification number
86-6021106
Part I
Contributors
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
BOISE STATE UNIVERSITY
 
1910 UNIVERSITY DRIVE
 
BOISE, ID83725

$ 14,827


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
2
CATENA FOUNDATION
 
PO BOX 994
 
CARBONDALE, CA81623

$ 196,720


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
3
CONSCIENCE BAY
 
929 PEARL STREET STE 300
 
BOULDER, CO80302

$ 50,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
4
DUKE UNIVERSITY
 
CAMPUS BOX 104131
 
DURHAM, NC27708

$ 30,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
5
GATES FAMILY FOUNDATION
 
1390 LAWRENCE STREET STE 400
 
DENVER, CO80204

$ 10,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
6
HERON FOUNDATION
 
PO BOX 996
 
NEW MILFORD, CT06776

$ 75,000


(Complete Part II for noncash contributions.)
Schedule B (Form 990) (2023)
Name of organization
LINCOLN INSTITUTE OF LAND POLICY
  		Employer identification number
86-6021106
Part I
Contributors
Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
7
JP MORGAN CHARITABLE FOUNDATION
 
383 MADISON AVE
 
NEW YORK, NY10017

$ 500,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
8
PAULIN FAMILY CHARTIBLE FUND
5520 N MAGDALENA ROAD
 
FLAGSTAFF, AZ86001

$ 5,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
9
MIGHT ARROW FAMILY FOUNDATION
 
PO BOX 90
 
FORT COLLINS, CO80522

$ 75,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
10
NEIGHBORWORKS AMERICA
 
999 NORTH CAPITOL NE
 
WASHINGTON, DC20002

$ 125,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
11
PLANET WOMEN
 
9760 COPPERTOP LOOP
 
BAINBRIDGE ISLAND, WA98110

$ 40,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
12
ROBERT WOOD JOHNSON
 
50 COLLEGE ROAD EAST
 
PRINCETON, NJ08540

$ 500,000


(Complete Part II for noncash contributions.)
Schedule B (Form 990) (2023)
Name of organization
LINCOLN INSTITUTE OF LAND POLICY
  		Employer identification number
86-6021106
Part I
Contributors
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
13
SOUTHERN UTE INDIAN TRIBE
 
PO BOX 737
 
IGNACIO, CO81137

$ 5,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
14
TD CHARITABLE FOUNDATION
 
1701 ROUTE 70 EAST
 
CHERRY HILL, NJ08003

$ 75,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
15
THE BROOKINGS INSTITUTE
 
1775 MASSACHUSETTS AVE NW
 
WASHINGTON DC, DC20036

$ 112,800


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
16
THE PEW CHARITABLE TRUST
 
25 MARKET STREET
 
PHILADELPHIA, PA19103

$ 90,707


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
17
THE T ROWE PRICE
PO BOX 17115
 
BALTIMORE, MD21297

$ 300,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
18
THORNBURG FOUNDATION
 
2300 N RIDGETOP ROAD
 
SANTA FE, NM87506

$ 25,000


(Complete Part II for noncash contributions.)
Schedule B (Form 990) (2023)
Name of organization
LINCOLN INSTITUTE OF LAND POLICY
  		Employer identification number
86-6021106
Part I
Contributors
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
19
UNIVERSITY OF PITTSBURGH
 
300 MURDC 3420 FORBES AVE
 
PITTSBURGH, PA15260

$ 37,844


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
20
US BUREAU OF RECLAMATION
 
PO BOX 25007
 
DENVER, CO80225

$ 117,813


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
21
US ENDOWMENT
 
908 E NORTH STREET
 
GREENVILLE, SC29601

$ 56,789


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
22
US GEOLOGICAL SURVEY
 
NATIONAL CENTER 12201 SUNRISE VALLE
 
RESTON, VA20192

$ 60,234


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
23
WALTON FAMILY FOUNDATION
 
44 COOK STREET STE 255
 
DENVER, CO80206

$ 525,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
24
US DEPARTMENT OF THE TREASURY
 
1500 PENNSYLVANIA AVENUE NW
 
WASHINGTON, DC20220

$ 2,533,929


(Complete Part II for noncash contributions.)
Schedule B (Form 990) (2023)
Schedule B (Form 990) (2023)
Page 3
Name of organization
LINCOLN INSTITUTE OF LAND POLICY
  		Employer identification number

86-6021106
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) (2023)
Schedule B (Form 990) (2023)
Page 4
Name of organization
LINCOLN INSTITUTE OF LAND POLICY
  		Employer identification number

86-6021106
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 $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
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) (2023)
Additional Data


Software ID:  
Software Version:  

TY 2023 AccountingFeesSchedule
Name:
LINCOLN INSTITUTE OF LAND POLICY
EIN:
86-6021106
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
AUDIT FEES 80,500 13,000 13,000 2,500

TY 2023 InvestmentsCorpBondsSchedule
Name:
LINCOLN INSTITUTE OF LAND POLICY
EIN:
86-6021106
Name of Bond End of Year Book Value End of Year Fair Market Value
BARROW HANLEY CORE 19,181,490 19,181,490

TY 2023 InvestmentsCorpStockSchedule
Name:
LINCOLN INSTITUTE OF LAND POLICY
EIN:
86-6021106
Name of Stock End of Year Book Value End of Year Fair Market Value
EAGLE CAPITAL MGMT 91,508,303 91,508,303
GRANITE 49,351,867 49,351,867
LINCOLN ELECTRIC HOLDINGS 132,100,253 132,100,253
SANDS CAPITAL MGMT 81,892,127 81,892,127
SANTA BARBARA 52,545,102 52,545,102
FULLER AND THALER 39,736,911 39,736,911
MARTIN CURRIE EM 10,983,819 10,983,819
POLEN INTL GROWTH 40,550,828 40,550,828
BARROW HANLEY MUTUAL 1,835,368 1,835,368

TY 2023 InvestmentsOtherSchedule2
Name:
LINCOLN INSTITUTE OF LAND POLICY
EIN:
86-6021106
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
NUVEEN GLOBAL INFRASTRUCTURE FMV 28,014,077 28,014,077
MUTUAL FUNDS FOR 457 PLAN FMV 610,135 610,135
SKELLIG DST WATER FUND FMV 14,384,222 14,384,222
ABRAAJ GROWTH MARKETS FMV 2,933,249 2,933,249
ANGELO GORDON II FMV 3,774,082 3,774,082
ANGELO GORDON III FMV 5,415,112 5,415,112
ANGELO GORDON REAL ESTATE FMV 6,471,640 6,471,640
BARINGS FMV 8,485,270 8,485,270
BEACHPOINT FMV 3,506,479 3,506,479
BLACKSTONE STRATEGIC CAP HOLDINGS FMV 9,601,991 9,601,991
BLACKSTONE STRATEGIC OPPORTUNITY FUND FMV 4,701,065 4,701,065
BLACKSTONE STRATEGIC PARTNERS SECONDARIES FMV 6,728,093 6,728,093
CARLYLE FMV 244,090 244,090
CARLYLE ENERGY PARTNERS FMV 6,846,471 6,846,471
ECOSYSTEM III FMV 6,950,517 6,950,517
ECOSYSTEM PARTNERS IV FMV 7,635,541 7,635,541
ECOSYSTEM V FMV 640,781 640,781
GERBER TAYLOR OFFSHORE FMV 10,954,640 10,954,640
IHS DEVFUND I EKHAYA FMV 1,103,468 1,103,468
INTERNATIONAL HOUSING SOLUTIONS FMV 3,138,147 3,138,147
INVESTEC (AFRICAN) FMV 1,683,792 1,683,792
KAIROS VENTURE PARTNERS III FMV 6,745,728 6,745,728
LEVINE LEICHTMAN CAP PARTNERS VI FMV 11,894,221 11,894,221
LLCP III FMV 5,399,798 5,399,798
MORGAN CREEK FMV 1,687,773 1,687,773
MORGAN CREEK NEW CHINA FUND FMV 5,005,693 5,005,693
SILVER LAKE ALPINE II OFFSHORE FMV 7,995,365 7,995,365
SKYBRIDGE FMV 8,562,030 8,562,030
UNIGESTION FMV 9,427,218 9,427,218
UNIGESTION CLIMATE FMV 8,258,427 8,258,427

TY 2023 LandEtcSchedule2
Name:
LINCOLN INSTITUTE OF LAND POLICY
EIN:
86-6021106
Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
LAND & BUILDING - BRATTLE 10,082,410 7,339,566 2,742,844 2,742,844
LAND & BUILDING - PHILLIPS 4,189,780 1,622,518 2,567,262 2,567,262
LAND & BUILDING - PHOENIX 3,366,209 2,101,582 1,264,627 1,264,627
CAP IMPROVEMENT - BRATTLE 20,292,767 1,265,887 19,026,880 19,026,880
CAP IMPROVEMENT - PHILLIPS 3,020,893 175,170 2,845,723 2,845,723
CAP IMPROVEMENT - PHOENIX 2,742,454 0 2,742,454 2,742,454
CAPITALIZED INTEREST - BRATTLE 358,310 0 358,310 358,310
CAPITALIZED INTEREST - PHILLIPS 443,002 0 443,002 443,002
CAPITALIZED INTEREST - PHOENIX 121,864 21,448 100,416 100,416
ARTWORK 228,901 0 228,901 228,901
FURNITURE & EQUIPMENT 1,474,727 943,734 530,993 530,993


TY 2023 LegalFeesSchedule
Name:
LINCOLN INSTITUTE OF LAND POLICY
EIN:
86-6021106
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
LEGAL FEES 85,598 9,744 9,744 72,868


TY 2023 OtherAssetsSchedule
Name:
LINCOLN INSTITUTE OF LAND POLICY
EIN:
86-6021106
Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
HEALTH INSURANCE DEPOSIT 4,452 46,800 46,800
INVESTMENT INTEREST RECEIVABLE 165,635 150,136 150,136
OPERATING LEASE RIGHT-OF-USE ASSET   178,930 178,930
RECEIVABLES FROM INVESTMENTS SOLD   8,249,767 8,249,767


TY 2023 OtherDecreasesSchedule
Name:
LINCOLN INSTITUTE OF LAND POLICY
EIN:
86-6021106
Description Amount
CHANGE IN DEFERRED EXCISE TAX 246,920
TRANSFER OF NET ASSETS 4,711,725


TY 2023 OtherExpensesSchedule
Name:
LINCOLN INSTITUTE OF LAND POLICY
EIN:
86-6021106
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
RESEARCH & RFPS 2,911,339 0 0 2,587,786
DISSEMINATION 1,624,562 0 0 1,530,484
GENERAL OFFICE 633,783 20,698 20,698 890,747
INSURANCE 227,083 0 0 227,083
PROGRAM DEVELOPMENT 4,131,519 0 2,104,822 1,996,195
OTHER STAFFING 184,187 0 0 173,224
NETWORKS 1,458,809 0 0 1,206,099
INFORMATION TECHNOLOGY 495,480 20,790 20,790 456,566
COURSES 2,980,445 0 0 2,708,124


TY 2023 OtherIncomeSchedule2
Name:
LINCOLN INSTITUTE OF LAND POLICY
EIN:
86-6021106
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
PUBLICATIONS 20,763   20,763
CONTRACT REVENUE 2,046,434   2,046,434
EVENTS 37,625   37,625
OTHER INVESTMENT RELATED INCOME 124,644 124,644 124,644


TY 2023 OtherIncreasesSchedule
Name:
LINCOLN INSTITUTE OF LAND POLICY
EIN:
86-6021106
Description Amount
UNREALIZED GAIN ON INVESTMENTS 22,828,644


TY 2023 OtherLiabilitiesSchedule
Name:
LINCOLN INSTITUTE OF LAND POLICY
EIN:
86-6021106
Description Beginning of Year - Book Value End of Year - Book Value
REVOLVING LOAN ACCOUNT 38,825,555 38,825,555
DEFERRED FEDERAL EXCISE TAX 2,774,754 3,027,736
ACCRUED POST-RETIREMENT BENEFITS 6,429,008 6,473,123
DEFERRED COMPENSATION RESERVE 469,434 610,135
OPERATING LEASE LIABILITY 0 183,459


TY 2023 OtherProfessionalFeesSchedule
Name:
LINCOLN INSTITUTE OF LAND POLICY
EIN:
86-6021106
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT ADVISORY FEES 2,715,914 2,715,914 2,715,914 0
INVESTMENT CONSULTANT 672,330 670,981 670,981 0
OTHER PROFESSIONAL FEES 718,865 103,133 103,133 634,841


TY 2023 TaxesSchedule
Name:
LINCOLN INSTITUTE OF LAND POLICY
EIN:
86-6021106
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FOREIGN TAXES 153,813 153,813 153,813 0
PROPERTY TAXES 106,226 1,674 1,674 104,552
FEDERAL UBIT 183,576 0 0 183,576
FEDERAL EXCISE 717,116 0 0 717,116
OTHER TAXES 864 0 0 864