Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
right arrowDo not enter social security numbers on this form as it may be made public.
right arrowGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2024
Open to Public Inspection
For calendar year 2024, or tax year beginning 01-01-2024 , and ending 12-31-2024
Name of foundation
The Copley Fund
 
Number and street (or P.O. box number if mail is not delivered to street address)PO Box 696
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Morrisville, VT056610696
A Employer identification number

03-6006013
B Telephone number (see instructions)

(802) 888-2000
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$5,555,988J 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) 100
2 Check right arrow.............
3 Interest on savings and temporary cash investments 1 1  
4 Dividends and interest from securities... 252,115 252,115  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 Click to see attachment
List of Attached Documents:
// Content
81,149
b Gross sales price for all assets on line 6a 294,001
7 Capital gain net income (from Part IV, line 2)... 81,149
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule)..... 0  
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
15,344 60  
12 Total. Add lines 1 through 11........ 348,709 333,325  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0      
14 Other employee salaries and wages...... 0      
15 Pension plans, employee benefits....... 0      
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
2,241 2,241    
b Accounting fees (attach schedule)....... 0      
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
15,120 15,120    
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
37 37    
19 Depreciation (attach schedule) and depletion... 0    
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
6,268     6,268
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 23,666 17,398   6,268
25 Contributions, gifts, grants paid....... 241,807 241,807
26 Total expenses and disbursements. Add lines 24 and 25 265,473 17,398   248,075
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 83,236
b Net investment income (if negative, enter -0-) 315,927
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2024)
Form 990-PF (2024)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 44,003 65,394 65,394
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).....   0  
7 Other notes and loans receivable (attach schedule) right arrow  
Less: allowance for doubtful accounts right arrow     0  
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 480,291 Click to see attachment
List of Attached Documents:
// Content
544,529 		5,475,729
c Investments—corporate bonds (attach schedule)....... 17,282 Click to see attachment
List of Attached Documents:
// Content
14,889 		14,865
11 Investments—land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow     0  
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........   0  
14 Land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow     0  
15 Other assets (describe right arrow) 0 0 0
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 541,576 624,812 5,555,988
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons   0
21 Mortgages and other notes payable (attach schedule)......   0
22 Other liabilities (describe right arrow) 0 0
23 Total liabilities (add lines 17 through 22).........   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............ 541,576 624,812
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)..... 541,576 624,812
30 Total liabilities and net assets/fund balances (see instructions). 541,576 624,812
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
541,576
2
Enter amount from Part I, line 27a .....................
2
83,236
3
Other increases not included in line 2 (itemize) right arrow
3
 
4
Add lines 1, 2, and 3 ..........................
4
624,812
5
Decreases not included in line 2 (itemize) right arrow
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
624,812
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 MS 7601 P 2022-01-01 2024-12-31
b Publicly Traded Securities MS 8081 P 2022-01-01 2024-12-31
c Publicly traded securities C/G dist P 2022-01-01 2024-12-31
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 175,149 0 120,937 54,212
b 118,732 0 91,915 26,817
c 120 0 0 120
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 0 0 0 54,212
b 0 0 0 26,817
c 0 0 0 120
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 81,149
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here right arrow and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions) 1 4,391
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 4,391
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 4,391
6 Credits/Payments:
a 2024 estimated tax payments and 2023 overpayment credited to 2024 6a 260
b Exempt foreign organizations—tax withheld at source...... 6b  
c Tax paid with application for extension of time to file (Form 8868)... 6c  
d Backup withholding erroneously withheld .......... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. Part VI Line 7 - Tax Paid with the Original Return: 260 7 260
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
8 181
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9 4,312
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 arrow0 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$   (2) On foundation managers.right arrow$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$  
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 arrowVT
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
8b
Yes
 
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2024 or the taxable year beginning in 2024? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
 
No
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
11
 
No
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressright arrowN/A
14
The books are in care ofright arrowRichard C Sargent Esq Telephone no.right arrow (802) 888-2000

Located atright arrowPO Box 696MorrisvilleVT ZIP+4right arrow056610696
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2024, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country right arrow
Form 990-PF (2024)
Form 990-PF (2024)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
 
No
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
 
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2024? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2024, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2024?....................
2a
Yes
 
If "Yes," list the years right arrow2023, 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
Yes
 
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
Richard C Sargent Esq Trustee
1.00 		0 0 0
PO Box 696
Morrisville,VT05661
Mary Ann Wilson Trustee
1.00 		0 0 0
1040 Frazier Road
Morrisville,VT05661
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
NONE
Total number of other employees paid over $50,000...................right arrow 0
Form 990-PF (2024)
Form 990-PF (2024)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
NONE
Total number of others receiving over $50,000 for professional services.............right arrow0
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1  
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................right arrow  
Form 990-PF (2024)
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
5,284,886
b
Average of monthly cash balances.......................
1b
155,458
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, b, and c).........................
1d
5,440,344
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
5,440,344
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
81,605
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
5,358,739
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
267,937
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
267,937
2a
Tax on investment income for 2024 from Part V, line 5 .......
2a
4,391
b
Income tax for 2024. (This does not include the tax from Part V.) ...
2b
0
c
Add lines 2a and 2b............................
2c
4,391
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
263,546
4
Recoveries of amounts treated as qualifying distributions................
4
10,000
5
Add lines 3 and 4............................
5
273,546
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
273,546
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
248,075
b
Program-related investments—total from Part VIII-B..................
1b
 
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
248,075
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 7 273,546
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only....... 231,809
b Total for prior years:20 , 20, 20  
3 Excess distributions carryover, if any, to 2024:
a From 2019...... 0
b From 2020...... 0
c From 2021...... 0
d From 2022...... 0
e From 2023...... 0
f Total of lines 3a through e ........ 0
4Qualifying distributions for 2024 from Part
XI, line 4: right arrow$ 248,075
a Applied to 2023, but not more than line 2a 231,809
b Applied to undistributed income of prior years
(Election required—see instructions)..... 		 
c Treated as distributions out of corpus (Election
required—see instructions)........ 		0
d Applied to 2024 distributable amount..... 16,266
e Remaining amount distributed out of corpus 0
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 0
b Prior years’ undistributed income. Subtract
line 4b from line 2b .......... 		0
c Enter the amount of prior years’ undistributed
income for which a notice of deficiency has
been issued, or on which the section 4942(a)
tax has been previously assessed...... 		 
d Subtract line 6c from line 6b. Taxable amount
—see instructions ........... 		0
e Undistributed income for 2023. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		0
f Undistributed income for 2024. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2025 .......... 		257,280
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) ... 		0
9 Excess distributions carryover to 2025.
Subtract lines 7 and 8 from line 6a ...... 		0
10 Analysis of line 9:
a Excess from 2020.... 0
b Excess from 2021.... 0
c Excess from 2022.... 0
d Excess from 2023.... 0
e Excess from 2024.... 0
Form 990-PF (2024)
Form 990-PF (2024)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2024, enter the date of the ruling ...... right arrow
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2024 (b) 2023 (c) 2022 (d) 2021
         
b 85% (0.85) of line 2a .........          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, b, or c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here right arrow if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, b, c, and d. See instructions
aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
Richard C Sargent Esq
PO Box 696
Morrisville,VT05661
(802) 888-2000
bThe form in which applications should be submitted and information and materials they should include:
Letter describing project
cAny submission deadlines:
Before the end of the calendar year
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
Deserving elderly of Lamoille County, Vermont
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

Lamoille Adult Day Health Services

11 Court Street
Morrisville,VT05661 		  publiccharity Operating supportsenior services 2,445

Lamoille County Civic Association

PO Box 844
Morrisville,VT05661 		  publiccharity Assist elderly with activitiesWing Center 15,650

River Arts

PO Box 829
Morrisville,VT05661 		  publiccharity Support of elderlyactivities 4,890

Lamoille County Meal on Wheels

PO Box 1427
Morrisville,VT05661 		  publiccharity Assist elderly with food deliveries 6,391

Lamoille Home Health and Hospice

54 Farr Avenue
Morrisville,VT05661 		  publiccharity Assist elderly with homeservices and hospicecare 16,171

Capstone Community Action

Ex Dir 20 Gable Place
Barre,VT05641 		  publiccharity Assist elderlyLamoille County 14,672

Morristown Centenial Library

PO Box 727
Morrisville,VT05661 		  publiccharity Provide activities for elderly 2,934

Lanpher Memorial Library

PO Box 196
Hyde Park,VT05655 		  publiccharity Provide activitiesfor elderly 2,934

Johnson Public Library

PO Box 601
Johnson,VT05656 		  publiccharity Provide activities for elderly 2,934

Varnum Memorial Library

PO Box 198
Jeffersonville,VT05464 		  publiccharity Provide activitiesfor elderly 2,934

Stowe Free Library

PO Box 1029
Stowe,VT05672 		  publiccharity Provide activities for elderly 2,934

Lamoille Community Food Share

PO Box 173
Morrisville,VT05661 		  publiccharity Assist elderlywith food 6,934

Home Share Vermont

105 North Main Street Suite 103
Barre,VT05641 		  publiccharity Assist elderlywith housing 488

Central Vermont Council on Aging

109 Professional Drive
Morrisville,VT05661 		  publiccharity Support senior centeractivities and case management 13,987
134 Individuals who wish


to remain anonymous
Lamoille County,VT05661 		None N/A Direct assistance to elderly for housing 134,000

Johnson Food Shelf

780 Railroad Street
Johnson,VT05656 		  publiccharity Food supportfor elderly 3,934

Cambridge Food Shelf

16 Church Street
Jeffersonville,VT05464 		  public charity Food supportfor elderly 3,641

Glee Merritt Kelley Community Library

PO Box 179
Wolcott,VT05680 		  publiccharity Public libraryprograms for elderly 2,934

United Way of Lamoille Co

110 Portland Street
Morrisville,VT05661 		  publiccharity Referral for services forelderly 1,000
Total .................................right arrow 3a 241,807
bApproved for future payment
Total ................................. right arrow 3b 0
Form 990-PF (2024)
Form 990-PF (2024)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		    14 1  
4 Dividends and interest from securities ....     14 252,115  
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 81,149  
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) ..   333,265  
13Total. Add line 12, columns (b), (d), and (e)..................
13
333,265
(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.)
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:  
Part VI Line 7 - Tax Paid with the Original Return: 260


Form 990PF - Special Condition Description:
Special Condition Description

Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

TY 2024 GainLossSaleOtherAssetsSch
Name:
The Copley Fund
EIN:
03-6006013
Name Date Acquired How Acquired Date Sold Purchaser Name Gross Sales Price Basis Basis Method Sales Expenses Total (net) Accumulated Depreciation
Morgan Stanley Account 7601   Purchased     175,149 120,937     54,212  
Morgan Stanley Account 8081   Purchased     118,732 91,915     26,817  
Capital Gain Distribution MS 8081         120       120  

TY 2024 InvestmentsCorpBondsSchedule
Name:
The Copley Fund
EIN:
03-6006013
Name of Bond End of Year Book Value End of Year Fair Market Value
ISHARES SHORT TREASURY BOND ETF 135 sh 14,889 14,865

TY 2024 InvestmentsCorpStockSchedule
Name:
The Copley Fund
EIN:
03-6006013
Name of Stock End of Year Book Value End of Year Fair Market Value
ALPHABET INC CL A 80.985 1,241 15,330
AMAZON CON INC 72 sh 2,936 15,796
APPLE INC 84.154sh 2,448 21,074
ARISTA NETWORKS INC 169 7,654 18,680
BAKER HUGHES COMPANY 276 sh 10,496 11,322
BOSTON SCIENTIFIC CORP 153 sh 8,109 13,666
CHIPOTLE MEXICAN GRILL INC 195 sh 10,304 11,759
CINTAS CORP 20.016 sh 9,052 10,991
COSTCO WHOLESALE CORP NEW 20.016 sh 2,331 18,340
DELL TECHNOLOGIES INC 83.397 sh 9,590 9,611
EATON CORP PLC SHS 48.821 sh 8,273 16,202
ECOLAB INC 51.551 sh 11,872 12,079
Eli Lilly & Co. 18.577 5,354 14,341
GALLAGHER ARTHUR J&CO 48.609 sh 11,378 13,798
GOLDMAN SACHS GRP INC 24.286 sh 11,953 13,907
Home Depot Inc 30.712 sh 2,406 11,947
HOWMET AEROSPACE INC 144 sh 11,959 15,749
INTUIT INC 19.208 sh 5,137 12,072
INTUITIVE SURGICAL INC 28.633 sh 7,432 14,945
MARTIN MARIETTA MATERIALS 18.422 sh 7,406 9,525
META PLATFORMS 30.546 sh 9,656 17,885
MICROSOFT CORP 49.564 sh 9,017 20,891
MOODYS CORP 22.279 sh 7,434 10,546
NETFLIX INC 13.292 sh 8,927 11,847
Nvida Corporation 205 sh 3,987 27,529
NXP Semiconductors NV 50.110 sh 6,666 10,415
OReilly Automotive Inc. New 8.851 sh 6,043 10,496
PALO ALTO NETWORKS INC 58.068 10,145 10,566
PARKER HANNIFIN CORP 17.960 sh 9,276 11,423
SALESFORCE INC 34.2 sh 10,541 11,434
SERVICENOW INC 17.420 sh 9,089 18,467
SHERWIN WILLIAMS COMPANY OHIO 32.689 sh 7,579 11,112
SHOPIFY INC 86.430 sh 9,672 9,190
SYNOPSIS INC 24.214 sh 5,905 11,753
THERMO FISHER SCIENTIFIC 16.664 SH 10,230 8,669
TJX COS INC NEW 117 sh 10,863 14,135
TRADE DESK INC CLASS A 87.371 sh 5,138 10,386
VERTEX PHARMACEUTICALS 20.434 sh 9,909 8,229
VISA INC CL A 45 sh 2,553 14,222
AO Smith Corp 77.999 sh 3,610 5,320
Alliant Energy Corp 133 sh 7,014 7,866
Analog Devices Inc 30.430 sh 907 6,465
AUTODESK INC DELAWARE 22 sh 4,645 6,503
Avery Dennison Corporation 22.404 sh 1,012 4,192
BERKLY W R CORP 159 sh 6,188 9,305
BIO RAD LAB A 15.667 5,477 5,147
Booz Allen Hamilton Hldg CL A 24.676 sh 955 3,176
Boston Scientific Corp 86.414 sh 646 7,719
Broadridge Fin Solu LLC 23.753 sh 505 5,370
BWX Technologies Inc 50.678 sh 830 5,645
Caseys General Stores Inc 18.151 sh 2,107 7,192
CBOE Global Markets Inc 46.259 sh 4,627 9,039
CHARLES RIVER LABS INTL INC 15 sh 3,053 2,769
CHORD ENERGY COPPORATION 33.076 sh 5,716 3,867
CNH INDUSTRIAL NV 386 sh 4,916 4,373
CORPAY INC 11 sh 3,356 3,723
CORTEVA INC 88.163 sh 5,372 5,022
CRH PLC 82.496 sh 5,859 7,633
CROWN CASTLE INC 47.825 sh 4,908 4,341
DIAMONDBACK ENERGY INC 44.269 sh 5,408 7,253
ELECTRONIC ARTS INC 35.531 sh 5,361 5,198
EVERSOURCE ENERGY COM 103 sh 6,772 5,915
Expeditors Intl Wash Inc 57 sh 2,676 6,314
FERGUSON PLC 19.367 sh 3,571 3,362
FIDELITY NATL INFORMATION SE 59.090 sh 3,600 4,773
FIRST AMERICAN FINL CORP 59.636 sh 891 3,724
FLUOR CORP NEW 163 sh 2,766 8,039
GALLAGHER ARTHUR J & CO 20.707 sh 4,971 5,878
Gartner Inc 10.257 sh 1,331 4,969
GE HEALTHCARE TECHNOLOGIES INC 27.228 sh 2,151 2,129
GENUINE PARTS CO 35.487sh 4,847 4,143
GLOBUS MEDICAL INC A 76.346 sh 4,512 6,315
HALLIBURTON CO 95 sh 2,918 2,583
HERSHEY COMPANY 35.051 sh 4,222 5,936
HUBBELL INC 16.572 sh 1,764 7,017
LAMAR ADVERTISING CO NEW CL A 46 sh 4,734 5,600
M&T Bank Corp 45.365 sh 5,132 8,529
Markel GROUP INC Co 7 sh 6,513 12,084
McKESSON CORP 15.453 sh 4,162 8,807
MID AMER APART COMM INC 37.835 sh 4,591 5,848
NATIONAL STORAGE AFFILIATES TR 127 sh 4,699 4,815
NORFOLK SOUTHERN CORP 20.289 sh 4,516 4,762
PNC FINL SVCS GP 41.950 sh 5,636 8,090
Portland General Electric Co 124 sh 5,555 5,409
SOLVENTUM CORP 95.832 sh 5,217 6,331
SS&C TECHNOLOGIES HLDGS INC 89 sh 4,148 6,744
SUN COMMUNITIES INC 49.53 sh 1,747 6,143
TD SYNNEX CORPORATION 60.758 sh 6,571 7,126
TE CONNECTIVITY LTD NEW 38 sh 4,616 5,433
TECK RESOURCES LTD 66.420 sh 3,393 2,692
TOLL BROTHERS 26.417 sh 3,331 3,327
TRANE TECHNOLOGIES PLC 16.852 sh 2,334 6,224
WATSCO INC 12.026 sh 1,971 5,699
XCEL ENERGY INC 69 sh 1,738 4,659
YUM BRANDS INC 22.010 3,000 2,953
Union Bank Shares 31,500 4,625,910

TY 2024 LegalFeesSchedule
Name:
The Copley Fund
EIN:
03-6006013
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Fitts, Olson, Giddings & Ferrara, PLC Tax return prep 1,845 1,845    
Sargent Law Office Legal representation 396 396    


TY 2024 OtherExpensesSchedule
Name:
The Copley Fund
EIN:
03-6006013
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Replacement of stopped checks 5,000     5,000
Bond 838     838
Admin cost 430     430


TY 2024 OtherIncomeSchedule2
Name:
The Copley Fund
EIN:
03-6006013
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
Stopped checks 15,000    
Non div dist 284    
Reported other inc 40 40  
Class action recpts 20 20  


TY 2024 OtherProfessionalFeesSchedule
Name:
The Copley Fund
EIN:
03-6006013
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Morgan Stanley Broker 5,945 5,945    
Morgan Stanley Broker 4,132 4,132    
Union Bank Management 5,043 5,043    


TY 2024 TaxesSchedule
Name:
The Copley Fund
EIN:
03-6006013
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Foreign Taxes 37 37