TY 2024 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Trust Treated as Private Foundation

Do not enter social security numbers on this form as it may be made public.
right arrow

Go to www.irs.gov/Form990PF for instructions and the latest information.

OMB No. 1545-0047

2024

Open to Public Inspection

For calendar year 2024, or tax year beginning 01-01-2024 , and ending 12-31-2024

Name of foundation
David and Judy Norsworthy Charitable
Trust

Number and street (or P.O. box number if mail is not delivered to street address)Frost Middle Office PO Box 2127
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
Austin, TX78768

A Employer identification number

30-6701268

B Telephone number (see instructions)

(512) 473-4801

C If exemption application is pending, check here right arrow

G Check all that apply: Initial returnInitial return of a former public charity
Final returnAmended return
Address change Name change

D 1. Foreign organizations, check here............. right arrow

2. Foreign organizations meeting the 85%
test, check here and attach computation ... right arrow

E If private foundation status was terminated
under section 507(b)(1)(A), check here ....... right arrow

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trust Other taxable private foundation

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here ....... right arrow

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16) right arrow

$29,110,459J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

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


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .............
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	640,751		536,130	102,061
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		-57,307
b	Gross sales price for all assets on line 6a 2,554,383
7	Capital gain net income (from Part IV, line 2)...
8	Net short-term capital gain.........
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......	List of Attached Documents: // Content	12,864	12,864
12	Total. Add lines 1 through 11........	596,308		548,994	102,061
13	Compensation of officers, directors, trustees, etc.	179,700		113,238	3,872	62,591
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	5,850			5,850
c	Other professional fees (attach schedule)....
17	Interest...............
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	27,071	14,786
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	82,231	82,231
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	294,852		210,255	3,872	68,441
25	Contributions, gifts, grants paid.......	1,082,100				1,082,100
26	Total expenses and disbursements. Add lines 24 and 25	1,376,952		210,255	3,872	1,150,541
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-780,644
b	Net investment income (if negative, enter -0-)			338,739
c	Adjusted net income (if negative, enter -0-)...				98,189

For Paperwork Reduction Act Notice, see instructions.

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

Form 990-PF (2024)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............
	2	Savings and temporary cash investments.........	1,698,677	1,668,019	1,668,019
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)	2,836,451	List of Attached Documents: // Content 1,836,005	1,762,964
	b	Investments—corporate stock (attach schedule).......	8,017,994	List of Attached Documents: // Content 7,331,438	11,217,959
	c	Investments—corporate bonds (attach schedule).......	407,444	List of Attached Documents: // Content 963,956	958,709
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	8,189,309	List of Attached Documents: // Content 8,569,813	8,192,808
	14	Land, buildings, and equipment: basis 5,310,000
		Less: accumulated depreciation (attach schedule)	5,310,000	List of Attached Documents: // Content 5,310,000	5,310,000
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	26,459,875	25,679,231	29,110,459
	17	Accounts payable and accrued expenses..........
	18	Grants payable.................
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22).........		0
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........
	27	Paid-in or capital surplus, or land, bldg., and equipment fund
	28	Retained earnings, accumulated income, endowment, or other funds	26,459,875	25,679,231
	29	Total net assets or fund balances (see instructions).....	26,459,875	25,679,231
	30	Total liabilities and net assets/fund balances (see instructions).	26,459,875	25,679,231

Part III

Analysis of Changes in Net Assets or Fund Balances

Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............

26,459,875

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

-780,644

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

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

25,679,231

Decreases not included in line 2 (itemize) right arrow

Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .

25,679,231

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	See Attached Summary	P	2001-01-01	2024-01-01
b	See Attached Summary	P	2024-01-01	2024-01-01
c	Capital Gain Dividends
d
e

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	2,254,413	2,475,597	-221,184
b	127,466	136,093	-8,627
c			172,504
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			-221,184
b			-8,627
c
d
e

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	-57,307
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3	-8,627

Part V

Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)	1	4,708
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
3	Add lines 1 and 2...........................	3	4,708
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	4,708
6	Credits/Payments:

a	2024 estimated tax payments and 2023 overpayment credited to 2024	6a	7,760
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..............		7	7,760
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. List of Attached Documents: // Content		8	53
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	2,999
11	Enter the amount of line 10 to be: Credited to 2025 estimated tax2,999	Refunded	11

Form 990-PF (2024)

Page 4

Part VI-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions

for the definition.................................

If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials

published or distributed by the foundation in connection with the activities.

Did the foundation file Form 1120-POL for this year?.....................

Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:

(1) On the foundation. right arrow

$ (2) On foundation managers. right arrow

Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed

on foundation managers. right arrow

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If "Yes," attach a detailed description of the activities.

Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles

of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....

Did the foundation have unrelated business gross income of $1,000 or more during the year?.........

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

Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........

If "Yes," attach the statement required by General Instruction T.

Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:

By language in the governing instrument, or

By state legislation that effectively amends the governing instrument so that no mandatory directions

that conflict with the state law remain in the governing instrument? ................

Yes

Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),

and Part XIV..................................

Yes

Enter the states to which the foundation reports or with which it is registered (see instructions)

If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney

General (or designate) of each state as required by General Instruction G? If "No," attach explanation .

Yes

Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)

or 4942(j)(5) for calendar year 2024 or the taxable year beginning in 2024? See the instructions for Part XIII.

If "Yes," complete Part XIII .............................

Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names

and addresses. ...............................

At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the

meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............

Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had

advisory privileges? If "Yes," attach statement. See instructions.................

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website address right arrow

N/A

The books are in care of right arrow

Frost Bank Telephone no. right arrow

(512) 473-4801

Located at right arrow

401 Congress Avenue Suite 1200AustinTX ZIP+4 right arrow

78701

Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here ......... right arrow

and enter the amount of tax-exempt interest received or accrued during the year ........ right arrow

16 At any time during calendar year 2024, did the foundation have an interest in or a signature or other authority over YesNo

a bank, securities, or other financial account in a foreign country? .................

16 No

See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country right arrow

Form 990-PF (2024)

Page 5

Part VI-B

Statements Regarding Activities for Which Form 4720 May Be Required

File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.

Yes

During the year did the foundation (either directly or indirectly):

(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........

1a(1)

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person? ..............................

1a(2)

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........

1a(3)

(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)

(6) Agree to pay money or property to a government official? (Exception. Check "No"

if the foundation agreed to make a grant to or to employ the official for a period

after termination of government service, if terminating within 90 days.) ...............

1a(6)

If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations

section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........

Organizations relying on a current notice regarding disaster assistance check here ........ right arrow

Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,

that were not corrected before the first day of the tax year beginning in 2024? .............

Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private

operating foundation defined in section 4942(j)(3) or 4942(j)(5)):

At the end of tax year 2024, did the foundation have any undistributed income (Part XII, lines 6d

and 6e) for tax year(s) beginning before 2024?....................

If "Yes," list the years right arrow

20, 20, 20, 20

Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)

(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)

to all years listed, answer "No" and attach statement—see instructions.) ..............

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at

any time during the year? ..............................

If "Yes," did it have excess business holdings in 2024 as a result of (1) any purchase by the foundation

or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved

by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)

the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine

if the foundation had excess business holdings in 2024.) .....................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its

charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2024? ..

Form 990-PF (2024)

Page 6

Part VI-B

Statements Regarding Activities for Which Form 4720 May Be Required (continued)

During the year did the foundation pay or incur any amount to:

Yes

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........

5a(1)

(2) Influence the outcome of any specific public election (see section 4955); or to carry

on, directly or indirectly, any voter registration drive? ....................

5a(2)

(3) Provide a grant to an individual for travel, study, or other similar purposes? .............

5a(3)

(4) Provide a grant to an organization other than a charitable, etc., organization described

in section 4945(d)(4)(A)? See instructions ........................

5a(4)

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals? .............

5a(5)

If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in

Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........

Organizations relying on a current notice regarding disaster assistance check ......... right arrow

If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the

tax because it maintained expenditure responsibility for the grant? .................

If "Yes," attach the statement required by Regulations section 53.4945–5(d).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on

a personal benefit contract? .............................

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....

If "Yes" to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?

If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....

Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or

excess parachute payment during the year? .........................

Part VII

Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors

1 List all officers, directors, trustees, foundation managers and their compensation. See instructions

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
Frost Bank	Trustee 3.00	179,700
401 Congress Ave Suite 1200 Austin,TX78701	Trustee 3.00	179,700

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

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 arrow

Part VIII-A

Summary of Direct Charitable Activities

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.	Expenses
1


2


3


4

Part VIII-B

Summary of Program-Related Investments (see instructions)

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.	Amount
1


2


All other program-related investments. See instructions.
3

Total. Add lines 1 through 3......................... right arrow

Form 990-PF (2024)

Page 8

Part IX

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

26,675,035

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

2,773,899

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

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

29,448,934

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) .............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d.........................

29,448,934

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

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

441,734

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

29,007,200

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

1,450,360

Part X

Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow

and do not complete this part.)

Minimum investment return from Part IX, line 6..................

1,450,360

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

4,708

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

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

4,708

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

1,445,652

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

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

1,445,652

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

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

1,445,652

Part XI

Qualifying Distributions (see instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........

1,150,541

Program-related investments—total from Part VIII-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes...............................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......

1,150,541

Form 990-PF (2024)

Page 9

Part XII

Undistributed Income (see instructions)

	(a) Corpus	(c) 2023	(d) 2024
1 Distributable amount for 2024 from Part X, line 7			1,445,652
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only.......		1,082,031
b Total for prior years:20 , 20, 20
3 Excess distributions carryover, if any, to 2024:
a From 2019......
b From 2020......
c From 2021......
d From 2022......
e From 2023......
f Total of lines 3a through e ........
4Qualifying distributions for 2024 from Part
XI, line 4: $ 1,150,541
a Applied to 2023, but not more than line 2a		1,082,031
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.....			68,510
e Remaining amount distributed out of corpus
5 Excess distributions carryover applied to 2024.
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........
e Undistributed income for 2023. Subtract line 4a from line 2a. Taxable amount—see instructions .............
f Undistributed income for 2024. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2025 ..........			1,377,142
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......
8 Excess distributions carryover from 2019 not applied on line 5 or line 7 (see instructions) ...
9 Excess distributions carryover to 2025. Subtract lines 7 and 8 from line 6a ......
10 Analysis of line 9:
a Excess from 2020....
b Excess from 2021....
c Excess from 2022....
d Excess from 2023....
e Excess from 2024....

Form 990-PF (2024)

Page 10

Part XIII

Private Operating Foundations (see instructions and Part VI-A, question 9)

1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2024, enter the date of the ruling ...... right arrow

b Check box to indicate whether the organization is a private operating foundation described in section 4942(j)(3) or4942(j)(5)

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part IX for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2024	(b) 2023	(c) 2022	(d) 2021	(e) Total

b 85% (0.85) of line 2a .........
c Qualifying distributions from Part XI, line 4 for each year listed .....
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part IX, line 6 for each year listed ..
c “Support" alternative test—enter:
(1) Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) ....
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....
(3) Largest amount of support from an exempt organization
(4) Gross investment income

Part XIV

Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)

1Information Regarding Foundation Managers:

aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)

bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.

2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:

Check here right arrow

if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, b, c, and d. See instructions

aThe name, address, and telephone number or email address of the person to whom applications should be addressed:

bThe form in which applications should be submitted and information and materials they should include:

cAny submission deadlines:

dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:

Form 990-PF (2024)

Page 11

Part XIV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
Hill Ctry Soc for Prev of Cruelty o 2981 S State Hwy 16 Fredericksburg,TX78624		PC	To support charitable purpose	50,000
Texas Rescue Inc 950 Williamson Rd Granbury,TX76048		PC	To support charitable purpose	57,100
Living Grace Canine Ranch 723 West University Ave Ste 110-142 Georgetown,TX78626		PC	To support charitable purpose	100,000
Sunny Creek Ranch Equine Services 7718 Bryan Lane Montgomery,TX77316		PC	To support charitable purpose	75,000
The Joyful Horse Project 172A Hills Prairie Rd Bastrop,TX78602		PC	To support charitable purpose	100,000
The Rescued Animals Second Chance I PO Box 16514 Lubbock,TX79490		PC	To support charitable purpose	200,000
Habitat for Horses Inc 6060 Habitat for Horses Lane Alvin,TX77511		PC	To support charitable purpose	100,000
The Pegasus Project PO Box 26 Ben Wheeler,TX75754		PC	To support charitable purpose	100,000
Mission K9 Rescue Inc 18640 FN 1488 Box A-238 Magnolia,TX77354		PC	To support charitable purpose	100,000
Saving Hope Animal Rescue 306 W 7th Street Ste 500 Fort Worth,TX76102		PC	To support charitable purpose	200,000
Total ................................. 3a				1,082,100

bApproved for future payment

Total ................................. 3b

Form 990-PF (2024)

Page 12

Part XV-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments ....
3 Interest on savings and temporary cash investments ...........
4 Dividends and interest from securities ....			14	640,751
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 .....			15	12,864
8 Gain or (loss) from sales of assets other than inventory ............			18	-57,307
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) ..				596,308

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

596,308

(See worksheet in line 13 instructions to verify calculations.)

Part XV-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See instructions.)

Form 990-PF (2024)

Page 13

Part XVI

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations

Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?

Yes

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash...................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

(4) Reimbursement arrangements...........................

1b(4)

(5) Loans or loan guarantees.............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

(a) Line No.	(b) Amount involved	(c) Name of noncharitable exempt organization	(d) Description of transfers, transactions, and sharing arrangements

Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........Yes No

If "Yes," complete the following schedule.

(a) Name of organization	(b) Type of organization	(c) Description of relationship

Sign Here

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
				May the IRS discuss this return with the preparer shown below? See instructions. Yes No
	Signature of officer or trustee	Date	Title

Paid Preparer Use Only	Print/Type preparer's name	Preparer's Signature	Date	Check if self- employed	PTIN
	Firm's name				Firm's EIN
	Firm's address				Phone no.

Form 990-PF (2024)

Additional Data

Software ID:	24020490
Software Version:	2024v5.1

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2024 AccountingFeesSchedule

Name:

David and Judy Norsworthy Charitable

Trust

EIN:

30-6701268

Software ID:

24020490

Software Version:

2024v5.1

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Tax Preparation	5,850	0	0	5,850

- TIN:

TY 2024 InvestmentsCorpBondsSchedule

Name:

David and Judy Norsworthy Charitable

Trust

EIN:

30-6701268

Software ID:

24020490

Software Version:

2024v5.1

Name of Bond	End of Year Book Value	End of Year Fair Market Value
Cisco Systems
HSBC Usa
Cisco Systems	202,173	199,155
US Bancorp X	193,344	193,530
Amazon	97,035	96,548
DTE Electric Co	182,730	183,147
Consumers Energy	98,146	96,446
United Parcel Svc	190,528	189,883

- TIN:

TY 2024 InvestmentsCorpStockSchedule

Name:

David and Judy Norsworthy Charitable

Trust

EIN:

30-6701268

Software ID:

24020490

Software Version:

2024v5.1

Name of Stock	End of Year Book Value	End of Year Fair Market Value
Airbnb Inc Cl A	10,074	9,199
Allstate Corp	157,696	269,906
Alphabet Inc Cl A	151,204	416,460
Alphabet Inc Cl C	152,436	422,777
Amazon.com Inc	109,403	241,329
American Express Co.	120,311	288,777
Amgen Inc.	238,545	260,640
Apple Inc.	253,462	856,687
AT & T Inc.	79,059	60,637
Bank of America Corp.	33,977	36,533
Boeing Co.	109,683	58,587
Booking Holdings Inc.	77,761	188,800
Broadridge Financial Solutions Inc.	347,046	633,052
Capital One Financial Corp	110,657	196,152
Cigna Corp	102,248	138,070
Cognizant Tech Solutions Cl A	109,377	138,420
Colgate-Palmolive Co.	191,604	254,548
Comcast Corporation Cl A	66,784	42,221
Coming Inc	74,147	119,560
Danaher Corporation	71,724	120,973
Disney (Walt) Company Holding Co	228,933	175,599
Duke Energy Corp	136,005	161,610
Emerson Electric Co	114,720	185,895
Entergy Corp	32,804	45,492
Evergy Inc	32,301	28,929
Exxon Mobil Corp	176,891	268,825
Floor & Decor Hldgs Inc Cl A
Intel Corp	179,280	60,150
Johnson & Johnson Com	42,224	38,758
JPMorgan Chase & Co	54,128	94,446
Kimberly Clark Corp	180,910	174,414
McDonald's Corp	140,823	202,923
Merck & Co Inc	34,824	39,792
Meta Platforms Inc	39,049	104,221
Microsoft Corp	249,016	665,127
NexEra Energy Inc	313,957	372,788
Norfolk Southern Corp	214,742	258,170
Pepsico Hldgs Inc	170,139	190,531
Starbucks Corp
Tesla Inc	19,621	34,730
Travelers Companies Inc Com	170,600	301,113
Truist Financial Corp	60,570	52,056
Union Pacific Corp	131,740	167,837
UnitedHealth Group Inc	225,485	394,065
Visa Inc Cl A	307,314	516,093
Zoetis Inc	200,974	245,536
Canadian Pacific Railway Ltd	87,559	123,029
Eaton Corp PLC	53,254	106,198
Linde PLC	102,658	209,335
Medtronic PLC	75,371	52,801
Healthpeak	41,255	23,513
Abbott Laboratories	14,063	14,704
Abbvie Inc	21,289	24,878
Accenture PLC Cl A
Adobe Inc	17,933	13,340
Advanced Micro Devices	18,091	15,703
Air Products& Chemicals Inc	16,290	17,402
Altria Group	7,440	9,674
American Electric Power	12,395	14,296
American Tower Corp	6,399	5,502
Arthur J Gallagher	12,006	15,328
Automatic Data Processing	14,841	19,027
Best Buy
Blackstone Group	12,843	17,242
Boston Scientific	12,173	19,650
Bristol-Myers Squibb
Broadcom	22,449	46,368
CBOE
Celanese
CenterPoint Energy	14,436	16,182
Charles River Lab	7,061	5,538
Chevron Corp	12,000	11,587
Chipotle	18,458	24,120
Cisco	9,903	11,840
CME Group	12,776	13,934
Coca Cola	18,466	19,923
Costco	14,603	20,158
Cubesmart REIT	9,131	8,570
Cummins	20,668	29,631
CVS
DR Horton	14,980	13,892
Digital Realty	16,059	21,280
Edwards Lifesciences	6,900	6,811
Eli Lilly	19,963	27,020
Fortive
Genuine Parts Co	8,964	7,589
Globant SA	10,504	9,649
GSK PLC	9,186	8,455
Hess Corp	10,908	9,976
Home Depot	22,624	25,284
Honeywell	18,390	20,330
Humana
Intl Business Mach	14,083	19,345
Intuit	12,405	12,570
Intuitive Surgical	9,927	15,659
KLA Corp	17,338	18,904
Lam Research	3,891	3,612
Lockheed Martin	13,417	14,578
Lululemon	7,633	5,736
Marthon Petroleum
Marriott Intl	5,550	6,974
Marvell Tech	11,967	22,090
Mastercard	27,449	34,227
Monster Bev	11,601	11,038
Moodys	15,308	18,935
Netflix	21,050	38,327
Newmont	7,468	6,700
Nike	10,977	6,810
Nvidia	24,337	67,145
OReilly Auto	19,164	23,716
Omnicom	20,632	20,650
Oracle	12,815	20,330
Pfizer	7,872	7,428
Philp Morris	11,553	15,044
Procter & Gamble	12,349	14,418
Qualcomm	8,493	9,217
Servicenow	20,844	31,804
Sherwin Williams	14,707	16,317
Snowflake	5,877	4,632
Spotify	11,199	25,948
Target
Texas Instruments	16,646	18,751
TJX	9,118	12,081
Uber	12,906	12,667
United Parcel Service
US Bancorp
Verizon	27,322	29,273
Warner Music Group	17,568	15,500
Workday	16,343	15,482
WP Carey	11,648	9,806
Walmart	11,444	20,058

- TIN:

TY 2024 InvestmentsGovtObligationsSch

Name:

David and Judy Norsworthy Charitable

Trust

EIN:

30-6701268

Software ID:

24020490

Software Version:

2024v5.1

US Government Securities - End of Year Book Value:

100,896

US Government Securities - End of Year Fair Market Value:

100,180

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

1,735,109

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

1,662,784

- TIN:

TY 2024 InvestmentsOtherSchedule2

Name:

David and Judy Norsworthy Charitable

Trust

EIN:

30-6701268

Software ID:

24020490

Software Version:

2024v5.1

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
Mineral Interests	AT COST	14	49,496
Ishares TIPS Bond ETF	AT COST	470,360	426,200
USAA Tax-Exempt Inter Term Bd Fd	AT COST	653,603	596,356
Vanguard Long-Term Tax Exempt Adm	AT COST	83,874	75,886
Vanguard Ltd-Term Tax Ex Fd Adm	AT COST	1,676,723	1,637,448
Frost Total Return Bond Fund Insti	AT COST	645,510	601,399
Artisan High Income Fd Insti	AT COST	700,553	649,400
Frost Credit Fund Insti	AT COST	602,587	583,385
Hartford Floating Rate Fund Cl I	AT COST	556,077	509,573
Cohen & Steers Insti Realty Fd	AT COST	178,359	179,981
Aberdeen Physical Precious Metals	AT COST	174,739	218,831
FlexShares Glbl Upstream Nat Res ETF	AT COST
JHancock Disciplined Value Mid Cap	AT COST	594,682	597,477
T Rowe Price Midcap Growth Fd Instl	AT COST	630,583	590,752
American Beacon Stephens Sm Cap R5	AT COST	265,346	257,609
Victory Small Co Opp Fund	AT COST	299,453	277,908
Harding Loevner Intl Eq Fund Insti	AT COST
Lazard Intl Eqt6 Port-Insti	AT COST
T Rowe Price Intl Disc Fd Insti	AT COST
Goldman Sachs Emer Mkts Insights R6	AT COST	154,334	148,704
Harding Loevner Emerging Mkts Adv	AT COST
Ishares S&P 500	AT COST	250,271	251,835
Causeway Intl Value	AT COST	183,014	159,351
Goldman Sachs Intl Opps Fd	AT COST	160,688	138,675
Northern Global Sust Fd	AT COST	124,398	117,084
TRowe Price Intl Fd	AT COST	110,509	75,553
iShares MSCI Emer Mkts	AT COST	54,136	49,905

- TIN:

TY 2024 LandEtcSchedule2

Name:

David and Judy Norsworthy Charitable

Trust

EIN:

30-6701268

Software ID:

24020490

Software Version:

2024v5.1

Category / Item	Cost / Other Basis	Accumulated Depreciation	Book Value	End of Year Fair Market Value
Land	5,310,000		5,310,000	5,310,000

- TIN:

TY 2024 OtherExpensesSchedule

Name:

David and Judy Norsworthy Charitable

Trust

EIN:

30-6701268

Software ID:

24020490

Software Version:

2024v5.1

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
JGN Ranch LLC - held for prod of income	82,231	82,231

- TIN:

TY 2024 OtherIncomeSchedule2

Name:

David and Judy Norsworthy Charitable

Trust

EIN:

30-6701268

Software ID:

24020490

Software Version:

2024v5.1

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
Other Investment Income	12,864	12,864

- TIN:

TY 2024 TaxesSchedule

Name:

David and Judy Norsworthy Charitable

Trust

EIN:

30-6701268

Software ID:

24020490

Software Version:

2024v5.1

Category	Amount	Net Investment Income
Expenses related to Royalty Income	4,624	4,624
Federal Tax	12,285
Foreign Taxes	3,077	3,077
Property Tax	7,085	7,085