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
Adams Family Foundation of Nora Springs Iowa
 
% Foundation Source
Number and street (or P.O. box number if mail is not delivered to street address)Foundation Source 501 Silverside Rd
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Wilmington, DE198091377
A Employer identification number

25-5100130
B Telephone number (see instructions)

(800) 839-1754
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$21,936,095J 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) 0
2 Check right arrow.............
3 Interest on savings and temporary cash investments 17,169 17,169  
4 Dividends and interest from securities... 322,229 322,229  
5a Gross rents............ 231,559 231,559  
b Net rental income or (loss) 193,581
6a Net gain or (loss) from sale of assets not on line 10 631,227
b Gross sales price for all assets on line 6a 4,474,624
7 Capital gain net income (from Part IV, line 2)... 631,228
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)....... Click to see attachment
List of Attached Documents:
// Content
47,942 30,934  
12 Total. Add lines 1 through 11........ 1,250,126 1,233,119  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 60,000     60,000
14 Other employee salaries and wages......        
15 Pension plans, employee benefits....... 3,443     3,443
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
1,030 0 0 1,030
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
156 0 0 156
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
121,924 107,424   14,500
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
30,891 23,091    
19 Depreciation (attach schedule) and depletion...     0
20 Occupancy..............        
21 Travel, conferences, and meetings....... 5,038     5,038
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
56,305 4,133   51,904
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 278,787 134,648 0 136,071
25 Contributions, gifts, grants paid....... 896,030 896,030
26 Total expenses and disbursements. Add lines 24 and 25 1,174,817 134,648 0 1,032,101
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 75,309
b Net investment income (if negative, enter -0-) 1,098,471
c Adjusted net income (if negative, enter -0-)... 0
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2024)
Form 990-PF (2024)
Page 2
Part II Balance Sheets 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......... 317,561 640,476 640,476
3 Accounts receivable right arrow  
Less: allowance for doubtful accounts right arrow        
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) right arrow  
Less: allowance for doubtful accounts right arrow        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 11,160,431 Click to see attachment
List of Attached Documents:
// Content
11,215,817 		12,667,302
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis right arrow8,638,657
Less: accumulated depreciation (attach schedule) right arrow   8,638,657 Click to see attachment
List of Attached Documents:
// Content
8,638,657 		6,064,807
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 2,441,950 Click to see attachment
List of Attached Documents:
// Content
2,201,458 		2,563,510
14 Land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
15 Other assets (describe right arrow)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 22,558,599 22,696,408 21,936,095
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe right arrow)    
23 Total liabilities (add lines 17 through 22)......... 0 0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here right arrow
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here right arrow
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds 22,558,599 22,696,408
29 Total net assets or fund balances (see instructions)..... 22,558,599 22,696,408
30 Total liabilities and net assets/fund balances (see instructions). 22,558,599 22,696,408
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
22,558,599
2
Enter amount from Part I, line 27a .....................
2
75,309
3
Other increases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
3
62,500
4
Add lines 1, 2, and 3 ..........................
4
22,696,408
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
22,696,408
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      
b Passthrough K1 Capital Gain/(Loss)      
c BLACKSTONE REAL ESTATE INCOME TRUST CLASS I P 2020-02-28 2024-02-01
d BLACKSTONE REAL ESTATE INCOME TRUST CLASS I P 2020-02-28 2024-04-02
e MS DIRECT LENDING FUND P 2020-06-26 2024-03-15
(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 4,169,480   3,595,789 573,691
b       2,403
c 268,279   219,912 48,367
d 36,853   30,087 6,766
e 12   11 1
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       573,691
b        
c       48,367
d       6,766
e       1
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 2 631,228
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 15,269
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 15,269
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 15,269
6 Credits/Payments:
a 2024 estimated tax payments and 2023 overpayment credited to 2024 6a 11,753
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 4,200
d Backup withholding erroneously withheld .......... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 15,953
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 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10 684
11 Enter the amount of line 10 to be: Credited to 2025 estimated taxright arrow684 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
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 arrowIA
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 arrow  
14
The books are in care ofright arrowFoundation Source Telephone no.right arrow (800) 839-1754

Located atright arrow501 Silverside Road Suite 123WilmingtonDE ZIP+4right arrow198091377
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2024, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country right arrow
Form 990-PF (2024)
Form 990-PF (2024)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
Yes
 
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
No
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2024? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2024, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2024?....................
2a
 
No
If "Yes," list the years right arrow20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
right arrow20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2024 as a result of (1) any purchase by the foundation
or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
if the foundation had excess business holdings in 2024.) .....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2024? ..
4b
 
No
Form 990-PF (2024)
Form 990-PF (2024)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........right arrow
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
No
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
(a) Name and address (b) Title, and average
hours per week
devoted to position 		(c) Compensation
 (If not paid, enter
-0-) 		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
other allowances
Lori M Jost Dir, Sec
3.0 		8,000 0 0
Foundation Source 501 Silverside Rd
Wilmington,DE198091377
Kenneth Kirk Dir
3.0 		3,000 0 0
Foundation Source 501 Silverside Rd
Wilmington,DE198091377
Michael Marth Dir, VP
3.0 		3,000 0 0
Foundation Source 501 Silverside Rd
Wilmington,DE198091377
Debra O'Banion Treas, Dir
12.0 		23,000 0 0
Foundation Source 501 Silverside Rd
Wilmington,DE198091377
Angie L Pippert Dir, Pres
12.0 		23,000 0 0
Foundation Source 501 Silverside Rd
Wilmington,DE198091377
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
 
Total number of other employees paid over $50,000...................right arrow  
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
Gilbert & Cook Inc Investment Mgmt 92,373
5058 GRAND RIDGE DR
WEST DES MOINES,IA502653746
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)
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
12,603,241
b
Average of monthly cash balances.......................
1b
709,698
c
Fair market value of all other assets (see instructions)................
1c
7,799,945
d
Total (add lines 1a, b, and c).........................
1d
21,112,884
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
 
2
Acquisition indebtedness applicable to line 1 assets..................
2
0
3
Subtract line 2 from line 1d.........................
3
21,112,884
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
316,693
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
20,796,191
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
1,039,810
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
1,039,810
2a
Tax on investment income for 2024 from Part V, line 5 .......
2a
15,269
b
Income tax for 2024. (This does not include the tax from Part V.) ...
2b
454
c
Add lines 2a and 2b............................
2c
15,723
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
1,024,087
4
Recoveries of amounts treated as qualifying distributions................
4
62,500
5
Add lines 3 and 4............................
5
1,086,587
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
1,086,587
Part XI
Qualifying Distributions (see instructions)
1
Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
a
Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
1a
1,032,101
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
0
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
0
b
Cash distribution test (attach the required schedule) .................
3b
0
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
1,032,101
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 1,086,587
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only....... 942,761
b Total for prior years:20 , 20, 20  
3 Excess distributions carryover, if any, to 2024:
a From 2019......  
b From 2020......  
c From 2021......  
d From 2022......  
e From 2023......  
f Total of lines 3a through e ........  
4Qualifying distributions for 2024 from Part
XI, line 4: right arrow$ 1,032,101
a Applied to 2023, but not more than line 2a 942,761
b Applied to undistributed income of prior years
(Election required—see instructions)..... 		 
c Treated as distributions out of corpus (Election
required—see instructions)........ 		 
d Applied to 2024 distributable amount..... 89,340
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 .......... 		 
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 .......... 		997,247
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 ...... 		0
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.... 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).)
NONE
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:
Foundation Source
55 Walls Drive 3rd Floor
Fairfield,CT06824
APIPPERT@HOTMAIL.COM
bThe form in which applications should be submitted and information and materials they should include:
FSREQUESTS.COM/ADAMSFAMILYNORASPRINGS
cAny submission deadlines:
FSREQUESTS.COM/ADAMSFAMILYNORASPRINGS
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
FSREQUESTS.COM/ADAMSFAMILYNORASPRINGS
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

CENTRAL SPRINGS AG ED BOOSTERS INCORPORATED

1175 BALSAM AVE
NORA SPRINGS,IA50458 		N/A PC Central Springs AgEd Curriculum and FFA Chapter 20,000

CENTRAL SPRINGS COMMUNITY SCHOOL DISTRICT

PO BOX 190
MANLY,IA50456 		N/A GOV Central Springs CSD - Nora Springs Summer Food Program 3,228

CENTRAL SPRINGS COMMUNITY SCHOOL DISTRICT

PO BOX 190
MANLY,IA50456 		N/A GOV Wee Soar Preschool, Central Springs CSD 50,869

CITY OF NORA SPRINGS

PO BOX 336
NORA SPRINGS,IA50458 		N/A GOV Nora Springs Warning System Siren Update - Project 10,000

CITY OF NORA SPRINGS

PO BOX 336
NORA SPRINGS,IA50458 		N/A GOV Nora Springs Public Library Local and Guest Speakers/Presenters/Programs 4,200

CITY OF NORA SPRINGS

PO BOX 336
NORA SPRINGS,IA50458 		N/A GOV Lookout Point Parking Lot Project 75,506

CITY OF NORA SPRINGS

PO BOX 336
NORA SPRINGS,IA50458 		N/A GOV Nora Springs Aquatic Center Updates 50,000

CITY OF NORA SPRINGS

PO BOX 336
NORA SPRINGS,IA50458 		N/A GOV Lot purchase north of 6th St. Parking lot 17,500

COMMUNITY FDN OF GREATER DES MOINES

1915 GRAND AVE
DES MOINES,IA50309 		N/A PC General & Unrestricted 300,000

DAUGHTERS OF UNION VETERANS OF THE CIVIL WAR 1861-

1204 COUNTYMEADOW DR
WAVERLY,IA50677 		N/A PC Nora Springs Civil War Memorial Restoration Project 16,000

FIRST CHURCH OF CHRIST SCIENTIST

210 MASSACHUSETTS AVE P02-02
BOSTON,MA02115 		N/A PC General & Unrestricted 1,000

LUTHERAN SERVICES IN IOWA INC

3125 COTTAGE GROVE AVE
DES MOINES,IA50311 		N/A PC Child Abuse Prevention Services in Cerro Gordo and Floyd Counties 4,000

NORA SPRINGS COMMUNITY FOUNDATION

PO BOX 725
NORA SPRINGS,IA50458 		N/A PC General & Unrestricted 4,000

NORA SPRINGS HISTORICAL SOCIETY WEST CONGRESS

PO BOX 722
NORA SPRINGS,IA50458 		N/A PC General & Unrestricted 6,000

NORA SPRINGS VOLUNTEER AMBULANCE SERVICE INC

PO BOX 625
NORA SPRINGS,IA50458 		N/A PC to purchase New cardiac monitor 36,782

NORA SPRINGS VOLUNTEER AMBULANCE SERVICE INC

PO BOX 625
NORA SPRINGS,IA50458 		N/A PC EMT Courses 3,945

NORTH CENTRAL IOWA AG IN THE CLASSROOM

65 STATE ST
GARNER,IA50438 		N/A PC Connecting Floyd County Schools to Agriculture 3,000

NORTH IOWA AREA COMMUNITY COLLEGE FOUNDATION

500 COLLEGE DR
MASON CITY,IA50401 		N/A SO I Adams Family Foundation of Nora Springs, Iowa Scholarship fund 285,000

NORTH IOWA AREA COMMUNITY COLLEGE FOUNDATION

500 COLLEGE DR
MASON CITY,IA50401 		N/A SO I NIACC Nursing Training: Advancing Facilities for North Iowa 5,000
Total .................................right arrow 3a 896,030
bApproved for future payment
Total ................................. right arrow 3b  
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 17,169  
4 Dividends and interest from securities ....     14 322,229  
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     16 193,581  
7 Other investment income .....          
8 Gain or (loss) from sales of assets other than
inventory ............ 		    18 631,227  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aK-1 Inc/Loss 		525990 17,008 14 30,206  
bCLASS ACTION LAWSUIT PROCEEDS     01 728  
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. 17,008 1,195,140  
13Total. Add line 12, columns (b), (d), and (e)..................
13
1,212,148
(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:  


Form 990PF - Special Condition Description:
Special Condition Description

TY 2024 AccountingFeesSchedule
Name:
Adams Family Foundation of Nora Springs Iowa
EIN:
25-5100130
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Bookkeeping 156     156

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

TY 2024 DepreciationSchedule
Name:
Adams Family Foundation of Nora Springs Iowa
EIN:
25-5100130
Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
Life (# of years)		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
FARMLAND - SEC 31   1,951,625   L       0  
FARMLAND - SEC 4 R   533,797   L       0  
FARMLAND - SEC 8 R   2,475,668   L       0  
FARMLAND - SEC 9 R   3,677,567   L       0  

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TY 2024 ExpenditureResponsibilityStmt
Name:
Adams Family Foundation of Nora Springs Iowa
EIN:
25-5100130
Grantee's Name Grantee's Address Grant Date Grant Amount Grant Purpose Amount Expended By Grantee Any Diversion By Grantee? Dates of Reports By Grantee Date of Verification Results of Verification
PARK CEMETERY ASSOCIATION
  		1055 135TH STREET
NORA SPRINGS,IA50458 		2013-12-18 21,840 TO FUND THE PRESERVATION OF HISTORICAL INFORMATION AND SUBSIDIZE BURIALS OF LOW INCOME INDIVIDUALS 0 NO SEE GENERAL EXPLANATION FOR DATES OF REPORTS   NO VERIFICATION WAS NECESSARY
PARK CEMETERY ASSOCIATION
  		1055 135TH STREET
NORA SPRINGS,IA50458 		2013-10-07 5,000 TO FUND THE PRESERVATION OF HISTORICAL INFORMATION AND SUBSIDIZE BURIALS OF LOW INCOME INDIVIDUALS 5,000 NO SEE GENERAL EXPLANATION FOR DATES OF REPORTS   NO VERIFICATION WAS NECESSARY
NORA SPRINGS VOLUNTEER AMBULANCE SERVICE
  		PO BOX 625
NORA SPRINGS,IA50458 		2013-10-03 42,500 PROMOTE HEALTH OF COMMUNITY BY FUNDING CONSTRUCTION OF HOUSING FOR ON CALL AMBULANCE CREW 42,500 NO SEE GENERAL EXPLANATION FOR DATES OF REPORTS   NO VERIFICATION WAS NECESSARY

TY 2024 GeneralExplanationAttachment
Name:
Adams Family Foundation of Nora Springs Iowa
EIN:
25-5100130
Identifier Return Reference Explanation
FORM 990-PF, PART VI-B, LINE 5D - EXPENDITURE RESPONSIBILITY FORM 990-PF, PART VI-B, LINE 5D - EXPENDITURE RESPONSIBILITY GRANTEE'S NAME: PARK CEMETERY ASSOCIATION GRANT DATE: 12/18/2013 GRANT AMOUNT: $21,840 DATES OF ANNUAL REPORTS: 10/22/2014, 4/15/2015, 4/7/2016, 4/4/2017, 4/4/2018, 3/27/2019, 4/1/2020, 4/12/2021, 4/12/2022, 4/10/2023, 4/10/2024, AND 4/11/2025
FORM 990-PF, PART VI-B, LINE 5D - EXPENDITURE RESPONSIBILITY FORM 990-PF, PART VI-B, LINE 5D - EXPENDITURE RESPONSIBILITY GRANTEE'S NAME: PARK CEMETERY ASSOCIATION GRANT DATE: 10/07/2013 GRANT AMOUNT: $5,000 DATES OF ANNUAL REPORTS: 10/22/2014, 4/15/2015, 4/7/2016, 4/4/2017, 4/4/2018, 3/27/19, 4/1/2020, 4/12/2021, 4/12/2022, 4/10/2023, 4/10/2024, AND 4/11/2025
FORM 990-PF, PART VI-B, LINE 5D - EXPENDITURE RESPONSIBILITY FORM 990-PF, PART VI-B, LINE 5D - EXPENDITURE RESPONSIBILITY GRANTEE'S NAME: NORA SPRINGS VOLUNTEER AMBULANCE SERVICE GRANT DATE: 10/03/2013 GRANT AMOUNT: $42,500 DATES OF ANNUAL REPORTS: 3/4/2014, 6/7/2014, 11/21/2014, 4/20/2015, 4/7/2016, 4/3/2017, 4/4/2018, 3/27/2019, 4/3/2020, 4/12/2021, 4/12/2022, 4/10/2023, 4/10/2024 AND 4/11/2025

TY 2024 InvestmentsCorpStockSchedule
Name:
Adams Family Foundation of Nora Springs Iowa
EIN:
25-5100130
Name of Stock End of Year Book Value End of Year Fair Market Value
3M CO 10,020 14,071
ABBOTT LABS 9,725 10,745
ABBVIE INC 21,160 25,411
ADVANCED ENERGY IND INC 8,029 8,788
ADYEN N.V. 9,232 8,268
AKAMAI TECH COM STK 5,821 5,356
ALBANY INTERNATIONAL CORP 6,727 6,158
ALNYLAM PHARMACEUTICALS, INC 19,958 23,531
ALPHABET INC CL C 121,285 164,540
ALTRIA GROUP INC 10,877 12,863
AMAZON COM 92,560 143,262
AMERICAN ELECTRIC POWER INC 8,840 9,776
AMETEK INC 6,751 7,210
ANSYS INC 5,477 5,735
APPLIED MATERIALS INC 5,359 5,692
ARCH CAPITAL GROUP LTD 16,879 19,394
ARCHROCK INC 4,983 9,881
ARES CAPITAL CORPORATION - CLO 346,793 386,796
ARES MANAGEMENT CORPORATION 10,907 15,579
ARGENX SE 22,989 27,675
ARISTOTLE SHORT DURATION INCOM 304,700 304,101
ARM HOLDING PLS SPON ADS 8,574 7,525
ASCENDIS PHARMA 12,729 15,557
AT&T, INC 11,536 17,874
AUTODESK, INC 9,169 12,118
AUTOMATIC DATA PROCESSING INC 9,487 11,709
BANK NEW YORK MELLON CORP COM 10,697 18,132
BANK OF AMERICA CORP 11,378 17,360
BECTON DICKINSON & CO 17,872 17,242
BERKLEY W R CP 5,353 5,735
BIO RAD LABS INC CL A 6,697 6,242
BLACKROCK INC 23,884 34,854
BLACKROCK STRAT INC OPP PORTFO 318,591 325,437
BLOCK INC 17,446 23,627
BLUEPRINT MEDICINES CORPORATIO 5,433 9,681
BOSTON BEER CO INC 9,799 8,099
BROADCOM INC 6,904 18,315
BROADRIDGE FINANCIAL 8,333 8,818
BROOKFIELD ASSET MANAGEMENT LT 6,511 9,971
BROOKFIELD CORP ORD SHS CL A 30,935 52,222
BROOKFIELD INFRASTRUCTURE CORP 24,581 27,527
BROOKFIELD RENEWABLE CORPORATI 7,726 7,800
BROWN & BROWN INC 25,334 35,299
CABOT CP 3,710 4,748
CACTUS, INC. CLASS A 18,276 19,084
CADENCE DESIGN SYSTEMS INC 20,193 24,638
CARMAX INC 18,726 18,478
CATERPILLAR INC 20,972 26,844
CAVA GROUP INC 3,001 2,482
CBRE GROUP 16,525 25,339
CCC INTELLIGENT SOLUTIONS HOLD 9,863 9,583
CHIPOTLE MEX GRILL 27,137 42,210
CIRRUS LOGIC INC 4,906 6,572
CISCO SYSTEMS INC 30,609 31,494
CITIGROUP INC 5,861 9,925
CITIZENS FINANCIAL GROUP, INC 4,573 6,914
COMCAST CORP 17,647 14,599
CONNECTONE BANCORP INC 3,317 3,551
CONOCOPHILLIPS 31,296 25,090
CONSTELLATION BRANDS INC 29,929 25,636
COPART INC 38,054 48,724
COSTAR GROUP, INC 34,564 30,354
CROWN CASTLE INTL 7,749 6,989
CSX CORP 14,552 15,651
DANAHER CORP 10,318 10,100
DARLING INGREDIENTS INC 8,668 5,458
DENNYS CORPORATION 5,108 3,406
DIGI INTERNATIONAL INC 5,644 5,653
DIODES 2,171 1,727
DOCUSIGN INC 10,125 17,179
DOMINOS PIZZA INC 17,203 18,469
DOORDASH ORD SHS CLASS A 5,560 7,046
DOW INC 16,948 12,360
DU PONT DE NEMOURS 10,128 9,379
EASTGROUP PROPERTIES INC 5,685 5,136
EASTMAN CHEMICAL CO 9,520 10,410
ENERSYS 6,991 6,655
ENTEGRIS INC 7,152 6,835
EXXON MOBIL CORP 41,007 38,402
FAIR ISSAC & CO INC 21,448 29,864
FASTENAL COMPANY 8,840 11,290
FB FINANCIAL CORPORATION 4,727 8,345
FIDELITY NATIONAL FINANCIAL IN 6,724 8,758
FIFTH THIRD BANCORP 11,999 18,730
FIRSTCASH HOLDINGS INC 5,018 5,594
FLOOR AND DECOR HOLDINGS 3,153 3,091
FORD MOTOR COMPANY 7,420 6,079
FORMFACTOR INC. 4,628 5,676
FOUR CORNERS PROPERTY TRUST IN 4,723 5,157
FRANKLIN ELECTRIC CO., INC 7,290 7,699
GALLAGHER ARTHUR J & CO 41,540 49,106
GAMING AND LEISURE PROPERTIES, 6,525 6,453
GARTNER INC 17,732 23,739
GEN DYNAMICS CP 13,653 16,073
GILEAD SCIENCES INC 6,972 8,406
GRACO INC 4,246 4,299
HACKETT GROUP INC 5,164 6,605
HEALTHPEAK PROPERTIES, INC 7,067 6,892
HEICO CP CL A 33,323 45,590
HELEN OF TROY LIMITED 4,833 4,128
HEXCEL CP DELAWARE 5,951 5,392
HILTON WORLDWIDE HOLDINGS, INC 29,823 48,691
HOME DEPOT INC 29,237 34,620
HORACE MANN EDUCATOR 1,705 2,315
HUBSPOT INC 25,388 31,355
HUNTINGTON BANCSHARES INC 6,365 9,160
HYATT HOTELS CORP 6,837 9,576
IDEXX CORP 7,986 6,615
INSPERITY INC 6,641 5,348
INTERNATIONAL BUSINESS MACHINE 11,571 17,147
INTUITIVE SURGICAL 23,940 40,191
ISHARES RUSSELL TOP 200 ETF 606,070 814,716
ISHARES S&P 500 INDEX FD 1,588,001 2,078,039
JACK IN THE BOX INC 6,806 4,122
JOHN HANCOCK EXCHANGE TRADED M 337,163 310,807
JOHN HANCOCK MULTIFACTOR MID C 1,078,403 1,001,134
JOHNSON & JOHNSON 29,404 26,321
JOHNSON CONTROLS INTERNATIONAL 10,693 14,365
JP MORGAN CHASE 36,288 59,688
JPMORGAN EMERGING MARKETS EQUI 485,635 493,036
KIMBALL ELECTRONICS, INC 7,208 4,645
KINDER MORGAN INC 13,622 21,783
KINSALE CAPITAL GROUP INC 15,311 14,884
KKR & CO INC 21,550 51,177
L3HARRIS TECHNOLOGIES 9,680 9,463
LAMAR ADVERTISING CO CL A REIT 11,051 15,096
LAZARD INTERNATIONAL QUALITY G 402,996 377,470
LENNAR CORP 14,313 17,046
LIBERTY MEDIA CORPORATION - SE 4,121 5,126
LIBERTY MEDIA CORPORATION - SE 10,255 14,270
LITTELFUSE, INC 5,415 4,949
LIVE NATION INC COM 16,628 26,030
LOCKHEED MARTIN CORP 13,370 14,578
LOOMIS SAYLES FDS INV GRADE BO 754,299 743,554
LUXFER HOLDINGS PLC 4,313 4,804
MARKEL CORP 22,058 25,893
MARTIN MARIETTA MATLS INC 23,693 24,792
MASTERCARD INC 29,303 37,386
MCDONALD'S CORP 19,287 20,002
MEDTRONIC PLC 12,701 12,461
MERCK & CO INC 23,627 21,488
MERITAGE CORPORATION 4,248 4,768
METLIFE INC 22,621 28,658
MICROCHIP TECHNOLOGY INC 15,370 11,069
MICROSOFT CORP 81,346 98,210
MONOLITHIC POWER SYSTEMS, INC 20,106 22,485
MOODYS CORP 5,221 7,101
MOOG INC CL A 4,593 7,874
MORGAN STANLEY DIRECT LENDING 165,130 165,404
MSCI INC 18,767 21,600
NETFLIX INC 31,834 57,936
NORFOLK SOUTHERN CORP 13,554 13,143
NOV INC 7,067 4,847
NVIDIA CORP 82,403 223,056
O'REILLY AUTOMOTIVE INC 35,019 43,875
OAKMARK INTERNATIONAL FUND 390,552 361,734
OKTA INC 20,941 18,676
ORACLE CORP 10,007 14,331
OXFORD INDUSTRIES 6,606 5,672
PAPA JOHNS INTL INC 7,033 4,394
PARKER HANNIFIN CP 27,549 36,890
PAYLOCITY CORP 11,951 11,769
PEBBLEBROOK HOTEL TR COM 3,603 3,401
PENN NATIONAL GAMING 5,452 5,193
PEPSICO INC 18,219 15,814
PERIMETER SOLUTIONS ORD SHS 1,812 4,038
PFIZER INC 21,596 15,838
PHILIP MORRIS INTL 20,275 25,755
PNC FINANCIAL GROUP INC 9,766 15,428
PROCORE TECHNOLOGIES INC 6,383 5,770
PROCTER GAMBLE CO 34,098 37,051
PROGRESSIVE CORP OHIO 6,282 11,022
PROLOGIS 17,947 15,327
PRUDENTIAL FINCL INC 22,274 27,499
PUBLIC SVC ENTERPRISE GROUP IN 11,540 16,391
QUALCOMM INC 14,761 20,739
RAYMOND JAMES FINANCIAL INC 4,190 6,213
REGENERON PHARMACEUTICALS INC 35,453 30,630
ROCKET LAB USA INC 7,052 27,686
ROPER INDUSTRIES 23,837 24,953
ROSS STORES, INC 5,572 6,505
RYAN SPECIALTY GROUP HOLDINGS 3,156 2,951
S&P GLOBAL INC COM 9,843 12,451
S&T BANCORP, INC. 4,994 5,542
SALESFORCE.COM 33,568 48,812
SANMINA-SCI CORPORATION 6,115 8,778
SBA COMMUNICATIONS CORP 3,571 3,261
SHOPIFY INC 9,670 16,162
SOUTHERN CO 19,143 23,708
STEELECASE INC 2,830 3,865
STRUCTURE THERAPEUTICS 5,313 3,932
TECHTARGET INC 5,165 3,429
TELEDYNE TECH INC 4,890 5,570
TESLA MOTORS INC 80,486 124,383
THE COCA-COLA CO 18,046 19,052
TRANSDIGM GRP INC 38,035 50,691
TRIUMPH BANCORP INC 3,814 5,362
TYLER TECHNOLOGIES, INC 13,773 20,182
UNITED FIRE GROUP 2,292 3,442
UNITED PARCEL SERVICE 8,510 6,431
UNITEDHEALTH GROUP INC 17,874 16,188
US BANCORP 14,424 18,558
VAIL RESORTS INC 10,450 8,248
VANGUARD FTSE DEVELOPED MARKET 694,555 720,313
VANGUARD TOTAL BOND MARKET ETF 610,744 611,595
VEEVA SYSTEMS INC 16,901 18,292
VERALTO CORPORATION 2,558 2,546
VERISIGN INC 3,286 3,311
VERISK ANALYTICS, INC 18,573 21,208
VERIZON COMMUNICATIONS 19,326 22,154
VIAVI SOLUTIONS INC 6,488 7,222
VULCAN MATERIALS CO 31,927 36,784
W. P. CAREY INC 9,902 8,335
WAL-MART STORES INC 19,210 32,255
WASTE CONNECTIONS 9,703 9,265
WATERS CORP 6,503 7,791
WELLS FARGO & CO 20,550 19,808
WESBANCO INC 3,955 5,271
WESTINGHOUSE AIR BRAKE TECHNOL 8,156 14,030
WIX COM LTD 2,396 5,364
WSFS FINANCIAL CORPORATION 5,630 7,810

TY 2024 InvestmentsLandSchedule2
Name:
Adams Family Foundation of Nora Springs Iowa
EIN:
25-5100130
Category/ Item Cost/Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
FARMLAND - SEC 31 1,951,625   1,951,625 1,340,000
FARMLAND - SEC 4 R 533,797   533,797 350,000
FARMLAND - SEC 8 R 2,475,668   2,475,668 1,804,807
FARMLAND - SEC 9 R 3,677,567   3,677,567 2,570,000

TY 2024 InvestmentsOtherSchedule2
Name:
Adams Family Foundation of Nora Springs Iowa
EIN:
25-5100130
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
AMG PANTHEON FUND, LLC - CLASS   400,000 403,636
BLUE OWL RE FD V (FKA OAK STRE   361,820 428,361
CRYSTAL CAPITAL INTERNATIONAL   281,883 389,794
FORTRESS LENDING FUND 2 A   178,934 173,263
MARCH CAPITAL OPPORTUNITY FUND   293,945 482,373
MS DIRECT LENDING FUND   84,877 85,841
NUVEEN CHURCHILL PRIVATE CAPIT   599,999 600,242

TY 2024 LegalFeesSchedule
Name:
Adams Family Foundation of Nora Springs Iowa
EIN:
25-5100130
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
General Consultations 1,030     1,030


TY 2024 OtherExpensesSchedule
Name:
Adams Family Foundation of Nora Springs Iowa
EIN:
25-5100130
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Administrative Fees 49,500     49,500
Bank Charges 38 38    
Indemnification Insurance 2,250     2,250
K-1 Exp BLUE OWL RE FD V (FKA 2,095 2,095    
K-1 Exp FORTRESS LENDING FUND 64 64    
K-1 Exp MARCH CAPITAL OPPORTUN 306 38    
OFFICE SUPPLIES 70     70
Postage/Delivery Service 84     84
Property insurance 1,527 1,527    
Property Maintenance 371 371    


TY 2024 OtherIncomeSchedule2
Name:
Adams Family Foundation of Nora Springs Iowa
EIN:
25-5100130
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
K-1 Inc/Loss BLUE OWL RE FD V (FKA OAK STREET RE 6,174 6,174  
K-1 Inc/Loss FORTRESS LENDING FUND 2 A 22,820 22,820  
K-1 Inc/Loss MARCH CAPITAL OPPORTUNITY FUND 4, LP 18,220 1,212  
Class Action Lawsuit Proceeds 728 728  


TY 2024 OtherIncreasesSchedule
Name:
Adams Family Foundation of Nora Springs Iowa
EIN:
25-5100130
Description Amount
RETURNED GRANT 62,500


TY 2024 OtherProfessionalFeesSchedule
Name:
Adams Family Foundation of Nora Springs Iowa
EIN:
25-5100130
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Investment Management Services 92,373 92,373    
PROPERTY MANAGEMENT SERVICES 15,051 15,051    
SCHOLARSHIP ADMIN SERVICES 14,500     14,500


TY 2024 TaxesSchedule
Name:
Adams Family Foundation of Nora Springs Iowa
EIN:
25-5100130
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
990-PF Estimated Tax for 2024 7,800      
Foreign Tax Paid 567 567    
Property Taxes 21,029 21,029    
STATE TAX PAID 1,495 1,495