Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
right arrowDo not enter social security numbers on this form as it may be made public.
right arrowGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2024
Open to Public Inspection
For calendar year 2024, or tax year beginning 01-01-2024 , and ending 12-31-2024
Name of foundation
The Cullen Foundation
 
Number and street (or P.O. box number if mail is not delivered to street address)2727 Allen Parkway 1050
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Houston, TX770192115
A Employer identification number

76-0647361
B Telephone number (see instructions)

(713) 651-8839
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$411,613,837J Accounting method:
Modified Cash
(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)  
2 Check right arrow.............
3 Interest on savings and temporary cash investments 139,571 139,571  
4 Dividends and interest from securities... 1,521,989 1,521,989  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 Click to see attachment
List of Attached Documents:
// Content
15,445,735
b Gross sales price for all assets on line 6a 16,946,359
7 Capital gain net income (from Part IV, line 2)... 15,425,087
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
7,931,531 9,095,987  
12 Total. Add lines 1 through 11........ 25,038,826 26,182,634  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 1,263,854 421,964   831,698
14 Other employee salaries and wages...... 295,570 80,700   211,120
15 Pension plans, employee benefits....... 266,394 89,677   173,508
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
12,382 0   12,382
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
23,015 11,508   11,508
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
1,579,935 1,534,520   45,414
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
150,395 100,395   0
19 Depreciation (attach schedule) and depletion... Click to see attachment
List of Attached Documents:
// Content
38,668 12,079  
20 Occupancy.............. 108,690 31,520   77,170
21 Travel, conferences, and meetings....... 12,499 10,888   1,345
22 Printing and publications.......... 971 320   650
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
545,286 452,815   90,471
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 4,297,659 2,746,386   1,455,266
25 Contributions, gifts, grants paid....... 17,910,000 17,910,000
26 Total expenses and disbursements. Add lines 24 and 25 22,207,659 2,746,386   19,365,266
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 2,831,167
b Net investment income (if negative, enter -0-) 23,436,248
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2024)
Form 990-PF (2024)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 255,935 377,267 377,267
2 Savings and temporary cash investments......... 2,456,918 1,780,047 1,780,047
3 Accounts receivable right arrow3,435
Less: allowance for doubtful accounts right arrow     3,435 3,435
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)....... 24,487,565 Click to see attachment
List of Attached Documents:
// Content
24,838,490 		48,360,030
c Investments—corporate bonds (attach schedule)....... 12,868,411 Click to see attachment
List of Attached Documents:
// Content
19,149,894 		19,385,457
11 Investments—land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 228,261,538 Click to see attachment
List of Attached Documents:
// Content
225,062,495 		341,409,687
14 Land, buildings, and equipment: basis right arrow495,571
Less: accumulated depreciation (attach schedule) right arrow197,657 336,584 Click to see attachment
List of Attached Documents:
// Content
297,914 		297,914
15 Other assets (describe right arrow)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 268,666,951 271,509,542 411,613,837
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) Click to see attachment
List of Attached Documents:
// Content
57,563 		Click to see attachment
List of Attached Documents:
// Content
68,987
23 Total liabilities (add lines 17 through 22)......... 57,563 68,987
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........... 268,609,388 271,440,555
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    
29 Total net assets or fund balances (see instructions)..... 268,609,388 271,440,555
30 Total liabilities and net assets/fund balances (see instructions). 268,666,951 271,509,542
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
268,609,388
2
Enter amount from Part I, line 27a .....................
2
2,831,167
3
Other increases not included in line 2 (itemize) right arrow
3
0
4
Add lines 1, 2, and 3 ..........................
4
271,440,555
5
Decreases not included in line 2 (itemize) right arrow
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
271,440,555
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 K-1 capital gain P    
c Security settlement proceeds      
d PFIC capital gain distributions P    
e Blackgold Private Energy Partners LP P 2016-08-02 2024-05-21
OCM Opportunities Fund VIIB LP P 2018-06-30 2024-12-31
(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 15,748,078   10,180,136 5,567,942
b       2,577,340
c       1,506
d       7,307,742
e 1,194,986   1,194,985 1
3,295   32,739 -29,444
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       5,567,942
b       2,577,340
c       1,506
d       7,307,742
e       1
      -29,444
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 15,425,087
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) 1 325,764
b All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 325,764
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 325,764
6 Credits/Payments:
a 2024 estimated tax payments and 2023 overpayment credited to 2024 6a 237,269
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 100,000
d Backup withholding erroneously withheld .......... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 337,269
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 11,505
11 Enter the amount of line 10 to be: Credited to 2025 estimated taxright arrow11,505 Refundedright arrow 11 0
Form 990-PF (2024)
Form 990-PF (2024)
Page 4
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. right arrow$ 0(2) On foundation managers.right arrow$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
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 arrowTX
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 arrowwww.cullenfdn.org
14
The books are in care ofright arrowPeggy Reid Telephone no.right arrow (713) 651-8839

Located atright arrow2727 Allen Parkway Ste 1050HoustonTX ZIP+4right arrow770192115
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)
Yes
 
(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
Wilhelmina E Robertson Chairman/Dir
10.00 		0 0 0
2727 Allen Pkwy Ste 1050
Houston,TX77019
Carla Knobloch Vice Chairman/Dir
2.00 		0 0 0
2727 Allen Pkwy Ste 1050
Houston,TX77019
Meredith T Cullen Secretary/Dir
2.00 		0 0 0
2727 Allen Pkwy Ste 1050
Houston,TX77019
Isaac Arnold III Director
2.00 		0 0 0
2727 Allen Pkwy Ste 1050
Houston,TX77019
Marvin E Odum Director
2.00 		0 0 0
2727 Allen Pkwy Ste 1050
Houston,TX77019
Nina Zilkha Director
2.00 		0 0 0
2727 Allen Pkwy Ste 1050
Houston,TX77019
Scott W Wise President/CEO/CIO
40.00 		618,167 65,237 0
2727 Allen Pkwy Ste 1050
Houston,TX77019
Laura Chapman COO/VP Investments
40.00 		380,687 44,142 0
2727 Allen Pkwy Ste 1050
Houston,TX77019
Peggy Reid CAO/Controller
40.00 		265,000 40,877 0
2727 Allen Pkwy Ste 1050
Houston,TX77019
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
Jordan Rueter Program Officer
40.00 		119,001 13,676 0
2727 Allen Pkwy Ste 1050
Houston,TX77002
Jenny Goddard Sr Accountant
40.00 		97,500 18,467 0
2727 Allen Pkwy Ste 1050
Houston,TX77002
Gina McEvily Grants Administrator
33.00 		55,628 2,204 0
2727 Allen Pkwy Ste 1050
Houston,TX77002
Total number of other employees paid over $50,000...................right arrow 0
Form 990-PF (2024)
Form 990-PF (2024)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
Silchester International Investors Investment Mgmt 284,855
780 Third Ave 42nd Fl
New York,NY10017
Northern Trust Company Custody/Investment Mgmt 248,598
50 South LaSalle
Chicago,IL60603
Albourne America LLC Investment Advisory 120,000
655 Montgomery St Ste 1910
San Francisco,CA94111
Fayez Sarofim & Co Investment Mgmt 62,238
909 Fannin Ste 2907
Houston,TX77002
Total number of others receiving over $50,000 for professional services.............right arrow0
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1  
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................right arrow0
Form 990-PF (2024)
Form 990-PF (2024)
Page 8
Part IX
Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
1
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:
a
Average monthly fair market value of securities...................
1a
65,660,705
b
Average of monthly cash balances.......................
1b
2,796,845
c
Fair market value of all other assets (see instructions)................
1c
341,096,205
d
Total (add lines 1a, b, and c).........................
1d
409,553,755
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
0
2
Acquisition indebtedness applicable to line 1 assets..................
2
0
3
Subtract line 2 from line 1d.........................
3
409,553,755
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
6,143,306
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
403,410,449
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
20,170,522
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
20,170,522
2a
Tax on investment income for 2024 from Part V, line 5 .......
2a
325,764
b
Income tax for 2024. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
325,764
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
19,844,758
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
19,844,758
6
Deduction from distributable amount (see instructions).................
6
0
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
19,844,758
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
19,365,266
b
Program-related investments—total from Part VIII-B..................
1b
0
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
 
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
 
b
Cash distribution test (attach the required schedule) .................
3b
 
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
19,365,266
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 19,844,758
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only....... 5,051,325
b Total for prior years:20 , 20, 20 0
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 ........ 0
4Qualifying distributions for 2024 from Part
XI, line 4: right arrow$ 19,365,266
a Applied to 2023, but not more than line 2a 5,051,325
b Applied to undistributed income of prior years
(Election required—see instructions)..... 		0
c Treated as distributions out of corpus (Election
required—see instructions)........ 		0
d Applied to 2024 distributable amount..... 14,313,941
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2024. 0 0
(If an amount appears in column (d), the
same amount must be shown in column (a).)
6Enter the net total of each column as
indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
b Prior years’ undistributed income. Subtract
line 4b from line 2b .......... 		0
c Enter the amount of prior years’ undistributed
income for which a notice of deficiency has
been issued, or on which the section 4942(a)
tax has been previously assessed...... 		0
d Subtract line 6c from line 6b. Taxable amount
—see instructions ........... 		0
e Undistributed income for 2023. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		0
f Undistributed income for 2024. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2025 .......... 		5,530,817
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) ....... 		0
8 Excess distributions carryover from 2019 not
applied on line 5 or line 7 (see instructions) ... 		0
9 Excess distributions carryover to 2025.
Subtract lines 7 and 8 from line 6a ...... 		0
10 Analysis of line 9:
a Excess from 2020....  
b Excess from 2021....  
c Excess from 2022....  
d Excess from 2023....  
e Excess from 2024....  
Form 990-PF (2024)
Form 990-PF (2024)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2024, enter the date of the ruling ...... right arrow
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2024 (b) 2023 (c) 2022 (d) 2021
         
b 85% (0.85) of line 2a .........          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, b, or c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here right arrow if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, b, c, and d. See instructions
aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
Grant Administrator Cullen Foundati
2727 Allen Parkway Suite 1050
Houston,TX770192115
(713) 651-8837
grants@cullenfdn.org
bThe form in which applications should be submitted and information and materials they should include:
See www.cullenfdn.org for online application and information.
cAny submission deadlines:
None
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
Restricted to Texas-based charitable organizations for programs in Texas, primarily in the Houston area.
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

Alley Theatre

615 Texas Ave
Houston,TX77002 		N/A PC Annual Giving Grant 175,000

Armand Bayou Nature Center

PO Box 58828
Houston,TX77258 		N/A PC Upper Armand Bayou Protection Project 1,500,000

Baylor College of Medicine

3200 Southwest Freeway Ste 1180
Houston,TX77027 		N/A PC Baylor College of Medicines Health Sciences Tower 3,000,000

Beta Foundation dba Beta Academy

9701 Almeda Genoa Rd
Houston,TX77075 		N/A PC Joy Campaign Phase II 500,000

BridgeYear

3414 Eastside St
Houston,TX77098 		N/A PC BridgeYear 3-Year Growth and Innovation Fund 750,000

Children's Museum Inc

1500 Binz St
Houston,TX77004 		N/A PC Annual Giving Grant 75,000

Chinquapin Preparatory School

2615 E Wallisville Rd
Houston,TX77562 		N/A PC Completion of campaign to purchase a new bus fleet 50,000

Council on Recovery

303 Jackson Hill St
Houston,TX77007 		N/A PC Annual Giving Grant 40,000

Da Camera Society of Texas

1402 Sul Ross St
Houston,TX77006 		N/A PC Annual Giving Grant 75,000

DePelchin Children's Center

4950 Memorial Dr
Houston,TX77007 		N/A PC Toward Transitioning Texas Department of Family and Protective Services Region 6 to Community Based Care 1,000,000

EMERGE Fellowship

11251 Northwest Freeway Ste 330
Houston,TX77092 		N/A PC Transition EMERGE HISD Program to the EMERGE Non-Profit 750,000

Friends of Pumpkin Park

3737 Buffalo Speedway Ste 200
Houston,TX77098 		N/A PC Opening the Doors to Children's Dreams - Capital Campaign 100,000

Girl Scouts of San Jacinto Council

1100 Hercules Ave Ste 200
Houston,TX77058 		N/A PC CampHER: Empowering Girls in Nature -- Camp Agnes Arnold Improvements 500,000

Good Reason Houston Inc

8 Greenway Plaza Ste 900
Houston,TX77046 		N/A PC HISD Supports for External Engagement 1,000,000

Greater Houston Community Foundation

515 Post Oak Blvd Ste 1000
Houston,TX77027 		N/A PC Houston Charter Seed Fund II - Start-up and Accelerator Grant Funding 500,000

Harris Health Strategic Fund

4800 Fournace Place 7th Floor
Bellaire,TX77401 		N/A PC Investing in a Healthier Houston - A Campaign for Harris Health 1,000,000

Houston Arboretum & Nature Center

4501 Woodway Dr
Houston,TX77024 		N/A PC Annual Giving Grant 40,000

Houston Ballet Foundation

601 Preston St
Houston,TX77002 		N/A PC Annual Giving Grant 175,000

Houston Grand Opera Association Inc

510 Preston St
Houston,TX77002 		N/A PC Annual Giving Grant 175,000

Houston Habitat for Humanity Inc

3750 N McCarty St
Houston,TX77029 		N/A PC Robins Landing Housing Development: Phase 1B 1,000,000

Houston Museum of Natural Science

5555 Hermann Park Dr
Houston,TX77030 		N/A PC Annual Giving Grant 150,000

Houston Public Media Foundation

4343 Elgin
Houston,TX77204 		N/A PC Annual Giving Grant 75,000

Houston Symphony Society

615 Louisiana St Ste 102
Houston,TX77002 		N/A PC Annual Giving Grant 175,000

Kinkaid School Inc

201 Kinkaid School Dr
Houston,TX77024 		N/A PC Annual Giving Grant 70,000

Menil Foundation Inc

1519 Branard St
Houston,TX77006 		N/A PC Annual Giving Grant 125,000

Museum of Fine Arts Houston

P O Box 6826
Houston,TX77265 		N/A PC Annual Giving Grant 150,000

My Connect Community

6700 Bellaire Blvd
Houston,TX77074 		N/A PC Connect Community's Textile Lab & Entrepreneurship Center - Capital Campaign 500,000

ProUnitas Inc

1801 Main St Ste 1300
Houston,TX77002 		N/A PC Building a Shared Student Support Infrastructure for Smaller Charter Schools in Houston 450,000

Rebuilding Together Houston

104 N Greenwood Ste 100
Houston,TX77011 		N/A PC Hurricane Beryl Disaster Home Repair for Low-Income Families 500,000

Teach For America Inc - Houston

2 Greenway Plaza Ste 500
Houston,TX77046 		N/A PC Expanding the Houston Corps as Part of Strategic Plan 500,000

United Way of Greater Houston

50 Waugh Dr
Houston,TX77007 		N/A PC Annual Giving Grant 250,000

University of Houston System

5000 Gulf Freeway Building 1 Room
300
Houston,TX77204 		N/A GOV Centennial Project: Transforming Houston's Campus - Centennial Plaza Naming 2,500,000

W Oscar Neuhaus Memorial Foundation

4433 Bissonnet St
Houston,TX77401 		N/A PC Annual Giving Grant 60,000
Total .................................right arrow 3a 17,910,000
bApproved for future payment
Total ................................. right arrow 3b 0
Form 990-PF (2024)
Form 990-PF (2024)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
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 ........... 		    14 139,571  
4 Dividends and interest from securities ....     14 1,521,989  
5 Net rental income or (loss) from real estate:
aDebt-financed property......          
bNot debt-financed property.....          
6 Net rental income or (loss) from personal property          
7 Other investment income .....          
8 Gain or (loss) from sales of assets other than
inventory ............ 		525990 20,648 18 15,425,087  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aOil & gas royalties 		    15 2,241,525  
bPassthrough K-1 Income 525990 -1,158,428 14 6,848,434  
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. -1,137,780 26,176,606 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
25,038,826
(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)
Yes
 
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
1b(6) 868 American Institute of Certified Public Accountants AICPA dues for the Foundation's CAO, Controller
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:
The Cullen Foundation
EIN:
76-0647361
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Audit fees 23,015 11,508   11,508

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

TY 2024 DepreciationSchedule
Name:
The Cullen Foundation
EIN:
76-0647361
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
Leasehold improvements 2017 2017-04-01 100,442 43,526 SL 15.000000000000 6,696 0    
Equipment 2013-09-23 17,937 17,937 SL 5.000000000000 0 0    
Furniture 2017 2017-04-01 64,765 60,139 SL 7.000000000000 4,625 0    
Software 2021-07-01 31,618 26,348 SL 3.000000000000 5,270 0    
Leasehold improvements 2023 2023-02-20 236,756 7,892 SL 15.000000000000 15,784 0    
Furniture 2023 2023-01-01 44,053 3,147 SL 7.000000000000 6,293 0    

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

TY 2024 GainLossSaleOtherAssetsSch
Name:
The Cullen Foundation
EIN:
76-0647361
Name Date Acquired How Acquired Date Sold Purchaser Name Gross Sales Price Basis Basis Method Sales Expenses Total (net) Accumulated Depreciation
Passthrough K-1 capital gain (UBTI)   Purchased         Cost 0 20,648  

TY 2024 InvestmentsCorpBondsSchedule
Name:
The Cullen Foundation
EIN:
76-0647361
Name of Bond End of Year Book Value End of Year Fair Market Value
PIMCO Short Term Fd-Instl 19,149,894 19,385,457

TY 2024 InvestmentsCorpStockSchedule
Name:
The Cullen Foundation
EIN:
76-0647361
Name of Stock End of Year Book Value End of Year Fair Market Value
Marriott Intl Inc New Com Stk Cl A 296,873 585,774
Automatic Data Processing Inc Com 103,645 286,875
ADR Novo-Nordisk 239,019 722,568
Intercontinental Exchange Inc Com 156,509 379,976
ADR Taiwan Semiconductor Manufacturing 172,488 197,490
Visa Inc Com Cl A 248,586 1,000,267
Apple Inc Com 56,167 1,970,805
Adobe Inc Com 323,570 364,638
Procter & Gamble Com 253,835 268,240
Home Depot Inc. 286,781 311,192
ADR Astrazeneca Plc Sponsored 292,108 262,080
Nvidia Corp Com 274,846 671,450
ADR Asml Holding 240,648 571,791
Amazon Com Inc Com 1,002,745 2,001,934
CME Group Inc Com 296,774 371,568
RTX Corporation Com 171,451 300,872
Abbott Laboratories Com 202,456 323,495
Microsoft Corp Com 375,363 2,507,925
Union Pac Corp Com 326,044 490,286
Canadian Pac Kans City Ltd 86,019 246,058
Exxon Mobil Corp Com 315,378 408,766
Verisk Analytics Inc Com 105,847 294,710
EOG Resources Inc Com 495,185 539,352
Intuitive Surgical Inc Com New 193,517 835,136
Nike Inc Cl B 237,464 291,330
Otis Worldwide Corp Com 99,278 129,654
Coca Cola Co Com 127,724 318,771
Mastercard Inc Cl A 291,551 552,899
Broadridge Finl Solutions Inc Com 205,088 336,874
Alphabet Inc Cap 247,150 952,200
McDonalds Corp. Com 99,997 498,611
Costar Group Inc Com 276,136 272,042
Unitedhealth Group Inc Com 501,368 961,134
Zoetis Inc Com 245,050 236,249
Intuit Com 343,004 628,500
Sherwin-Williams Co Com 113,892 254,948
S&P Global Inc Com 313,089 647,439
Old Dominion Freight Line Inc Com 143,662 132,300
Pepsico Inc Com 245,250 387,753
Texas Instruments Inc Com 101,309 729,414
Gartner Inc Com 220,708 448,135
Progressive Corp Ohio Com 197,416 527,142
Eli Lilly & Co Com 251,148 579,000
Blackrock Inc Com 245,190 804,711
Chevron Corp Com 448,428 501,146
Servicenow Inc Com 108,389 159,018
ADR BAE Sys Plc 377,929 405,836
NTGI-QM Common Daily Russell 1000 12,882,416 21,691,676

TY 2024 InvestmentsOtherSchedule2
Name:
The Cullen Foundation
EIN:
76-0647361
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
AKO European Long-Only Fund Ltd AT COST 10,251,183 17,947,548
AKO Global Fund Limited AT COST 12,000,000 16,536,450
Atalan Offshore Fund, Ltd AT COST 12,000,000 15,291,083
Cevian Capital II Ltd AT COST 12,000,000 22,644,497
Coatue Growth Fund V LP AT COST 4,133,094 3,334,097
Coatue Offshore Fund Ltd AT COST 18,000,000 36,776,856
CREA Partners II LP AT COST 3,661,561 2,142,180
CREA Partners III LP AT COST 3,439,296 3,253,474
Diameter Offshore Fund LP AT COST 20,000,000 29,310,563
Eminence Alpha Extension SPC Ltd AT COST 7,641,134 15,671,486
Eminence Fund Long AT COST 12,836,146 20,608,178
Encap Flatrock Midstream Fund II-C LP AT COST 1,631,060 557,630
Francisco Partners VII-A LP AT COST 1,019,766 1,387,964
GSR 2017 Opportunities Fund LP AT COST 900,160 1,232,709
GSR 2021 Opportunities Fund LP AT COST 237,128 255,819
GSR Ventures VI LP AT COST 787,341 1,049,848
GSR Ventures VII LP AT COST 1,506,080 2,255,003
GSR Ventures VIII LP AT COST 476,373 557,493
GSR Zebra SPV LP AT COST 243,733 78,410
Highland Cap Invs Corp Hldg (Red River) AT COST 1 0
IR&M Core Plus Bond Fund LLC AT COST 22,695,753 20,747,494
Meadow Real Estate V LP AT COST 3,475,070 6,323,450
Merit Energy Partners K LP AT COST 5,182,593 4,736,527
Merit Energy Partners L LP AT COST 2,697,435 2,579,649
New Mountain Partners VII LP AT COST 473,616 478,610
Oaktree Mezzanine Fund III LP AT COST 3,335 902
OCM Opportunities Fund VIIB LP AT COST 0 1
SCF-IX LP AT COST 2,649,779 4,674,781
SCF-X, LP AT COST 641,658 634,641
Silchester Intl Investors Intl Value Equity Trust AT COST 26,477,513 25,534,389
Silver Point Distressed Opp Instl Pts (Offshore) LP AT COST 2,376,805 7,102,348
Stonelake Opportunity Partners II LP AT COST 1,569,336 15,869,108
Stonelake Opportunity Partners III LP AT COST 1,544,116 4,109,049
Stonelake Opportunity Partners IV LP AT COST 554,866 1,043,878
Stonelake Opportunity Partners V LP AT COST 3,273,788 5,359,473
Stonelake Opportunity Partners VI LP AT COST 3,896,859 5,482,320
Tremblant Long Fund Ltd AT COST 12,934,520 23,827,744
ValueAct Capital Intl II LP AT COST 11,851,397 21,897,196
Royalty Interests AT COST 0 116,839

TY 2024 LandEtcSchedule2
Name:
The Cullen Foundation
EIN:
76-0647361
Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
Leasehold improvements 2017 100,442 50,222 50,220  
Equipment 17,937 17,937 0  
Furniture 2017 64,765 64,764 1  
Software 31,618 31,618 0  
Leasehold improvements 2023 236,756 23,676 213,080  
Furniture 2023 44,053 9,440 34,613  


TY 2024 LegalFeesSchedule
Name:
The Cullen Foundation
EIN:
76-0647361
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
General governance and counsel 12,382 0   12,382


TY 2024 OtherExpensesSchedule
Name:
The Cullen Foundation
EIN:
76-0647361
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Bank charges 5,573 1,839   3,734
Bank custodial fees 242,716 242,716   0
Dues and registrations 12,379 0   12,379
Insurance 37,720 12,448   25,272
Oil & gas other deductions 165,968 165,968   0
Other investment fees 357 357   0
Other administrative exp 1,235 407   828
Supplies and equipment 18,826 6,213   12,613
Technology 53,201 17,556   35,645
Tax compliance software 7,311 5,311   0


TY 2024 OtherIncomeSchedule2
Name:
The Cullen Foundation
EIN:
76-0647361
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
Oil & gas royalties 2,241,525 2,241,525 2,241,525
Passthrough K-1 Income 5,690,006 6,854,462 5,690,006


TY 2024 OtherLiabilitiesSchedule
Name:
The Cullen Foundation
EIN:
76-0647361
Description Beginning of Year - Book Value End of Year - Book Value
Tax basis in Francisco Partners Agility III-A LP 19,451 68,987
Tax basis in Francisco Partners VII-A LP 38,112 0


TY 2024 OtherProfessionalFeesSchedule
Name:
The Cullen Foundation
EIN:
76-0647361
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Investment services 1,372,613 1,372,613   0
Payroll services 10,317 3,405   6,912
Investment consulting fees 120,000 120,000   0
Other professional fees 77,005 38,502   38,502


TY 2024 TaxesSchedule
Name:
The Cullen Foundation
EIN:
76-0647361
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Federal excise tax 50,000 0   0
Ad valorem taxes 1,508 1,508   0
O & G production taxes 98,887 98,887   0