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
ISLANDS FUND
C/O JOHN MUNN
Number and street (or P.O. box number if mail is not delivered to street address)6568 S FEDERAL WAY PMB 104
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
BOISE, ID83716
A Employer identification number

91-1663838
B Telephone number (see instructions)

(206) 931-6604
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$350,263,185J 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)  
2 Check right arrow.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 7,668,639 7,619,288  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 24,736,486
b Gross sales price for all assets on line 6a 102,663,163
7 Capital gain net income (from Part IV, line 2)... 24,734,972
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
22,287 17,261 0
12 Total. Add lines 1 through 11........ 32,427,412 32,371,521 0
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 60,000 0 0 60,000
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
38,600 19,300 0 19,300
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
1,516,543 1,388,646 0 126,000
17 Interest............... 33,620 544 0 0
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
573,924 89,924 0 0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings....... 1,519 0 0 1,519
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
25,000 0 0 25,000
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 2,249,206 1,498,414 0 231,819
25 Contributions, gifts, grants paid....... 16,231,597 16,231,597
26 Total expenses and disbursements. Add lines 24 and 25 18,480,803 1,498,414 0 16,463,416
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 13,946,609
b Net investment income (if negative, enter -0-) 30,873,107
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......... 3,501,562 9,501,770 9,501,770
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) 37,850,738 Click to see attachment
List of Attached Documents:
// Content
46,190,550 		42,312,200
b Investments—corporate stock (attach schedule)....... 98,149,443 Click to see attachment
List of Attached Documents:
// Content
133,789,248 		246,692,377
c Investments—corporate bonds (attach schedule)....... 23,584,014 Click to see attachment
List of Attached Documents:
// Content
21,068,151 		20,673,953
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).......... 64,655,824 Click to see attachment
List of Attached Documents:
// Content
31,136,335 		30,999,089
14 Land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
15 Other assets (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
81,660 		Click to see attachment
List of Attached Documents:
// Content
83,796 		Click to see attachment
List of Attached Documents:
// Content
83,796
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 227,823,241 241,769,850 350,263,185
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........ 263,158 263,158
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 227,560,083 241,506,692
29 Total net assets or fund balances (see instructions)..... 227,823,241 241,769,850
30 Total liabilities and net assets/fund balances (see instructions). 227,823,241 241,769,850
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
227,823,241
2
Enter amount from Part I, line 27a .....................
2
13,946,609
3
Other increases not included in line 2 (itemize) right arrow
3
0
4
Add lines 1, 2, and 3 ..........................
4
241,769,850
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
241,769,850
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 PUBLICLY TRADED SECURITIES      
c SECURITIES ADJUSTMENTS      
d FROM K-1 - BLACKSTONE PRIVATE EQUITY STRATEGIES FUND LP P    
e ACAP STRATEGIC FUND P 2021-07-30 2024-04-01
CAPITAL GAINS DIVIDENDS P    
(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 15,099,231   15,044,473 54,758
b 82,220,132   56,341,568 25,878,564
c     387,472 -387,472
d 8,613   1,514 7,099
e 5,116,019   6,153,164 -1,037,145
219,168     219,168
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       54,758
b       25,878,564
c       -387,472
d       7,099
e       -1,037,145
      219,168
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 24,734,972
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 61,857
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) 1 429,136
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........................... 3 429,136
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- ..... 5 429,136
6 Credits/Payments:
a 2024 estimated tax payments and 2023 overpayment credited to 2024 6a 440,817
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 175,000
d Backup withholding erroneously withheld .......... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 615,817
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 10 186,681
11 Enter the amount of line 10 to be: Credited to 2025 estimated taxright arrow186,681 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 arrowWA
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 instructionsClick to see attachment
List of Attached Documents:
// Content
.................
12
Yes
 
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressright arrowN/A
14
The books are in care ofright arrowMR JOHN MUNN Telephone no.right arrow (206) 931-6604

Located atright arrow6568 S FEDERAL WAY PMB 104BOISEID ZIP+4right arrow83716
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
RICK S WERNER DIRECTOR
2.00 		0 0 0
6568 S FEDERAL WAY PMB 104
BOISE,ID83716
GEORGE G GULICK DIRECTOR
2.00 		0 0 0
6568 S FEDERAL WAY PMB 104
BOISE,ID83716
E LEEDS GULICK DIRECTOR
2.00 		0 0 0
6568 S FEDERAL WAY PMB 104
BOISE,ID83716
JAMES FLAGGERT DIRECTOR
3.00 		60,000 0 0
6568 S FEDERAL WAY PMB 104
BOISE,ID83716
LYDIA GULICK DIRECTOR
2.00 		0 0 0
6568 S FEDERAL WAY PMB 104
BOISE,ID83716
SHELBY LUCE DIRECTOR
2.00 		0 0 0
6568 S FEDERAL WAY PMB 104
BOISE,ID83716
GRAEME GULICK DIRECTOR
2.00 		0 0 0
6568 S FEDERAL WAY PMB 104
BOISE,ID83716
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
NONE
Total number of other employees paid over $50,000...................right arrow 0
Form 990-PF (2024)
Form 990-PF (2024)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
MERRILL LYNCH INVESTMENT MANAGEMENT 1,349,901
401 UNION STREET 26TH FLOOR
SEATTLE,WA98101
SENECA ASSOCIATES INC ADMINISTRATIVE SERVICES 140,000
3019 DUPORTAIL ST 240
RICHLAND,WA99352
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
329,187,701
b
Average of monthly cash balances.......................
1b
12,819,048
c
Fair market value of all other assets (see instructions)................
1c
12,727
d
Total (add lines 1a, b, and c).........................
1d
342,019,476
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
342,019,476
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
5,130,292
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
336,889,184
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
16,844,459
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
16,844,459
2a
Tax on investment income for 2024 from Part V, line 5 .......
2a
429,136
b
Income tax for 2024. (This does not include the tax from Part V.) ...
2b
3,765
c
Add lines 2a and 2b............................
2c
432,901
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
16,411,558
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
16,411,558
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
16,411,558
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
16,463,416
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
16,463,416
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 16,411,558
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only....... 0
b Total for prior years:20 , 20, 20 0
3 Excess distributions carryover, if any, to 2024:
a From 2019...... 1,899,106
b From 2020......  
c From 2021......  
d From 2022...... 2,036,951
e From 2023...... 283,083
f Total of lines 3a through e ........ 4,219,140
4Qualifying distributions for 2024 from Part
XI, line 4: right arrow$ 16,463,416
a Applied to 2023, but not more than line 2a 0
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..... 16,411,558
e Remaining amount distributed out of corpus 51,858
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 4,270,998
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 .......... 		0
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) ... 		1,899,106
9 Excess distributions carryover to 2025.
Subtract lines 7 and 8 from line 6a ...... 		2,371,892
10 Analysis of line 9:
a Excess from 2020....  
b Excess from 2021....  
c Excess from 2022.... 2,036,951
d Excess from 2023.... 283,083
e Excess from 2024.... 51,858
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 email address of the person to whom applications should be addressed:
bThe form in which applications should be submitted and information and materials they should include:
cAny submission deadlines:
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
Form 990-PF (2024)
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

ALASKA MARINE CONSERVATION COUNCIL

PO BOX 101145
ANCHORAGE,AK99510 		  PUBLIC CHARITY SUMMER PROGRAM 2025 15,000

ALOHA FOUNDATION

2968 LAKE MOREY ROAD
FAIRLEE,VT05045 		  PUBLIC CHARITY 5 PERMANENTLY RESTRICTED ENDOWMENTS 1,370,000

ARBORETUM FOUNDATION

2300 ARBORETUM DRIVE E
SEATTLE,WA98112 		  PUBLIC CHARITY ENVIRONMENTAL EDUCATION PROGRAMS FOR SCHOOLS 70,000

ASPEN CENTER FOR ENVIRONMENTAL STUDIES

100 PUPPY SMITH ST
ASPEN,CO81611 		  PUBLIC CHARITY CHILDREN'S EDUCATION FUND AND ROCK BOTTOM RANCH ENDOWMENT 300,000

AUDUBON SOCIETY

5902 LAKE WASHINGTON BLVD S
SEATTLE,WA98118 		  PUBLIC CHARITY CONSERVATION PROJECTS IN PUGET SOUND AND SAGELANDS AND EDUCATION PROGRAMS 75,000

BERTSCHI SCHOOL

2227 10TH AVE E
SEATTLE,WA98102 		  PUBLIC CHARITY FINANCIAL AID ENDOWMENT 20,000

BIG BROTHERS BIG SISTERS OF CENTRAL OREGON

2125 NE DAGGGETT LANE
BEND,OR97701 		  PUBLIC CHARITY COMMUNITY-BASED MENTORING PROGRAMS 25,000

BIG SUR LAND TRUST

PO BOX 4071
MONTEREY,CA93942 		  PUBLIC CHARITY YOUTH OUTDOOR PROGRAMS, FERRINI RANCH PROJECT AND ENDOWMENT 450,000

BIRD NOTE

PO BOX 1857
ASHEVILLE,NC28802 		  PUBLIC CHARITY BIRD NOTE 2025 PRODUCTIONS AND DISTRIBUTION 135,000

BOYS & GIRLS CLUBS OF BELLEVUE

209 - 100TH AVE NE
BELLEVUE,WA98004 		  PUBLIC CHARITY SUMMER CAMP SCHOLARSHIPS 85,000

BROOKLYN INDEPENDENT SCHOOL

38 LAFAYETTE AVE FLOOR 5
BROOKLYN,NY11217 		  PUBLIC CHARITY TUITION ASSISTANCE PROGRAM 50,000

BURKE MUSEUM ASSOCIATION

UNIVERSITY OF WA BOX 353010
SEATTE,WA98195 		  PUBLIC CHARITY "RARE AIR" EXHIBIT AND YOUTH EDUCATION PROGRAMS 40,000

QQS PROJECTS SOCIETY

BOX 786
BELLA BELLA,BRITISH COLUMBIAV0T 1Z0
CA 		  PUBLIC CHARITY KOEYE RIVER YOUTH CAMP PROGRAM 25,000

RAINCOAST EDUCATION SOCIETY

PO BOX 815
TOFINO,BRITISH COLUMBIAV0R 2Z0
CA 		  PUBLIC CHARITY RES YOUTH EDUCATION PROGRAMS 55,000

CAPITOL LAND TRUST

4405 - 7TH AVE SE SUITE 306
LACEY,WA98503 		  PUBLIC CHARITY EDUCATION PROGRAMS 15,000

CASA OF MONTEREY

945 S MAIN ST SUITE 107
SALINAS,CA93901 		  PUBLIC CHARITY VOLUNTEER ADVOCATE TRAINING 30,000

CENTRAL CALIFORNIA ADAPTIVE SPORTS CENTER

PO BOX 147
SHAVER LAKE,CA93664 		  PUBLIC CHARITY PROGRAMS WITH FOCUS ON PARALYZED PERSONS AND TRANSPORTATION 65,000

CHALLENGE ASPEN

PO BOX 6639
SNOWMASS VILLAGE,CO81615 		  PUBLIC CHARITY CAMO AND REC PROGRAMS 60,000

CHILL FOUNDATION

180 QUEEN CITY PARK RD
BURLINGTON,VT05401 		  PUBLIC CHARITY SEA PROGRAM AND PDX PROGRAM 40,000

COLGATE UNIVERSITY

PO BOX 313
CANAJOHARIE,NY13317 		  PUBLIC CHARITY HUDSON SCHOLARSHIP FUND AND AIZAWA FUND FOR OVERSEAS STUDY (EQUAL SPLIT) 500,000

CONSERVATION NORTHWEST

1829 - 10TH AVE W SUITE B
SEATTLE,WA98119 		  PUBLIC CHARITY SAGELANDS HERITAGE PROGRAMS 60,000

COYOTE CENTRAL

2300 E CHERRY ST
SEATTLE,WA98122 		  PUBLIC CHARITY STUDIO COYOTE PROGRAMS 30,000

DARTMOUTH COLLEGE

6066 DEVELOPMENT OFFICE
HANOVER,NH03755 		  PUBLIC CHARITY OUTDOOR PROGRAMS OFFICE FOR DARTMOUTH OUTING CLUB 100,000

ECOLOGY PROJECT

315 S 4TH ST E
MISSOULA,MT59801 		  PUBLIC CHARITY GREATER YELLOWSTONE YOUTH OUTDOOR EDUCATION PROGRAM 60,000

ENVIRONMENTAL & ADVENTURE SCHOOL PTO

8040 NE 132ND ST
KIRKLAND,WA98034 		  PUBLIC CHARITY GENERAL PROGRAM GRANT (FORMERLY LAKE WA ENVIRON. & ADVEN. SCHOOL) 25,000

ENVIRONMENTAL RESOURCE CENTER

PO BOX 819
KETCHUM,ID83340 		  PUBLIC CHARITY COMMUNITY PROGRAMS, SCHOOL PROGRAMS AND EXPERIENTIAL LEARNING 45,000

EXPLORER WEST MIDDLE SCHOOL

10015 - 28TH AVE SW
SEATTLE,WA98146 		  PUBLIC CHARITY OUTDOOR EDUCATION PROGRAM 53,000

FUTURE GENERATIONS UNIVERSITY

400 ROAD LESS TRAVELED
FRANKLIN,WV26807 		  PUBLIC CHARITY GENERAL OPERATIONS AND PERMANENT LEADERSHIP ENDOWMENT 800,000

HAMLIN ROBINSON SCHOOL

1700 E UNION ST
SEATTLE,WA98122 		  PUBLIC CHARITY SCHOLARSHIPS/FINANCIAL AID AND ENDOWMENT 275,000

HIDDEN VILLA

26870 MOODY ROAD
LOS ALTOS HILLS,CA94022 		  PUBLIC CHARITY SUMMER CAMP SCHOLARSHIPS 50,000

HOOD RIVER WATERSHED GROUP

3007 EXPERIMENTAL STATION RD
HOOD RIVER,OR97031 		  PUBLIC CHARITY AQUATIC RIVER CONSERVATION 40,000

HUTS FOR VETS

PO BOX 1780
CARBONDALE,CO81623 		  PUBLIC CHARITY VETERANS PROGRAM 10,000

INT'L MTN BIKING ASSOC (IMBA)

PO BOX 20280
BOULDER,CO80308 		  PUBLIC CHARITY TRAILS & TOWNS, TRAIL ACCELERATOR AND EDUCATION 250,000

ISLANDWOOD

4450 BLAKELY AVE NE
BAINBRIDGE ISLAND,WA98110 		  PUBLIC CHARITY YOUTH ENVIRONMENTAL EDUCATION PROGRAMMING 300,000

LITTLE BIT THERAPEUTIC RIDING SCHOOL

18675 NE 106TH ST
REDMOND,WA98052 		  PUBLIC CHARITY TUITION AID (SCHOLARSHIP) PROGRAM 60,000

MEARTH

PO BOX 223702
CARMEL,CA93922 		  PUBLIC CHARITY ENVIRONMENTAL STEWARDSHIP EDUCATION 85,000

MUSEUM OF NW ART

PO BOX 969
LA CONNER,WA98257 		  PUBLIC CHARITY ARTS EDUCATION PROGRAMS 50,000

NATURE BRIDGE

1033 FORT CRONKHITE
SAUSALITO,CA94965 		  PUBLIC CHARITY FIELD SCIENCE EDUCATION PROGRAM AT OPI 25,000

NATURE CONSERVANCY (CO)

2424 SPRUCE ST
BOULDER,CO80302 		  PUBLIC CHARITY YOUTH EDUCATION AND OUTREACH, AND SOUTHERN HIGH PLAINS CONSERVATION 830,000

NATURE CONSERVANCY (CO)

2424 SPRUCE ST
BOULDER,CO80302 		  PUBLIC CHARITY 777 DAKOTA PARTNERSHIP STEWARDSHIP ENDOWMENT 1,000,000

NATURE CONSERVANCY (MT)

32 S EWING ST
HELENA,MT59601 		  PUBLIC CHARITY NORTHERN GREAT PLAINS LAND PROTECTION AND GRASSBANK 2.0 850,000

NATURE CONSERVANCY (WA)

74 WALL ST
SEATTLE,WA98121 		  PUBLIC CHARITY CONSERVATION AND STEWARDSHIP FOR WA STATE 600,000

NORTH CASCADES INSTITUTE

810 STATE ROUTE 20
SEDRO WOOLLEY,WA98284 		  PUBLIC CHARITY MOUNTAIN SCHOOL AND YOUTH LEADERSHIP ADVENTURES 150,000

NORTHWEST AVALANCHE CENTER

249 MAIN AVE S SUITE 107-366
NORTH BEND,WA98045 		  PUBLIC CHARITY YOUTH AVALANCHE EDUCATION PROGRAM 50,000

NUEVA SCHOOL

6565 SKYLINE BLVD
HILLSBOROUGH,CA94011 		  PUBLIC CHARITY NUEVA SUMMER PROGRAM 50,000

O'DEA HIGH SCHOOL FOUNDATION

802 TERRY AVE
SEATTLE,WA98104 		  PUBLIC CHARITY FINANCIAL AID ENDOWMENT 250,000

OUTDOORSFORALL

6344 NE 74TH ST SUITE 102
SEATTLE,WA98115 		  PUBLIC CHARITY FINANCIAL AID AND GENERAL PROGRAM SUPPORT 500,000

PACIFIC SCIENCE CENTER

200 SECOND AVE N
SEATTLE,WA98109 		  PUBLIC CHARITY STEM OUTREACH AND MERCER SLOUGH SCHOLARSHIPS 70,000

PEREGRINE FUND

5668 WEST FLYING HAWK LANE
BOISE,ID83709 		  PUBLIC CHARITY YOUTH EDUCATION PROGRAM 60,000

PLANNED PARENTHOOD MAR MONTE

1746 THE ALAMEDA
SAN JOSE,CA95126 		  PUBLIC CHARITY Y-LED PROGRAM 100,000

PLANNED PARENTHOOD OF THE GREAT NW

2001 E MADISON
SEATTLE,WA98122 		  PUBLIC CHARITY TEEN COUNCIL AND EDUCATION PROGRAMS 160,000

PUGET SOUNDKEEPER ALLIANCE

130 NICKERSON ST SUITE 107
SEATTLE,WA98109 		  PUBLIC CHARITY POLLUTION PREVENTION PROGRAMS 50,000

ROARING FORK OUTDOOR VOLUNTEERS

PO BOX 1341
BASALT,CO81621 		  PUBLIC CHARITY YOUNG STEWARDS PROGRAM 100,000

SAN JUAN PRESERVATION TRUST

PO BOX 759
FRIDAY HARBOR,WA98250 		  PUBLIC CHARITY NORTH SHORE ORCAS ISLAND CONSERVATION EASEMENT 259,097

SEATTLE AQUARIUM

1483 ALASKAN WAY 59
SEATTLE,WA98101 		  PUBLIC CHARITY BEACH NATURALIST, YOA AND CITIZEN SCIENCE, AND SUMMER CAMP PROGRAMS 55,000

SEATTLE FOUNDATION

1601 - 5TH AVE SUITE 1900
SEATTLE,WA98101 		  PUBLIC CHARITY DONOR ADVISED FUND 2,365,000

SEATTLE YOUTH SYMPHONY ORCHESTRA

11065 - 5TH AVE NE SUITE A
SEATTLE,WA98125 		  PUBLIC CHARITY SEATTLE IN-SCHOOL PROGRAMS 50,000

SKAGIT LAND TRUST

PO BOX 1017
MT VERNON,WA98273 		  PUBLIC CHARITY YOUTH ENGAGEMENT PROGRAMS AND SAMISH RIVER WETLANDS PROJECT 285,500

SNOW LEOPARD CONSERVANCY

75 BOYES BLVD
SONOMA,CA95476 		  PUBLIC CHARITY PROGRAMS, PER PROPOSAL 94,000

SOS OUTREACH

PO BOX 2020
AVON,CO81620 		  PUBLIC CHARITY PACIFIC N.W. YOUTH PROGRAMS 30,000

SPECIAL OLYMPICS WA

2815 - 2ND AVE SUITE 370
SEATTLE,WA98121 		  PUBLIC CHARITY PROGRAM SUPPORT FOR DISABLED ATHLETES 360,000

STOWE LAND TRUST

PO BOX 284
STOWE,VT05672 		  PUBLIC CHARITY HEALTHY HABITATS AND WATERS PROGRAM 10,000

STUDIO IN A SCHOOL

75 WEST END AVE
NEW YORK,NY10023 		  PUBLIC CHARITY ARTS EDUCATION PROGRAMS PRE-K THROUGH HIGH SCHOOL 65,000

SUN VALLEY MUSEUM OF ART

PO BOX 656
SUN VALLEY,ID83353 		  PUBLIC CHARITY EDUCATION PROGRAMS 15,000

SUN VALLEY MUSEUM OF ART

PO BOX 656
SUN VALLEY,ID83353 		  PUBLIC CHARITY EDUCATION ENDOWMENT 250,000

TEEN TIX

305 HARRISON ST
SEATTLE,WA98109 		  PUBLIC CHARITY GENERAL YOUTH PROGRAM SUPPORT 20,000

TELLER WILDLIFE REFUGE

PO BOX 548
CORVALLIS,MT59828 		  PUBLIC CHARITY CONSERVATION IN THE CLASSROOM PROGRAM 75,000

THACHER SCHOOL

5025 THACHER RD
OJAI,CA93023 		  PUBLIC CHARITY FINANCIAL AID FUND 150,000

THE BATTERY CONSERVANCY

90 BROAD ST 15TH FLOOR
NEW YORK,NY10004 		  PUBLIC CHARITY EDUCATION AND PARKS PROGRAMS 10,000

THE RESIDENCY

10510 NORTHUP WAY SUITE 300
KIRKLAND,WA98033 		  PUBLIC CHARITY WRITER'S CAMP AND ANNUAL SUMMER INTENSIVE 30,000

TOTEM STAR

4408 DELRIDGE WAY SW 118
SEATTLE,WA98106 		  PUBLIC CHARITY GENERAL PROGRAM FOR YOUTH ARTISTS 30,000

TRAIL BLAZERS

495A FLATBUSH AVE
BROOKLYN,NY11225 		  PUBLIC CHARITY GENERAL OPERATING SUPPORT 100,000

TRAIL BLAZERS

495A FLATBUSH AVE
BROOKLYN,NY11225 		  PUBLIC CHARITY SCHOLARSHIP FUND 150,000

TREEHOUSE

2100 - 24TH AVE S SUITE 200
SEATTLE,WA98144 		  PUBLIC CHARITY GRADUATION SUCCESS AND SUMMER CAMP SCHOLARSHIPS 150,000

TROUT UNLIMITED

1700 N MOORE ST
ARLINGTON,VA22209 		  PUBLIC CHARITY ENDING MINE CONTAMINATION AND WENATCHEE BEAVER PROJECT 100,000

WA TRAILS ASSOCIATION

705 - 2ND AVE SUITE 300
SEATTLE,WA98104 		  PUBLIC CHARITY YOUTH PROGRAMS 175,000

WILDERNESS LAND TRUST

PO BOX 881
HELENA,MT59624 		  PUBLIC CHARITY PACIFIC NORTHWEST PROGRAMS 75,000

WINNAKEE LAND TRUST

PO BOX 610
RHINEBECK,NY12572 		  PUBLIC CHARITY HUDSON VALLEY LAND CONSERVATION 20,000

WOODLAND PARK ZOO

5500 PHINNEY AVE N
SEATTLE,WA98103 		  PUBLIC CHARITY ACCESS TO ZOO SUMMER CAMPS 45,000

YELLOWSTONE TO YUKON

200 - 1350 RAILWAY AVE
CANMORE,ALBERTAT1W 1P6
CA 		  PUBLIC CHARITY PRIVATE LANDS ACQUISITION FUND 500,000

NATIONAL PARKS CONSERVATION ASSOCIATION

777 - 6TH ST NW SUITE 700
WASHINGTON,DC20001 		  PUBLIC CHARITY PACIFIC NORTHWEST PROGRAMS FOR VETERANS 200,000
Total .................................right arrow 3a 16,231,597
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 ........... 		         
4 Dividends and interest from securities .... 523000 49,351 14 7,619,288  
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 ..... 523000 5,026 18 17,261  
8 Gain or (loss) from sales of assets other than
inventory ............ 		523000 1,514 18 24,734,972  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. 55,891 32,371,521 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
32,427,412
(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:
ISLANDS FUND
 
C/O JOHN MUNN
EIN:
91-1663838
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING FEES 38,600 19,300 0 19,300

TY 2024 GeneralExplanationAttachment
Name:
ISLANDS FUND
 
C/O JOHN MUNN
EIN:
91-1663838
Identifier Return Reference Explanation
STATEMENT FILED PURSUANT TO 1.6038B-1(C) AND 1.6038B-1T(C) FORM 926 1) NAME OF U.S. TRANSFEROR: ISLANDS FUNDEIN: 91-1663838ADDRESS: 6568 S FEDERAL WAY PMB #104 BOISE, ID, 837162) NAME OF FOREIGN TRANSFEREE: EUCALYPTUS III HOLDINGS (CYM) LPEIN: 98-1810587ADDRESS: ONE NEXUS WAY, CAMANA BAY, GRAND CAYMAN KY1-9005 CAYMAN ISLANDS COUNTRY OF INCORPORATION: CAYMAN ISLANDS TRANSFERS WERE MADE IN 2024 BETWEEN ISLANDS FUND AND EUCALYPTUS III HOLDINGS (CYM) LP. BASED ON OWNERSHIP, ISLANDS FUND'S VALUE OF THESE TRANSFERS WAS $123,990 CASH.3) THE FOLLOWING CONSIDERATION WAS RECEIVED BY THE U.S. TRANSFEROR:NOT APPLICABLE4) THE FOLLOWING PROPERTY WAS TRANSFERRED BY THE U.S. TRANSFEROR TO THE FOREIGN TRANSFEREE:(I) ACTIVE TRADE OR BUSINESS PROPERTY - NOT APPLICABLE(II) STOCK OR SECURITIES - NOT APPLICABLE(III) DEPRECIATED PROPERTY - NOT APPLICABLE(IV) PROPERTY TO BE LEASED - NOT APPLICABLE(V) PROPERTY TO BE SOLD - NOT APPLICABLE(VI) TRANSFERS TO FSCS - NOT APPLICABLE(VII) TAINTED PROPERTY - NOT APPLICABLE(VIII) FOREIGN LOSS BRANCH - NOT APPLICABLE(IX) OTHER INTANGIBLES - NOT APPLICABLE5) THE FOLLOWING PROPERTY OF A FOREIGN BRANCH WITH PREVIOUSLY DEDUCTED LOSSES SUBJECT TO THE RULES OF 1.367(A)-6T WAS TRANSFERRED BY THE U.S. TRANSFEROR TO THE FOREIGN TRANSFEREE: NOT APPLICABLE(6) THE TRANSFER OF PROPERTY BY THE U.S. TRANSFEROR TO THE U.S. TRANSFEREE IS AN EXCHANGE DESCRIBED IN SECTION [361(A) OR (B)]. THE CONDITIONS SET FORTH IN THE SECOND SENTENCE OF SECTION 367(A)(5), AND ANY REGULATIONS UNDER THAT SECTION, HAVE BEEN SATISFIED. THE FOLLOWING ADJUSTMENTS TO BASIS, OR OTHER ADJUSTMENTS, HAVE BEEN MADE TO THE PROPERTY TRANSFERRED: NOT APPLICABLE

TY 2024 InvestmentsCorpBondsSchedule
Name:
ISLANDS FUND
 
C/O JOHN MUNN
EIN:
91-1663838
Name of Bond End of Year Book Value End of Year Fair Market Value
MERRILL LYNCH INVESTMENTS 21,068,151 20,673,953

TY 2024 InvestmentsCorpStockSchedule
Name:
ISLANDS FUND
 
C/O JOHN MUNN
EIN:
91-1663838
Name of Stock End of Year Book Value End of Year Fair Market Value
MERRILL LYNCH INVESTMENTS 133,789,248 246,692,377

TY 2024 InvestmentsGovtObligationsSch
Name:
ISLANDS FUND
 
C/O JOHN MUNN
EIN:
91-1663838
US Government Securities - End of Year Book Value:

45,440,550
US Government Securities - End of Year Fair Market Value:

41,726,330
State & Local Government Securities - End of Year Book Value:


750,000
State & Local Government Securities - End of Year Fair Market Value:


585,870


TY 2024 InvestmentsOtherSchedule2
Name:
ISLANDS FUND
 
C/O JOHN MUNN
EIN:
91-1663838
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
MERRILL LYNCH - MUTUAL FUNDS AT COST 17,585,329 16,703,590
MERRILL LYNCH - ALTERNATIVE INVESTMENTS AT COST 13,551,006 13,787,348
MERRILL LYNCH - ACCRUED INTEREST AT COST 0 508,151

TY 2024 OtherAssetsSchedule
Name:
ISLANDS FUND
 
C/O JOHN MUNN
EIN:
91-1663838
Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
DIVIDENDS/INTEREST RECEIVABLES 81,660 83,796 83,796


TY 2024 OtherExpensesSchedule
Name:
ISLANDS FUND
 
C/O JOHN MUNN
EIN:
91-1663838
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
MEMBERSHIP - THE IMPACT 25,000 0 0 25,000


TY 2024 OtherIncomeSchedule2
Name:
ISLANDS FUND
 
C/O JOHN MUNN
EIN:
91-1663838
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
BLACKSTONE PRIVATE EQUITY STRATEGIES FUND LP PASSTHROUGH 22,287 17,261 0


TY 2024 OtherProfessionalFeesSchedule
Name:
ISLANDS FUND
 
C/O JOHN MUNN
EIN:
91-1663838
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ADMINISTRATIVE FEES 140,000 14,000 0 126,000
INVESTMENT MANAGEMENT FEES 1,349,901 1,349,901 0 0
OTHER PORTFOLIO DEDUCTIONS FROM PASSTHROUGHS 26,642 24,745 0 0


TY 2024 TaxesSchedule
Name:
ISLANDS FUND
 
C/O JOHN MUNN
EIN:
91-1663838
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FOREIGN TAXES PAID 89,924 89,924 0 0
FEDERAL EXCISE TAX PAYMENT 484,000 0 0 0