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
Zellis Family Foundation
 
Number and street (or P.O. box number if mail is not delivered to street address)Two N Riverside Plaza 600
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Chicago, IL60606
A Employer identification number

83-2650002
B Telephone number (see instructions)

(312) 466-3966
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$49,445,947J 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) 14,003,254
2 Check right arrow.............
3 Interest on savings and temporary cash investments 203,717 203,717  
4 Dividends and interest from securities... 787,786 787,786  
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
552,144
b Gross sales price for all assets on line 6a 10,230,086
7 Capital gain net income (from Part IV, line 2)... 9,422,023
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances 0
b Less: Cost of goods sold.... 0
c Gross profit or (loss) (attach schedule)..... 0  
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
3,069 -23,193 0
12 Total. Add lines 1 through 11........ 15,549,970 10,390,333 0
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc.        
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
27,482 1,690 0 8,908
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
69,840 34,920 0 26,906
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
126,708 126,708 0 0
17 Interest............... 0 0    
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
143,000 0 0 0
19 Depreciation (attach schedule) and depletion... 0 0 0
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
-215,416 0 0 162
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 151,614 163,318 0 35,976
25 Contributions, gifts, grants paid....... 4,657,947 2,749,139
26 Total expenses and disbursements. Add lines 24 and 25 4,809,561 163,318 0 2,785,115
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 10,740,409
b Net investment income (if negative, enter -0-) 10,227,015
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............. 46,443 50,000 50,000
2 Savings and temporary cash investments......... 4,294,320 27,502,450 27,502,450
3 Accounts receivable right arrow91,667
Less: allowance for doubtful accounts right arrow   111,914 91,667 91,667
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow   0 0 0
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions)..... 0 0 0
7 Other notes and loans receivable (attach schedule) right arrow0
Less: allowance for doubtful accounts right arrow0 0 0 0
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges.......... 41,462 155,369 155,369
10a Investments—U.S. and state government obligations (attach schedule) 0 0 0
b Investments—corporate stock (attach schedule)....... 20,510,514 Click to see attachment
List of Attached Documents:
// Content
12,257,061 		12,257,061
c Investments—corporate bonds (attach schedule)....... 11,356,853 Click to see attachment
List of Attached Documents:
// Content
6,951,622 		6,951,622
11 Investments—land, buildings, and equipment: basis right arrow0
Less: accumulated depreciation (attach schedule) right arrow0 0   0
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 642,876 Click to see attachment
List of Attached Documents:
// Content
795,125 		795,125
14 Land, buildings, and equipment: basis right arrow0
Less: accumulated depreciation (attach schedule) right arrow0 0   0
15 Other assets (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
64,533 		Click to see attachment
List of Attached Documents:
// Content
1,642,653 		Click to see attachment
List of Attached Documents:
// Content
1,642,653
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 37,068,915 49,445,947 49,445,947
Liabilities 17 Accounts payable and accrued expenses.......... 55,464 76,584
18 Grants payable................. 2,112,019 3,921,602
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons 0 0
21 Mortgages and other notes payable (attach schedule)...... 0 0
22 Other liabilities (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
239,970 		Click to see attachment
List of Attached Documents:
// Content
138,299
23 Total liabilities (add lines 17 through 22)......... 2,407,453 4,136,485
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........... 34,661,462 45,309,462
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)..... 34,661,462 45,309,462
30 Total liabilities and net assets/fund balances (see instructions). 37,068,915 49,445,947
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
34,661,462
2
Enter amount from Part I, line 27a .....................
2
10,740,409
3
Other increases not included in line 2 (itemize) right arrow
3
0
4
Add lines 1, 2, and 3 ..........................
4
45,401,871
5
Decreases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
5
92,409
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
45,309,462
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 CAPITAL GAINS DISTRIBUTIONS      
c CAPITAL GAIN FROM PARTNERSHIP      
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 10,021,824   819,747 9,202,077
b 208,262   0 208,262
c 11,684   0 11,684
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a     0 9,202,077
b     0 208,262
c     0 11,684
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 9,422,023
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) 1 142,156
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-) Click to see attachment
List of Attached Documents:
// Content
2 0
3 Add lines 1 and 2........................... 3 142,156
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 142,156
6 Credits/Payments:
a 2024 estimated tax payments and 2023 overpayment credited to 2024 6a 155,369
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c  
d Backup withholding erroneously withheld .......... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 155,369
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 13,213
11 Enter the amount of line 10 to be: Credited to 2025 estimated taxright arrow13,213 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$   (2) On foundation managers.right arrow$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
right arrowIL
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. Click to see attachment
List of Attached Documents:
// Content
...............................
10
Yes
 
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
11
 
No
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressright arrowN/A
14
The books are in care ofright arrowChai Trust Company LLC Telephone no.right arrow (312) 466-3966

Located atright arrowTwo North Riverside Plaza Suite 600ChicagoIL ZIP+4right arrow60606
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
Levi Gillis Director
1.000 		0 0 0
Two N Riverside Plaza
Chicago,IL60606
JoAnn Zell President
1.000 		0 0 0
Two N Riverside Plaza
Chicago,IL60606
Lucille McFarland Vice President & Secretary
1.000 		0 0 0
Two N Riverside Plaza
Chicago,IL60606
Philip Tinkler Vice President
1.000 		0 0 0
Two N Riverside Plaza
Chicago,IL60606
Joseph Miron Vice President
1.000 		0 0 0
Two N Riverside Plaza
Chicago,IL60606
Michael Shiner Vice President & Treasurer
1.000 		0 0 0
Two N Riverside Plaza
Chicago,IL60606
Naomi Gillis Director
1.000 		0 0 0
Two N Riverside Plaza
Chicago,IL60606
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
 
Total number of other employees paid over $50,000...................right arrow 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
Chai Trust Company Professional Fees 153,557
2 N Riverside Plaza
Suite 600
Chicago,IL60606
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 DIRT CAPITAL PARTNERS 2023, LLC - Program related equity investment in Dirt Capital Partners 2023, LLC was made for the charitable purposes to support the advancement of environmental preservation, and conservation and promotion of health, relief of the poor and distressed, elimination of prejudice and discrimination, general educational purposes, scientific and educational research and demonstration projects and combatting community deterioration. 626,250
2 FRB CATALYST FACILITY, LLC. - Loan program related investment in FRB Catalyst Facility, LLC was made with charitable purposes to support the mobilization of private capital for Forest Resilience Bond projects that advance climate-resilient environmental restoration, wildfire risk reduction, watershed protection, and habitat improvement across public and private lands in the Western U.S., in alignment with Blue Forest Finance's mission to develop innovative financial solutions that support ecological health and community resilience. 500,000
All other program-related investments. See instructions.
3 Click to see attachment
List of Attached Documents:
// Content
630,003
Total. Add lines 1 through 3.........................right arrow1,756,253
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
29,539,654
b
Average of monthly cash balances.......................
1b
7,649,474
c
Fair market value of all other assets (see instructions)................
1c
795,124
d
Total (add lines 1a, b, and c).........................
1d
37,984,252
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
 
3
Subtract line 2 from line 1d.........................
3
37,984,252
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
569,764
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
37,414,488
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
1,870,724
Part X
Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
1
Minimum investment return from Part IX, line 6..................
1
1,870,724
2a
Tax on investment income for 2024 from Part V, line 5 .......
2a
142,156
b
Income tax for 2024. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
142,156
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
1,728,568
4
Recoveries of amounts treated as qualifying distributions................
4
28,023
5
Add lines 3 and 4............................
5
1,756,591
6
Deduction from distributable amount (see instructions).................
6
 
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
1,756,591
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
2,785,115
b
Program-related investments—total from Part VIII-B..................
1b
1,756,253
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
0
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
4,541,368
Form 990-PF (2024)
Form 990-PF (2024)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2023 		(c)
2023 		(d)
2024
1 Distributable amount for 2024 from Part X, line 7 1,756,591
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only....... 976,144
b Total for prior years:2022, 2021, 2020 0
3 Excess distributions carryover, if any, to 2024:
a From 2019...... 0
b From 2020...... 0
c From 2021...... 0
d From 2022...... 0
e From 2023...... 0
f Total of lines 3a through e ........ 0
4Qualifying distributions for 2024 from Part
XI, line 4: right arrow$ 4,541,368
a Applied to 2023, but not more than line 2a 976,144
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..... 1,756,591
e Remaining amount distributed out of corpus 1,808,633
5 Excess distributions carryover applied to 2024.   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 1,808,633
b Prior years’ undistributed income. Subtract
line 4b from line 2b .......... 		0
c Enter the amount of prior years’ undistributed
income for which a notice of deficiency has
been issued, or on which the section 4942(a)
tax has been previously assessed...... 		 
d Subtract line 6c from line 6b. Taxable amount
—see instructions ........... 		0
e Undistributed income for 2023. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		0
f Undistributed income for 2024. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2025 .......... 		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) ... 		0
9 Excess distributions carryover to 2025.
Subtract lines 7 and 8 from line 6a ...... 		1,808,633
10 Analysis of line 9:
a Excess from 2020.... 0
b Excess from 2021.... 0
c Excess from 2022.... 0
d Excess from 2023.... 0
e Excess from 2024.... 1,808,633
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).)
Joann Zell President
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

Alexander Graham Bell Association for the Deaf and Hard of Hearing

3417 Volta Place NW
Washington,DC20007 		N/A PC Health 129,139

CommunityHealth

2611 W Chicago Ave
Chicago,IL60622 		N/A PC Health 50,000

Congregation Emanuel

51 Grape St
Denver,CO80220 		N/A PC Cultural and Religious 320,000

Food Bank of the Rockies

10700 E 45th Avenue
Denver,CO80239 		N/A PC Social Services 10,000

Harold Grinspoon Foundation

67 Hunt St No 100
Agawam,MA01001 		N/A PC Education 50,000

Hearing Health Foundation

575 Eighth Ave No 1201
New York,NY10018 		N/A PC Health 50,000

Heart and Armor Foundation

1100 Glendon Avenue Suite 2000
Los Angeles,CA90024 		N/A PC Social Services 50,000

Jewish Family Service of Colorado Inc

3201 S Tamarac Dr
Denver,CO80231 		N/A PC Cultural and Religious 140,000

JEWISHcolorado

300 S Dahlia St
Denver,CO80246 		N/A PC Cultural and Religious 350,000

National Center for Women and Information Technology

1200 New York Ave NW Suite 500
Washington,DC20005 		N/A PC Education 40,000

National Ramah Commission Inc

3080 BROADWAY
NEW YORK,NY10027 		N/A PC Cultural and Religious 60,000

Northwestern University

633 Clark St
Evanston,IL60208 		N/A PC Education 150,000

Rocky Mountain Planned Parenthood Inc

7155 E 38th Ave
Denver,CO80207 		N/A PC Social Services 200,000

Rheumatology Research Foundation

2200 Lake Boulevard Ne
Atlanta,GA30319 		N/A PC Health 500,000

Seeds of Peace

370 Lexington Ave Ste 201
New York,NY10071 		N/A PC Education 50,000

Sharsheret Inc

1086 Teaneck Road Suite 2G
Teaneck,NJ07666 		N/A PC Health 30,000

So All May Eat Inc

2023 E Colfax Ave
Denver,CO80206 		N/A PC Social Services 20,000

The University of Colorado Foundation

1800 N Grant St Suite 725
Denver,CO80203 		N/A PC Education 500,000

University of California San Francisco Foundation

2001 The Embarcadero Fl 3
SAN FRANCISCO,CA94133 		N/A PC Education 50,000
Total .................................right arrow 3a 2,749,139
bApproved for future payment

Alexander Graham Bell Association for the Deaf and Hard of Hearing
3417 Volta Place NW
Washington,DC20007 		N/A PC Health 605,000

Congregation Emanuel
51 Grape St
Denver,CO80220 		N/A PC Cultural and Religious 1,200,000

Hearing Health Foundation
575 Eighth Ave No 1201
New York,NY10018 		N/A PC Health 50,000

Jewish Family Service of Colorado Inc
3201 S Tamarac Dr
Denver,CO80231 		N/A PC Cultural and Religious 100,000

National Center for Women and Information Technology
1200 New York Ave NW Suite 500
Washington,DC20005 		N/A PC Education 160,000

National Ramah Commission Inc
3080 BROADWAY
NEW YORK,NY10027 		N/A PC Cultural and Religious 189,000

University of California San Francisco Foundation
2001 The Embarcadero Fl 3
SAN FRANCISCO,CA94133 		N/A PC Education 450,000
Total ................................. right arrow 3b 2,754,000
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
aPROGRAM RELATED INVESTMENT - LOAN INTEREST INCOME         3,069
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		    14 203,717  
4 Dividends and interest from securities ....     14 787,786  
5 Net rental income or (loss) from real estate:
aDebt-financed property......          
bNot debt-financed property.....          
6 Net rental income or (loss) from personal property          
7 Other investment income .....          
8 Gain or (loss) from sales of assets other than
inventory ............ 		    18 552,144  
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) .. 0 1,543,647 3,069
13Total. Add line 12, columns (b), (d), and (e)..................
13
1,546,716
(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: 24020961
Software Version: 2024v5.1


Form 990PF - Special Condition Description:
Special Condition Description
Schedule B
(Form 990)
(Rev. January 2025)
Department of the Treasury
Internal Revenue Service
Schedule of Contributors

right arrow Attach to Form 990, 990-EZ, or 990-PF.
right arrow Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
Name of the organization
Zellis Family Foundation
 
Employer identification number

83-2650002
Organization type (check one):
Filers of:
Section:
Form 990 or 990-EZ
501(c)( ) (enter number) organization

4947(a)(1) nonexempt charitable trust not treated as a private foundation

527 political organization


Form 990-PF
501(c)(3) exempt private foundation

4947(a)(1) nonexempt charitable trust treated as a private foundation

501(c)(3) taxable private foundation
Check if your organization is covered by the General Rule or a Special Rule.  
Note:  Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
General Rule
For an organization filing Form 990, 990-EZ, or 990-PF that received, during the year, contributions totaling $5,000 or more (in money or other property) from any one contributor. Complete Parts I and II. See instructions for determining a contributor's total contributions.
Special Rules
For an organization described in section 501(c)(3) filing Form 990 or 990-EZ that met the 331/3% support test of the regulations
under sections 509(a)(1) and 170(b)(1)(A)(vi), that checked Schedule A (Form 990 or 990-EZ), Part II, line 13, 16a, or 16b, and that received from any one contributor, during the year, total contributions of the greater of (1) $5,000 or (2) 2% of the amount on (i) Form 990, Part VIII, line 1h, or (ii) Form 990-EZ, line 1. Complete Parts I and II.
For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, total contributions of more than $1,000 exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals. Complete Parts I, II, and III.
For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, contributions exclusively for religious, charitable, etc., purposes, but no such contributions totaled more than $1,000. If this box is checked, enter here the total contributions that were received during the year for an exclusively religious, charitable, etc., purpose. Don't complete any of the parts unless the General Rule applies to this organization because it received nonexclusively religious, charitable, etc., contributions totaling $5,000 or more during the year ......... Right Arrow $  
Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).
For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.
Cat. No. 30613XSchedule B (Form 990) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 1-2025) Page 2
Name of organization
Zellis Family Foundation
  		Employer identification number
83-2650002
Part I
Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
1
JOANN ZELL
 
TWO NORTH RIVERSIDE PLAZA SUITE 600
 
CHICAGO, IL60606

$ 1,583,554


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
2
Samuel Zell Administrative Trust
 
TWO NORTH RIVERSIDE PLAZA SUITE 600
 
CHICAGO, IL60606

$ 12,419,700


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
Schedule B (Form 990) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 1-2025)
Page 3
Name of organization
Zellis Family Foundation
  		Employer identification number

83-2650002
Part II
Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
1
 21,591 SHARES OF PUBLICLY TRADED SECURITIES $ 1,583,554 2024-12-31
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
Schedule B (Form 990) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 1-2025)
Page 4
Name of organization
Zellis Family Foundation
  		Employer identification number

83-2650002
Part III
Exclusively religious, charitable, etc., contributions to organizations described in section 501(c) (7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $  
Use duplicate copies of Part III if additional space is needed.
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
Schedule B (Form 990) (Rev. 1-2025)
Additional Data


Software ID: 24020961
Software Version: 2024v5.1

TY 2024 AccountingFeesSchedule
Name:
Zellis Family Foundation
EIN:
83-2650002
Software ID:
24020961
Software Version:
2024v5.1
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING, AUDIT & TAX FEES 69,840 34,920   26,906

TY 2024 AllOthProgRltdInvestmentsSch
Name:
Zellis Family Foundation
EIN:
83-2650002
Software ID:
24020961
Software Version:
2024v5.1
Category Amount
MAD CAPITAL PERENNIAL FUND II, LLC - Program related equity investment in Mad Capital Perennial Fund II, LLC was made for the charitable purposes to support the advancement of environmental preservation, and conservation and promotion of health, relief of the poor and distressed, elimination of prejudice and discrimination, general educational purposes, scientific and educational research and demonstration projects and combatting community deterioration. 453,301
SECOND STORY FARMS LLC - Program related equity investment in Second Story Farms, LLC was made for the charitable purposes to support the advancement of environmental preservation, and conservation and promotion of health, relief of the poor and distressed, elimination of prejudice and discrimination, general educational purposes, scientific and educational research and demonstration projects and combatting community deterioration. 125,000
AZOLLA VENTURES CATALYTIC FUND I, LP - Program related equity investment in Azolla Venture Catalytic Fund I, LP was made for the charitable purposes to support the promotion of environmental conservation and efforts to reduce the effects of environmental delegation, relief of the poor and distressed or of the underprivileged and promotion of social welfare by organizations and combatting community deterioration. 51,702

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

TY 2024 GainLossSaleOtherAssetsSch
Name:
Zellis Family Foundation
EIN:
83-2650002
Software ID:
24020961
Software Version:
2024v5.1
Name Date Acquired How Acquired Date Sold Purchaser Name Gross Sales Price Basis Basis Method Sales Expenses Total (net) Accumulated Depreciation
PUBLICLY TRADED SECURITIES         10,021,824 9,677,942     343,882  
CAPITAL GAINS DISTRIBUTIONS         208,262       208,262  

TY 2024 GeneralExplanationAttachment
Name:
Zellis Family Foundation
EIN:
83-2650002
Software ID:
24020961
Software Version:
2024v5.1
Identifier Return Reference Explanation
EXPENDITURE RESPONSIBILITY REPORT FORM 990-PF EXPENDITURE RESPONSIBILITY REPORTING FOR PROGRAM-RELATED INVESTMENTS FOR THE YEAR ENDING 12/31/2024 PURSUANT TO TREASURY REGULATION 53.4945-5(B)(4), THE FOUNDATION IS PROVIDING THE FOLLOWING INFORMATION TO SATISFY ITS EXPENDITURE RESPONSIBILITY REPORTING OBLIGATIONS UNDER IRC SECTION 4945(H). PROGRAM-RELATED INVESTMENT NAME: AZOLLA VENTURES CATALYTIC FUND I, LP ADDRESS: 625 MASSACHUSETTS AVE., FLOOR 2, CAMBRIDGE, MA 02139 DATE OF INVESTMENT: 04/21/2023 AMOUNT: $138,052 PURPOSE: SUSTAINABILITY DATES OF REPORTS: 12/31/2023, 12/31/2024 ANY DIVERSION?: NO PROGRAM-RELATED INVESTMENT NAME: MAD CAPITAL PERENNIAL FUND II, LLC ADDRESS: 838 WALKER RD STE 21-2, DOVER, DE 19904 DATE OF INVESTMENT: 11/15/2023 AMOUNT: $453,301 PURPOSE: SUSTAINABILITY DATES OF REPORTS: 12/31/2024 ANY DIVERSION?: NO PROGRAM-RELATED INVESTMENT NAME: DIRT CAPITAL PARTNERS 2023 LLC ADDRESS: 32 MAIN STREET, SUITE 203A, CHATHAM, MA 12037 DATE OF INVESTMENT: 07/17/2024 AMOUNT: $626,250 PURPOSE: SUSTAINABILITY DATES OF REPORTS: 12/31/2024 ANY DIVERSION?: NO PROGRAM-RELATED INVESTMENT NAME: SECOND STORY FARMS LLC ADDRESS: E5219 JONES RD, SPRING GREEN, WI 53588 DATE OF INVESTMENT: 9/3/2024 AMOUNT: $125,000 PURPOSE: SUSTAINABILITY DATES OF REPORTS: 12/31/2024 ANY DIVERSION?: NO

TY 2024 InvestmentsCorpBondsSchedule
Name:
Zellis Family Foundation
EIN:
83-2650002
Software ID:
24020961
Software Version:
2024v5.1
Name of Bond End of Year Book Value End of Year Fair Market Value
CCM COMMUNITY IMPACT BOND FUND INST. SHARE 692,904 692,904
TIAA-CREF CORE IMPACT BOND FUND INST SHARE 695,892 695,892
JPMORGAN MANAGED FIXED INCOME (F1006) 5,562,826 5,562,826

TY 2024 InvestmentsCorpStockSchedule
Name:
Zellis Family Foundation
EIN:
83-2650002
Software ID:
24020961
Software Version:
2024v5.1
Name of Stock End of Year Book Value End of Year Fair Market Value
BROWN ADVISORY SUSTAINABLE GROWTH FUND 749,172 749,172
CALVERT SMALL-CAP FUND 322,573 322,573
CALVERT US LARGE-CAP CORE RESPONSIBLE FUND 600,146 600,146
DFA INTERNATIONAL SUSTAINABILITY CORE 1 622,078 622,078
PARNASSUS CORE EQUITY FUND - INST. SHARES 714,001 714,001
PAX ELLEVATE GLOBAL WOMEN'S LEADERSHIP FD 466,627 466,627
TRILLIUM ESG GLOBAL EQUITY FUND INST SHARE 624,666 624,666
EQUITY LIFESTYLE PROPERTIES, INC. 7,858,800 7,858,800
RBC EMERGING MARKETS EQUITY FD CL I 298,998 298,998

TY 2024 InvestmentsOtherSchedule2
Name:
Zellis Family Foundation
EIN:
83-2650002
Software ID:
24020961
Software Version:
2024v5.1
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
ADVANCE TRADE GROWTH OFFSHORE FUND LTD. FMV 284,676 284,676
MUUS CONVERGENCE FUND II LP FMV 220,187 220,187
CIM ENTERPRISE LOAN FUND FMV 290,262 290,262

TY 2024 LegalFeesSchedule
Name:
Zellis Family Foundation
EIN:
83-2650002
Software ID:
24020961
Software Version:
2024v5.1
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
LEGAL FEES 27,482 1,690   8,908


TY 2024 OtherAssetsSchedule
Name:
Zellis Family Foundation
EIN:
83-2650002
Software ID:
24020961
Software Version:
2024v5.1
Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
AZOLLA VENTURES CATALYTIC FUND 1 - PROGRAM RELATED INVESTMENT 64,533 83,958 83,958
DIRT CAPITAL PARTNERS 2023 LLC - PROGRAM RELATED INVESTMENT 0 571,726 571,726
SECOND STORY FARMS LLC - PROGRAM RELATED INVESTMENT 0 125,000 125,000
MAD CAPITAL PERENNIAL FUND II LLC - PROGRAM RELATED INVESTMENT 0 453,301 453,301
FRB CATALYST FACILITY, LLC - LOAN RECEIVABLE - PROGRAM RELATED INVESTMENT 0 408,668 408,668


TY 2024 OtherDecreasesSchedule
Name:
Zellis Family Foundation
EIN:
83-2650002
Software ID:
24020961
Software Version:
2024v5.1
Description Amount
UNREALIZED GAIN/LOSS 92,409


TY 2024 OtherExpensesSchedule
Name:
Zellis Family Foundation
EIN:
83-2650002
Software ID:
24020961
Software Version:
2024v5.1
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
BUSINESS LICENSES / FILING FEES 162     162
FEDERAL EXCISE TAX PROVISION -215,578      


TY 2024 OtherIncomeSchedule2
Name:
Zellis Family Foundation
EIN:
83-2650002
Software ID:
24020961
Software Version:
2024v5.1
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
PARTNERSHIP INCOME/(LOSS)   -26,262  
PROGRAM RELATED INVESTMENT - LOAN INTEREST INCOME 3,069 3,069  


TY 2024 OtherLiabilitiesSchedule
Name:
Zellis Family Foundation
EIN:
83-2650002
Software ID:
24020961
Software Version:
2024v5.1
Description Beginning of Year - Book Value End of Year - Book Value
DEFERRED EXCISE TAX LIABILITY 239,970 138,299


TY 2024 OtherProfessionalFeesSchedule
Name:
Zellis Family Foundation
EIN:
83-2650002
Software ID:
24020961
Software Version:
2024v5.1
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
MANAGEMENT FEES 126,157 126,157    
BANK FEES 551 551    


TY 2024 SubstantialContributorsSch
Name:
Zellis Family Foundation
EIN:
83-2650002
Software ID:
24020961
Software Version:
2024v5.1
Name Address
SAMUEL ZELL ADMINISTRATIVE TRUST
  		TWO NORTH RIVERSIDE PLAZA SUITE 600
CHICAGO,IL60606


TY 2024 TaxesSchedule
Name:
Zellis Family Foundation
EIN:
83-2650002
Software ID:
24020961
Software Version:
2024v5.1
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FEDERAL EXCISE TAX 143,000