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
Opus Foundation
 
Number and street (or P.O. box number if mail is not delivered to street address)60 South 6th St Ste 2950
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Minneapolis, MN55402
A Employer identification number

41-1983284
B Telephone number (see instructions)

(612) 440-2500
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$139,342,932J 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) 5,150,175
2 Check right arrow.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 1,181,324 1,181,324  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 -62,046
b Gross sales price for all assets on line 6a  
7 Capital gain net income (from Part IV, line 2)... 1,020,391
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
2,157,411 2,550,994  
12 Total. Add lines 1 through 11........ 8,426,864 4,752,709  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0   0
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
21,756 0   16,414
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
128,193 0   127,806
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
996,480 144,000   793,699
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
264,231 1,656   0
19 Depreciation (attach schedule) and depletion... 623 623  
20 Occupancy..............        
21 Travel, conferences, and meetings....... 15,464 0   15,464
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
94,441 1,783,980   20,168
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 1,521,188 1,930,259   973,551
25 Contributions, gifts, grants paid....... 5,063,488 5,486,926
26 Total expenses and disbursements. Add lines 24 and 25 6,584,676 1,930,259   6,460,477
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 1,842,188
b Net investment income (if negative, enter -0-) 2,822,450
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2024)
Form 990-PF (2024)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 5,329,848 7,152,883 7,152,883
3 Accounts receivable right arrow73,525
Less: allowance for doubtful accounts right arrow   26,082 73,525 73,525
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.......... 3,300 10,164 10,164
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule).......      
c Investments—corporate bonds (attach schedule).......      
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).......... 123,841,507 Click to see attachment
List of Attached Documents:
// Content
129,856,360 		129,856,360
14 Land, buildings, and equipment: basis right arrow1,870
Less: accumulated depreciation (attach schedule) right arrow1,870 623 Click to see attachment
List of Attached Documents:
// Content
0 		0
15 Other assets (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
2,500,000 		Click to see attachment
List of Attached Documents:
// Content
2,250,000 		Click to see attachment
List of Attached Documents:
// Content
2,250,000
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 131,701,360 139,342,932 139,342,932
Liabilities 17 Accounts payable and accrued expenses.......... 242,769 280,379
18 Grants payable................. 2,528,330 2,104,892
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
244,000 		Click to see attachment
List of Attached Documents:
// Content
313,000
23 Total liabilities (add lines 17 through 22)......... 3,015,099 2,698,271
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........ 0 0
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 128,686,261 136,644,661
29 Total net assets or fund balances (see instructions)..... 128,686,261 136,644,661
30 Total liabilities and net assets/fund balances (see instructions). 131,701,360 139,342,932
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
128,686,261
2
Enter amount from Part I, line 27a .....................
2
1,842,188
3
Other increases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
3
6,116,212
4
Add lines 1, 2, and 3 ..........................
4
136,644,661
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
136,644,661
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 Capital Gain/Loss Distributions From Partnerships P    
b Capital Gain/Loss Distributions From Partnerships P    
c Capital Gain/Loss From Aperio      
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 92,106     92,106
b 990,331     990,331
c     62,046 -62,046
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       92,106
b       990,331
c       -62,046
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 1,020,391
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 39,232
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 39,232
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 39,232
6 Credits/Payments:
a 2024 estimated tax payments and 2023 overpayment credited to 2024 6a 127,661
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld .......... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 127,661
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 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 88,429
11 Enter the amount of line 10 to be: Credited to 2025 estimated taxright arrow88,429 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 arrowMN
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
8b
Yes
 
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2024 or the taxable year beginning in 2024? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
 
No
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
11
 
No
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressright arrowN/A
14
The books are in care ofright arrowTax Officer Telephone no.right arrow (612) 440-2500

Located atright arrowSuite 2950 60 South 6th StreetMinneapolisMN ZIP+4right arrow55402
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)
Yes
 
(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
 
No
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
Yes
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d). Click to see attachment
List of Attached Documents:
// Content
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
Matt Rauenhorst President/Chair
1.00 		0 0 0
Suite 2950 60 South 6th Street
Minneapolis,MN55402
Kristin Ridley Vice President/Executive Director
40.00 		240,349 32,601 0
Suite 2950 60 South 6th Street
Minneapolis,MN55402
Suzanne Flannigan Vice President
6.00 		0 0 0
Suite 2950 60 South 6th Street
Minneapolis,MN55402
Elaine Rasmussen Secretary
1.00 		0 0 0
Suite 2950 60 South 6th Street
Minneapolis,MN55402
Ian Widmer Treasurer
1.00 		0 0 0
Suite 2950 60 South 6th Street
Minneapolis,MN55402
Kristen Grubb Tax Officer
10.00 		39,998 7,209 0
Suite 2950 60 South 6th Street
Minneapolis,MN55402
Beth Duyvejonck Director
1.00 		0 0 0
Suite 2950 60 South 6th Street
Minneapolis,MN55402
Margaret Green-Rauenhorst Director
1.00 		0 0 0
Suite 2950 60 South 6th Street
Minneapolis,MN55402
Aretha Green-Rupert Director
1.00 		0 0 0
Suite 2950 60 South 6th Street
Minneapolis,MN55402
Olivia Jefferson Director
1.00 		0 0 0
Suite 2950 60 South 6th Street
Minneapolis,MN55402
Kelli Justesen Director
1.00 		0 0 0
Suite 2950 60 South 6th Street
Minneapolis,MN55402
Tim Murnane Director
1.00 		0 0 0
Suite 2950 60 South 6th Street
Minneapolis,MN55402
Kim Noonan Director
1.00 		0 0 0
Suite 2950 60 South 6th Street
Minneapolis,MN55402
Larry Pobuda Director
1.00 		0 0 0
Suite 2950 60 South 6th Street
Minneapolis,MN55402
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
GHR Foundation Management/Philanthropy Services 845,784
60 South 6th Street Suite 2950
Minneapolis,MN55402
Adler Management LLC Accounting/Investment Services 152,500
10350 Bren Road West
Minnetonka,MN55343
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
75,515,450
b
Average of monthly cash balances.......................
1b
5,872,986
c
Fair market value of all other assets (see instructions)................
1c
53,407,403
d
Total (add lines 1a, b, and c).........................
1d
134,795,839
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
134,795,839
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
2,021,938
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
132,773,901
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
6,638,695
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
6,638,695
2a
Tax on investment income for 2024 from Part V, line 5 .......
2a
39,232
b
Income tax for 2024. (This does not include the tax from Part V.) ...
2b
42,396
c
Add lines 2a and 2b............................
2c
81,628
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
6,557,067
4
Recoveries of amounts treated as qualifying distributions................
4
250,000
5
Add lines 3 and 4............................
5
6,807,067
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
6,807,067
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
6,460,477
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
6,460,477
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 6,807,067
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only....... 4,132,261
b Total for prior years:20 , 20, 20 0
3 Excess distributions carryover, if any, to 2024:
a From 2019......  
b From 2020......  
c From 2021......  
d From 2022......  
e From 2023......  
f Total of lines 3a through e ........ 0
4Qualifying distributions for 2024 from Part
XI, line 4: right arrow$ 6,460,477
a Applied to 2023, but not more than line 2a 4,132,261
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..... 2,328,216
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2024. 0 0
(If an amount appears in column (d), the
same amount must be shown in column (a).)
6Enter the net total of each column as
indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
b Prior years’ undistributed income. Subtract
line 4b from line 2b .......... 		0
c Enter the amount of prior years’ undistributed
income for which a notice of deficiency has
been issued, or on which the section 4942(a)
tax has been previously assessed...... 		0
d Subtract line 6c from line 6b. Taxable amount
—see instructions ........... 		0
e Undistributed income for 2023. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		0
f Undistributed income for 2024. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2025 .......... 		4,478,851
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		0
8 Excess distributions carryover from 2019 not
applied on line 5 or line 7 (see instructions) ... 		0
9 Excess distributions carryover to 2025.
Subtract lines 7 and 8 from line 6a ...... 		0
10 Analysis of line 9:
a Excess from 2020....  
b Excess from 2021....  
c Excess from 2022....  
d Excess from 2023....  
e Excess from 2024....  
Form 990-PF (2024)
Form 990-PF (2024)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2024, enter the date of the ruling ...... right arrow
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2024 (b) 2023 (c) 2022 (d) 2021
         
b 85% (0.85) of line 2a .........          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, b, or c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here right arrow if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, b, c, and d. See instructions
aThe name, address, and telephone number or 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

Academy of Holy Angels

6600 Nicollet Ave S
Richfield,MN55423 		None PC AHA Service Learning Program 5,000

ACE Mentor Program of Central Iowa

PO Box 7747
Urbandale,IA50323 		None PC General Operations 5,000

ACE Mentor Program of Colorado

3530 Stuart St
Denver,CO80212 		None PC General Operations 5,000

Aeon

901 North 3rd Street Suite 150
Minneapolis,MN55401 		None PC Transformation Bridge Plan 150,000

African American Leadership Forum

1625 Hennepin Ave Suite 200
Minneapolis,MN55403 		None PC Program Support 40,000

African American Leadership Forum

1625 Hennepin Ave Suite 200
Minneapolis,MN55403 		None PC General Operations 5,000

Anawim Housing

2024 Forest Avenue Suite 101
Des Moines,IA50311 		None PC Permanent Supportive Housing 100,000

Angels & Sparrows Community Table & Resource Center

PO Box 315
Huntersville,NC280700315 		None PC General Operating Support 5,000

Athletes Committed to Educating Students

1115 E Hennepin Ave
Minneapolis,MN55414 		None PC General Operations 5,000

Avenue Scholars Iowa

900 Woodbury Avenue Suite 11C
Council Bluffs,IA515037855 		None SO I Avenue Scholars Southwest Iowa 10,000

Benilde-St Margaret's School

2501 Highway 100 South
St Louis Park,MN55416 		None PC Random Acts of Kindness 5,000

Big Brothers Big Sisters of the Greater Twin Cities

3110 Washington Ave N
Minneapolis,MN55411 		None PC Improving the Participant Experience 100,000

Big Shoulders Fund

212 W Van Buren St
Chicago,IL60607 		None PC Teacher Recruitment and Retention 10,000

Black Men Teach

PO Box 3909
St Paul,MN55101 		None PC Building a Pipeline of Black Male Educators 100,000

Boys & Girls Club of Metro Denver

2017 W 9th Ave
Denver,CO80204 		None PC Pack to School and Academic Success 5,000

Boys & Girls Clubs of Greater Kansas City

4001 Dr Martin Luther King Jr Blvd
Ste 102
Kansas City,MO64130 		None PC Teen Services Program Growth 50,000

Boys & Girls Clubs of Greater Kansas City

4001 Dr Martin Luther King Jr Blvd
Ste 102
Kansas City,MO64130 		None PC Teen Programming Growth Support 100,000

Building Futures

PO Box 15195
St Louis,MO63110 		None PC In School Workshops and Summer Design & Build Programs 125,000

Camp Fire Minnesota

3300 Tanadoona Drive
Excelsior,MN55331 		None PC Advancing Environmental Education 100,000

Child Crisis Arizona

424 W Rio Salado Pkwy
Mesa,AZ85201 		None PC Fostering Bright Futures Expansion Campaign 50,000

Child Crisis Arizona

424 W Rio Salado Pkwy
Mesa,AZ85201 		None PC Beyond the Building: Beautification for a Community Space 100,000

Christopher House

5235 West Belden Avenue
Chicago,IL60639 		None PC Recruit & Retain Early Childhood Education Teachers 100,000

Colorado Coalition for the Homeless

2111 Champa Street
Denver,CO80205 		None PC Renewal Village Renovations 100,000

Colorado Coalition for the Homeless

2111 Champa Street
Denver,CO80205 		None PC Support for Renewal Village 100,000

CommonBond Communities

1080 Montreal Ave
Saint Paul,MN55116 		None PC General Operations 3,000

CommonBond Communities

1080 Montreal Ave
Saint Paul,MN55116 		None PC RISE Early Learning Childcare Center 50,000

CommonBond Communities

1080 Montreal Ave
Saint Paul,MN55116 		None PC CommonBond's Advantage Services 20,000

CommonBond Communities

1080 Montreal Ave
Saint Paul,MN55116 		None PC General Operations 2,500

Connectup Institute

1908 University Avenue W
St Paul,MN55104 		None PC General Operations 15,000

Construction Careers Foundation

10590 Wayzata Blvd Suite 100
Minnetonka,MN55305 		None PC Program Growth and Enhancements 150,000

Construction Education Foundation

646 Mariposa Street
Denver,CO80204 		None PC Careers in Construction 75,000

Construction Education Foundation

646 Mariposa Street
Denver,CO80204 		None PC General Operations 2,500

CU Real Estate Center Leeds School of Business

Koelbel Building S350K 995 Regent
Drive 419 UCB
Boulder,CO80309 		None PC 2024 Colorado NAIOP Rocky Mountain Real Estate Challenge 5,000

Denver Inner City Parish

1212 Mariposa Street
Denver,CO80204 		None PC Veggie Rx 10,000

Denver Kids Inc

780 Grant Street
Denver,CO80203 		None PC Community Engagement Partnership Program & Program Director 100,000

Distributive Education Clubs of America

21576 NE Pickerel Lake Road
Detroit Lakes,MN56501 		None PC State Career Development Conference 2,000

Dougherty Family College

2115 Summit Avenue
St Paul,MN55105 		None PC Business Pathway and Career Preparation & Support Program 75,000

Dress for Success Indianapolis

820 N Meridian St
Indianapolis,IN46204 		None PC Career and Employment Programs 10,000

Dress for Success Twin Cities

1430 Concordia Ave 4302
St Paul,MN55104 		None PC General Operations 10,000

Dress for Success Twin Cities

1430 Concordia Ave 4302
St Paul,MN55104 		None PC IDEA Coalition 2,000

Dunwoody College of Technology

818 Dunwoody Boulevard
Minneapolis,MN55403 		None PC Pathways to Careers Program 100,000

Eagle U (Eagle University)

421 Boulder St
Lawrence,KS66049 		None PC Eagle U Retreat Programming 10,000

Earnest & Edna Shepherd Youth Center

610 East Shepherd Road
Liberty,MO64068 		None PC Radical Challenge 5,000

Embarc

1440 N Dayton Street Suite LL02
Chicago,IL60642 		None PC General Operations 10,000

Feed Northland Kids

12200 N Ambassador Dr Suite 210-K
Kansas City,MO64163 		None PC Community Food Kit 10,000

Fourth Avenue Foundation Inc

434 E 9th St
Tucson,AZ85705 		None PC Fourth Avenue Streetscape Improvement 5,000

Free Bikes 4 Kidz MN

PO Box 46385
Plymouth,MN55446 		None PC General Operations 10,000

Freedom for Youth Ministries

2301 Hickman Road
Des Moines,IA50310 		None PC Freedom Construction Services Work Training Scholarships 95,000

Friendly Garden Club of Traverse City

PO Box 1286
Traverse City,MI49685 		None PC Childrens Sensory Garden 5,000

Friendship Community Center Inc

PO Box 51 201 W Broadway
Suttons Bay,MI49682 		None PC LIFT Teen Center 5,000

Gather and Grow Food Shelf & Connection Center

PO BOX 577
Waconia,MN55387 		None PC General Operations 10,000

Genesys Works Twin Cities

445 Minnesota Street Suite 720
St Paul,MN55101 		None PC General Operations 5,000

Girl Scouts of Minnesota and Wisconsin River Valleys

400 South Robert Street
Saint Paul,MN55107 		None PC Power Girls 10,000

Girl Scouts of Minnesota and Wisconsin River Valleys

400 South Robert Street
Saint Paul,MN55107 		None PC Girl Scouts River Valleys Girl Scout Leadership Experience 100,000

Giving the Basics Inc

927 S 7th Street Suite 270 D-2
Kansas City,KS66105 		None PC General Operations 10,000

Gleaners Food Bank of Indiana

3737 Waldemere Avenue
Indianapolis,IN46241 		None PC Hunger Relief Programming 5,000

Goodwill of Central & Southern Indiana

1635 West Michigan St
Indianapolis,IN46222 		None PC Mission Coach Program 50,000

Greater Chicago Food Depository

4100 W Ann Lurie Pl
Chicago,IL60632 		None PC Project Support for Community Investments 5,000

Greater Des Moines Habitat for Humanity

95 University Ave Suite 1
Des Moines,IA50314 		None PC Recognition of Opus associate volunteer efforts 5,000

Greater Des Moines Habitat for Humanity

95 University Ave Suite 1
Des Moines,IA50314 		None PC Recognition of Opus associate volunteer efforts 5,000

Greater Indy Habitat for Humanity Inc

3135 N Meridian Street
Indianapolis,IN46208 		None PC Recognition of Opus associate volunteer efforts 5,000

Greater MSP

370 Wabasha St N Suite 1900
St Paul,MN55102 		None PC MBCRE 10,000

Greater Twin Cities United Way

404 South 8th Street
Minneapolis,MN55404 		None PC Giving Campaign 6,058

Greater Twin Cities United Way

404 South 8th Street
Minneapolis,MN55404 		None PC Giving Campaign 680

Greater Twin Cities United Way

404 South 8th Street
Minneapolis,MN55404 		None PC Giving Campaign 400

Greater Twin Cities United Way

404 South 8th Street
Minneapolis,MN55404 		None PC Giving Campaign 3,243

Greater Twin Cities United Way

404 South 8th Street
Minneapolis,MN55404 		None PC Giving Campaign 2,446

Greater Twin Cities United Way

404 South 8th Street
Minneapolis,MN55404 		None PC Giving Campaign 430

Greater Twin Cities United Way

404 South 8th Street
Minneapolis,MN55404 		None PC Giving Campaign 57,335

Grimes Volunteer Support Services

404 SE 2nd Street Suite 100
Grimes,IA50111 		None PC General Operations 3,000

Habitat for Humanity Central Arizona

2830 W Glendale Avenue
Phoenix,AZ85051 		None PC Recognition of volunteer efforts 5,000

Habitat for Humanity Chicago

1100 W Cermak Suite 404
Chicago,IL60608 		None PC Affordable Homeownership Program 5,000

Habitat for Humanity of Kansas City

1423 Linwood Ave
Kansas City,MO64109 		None PC Recognition of volunteer efforts 5,000

Habitat for Humanity of Metro Denver

430 S Navajo St
Denver,CO80223 		None PC Recognition of volunteer efforts 10,000

Hancock Health Foundation

801 North State Street
Greenfield,IN46140 		None PC Hancock Health Connection Center 5,000

Harvesters - The Community Food Network

3801 Topping Ave
Kansas City,MO64129 		None PC Feeding Families, Children, and Seniors 10,000

Heart Ministry Center

2222 Binney St
Omaha,NE68110 		None PC Fresh Start 75,000

Hillcrest Transitional Housing

PO Box 901924
Kansas City,MO64190 		None PC Transitional Housing Program 5,000

Hispanic Chamber Education Foundation

444 Sherman St
Denver,CO80022 		None PC General Operations 7,500

Home Sweet Home

10 Sunnen Drive Suite 100
St Louis,MO63143 		None PC Truck maintenance and gas 5,000

Hope Academy

710 E 24th St
Minneapolis,MN554043834 		None PC Annual Fund 30,000

Hope House Foundation

15604 Northcross Drive
Huntersville,NC28018 		None PC General Operations 10,000

HOYA Foundation

5460 Ward Road Suite 300
Arvada,CO80002 		None PC Construction GIRL 10,000

ICAN Positive Programs for Youth

650 E Morelos Place
Chandler,AZ85225 		None PC Mesa School Sites 5,000

InspireMSP

1730 New Brighton Blvd Suite
104-141
Minneapolis,MN55413 		None PC 2024 Building Community Award Winner 71,000

InspireMSP

1730 New Brighton Blvd Suite
104-141
Minneapolis,MN55413 		None PC General Operation 10,000

International Institute of Minnesota

1694 Como Avenue
Saint Paul,MN55108 		None PC Increase Capacity of Professional Leadership Training Program 50,000

Jesuit Refugee Service USA

1627 K Street NW Suite 1100
Washington,DC20006 		None PC General Operations 15,000

Juxtaposition Inc

2007 Emerson Ave N
Minneapolis,MN55411 		None PC General Operations 5,000

Keys2Work

PO Box 441390 ATTN Crista Carlino
Indianapolis,IN46244 		None SO I Employment Training 10,000

Lake Street Council

2925 Chicago Ave Suite 190
Minneapolis,MN55407 		None PC Lake Street Small Business Support 75,000

Lake Street Council

2925 Chicago Ave Suite 190
Minneapolis,MN55407 		None PC General Operations 2,500

Lewy Body Dementia Association

912 Killian Hill Road SW
Lilburn,GA30047 		None PC Research Centers of Excellence and Caregiver Support Development 10,000

LINK Unlimited Scholars

17 N State St Suite 1250
Chicago,IL60602 		None PC College Success & Persistence 75,000

LISC Indianapolis

1220 Waterway Blvd
Indianapolis,IN46202 		None PC Emerging Developers Growth Initiative 100,000

Marquette University Center for Real Estate

OBrien Hall 1530 W Wisconsin Avenue
Milwaukee,WI53233 		None PC NAIOP Minnesota 2024 University Challenge 3rd Place Winner 1,000

Meals from the Heartland

357 Lincoln St
West Des Moines,IA50265 		None PC Meal Packing Program 7,500

Mercy Housing Mountain Plains

1600 Broadway Suite 2000
Denver,CO80202 		None PC Resident Services Program 10,000

Mesa Arts Center Foundation

One East Main Street
Mesa,AZ85201 		None PC Project Lit: Igniting Literacy Through the Arts 10,000

MIGIZI

1845 East Lake Street
Minneapolis,MN55407 		None PC Green Tech Program/Internship 5,000

MIGIZI

1845 East Lake Street
Minneapolis,MN55407 		None PC Capacity Building 100,000

MIGIZI

1845 East Lake Street
Minneapolis,MN55407 		None PC General Operations 5,000

Mile High Youth Corps

1801 Federal Blvd
Denver,CO80204 		None PC YouthBuild Program 100,000

Mile High Youth Corps

1801 Federal Blvd
Denver,CO80204 		None PC General Operations 2,500

Minneapolis Parks Foundation

4800 Minnehaha Avenue
Minnapolis,MN55417 		None PC North Commons Park Campaign 5,000

Minnesota American Legion Foundation Fund 85

20 W 12th Street Room 300A
St Paul,MN551552000 		None PC Legacy Scholarship Fund 1,000

Minnesota Black Collective Foundation

2429 Nicollet Avenue
Minneapolis,MN55404 		None PC General Operations 5,000

Minnesota Black Collective Foundation

2429 Nicollet Avenue
Minneapolis,MN55404 		None PC General Operations 5,000

Minnnesota Brownfields

4248 Park Glen Road
Edina,MN55424 		None PC Emerging Developers Workshop 10,000

My Very Own Bed

34 NE 13th Ave Suite 106
Minneapolis,MN55413 		None PC General Operations 5,000

New Pathways for Youth Inc

901 E Jefferson Street
Phoenix,AZ85034 		None PC LEVEL UP: Bonus Round Young Adult Programming 75,000

New Visions Homeless Services

1435 N 15th St
Council Bluffs,IA51501 		None PC Pathways to Success Work Training Program 10,000

NEWSED Community Development Corporation

901 W 10th Avenue Suite 2A
Denver,CO80204 		None PC Small Business Development 7,500

Northland Workforce Development Center

9500 Block of North Platte Purchase
Drive
Kansas City,MO64155 		None PC Construction Needs 10,000

Old Bethel and Partners Food Pantry

7995 E 21st Street
Indianapolis,IN46219 		None PC General Operations 5,000

Operation Breakthrough

3039 Troost Avenue
Kansas City,MO64109 		None PC Entrepreneurial Pathways and Workforce Development 150,000

Our Savior Lutheran Church

56 Meadows Drive
Pagosa Springs,CO81147 		None PC Lutheran Mercy Care Ministry 5,000

Parents Alliance Employment Project

2525 Cabot DriveSuite 302 2525
Cabot DriveSuite 302
Lisle,IL60532 		None PC Job Training Program 5,000

Pathway Financial Education

1520 East 18th Street
Kansas City,MO64108 		None PC General Operations 10,000

People Reaching Out to Other People

14700 Martin Drive
Eden Prairie,MN55344 		None PC General Operations 2,000

Phoenix Children's Foundation

2929 E Camelback Road Suite 122
Phoenix,AZ85016 		None PC Patient and Family Assistance Fund 5,000

PREP-KC

2300 Main Street Suite 340
Kansas City,MO64108 		None PC Expand Market Value Assets in Construction & Skilled Trades 60,000

PREP-KC

2300 Main Street Suite 340
Kansas City,MO64108 		None PC Expand Market Value Assets in Construction & The Skilled Trades 40,000

Project for Pride in Living Inc

1035 East Franklin Avenue
Minneapolis,MN55404 		None PC General Operations 2,500

Project for Pride in Living Inc

1035 East Franklin Avenue
Minneapolis,MN55404 		None PC Program Support 150,000

Project Iowa

4801 Franklin Avenue
Des Moines,IA50310 		None PC The Rooted Model 100,000

Rebuilding Together Kansas City Inc

2050 Plumbers Way Suite 150
Liberty,MO64068 		None PC Children's Safe at Home 10,000

Rebuilding Together Metro Chicago

2545 W Diversey Ave Suite 238
Chicago,IL60647 		None PC Recognition of volunteer efforts 25,000

Rebuilding Together Minnesota

2550 University Ave W Suite 200N
St Paul,MN55114 		None PC Recognition of volunteer efforts 20,000

Rebuilding Together Minnesota

2550 University Ave W Suite 200N
St Paul,MN55114 		None PC Community Revitalization Program 5,000

Rebuilding Together Minnesota

2550 University Ave W Suite 200N
St Paul,MN55114 		None PC Ramp Build 3,000

Regions Hospital Foundation

640 Jackson Street Stop 11202C
St Paul,MN55101 		None PC Support for the Cancer Research Center in Memory of Patsy Lynn Mingo 10,000

Saint Thomas Academy

949 Mendota Heights Road
Mendota Heights,MN55120 		None PC General Operations 10,000

Society of St Vincent de Paul in Phoenix

PO Box 13600
Phoenix,AZ850023600 		None PC Workforce Development 100,000

Society of St Vincent de Paul in Phoenix

PO Box 13600
Phoenix,AZ850023600 		None PC Workforce Development Program Expansion 50,000

St Clare of Assisi Catholic School

31622 US Highway 6
Edwards,CO81632 		None PC Catholic Church Capital Campaign 10,000

St John the Baptist Catholic School

12508 Lynn Ave
Savage,MN55378 		None PC Tuition Assistance Fund 10,000

St Mary's Early Childhood Center

901 Dr Martin Luther King Jr St
Indianapolis,IN46202 		None PC 2Generational Approach 50,000

Starfish Initiative

2955 North Meridian St Suite 101
Indianapolis,IN46208 		None PC Small Group Mentoring Program 50,000

Summit Academy OIC

935 Olson Memorial Highway
Minneapolis,MN55405 		None PC Increase Pipeline in Construction 100,000

Sun Valley Youth Center

2728 W Holden Place
Denver,CO80204 		None PC Student Support 7,500

The Leelanau Township Community Foundation Inc

PO Box 818
Northport,MI49670 		None PC General Endowment Fund 5,000

The Power of People Leadership Institute

600 18th Ave N Suite 1
Minneapolis,MN55411 		None PC Boys of Hope 50,000

Twin Cities Habitat for Humanity

1954 University Ave W
St Paul,MN55104 		None PC Advancing Home Ownership 150,000

Twin Cities Habitat for Humanity

1954 University Ave W
St Paul,MN55104 		None PC Carter Work Project 50,000

Twin Cities Habitat for Humanity

1954 University Ave W
St Paul,MN55104 		None PC Recognition of volunteer efforts 30,000

Twin Cities Habitat for Humanity

1954 University Ave W
St Paul,MN55104 		None PC Women Build 5,000

Twin Cities RSE

1301 Bryant Ave N
Minneapolis,MN55411 		None PC General Operations 5,000

US Green Building Council

2101 L Street NW
Washington,DC20037 		None PC Workforce Development 7,500

UMOM New Day Centers

3333 E Van Buren Street
Phoenix,AZ85008 		None PC UMOM's Family Emergency Shelter 5,000

Unified Contractors of Kansas City

1001 E 11th Street
Kansas City,KS64106 		None PC General Operations 10,000

University of Denver - Franklin L Burns School of Real Estate

2101 S University Blvd Suite 380
Denver,CO802088934 		None PC 2024 Colorado NAIOP Rocky Mountain Real Estate Challenge 10,000

University of Minnesota Foundation

McNamara Alumni Building 200 Oak
Street SE Ste 500
Minneapolis,MN554552010 		None PC NAIOP Minnesota 2024 University Challenge 2,500

University of St Thomas

2115 Summit Avenue
St Paul,MN55105 		None PC Real Estate Program 333,334

University of St Thomas

2115 Summit Avenue
St Paul,MN55105 		None PC Opus Foundation Real Estate Scholarship 240,000

University of Wisconsin Madison

5263 Grainger Hall 975 University
Ave
Madison,WI53706 		None PC Minnesota NAIOP 2024 University Challenge 5,000

Urban Land Institute Colorado

1536 Wynkoop Street 211
Denver,CO80202 		None PC Real Estate Program 7,500

Urban Peak Denver

2100 Stout St
Denver,CO80205 		None PC Drop-In Center Shelter for Homeless Youth 5,000

Variety - the Children's Charity of Iowa

505 5th Ave Suite 310
Des Moines,IA50309 		None PC +Freedom Construction Project 5,000

Washburn Center for Children

1100 Glenwood Avenue
Minneapolis,MN55405 		None PC Early Childhood and School-Based Program 5,000

Wheeler Mission

205 East New York Street
Indianapolis,IN46204 		None PC Winter Contingency 10,000

Wish for Wheels

4600 S Ulster St Suite 1050
Denver,CO80237 		None PC Bike Build & Give Program 5,000

Women's Foundation of Minnesota

105 S 5th Avenue
Minneapolis,MN55401 		None PC General Operations 5,000

YMCA of Metropolitan Chicago

1030 W Van Buren St
Chicago,IL60607 		None PC Mental Health Support for Early Education & Care 100,000
Total .................................right arrow 3a 5,486,926
bApproved for future payment

Black Men Teach
PO Box 3909
St Paul,MN55101 		None PC Building a Pipeline of Black Male Educators 100,000

Camp Fire Minnesota
3300 Tanadoona Drive
Excelsior,MN55331 		None PC Advancing Environmental Education 200,000

Denver Inner City Parish
1212 Mariposa Street
Denver,CO80204 		None PC Veggie Rx 10,000

Denver Kids Inc
780 Grant Street
Denver,CO80203 		None PC Community Engagement Partnership Program & Program Director 200,000

Dougherty Family College
2115 Summit Avenue
St Paul,MN55105 		None PC Business Pathway and Career Preparation & Support Program 225,000

Dunwoody College of Technology
818 Dunwoody Boulevard
Minneapolis,MN55403 		None PC Pathways to Careers Program 200,000

Feed Northland Kids
12200 N Ambassador Dr Suite 210-K
Kansas City,MO64163 		None PC Community Food Kit 20,000

Free Bikes 4 Kidz MN
PO Box 46385
Plymouth,MN55446 		None PC General Operations 20,000

MIGIZI
1845 East Lake Street
Minneapolis,MN55407 		None PC Capacity Building 200,000

Project for Pride in Living Inc
1035 East Franklin Avenue
Minneapolis,MN55404 		None PC Program Support 200,000

Starfish Initiative
2955 North Meridian St Suite 101
Indianapolis,IN46208 		None PC Small Group Mentoring Program 100,000
Total ................................. right arrow 3b 1,475,000
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
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		         
4 Dividends and interest from securities ....     14 1,181,324  
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 ..... 525990 414,475 18 1,742,936  
8 Gain or (loss) from sales of assets other than
inventory ............ 		    18 -62,046  
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) .. 414,475 2,862,214 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
3,276,689
(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
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
Opus Foundation
 
Employer identification number

41-1983284
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
Opus Foundation
  		Employer identification number
41-1983284
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
Encore One LLC
 
10350 Bren Road West
 
Minnetonka, MN55343

$ 3,476,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
2
Opus Investments LLC
 
10350 Bren Road West
 
Minnetonka, MN55343

$ 224,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
3
Opus Holding LLC
 
10350 Bren Road West
 
Minnetonka, MN55343

$ 1,450,175


(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
Opus Foundation
  		Employer identification number

41-1983284
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
 
$    
(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
Opus Foundation
  		Employer identification number

41-1983284
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:  
Software Version:  

TY 2024 AccountingFeesSchedule
Name:
Opus Foundation
EIN:
41-1983284
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Accounting Fees 80,048 0   79,661
Audit Fees 48,145 0   48,145

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

TY 2024 ExpenditureResponsibilityStmt
Name:
Opus Foundation
EIN:
41-1983284
Grantee's Name Grantee's Address Grant Date Grant Amount Grant Purpose Amount Expended By Grantee Any Diversion By Grantee? Dates of Reports By Grantee Date of Verification Results of Verification
AltCap
  		3200 Wayne Avenue
Kansas City,MO64109 		2023-11-29 500,000 Diversified Contractors Growth Fund (MBE/WBE Contractor Loan Fund) (PRI) 0 None 3/28/2025   Opus Foundation reviewed the Grant Report noted above but did not undertake any verification of the grantee's reports as there has not been any reason to doubt their accuracy or reliability (Reg. 53.4945-5(c)).

TY 2024 GeneralExplanationAttachment
Name:
Opus Foundation
EIN:
41-1983284
Identifier Return Reference Explanation
  Form 990-PF, Part VII, Line 1: Compensation reported on Form 990-PF, Part VII, for Kristin Ridley and Kristen Grubb represents compensation paid by GHR Foundation, an unrelated organization, for services provided to Opus Foundation. Opus Foundation has an agreement with GHR Foundation for management and philanthropy services. The total amount paid to GHR Foundation during 2024 was $845,784.

TY 2024 InvestmentsOtherSchedule2
Name:
Opus Foundation
EIN:
41-1983284
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
ISHARES CORE US AGGREGATE BOND ETF FMV 25,884,264 25,884,264
Vanguard Total Bond Market Index Fund FMV 6,295,979 6,295,979
Carlyle Europe Parts II, L.P. FMV 9,205 9,205
Siguler Guff Small Business Opp Fd II FMV 1,887,872 1,887,872
Apis & Heritage Legacy Fund I FMV 599,465 599,465
Siguler Guff Small Buyout Fund V (T), LP FMV 1,994,263 1,994,263
Commonfund Capital Secondary Partners IV, LP FMV 1,312,802 1,312,802
Blackstar Stability Distressed Debt Fund, LLC FMV 21,462 21,462
Grain Spectrum Holdings IV, LP FMV 516,974 516,974
Adler Asian Private Eqty, LLC FMV 12,732 12,732
Adler CPV, LLC FMV 69,385 69,385
Adler Energy Infrastr III, LLC FMV 6,472 6,472
Adler Energy Infrastr IV, LLC FMV 4,165 4,165
Adler New Euro Priv Eqty, LLC FMV 36,410 36,410
Adler Opportunistic Debt, LLC FMV 2,141 2,141
Adler Energy Finance, LLC FMV 11,962 11,962
Adler Opportunistic Debt II, L FMV 1,240,767 1,240,767
Adler CPVI, LLC FMV 276,580 276,580
Adler Energy Infrastr V, LLC FMV 44,775 44,775
Adler Health Partners III, LLC FMV 2,665,395 2,665,395
Adler Small Buyout Fund, LLC FMV 439,236 439,236
Adler Trans Recovery Fd, LLC FMV 40,231 40,231
Adler Co-invest Opp Fd, LLC FMV 272,482 272,482
Adler NGP XI, LLC FMV 644,709 644,709
Adler Energy Finance II, LLC FMV 75,127 75,127
Adler Opportunistic Debt III FMV 1,014,768 1,014,768
Adler SG Small Buyout Fund III FMV 838,120 838,120
Adler Cinven VI, LLC FMV 423,204 423,204
Adler MPE Fund II, LLC FMV 1,208,424 1,208,424
Adler Southfield II, LLC FMV 3,949,003 3,949,003
Adler Health Partners IV, LLC FMV 2,455,326 2,455,326
Adler Frontenac XI, LLC FMV 3,710,517 3,710,517
Adler 2018 Alternative Investments, LLC FMV 4,505,012 4,505,012
Adler 2019 Alternative Investments, LLC FMV 9,529,455 9,529,455
Adler Panco Fund IV, LLC FMV 2,320,676 2,320,676
Adler 2020 Alternative Investments, LLC FMV 6,781,500 6,781,500
Adler 2022 Alternative Investments, LLC FMV 2,413,848 2,413,848
Aperio Equities FMV 46,341,652 46,341,652

TY 2024 LandEtcSchedule2
Name:
Opus Foundation
EIN:
41-1983284
Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
Computer 1,870 1,870 0  


TY 2024 LegalFeesSchedule
Name:
Opus Foundation
EIN:
41-1983284
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Legal Fees 21,756 0   16,414


TY 2024 OtherAssetsSchedule
Name:
Opus Foundation
EIN:
41-1983284
Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
Program Related Investments 2,500,000 2,250,000 2,250,000


TY 2024 OtherExpensesSchedule
Name:
Opus Foundation
EIN:
41-1983284
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Dues & Subscriptions 6,000 0   6,200
Bank Fees 81,137 81,137   0
Miscellaneous 220 0   220
Pass-through portfolio deductions 0 1,702,843   0
Professional Development 225 0   225
Insurance 6,689 0   13,353
Communications 170 0   170


TY 2024 OtherIncomeSchedule2
Name:
Opus Foundation
EIN:
41-1983284
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
Allocated Partnership Income 2,157,411 0 2,157,411
Allocated Partnership Income   2,550,994  


TY 2024 OtherIncreasesSchedule
Name:
Opus Foundation
EIN:
41-1983284
Description Amount
Unrealized Gain/(Loss) 6,116,212


TY 2024 OtherLiabilitiesSchedule
Name:
Opus Foundation
EIN:
41-1983284
Description Beginning of Year - Book Value End of Year - Book Value
Deferred Tax Accrual 244,000 313,000


TY 2024 OtherProfessionalFeesSchedule
Name:
Opus Foundation
EIN:
41-1983284
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Investment Management Fees 144,000 144,000   0
Consulting Fees 78,244 0   39,329
Program Fees 649,424 0   635,851
Grants Management Fee 124,812 0   118,519


TY 2024 TaxesSchedule
Name:
Opus Foundation
EIN:
41-1983284
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Foreign Tax 0 1,656   0
Excise Tax 264,231 0   0