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
Carl & Marilynn Thoma Foundation
 
Number and street (or P.O. box number if mail is not delivered to street address)1925 Cedar Springs Rd 205
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Dallas, TX75201
A Employer identification number

46-5446388
B Telephone number (see instructions)

(214) 971-7770
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$1,213,611,607J 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) 58,299,812
2 Check right arrow.............
3 Interest on savings and temporary cash investments 17,872,603 17,872,603  
4 Dividends and interest from securities... 795,184 3,596,894  
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
690,471
b Gross sales price for all assets on line 6a 92,328,811
7 Capital gain net income (from Part IV, line 2)... 43,873,712
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
73,745,790 10,311,739 0
12 Total. Add lines 1 through 11........ 151,403,860 75,654,948 0
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc.        
14 Other employee salaries and wages...... 426,522 0 0 426,522
15 Pension plans, employee benefits....... 36,984 0 0 36,984
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
13,139 0 0 13,139
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
56,000 28,000 0 28,000
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
79,728 17,437 0 62,291
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
8,344,114 56 0 106,621
19 Depreciation (attach schedule) and depletion... Click to see attachment
List of Attached Documents:
// Content
110,513 0 0
20 Occupancy.............. 255,129     255,129
21 Travel, conferences, and meetings....... 744,633     744,633
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
622,147 634 0 621,513
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 10,688,909 46,127 0 2,294,832
25 Contributions, gifts, grants paid....... 37,681,099 37,681,099
26 Total expenses and disbursements. Add lines 24 and 25 48,370,008 46,127 0 39,975,931
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 103,033,852
b Net investment income (if negative, enter -0-) 75,608,821
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............. 45,393,957 1,166,949 1,166,949
2 Savings and temporary cash investments......... 222,072,928 374,600,763 374,600,763
3 Accounts receivable right arrow24,039
Less: allowance for doubtful accounts right arrow   3,162 24,039 24,039
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow     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.......... 10,299 16,145 16,145
10a Investments—U.S. and state government obligations (attach schedule) 25,497,698 0 0
b Investments—corporate stock (attach schedule)....... 3,313,303 Click to see attachment
List of Attached Documents:
// Content
42,044,387 		42,044,387
c Investments—corporate bonds (attach schedule)....... 0 Click to see attachment
List of Attached Documents:
// Content
15,242,594 		15,242,594
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).......... 748,721,791 Click to see attachment
List of Attached Documents:
// Content
730,337,389 		730,337,389
14 Land, buildings, and equipment: basis right arrow3,514,452
Less: accumulated depreciation (attach schedule) right arrow452,048 4,346,642 Click to see attachment
List of Attached Documents:
// Content
3,062,404 		3,062,404
15 Other assets (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
42,235,938 		Click to see attachment
List of Attached Documents:
// Content
47,116,937 		Click to see attachment
List of Attached Documents:
// Content
47,116,937
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 1,091,595,718 1,213,611,607 1,213,611,607
Liabilities 17 Accounts payable and accrued expenses.......... 53,717 0
18 Grants payable................. 1,332,900 22,500
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
327,873 		Click to see attachment
List of Attached Documents:
// Content
251,000
23 Total liabilities (add lines 17 through 22)......... 1,714,490 273,500
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here right arrow
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here right arrow
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds 1,089,881,228 1,213,338,107
29 Total net assets or fund balances (see instructions)..... 1,089,881,228 1,213,338,107
30 Total liabilities and net assets/fund balances (see instructions). 1,091,595,718 1,213,611,607
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
1,089,881,228
2
Enter amount from Part I, line 27a .....................
2
103,033,852
3
Other increases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
3
20,696,527
4
Add lines 1, 2, and 3 ..........................
4
1,213,611,607
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
1,213,611,607
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 ABQID FUND I LP P 2024-01-01 2024-12-31
b OCA VENTURES III, L.P. P 2024-01-01 2024-12-31
c PUBLIC TRADED SECURITIES P    
d SEGALL BRYANT & HAMILL EMERGING MARKETS SMALL CAP FUND, LP P 2024-01-01 2024-12-31
e THOMA BRAVO CREDIT FUND I, L.P. P 2024-01-01 2024-12-31
THOMA BRAVO CREDIT FUND II FEEDER, L.P. P 2024-01-01 2024-12-31
THOMA BRAVO CREDIT FUND III FEEDER, L.P. P 2024-01-01 2024-12-31
THOMA BRAVO DISCOVER FUND II, L.P. P 2024-01-01 2024-12-31
THOMA BRAVO DISCOVER FUND III, L.P. P 2024-01-01 2024-12-31
THOMA BRAVO DISCOVER FUND, L.P. P 2024-01-01 2024-12-31
THOMA BRAVO DISCOVER II PATHWIRE AIV, L.P. P 2024-01-01 2024-12-31
THOMA BRAVO FUND X, L.P. P 2024-01-01 2024-12-31
THOMA BRAVO FUND XI, L.P. P 2024-01-01 2024-12-31
THOMA BRAVO FUND XII GLOBAL, L.P. P 2024-01-01 2024-12-31
THOMA BRAVO FUND XII, L.P. P 2024-01-01 2024-12-31
THOMA BRAVO FUND XIII, L.P. P 2024-01-01 2024-12-31
THOMA BRAVO FUND XIV GLOBAL, L.P. P 2024-01-01 2024-12-31
THOMA BRAVO FUND XIV, L.P. P 2024-01-01 2024-12-31
THOMA BRAVO SPECIAL OPPORTUNITIES FUND I AIV, L.P. P 2024-01-01 2024-12-31
WAUD CAPITAL PARTNERS QP IV, LP P 2024-01-01 2024-12-31
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 8,810     8,810
b     2,132 -2,132
c 49,145,570   48,455,099 690,471
d 358,100     358,100
e 106,054     106,054
261,654     261,654
35,417     35,417
4,416,954     4,416,954
    4,002,810 -4,002,810
56,479     56,479
17,957     17,957
3,719,438     3,719,438
7,561,825     7,561,825
1,620,321     1,620,321
10,238     10,238
26,215,267     26,215,267
161     161
610,139     610,139
2,224,713     2,224,713
    35,344 -35,344
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 8,810
b     0 -2,132
c     0 690,471
d 0 0 0 358,100
e     0 106,054
    0 261,654
    0 35,417
    0 4,416,954
    0 -4,002,810
    0 56,479
    0 17,957
    0 3,719,438
    0 7,561,825
    0 1,620,321
    0 10,238
    0 26,215,267
    0 161
    0 610,139
    0 2,224,713
    0 -35,344
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 43,873,712
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 1,050,963
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 1,050,963
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 1,050,963
6 Credits/Payments:
a 2024 estimated tax payments and 2023 overpayment credited to 2024 6a 1,031,773
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 75,000
d Backup withholding erroneously withheld .......... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 1,106,773
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8  
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 55,810
11 Enter the amount of line 10 to be: Credited to 2025 estimated taxright arrow55,810 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
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 arrowNM, TX
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
8b
Yes
 
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2024 or the taxable year beginning in 2024? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
 
No
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
11
 
No
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructionsClick to see attachment
List of Attached Documents:
// Content
.................
12
Yes
 
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressright arrowWWW.THOMAFOUNDATION.ORG
14
The books are in care ofright arrowCARL D THOMA Telephone no.right arrow (214) 971-7770

Located atright arrow1925 CEDAR SPRINGS RD 205DALLASTX ZIP+4right arrow75201
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2024, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country right arrow
Form 990-PF (2024)
Form 990-PF (2024)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
 
No
(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
 
 
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)
Yes
 
(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
 
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
 
 
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
CARL D THOMA PRESIDENT
5.00 		0 0 0
1925 Cedar Springs Rd 205
Dallas,TX75201
MARILYNN J THOMA VP & TREASURER
5.00 		0 0 0
1925 Cedar Springs Rd 205
Dallas,TX75201
GARY S HART SECRETARY
5.00 		0 0 0
1925 Cedar Springs Rd 205
Dallas,TX75201
MARGO E THOMA DIRECTOR
1.00 		0 0 0
1925 Cedar Springs Rd 205
Dallas,TX75201
MARK D THOMA DIRECTOR
1.00 		0 0 0
1925 Cedar Springs Rd 205
Dallas,TX75201
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
KAMBRA BOLCH DIR. SCHOL. PROG.
40.00 		73,846   0
1925 Cedar Springs Rd 205
Dallas,TX75201
KATHLEEN RICHARDS DIR. & EXHIBIT MGR.
40.00 		59,473 9,190 0
1925 Cedar Springs Rd 205
Dallas,TX75201
VERONICA NAJAR CURATORIAL FELLOW
40.00 		75,000 2,143 0
1925 Cedar Springs Rd 205
Dallas,TX75201
MEAGAN ROBSON COLLECTION MANAGER
40.00 		76,667 6,191 0
1925 Cedar Springs Rd 205
Dallas,TX75201
Total number of other employees paid over $50,000...................right arrow 4
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
 
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 THE CARL AND MARILYNN THOMA FOUNDATION MAKES ART COLLECTION-RELATED GRANTS, AS WELL AS LENDING AND EXHIBITING ITS OWN COLLECTION EITHER INDEPENDENTLY OR IN COLLABORATION WITH GALLERIES, MUSEUMS OR OTHER ORGANIZATIONS FOR PUBLIC DISPLAY AND PRIVATE STUDY. THE FOUNDATION FUNDS GRANTS OR SCHOLARSHIPS FOR STUDY AND RESEARCH IN THE FIELD OF ART AND CONDUCTS EDUCATIONAL PROGRAMS SUCH AS LECTURES OR SYMPOSIA THAT PROVIDE OPPORTUNITIES FOR DISCOURSE AND ENGAGEMENT WITH ARTWORK. THE FOUNDATION FOCUSES ITS EDUCATION FUNDING ON THE RURAL SOUTHWEST, PRIMARILY OFFERING SCHOLARSHIPS TO STUDENTS IN THE GREATER TEXAS PANHANDLE. 39,975,931
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
26,369,454
b
Average of monthly cash balances.......................
1b
340,169,793
c
Fair market value of all other assets (see instructions)................
1c
736,050,432
d
Total (add lines 1a, b, and c).........................
1d
1,102,589,679
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
1,102,589,679
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
16,538,845
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
1,086,050,834
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
54,302,542
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
54,302,542
2a
Tax on investment income for 2024 from Part V, line 5 .......
2a
1,050,963
b
Income tax for 2024. (This does not include the tax from Part V.) ...
2b
2,473,666
c
Add lines 2a and 2b............................
2c
3,524,629
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
50,777,913
4
Recoveries of amounts treated as qualifying distributions................
4
2,291,427
5
Add lines 3 and 4............................
5
53,069,340
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
53,069,340
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
39,975,931
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
4,930,935
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
44,906,866
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 53,069,340
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only....... 44,453,012
b Total for prior years:20 , 20, 20  
3 Excess distributions carryover, if any, to 2024:
a From 2019......  
b From 2020......  
c From 2021......  
d From 2022......  
e From 2023......  
f Total of lines 3a through e ........ 0
4Qualifying distributions for 2024 from Part
XI, line 4: right arrow$ 44,906,866
a Applied to 2023, but not more than line 2a 44,453,012
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..... 453,854
e Remaining amount distributed out of corpus 0
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 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...... 		 
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 .......... 		52,615,486
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.... 0
b Excess from 2021.... 0
c Excess from 2022.... 0
d Excess from 2023.... 0
e Excess from 2024.... 0
Form 990-PF (2024)
Form 990-PF (2024)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2024, enter the date of the ruling ...... right arrow
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2024 (b) 2023 (c) 2022 (d) 2021
         
b 85% (0.85) of line 2a .........          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, b, or c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
CARL D THOMA PRESIDENT
MARILYNN J THOMA VP - TREAS
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here right arrow if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, b, c, and d. See instructions
aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
ALYSSA DERI
1925 CEDAR SPRINGS RD 205
DALLAS,TX75201
bThe form in which applications should be submitted and information and materials they should include:
PLEASE SEE THE WEBSITE FOR THE APPLICATION PROCESS: HTTPS://THOMAFOUNDATION.ORG/GRANTS/
cAny submission deadlines:
N/A
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
N/A
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

AMERICAN ENTERPRISE INSTITUTE

1789 MASSACHUSETTS AVE NW
WASHINGTON,DC20036 		NONE PC GENERAL SUPPORT 50,000

AMERICAN FRIENDS OF THE PRADO MUSEUM

600 S SECOND ST SUITE 201
MINNEAPOLIS,MN55401 		NONE PC GENERAL SUPPORT 12,500

AMON CARTER MUSEUM OF ART

3501 CAMP BOWIE BLVD
FORT WORTH,TX76107 		NONE PC GENERAL & EXHIBITION SUPPORT 30,000

ART INSTITUTE OF CHICAGO

111 S MICHIGAN AVE
CHICAGO,IL60603 		NONE PC GENERAL SUPPORT 50,000

BARBARA MUNDY

5016 CAMP STREET
NEW ORLEANS,LA70115 		NONE I HONARIUM 2,000

BAYLOR SCOTT FOUNDATION

1400 8TH AVE
FORT WORTH,TX76104 		NONE PC GENERAL SUPPORT 5,000

BUFFALO FINE ARTS ACADEMY

1285 ELMWOOD AVE
BUFFALO,NY14222 		NONE PC PUBLICATION GRANT 100,000

CANTOR ART MUSEUM STANFORD UNIVERSITY

328 LOMITA DRIVE
STANFORD,CA94305 		NONE PC PUBLICATION GRANT 20,000

CARL & MARILYNN THOMA FOUNDATION - NEXT GEN AWARDS

1925 CEDAR SPRINGS RD 205
DALLAS,TX75201 		NONE PF GENERAL SUPPORT 5,000

CASA OF POLK COUNTY

580 MAIN ST
DALLAS,OR97338 		NONE PC GENERAL SUPPORT 2,500

CHICAGO SHAKESPEARE THEATER

800 E GRAND AVE
CHICAGO,IL60611 		NONE PC GENERAL SUPPORT 350,000

CORNELL UNIVERSITY

377 PINE TREE RD
ITHACA,NY14850 		NONE PC EXHIBITION SUPPORT 15,000

DALLAS ART MUSEUM

1717 N HARWOOD ST
DALLAS,TX75201 		NONE PC GENERAL SUPPORT 5,000

DALLAS OPERA

2403 FLORA ST SUITE 500
DALLAS,TX75201 		NONE PC GENERAL SUPPORT 25,000

ELECTRONIC ARTS INTERMIX

264 CANAL STREET 3W
NEW YORK,NY10013 		NONE PC PUBLICATION GRANT 21,400

FIGGE ART MUSEUM

225 W SECOND STREET
DAVENPORT,IA52801 		NONE PC EXHIBITION SUPPORT 25,000

GOLDEN APPLE FOUNDATION

901 W JACKSON BLVD SUITE 205
CHICAGO,IL60607 		NONE PC GENERAL SUPPORT 100,000

HENRRY IBANEZ MOGROVEJO

700 HEALTH SCIENCES DR
STONY BROOK,NY11790 		NONE I EXPLORATORY TRAVEL 3,350

HILLSBORO MEDICAL CENTER FOUNDATION

335 SE 8TH AVE
HILLSBORO,OR97123 		NONE PC GENERAL SUPPORT 32,500

HOOVER INSTITUTION

434 GALVEZ MALL
STANFORD,CA94305 		NONE PC GENERAL SUPPORT 50,000

JOSE LUIS LAZARTE

102 PATCHEN AVE APT 2B
BROOKLYN,NY11221 		NONE I HONORARIUM 1,500

LAURA HARTMAN

508 HAMBRICK RD
DALLAS,TX75218 		NONE I HONORARIUM 1,500

THE LOS ANGELES COUNTY MUSEUM OF ART

5905 WILSHIRE BLVD
LOS ANGELES,CA90036 		NONE PC EXHIBITION SUPPORT 75,000

MELISSA RINNE

568 4TH AVE
SAN FRANCISCO,CA94118 		NONE I HONORARIUM 1,000

MILWAUKEE ART MUSEUM

700 N ART MUSEUM DR
MILWAUKEE,WI53202 		NONE PC EXHIBITION SUPPORT 50,000

MODERN ART MUSEUM OF FORT WORTH

3200 DARNELL ST
FORT WORTH,TX76107 		NONE PC GENERAL SUPPORT 5,000

MONIKA BINSIK

C/O THE METROPOLITAN MUSEUM OF ART
1000 FIFTH AVE
NEW YORK,NY10028 		NONE I HONORARIUM 1,000

NASHER SCULPTURE CENTER

2001 FLORA ST
DALLAS,TX75201 		NONE PC GENERAL SUPPORT 10,000

NEVADA MUSEUM OF ART

160 W LIBERTY ST
RENO,NV89501 		NONE PC EXHIBITION SUPPORT 10,000

NEW MEXICO MUSEUM OF ART

107 W PALACE AVE
SANTA FE,NM87501 		NONE PC PUBLICATION GRANT 25,000

NEW MEXICO SCHOOL FOR THE ARTS

275 EAST ALAMEDA ST
SANTE FE,NM87505 		NONE PC GENERAL SUPPORT 100,000

OKLAHOMA STATE UNIVERSITY FOUNDATION

400 SOUTH MONROE
STILLWATER,OK74074 		NONE PC GENERAL SUPPORT 111,200

PORTLAND MUSEUM OF ART

7 CONGRESS SQUARE
PORTLAND,ME04101 		NONE PC PUBLICATION GRANT 20,000

REGENTS OF THE UNIVERSITY OF CALIFORNIA AT RIVERSIDE

900 UNIVERSITY AVE
RIVERSIDE,CA92521 		NONE PC EXHIBITION SUPPORT 75,000

SANTA FE CHAMBER MUSIC FESTIVAL

PO BOX 2227
SANTE FE,NM87504 		NONE PC GENERAL SUPPORT 10,000

SCHWAB CHARITABLE

PO BOX 628298
ORLANDO,FL32862 		NONE PC GENERAL SUPPORT 35,100,000

SPONSORS FOR EDUCATIONAL OPPORTUNITY INC DBA SEO SCHOLARS

THREE EMBARCADERO CENTER
SAN FRANCISCO,CA94111 		NONE PC GENERAL SUPPORT 250,000

SHIRLEY RYAN ABILITYLAB FKA REHABILITATION INSTITUTE OF CHICAGO

355 E ERIE
CHICAGO,IL60611 		NONE PC GENERAL SUPPORT 1,000,000

SITE SANTA FE

1606 PASEO DE PERALTA
SANTE FE,NM87501 		NONE PC GENERAL SUPPORT 125,000

SOFIA ORTEGA-GUERRERO

1021 MCKINLEY AVE APT 1
OAKLAND,CA94610 		NONE I EXPLORATORY TRAVEL 3,750

STATE UNIVERSITY OF NEW YORK STATE

HUMANITIES BUILDING 1055
STONY BROOK,NY11794 		NONE PC SEMINAR SUPPORT 12,000

SOUTHWESTERN ASSOCIATION FOR INDIAN ARTS INC DBA SWAIA

121 SANDOVAL ST
SANTA FE,NM87501 		NONE PC GENERAL SUPPORT 1,000

THE DALLAS FOUNDATION

3000 PEGASUS PARK DR UNIT 930
DALLAS,TX75247 		NONE PC EXHIBITION SUPPORT 50,000

THE PHILLIPS COLLECTION

2230 CALIFORNIA ST NW
WASHINGTON,DC20008 		NONE PC PUBLICATION GRANT 3,000

SANTA FE OPERA

PO BOX 2408
SANTE FE,NM87504 		NONE PC GENERAL SUPPORT 75,000

THOMAS BF CUMMINS

1703 32ND ST NW
WASHINGTON,DC20007 		NONE I HONORARIUM 1,000

UNIVERSITY OF TEXAS FOUNDATION

9011 MOUNTAINRIDGE DR
AUSTIN,TX78759 		NONE PC EXHIBITION SUPPORT 20,000

WHITNEY MUSEUM OF AMERICAN ART

99 GANSEVOORT STREET
NEW YORK,NY10014 		NONE PC GENERAL SUPPORT 7,344

YUKI MORISHIMA

1213 HASKELL ST
BERKELEY,CA94702 		NONE I HONORARIUM 1,000

CARLA GARCIA

ESTADOS UNIDOS 224 6TO 15
BUENOS AIRES   61060AAB
AR 		NONE I DOCTORAL FELLOWSHIP 32,500

DANIELA SERRANO

CALLE 125 11B-10
BOGOTA   110111
CO 		NONE I HONORARIUM 1,500

EWA KUBIAK

UL POMOROSKA 13 M 10
LODZ   90202
PL 		NONE I RESEARCH & TRAVEL AWARD 14,600

GABRIELA SIRACUSANO

AV DEL LIBERTADOR 2254
BUENOS AIRES   C1425
AR 		NONE I HONORARIUM 2,000

JOSE LUIS QUISPE BEJAR

AV DEL SOL 189
CUZCO   08002
PE 		NONE I CONSERVATION SEMINAR 1,000

KONDO MASSAYO

6-1 SOEN
BEPPUCITY   8740838
JA 		NONE I NEXT GEN AWARD 5,000

MADELAINE BENITEZ DAPORTA

PICHINCHA 5086
MONTE CHINGOLO
BUENOS AIRES   B1825
AR 		NONE I EXPLORATORY TRAVEL 2,500

MARIA BELEN BALLESTA

AV RIVADAVIA 5567 11C CABALLITO
BUENOS AIRES   C1424
AR 		NONE I EXPLORATORY TRAVEL 2,500

MUSEO DE ARTE DE LIMA

AV PASEO COLON 125
LIMA   15046
PE 		NONE PC EXHIBITION SUPPORT 40,000

NAKATOMI HAJIME

AIAI 2114-1
TAKETA CITY   8780011
JA 		NONE I NEXT GEN AWARD 25,000

NATALIA MAJLUF BRAHI

JOSE GRANDA 335 APT 8
LIMA   15101
PE 		NONE I HONORARIUM 1,000

UNIVERSITY COLLEGE LONDON

20 GORDON SQUARE
LONDON   WC1H0AW
UK 		NONE PC POST-DOCTORAL FELLOWSHIP 82,508

UNIVERSIDAD DE INGENIERA Y TECNOLOGIA

JR MEDRANO SILVA 165
LIMA   15063
PE 		NONE PC CONSERVATION GRANT 35,000

WATANABE CHIAKI

3406-3 NARUSHIMA NANBUCHO
YAMANASHI   4092216
JA 		NONE I NEXT GEN AWARD 5,000

CARMEN FERNANDEZ-SALVADOR

AVENIDA CORUNA N32-51
QUITO   170517
EC 		NONE I HONORARIUM 2,000

RODRIGO VILLALOBOS RUIZ

MAR MEDITERRANEO 77-3
QUERETARO   76160
MX 		NONE I CONSERVATION GRANT 15,000

UTEC

PO BOX 7066
LOWELL,MA01852 		NONE PC GENERAL SUPPORT 15,000

THINK NEW MEXICO

505 DON GASPAR AVE
SANTE FE,NM87505 		NONE PC GENERAL SUPPORT 40,000

Scholarships

1925 Cedar Springs Rd 205
Dallas,TX75201 		NONE I SCHOLARSHIPS 123,197

AMARILLO COLLEGE - GRANT RECOVERY

2201 S WASHINGTON ST 2411
AMARILLO,TX79109 		NONE PC GRANT RECOVERY -813,750
Total .................................right arrow 3a 37,681,099
bApproved for future payment
Total ................................. right arrow 3b 0
Form 990-PF (2024)
Form 990-PF (2024)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		    14 17,872,603  
4 Dividends and interest from securities ....     14 3,596,894  
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 43,873,712  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aPARTNERSHIP INCOME 		  13,569,894 14 10,311,739  
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. 13,569,894 75,654,948 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
89,224,842
(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
Carl & Marilynn Thoma Foundation
 
Employer identification number

46-5446388
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
Carl & Marilynn Thoma Foundation
  		Employer identification number
46-5446388
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
CARL THOMA
 
1925 Cedar Springs Rd 205
 
Dallas, TX75201

$ 58,227,575


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
2
ROBERT T COFFLAND
 
1571 CANYON RD
 
SANTA FE, NM87501

$ 40,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
3
MARGO THOMA
 
920 OLD SANTA FE TRAIL
 
SANTA FE, NM87505

$ 10,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
4
MARY LOUISE BAILEY
 
1881 N NASH ST 2211
 
ARLINGTON, VA22290

$ 8,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
5
ARTHUR & ANNE PORATH
 
541 DRYAD RD
 
SANTA MONICA, CA90402

$ 6,617


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
6
DAVID & ELLEN ROSS
 
501 V E S ROAD APARTMENT B616
 
LYNCHBURG, VA24503

$ 5,000


(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
Carl & Marilynn Thoma Foundation
  		Employer identification number

46-5446388
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
 700,000 SHARES OF DYNATRACE $ 38,213,000 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
Carl & Marilynn Thoma Foundation
  		Employer identification number

46-5446388
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:
Carl & Marilynn Thoma Foundation
EIN:
46-5446388
Software ID:
24020961
Software Version:
2024v5.1
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING FEES 56,000 28,000   28,000

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

TY 2024 DepreciationSchedule
Name:
Carl & Marilynn Thoma Foundation
EIN:
46-5446388
Software ID:
24020961
Software Version:
2024v5.1
Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
Life (# of years)		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
DEPRECIATION           110,513      

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

TY 2024 GainLossSaleOtherAssetsSch
Name:
Carl & Marilynn Thoma Foundation
EIN:
46-5446388
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
PUBLIC TRADED SECURITIES         1,806,886 1,116,415     690,471  

TY 2024 GeneralExplanationAttachment
Name:
Carl & Marilynn Thoma Foundation
EIN:
46-5446388
Software ID:
24020961
Software Version:
2024v5.1
Identifier Return Reference Explanation
  Form 990-PF, Part XII, Line 4b PURSUANT TO IRC SEC. 4942(H)(2) AND REG. 53.4942(A)-3(D)(2), THE FOUNDATION HEREBY ELECTS TO TREAT CURRENT YEAR QUALIFYING DISTRIBUTIONS IN EXCESS OF THE IMMEDIATELY PRECEDING TAX YEAR'S UNDISTRIBUTED INCOME AS BEING MADE OUT OF CORPUS.

TY 2024 InvestmentsCorpBondsSchedule
Name:
Carl & Marilynn Thoma Foundation
EIN:
46-5446388
Software ID:
24020961
Software Version:
2024v5.1
Name of Bond End of Year Book Value End of Year Fair Market Value
CORPORATE BONDS 15,242,594 15,242,594

TY 2024 InvestmentsCorpStockSchedule
Name:
Carl & Marilynn Thoma Foundation
EIN:
46-5446388
Software ID:
24020961
Software Version:
2024v5.1
Name of Stock End of Year Book Value End of Year Fair Market Value
MERRILL LYNCH EQUITIES 42,044,387 42,044,387

TY 2024 InvestmentsGovtObligationsSch
Name:
Carl & Marilynn Thoma Foundation
EIN:
46-5446388
Software ID:
24020961
Software Version:
2024v5.1
US Government Securities - End of Year Book Value:

0
US Government Securities - End of Year Fair Market Value:

0
State & Local Government Securities - End of Year Book Value:


0
State & Local Government Securities - End of Year Fair Market Value:


0


TY 2024 InvestmentsOtherSchedule2
Name:
Carl & Marilynn Thoma Foundation
EIN:
46-5446388
Software ID:
24020961
Software Version:
2024v5.1
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
SEE ATTACHMENT FMV 730,337,389 730,337,389

TY 2024 LandEtcSchedule2
Name:
Carl & Marilynn Thoma Foundation
EIN:
46-5446388
Software ID:
24020961
Software Version:
2024v5.1
Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
FIXED ASSETS 3,514,452 452,048 3,062,404 3,062,404


TY 2024 LegalFeesSchedule
Name:
Carl & Marilynn Thoma Foundation
EIN:
46-5446388
Software ID:
24020961
Software Version:
2024v5.1
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
LEGAL FEES 13,139     13,139


TY 2024 OtherAssetsSchedule
Name:
Carl & Marilynn Thoma Foundation
EIN:
46-5446388
Software ID:
24020961
Software Version:
2024v5.1
Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
ART COLLECTION 42,235,938 47,115,616 47,115,616
UTILITY DEPOSIT   1,321 1,321


TY 2024 OtherExpensesSchedule
Name:
Carl & Marilynn Thoma Foundation
EIN:
46-5446388
Software ID:
24020961
Software Version:
2024v5.1
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ART PROGRAM 437,642     437,642
REAL ESTATE COMMISSIONS & SETTLEMENT CHARGES 115,794     115,794
INFORMATION TECHNOLOGY 45,404     45,404
OFFICE EXPENSES 22,633     22,633
BANK FEES 674 634   40


TY 2024 OtherIncomeSchedule2
Name:
Carl & Marilynn Thoma Foundation
EIN:
46-5446388
Software ID:
24020961
Software Version:
2024v5.1
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
PARTNERSHIP INCOME 73,745,790    
K-1 PASS THROUGH INCOME   10,311,739  


TY 2024 OtherIncreasesSchedule
Name:
Carl & Marilynn Thoma Foundation
EIN:
46-5446388
Software ID:
24020961
Software Version:
2024v5.1
Description Amount
UNREALIZED GAINS 20,350,647
PRIOR PERIOD ADJUSTMENT 345,880


TY 2024 OtherLiabilitiesSchedule
Name:
Carl & Marilynn Thoma Foundation
EIN:
46-5446388
Software ID:
24020961
Software Version:
2024v5.1
Description Beginning of Year - Book Value End of Year - Book Value
ARTWORK PAYABLE 327,873 251,000


TY 2024 OtherProfessionalFeesSchedule
Name:
Carl & Marilynn Thoma Foundation
EIN:
46-5446388
Software ID:
24020961
Software Version:
2024v5.1
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
CONSULTING FEES 62,291     62,291
INVESTMENT FEES 17,437 17,437    


TY 2024 TaxesSchedule
Name:
Carl & Marilynn Thoma Foundation
EIN:
46-5446388
Software ID:
24020961
Software Version:
2024v5.1
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FEDERAL TAXES 8,237,437      
REAL ESTATE TAXES 68,758     68,758
PAYROLL TAXES 37,863     37,863
FOREIGN TAXES 56 56