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
Graham Foundation for Advanced Studies in the Fine Arts
 
Number and street (or P.O. box number if mail is not delivered to street address)4 West Burton Place
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Chicago, IL606101416
A Employer identification number

36-2356089
B Telephone number (see instructions)

(312) 787-4071
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$48,033,824J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check right arrow.............
3 Interest on savings and temporary cash investments 1,210 1,210  
4 Dividends and interest from securities... 295,351 376,824  
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
947,160
b Gross sales price for all assets on line 6a 4,256,141
7 Capital gain net income (from Part IV, line 2)... 3,436,991
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances 11,563
b Less: Cost of goods sold.... 8,948
c Gross profit or (loss) (attach schedule)..... Click to see attachment
List of Attached Documents:
// Content
2,615  
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
0 287,238 0
12 Total. Add lines 1 through 11........ 1,246,336 4,102,263 0
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 228,234     228,234
14 Other employee salaries and wages...... 387,025     387,025
15 Pension plans, employee benefits....... 146,727     147,023
16a Legal fees (attach schedule)......... 0 0 0 0
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
116,254 58,127 0 39,879
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
566,136 440,088 0 92,657
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
136,287 23,598 0 44,064
19 Depreciation (attach schedule) and depletion... Click to see attachment
List of Attached Documents:
// Content
87,749 223 0
20 Occupancy.............. 69,241     73,311
21 Travel, conferences, and meetings....... 43,939     43,938
22 Printing and publications.......... 3,119     3,119
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
268,728 96,543 0 272,745
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 2,053,439 618,579 0 1,331,995
25 Contributions, gifts, grants paid....... 1,006,434 986,924
26 Total expenses and disbursements. Add lines 24 and 25 3,059,873 618,579 0 2,318,919
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -1,813,537
b Net investment income (if negative, enter -0-) 3,483,684
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............. 220,225 1,577,414 1,577,414
2 Savings and temporary cash investments......... 187 187 187
3 Accounts receivable right arrow54,197
Less: allowance for doubtful accounts right arrow   0 54,197 54,197
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow   0 0 0
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions)..... 0 0 0
7 Other notes and loans receivable (attach schedule) right arrow0
Less: allowance for doubtful accounts right arrow0 0 0 0
8 Inventories for sale or use.............. 27,610 23,850 23,850
9 Prepaid expenses and deferred charges.......... 149,060 127,049 127,049
10a Investments—U.S. and state government obligations (attach schedule) 0 0 0
b Investments—corporate stock (attach schedule)....... 14,161,596 Click to see attachment
List of Attached Documents:
// Content
16,825,408 		16,825,408
c Investments—corporate bonds (attach schedule)....... 2,283,983 Click to see attachment
List of Attached Documents:
// Content
2,162,393 		2,162,393
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).......... 26,510,757 Click to see attachment
List of Attached Documents:
// Content
25,829,793 		25,829,793
14 Land, buildings, and equipment: basis right arrow3,481,607
Less: accumulated depreciation (attach schedule) right arrow2,048,074 1,396,534 Click to see attachment
List of Attached Documents:
// Content
1,433,533 		1,433,533
15 Other assets (describe right arrow) 0 0 0
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 44,749,952 48,033,824 48,033,824
Liabilities 17 Accounts payable and accrued expenses.......... 43,920 30,223
18 Grants payable................. 305,500 329,500
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
195,582 		Click to see attachment
List of Attached Documents:
// Content
275,571
23 Total liabilities (add lines 17 through 22)......... 545,002 635,294
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........... 41,142,863 44,277,650
25 Net assets with donor restrictions............ 3,062,087 3,120,880
Foundations that do not follow FASB ASC 958, check here right arrow
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds    
29 Total net assets or fund balances (see instructions)..... 44,204,950 47,398,530
30 Total liabilities and net assets/fund balances (see instructions). 44,749,952 48,033,824
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
44,204,950
2
Enter amount from Part I, line 27a .....................
2
-1,813,537
3
Other increases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
3
5,007,117
4
Add lines 1, 2, and 3 ..........................
4
47,398,530
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
47,398,530
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 From Partnerships Schedules K-1      
b Capital gains on investments      
c
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 2,717,334     2,717,334
b 719,657     719,657
c
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a     0 2,717,334
b     0 719,657
c
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 3,436,991
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 48,423
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 48,423
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 48,423
6 Credits/Payments:
a 2024 estimated tax payments and 2023 overpayment credited to 2024 6a 90,999
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c  
d Backup withholding erroneously withheld .......... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 90,999
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 42,576
11 Enter the amount of line 10 to be: Credited to 2025 estimated taxright arrow42,576 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 arrowIL
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
8b
Yes
 
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2024 or the taxable year beginning in 2024? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
 
No
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
11
 
No
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressright arrowwww.GRAHAMFOUNDATION.ORG
14
The books are in care ofright arrowSarah Herda Telephone no.right arrow (312) 787-4071

Located atright arrow4 West BurtonChicagoIL ZIP+4right arrow60610
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2024, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country right arrow
Form 990-PF (2024)
Form 990-PF (2024)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
Yes
 
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
No
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2024? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2024, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2024?....................
2a
 
No
If "Yes," list the years right arrow20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
right arrow20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2024 as a result of (1) any purchase by the foundation
or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
if the foundation had excess business holdings in 2024.) .....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2024? ..
4b
 
No
Form 990-PF (2024)
Form 990-PF (2024)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
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)
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
SARAH HERDA EXECUTIVE DIRECTOR
40.00 		211,333 16,901 0
4 West Burton Place
Chicago,IL606101416
JOHN SYVERTSEN TRUSTEE
1.00 		0 0 0
4 West Burton Place
Chicago,IL606101416
Sean Keller Trustee
1.00 		0 0 0
4 West Burton Place
Chicago,IL606101416
Brian Black Trustee
1.00 		0 0 0
4 West Burton Place
Chicago,IL606101416
Amanda Williams Trustee
1.00 		0 0 0
4 West Burton Place
Chicago,IL606101416
ERIC MCKISSACK Treasurer
3.00 		0 0 0
4 West Burton Place
Chicago,IL606101416
David Brown President
3.00 		0 0 0
4 West Burton Place
Chicago,IL606101416
Monica Chadha Secretary
3.00 		0 0 0
4 West Burton Place
Chicago,IL606101416
Antonio Torres Trustee
1.00 		0 0 0
4 West Burton Place
Chicago,IL606101416
CHANDRA GOLDSMITH GRAY Trustee
1.00 		0 0 0
4 West Burton Place
Chicago,IL606101416
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
Alexandra Small Senior Advisor
40.00 		85,137 6,805 0
4 West Burton Place
Chicago,IL606101416
Carolyn Kelly Grants Manager
40.00 		82,401 6,590 0
4 West Burton Place
Chicago,IL606101416
Ronald Konow Facilities Manager
40.00 		77,128 6,168 0
4 West Burton Place
Chicago,IL606101416
James Pike Grant Project Mgr.
40.00 		76,985 6,204 0
4 West Burton Place
Chicago,IL606101416
Ava Barrett Program Manager
40.00 		76,382 6,410 0
4 West Burton Place
Chicago,IL606101416
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
Crowe LLP Audit and Tax 63,365
225 WEST WACKER DRIVE
SUITE 2600
CHICAGO,IL606061224
KSMB Associates Inc Accounting 52,329
4350 DiPaolo Center
Suite-G
Glenview,IL60025
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 PUBLIC PROGRAMS - IN ADDITION TO ITS INTERNATIONAL GRANTS PROGRAM, THE GRAHAM FOUNDATION PRODUCES ORIGINAL EXHIBITIONS, LECTURES, PANEL DISCUSSIONS, PERFORMANCES, SCREENINGS, (SEE STATEMENT) 560,987
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
43,286,236
b
Average of monthly cash balances.......................
1b
2,023,451
c
Fair market value of all other assets (see instructions)................
1c
150,900
d
Total (add lines 1a, b, and c).........................
1d
45,460,587
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
45,460,587
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
681,909
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
44,778,678
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
2,238,934
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
2,238,934
2a
Tax on investment income for 2024 from Part V, line 5 .......
2a
48,423
b
Income tax for 2024. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
48,423
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
2,190,511
4
Recoveries of amounts treated as qualifying distributions................
4
5,990
5
Add lines 3 and 4............................
5
2,196,501
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
2,196,501
Part XI
Qualifying Distributions (see instructions)
1
Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
a
Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
1a
2,318,919
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
124,749
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
2,443,668
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 2,196,501
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only....... 0
b Total for prior years:2022, 2021, 2020 0
3 Excess distributions carryover, if any, to 2024:
a From 2019...... 0
b From 2020...... 0
c From 2021...... 0
d From 2022...... 23,934
e From 2023...... 173,017
f Total of lines 3a through e ........ 196,951
4Qualifying distributions for 2024 from Part
XI, line 4: right arrow$ 2,443,668
a Applied to 2023, but not more than line 2a 0
b Applied to undistributed income of prior years
(Election required—see instructions)..... 		0
c Treated as distributions out of corpus (Election
required—see instructions)........ 		0
d Applied to 2024 distributable amount..... 2,196,501
e Remaining amount distributed out of corpus 247,167
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 5 444,118
b Prior years’ undistributed income. Subtract
line 4b from line 2b .......... 		0
c Enter the amount of prior years’ undistributed
income for which a notice of deficiency has
been issued, or on which the section 4942(a)
tax has been previously assessed...... 		 
d Subtract line 6c from line 6b. Taxable amount
—see instructions ........... 		0
e Undistributed income for 2023. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		0
f Undistributed income for 2024. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2025 .......... 		0
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		0
8 Excess distributions carryover from 2019 not
applied on line 5 or line 7 (see instructions) ... 		0
9 Excess distributions carryover to 2025.
Subtract lines 7 and 8 from line 6a ...... 		444,118
10 Analysis of line 9:
a Excess from 2020.... 0
b Excess from 2021.... 0
c Excess from 2022.... 23,934
d Excess from 2023.... 173,017
e Excess from 2024.... 247,167
Form 990-PF (2024)
Form 990-PF (2024)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2024, enter the date of the ruling ...... right arrow
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2024 (b) 2023 (c) 2022 (d) 2021
         
b 85% (0.85) of line 2a .........          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, b, or c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here right arrow if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, b, c, and d. See instructions
aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
SARAH HERDA GRAHAM FOUNDATION
4 WEST BURTON
CHICAGO,IL606101416
(312) 787-4071
bThe form in which applications should be submitted and information and materials they should include:
SEE ATTACHED STATEMENT
cAny submission deadlines:
SEE ATTACHED STATEMENT
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
SEE ATTACHED STATEMENT
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

A Project 83 Inc

83 Grand Street FRNT A
New York,NY10013 		N/A PC a83 Exhibition Program & Architectural Image-Making in 1980s New York 15,000

A83

104 Forsyth Street
New York,NY10038 		N/A PC Chicago Exhibition Program, 2023 5,000

Aaron Cayer

4 West Burton Place
Chicago,IL60610 		N/A I Incorporating Architects 10,000

Ala Tannir

4 West Burton Place
Chicago,IL60610 		N/A I and from my heart I blow kisses to the sea and houses 3,000

Alice Bucknell

4 West Burton Place
Chicago,IL60610 		N/A I Staring at the Sun 8,500

Anezka Minanikova

4 West Burton Place
Chicago,IL60610 		N/A I Clara Istlerova, A Life Among Letters 10,000

Anna Abengowe Patricia Anahory & Mawena Yehouessi

4 West Burton Place
Chicago,IL60610 		N/A I her(e), otherwise 5,000

Annie Howard

4 West Burton Place
Chicago,IL60610 		N/A I From Diva's to the Pyramid 5,000

Anthony Wako

4 West Burton Place
Chicago,IL60610 		N/A I Tracing the Footprints of Entangled Narratives 7,500

Architectural Association

4 West Burton Place
Chicago,IL60610 		N/A PC Ripple Ripple Rippling 10,000

Architectural Association School of Architecture

36 Bedford Square
London   WC1B3ES
UK 		N/A NC Entangled Archive 10,000

Ari Seligmann

4 West Burton Place
Chicago,IL60610 		N/A I The Photographic Construction of Japanese Architecture 10,000

Ariele Dionne-Krosnick

4 West Burton Place
Chicago,IL60610 		N/A I Swimming Pools, Civil Rights, and the American City in the 1960s 20,000

Arthur J Clement & Emily Makas

4 West Burton Place
Chicago,IL60610 		N/A I Philip G. Freelon: An Architect of Relationships and Stories 10,000

Arts Alliance Illinois

200 W MADISON ST 3RD FLOOR
Chicago,IL60606 		N/A PC Charitable Purposes 3,024

Assaf Evron

4 West Burton Place
Chicago,IL60610 		N/A I Collage for the Edith Farnsworth House 10,000

Association of Architecture Organizations

111 East Wacker Drive
Chicago,IL606014402 		N/A PC AAO Design Matters Conference 2024 10,000

B Jack Hanly

4 West Burton Place
Chicago,IL60610 		N/A I The Environmental Professionals 1,000

Brunno Douat

4 West Burton Place
Chicago,IL60610 		N/A I Dien Dien 5,000

Carmen Amengual

4 West Burton Place
Chicago,IL60610 		N/A I A Non-Coincidental Mirror 10,000

Carnegie Museum of Art

4400 Forbes Avenue
Pittsburgh,PA15213 		N/A PC Tatiana Bilbao: City of Rooms 15,000

Caroline Spooner

4 West Burton Place
Chicago,IL60610 		N/A I Dead Time 20,000

Chicago Architecture Biennial

78 East Washington Street
Chicago,IL60602 		N/A PC This is a Rehearsal 75,000

Chimurenga

157 Victoria Road Woodstock
Cape Town   7925
SF 		N/A NC African Mobilities 10,000

Christine Gaspar & Liz Ogbu

4 West Burton Place
Chicago,IL60610 		N/A I Engaging Grief and Healing in Design 7,500

City College of New York

141 Convent Avenue
New York,NY10031 		N/A PC ARCH at Sixty 10,000

Colloqate Design

1218 Arch Street
Philadelphia,PA19107 		N/A PC Challenging Patterns of Supremacy 10,000

Craft Contemporary

5814 Wilshire Boulevard
Los Angeles,CA90036 		N/A PC Material Acts 10,000

Craig L Wilkins

4 West Burton Place
Chicago,IL60610 		N/A I if history were told as stories it'd never be forgotten... 10,000

Dahlia Nduom

4 West Burton Place
Chicago,IL60610 		N/A I Tourism, Tropicalization and the Architectural Image 10,000

Denver Architecture Foundation

450 East 17th Avenue
Denver,CO80203 		N/A PC How the Built Environment Enhances Your Mind's Health 5,000

Dia Art Foundation

535 West 22nd Street
New York,NY10011 		N/A PC Cameron Rowland: Properties 10,000

Dongola

Pine Park building Street 19 Kaskas
main Avenue El Horsh
Beirut    
LE 		N/A NC Provoking the Territory: Bernard Khoury 10,000

Ecem Saricayir

4 West Burton Place
Chicago,IL60610 		N/A I Property in Migration 1,000

Elise Hunchuck

4 West Burton Place
Chicago,IL60610 		N/A I An Incomplete Atlas of Stones 7,500

Elissa Eli Greene Osterland

4 West Burton Place
Chicago,IL60610 		N/A I On Falling, Part IV 2,500

Elizabeth Glvez & Jos Ibarra

4 West Burton Place
Chicago,IL60610 		N/A I Latinx Coalition Chats 10,000

Eva Diaz

4 West Burton Place
Chicago,IL60610 		N/A I After Spaceship Earth 10,000

Every Ocean Hughes (Emily Roysdon)

4 West Burton Place
Chicago,IL60610 		N/A I Every Ocean Hughes: Alive Side 10,000

Fatina Abreek-Zubiedat

4 West Burton Place
Chicago,IL60610 		N/A I A Territory in Conflict 7,000

Fred Schmidt-Arnales

4 West Burton Place
Chicago,IL60610 		N/A I It Is a Good Project and Should be Built 10,000

Geoffrey Bawa Trust

Number 11 33rd Lane
Colombo   00300
CE 		N/A NC On Gardens: Contemplating the Relative in Space, Time, and Life 10,000

Germane Barnes

4 West Burton Place
Chicago,IL60610 		N/A I Columnar Disorder 15,000

Hamed Bukhamseen & Ali Karimi

4 West Burton Place
Chicago,IL60610 		N/A I Two Thousand Years of Non-Urban History 8,000

Himali Singh Soin & David Tappeser

4 West Burton Place
Chicago,IL60610 		N/A I The Hedge of Halomancy 7,500

Hunter College Foundation

695 Park Avenue
New York,NY10065 		N/A PC Andrea Blum: BIOTA 10,000

i Press Incorporated

208 Fayerweather Street
Cambridge,MA02138 		N/A PC Revisiting i Press: the i Press series on the human environment by architect/publisher Mary Otis Stevens 10,000

Illinois Institute of Technology (IIT Advancement)

3424 SOUTH STATE STREET TC-4 FL
Chicago,IL60616 		N/A PC Charitable Purposes 1,000

Ines Weizman

4 West Burton Place
Chicago,IL60610 		N/A I Josephine Baker and the Colonial Modern 10,000

INSITE (Installation Gallery)

1140 Wall Street Suite 1438
San Diego,CA92038 		N/A PC INSITE Journal_07 10,000

Jeremy Lybarger

4 West Burton Place
Chicago,IL60610 		N/A I Midnight Tremor 10,000

Juana Salcedo

4 West Burton Place
Chicago,IL60610 		N/A I Jaguar Lens 10,000

Julia Phillips

4 West Burton Place
Chicago,IL60610 		N/A I Pentasomnia 10,000

Lampo

53 West Jackson Suite 1656
Chicago,IL60604 		N/A PC Lampo 2023-24 and 2024-25 Concert Series 10,000

LIGA-Space for Architecture

Doctor Lucio 181 Colonia Doctores
Mexico City   6720
MX 		N/A NC The missing architect 10,000

Lobna Sana

4 West Burton Place
Chicago,IL60610 		N/A I Recognized 10,000

Lori Brown & Karen Burns

4 West Burton Place
Chicago,IL60610 		N/A I Women Architects and Global Solidarity Across the Cold War Divide 10,000

Lydia Kallipoliti & Areti Markopoulou

4 West Burton Place
Chicago,IL60610 		N/A I EDIBLE; Or, The Architecture of Metabolism 12,500

Mariam Ghani

4 West Burton Place
Chicago,IL60610 		N/A I An Incident 10,000

Menna Agha & Sara Salem

4 West Burton Place
Chicago,IL60610 		N/A I Disembodied Territories 10,000

Michelle JaJa Chang

4 West Burton Place
Chicago,IL60610 		N/A I Also Known As 5,000

Molly Brandt & Kevin Weil

4 West Burton Place
Chicago,IL60610 		N/A I Inventory of a Building's Reuse and a Landscape's Redesign 10,000

Neil Levine

4 West Burton Place
Chicago,IL60610 		N/A I Architecture for Reading in Public 10,000

New York Review of Architecture

217 West 18th Street Unit 407
New York,NY10011 		N/A NC Charitable Purposes 1,500

Nicolas Verdejo

4 West Burton Place
Chicago,IL60610 		N/A I Architectural Education Under the Iron Fist 1,000

Philip Denny James Wines & Suzan Wines

4 West Burton Place
Chicago,IL60610 		N/A I What Else Could It Mean? 10,000

Prospect New Orleans (US Biennials Inc)

PO Box 58800
New Orleans,LA70158 		N/A PC Prospect.6 15,000

Samira Daneshvar & Adam Longenbach

4 West Burton Place
Chicago,IL60610 		N/A I Shahr-e Ghesseh [City of Tales] 4,000

Sara Zewde

4 West Burton Place
Chicago,IL60610 		N/A I Finding Frederick Law Olmsted in Cotton's Kingdom 10,000

Sarah Alajmi

4 West Burton Place
Chicago,IL60610 		N/A I Between Nomadism and Settlement 1,000

Shivangi Mariam Raj

4 West Burton Place
Chicago,IL60610 		N/A I Shadow Thresholds 7,500

Shivani Shedde

4 West Burton Place
Chicago,IL60610 		N/A I Projections of Possibility 1,000

Simon Boudvin

4 West Burton Place
Chicago,IL60610 		N/A I Commune, Communism, Commons 10,000

Smithsonian Institution-Cooper-Hewitt National Design Museum

2 East 91st Street
New York,NY10128 		N/A PC Making Home-Smithsonian Design Triennial 10,000

Soberscove Press

2125 N Albany Avenue
Chicago,IL60647 		N/A PC In the Horizontal Plane 10,000

Society of Architectural Historians

1365 N ASTOR STEET
Chicago,IL60610 		N/A PC Charitable Purposes 1,900

Stefaan Vervoort

4 West Burton Place
Chicago,IL60610 		N/A I Marcel Broodthaers-The Architect is Absent 7,500

Storefront for Art and Architecture

97 Kenmare Street
New York,NY10012 		N/A PC Swamplands 10,000

Suzanne Lettieri & Anya Sirota

4 West Burton Place
Chicago,IL60610 		N/A I Junior Architects 10,000

Swiss Institute

117 Second Avenue Floor 2
New York,NY10003 		N/A PC Energies 10,000

Sydney Maubert

4 West Burton Place
Chicago,IL60610 		N/A I Queen of the Swamp 7,500

Syracuse University

4 West Burton Place
Chicago,IL60610 		N/A PC Here There Be Dragons, Season Four: Odes[s]a 10,000

Temitayo Ogunbiyi

4 West Burton Place
Chicago,IL60610 		N/A I You will wonder if we would have been friends 15,000

The Center for Independent Documentary

4 West Burton Place
Chicago,IL60610 		N/A PC Artificial Horizon 12,500

The Funambulist

75 Rue du Cherche-Midi
Paris   75006
FR 		N/A NC The Funambulist Conversations 5,000

The Jewish Museum

1109 Fifth Avenue
New York,NY10128 		N/A PC Kiesler's Vision Machines 20,000

The Metropolitan Museum of Art

1000 Fifth Avenue
New York,NY10028 		N/A PC Materialized Space 10,000

The University of Illinois at Chicago-School of Architecture

845 West Harrison Street MC 030 1
Chicago,IL60607 		N/A PC Pollen, Journal #2 7,500

The World Around

250 Ashland Place Apartment 4A
Brooklyn,NY112174302 		N/A PC The World Around Summit 2024 10,000

Tina Wang

4 West Burton Place
Chicago,IL60610 		N/A I Sweat to melt your heart 2,500

Tom Carruthers & Jennifer Newsom

4 West Burton Place
Chicago,IL60610 		N/A I Pyramidion 15,000

University of CA Berkeley-Architecture Department

232 Wurster Hall 1800
Berkeley,CA94720 		N/A PC Arkisnak 3,000

University of CA Los Angeles-Department of Architecture and Urban Design

1137 Perloff Hall
Los Angeles,CA900951467 		N/A PC POOL, Issue No. 09: Loop 3,000

University of Edinburgh

4 West Burton Place
Chicago,IL60610 		N/A PC The Architectural Image and Early Modern Science 5,000

University of IL at Chicago-College of Architecture Design and the Arts

845 West Harrison Street Room 1300
Chicago,IL60607 		N/A PC The UIC/SoArch Journal 10,000

University of Washington

4 West Burton Place
Chicago,IL60610 		N/A PC Pattern Language 2-253 10,000

Urban Design Forum

401 Broadway Suite 408
New York,NY10013 		N/A PC New City Critics 7,500

Vanderbilt University

2301 Vanderbilt Place PMB 351665
Nashville,TN372321665 		N/A PC Disability Meets Architecture 10,000

Verda Alexander & Maya Bird-Murphy

4 West Burton Place
Chicago,IL60610 		N/A I Envisioning New Futures through Alternative Practice 7,500

Victoria and Albert Museum

Cromwell Road
London   SW72RL
UK 		N/A NC Tropical Modernism 10,000

William Marsh Rice University

4 West Burton Place
Chicago,IL60610 		N/A PC The Sixth Sphere 7,500

Yakin Kinger

4 West Burton Place
Chicago,IL60610 		N/A I Contesting Cultural Territory 7,500

Yara Saqfalhait

4 West Burton Place
Chicago,IL60610 		N/A I Building at a Distance 1,000

Yasmine El Rashidi

4 West Burton Place
Chicago,IL60610 		N/A I Ali Labib Gabr and the Decolonization of Architecture 7,000

Ying Lu Lucy Wang

4 West Burton Place
Chicago,IL60610 		N/A I Contagious Places, Curative Spaces 25,000
Total .................................right arrow 3a 986,924
bApproved for future payment

A83
104 Forsyth Street
New York,NY10038 		None PC Citygroup Exhibition and Debate Program, 2025 10,000

Alice Buoli Popi Iacovou & Socrates Stratis
4 West Burton Place
Chicago,IL60610 		None I Everyday Commoning 6,000

Amber Nicole Wiley
4 West Burton Place
Chicago,IL60610 		None I Model Schools in the Model City 7,000

Angelika Stepken
4 West Burton Place
Chicago,IL60610 		None I Life after Architecture 10,000

Architectural League of New York
594 Broadway Suite 607
New York,NY10012 		None PC Living Legend: Cross Bronx 10,000

Borderless Studio
226 South Wabash Avenue 5th Floor
Chicago,IL60604 		None PC Beyond Closure 10,000

Boulouki
Nikitara 5-7
Athens   10678
GR 		None NC Under the Landscape 10,000

Brazilian Institute of Architects
SCS Quadra 02 Bloco C
Edifcio Serra
Braslia   102
BR 		None NC Terra 10,000

Caitlin Blanchfield Nina Kolowratnik & Ophelia Rivas
4 West Burton Place
Chicago,IL60610 		None I Significant Impact 10,000

Canadian Centre for Architecture
1920 rue Baile
Montreal   H3H2S6
CA 		None NC Groundwork 10,000

di Rosa Center for Contemporary Art
5200 Sonoma Highway
Napa,CA94559 		None PC Towards an Archaeology of the Future 10,000

Innovando la Tradicin AC
Rufino Tamayo 800-C
Centro   68000
MX 		None NC LEOPOLDO. Living Treasures Series 5,000

LIGA-Space for Architecture
172 Doctor Erazo Doctores
Mexico City   6720
MX 		None NC LIGA Exhibition Program, 2025 15,000

Mark Bennett Geronimo Inutiq & Rafico Ruiz
4 West Burton Place
Chicago,IL60610 		None I Ikiaqqijjut [Travelling through Layers] 12,000

Opendox
2701 North Broadway Unit 300B
Los Angeles,CA90031 		None PC Deem Journal, Issue 6 10,000

Pedro Aparicio-Llorente
4 West Burton Place
Chicago,IL60610 		None I Payao 7,500

PRINCETON UNIVERSITY
4 West Burton Place
Chicago,IL60610 		None PC Sick Architecture 10,000

PRINCETON UNIVERSITY PRESS
4 West Burton Place
Chicago,IL60610 		None PC Designing the American Century 10,000

Rice University-School of Architecture
Anderson Hall MS-50 6100 Main Stree
Houston,TX77005 		None PC PLAT 14 5,000

Rodolfo Argote
4 West Burton Place
Chicago,IL60610 		None I Rethinking Architecture Education in Latin America 1,500

Syracuse University-School of Architecture
308D Slocum Hall
Syracuse,NY13244 		None PC Ethical Narratives 10,000

The Center for Architecture
536 LaGuardia Place
New York,NY10012 		None PC Fantasizing Design 10,000

The World Around
250 Ashland Place 4A
New York,NY112174302 		None PC The World Around Summit 2025 10,000

University of CA Los Angeles-Department of Architecture and Urban Design
1137 Perloff Hall
Los Angeles,CA900951467 		None PC POOL, Issue No. 10 5,000

University of the Witwatersrand
23 Symons Road Brixton 2092
Johannesburg   2092
SF 		None NC ellipses [spatial praxis] 15,000
Total ................................. right arrow 3b 229,000
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 ........... 		    14 1,210  
4 Dividends and interest from securities ....     14 297,196  
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 ............ 		901101 1,181 18 945,979  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory     1 2,615  
11 Other revenue:
aPartnership Income 		901101 -1,845      
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. -664 1,247,000 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
1,246,336
(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

TY 2024 AccountingFeesSchedule
Name:
Graham Foundation for Advanced Studies in the Fine Arts
EIN:
36-2356089
Software ID:
24020961
Software Version:
2024v5.1
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING FEES 116,254 58,127   39,879

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TY 2024 DepreciationSchedule
Name:
Graham Foundation for Advanced Studies in the Fine Arts
EIN:
36-2356089
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
Available Upon Request           87,749 223    

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TY 2024 ExpenditureResponsibilityStmt
Name:
Graham Foundation for Advanced Studies in the Fine Arts
EIN:
36-2356089
Software ID:
24020961
Software Version:
2024v5.1
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
Architectural Association School of Architecture
  		36 Bedford Square
London   WC1B3ES
UK 		2023-06-22 10,000 Production and Presentation\Film/Video/New Media/Web Entangled Archive: a digital framework for collecting and sharing the dispersed legacy of the AA Department of Tropical Architecture 10,000 No 07/22/25 2025-07-23 VERIFIED
Bracket
  		2140 Encinal Avenue
Alameda,CA94501 		2022-06-28 10,000 Production and Presentation\Publication Bracket [On Sharing] 10,000 No 08/14/25 2025-08-15 VERIFIED
Canadian Centre for Architecture
  		1920 rue Baile
Montreal   H3H2S6
CA 		2023-06-22 10,000 Production and Presentation\Publication AP205 Amancio Williams: Readings of the archive by Studio Muoto, Claudia Shmidt, and Pezo von Ellrichshausen 10,000 No 09/20/24 2024-10-03 VERIFIED
Chimurenga
  		PO Box 15117
Vlaeberg
Cape Town   7925
SF 		2024-07-11 10,000 Production and Presentation\Publication African Mobilities - A Library of Circulations 7,421 No 07/22/25 2025-07-24 VERIFIED
Dalhousie University
  		PO Box 15000
5410 Spring Garden Road
Halifax,Nova ScotiaB3H4R2
CA 		2020-11-23 10,000 Production and Presentation\Publication Design Matters series: Colonization Through Design and Situated Practices in Architecture and Politics 0 No 10/08/25 2025-10-08 VERIFIED
Dongola Publishing SARL
  		Pine Park building Street 19
Kaskas main Avenue
El Horsh Beirut Sector    
LE 		2023-06-22 10,000 Production and Presentation\Publication Provoking the Territory: Bernard Khoury 10,000 No 08/21/25 2025-08-22 VERIFIED
Geoffrey Bawa Trust
  		Number 11 33rd Lane
Off Bagatalle Road
Colombo   3
CE 		2023-06-22 10,000 Production and Presentation\Other On Gardens: Contemplating the Relative in Space, Time, and Life 0 No 08/08/25 2025-08-08 VERIFIED
Goldsmiths College London University
  		Department of Visual Cultures Golds
University of London New Cross
London   SE146NW
OC 		2022-06-28 10,000 Production and Presentation\Publication Research Architecture: Provocations, Practices, and Propositions 10,000 No 09/26/24 2024-09-28 VERIFIED
Juan de la Cosa John of the Thing
  		Sindicalismo 43
Escandn II Secc
Mexico City   06100
MX 		2020-11-23 6,000 Production and Presentation\Publication Notebooks Series 6,000 No 09/01/25 2025-09-02 VERIFIED
LIGARQ DF AC
  		172 Doctor Erazo
Doctores   06720
MX 		2023-06-22 10,000 Production and Presentation\Publication The missing architect 10,000 No 07/14/25 2025-08-04 VERIFIED
The Funambulist
  		75 Rue du Cherche-Midi
Paris   75006
FR 		2024-07-11 10,000 Production and Presentation\Other The Funambulist Conversations 10,000 No 10/01/25 2025-10-02 VERIFIED
Victoria and Albert Museum
  		Cromwell Road
London   SW72RL
OC 		2023-06-22 10,000 Production and Presentation\Publication Tropical Modernism: Architecture and Power in West Africa and South Asia 10,000 No 08/08/24 2024-08-15 VERIFIED
Toronto Metropolitan University
  		302 Church Street
Ontario,OntarioM5B1E9
CA 		2023-06-22 3,000 Production and Presentation\Publication SPACE FOR FREE 3,000 No 07/18/24 2024-08-16 VERIFIED

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TY 2024 GainLossSaleOtherAssetsSch
Name:
Graham Foundation for Advanced Studies in the Fine Arts
EIN:
36-2356089
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
          4,256,141 3,308,981     947,160  

TY 2024 GeneralExplanationAttachment
Name:
Graham Foundation for Advanced Studies in the Fine Arts
EIN:
36-2356089
Software ID:
24020961
Software Version:
2024v5.1
Identifier Return Reference Explanation
Grants to Individuals Form 990-PF, Part VI, Section B Line 5d FOUNDED IN 1956, THE GRAHAM FOUNDATION FOR ADVANCED STUDIES IN THE FINE ARTS MAKES PROJECT-BASED GRANTS TO INDIVIDUALS AND ORGANIZATIONS AND PRODUCES PUBLIC PROGRAMS TO FOSTER THE DEVELOPMENT AND EXCHANGE OF DIVERSE AND CHALLENGING IDEAS ABOUT ARCHITECTURE AND ITS ROLE IN THE ARTS, CULTURE, AND SOCIETY. THE GRAHAM FOUNDATION OFFERS THE FOLLOWING TYPES OF GRANTS: (1) PRODUCTION AND PRESENTATION GRANTS TO INDIVIDUALS AND ORGANIZATIONS; (2) RESEARCH AND DEVELOPMENT GRANTS TO INDIVIDUALS. THE GRANT PERIOD OF A PRODUCTION AND PRESENTATION GRANT IS TWO YEARS, AND THE GRANT PERIOD OF A RESEARCH AND DEVELOPMENT GRANT IS ONE YEAR. WITHIN THE GRANT PERIOD, GRANTEES ARE EXPECTED TO PLAN, IMPLEMENT, AND CLOSE OUT THEIR PROJECT BY SUBMITTING PROGRESS REPORTS, AND ACKNOWLEDGE GRAHAM FOUNDATION SUPPORT IN ALL MEDIA. (3) CARTER MANNY AWARD FOR STUDENTS ENROLLED IN DOCTORAL PROGRAMS IN THE US AND CANADA. ALL GRANTEES MUST AGREE TO AND SIGN A GRANT AGREEMENT BEFORE GRANT FUNDS ARE ISSUED. THE GRANT AGREEMENT STIPULATES: A) GRANT FUNDS MUST BE USED ONLY FOR THE SPECIFIC PURPOSE OF THE GRANT, AS STATED IN THE GRANTEE'S APPLICATION, AND WILL BE USED ONLY FOR THE CHARITABLE, SCIENTIFIC, LITERARY OR EDUCATIONAL PURPOSES OF THE GRANTEE. THE GRANT PURPOSE IS SUBJECT TO MODIFICATION ONLY WITH THE WRITTEN APPROVAL OF THE FOUNDATION. B) ANY EXTENSION OF THE PROJECT TERMS MUST BE REQUESTED IN WRITING TO THE GRAHAM FOUNDATION FOR APPROVAL. C) ANY FUNDS NOT EXPENDED IN ACCORDANCE WITH THE PURPOSE OF THE GRANT MUST BE RETURNED TO THE FOUNDATION. GRANTEES ACKNOWLEDGE GRANT FUNDS, UP TO AND INCLUDING THE FULL AMOUNT OF THE GRANT, WILL BE RETURNED TO THE GRAHAM FOUNDATION IF FAILURE TO COMPLY WITH THE GRANT AGREEMENT CONDITIONS OCCURS. ANY UNUSED GRANT FUNDS MUST ALSO BE RETURNED TO THE FOUNDATION. D) GRANTEES AGREE TO FURNISH WRITTEN PROGRESS REPORTS TO THE FOUNDATION AT LEAST ONCE A YEAR. E) UPON PROJECT COMPLETION, GRANTEES SUBMIT A FINAL SUMMARY REPORT AND FINAL PROJECT PRODUCTS, SUCH AS PUBLICATIONS, EXHIBITION CATALOGUES, CONFERENCE PROCEEDINGS, NEW MEDIA (FILMS, PODCASTS, ETC.), PROJECT IMAGES, AND OTHER PRINTED MEDIA SUCH AS PRESS RELEASES, REVIEWS, AND ANNOUNCEMENTS. F) THE FOUNDATION RETAINS THE RIGHT TO MONITOR AND CONDUCT EVALUATIONS OF GRANTS, WHICH MAY INCLUDE A VISIT BY FOUNDATION PERSONNEL TO OBSERVE GRANTEES' PROGRAMS, DISCUSSION OF THE PROJECT WITH GRANTEES, AND REVIEW OF GRANTEES' FINANCIAL AND OTHER RECORDS AND MATERIALS CONNECTED WITH THE ACTIVITIES FINANCED BY THIS GRANT.
Reports and results Form 990-PF, Part VI, Section B Line 5d THE INTERIM AND FINAL REPORTS OUTLINE THE MANNER IN WHICH THE GRANT FUNDS WERE SPENT AND THE PROGRESS MADE IN ACCOMPLISHING THE GRANT'S PURPOSES, INCLUDING BUT NOT LIMITED TO: A CURRENT PROJECT BUDGET THAT ACCOUNTS FOR HOW GRAHAM FOUNDATION GRANT FUNDS WERE EXPENDED FOR THE GRANT'S PURPOSES; A DESCRIPTION OF THE PROGRESS TO DATE TOWARD THE PROJECT'S OBJECTIVES, E.G. MAJOR ACTIVITIES AND THEIR OUTCOMES OR FACTORS THAT HINDERED OR ACCELERATED THE PROJECT PROGRESS; A DESCRIPTION OF ANY COLLATERAL RESEARCH OR ACTIVITY WHICH HAS RESULTED FROM THE AWARD; A DESCRIPTION OF THE CURRENT WORK PLAN AND SCHEDULE. REPORTING REQUIREMENTS ARE MONITORED BY FOUNDATION STAFF AND TRACKED IN A GRANT MANAGEMENT DATABASE. INTERIM REPORTS, FINAL REPORTS, AND FINAL PRODUCTS ARE REVIEWED BY THE FOUNDATION'S PROGRAM OFFICER AND EXECUTIVE DIRECTOR AND ARE MAINTAINED IN EACH GRANTEE'S RECORD.
Summary of Activities Form 990-PF, Part VIII, Line 1 AND OTHER PUBLIC PROGRAMS FEATURING THE WORK OF INTERNATIONAL ARCHITECTS, ARTISTS, AND DESIGNERS WHOSE WORK EXPLORES INNOVATIVE AND EXPERIMENTAL APPROACHES TO ARCHITECTURE AND THE DESIGNED ENVIRONMENT. ALL PROGRAMS ARE FREE AND OPEN TO THE PUBLIC. IN 2024, THE FOUNDATION PRESENTED THREE EXHIBITIONS AND MULTIDISCIPLINARY EVENTS AND WORKSHOPS AT THE MADLENER HOUSE BY ARCHITECTS, ARTISTS, AND SCHOLARS. ALL PROGRAMS ARE FREE, OPEN TO THE PUBLIC, AND REACH LOCAL, NATIONAL, AND INTERNATIONAL AUDIENCES. THE GRAHAM FOUNDATION MAINTAINS THE MADLENER HOUSE, RECOGNIZED ON THE NATIONAL REGISTER OF HISTORIC PLACES, TO HOST ITS PUBLIC PROGRAMS, GALLERIES, LIBRARY, BOOKSTORE AND OUTDOOR COLLECTION OF ARCHITECTURAL FRAGMENTS. THE NON-CIRCULATING LIBRARY IS OPEN TO THE PUBLIC HOUSING NEARLY 2,000 PUBLICATIONS SUPPORTED BY THE GRAHAM FOUNDATION OVER THE LAST 68 YEARS. THE GRAHAM FOUNDATION BOOKSHOP OFFERS A SELECTION OF PUBLICATIONS PRODUCED BY THE FOUNDATION'S GRANTEES, TITLES RELATED TO GRAHAM FOUNDATION PUBLIC PROGRAMMING, AS WELL AS NEW, HISTORICALLY SIGNIFICANT, AND RARE PUBLICATIONS ON ARCHITECTURE, URBANISM, ART, AND RELATED FIELDS.

TY 2024 InvestmentsCorpBondsSchedule
Name:
Graham Foundation for Advanced Studies in the Fine Arts
EIN:
36-2356089
Software ID:
24020961
Software Version:
2024v5.1
Name of Bond End of Year Book Value End of Year Fair Market Value
FIXED INCOME 2,162,393 2,162,393

TY 2024 InvestmentsCorpStockSchedule
Name:
Graham Foundation for Advanced Studies in the Fine Arts
EIN:
36-2356089
Software ID:
24020961
Software Version:
2024v5.1
Name of Stock End of Year Book Value End of Year Fair Market Value
LARGE & SMALL CAP EQUITY 16,825,408 16,825,408

TY 2024 InvestmentsOtherSchedule2
Name:
Graham Foundation for Advanced Studies in the Fine Arts
EIN:
36-2356089
Software ID:
24020961
Software Version:
2024v5.1
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
INTERNATIONAL EQUITY FMV 4,711,397 4,711,397
HEDGED EQUITY FMV 7,976,646 7,976,646
PRIVATE EQUITY FMV 3,169,217 3,169,217
ABSOLUTE RETURN FMV 9,972,533 9,972,533

TY 2024 LandEtcSchedule2
Name:
Graham Foundation for Advanced Studies in the Fine Arts
EIN:
36-2356089
Software ID:
24020961
Software Version:
2024v5.1
Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
LAND 86,951   86,951 86,951
BUILDINGS 2,813,804 1,627,818 1,185,986 1,185,986
EQUIPMENT 580,852 420,256 160,596 160,596


TY 2024 OtherExpensesSchedule
Name:
Graham Foundation for Advanced Studies in the Fine Arts
EIN:
36-2356089
Software ID:
24020961
Software Version:
2024v5.1
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Insurance 50,532     51,268
Dues & Subscriptions 7,373     7,373
Advertising & Promotions 23,841     23,841
Postage & Shipping 24,336     24,319
Office Equipment 5,758     6,162
Grant Making Database Fees 23,640     23,640
Bank & Credit Card Fees 4,300     4,602
Program Supplies 593     593
A/V & Documentation 6,942     6,942
Stipends/Honoraria Speakers 29,000     30,250
Reception & Hospitality 7,514     7,514
Production 73,941     73,941
Planning & Research 608     608
Supplies 9,466     9,358
Miscellaneous Expenses 884     2,334
Other expenses from pass through entities   96,543    


TY 2024 OtherIncomeSchedule2
Name:
Graham Foundation for Advanced Studies in the Fine Arts
EIN:
36-2356089
Software ID:
24020961
Software Version:
2024v5.1
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
Other Income from pass through   287,238  


TY 2024 OtherIncreasesSchedule
Name:
Graham Foundation for Advanced Studies in the Fine Arts
EIN:
36-2356089
Software ID:
24020961
Software Version:
2024v5.1
Description Amount
Unrealized gain on investments 5,007,117


TY 2024 OtherLiabilitiesSchedule
Name:
Graham Foundation for Advanced Studies in the Fine Arts
EIN:
36-2356089
Software ID:
24020961
Software Version:
2024v5.1
Description Beginning of Year - Book Value End of Year - Book Value
Deferred Excise Taxes 195,582 275,571


TY 2024 OtherProfessionalFeesSchedule
Name:
Graham Foundation for Advanced Studies in the Fine Arts
EIN:
36-2356089
Software ID:
24020961
Software Version:
2024v5.1
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT FEES 505,854 440,088   30,000
IT & GRAPHIC DESIGN FEES 20,698     22,163
CONSULTANT FEES 34,844     35,754
PAYROLL SERVICES 4,740     4,740


TY 2024 SalesOfInventoryList 
Name:
Graham Foundation for Advanced Studies in the Fine Arts
EIN:
36-2356089
Software ID:
24020961
Software Version:
2024v5.1

Category Gross Sales Cost of Goods Sold Net (Gross Sales Minus
Cost of Goods Sold)
Book Store Sales 11,534 8,948 2,586
Shipping Income 29   29

TY 2024 TaxesSchedule
Name:
Graham Foundation for Advanced Studies in the Fine Arts
EIN:
36-2356089
Software ID:
24020961
Software Version:
2024v5.1
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
PAYROLL TAX 43,964     43,964
OTHER STATE TAXES 100     100
FOREIGN TAXES PAID - Schedule K-1   23,598    
FEDERAL EXCISE TAX 92,223