TY 2024 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Trust Treated as Private Foundation

Do not enter social security numbers on this form as it may be made public.
right arrow

Go 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
Cummings Foundation Inc

% JOSEPH MONTANO

Number and street (or P.O. box number if mail is not delivered to street address)200 West Cummings Park
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
Woburn, MA01801

A Employer identification number

04-3073023

B Telephone number (see instructions)

(781) 935-8000

C If exemption application is pending, check here right arrow

G Check all that apply: Initial returnInitial return of a former public charity
Final returnAmended return
Address change Name change

D 1. Foreign organizations, check here............. right arrow

2. Foreign organizations meeting the 85%
test, check here and attach computation ... right arrow

E If private foundation status was terminated
under section 507(b)(1)(A), check here ....... right arrow

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trust Other taxable private foundation

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here ....... right arrow

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16) right arrow

$3,348,844,584J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

	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)


1	Contributions, gifts, grants, etc., received (attach schedule)	5,422,310
2	Check .............
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	31,157,398		31,157,398	31,157,398
5a	Gross rents............	108,282		108,282	108,282
b	Net rental income or (loss) 83,119
6a	Net gain or (loss) from sale of assets not on line 10		109,226,622
b	Gross sales price for all assets on line 6a 198,773,042
7	Capital gain net income (from Part IV, line 2)...			104,761,053
8	Net short-term capital gain.........				3,374,852
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......	List of Attached Documents: // Content	249,545,786	107,274,336	249,545,786
12	Total. Add lines 1 through 11........	395,460,398		243,301,069	284,186,318
13	Compensation of officers, directors, trustees, etc.	599,423				599,423
14	Other employee salaries and wages......	81,346,001				81,197,232
15	Pension plans, employee benefits.......	1,890,459				1,773,300
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	100,886	0	0	41,593
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	5,900			5,900
17	Interest...............	34,012		34,012	34,012
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	3,666,336	602,173	3,666,336
19	Depreciation (attach schedule) and depletion...	List of Attached Documents: // Content	618,820		618,820
20	Occupancy..............	4,453,046				4,483,942
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	104,303,904	47,920,779	47,928,508	56,764,795
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	197,018,787		48,556,964	52,247,676	144,866,185
25	Contributions, gifts, grants paid.......	32,722,022				8,356
26	Total expenses and disbursements. Add lines 24 and 25	229,740,809		48,556,964	52,247,676	144,874,541
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	165,719,589
b	Net investment income (if negative, enter -0-)			194,744,105
c	Adjusted net income (if negative, enter -0-)...				231,938,642

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2024)

Form 990-PF (2024)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............	818,290	956,329	956,329
	2	Savings and temporary cash investments.........	29,334,378	9,660,597	9,660,597
	3	Accounts receivable 8,476,746
		Less: allowance for doubtful accounts	10,484,400	8,476,746	8,476,746
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............	32,672	30,556	30,556
	9	Prepaid expenses and deferred charges..........	407,365	168,314	168,314
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	476,640,783	List of Attached Documents: // Content 555,671,235	1,152,859,147
	c	Investments—corporate bonds (attach schedule).......
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............	0	497,504	497,504
	13	Investments—other (attach schedule)..........	1,555,236,304	List of Attached Documents: // Content 1,661,273,863	2,170,121,909
	14	Land, buildings, and equipment: basis 6,073,482
		Less: accumulated depreciation (attach schedule)	6,032,087	6,073,482	6,073,482
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	2,078,986,279	2,242,808,626	3,348,844,584
	17	Accounts payable and accrued expenses..........	1,937,205	2,004,529
	18	Grants payable.................
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )	List of Attached Documents: // Content 33,535,850	List of Attached Documents: // Content 31,840,238
	23	Total liabilities (add lines 17 through 22).........	35,473,055	33,844,767
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........	2,043,513,224	2,208,963,859
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		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).....	2,043,513,224	2,208,963,859
	30	Total liabilities and net assets/fund balances (see instructions).	2,078,986,279	2,242,808,626

Part III

Analysis of Changes in Net Assets or Fund Balances

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) ...............

2,043,513,224

Enter amount from Part I, line 27a .....................

165,719,589

Other increases not included in line 2 (itemize) right arrow

Add lines 1, 2, and 3 ..........................

2,209,232,813

Decreases not included in line 2 (itemize) right arrow

List of Attached Documents:

// Content

268,954

Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .

2,208,963,859

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
1 a	PUBLICLY TRADED SECURITIES - SHORT TERM
b	PUBLICLY TRADED SECURITIES - LONG TERM
c	M LYNCH CARLYLE BUYOUT	P
d	M LYNCH SLP V	P
e	M LYNCH SLP VI	P
	M LYNCH ORBIMED	P
	THE SILCHESTER INTERNATIONAL INVESTORS	P
	APOLLO INVESTMENT FUND X, L.P.	P
	PROVIDENCE EQUITY PARTNERS VIII LP	P
	CUMMINGS FOUNDATION PRIVATE CAPITAL FUND, LP	P
	COMMONFUND STRATEGIC DIRECT SERIES LLC	P
	COMMONFUND GLOBAL DISTRESSED INVESTORS, LLC	P
	US RESEARCH EQUITY EXTENDED FUND, L.P.	P
	COMMONFUND CAPITAL PRIVATE EQUITY PARTNERS VIII, L.P.	P
	COMMONFUND CAPITAL VENTURE PARTNERS IX, L.P.	P
	COMMONFUND CAPITAL NATURAL RESOURCES PARTNERS IX LP	P
	STRATEGIC PARTNERS VIII L.P.	P
	WCAS XIII, L.P.	P
	TPG HEALTHCARE PARTNERS, L.P.	P
	TPG PARTNERS VIII, L.P.	P
	TPG VIII DE AIV I-A, L.P.	P
	LONGWOOD FUND V, L.P.	P
	AIF IX CARBON AIV, L.P.	P
	CARLYLE EUROPE PARTNERS V, S.C.SP.	P
	APOLLO INVESTMENT FUND IX, LP	P
	THE SILCHESTER INTERNATIONAL INVESTORS	P
	CARLYLE STRATEGIC PARTNERS III (CAYMAN), L.P.	P
	HIGHLAND CAPITAL PARTNERS 10	P
	PROVIDENCE EQUITY PARTNERS VII LP	P
	CRESCENT MEZZANINE PARTNERS VIIB, L.P.	P
	COMMONFUND CAPITAL INTERNATIONAL PARTNERS VII, LP	P
	PROVIDENCE EQUITY PARTNERS VIII LP	P
	CUMMINGS FOUNDATION PRIVATE CAPITAL FUND, LP	P
	COMMONFUND STRATEGIC DIRECT SERIES LLC	P
	COMMONFUND GLOBAL DISTRESSED INVESTORS, LLC	P
	US RESEARCH EQUITY EXTENDED FUND, L.P.	P
	COMMONFUND CAPITAL PRIVATE EQUITY PARTNERS VIII, L.P.	P
	COMMONFUND CAPITAL VENTURE PARTNERS IX, L.P.	P
	COMMONFUND CAPITAL NATURAL RESOURCES PARTNERS IX LP	P
	STRATEGIC PARTNERS VIII L.P.	P
	HUNTER POINT CAPITAL INVESTORS (OFFSHORE) LP	P
	CUMMINGS FOUNDATION PRIVATE CAPITAL FUND, LP SEC. 1231	P
	COMMONFUND CAPITAL PRIVATE EQUITY PARTNERS VIII, L.P. SEC. 1231	P
	COMMONFUND CAPITAL NATURAL RESOURCES PARTNERS IX LP SEC. 1231	P
	STRATEGIC PARTNERS VIII L.P. SEC. 1231	P
	APOLLO INVESTMENT FUND IX, LP SEC. 1256	P
	CUMMINGS FOUNDATION PRIVATE CAPITAL FUND, LP SEC. 1256	P
	US RESEARCH EQUITY EXTENDED FUND, L.P. SEC. 1256	P
	STRATEGIC PARTNERS VIII L.P. SEC. 1256	P
	FLORIDA CONDO UNIT 9E	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	12,060,962	11,777,955	283,007
b	132,358,290	79,747,300	52,610,990
c	690,521		690,521
d	1,001,618		1,001,618
e	561,779		561,779
	938,971		938,971
	33,085		33,085
	37,522		37,522
	1,114		1,114
	891,726		891,726
	117,444		117,444
	14		14
	1,998,631		1,998,631
		548	-548
	2,560		2,560
		4,443	-4,443
	14,740		14,740
	1,085,820		1,085,820
	63,242		63,242
	23,568		23,568
	552,670		552,670
		393,395	-393,395
	1		1
		3,120,615	-3,120,615
	587,619		587,619
	1,677,094		1,677,094
	2,311		2,311
		1,725	-1,725
	5,845,823		5,845,823
	152,417		152,417
	22,879		22,879
	1,621,110		1,621,110
	33,520,254		33,520,254
		83,361	-83,361
	53		53
	2,121,823		2,121,823
	126,490		126,490
	143,467		143,467
		5,877	-5,877
	1,456,948		1,456,948
	4,900		4,900
		113,083	-113,083
	6,458		6,458
		538	-538
	5,704		5,704
		27,833	-27,833
	326		326
	40,062		40,062
		1,244	-1,244
	918,954	650,000	268,954

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			283,007
b			52,610,990
c			690,521
d			1,001,618
e			561,779
			938,971
			33,085
			37,522
			1,114
			891,726
			117,444
			14
			1,998,631
			-548
			2,560
			-4,443
			14,740
			1,085,820
			63,242
			23,568
			552,670
			-393,395
			1
			-3,120,615
			587,619
			1,677,094
			2,311
			-1,725
			5,845,823
			152,417
			22,879
			1,621,110
			33,520,254
			-83,361
			53
			2,121,823
			126,490
			143,467
			-5,877
			1,456,948
			4,900
			-113,083
			6,458
			-538
			5,704
			-27,833
			326
			40,062
			-1,244
			268,954

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	104,761,053
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 ...................		3	3,374,852

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 and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)	1	2,706,943
b	All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2
3	Add lines 1 and 2...........................	3	2,706,943
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	2,706,943
6	Credits/Payments:

a	2024 estimated tax payments and 2023 overpayment credited to 2024	6a	2,553,159
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	2,553,159
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. List of Attached Documents: // Content		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9	153,784
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2025 estimated tax	Refunded	11

Form 990-PF (2024)

Page 4

Part VI-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? Click to see list of attachments

List of Attached Documents:

// Content

....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions

for the definition.................................

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.

Did the foundation file Form 1120-POL for this year?.....................

Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:

(1) On the foundation. right arrow

$ 0(2) On foundation managers. right arrow

$ 0

Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed

on foundation managers. right arrow

$ 0

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If "Yes," attach a detailed description of the activities.

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 Click to see list of attachments

List of Attached Documents:

// Content

....

Yes

Did the foundation have unrelated business gross income of $1,000 or more during the year?.........

Yes

If "Yes," has it filed a tax return on Form 990-T for this year?...................

Yes

Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........

If "Yes," attach the statement required by General Instruction T. Click to see list of attachments

List of Attached Documents:

// Content

Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:

By language in the governing instrument, or

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? ................

Yes

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..................................

Yes

Enter the states to which the foundation reports or with which it is registered (see instructions)

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 .

Yes

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 .............................

Yes

Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names

and addresses. ...............................

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 Click to see list of attachments

List of Attached Documents:

// Content

.............

Yes

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.................

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website address right arrow

www.cummingsfoundation.org

The books are in care of right arrow

JOSEPH MONTANO Telephone no. right arrow

(781) 935-8000

Located at right arrow

200 WEST CUMMINGS PARKWOBURNMA ZIP+4 right arrow

01801

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

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)

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

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)

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person? ..............................

1a(2)

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........

1a(3)

Yes

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............

1a(4)

Yes

(5) Transfer any income or assets to a disqualified person (or make any of either available

for the benefit or use of a disqualified person)? ......................

1a(5)

(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)

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 ..........

Organizations relying on a current notice regarding disaster assistance check here ........ right arrow

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? .............

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)):

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?....................

If "Yes," list the years right arrow

20, 20, 20, 20

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.) ..............

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at

any time during the year? ..............................

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.) .....................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

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? ..

Form 990-PF (2024)

Page 6

Part VI-B

Statements Regarding Activities for Which Form 4720 May Be Required (continued)

During the year did the foundation pay or incur any amount to:

Yes

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........

5a(1)

(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)

(3) Provide a grant to an individual for travel, study, or other similar purposes? .............

5a(3)

(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)

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 ........

Organizations relying on a current notice regarding disaster assistance check ......... right arrow

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? .................

Yes

If "Yes," attach the statement required by Regulations section 53.4945–5(d).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on

a personal benefit contract? .............................

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....

If "Yes" to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?

If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....

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? .........................

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
Joyce M Cummings	TRUSTEE & TREASURER 25.0	0	0	0
200 West Cummings Park Woburn,MA01801	TRUSTEE & TREASURER 25.0	0	0	0
Patricia A Cummings PSY D	TRUSTEE & Vice President 1.0	0	0	0
200 West Cummings Park Woburn,MA01801	TRUSTEE & Vice President 1.0	0	0	0
William S Cummings	TRUSTEE & PRESIDENT 50.0	0	0	0
200 West Cummings Park Woburn,MA01801	TRUSTEE & PRESIDENT 50.0	0	0	0
Steven Disalvo	Trustee 1.0	0	0	0
200 West Cummings Park Woburn,MA01801	Trustee 1.0	0	0	0
Margot Botsford	Trustee (THRU 9/24) 1.0	0	0	0
4 Belmore Terrace Jamaica Plain,MA02130	Trustee (THRU 9/24) 1.0	0	0	0
Marilyn Cummings Morris MD MPH	Trustee 1.0	0	0	0
200 West Cummings Park WOBURN,MA01801	Trustee 1.0	0	0	0
Arlan F Fuller MD	Trustee 1.0	0	0	0
200 West Cummings Park Woburn,MA01801	Trustee 1.0	0	0	0
Thomas Pappas	TRUSTEE 1.0	0	0	0
200 WEST CUMMINGS PARK WOBURN,MA01801	TRUSTEE 1.0	0	0	0
David Harris PHD	Trustee 1.0	0	0	0
200 West Cummings Park Woburn,MA01801	Trustee 1.0	0	0	0
ERIC S ANDERSON	TRUSTEE 1.0	0	0	0
200 West Cummings Park Woburn,MA01801	TRUSTEE 1.0	0	0	0
DENNIS A CLARKE	TRUSTEE 1.0	0	0	0
200 West Cummings Park Woburn,MA01801	TRUSTEE 1.0	0	0	0
WILLIAM F GRANT	TRUSTEE 1.0	0	0	0
200 West Cummings Park Woburn,MA01801	TRUSTEE 1.0	0	0	0
CHRISTINE COAKLEY	EXEC DIRECTOR, NHC 50.0	151,148	15,652	0
200 West Cummings Park Woburn,MA01801	EXEC DIRECTOR, NHC 50.0	151,148	15,652	0
Marie Connolly	Exec Director, NHM 50.0	179,234	21,421	30,000
200 West Cummings Park Woburn,MA01801	Exec Director, NHM 50.0	179,234	21,421	30,000
ANDREW BISHOP	Deputy Director 50.0	185,984	15,984	0
200 West Cummings Park Woburn,MA01801	Deputy Director 50.0	185,984	15,984	0
AISHA FRANCIS PHD	TRUSTEE 1.0	0	0	0
Benjamin Franklin Cummings Institut BOSTON,MA02116	TRUSTEE 1.0	0	0	0
Robert Keefe Esq	Trustee 1.0	0	0	0
200 West Cummings Park Woburn,MA01801	Trustee 1.0	0	0	0
Jack Connors Jr	Trustee (THRU 7/24) 1.0	0	0	0
Connors Family Off 79 Newbury ST BOSTON,MA02116	Trustee (THRU 7/24) 1.0	0	0	0
Agnes Binagwaho M D PhD	TRUSTEE 1.0	0	0	0
200 West Cummings Park Woburn,MA01801	TRUSTEE 1.0	0	0	0
IOANNIS MIAOULIS PHD	TRUSTEE 1.0	0	0	0
Roger Williams University BRISTOL,RI02809	TRUSTEE 1.0	0	0	0
JOHN KEENAN J D	TRUSTEE 1.0	0	0	0
SALEM STATE UNIVERSITY SALEM,MA01970	TRUSTEE 1.0	0	0	0
MICHAEL KENNEALY	TRUSTEE 1.0	0	0	0
200 West Cummings Park Woburn,MA01801	TRUSTEE 1.0	0	0	0
JIM YONG KIM MD PHD	Trustee 1.0	0	0	0
200 West Cummings Park Woburn,MA01801	Trustee 1.0	0	0	0
SUNIL KUMAR PHD	TRUSTEE 1.0	0	0	0
200 West Cummings Park Woburn,MA01801	TRUSTEE 1.0	0	0	0
Carol Fulp	TRUSTEE (AS OF 1/24) 1.0	0	0	0
1 Huntington Avenue Suite 201 Boston,MA02116	TRUSTEE (AS OF 1/24) 1.0	0	0	0
Joyce Vyriotes	Exec Dir, Clerk & Trustee 30.0	0	0	0
200 West Cummings Park Woburn,MA01801	Exec Dir, Clerk & Trustee 30.0	0	0	0

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
ANTHONY SPENCER	CORE DIVISON OPS MGR 50.0	375,938	16,351	0
200 WEST CUMMINGS PARK WOBURN,MA01801	CORE DIVISON OPS MGR 50.0	375,938	16,351	0
SCOTT CROWLEY	DIVISION MANAGER 50.0	239,474	36,684	0
200 WEST CUMMINGS PARK WOBURN,MA01801	DIVISION MANAGER 50.0	239,474	36,684	0
KARA MURPHY	SR. ACCOUNT MANAGER 50.0	193,829	21,599	0
200 WEST CUMMINGS PARK WOBURN,MA01801	SR. ACCOUNT MANAGER 50.0	193,829	21,599	0
JEFFREY PELLETIER	SUBURBAN DIV OPS MGR 50.0	189,972	16,097	0
200 WEST CUMMINGS PARK WOBURN,MA01801	SUBURBAN DIV OPS MGR 50.0	189,972	16,097	0
BRANDON ADAMS	ASSOCIATE DIV MGR 50.0	192,083	13,458	0
200 WEST CUMMINGS PARK WOBURN,MA01801	ASSOCIATE DIV MGR 50.0	192,083	13,458	0
Total number of other employees paid over $50,000...................				117

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
COMMONFUND	INVESTMENT SVCS	3,622,187
15 OLD DANBURY ROAD WILTON,CT068970812	INVESTMENT SVCS	3,622,187
MERRILL LYNCH TRUST CO	INVESTMENT SVCS	1,493,750
ONE FEDERAL STREET BOSTON,MA02110	INVESTMENT SVCS	1,493,750
MARY ANN MORSE AT NEW HORIZONS	ASSISTED LIVING	674,463
747 WATER STREET FRAMINGHAM,MA01701	ASSISTED LIVING	674,463
STRATEGIC PARTNERS VIII LP	INVESTMENT SVCS	562,500
345 PARK AVE NEW YORK,NY10154	INVESTMENT SVCS	562,500
Longwood VI	INVESTMENT SVCS	392,712
Prudential T 800 Boylston St Ste BOSTON,MA02199	INVESTMENT SVCS	392,712

Total number of others receiving over $50,000 for professional services............. right arrow

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	SEE GENERAL EXPLANATION ATTACHMENT - CUMMINGS SCHOOL OF VETERINARY MEDICINE	109,872,057
2	SEE GENERAL EXPLANATION ATTACHMENT - CUMMINGS SCHOOL OF NURSING AND HEALTH SCIENCES	16,162,187
3	SEE GENERAL EXPLANATION ATTACHMENT - NEW HORIZONS AT MARLBOROUGH	13,502,434
4	SEE GENERAL EXPLANATION ATTACHMENT - NEW HORIZONS AT CHOATE	5,284,232

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 arrow

Form 990-PF (2024)

Page 8

Part IX

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

2,611,451,901

Average of monthly cash balances.......................

4,504,498

Fair market value of all other assets (see instructions)................

540,251,669

Total (add lines 1a, b, and c).........................

3,156,208,068

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) .............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d.........................

3,156,208,068

Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see

instructions) .............................

47,343,121

Net value of noncharitable-use assets. Subtract line 4 from line 3. ............

3,108,864,947

Minimum investment return. Enter 5% (0.05) of line 5................

155,443,247

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.)

Minimum investment return from Part IX, line 6..................

Tax on investment income for 2024 from Part V, line 5 .......

Income tax for 2024. (This does not include the tax from Part V.) ...

Add lines 2a and 2b............................

Distributable amount before adjustments. Subtract line 2c from line 1............

Recoveries of amounts treated as qualifying distributions................

Add lines 3 and 4............................

Deduction from distributable amount (see instructions).................

Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...

Part XI

Qualifying Distributions (see instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........

144,874,541

Program-related investments—total from Part VIII-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes...............................

660,216

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......

145,534,757

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 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only.......
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 ........
4Qualifying distributions for 2024 from Part
XI, line 4: $
a Applied to 2023, but not more than line 2a
b Applied to undistributed income of prior years (Election required—see instructions).....
c Treated as distributions out of corpus (Election required—see instructions)........
d Applied to 2024 distributable amount.....
e Remaining amount distributed out of corpus
5 Excess distributions carryover applied to 2024.
(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
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........
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 ...........
e Undistributed income for 2023. Subtract line 4a from line 2a. Taxable amount—see instructions .............
f Undistributed income for 2024. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2025 ..........
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) .......
8 Excess distributions carryover from 2019 not applied on line 5 or line 7 (see instructions) ...
9 Excess distributions carryover to 2025. Subtract lines 7 and 8 from line 6a ......
10 Analysis of line 9:
a Excess from 2020....
b Excess from 2021....
c Excess from 2022....
d Excess from 2023....
e Excess from 2024....

Form 990-PF (2024)

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

1990-04-27

b Check box to indicate whether the organization is a private operating foundation described in section 4942(j)(3) or4942(j)(5)

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	(e) Total
	155,443,247	133,814,566	129,515,133	114,953,729	533,726,675
b 85% (0.85) of line 2a .........	132,126,760	113,742,381	110,087,863	97,710,670	453,667,674
c Qualifying distributions from Part XI, line 4 for each year listed .....	145,534,757	133,123,445	118,274,920	98,747,853	495,680,975
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........	8,356	16,000	22,600	8,823	55,779
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....	145,526,401	133,107,445	118,252,320	98,739,030	495,625,196
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......	0				0
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)					0
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part IX, line 6 for each year listed ..	103,628,831	89,209,711	86,343,422	76,635,819	355,817,783
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) ....					0
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....					0
(3) Largest amount of support from an exempt organization					0
(4) Gross investment income					0

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).)

WILLIAM S CUMMINGS PATRICIA A CU

AND JOYCE M CUMMINGS

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.

NONE

2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:

Check here right arrow

if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, b, c, and d. See instructions

aThe name, address, and telephone number or email address of the person to whom applications should be addressed:

bThe form in which applications should be submitted and information and materials they should include:

cAny submission deadlines:

dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:

Form 990-PF (2024)

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)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
MEDFORD JINGLE BELL FESTIVAL 74 HIGH STREET MEDFORD,MA02155	N/A	PC	MISCELLANEOUS COMMUNITY SUPPORT	1,000
CUMMINGS FOUNDATION GRANTS INC 200 WEST CUMMINGS PARK WOBURN,MA01801	N/A	PF	TRANSFER WAS MADE FOR ENDOWMENT PURPOSES	32,713,666
VNA HOSPICE CARE INC 100 TRADECENTER SUITE G-500 WOBURN,MA01801	N/A	PC	HEALTHCARE	1,000
ALZHEIMER'S ASSOCIATION 225 N MICHIGAN AVE FLOOR 17 CHICAGO,IL60601	N/A	PC	HEALTHCARE	5,156
MARLBOROUGH FIRE DEPARTMENT RELIEF 215 MAPLE STREET MARLBOROUGH,MA01752	N/A	GOV	MISCELLANEOUS COMMUNITY SUPPORT	200
FRIENDS OF THE MARLBOROUGH SENIORS PO BOX 793 MARLBOROUGH,MA01752	N/A	PC	HUMAN SERVICES	1,000
Total ................................. 3a				32,722,022

bApproved for future payment

Total ................................. 3b

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	(e) Related or exempt function income (See instructions.)
aSENIOR FACILITY REVENUE					23,256,767
bHOME HEALTH CARE REVENUE					568,798
cCUMMINGS HEALTH SCIENCES, LLC					120,905,549
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments ....
3 Interest on savings and temporary cash investments ...........
4 Dividends and interest from securities ....			14	31,157,398
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....			16	83,119
6 Net rental income or (loss) from personal property
7 Other investment income .....			14	107,236,652
8 Gain or (loss) from sales of assets other than inventory ............	901101	4,478,615	18	104,748,007
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aVENDING INCOME			01	28,717
bFLOW-THROUGH PARTNERSHIP LOSSES	901101	-2,459,664
cBOOK SALES INCOME			01	7,738
dLITIGATION INCOME			01	1,229
e
12 Subtotal. Add columns (b), (d), and (e) ..		2,018,951		243,262,860	144,731,114

13Total. Add line 12, columns (b), (d), and (e)..................

390,012,925

(See worksheet in line 13 instructions to verify calculations.)

Part XV-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	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.)
1A	PART OF THE PRIMARY EXEMPT PURPOSE OF CUMMINGS FOUNDATION IS TO OPERATE TWO NOT-FOR PROFIT RESIDENTIAL INDEPENDENT AND ASSISTED LIVING FACILITIES FOR SENIORS. SENIOR FACILITY REVENUE IS INCOME FROM THE OPERATION OF SUCH FACILITIES.
1B	PART OF THE PRIMARY EXEMPT PURPOSE OF CUMMINGS FOUNDATION IS TO PROVIDE HOME HEALTH CARE TO SENIORS. HOME HEALTH CARE REVENUE IS INCOME FROM THE PROVISION OF SUCH CARE TO SENIORS.
1c	CUMMINGS FOUNDATION ENTERED INTO A LONG-TERM AGREEMENT WITH TUFTS UNIVERSITY IN 2004 TO OPERATE ITS VETERINARY SCHOOL THROUGH A SUBSIDIARY CALLED CUMMINGS HEALTH SCIENCES, LLC (FKA VETERINARY SCHOOL AT TUFTS, LLC.) DURING THE TERM OF THE AGREEMENT, CUMMINGS FOUNDATION WILL CONTRIBUTE AT LEAST $50 MILLION TO SUPPORT THE RENAMED CUMMINGS SCHOOL OF VETERINARY MEDICINE. THE IRS ISSUED A PRIVATE LETTER RULING ON MAY 6, 2004, CONFIRMING THAT THE EXPENDITURES DIRECTED TO TUFTS UNIVERSITY AND THE EXPENSES CUMMINGS FOUNDATION INCURS IN OPERATING THE CUMMINGS SCHOOL CONSTITUTE QUALIFIED DISTRIBUTIONS DIRECTLY FOR THE ACTIVE CONDUCT OF CUMMINGS FOUNDATION'S EXEMPT PURPOSES.
1D	CUMMINGS FOUNDATION, INC. ENTERED INTO A LONG-TERM AGREEMENT WITH ENDICOTT COLLEGE EFFECTIVE JANUARY 1, 2022, TO OPERATE THE CUMMINGS SCHOOL OF NURSING AND HEALTH SCIENCES (CSNHS) ON ENDICOTT COLLEGE'S CAMPUS THROUGH A SUBSIDIARY CALLED CUMMINGS HEALTH SCIENCES, LLC (CHSL). THE MANNER OF OPERATION OF CSNHS BY CHSL IS VIRTUALLY IDENTICAL TO CHSL'S OPERATION OF CUMMINGS SCHOOL OF VETERINARY MEDICINE AT TUFTS UNIVERSITY, APPROVED IN A LETTER RULING ISSUED BY THE IRS ON MAY 6, 2004.

Form 990-PF (2024)

Page 13

Part XVI

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations

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

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash...................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

Yes

(4) Reimbursement arrangements...........................

1b(4)

(5) Loans or loan guarantees.............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

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
1b(3)	0	HEM REALTY INC	SEE ATTACHED
1b(3)	0	NHC REALTY INC	SEE ATTACHED

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? ...........Yes No

If "Yes," complete the following schedule.

(a) Name of organization	(b) Type of organization	(c) Description of relationship
HEM REALTY INC	501(C)(2)	A DIVISION OF CFI
NHC REALTY INC	501(C)(2)	A DIVISION OF CFI

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.
				May the IRS discuss this return with the preparer shown below? See instructions. Yes No
	Signature of officer or trustee	Date	Title

Paid Preparer Use Only	Print/Type preparer's name	Preparer's Signature	Date	Check if self- employed	PTIN
	Firm's name				Firm's EIN
	Firm's address				Phone no.

Form 990-PF (2024)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

Schedule B
(Form 990)
(Rev. January 2025)

Department of the Treasury
Internal Revenue Service

Schedule of Contributors

Attach to Form 990, 990-EZ, or 990-PF.

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

Name of the organization

Cummings Foundation Inc

Employer identification number

04-3073023

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 Cummings Foundation Inc

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	William S Cummings 200 West Cummings Park Woburn, MA01801	$ 4,350,000	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
2	Kevin Cummings 200 West Cummings Park Woburn, MA01801	$ 141,000	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
3	Joyce M Cummings 5280 N Ocean Drive 9E Riviera Beach, FL33404	$ 923,356	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (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 Cummings Foundation Inc		Employer identification number 04-3073023

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
3	Condominium	$ 923,356	2024-04-30
(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 Cummings Foundation Inc			Employer identification number 04-3073023
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

(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

(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

(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

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

Schedule B (Form 990) (Rev. 1-2025)

Additional Data

Software ID:
Software Version:

- TIN:

TY 2024 AccountingFeesSchedule

Name:

Cummings Foundation Inc

EIN:

04-3073023

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
TAX PREP FEES	100,886			41,593

- TIN:

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

TY 2024 DepreciationSchedule

Name:

Cummings Foundation Inc

EIN:

04-3073023

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

- TIN:

TY 2024 GeneralExplanationAttachment

Name:

Cummings Foundation Inc

EIN:

04-3073023

Identifier	Return Reference	Explanation
SUMMARY OF DIRECT CHARITABLE ACTIVITIES	SUMMARY OF DIRECT CHARITABLE ACTIVITIES	FORM 990-PF, PART VIII-A CUMMINGS SCHOOL OF VETERINARY MEDICINE - $109,872,057. CUMMINGS FOUNDATION ENTERED INTO A LONG-TERM AGREEMENT WITH TUFTS UNIVERSITY in 2004 TO OPERATE ITS VETERINARY SCHOOL THROUGH A SUBSIDIARY CALLED Cummings Health Sciences, LLC (FKA Veterinary School At Tufts, LLC). DURING THE TERM OF AGREEMENT, CUMMINGS FOUNDATION WILL CONTRIBUTE AT LEAST $50 MILLION TO SUPPORT THE RENAMED CUMMINGS SCHOOL OF VETERINARY MEDICINE. THE IRS ISSUED A LETTER RULING ON MAY 6, 2004, CONFIRMING THAT THE EXPENDITURES DIRECTED TO TUFTS UNIVERSITY AND THE EXPENSES CUMMINGS FOUNDATION INCURS IN OPERATING THE CUMMINGS SCHOOL CONSTITUTE QUALIFIED DISTRIBUTIONS DIRECTLY FOR THE ACTIVE CONDUCT OF CUMMINGS FOUNDATION'S EXEMPT PURPOSES. NEW HORIZONS AT MARLBOROUGH - $13,502,434. ESTABLISHED IN 1993 AND ACCOMMODATES APPROXIMATELY 500 RESIDENTS AT ITS MARLBOROUGH, MASSACHUSETTS CAMPUS. THE FACILITY HAS THE ABILITY TO ACCOMMODATE ACTIVE AND INDEPENDENT SENIORS, SENIORS REQUIRING ASSISTANCE WITH ACTIVITIES OF DAILY LIVING (ASSISTED LIVING RESIDENTS) AND SENIORS SUFFERING FROM ALZHEIMER'S DISEASE. Cummings School of Nursing and Health Sciences $16,162,187. Cummings Foundation, Inc. entered into a long-term agreement with Endicott College effective January 1, 2022, to operate the Cummings School of Nursing and Health Sciences (CSNHS) on Endicott College's campus through a subsidiary called Cummings Health Sciences, LLC (CHSL). During the term of the agreement and in accordance therewith, the building housing CSNHS is leased by CHSL, and CSNHS's revenues and expenses are accounted for by CHSL. The manner of operation of CSNHS by CHSL is virtually identical to CHSL's operation of Cummings School of Veterinary Medicine at Tufts University, approved in a letter ruling issued by the IRS on May 6, 2004. NEW HORIZONS AT CHOATE - $5,284,232. ESTABLISHED IN 1990 AND ACCOMMODATES 125 SENIORS.THE FACILITY IS LOCATED IN WOBURN, MA. FORMERLY THE CHOATE MEMORIAL HOSPITAL PROPERTY, THIS PROPERTY WAS CONVERTED TO A RETIREMENT COMMUNITY WHICH INCLUDES SUITES FOR INDEPENDENT LIVING AND ASSISTED LIVING UNITS. THE FACILITY HAS THE ABILITY TO ACCOMMODATE ACTIVE AND INDEPENDENT SENIORS, SENIORS REQUIRING ASSISTANCE WITH ACTIVITIES OF DAILY LIVING (ASSISTED LIVING RESIDENTS) AND SENIORS SUFFERING FROM ALZHEIMER'S DISEASE.
DESCRIPTION OF RENTAL OF FACILITIES	DESCRIPTION OF RENTAL OF FACILITIES	FORM 990-PF, PART XVI, LINE 1D REPORTING ORGANIZATION HAS A DIVISION CALLED NEW HORIZONS AT MARLBOROUGH, LLC (EIN: 75-3031923) ("NHM"). NHM IS LESSEE OF REAL PROPERTY FROM HEM REALTY, INC. (EIN: 30-0553220) ("HEM REALTY"), WHICH IT USES IN OPERATIONS. HEM REALTY IS A 501(C)(2) TITLE HOLDING COMPANY THAT IS RELATED TO REPORTING ORGANIZATION. BECAUSE HEM REALTY HOLDS TITLE FOR REPORTING ORGANIZATION, AND CONSISTENT WITH ITS PURPOSES WOULD TURN OVER ANY RENT IT COLLECTS TO REPORTING ORGANIZATION, HEM REALTY WAIVES PAYMENT OF RENT FROM REPORTING ORGANIZATION'S DIVISION, NHM. REPORTING ORGANIZATION HAS A DIVISION CALLED NEW HORIZONS AT CHOATE, LLC (EIN: 75-3031909) ("NHC"). NHC IS LESSEE OF REAL PROPERTY FROM NHC REALTY, INC.(EIN: 30-0553218) ("NHC REALTY"), WHICH IT USES IN OPERATIONS. NHC REALTY IS A 501 (C)(2) TITLE HOLDING COMPANY THAT IS RELATED TO REPORTING ORGANIZATION. BECAUSE NHC REALTY HOLDS TITLE FOR REPORTING ORGANIZATION, AND CONSISTENT WITH ITS PURPOSES WOULD TURN OVER ANY RENT IT COLLECTS TO REPORTING ORGANIZATION, NHC REALTY WAIVES PAYMENT OF RENT FROM REPORTING ORGANIZATION'S DIVISION, NHC.

- TIN:

TY 2024 InvestmentsCorpStockSchedule

Name:

Cummings Foundation Inc

EIN:

04-3073023

Name of Stock	End of Year Book Value	End of Year Fair Market Value
ALPHABET INC SHS CL A	1,130,433	18,930,001
ALPHABET INC SHS CL C	1,129,970	19,146,839
AMAZON COM INC COM	10,118,352	23,503,032
AMER EXPRESS COMPANY	15,165,202	29,175,942
AMGEN INC COM	9,052,135	11,181,457
APPLE INC	3,825,443	70,743,651
APPLIED MATERIAL INC	10,046,550	12,026,490
AUTOMATIC DATA PROC	3,020,445	14,490,135
BERKSHIRE HATHAWAYINC	10,178,736	23,411,912
BLACKSTONE INFRA	33,000,000	33,000,000
CADENCE DESIGN SYS INC	17,700,658	21,182,430
CATERPILLAR INC DEL	9,167,562	9,613,140
CITIGROUP INC COM NEW	10,496,335	12,247,860
COMCAST CORP NEW CL A	2,402,595	9,907,920
CONOCOPHILLIPS	6,989,950	5,900,615
DISNEY (WALT) CO COM STK	18,159,542	12,760,710
DOVER CORP	14,280,802	18,591,160
EMERSON ELEC CO	7,493,755	10,100,295
FEDEX CORP DELAWARE COM	3,479,744	9,283,890
GE AEROSPACE	8,572,172	22,766,835
GE VERNOVA LLC	2,240,110	11,224,736
GENL DYNAMICS CORP COM	3,029,947	12,515,775
HOME DEPOT INC	4,750,071	18,671,520
HONEYWELL INTL INC DEL	3,390,097	10,165,050
ISHARES MSCI USA	46,718,680	50,826,880
JPMORGAN CHASE & CO	2,939,306	16,659,845
MARRIOTT INTL INC NEW A	11,142,173	20,418,408
MARVELL TECH INC	10,007,108	26,329,292
MCDONALDS CORP COM	2,299,208	12,073,919
META PLATFORMS INC	1,109,418	23,654,604
MONDELEZ INTERNATIONAL	4,000,532	11,946,000
NVIDIA	13,659,597	138,862,140
ORACLE CORP $0.01 DEL	3,227,803	19,996,800
PALO ALTO NETWORKS INC	10,489,690	21,875,231
SALESFORCE INC	593,630	20,059,800
STARBUCKS CORP	2,825,811	11,223,750
THERMO FISHER SCIENTIFIC	1,148,156	13,057,773
VANGUARD SMALL CAP VALUE	15,833,274	21,898,890
VISA INC CL A SHRS	15,144,494	21,954,351
WALMART INC	10,730,098	29,815,500
ADVANCED DRAIN SYS INC	515,359	511,414
AFFILIATED MANAGERS GRP	1,633,862	3,142,538
APTARGROUP INC	1,878,083	3,229,177
ARAMARK SHS	1,744,615	2,829,375
AVERY DENNISON CORP	1,892,901	1,872,984
BALL CORP COM	493,733	570,816
BIO TECHNE CORP COM STK	739,957	1,302,268
BLACKBAUD INC	877,599	1,728,344
BOOZ ALLEN HAMILTON HLDG	2,708,062	3,784,552
BROADRIDGE FINL	740,368	1,403,952
BROWN & BROWN INC FLA	1,569,247	3,723,526
BURLINGTON STORES INC	2,036,890	3,669,862
CACI INTL INC CL A	2,841,420	3,906,452
CARLISLE COS INC	2,331,556	5,475,454
CASEYS GEN STORES INC	1,906,374	3,363,993
CHOICE HOTELS INTL NEW	1,951,918	3,175,951
COLUMBIA BKG SYS INC	849,549	876,810
COLUMBIA SPORTSWEAR CO	1,887,701	2,379,338
DOLBY LABORATORIES INC	3,693,549	3,585,805
ENVISTA HOLDINGS CORP	2,610,384	1,640,962
FACTSET RESH SYS INC	263,485	1,073,559
FTI CONSULTING INC COM	1,371,692	1,510,883
GODADDY INC SHS CL A	2,130,598	5,595,440
GRACO INC	430,931	1,541,895
HUNT J B TRANS SVCS INC	1,202,605	2,107,014
IDEX CORP DELAWARE COM	1,214,963	2,367,469
INSIGHT ENTRPRISES INC	645,237	482,461
JACK HENRY & ASSOC INC	743,195	1,374,116
JONES LANG LASALLE INC	1,268,809	2,347,201
KINSALE CAPITAL GROUP	802,818	1,041,891
KIRBY CORP COM	1,216,669	1,725,069
LANDSTAR SYS INC COM	1,540,976	2,754,191
LENNOX INTL INC	1,330,264	3,382,446
LKQ CORP	4,183,356	3,714,580
MANHATTAN ASSOCS INC	329,459	1,484,428
MARKEL GROUP INC COM	2,200,201	4,274,145
MORNINGSTAR INC	2,215,543	4,541,739
NORDSON CORP	1,327,662	1,679,935
POOL CORPORATION	967,212	1,396,149
PROSPERITY BANCSHARES	1,023,078	1,168,377
RPM INTERNATIONAL INC	1,942,560	3,301,788
SEI INVT CO PA PV $0.01	1,930,269	3,551,233
SERVICE CORP INTL	809,654	1,500,979
SIMPSON MFG DEL PV $0.01	1,186,385	1,160,478
TELEFLEX INC	4,473,724	3,522,327
TRANSUNION	1,447,077	2,465,252
TRIMBLE INC	2,688,501	3,387,370
TYLER TECHS INC DEL COM	1,247,408	2,015,933
ULTA BEAUTY INC	836,411	1,338,280
W R BERKLEY CORP	3,561,919	6,701,424
WEX INC	1,753,931	2,170,111
ABB LTD	524,915	924,517
ADIDAS AG	250,096	300,155
AIA GROUP LTD	684,444	545,498
AIR LIQUIDE FN	316,625	372,103
AIRBUS SE	424,957	567,712
AMADEUS IT GROUP SA	729,895	798,866
ANHEUSER-BUSCH INBEV SA/	612,341	435,276
ASHTEAD GROUP PLC 10P FN	408,575	319,054
ASML HOLDING N.V. ORD SH	748,088	806,104
ASTRAZENECA PLC SHS FN	591,219	776,644
B AND M EUROPEAN VALUE R	186,702	100,985
BAE SYSTEMS PLC	470,861	416,353
BEIGENE LTD	177,604	188,958
BHP GROUP LTD	155,412	126,673
BP PLC	373,932	288,266
BRITISH AMERICAN TOBACCO	292,756	264,819
CANADIAN NATL RAILWAY CO	558,784	458,318
CAPGEMINI SA	639,209	542,387
CARLSBERG AS-B	374,409	259,484
CHUGAI PHARM LTD 4519	259,311	231,474
DAIICHI SANKYO CO LTD	651,120	592,804
DAIKIN INDUSTRIES 6367	347,111	273,726
DANONE S.A	260,667	289,754
DBS GROUP HOLDINGS LTD	381,744	623,205
DEUTSCHE BK REGD NPV	322,794	347,696
DNB BANK ASA REG SHS	298,096	327,577
DSV A/S	313,754	461,576
ENGIE	399,909	446,688
EPIROC AB REG SHS	640,243	602,306
ESSILORLUXOTTICA	532,764	838,504
EVOLUTION AB	196,928	166,184
FEDERATED HERMES GOVT	837,152	837,152
FERRARI NV	255,967	259,852
FUJITSU LTD 6702	271,204	308,940
GENMAB A/S	351,848	245,324
GIVAUDAN SA UNSP ADR	377,976	547,108
HERMES INTL S A	245,258	560,232
HITACHI CORP 6501	441,504	646,246
HONG KONG EXCHANGES AND	256,274	322,316
HOYA CORP 7741	194,642	197,771
IBERDROLA SA, BILBAO	247,606	285,661
IMPERIAL BRANDS PLC	263,152	360,887
INDUSTRIA DE DISENO TEXT	275,724	627,261
ITOCHU CORP ORD 8001	684,030	774,030
KEYENCE CORP 6861 FN	431,403	472,389
KONINKLIJKE KPN NV FN	289,668	302,830
L OREAL	633,903	551,156
L.V.M.H. EUR 0.3	766,292	601,467
LONDON STK EXCHANGE GROU	636,749	1,050,955
MARUBENI CORP 8002 FN	319,888	261,789
MTU AERO ENGINES AG	209,026	357,650
MUNICH RE-INS REGD	410,331	400,215
NATIONAL GRID PLC REG SH	336,414	297,826
NATWEST GROUP PLC REG SH	415,053	517,882
NESTLE SA CHAM UND VEVE	804,481	583,166
NETEASE INC REG SHS	200,425	157,019
NITORI HOLDINGS	273,969	171,176
NOMURA RESEARCH INST4307	410,932	419,930
NOVO NORDISK A/S BR AND/	799,516	1,073,614
RECRUIT HOLDINGS CO.LTD.	332,104	534,489
RELX PLC	551,824	662,837
ROLLS-ROYCE HOLDI	470,053	649,323
SAFRAN SA	646,363	1,140,536
SAP SE	1,111,644	1,637,116
SHIN ETSU CHEMICAL 4063	303,057	370,718
SHOPIFY INC CL A	73,908	264,655
SIKA AG NAMEN-AKT	493,697	425,578
SMC CORP 6273	373,658	370,231
SPOTIFY TECH S.A. REG	133,663	131,530
STRAUMANN HLDG AG NAMEN-	193,621	217,121
SUZUKI MOTOR CORP 7269	353,296	346,691
TAIWAN S MANUFCTRING ADR	500,228	1,017,512
TDK CORP 6762	264,933	444,423
TENCENT HOLDINGS LTD SHS	438,471	415,392
TERUMO 4543 FN	178,808	192,757
TFI INTERNATIONAL INC	144,970	359,474
TOKYO ELECTRON 8035 FN	335,884	335,235
TOTALENERGIES SE	990,441	879,757
UNI CHARM CO LTD 8113 FN	272,245	130,397
UNICREDIT SPA	511,422	547,874
ACCENTURE PLC SHS	388,584	418,278
AERCAP HOLDINGS N.V. SHS	554,746	601,092
AGNICO EAGLE MINES LTD	401,203	376,659
ALIBABA GROUP HOLDING LT	1,004,157	801,350
ARGENX SE	389,004	503,685
ARM HLDGS PLC	178,763	176,281
ASML HLDG NV NY REG SHS	1,112,227	1,169,226
ASTRAZENECA PLC SPND ADR	815,510	752,104
CAMECO CORP COM	561,425	767,818
CANADIAN IMPERIAL BANK	814,888	844,753
CANADIAN PAC KANS CITY	386,747	371,403
COCA-COLA EUROPACIFIC	742,063	791,757
CRH PLC	528,105	541,427
DIAGEO PLC SPSD ADR NEW	635,172	569,415
EATON CORP PLC	721,588	832,994
FERRARI NV	662,799	686,966
FLUTTER ENTERTAINMENT	384,325	377,079
GLOBANT S A	360,648	379,309
H WORLD GROUP LTD	613,699	487,027
HDFC BANK LTD ADR	398,887	437,377
HSBC HLDG PLC SP ADR	930,524	1,117,450
ING GP NV SPSD ADR	614,267	591,574
ISHARES MSCI INDIA SMALL	401,854	364,208
ISHARES MSCI JAPAN ETF	1,509,989	1,517,869
ISHARES MSCI SOUTH KOREA	770,121	616,634
JOHNSON CONTROLS INTER	405,739	426,459
KB FINL GROUP INC SPN AD	577,001	532,982
LINDE PLC NEW	614,369	710,902
MAKEMYTRIP LIMITED	413,107	517,049
MITSUBISHI UFJ FINL GRP	874,310	1,134,918
MIZUHO FINL GROUP INC	594,629	719,309
NATIONAL GRID PLC SHS	1,332,723	1,197,075
NOVARTIS ADR	841,204	733,328
NOVO NORDISK A S ADR	1,583,175	1,272,838
ORIX CORPORATION SP ADR	725,360	684,546
PDD HOLDINGS INC	219,350	203,970
RELX PLC	882,121	1,007,431
RENAISSANCERE HLDGS LTD	932,045	942,492
RYANAIR HOLDINGS PLC SHS	465,531	495,182
SANOFI ADR	922,886	833,366
SAP SE SHS	797,302	1,036,298
SEA LTD	400,093	519,466
SHELL PLC	1,077,186	1,058,973
SHOPIFY INC CL A	172,447	379,811
SONY GROUP CORP	768,227	944,582
SUNCOR ENERGY INC NEW	580,462	562,495
TAIWAN S MANUFCTRING ADR	958,623	2,040,862
TECK RESOURCES LTD CLS B	525,325	521,945
TELEFONICA SA SPAIN ADR	756,517	666,391
THOMSON REUTERS CORP REG	683,532	750,097
TORONTO DOMINION BANK	441,572	366,664
TOYOTA MOTOR CORP ADR	373,866	436,899
UNILEVER PLC NEW ADR	1,071,876	962,142
XTRACKERS HARVST CSI 300	579,313	559,655
ABM INDUSTRIES INC COM	273,183	409,184
AGIOS PHARMACEUTICALS	315,177	291,600
ALAMO GROUP INC	293,095	261,389
AMERESCO CLASS A	231,401	161,096
AMICUS THERAPEUTICS INC	450,241	315,966
APPLIED INDUSTRL TECH	214,260	754,809
ARCBEST CORPORATION	204,851	167,976
ARDELYX INC SHS	378,392	255,700
ARMADA HOFFLER PPTYS INC	209,332	147,772
ARTIVION INC	352,894	375,530
ASGN INC	384,467	455,286
ASSOCIATED BANC CRP .01	268,440	298,989
ATKORE INC	207,576	115,161
ATN INTERNATIONAL INC	166,627	49,186
ATRICURE INC	495,736	369,776
AXSOME THERAPEUTICS INC.	297,057	293,766
AZENTA INC	200,983	212,600
BALDWIN INS GRP INC/THE	328,060	516,283
BLACK HILLS CORP	465,295	395,712
BLUEPRINT MEDICINES CORP	422,462	468,371
BOISE CASCADE CO DEL	157,205	557,097
BOX INC CL A	213,567	266,040
BRINKER INTL INC	332,327	788,581
CASELLA WASTE SYS INC A	272,058	523,019
CHART INDS INC	372,700	459,161
CITY HOLDING CO CHARLSTN	199,186	309,825
CLEARWTR ANALYTICS	171,140	234,140
CNO FINL GROUP INC	282,081	424,566
COLUMBUS MCKINNON CP N.Y	391,474	390,871
CONMED CORP COM	372,194	319,478
CONSTRUCTION PARTNERS	190,570	425,139
CUSHMAN AND WAKEFIELD	213,585	352,454
DANA INC	185,097	152,800
DIAMONDROCK HOSPITALITY	239,396	231,005
ENTERPRISE FINL SVCS CRP	194,671	260,794
ESCO TECHNOLOGIES INC	194,904	299,856
ESSENT GROUP LTD	320,772	428,661
ESSENTIAL PPTYS RLTY TR	296,027	363,348
EXLSERVICE HLDGS INC	195,648	612,178
FEDERAL SIGNAL CORP	215,949	692,555
FIRST ADVANTAGE CORP NEW	160,374	187,169
FIRST BANCORP N C COM	194,897	265,711
FIRST FINANCIAL BANCORP	313,216	326,108
FIRST INTST BANCSYSTEM	408,333	331,714
FOUR CORNERS PROPERTY TR	331,927	330,240
FTAI AVIATION LTD	329,702	319,481
H AND E EQUIP SVCS INC	257,214	286,318
HALOZYME THERAPEUTICS	350,970	521,655
HAMILTON LANE INC REG SH	157,328	330,300
HUB GROUP INC CL A	153,841	248,467
ICHOR HOLDINGS LTD REG	243,187	193,578
IMAX CORP	316,544	420,429
INDEPENDENCE RLTY TR INC	448,051	498,024
INDEPENDENT BK CORP MASS	349,941	316,072
INDEPENDENT BK GROUP INC	275,087	327,315
INSMED INC	238,208	631,233
INTL SEAWAYS INC REG SHS	103,532	68,142
INTRA-CELLULAR THERAPIES	119,277	176,478
IOVANCE BIOTHERAPEUTICS	175,199	141,103
J & J SNACK FOODS CRP	487,156	449,412
JANUS PARENT INC REG SHS	112,813	95,167
KADANT INC	160,157	500,236
KAISER ALUM CORP	285,864	218,259
KB HOME	156,288	339,115
KITE REALTY GROUP TR SHS	321,195	444,558
KONTOOR BRANDS INC REG	311,193	427,477
LA-Z-BOY INC MICHIGAN	185,669	226,259
LANTHEUS HLDGS INC	307,348	381,547
LIBERTY ENERGY INC	156,866	162,342
LIGAND PHARMACEUTICALS	233,925	434,279
LXP INDUSTRIAL TRUST	273,117	221,587
MAGNOLIA OIL & GAS CORP	389,767	403,141
MALIBU BOATS INC SHS	148,925	134,234
MERIT MEDICAL SYS INC	235,246	559,622
MINERALS TECHNOLOGIES	530,949	678,505
MODINE MFG CO	291,802	281,014
MONTROSE ENVIRONMENTAL	161,485	66,539
MYR GROUP INC DEL	168,015	543,606
NEOGENOMICS INC	468,153	312,230
NMI HOLDINGS INC SHS	213,806	400,463
NORTHWESTERN ENE GR INC	406,750	355,562
OLD NATL BANCORP IND	476,415	586,556
OMNIAB INC REG SHS	147,942	84,096
OMNICELL INC	451,629	258,750
ONESPAWORLD HLDGS LTD	137,043	198,821
PACIFIC PREMIER BANCORP	250,065	262,158
PATTERSON UTI ENERGY INC	613,145	455,869
PERELLA WEINBERG	95,639	113,145
PERMIAN RES CORP	467,809	654,765
PHILLIPS EDISON AND CO	187,882	238,770
PJT PARTNERS INC SHS	191,816	384,741
PRESTIGE CONSUMER	334,393	708,432
PROGRESS SOFTWARE CORP	266,649	311,873
QUAKER HOUGHTON	300,999	242,811
Q2 HOLDINGS INC SHS	188,378	698,209
RAPID7 ORD	334,139	299,995
RENASANT CORP	153,559	172,422
RUBRIK INC REG SHS CL A	42,853	91,046
RXO INC REG SHS	164,917	141,133
SCORPIO TANKERS INC REG	183,713	130,585
SELECTIVE INS GRP INC	428,056	536,431
SEMTECH CORPORATION	360,209	510,510
SILICON LABS INC	349,910	430,298
SM ENERGY CO SHS	398,254	375,778
SONIC AUTOMOTIVE INC A	196,966	247,445
SOUTHSTATE CORP	353,610	450,445
SPIRE INC	403,588	364,164
SPROUT SOCIAL INC REG	220,961	169,151
SPS COMM INC	365,687	474,510
STEVEN MADDEN LTD SHS	459,690	631,847
SUMMIT MATLS INC	470,014	815,976
SUN CTRY AIRLINES	359,623	247,146
SUPERNUS PHARMACEUTICALS	316,445	449,794
TAYLOR MORRISON HOME	212,071	539,689
TECNOGLASS INC	134,204	336,000
TEEKAY TANKERS LTD REG	107,323	64,619
TERRENO REALTY CORP SHS	324,890	319,001
TRANSMEDICS GROUP INC	178,490	246,968
TRAVERE THERAPEUTICS INC	308,989	319,030
UL SOLUTIONS INC	43,070	51,825
UNITED COMMUNITY BANKS	261,999	324,489
URBAN OUTFITTERS INC	319,544	446,229
VALLEY NATL BANCORP N J	265,628	228,484
VARONIS SYSTEMS INC SHS	409,348	496,772
VERINT SYSTEMS INC	357,982	252,842
WARBY PARKER INC REG SHS	137,459	204,260
WERNER ENTERPRISES INC	263,207	232,798
WESBANCO INC	246,954	238,844
WNS (HOLDINGS) LTD REG	260,522	219,179
WORKIVA INC CL A	286,573	333,209
WORTHINGTON INDSTRS OHIO	120,048	169,064
WSFS FINANCIAL CORP	257,882	372,593
YELP INC CL A	205,857	251,318
YETI HLDGS INC	203,566	198,596
ZURN ELKAY WATER	219,803	444,392
GREENLIGHT BIO	5,000,000	551,531

- TIN:

TY 2024 InvestmentsOtherSchedule2

Name:

Cummings Foundation Inc

EIN:

04-3073023

Category/ Item	Book Value	End of Year Fair Market Value
PROPERTY 1	5,860,000	5,860,000
PROPERTY 2	8,500,000	8,500,000
PROPERTY 3	4,000,000	4,000,000
PROPERTY 4	5,300,000	5,300,000
PROPERTY 5	17,500,000	17,500,000
PROPERTY 6	7,409,869	7,409,869
PROPERTY 7	7,000,000	7,000,000
PROPERTY 8	5,700,000	5,700,000
PROPERTY 9	5,900,000	5,900,000
PROPERTY 10	460,000	460,000
PROPERTY 11	2,100,000	2,100,000
PROPERTY 12	3,300,000	3,300,000
PROPERTY 13	19,400,000	19,400,000
PROPERTY 14	9,500,000	9,500,000
PROPERTY 15	19,800,000	19,800,000
PROPERTY 16	3,300,000	3,300,000
PROPERTY 17	3,800,000	3,800,000
PROPERTY 18	8,100,000	8,100,000
PROPERTY 19	49,700,000	49,700,000
PROPERTY 20	11,800,000	11,800,000
PROPERTY 21	1,280,000	1,280,000
PROPERTY 22	5,300,000	5,300,000
PROPERTY 23	7,600,000	7,600,000
PROPERTY 24	4,400,000	4,400,000
PROPERTY 25	3,500,000	3,500,000
PROPERTY 26	5,500,000	5,500,000
PROPERTY 27	3,100,000	3,100,000
PROPERTY 28	11,300,000	11,300,000
PROPERTY 29	22,800,000	22,800,000
PROPERTY 30	13,800,000	13,800,000
PROPERTY 31	4,900,000	4,900,000
PROPERTY 32	15,100,000	15,100,000
PROPERTY 33	17,200,000	17,200,000
PROPERTY 34	12,700,000	12,700,000
PROPERTY 35	18,000,000	18,000,000
PROPERTY 36	5,200,000	5,200,000
PROPERTY 37	6,200,000	6,200,000
PROPERTY 38	18,540,000	18,540,000
PROPERTY 39	5,300,000	5,300,000
PROPERTY 40	20,000,000	20,000,000
PROPERTY 41	23,200,000	23,200,000
PROPERTY 43	351,800	351,800
PROPERTY 44	3,500,000	3,500,000
PROPERTY 45	3,400,000	3,400,000
PROPERTY 46	9,200,000	9,200,000
PROPERTY 47	7,000,000	7,000,000
PROPERTY 48	6,000,000	6,000,000
PROPERTY 49	7,600,000	7,600,000
PROPERTY 50	6,900,000	6,900,000
PROPERTY 51	9,900,000	9,900,000
PROPERTY 52	13,400,000	13,400,000
PROPERTY 53	10,800,000	10,800,000
PROPERTY 54	13,600,000	13,600,000
PROPERTY 55	21,500,000	21,500,000
PROPERTY 56	3,750,000	3,750,000
COMMONFUND	711,546,758	1,100,064,049
COURTAGEN LIFE	190,442	34,562
PROVIDENCE EQUITY PARTNERS VII	4,256,214	7,623,564
PROV EQUITY VIII LP	18,780,372	30,190,967
CARLYLE GROUP	2,323,390	720,764
BLACKSTONE ALTERNATIVES	2,575,321	1,471,386
BLACKSTONE LIFE SCIENCES	9,639,531	15,023,145
LONGWOOD VI	3,625,474	3,916,616
KKR	13,407,831	10,737,057
LONGWOOD V	2,605,359	2,377,882
SJC ONSHORE FUND IV	45,510,415	45,904,913
TPG PTRS HEALTHCARE	9,673,833	13,791,100
TPG PTRS VIII LP	9,993,920	14,951,667
TPG PTRS 10A	1,847,266	277,983
TPG HC PTRS LEADERS	10,709,208	13,492,281
SJC ONSHORE	26,255,120	22,286,609
CRESCENT MEZZANINE PTRS	8,466,666	9,471,752
CLAREANT SCF	7,266,600	4,955,071
HIGHLAND CAPITAL PRTS	8,970,014	12,462,160
CARLYLE EUROPE	31,539,468	39,211,356
STRATEGIC PTNR OFFSHORE VIII	23,790,440	32,129,963
WCAS XIII, LP	15,322,756	25,026,805
STP IX LP	21,203,215	28,555,985
APOLLO INVESTMENT IX LP	14,784,941	24,231,398
CYBERNETIX	2,227,744	2,271,719
HIGHLANDX FUND I	14,283,105	13,634,283
WCAS XIV	7,501,485	8,439,342
HUNTER POINT	7,167,676	9,409,816
TPG HC PTRS II	1,522,508	2,288,231
TPG PTRS IX	9,149,656	11,504,520
APOLLO INVESTMENT X LP	7,366,451	8,477,863
SLP VII	3,502,953	5,162,743
LONGWOOD SPECIAL	2,119,041	2,094,103
TPG GROWTH	3,933,029	5,825,661
CARLYLE BUYOUT VII	13,442,064	17,606,976
ORBIMED HEALTHCARE	5,418,748	2,873,025
SLP V TECHNOLOGY	15,224,397	21,335,541
SLP VI TECHNOLOGY	14,246,904	17,374,054
THE CHILDRENS	9,631,879	42,663,328

- TIN:

TY 2024 OtherDecreasesSchedule

Name:

Cummings Foundation Inc

EIN:

04-3073023

Description	Amount
BASIS ADJ FOR CONTRIBUTED PROPERTY	268,954

- TIN:

TY 2024 OtherExpensesSchedule

Name:

Cummings Foundation Inc

EIN:

04-3073023

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
CHSL MATERIALS, SUPPLIES & SER	51,407,804			51,536,500
INVESTMENT EXPENSE	47,920,779	47,920,779	47,920,779
CONTRACT SERVICES	568,988			849,463
SUPPLIES	2,206,649			2,217,295
REPAIR & MAINTENANCE	1,097,565		5,603	1,117,921
INSURANCE	236,492		2,126	157,254
TELEPHONE	98,899			98,899
ADVERTISING	98,293			115,015
ACTIVITIES & SERVICES	321,166			323,471
OFFICE SERVICES	31,872			31,966
DUES & SUBSCRIPTIONS	623			623
STAFF TRAINING\SEMINARS	2,529			2,529
ADP PAYROLL FEES	17,328			17,328
EMPLOYEE APPRECIATION	46,426			46,240
MISC PETTY CASH EXPENSE	13,427			13,427
SALES EXPENSE	212,340			211,440
LICENSE & FEES	20,724			23,424
STATE FILING FEES	2,000			2,000

- TIN:

TY 2024 OtherIncomeSchedule2

Name:

Cummings Foundation Inc

EIN:

04-3073023

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
Cummings Health Sciences, LLC INCOME	120,905,549		120,905,549
INVESTMENT INCOME - DISREGARDED ENTITY	82,779,694	82,779,694	82,779,694
PROGRAM SERVICE REVENUE	23,256,767		23,256,767
OTHER PARTNERSHIP INCOME	26,494,132	26,494,132	26,494,132
INVESTMENT INCOME - ALTERNATIVE INVEST	-2,037,174	-2,037,174	-2,037,174
BOOK SALES INCOME	7,738	7,738	7,738
VENDING INCOME	28,717	28,717	28,717
UNRELATED BUSINESS INCOME FROM K-1'S	-2,459,664		-2,459,664
contract revenue	568,798		568,798
LITIGATION SETTLEMENT INCOME	1,229	1,229	1,229

- TIN:

TY 2024 OtherLiabilitiesSchedule

Name:

Cummings Foundation Inc

EIN:

04-3073023

Description	Beginning of Year - Book Value	End of Year - Book Value
DEPOSITS & PREPAYMENTS	33,535,850	31,840,238

- TIN:

TY 2024 OtherProfessionalFeesSchedule

Name:

Cummings Foundation Inc

EIN:

04-3073023

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
MISC. PROFESSIONAL FEES	5,900			5,900

- TIN:

TY 2024 TaxesSchedule

Name:

Cummings Foundation Inc

EIN:

04-3073023

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
FEDERAL TAX EXPENSES	3,064,163		3,064,163
FOREIGN TAX EXPENSES	602,173	602,173	602,173

- TIN:

TY 2024 TransfersFrmControlledEntities

Name:

Cummings Foundation Inc

EIN:

04-3073023

Name	US / Foreign Address	EIN	Description	Amount
CUMMINGS FOUNDATION PRIVATE CAPITAL LP	15 OLD DANBURY ROAD WILTON,CT06897	90-1028644	WITHDRAWALS AND DISTRIBUTIONS - NOT AN EXCESS BUSINESS HOLDING.	59,191,500
Total				59,191,500

- TIN:

TY 2024 TransfersToControlledEntities

Name:

Cummings Foundation Inc

EIN:

04-3073023

Name	US / Foreign Address	EIN	Description	Amount
NHC REALTY INC	200 WEST CUMMINGS PARK WOBURN,MA01801	30-0553218	No transfers were made in 2024. Not an excess business holding.	0
HEM REALTY INC	200 WEST CUMMINGS PARK WOBURN,MA01801	30-0553220	No transfers were made in 2024. Not an excess business holding.	0
CUMMINGS FOUNDATION GRANTS INC	200 West Cummings Park Woburn,MA01801	80-0681389	ENDOWMENT GRANT. NOT AN EXCESS BUSINESS HOLDING.	32,713,666
CUMMINGS FOUNDATION PRIVATE CAPITAL LP	15 OLD DANBURY ROAD WILTON,CT06897	90-1028644	Capital Contributions - Not an excess business holding.	77,937,500
Total				110,651,166