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
R J MCELROY TRUST
 
Number and street (or P.O. box number if mail is not delivered to street address)114 E 4TH STREET STE 300
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
WATERLOO, IA50703
A Employer identification number

42-6173496
B Telephone number (see instructions)

(319) 287-9102
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$52,843,328J 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 325,351 325,351  
4 Dividends and interest from securities... 512,480 512,480  
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
1,435,393
b Gross sales price for all assets on line 6a 7,126,230
7 Capital gain net income (from Part IV, line 2)... 1,309,093
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
64,777 53,196  
12 Total. Add lines 1 through 11........ 2,338,001 2,200,120  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 120,500 8,750   78,750
14 Other employee salaries and wages...... 70,687 7,069   63,618
15 Pension plans, employee benefits....... 16,634 1,663   14,971
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
981 98   883
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
21,111 2,111   19,000
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
233,602 233,602    
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
92,573 14,650    
19 Depreciation (attach schedule) and depletion... Click to see attachment
List of Attached Documents:
// Content
5,206    
20 Occupancy.............. 16,285     16,285
21 Travel, conferences, and meetings....... 6,866     6,866
22 Printing and publications.......... 2,787     2,787
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
87,071 63,655   23,416
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 674,303 331,598   226,576
25 Contributions, gifts, grants paid....... 2,067,110 2,067,110
26 Total expenses and disbursements. Add lines 24 and 25 2,741,413 331,598   2,293,686
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -403,412
b Net investment income (if negative, enter -0-) 1,868,522
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2024)
Form 990-PF (2024)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 1    
2 Savings and temporary cash investments......... 417,025 417,730 417,730
3 Accounts receivable right arrow  
Less: allowance for doubtful accounts right arrow        
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) right arrow  
Less: allowance for doubtful accounts right arrow        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 26,130,291 Click to see attachment
List of Attached Documents:
// Content
26,307,897 		33,527,198
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 13,541,692 Click to see attachment
List of Attached Documents:
// Content
12,921,349 		18,898,400
14 Land, buildings, and equipment: basis right arrow124,856
Less: accumulated depreciation (attach schedule) right arrow84,551 1,684 Click to see attachment
List of Attached Documents:
// Content
40,305 		 
15 Other assets (describe right arrow)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 40,090,693 39,687,281 52,843,328
Liabilities 17 Accounts payable and accrued expenses..........    
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 right arrow)    
23 Total liabilities (add lines 17 through 22).........   0
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........... 40,090,693 39,687,281
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here right arrow
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds    
29 Total net assets or fund balances (see instructions)..... 40,090,693 39,687,281
30 Total liabilities and net assets/fund balances (see instructions). 40,090,693 39,687,281
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
40,090,693
2
Enter amount from Part I, line 27a .....................
2
-403,412
3
Other increases not included in line 2 (itemize) right arrow
3
 
4
Add lines 1, 2, and 3 ..........................
4
39,687,281
5
Decreases not included in line 2 (itemize) right arrow
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
39,687,281
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 MORGAN STANLEY 6751 P   2024-12-31
b CB&T 26W050 P   2024-12-31
c MORGAN STANLEY 6751 P   2024-12-31
d CB&T 27W050 P   2024-12-31
e MORGAN STANLEY 7434 P   2024-12-31
CB&T 31W050 P   2024-12-31
MORGAN STANLEY 7434 P   2024-12-31
WASH SALES P   2024-12-31
MORGAN STANLEY 6084 P   2024-12-31
WASH SALES P   2024-12-31
MORGAN STANLEY 2246 P   2024-12-31
MARKET DISCOUNTS P   2024-12-31
MORGAN STANLEY 2246 P   2024-12-31
MARKET DISCOUNTS P   2024-12-31
MORGAN STANLEY 6750 P   2024-12-31
MARKET DISCOUNTS P   2024-12-31
MORGAN STANLEY 6750 P   2024-12-31
MARKET DISCOUNTS P   2024-12-31
MORGAN STANLEY 6750 P   2024-12-31
MORGAN STANLEY 6750 P   2024-12-31
THIRD POINT P   2024-12-31
CB&T 19W050 P   2024-12-31
CB&T 19W050 P   2024-12-31
CB&T 23W050 P   2024-12-31
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 77,378   87,466 -10,088
b 98,589   101,705 -3,116
c 183,120   242,702 -59,582
d 99,577   103,715 -4,138
e 236,164   195,992 40,172
2,006,463   2,500,252 -493,789
800,047   556,253 243,794
2,007     2,007
470,383   280,172 190,211
2,607     2,607
10,032   10,291 -259
    396 -396
264,318   196,805 67,513
    3,790 -3,790
237,984   242,268 -4,284
    33 -33
19,504   15,714 3,790
    21,134 -21,134
538,313   591,424 -53,111
185,554   169,072 16,482
972,609     972,609
198,288   199,749 -1,461
1,716   1,755 -39
425,128     425,128
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       -10,088
b       -3,116
c       -59,582
d       -4,138
e       40,172
      -493,789
      243,794
      2,007
      190,211
      2,607
      -259
      -396
      67,513
      -3,790
      -4,284
      -33
      3,790
      -21,134
      -53,111
      16,482
      972,609
      -1,461
      -39
      425,128
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 1,309,093
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 18,437
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 25,972
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 25,972
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 25,972
6 Credits/Payments:
a 2024 estimated tax payments and 2023 overpayment credited to 2024 6a 48,850
b Exempt foreign organizations—tax withheld at source...... 6b  
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 48,850
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 22,878
11 Enter the amount of line 10 to be: Credited to 2025 estimated taxright arrow22,878 Refundedright arrow 11  
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 arrow
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
8b
Yes
 
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2024 or the taxable year beginning in 2024? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
 
No
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
11
 
No
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressright arrowN/A
14
The books are in care ofright arrowMEGAN MCKENZIE Telephone no.right arrow (319) 287-9102

Located atright arrow425 CEDAR ST STE 312WATERLOOIA ZIP+4right arrow50701
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2024, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country right arrow
Form 990-PF (2024)
Form 990-PF (2024)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
 
No
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
 
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2024? .............
1d
 
 
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2024, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2024?....................
2a
 
No
If "Yes," list the years right arrow20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
right arrow20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2024 as a result of (1) any purchase by the foundation
or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
if the foundation had excess business holdings in 2024.) .....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2024? ..
4b
 
No
Form 990-PF (2024)
Form 990-PF (2024)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........right arrow
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
No
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
(a) Name and address (b) Title, and average
hours per week
devoted to position 		(c) Compensation
 (If not paid, enter
-0-) 		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
other allowances
JAMES WATERBURY TRUSTEE
0.10 		6,000 0 0
114 E 4TH ST STE 300
WATERLOO,IA50703
ROBERT SMITH JR TRUSTEE
0.10 		6,000 0 0
114 E 4TH ST STE 300
WATERLOO,IA50703
MICHAEL YOUNG TRUSTEE
0.10 		6,000 0 0
114 E 4TH ST STE 300
WATERLOO,IA50703
SALLY HOLLIS TRUSTEE
0.10 		6,000 0 0
114 E 4TH ST STE 300
WATERLOO,IA50703
MEGAN MCKENZIE EXECUTIVE DI
40.00 		87,500 0 0
114 E 4TH ST STE 300
WATERLOO,IA50703
RALEIGH BUCKMASTER TRUSTEE
0.10 		3,000 0 0
114 E 4TH ST STE 300
WATERLOO,IA50703
KATHY FLYNN TRUSTEE
0.10 		6,000 0 0
114 E 4TH ST STE 300
WATERLOO,IA50703
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
NONE
Total number of other employees paid over $50,000...................right arrow  
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
NONE
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  
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 N/A  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................right arrow  
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
32,286,031
b
Average of monthly cash balances.......................
1b
417,379
c
Fair market value of all other assets (see instructions)................
1c
19,002,039
d
Total (add lines 1a, b, and c).........................
1d
51,705,449
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
 
2
Acquisition indebtedness applicable to line 1 assets..................
2
 
3
Subtract line 2 from line 1d.........................
3
51,705,449
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
775,582
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
50,929,867
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
2,546,493
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
2,546,493
2a
Tax on investment income for 2024 from Part V, line 5 .......
2a
25,972
b
Income tax for 2024. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
25,972
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
2,520,521
4
Recoveries of amounts treated as qualifying distributions................
4
 
5
Add lines 3 and 4............................
5
2,520,521
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
2,520,521
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
2,293,686
b
Program-related investments—total from Part VIII-B..................
1b
 
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
 
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
 
b
Cash distribution test (attach the required schedule) .................
3b
 
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
2,293,686
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 2,520,521
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...... 317,553
f Total of lines 3a through e ........ 317,553
4Qualifying distributions for 2024 from Part
XI, line 4: right arrow$ 2,293,686
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..... 2,293,686
e Remaining amount distributed out of corpus  
5 Excess distributions carryover applied to 2024. 226,835 226,835
(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 90,718
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 .......... 		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) ....... 		 
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 ...... 		90,718
10 Analysis of line 9:
a Excess from 2020....  
b Excess from 2021....  
c Excess from 2022....  
d Excess from 2023.... 90,718
e Excess from 2024....  
Form 990-PF (2024)
Form 990-PF (2024)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2024, enter the date of the ruling ...... right arrow
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2024 (b) 2023 (c) 2022 (d) 2021
         
b 85% (0.85) of line 2a .........          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, b, or c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here right arrow if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, b, c, and d. See instructions
aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
MEGAN MCKENZIE
425 CEDAR ST
SUITE 312
WATERLOO,IA50701
(319) 287-9102
bThe form in which applications should be submitted and information and materials they should include:
GRANT APPLICATIONS ARE FILLED OUT ONLINE THROUGH THEIR WEBSITE AT WWW.MCELROYTRUST.ORG. APPLICATIONS MUST INCLUDE THE PROJECT NAME, PROJECT SUMMARY, START/END DATE, HOW THE GRANT ALIGNS WITH MCELROY'S STRATEGIC MISSION, TYPE OF FUNDING NEEDED, TOTAL COST OF PROJECT, AND HOW MUCH FUNDING IS REQUESTED.
cAny submission deadlines:
THE TRUST CONSIDERS GRANT PROPOSALS THROUGHOUT THE YEAR.
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
EDUCATION PROJECTS - YOUTH IN NORTHEAST IOWA
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

BLACK HAWK COUNTY CONSERVATION

1346 W AIRLINE HWY
WATERLOO,IA50703 		NONE   PROGRAM SUPPORT 500

CEDAR FALLS HIGH SCHOOL

2701 W 27TH ST
CEDAR FALLS,IA50613 		NONE   PROGRAM SUPPORT 6,000

CEDAR VALLEY ANGELS

304 SOUTH ST
WATERLOO,IA50701 		NONE   PROGRAM SUPPORT 15,000

CEDAR VALLEY CATHOLIC SCHOOLS

3231 W 9TH ST
WATERLOO,IA50702 		NONE   PROGRAM SUPPORT 1,000

CEDAR VALLEY PRESCHOOL & CHILDCARE

724 LANTZ AVE
CEDAR FALLS,IA50613 		NONE   OPERATING SUPPORT 7,000

CENTRAL RIVERS AEA FOUNDATION

1521 TECHNOLOGY PKWY
CEDAR FALLS,IA50613 		NONE   TEACHING GRANTS 20,000

CITY OF DELAWARE

110 WASHINGTON ST
DELAWARE,IA52036 		NONE   PARK ENHANCEMENTS 5,000

CITY OF WELLSBURG

515 N ADAMS ST
WELLSBURG,IA50680 		NONE   PROGRAM SUPPORT 20,000

ELGIN HISTORICAL SOCIETY

231 CENTER ST
ELGIN,IA52141 		NONE   PROGRAM SUPPORT 2,500

EMBRACING EXPLORATIONS

131 TOWER PARK DR 312
WATERLOO,IA50701 		NONE   PROGRAM SUPPORT 15,000

EXPERIENCE WATERLOO

716 COMMERCIAL ST
WATERLOO,IA50701 		NONE   PROGRAM SUPPORT 1,500

FRIENDS OF THE FAMILY

1009 PEOPLES SQ
WATERLOO,IA50702 		NONE   OPERATING SUPPORT 5,000

GIRL SCOUTS OF EASTERN IA

510 MULBERRY ST
WATERLOO,IA50703 		NONE   PROGRAM SUPPORT 15,000

GROUT MUSEUM DISTRICT

503 SOUTH ST
WATERLOO,IA50701 		NONE   PROGRAM SUPPORT 30,000

HAWKEYE COMM COLLEGE FOUNDATION

1501 E ORANGE RD
WATERLOO,IA50701 		NONE   SCHOLARSHIPS/PROGRAM SUPPORT 160,500

HOLMES JUNIOR HIGH

505 HOLMES DR
CEDAR FALLS,IA50613 		NONE   PROGRAM SUPPORT 300

HOPKINTON PUBLIC LIBRARY

110 1ST ST SE
HOPKINTON,IA52237 		NONE   PROGRAM SUPPORT 3,000

IJAG

1111 9TH ST
DES MOINES,IA50314 		NONE   PROGRAM SUPPORT 10,000

IOWA LEGAL AID

607 SYCAMORE ST STE 304
WATERLOO,IA50703 		NONE   OPERATING SUPPORT 20,000

IOWA NATURAL HERITAGE FOUNDATION

505 5TH AVE 444
DES MOINES,IA50309 		NONE   PROGRAM SUPPORT 50,000

JOB FOUNDATION

4600 UNIVERSITY AVE STE 1
CEDAR FALLS,IA50613 		NONE   PROGRAM SUPPORT 10,000

JUNIOR ACHIEVEMENT OF EASTERN IA

324 3RD ST SE 200
CEDAR RAPIDS,IA52401 		NONE   PROGRAM SUPPORT 25,000

JUNIOR LEAGUE OF WATERLOO

2530 UNIVERSITY AVE STE 1
WATERLOO,IA50701 		NONE   OPERATING SUPPORT 2,000

KEYSTONE AREA EDUCATION AGENCY

1400 N 2ND ST NW
ELKADER,IA52043 		NONE   PROGRAM SUPPORT 32,800

KIDQUEST PRESCHOOL & DAYCARE

427 NASH ST
APLINGTON,IA50604 		NONE   OPERATING SUPPORT 2,500

LEADER VALLEY

360 WESTFIELD AVE 300A
WATERLOO,IA50701 		NONE   PROGRAM SUPPORT 50,000

LINCOLN ELEMENTARY

321 W 8TH ST
CEDAR FALLS,IA50613 		NONE   PROGRAM SUPPORT 1,110

LITTLE KNIGHTS LEARNING CENTER

1102 CLARK ST
DYSART,IA52224 		NONE   OPERATING SUPPORT 25,000

LOVE INC

2603 RAINBOW DR
CEDAR FALLS,IA50613 		NONE   PROGRAM SUPPORT 6,000

MCGREGOR-MARQUETTE CENTER FOR ARTS

158 MAIN ST
MCGREGOR,IA52157 		NONE   PROGRAM SUPPORT 2,000

NASHUA PLAINFIELD SCHOOL DISTRICT

612 GREELEY ST
NASHUA,IA50658 		NONE   PROGRAM SUPPORT 50,000

NATIONAL INVENTORS HALL OF FAME

600 DULANY ST
ALEXANDRIA,VA22314 		NONE   PROGRAM SUPPORT 10,000

NATIONAL WRESTLING HALL OF FAME

405 W HALL OF FAME AVE
STILLWATER,OK74075 		NONE   PROGRAM SUPPORT 500

NORTHEAST IA COMM COLLEGE FOUND

8342 NICC DR
PEOSTA,IA52068 		NONE   OPERATING SUPPORT 15,000

NORTHEAST IA COUNCIL - BOY SCOUTS

10601 MILITARY RD
DUBUQUE,IA52003 		NONE   PROGRAM SUPPORT 5,000

NORTHEAST IOWA FOOD BANK

1605 LAFAYETTE ST
WATERLOO,IA50703 		NONE   PROGRAM SUPPORT 17,000

ONE CEDAR VALLEY

131 TOWER PARK DR STE 309
WATERLOO,IA50701 		NONE   PROGRAM SUPPORT 25,000

ORCHARD HILL ELEMENTARY

3909 ROWND ST
CEDAR FALLS,IA50613 		NONE   PROGRAM SUPPORT 300

PEET JUNIOR HIGH

525 E SEERLEY
CEDAR FALLS,IA50613 		NONE   PROGRAM SUPPORT 800

PEOPLE'S COMMUNITY HEALTH CLINIC

905 FRANKLIN ST
WATERLOO,IA50703 		NONE   PROGRAM SUPPORT 5,000

PIED PIPER PRESCHOOL OF TRAER

1108 S MAIN ST
TRAER,IA50675 		NONE   PROGRAM SUPPORT 15,000

PLENTIFUL PANTRY

100 1ST ST E
MT VERNON,IA52314 		NONE   PROGRAM SUPPORT 10,000

RIYO

620 W 5TH ST FLOOR 4
WATERLOO,IA50702 		NONE   PROGRAM SUPPORT 50,000

SOUTHDALE ELEMENTARY

627 ORCHARD DR
CEDAR FALLS,IA50613 		NONE   PROGRAM SUPPORT 200

ST JOHN'S ELEMENTARY SCHOOL

314 3RD ST NE
INDEPENDENCE,IA50644 		NONE   PROGRAM SUPPORT 1,200

SUCCESSLINK

3136 BROCKWAY RD STE B
WATERLOO,IA50701 		NONE   PROGRAM SUPPORT 15,000

UNI FOUNDATION

204 COMMONS
CEDAR FALLS,IA50614 		NONE   PROGRAM SUPPORT 140,000

UNITE ACADEMY

445 BEECH ST
WATERLOO,IA507033315 		NONE   OPERATING SUPPORT 2,000

VISION TO LEARN

12100 WILSHIRE BLVD 1275
LOS ANGELES,CA90025 		NONE   MEDICAL SUPPORT 20,000

VOLUNTEER CENTER OF CEDAR VALLEY

360 WESTFIELD AVE
WATERLOO,IA50701 		NONE   PROGRAM SUPPORT 21,500

WATERLOO CENTER FOR THE ARTS

225 COMMERCIAL ST
WATERLOO,IA50701 		NONE   PROGRAM SUPPORT 9,000

WATERLOO COMMUNITY FOUNDATION

114 E 4TH ST 300
WATERLOO,IA50703 		NONE   OPERATING SUPPORT 15,000

WATERLOO COMMUNITY PLAYHOUSE

224/225 COMMERCIAL ST
WATERLOO,IA50701 		NONE   OPERATING SUPPORT 20,750

WATERLOO COMMUNITY SCHOOLS

1516 WASHINGTON ST
WATERLOO,IA50702 		NONE   PROGRAM SUPPORT 216,900

WATERLOO LEISURE SERVICES

1101 CAMPBELL AVE
WATERLOO,IA50701 		NONE   PROGRAM/OPERATING SUPPORT 615,000

WAVERLY SHELL ROCK UNITED WAY

PO BOX 271
WAVERLY,IA50677 		NONE   PROGRAM SUPPORT 2,500

WCF SYMPHONY

8201 DAKOTA ST
CEDAR FALLS,IA50613 		NONE   EDUCATIONAL SUPPORT 15,000

YOUTH ART TEAM

325 E PARK AVE 101
WATERLOO,IA50703 		NONE   PROGRAM SUPPORT 75,000

YWCA

425 LAFAYETTE ST
WATERLOO,IA50703 		NONE   PROGRAM SUPPORT 50,500
ANDREW BUCHHEIM


100 WARTBURG BLVD
WAVERLY,IA50677 		NONE   FELLOWSHIP STIPEND 12,000
DANIELLE JOHNSEN


2000 UNIVERSITY AVE
DUBUQUE,IA52001 		NONE   FELLOWSHIP STIPEND 12,000
ERYN PERRY


100 WARTBURG BLVD
WAVERLY,IA50677 		NONE   FELLOWSHIP STIPEND 7,000
GEORGIA NISSEN


100 WARTBURG BLVD
WAVERLY,IA50677 		NONE   FELLOWSHIP STIPEND 5,000
GWYNETH PAULE


600 1ST ST W
MT VERNON,IA52314 		NONE   FELLOWSHIP STIPEND 12,000
JASMINE MCKEEL


2900 UNIVERSITY CAPITOL
IOWA CITY,IA52242 		NONE   FELLOWSHIP STIPEND 2,500
MADISON DOSS


1450 ALTA VISTA ST
DUBUQUE,IA52001 		NONE   FELLOWSHIP STIPEND 5,000
MATTHEW WALTON


1220 1ST AVE NE STE 1
CEDAR RAPIDS,IA52402 		NONE   FELLOWSHIP STIPEND 2,500
MAX CIESLA


600 1ST ST W
MT VERNON,IA52314 		NONE   FELLOWSHIP STIPEND 2,500
RACHEL CRAWFORD


1550 CLARKE DRIVE
DUBUQUE,IA52001 		NONE   FELLOWSHIP STIPEND 7,000
ROCIO AMARO MARQUEZ


100 WARTBURG BLVD
WAVERLY,IA50677 		NONE   FELLOWSHIP STIPEND 12,000

ALRICH ELEMENTARY

2526 ASHWORTH DR
CEDAR FALLS,IA50613 		NONE   GOLD STAR AWARD 1,000

CEDAR FALLS HIGH SCHOOL

2701 W 27TH ST
CEDAR FALLS,IA50613 		NONE   GOLD STAR AWARD 1,000

CENTRAL MIDDLE SCHOOL

1350 KATOSKI DR
WATERLOO,IA50701 		NONE   GOLD STAR AWARD 1,000

IRVING ELEMENTARY SCHOOL

1115 W 5TH ST
WATERLOO,IA50702 		NONE   GOLD STAR AWARD 1,000

HOLMES JUNIOR HIGH SCHOOL

505 HOLMES DR
CEDAR FALLS,IA50613 		NONE   GOLD STAR AWARD 1,000

HUDSON ELEMENTARY

136 S WASHINGTON ST
HUDSON,IA50643 		NONE   GOLD STAR AWARD 1,000

IMMACULATE CONCEPTION SCHOOL

1203 CLARK ST
CHARLES CITY,IA50616 		NONE   GOLD STAR AWARD 1,000

LOWELL PRESCHOOL

1707 WILLISTON AVE
WATERLOO,IA50702 		NONE   GOLD STAR AWARD 1,000

WATERLOO CAREER CENTER

1348 KATOSKI DR
WATERLOO,IA50701 		NONE   GOLD STAR AWARD 1,000

WATERLOO EAST HIGH SCHOOL

214 HIGH ST
WATERLOO,IA50703 		NONE   GOLD STAR AWARD 1,000
ANDREA HOTTLE


136 S WASHINGTON ST
HUDSON,IA50643 		NONE   GOLD STAR AWARD 1,000
CHAD VAN CLEAVE


2701 W 27TH ST
CEDAR FALLS,IA50613 		NONE   GOLD STAR AWARD 1,000
CHRISTOPHER TIMS


214 HIGH ST
WATERLOO,IA50703 		NONE   GOLD STAR AWARD 1,000
ELLI MANDERNACH


107 HUMAN PERFOMANCE COMP
CEDAR FALLS,IA50614 		NONE   GOLD STAR AWARD 50
JED BATTERSON


2526 ASHWORTH DR
CEDAR FALLS,IA50613 		NONE   GOLD STAR AWARD 1,000
JENNIFER SCHLADER


1707 WILLISTON AVE
WATERLOO,IA50702 		NONE   GOLD STAR AWARD 1,000
KELLI ZIMMERMAN


1203 CLARK ST
CHARLES CITY,IA50616 		NONE   GOLD STAR AWARD 1,000
LISA WILDEBOER


139 E MITCHELL AVE
WATERLOO,IA50702 		NONE   GOLD STAR AWARD 400
MEGANN TRESEMER


505 HOLMES DR
CEDAR FALLS,IA50613 		NONE   GOLD STAR AWARD 1,000
PATTI WEISS


1516 WASHINGTON ST
WATERLOO,IA50702 		NONE   GOLD STAR AWARD 300
TIFFANY EVANS


1115 W 5TH ST
WATERLOO,IA50702 		NONE   GOLD STAR AWARD 1,000
TIMOTHY HOPPER


1350 KATOSKI DR
WATERLOO,IA50701 		NONE   GOLD STAR AWARD 1,000
TRACEY HULME


1348 KATOSKI DR
WATERLOO,IA50701 		NONE   GOLD STAR AWARD 1,000
Total .................................right arrow 3a 2,067,110
bApproved for future payment
Total ................................. right arrow 3b  
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 ........... 		    14 325,351  
4 Dividends and interest from securities ....     14 512,480  
5 Net rental income or (loss) from real estate:
aDebt-financed property......          
bNot debt-financed property.....          
6 Net rental income or (loss) from personal property          
7 Other investment income .....          
8 Gain or (loss) from sales of assets other than
inventory ............ 		    18 1,435,393  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aPASSIVE INCOME K-1 		    14 -7,649  
bINVESTMENT ALLOCATED ORDINA     14 107,096  
cBLACKSTONE ENERGY     14 24  
dGOLDMAN SACHS     14 -1,652  
eGOLDMAN SACHS IX     14 -10,778  
fTHIRD POINT OFFSHORE     14    
gBLUE OWL RE V     14 -2,934  
hBLUE OWL RE VI     14 -7,555  
iPECP VI     14 -31,005  
jOTHER INCOME     1 1,983  
kBAYVIEW III 900099 3,358      
lBAYVIEW IV 900099 15,904      
mCOHESIVE CAPITAL PARTNERS 900099 807      
nPRIVATE EQUITY CORE FUND 900099 2,764      
oPENN SQUARE GLOBAL 900099 -202      
pTOWN SQUARE REAL ESTATE ALP 900099 -5,384      
12 Subtotal. Add columns (b), (d), and (e) .. 17,247 2,320,754  
13Total. Add line 12, columns (b), (d), and (e)..................
13
2,338,001
(See worksheet in line 13 instructions to verify calculations.)
Part XV-B
Relationship of Activities to the Accomplishment of Exempt Purposes
Line No.
DownArrow 		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
instructions.)
Form 990-PF (2024)
Form 990-PF (2024)
Page 13
Part XVI
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
1
Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
Yes
No
a
Transfers from the reporting foundation to a noncharitable exempt organization of:
(1) Cash...................................
1a(1)
 
No
(2) Other assets.................................
1a(2)
 
No
b
Other transactions:
(1) Sales of assets to a noncharitable exempt organization....................
1b(1)
 
No
(2) Purchases of assets from a noncharitable exempt organization..................
1b(2)
 
No
(3) Rental of facilities, equipment, or other assets.......................
1b(3)
 
No
(4) Reimbursement arrangements...........................
1b(4)
 
No
(5) Loans or loan guarantees.............................
1b(5)
 
No
(6) Performance of services or membership or fundraising solicitations................
1b(6)
 
No
c
Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
1c
 
No
d
If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
(a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
2a
Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
b
If "Yes," complete the following schedule.

(a) Name of organization (b) Type of organization (c) Description of relationship
Sign Here
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
right arrow right arrow
May the IRS discuss this return
with the preparer shown below?
See instructions.
Signature of officer or trustee Date Title
Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date Check if self-
employed right arrow		 PTIN
Firm's name Right Arrow
 Firm's EIN Right Arrow
Firm's address Right Arrow


 Phone no.
Form 990-PF (2024)
Additional Data


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

TY 2024 AccountingFeesSchedule
Name:
R J MCELROY TRUST
EIN:
42-6173496
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INDIRECT ACCOUNTING FEES 21,111 2,111   19,000

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TY 2024 DepreciationSchedule
Name:
R J MCELROY TRUST
EIN:
42-6173496
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
FILES 1983-12-31 832 832 S/L 5.0000        
WORD PROCESSOR 1984-04-30 4,066 4,066 S/L 5.0000        
FILE CABINET 2019-01-31 650 650 S/L 7.0000        
CARPET 1989-12-31 2,043 2,043 S/L 7.0000        
COMPUTER 1992-08-31 6,926 6,926 S/L 5.0000        
FURNITURE 1993-06-30 854 854 S/L 7.0000        
FAX AND TYPEWRITER 1993-06-30 1,697 1,697 S/L 5.0000        
REDECORATING 1993-09-30 4,816 4,816 S/L 7.0000        
CARPET 1993-09-30 1,389 1,389 S/L 7.0000        
DOORS 1993-09-30 839 839 S/L 7.0000        
CHAIRS - 4 1993-10-31 1,901 1,901 S/L 7.0000        
DESK 1994-01-31 292 292 S/L 7.0000        
COMPUTER 1997-11-20 8,819 8,819 S/L 5.0000        
COPIER 1998-11-17 5,775 5,775 S/L 5.0000        
TELEPHONE SYSTEM 1999-10-28 5,738 5,738 S/L 5.0000        
OFFICE FURNITURE 2004-09-15 4,166 4,166 S/L 7.0000        
LAPTOP COMPUTER 2006-03-14 953 953 S/L 5.0000        
PHONE 2006-11-29 488 488 S/L 5.0000        
CHAIR 2006-11-29 449 449 S/L 7.0000        
BOOKCASE CABINET 2007-08-09 2,116 2,116 S/L 7.0000        
COMPUTER 2013-12-11 1,271 1,271 200DB 5.0000        
OFFICE FURNITURE 2018-07-30 4,085 4,085 200DB 7.0000        
GRANTS MANAGEMENT SOFTWARE 2019-07-12 10,165 10,165 200DB 3.0000        
SOFTWARE 2021-06-28 10,700 9,016 200DB 3.0000 1,684      
RSPN EQUIPMENT 2024-01-04 7,342   200DB 5.0000 1,468      
OFFICE FURNITURE 2024-01-04 3,333   200DB 5.0000 667      
OFFICE FURNITURE 2024-04-18 4,648   200DB 5.0000 930      
OFFICE BUILDOUT 2024-05-14 28,503   S/L 39.0000 457      

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TY 2024 GainLossSaleOtherAssetsSch
Name:
R J MCELROY TRUST
EIN:
42-6173496
Name Date Acquired How Acquired Date Sold Purchaser Name Gross Sales Price Basis Basis Method Sales Expenses Total (net) Accumulated Depreciation
BAYVIEW CAPITAL PARTNERS IV   PURCHASE 2024-12     80,263     -80,263  
BTO OFFSHORE FEEDER FUND   PURCHASE 2024-12   40,088       40,088  
COHESIVE CAPITAL PARTNERS III   PURCHASE 2024-12   71,569       71,569  
GOLDMAN SACHS V   PURCHASE 2024-12     5,465     -5,465  
GOLDMAN SACHS VI   PURCHASE 2024-12     7,014     -7,014  
GOLDMAN SACHS VIII   PURCHASE 2024-12   39,241       39,241  
HAMILTON LANE   PURCHASE 2024-12   143,630       143,630  
PRIVATE EQUITY CORE FUND   PURCHASE 2024-12   74       74  
PRIVATE EQUITY CORE FUND   PURCHASE 2024-12     12,628     -12,628  
BLUE OWL REAL ESTATE V   PURCHASE 2024-12   527       527  
PECP VI-M LP   PURCHASE 2024-12   1,320       1,320  
PENN SQUARE GLOBAL REAL ESTATE   PURCHASE 2024-12     64,160     -64,160  
TOWNSQUARE REAL ESTATE ALPHA   PURCHASE 2024-12     619     -619  

TY 2024 InvestmentsCorpStockSchedule
Name:
R J MCELROY TRUST
EIN:
42-6173496
Name of Stock End of Year Book Value End of Year Fair Market Value
DOUBLE TOTAL RETURN 1,206,908 1,010,044
KOPERNIK   1,849,374
VANGUARD INT'L EQUITY 3,608,053 4,286,460
VOO 5,257,612 7,734,079
EDGEWOOD LARGE CAP 1,834,650 2,842,806
OAKMARK LARGE CAP VALUE 2,444,330 2,756,052
LAZARD SMA    
ISHARES CORE S&P SMALL-CAP ETF 1,144,312 1,529,200
ISHARES CORE S&P MID-CAP ETF 861,871 1,523,729
ARISTOTLE 1,790,742 2,298,695
PIMCO COMMODITY REAL RETURN    
GARCIA HAMILTON 5,022,819 4,807,695
MARTIN CURRIE EM 2,024,503 1,782,584
SCHWAB US TIPS ETF 1,112,097 1,106,480

TY 2024 InvestmentsOtherSchedule2
Name:
R J MCELROY TRUST
EIN:
42-6173496
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
BAYVIEW CAPITAL PARTNERS II AT COST 100,000  
BAYVIEW CAPITAL PARTNERS III AT COST 397,596 351,467
BAYVIEW CAPITAL PARTNERS IV AT COST 442,954 387,654
BLACKSTONE ENERGY II AT COST 270,359 330,314
BTO OFFSHORE FEEDER FUND AT COST 705,064 914,187
CASCADE FUND LTD AT COST 1,610,000 2,057,026
CLEARLAKE CAP VIII OFFSHORE AT COST   41,892
COHESIVE CAPITAL PARTNERS III AT COST 456,746 547,211
GOLDMAN SACHS VINTAGE FD V OFFSHORE AT COST 42,468 44,076
GOLDMAN SACHS VINTAGE FD VI OFFSHORE AT COST 326,475 338,577
GOLDMAN SACHS VINTAGE FD VIII OFFSHO AT COST 879,245 900,673
GOLDMAN SACHS VINTAGE FD IX OFFSHORE AT COST 201,230 281,924
HAMILTON LANE AT COST 1,489,667 2,223,347
HCP MILLENNIUM AT COST 1,159,035 2,010,135
MAKENA PERPETUAL VC FUND AT COST 3,343,152 4,083,314
PLATINUM ECP VI AT COST 374,865 605,895
PRIVATE EQUITY CORE FUND III AT COST 55,888 103,549
OAK STREET REC V AT COST 499,874 596,102
OAK STREET REC VI AT COST 202,047 189,209
PENN SQUARE GLOBAL REAL ESTATE FUND AT COST 120,002 101,408
POINTER OFFSHORE ACCOUNT AT COST   2,576,954
THIRD POINT LLC AT COST   76,457
TOWN SQUARE REAL ESTATE ALPHA FUND AT COST 244,682 85,346
NEW CONT/DIST AT COST   51,683

TY 2024 LandEtcSchedule2
Name:
R J MCELROY TRUST
EIN:
42-6173496
Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
  124,856 84,551 40,305  


TY 2024 LegalFeesSchedule
Name:
R J MCELROY TRUST
EIN:
42-6173496
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INDIRECT LEGAL FEES 981 98   883


TY 2024 OtherExpensesSchedule
Name:
R J MCELROY TRUST
EIN:
42-6173496
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
EXPENSES        
ALLOCATED INVESTMENT OPERATIN 46,359 46,359    
INSURANCE 8,899 2,225   6,674
DUES 2,631     2,631
OFFICE EXPENSE 3,609     3,609
MISCELLANEOUS 1,522     1,522
POSTAGE 228     228
UTILITIES 5,650     5,650
INVESTMENT EXPENSE 15,071 15,071    
MEETING EXPENSE 3,102     3,102


TY 2024 OtherIncomeSchedule2
Name:
R J MCELROY TRUST
EIN:
42-6173496
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
PASSIVE INCOME K-1 -7,649    
INVESTMENT ALLOCATED ORDINARY 107,096 107,096  
BLACKSTONE ENERGY 24 24  
GOLDMAN SACHS -1,652 -1,652  
GOLDMAN SACHS IX -10,778 -10,778  
BLUE OWL RE V -2,934 -2,934  
BLUE OWL RE VI -7,555 -7,555  
PECP VI -31,005 -31,005  
OTHER INCOME 1,983    
BAYVIEW III 3,358    
BAYVIEW IV 15,904    
COHESIVE CAPITAL PARTNERS 807    
PRIVATE EQUITY CORE FUND 2,764    
PENN SQUARE GLOBAL -202    
TOWN SQUARE REAL ESTATE ALPHA -5,384    


TY 2024 OtherProfessionalFeesSchedule
Name:
R J MCELROY TRUST
EIN:
42-6173496
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INDIRECT OTHER PROFESSIONAL FEES 233,602 233,602    


TY 2024 TaxesSchedule
Name:
R J MCELROY TRUST
EIN:
42-6173496
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
TAXES - EXCISE 200      
TAXES - FOREIGN 14,650 14,650    
FEDERAL TAXES 77,714      
STATE TAXES 9