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
The Garfield Foundation
C/O Baldwin Brothers

Number and street (or P.O. box number if mail is not delivered to street address)204 Spring Street
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
Marion, MA02738

A Employer identification number

22-2285358

B Telephone number (see instructions)

(508) 748-0800

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

$29,945,586J 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	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .............
3	Interest on savings and temporary cash investments	323,976		323,976
4	Dividends and interest from securities...	223,412		223,412
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		1,169,351
b	Gross sales price for all assets on line 6a 4,228,748
7	Capital gain net income (from Part IV, line 2)...			1,169,351
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).......	List of Attached Documents: // Content	310,134	10,708
12	Total. Add lines 1 through 11........	2,026,873		1,727,447
13	Compensation of officers, directors, trustees, etc.	702,160		526,620	175,540
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......	54,554		40,916	13,639
16a	Legal fees (attach schedule).........	List of Attached Documents: // Content	1,461	1,096	365
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	53,509	40,132	13,377
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	311,037	283,712	27,325
17	Interest...............
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	77,201	13,087	0
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............	67,531		0	67,531
21	Travel, conferences, and meetings.......	37,982		0	37,982
22	Printing and publications..........	189		0	189
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	26,126	0	15,095
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	1,331,750		905,563	351,043
25	Contributions, gifts, grants paid.......	359,841			359,841
26	Total expenses and disbursements. Add lines 24 and 25	1,691,591		905,563	710,884
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	335,282
b	Net investment income (if negative, enter -0-)			821,884
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	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.............	86,096	83,936	83,936
	2	Savings and temporary cash investments.........	2,836,286	1,170,394	1,170,394
	3	Accounts receivable
		Less: allowance for doubtful accounts
	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..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)	1,600,705	List of Attached Documents: // Content 1,616,725	1,616,725
	b	Investments—corporate stock (attach schedule).......	14,714,790	List of Attached Documents: // Content 16,738,240	16,738,240
	c	Investments—corporate bonds (attach schedule).......	3,462,907	List of Attached Documents: // Content 3,761,757	3,761,757
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	5,295,000	List of Attached Documents: // Content 6,523,517	6,523,517
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	List of Attached Documents: // Content 90,756	List of Attached Documents: // Content 51,017	List of Attached Documents: // Content 51,017
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	28,086,540	29,945,586	29,945,586
	17	Accounts payable and accrued expenses..........	75,942	99,565
	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 31,190	List of Attached Documents: // Content 55,975
	23	Total liabilities (add lines 17 through 22).........	107,132	155,540
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........	0	0
	27	Paid-in or capital surplus, or land, bldg., and equipment fund	0	0
	28	Retained earnings, accumulated income, endowment, or other funds	27,979,408	29,790,046
	29	Total net assets or fund balances (see instructions).....	27,979,408	29,790,046
	30	Total liabilities and net assets/fund balances (see instructions).	28,086,540	29,945,586

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

27,979,408

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

335,282

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

List of Attached Documents:

// Content

1,475,356

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

29,790,046

Decreases not included in line 2 (itemize) right arrow

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

29,790,046

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
b	Capital Gains Dividends	P
c
d
e

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	4,228,551	3,059,397	1,169,154
b	197		197
c
d
e

Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69			(l) Gains (Col. (h) gain minus col. (k), but not less than -0-) or Losses (from col.(h))
(i) F.M.V. as of 12/31/69	(j) Adjusted basis as of 12/31/69	(k) Excess of col. (i) over col. (j), if any
a			1,169,154
b			197
c
d
e

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	1,169,351
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

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	11,424
b	All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2	0
3	Add lines 1 and 2...........................	3	11,424
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4	0
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	11,424
6	Credits/Payments:

a	2024 estimated tax payments and 2023 overpayment credited to 2024	6a	51,709
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	0
d	Backup withholding erroneously withheld ..........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............		7	51,709
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	40,285
11	Enter the amount of line 10 to be: Credited to 2025 estimated tax40,285	Refunded	11	0

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

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....

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

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

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

If "Yes," attach the statement required by General Instruction T.

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)

CA, MA, NJ

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

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

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.garfieldfoundation.org

The books are in care of right arrow

Baldwin Brothers Telephone no. right arrow

(508) 748-0800

Located at right arrow

204 Spring StreetMarionMA ZIP+4 right arrow

02738

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)

(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? .................

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
Dianne Martinez	Secretary 40.00	286,950	47,145
C/O Baldwin Brothers 204 Spring Street Marion,MA02738	Secretary 40.00	286,950	47,145
Hwei Sen Tan	Treasurer 40.00	202,000	50,074
C/O Baldwin Brothers 204 Spring Street Marion,MA02738	Treasurer 40.00	202,000	50,074
David Grossblat	Trustee 20.00	75,000	20,991
C/O Baldwin Brothers 204 Spring Street Marion,MA02738	Trustee 20.00	75,000	20,991
Jeremiah Marquez	Trustee/President 1.00	10,000	0
C/O Baldwin Brothers 204 Spring Street Marion,MA02738	Trustee/President 1.00	10,000	0
Bina Garfield	Trustee/Vice President 1.00	10,000	0
C/O Baldwin Brothers 204 Spring Street Marion,MA02738	Trustee/Vice President 1.00	10,000	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
NONE









Total number of other employees paid over $50,000...................				0

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
RBC Wealth Management	Investment Management & Recordkeeping	295,209
345 California Street San Francisco,CA94104	Investment Management & Recordkeeping	295,209
Baker Newman Noyes	Audit and Tax Preparation	63,509
PO Box 507 Portland,ME04112	Audit and Tax Preparation	63,509

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


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

21,445,124

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

2,083,895

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

6,523,517

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

30,052,536

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

30,052,536

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

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

450,788

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

29,601,748

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

1,480,087

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

1,480,087

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

11,424

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

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

11,424

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

1,468,663

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

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

1,468,663

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

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

1,468,663

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 ..........

710,884

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

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. .......

710,884

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					1,468,663
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only.......				0
b Total for prior years:20 , 20, 20			0
3 Excess distributions carryover, if any, to 2024:
a From 2019......
b From 2020......	3,443,417
c From 2021......	1,179,384
d From 2022......
e From 2023......
f Total of lines 3a through e ........		4,622,801
4Qualifying distributions for 2024 from Part
XI, line 4: $ 710,884
a Applied to 2023, but not more than line 2a				0
b Applied to undistributed income of prior years (Election required—see instructions).....			0
c Treated as distributions out of corpus (Election required—see instructions)........		0
d Applied to 2024 distributable amount.....					710,884
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2024.		757,779			757,779
(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		3,865,022
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........			0
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......			0
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........			0
e Undistributed income for 2023. Subtract line 4a from line 2a. Taxable amount—see instructions .............				0
f Undistributed income for 2024. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2025 ..........					0
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......		0
8 Excess distributions carryover from 2019 not applied on line 5 or line 7 (see instructions) ...		0
9 Excess distributions carryover to 2025. Subtract lines 7 and 8 from line 6a ......		3,865,022
10 Analysis of line 9:
a Excess from 2020....	2,685,638
b Excess from 2021....	1,179,384
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

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

b 85% (0.85) of line 2a .........
c Qualifying distributions from Part XI, line 4 for each year listed .....
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part IX, line 6 for each year listed ..
c “Support" alternative test—enter:
(1) Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) ....
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....
(3) Largest amount of support from an exempt organization
(4) Gross investment income

Part XIV

Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)

1Information Regarding Foundation Managers:

aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)

bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.

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

Check here right arrow

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

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

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

cAny submission deadlines:

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

Form 990-PF (2024)

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
ACLU Foundation of Southern California 1313 West Eight Street Los Angeles,CA90017	N/A	PC	General Purpose	5,000
Anti-Defamation League of Los Angeles 10495 Santa Monica Boulevard Los Angeles,CA90025	N/A	PC	General Purpose	3,500
Cancer Support Community Greater San Gabriel Valley 331 West Sierra Madre Boulevard Sierra Madre,CA91024	N/A	PC	General Purpose	3,500
CleanLeap Inc 501 Oxford Place Louisville,KY40207	N/A	PC	General Purpose	10,000
Community Partners 1000 North Alameda Street 240 Los Angeles,CA90012	N/A	PC	General Purpose	10,000
Dr Susan Love Foundation for Breast Cancer Research 8605 Santa Monica Boulevard Suite 89002 West Hollywood,CA900694109	N/A	PC	General Purpose	5,000
Food & Water Watch 1616 P Street NW Suite 300 Washington,DC20036	N/A	PC	Food & Water Watch Los Angeles	3,500
Government Accountability Project Inc 1763 Columbia Road NW Washington,DC20009	N/A	PC	General Purpose	2,500
Huntington Memorial Hospital 100 W California Boulevard Pasadena,CA91105	N/A	PC	Huntington Cancer Center	3,500
LA Regional Food Bank 1734 East 41st Street Los Angeles,CA90058	N/A	PC	General Purpose	2,000
North East Trees 570 West Avenue 26 200 Los Angeles,CA90065	N/A	PC	General Purpose	5,000
Pasadena Humane Society 361 South Raymond Avenue Pasadena,CA91105	N/A	PC	General Purpose	2,000
Planned Parenthood Los Angeles 400 West 30th Street Los Angeles,CA90007	N/A	PC	General Purpose	8,000
Polytechnic School 1030 East California Boulevard Pasadena,CA91106	N/A	PC	General Purpose	15,000
Rainforest Action Network 425 Bush Street Suite 300 San Francisco,CA94108	N/A	PC	General Purpose	3,500
Rockefeller Family Fund 475 Riverside Drive Suite 900 New York,NY10115	N/A	PC	General Purpose	250,000
San Marino Schools Foundation 1665 West Drive San Marino,CA91108	N/A	PC	General Purpose	2,500
Southern Poverty Law Center 400 Washington Avenue Montgomery,AL36104	N/A	PC	General Purpose	3,500
TreePeople Inc 12601 Mulholland Drive Beverly Hills,CA90210	N/A	PC	General Purpose	20,000
William L Valentine Elementary School 1650 Huntington Drive San Marino,CA91108	N/A	GOV	General Purpose	1,841
Total ................................. 3a				359,841

bApproved for future payment

Total ................................. 3b				0

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.)
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 ...........			18	323,976
4 Dividends and interest from securities ....			18	223,412
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	1,169,351
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aPassthrough income	523000		14	10,708
bAmounts recorded per books			14	299,426
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..		0		2,026,873	0

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

2,026,873

(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.)

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)

(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

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

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:

TY 2024 AccountingFeesSchedule

Name:

The Garfield Foundation

C/O Baldwin Brothers

EIN:

22-2285358

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Accounting fees	53,509	40,132		13,377

- TIN:

TY 2024 InvestmentsCorpBondsSchedule

Name:

The Garfield Foundation

C/O Baldwin Brothers

EIN:

22-2285358

Name of Bond	End of Year Book Value	End of Year Fair Market Value
6000 shs Toronto Dominion Bank (CUSIP: 89115A2V3)	6,063	6,063
25000 shs Prudential Financial (CUSIP: 74432QCH6)	24,120	24,120
70000 shs State Street Corp (CUSIP: 857477BX0)	60,225	60,225
25000 shs Truist Finl Corp (CUSIP: 89788MAD4)	23,974	23,974
27000 shs JP Morgan Chase (CUSIP: 46647PDW3)	27,627	27,627
40000 shs FHLMC Remic (CUSIP: 3137HAMS2)	40,078	40,078
20000 shs FNMA GTD (CUSIP: 3140LLZW4)	20,237	20,237
70000 shs ERP Oper LTD (CUSIP: 26884ABK8)	68,403	68,403
36000 shs FNMA GTD (CUSIP: 3140NUEF2)	36,284	36,284
37000 shs FNMA GTD (CUSIP: 3140NUK24)	36,871	36,871
29363 shs FNMA GTD (CUSIP: 3140NUSP5)	29,128	29,128
65000 shs American Express (CUSIP: 025816CW7)	63,465	63,465
50000 shs Sysco Corp (CUSIP: 871829BK2)	44,102	44,102
40000 shs FNMA GTD (CUSIP: 3140LKQX4)	38,872	38,872
34000 shs Alphabet Inc (CUSIP: 02079KAD9)	28,310	28,310
12000 shs FHLMC Multi MTG Partn (CUSIP: 3137HF3F0)	11,749	11,749
36000 shs FHLMC Multifamily Structured (CUSIP: 3137H7MF7)	31,077	31,077
10000 shs General Motors Co (CUSIP: 37045VAZ3)	10,091	10,091
50000 shs Prologis (CUSIP: 74340XBT7)	48,223	48,223
50000 shs Comcast Corp (CUSIP: 20030NEC1)	48,307	48,307
25000 shs Small Business Admin GTG (CUSIP: 83162CU92)	23,387	23,387
47000 shs FNMA GTD (CUSIP: 3140NUAT6)	48,159	48,159
36000 shs FNMA GTD (CUSIP: 3140NUC72)	36,527	36,527
120000 shs Small Business Administration (CUSIP: 83162CWB5)	20,314	20,314
49000 shs FNMA GTD (CUSIP: 3140NUSJ9)	46,673	46,673
84000 shs Small Business Administration (CUSIP: 83162CXH1)	21,248	21,248
53000 shs Small Business Admin GTD (CUSIP: 83162CXP3)	14,652	14,652
63000 shs Small Business Admin GTD (CUSIP: 83162CXV0)	16,207	16,207
38000 shs Small Business Admin GTG (CUSIP: 83162CA86)	20,062	20,062
40000 shs GNMA Remic Trust (CUSIP: 38381JPU5)	36,950	36,950
27000 shs FNMA GTD (CUSIP: 31418DZV7)	16,644	16,644
23000 shs FEDL Home Loan MTG (CUSIP: 3132DTCW8)	17,830	17,830
47000 shs GNMA Remic Trust (CUSIP: 38381JD87)	45,765	45,765
19000 shs FNMA GTD (CUSIP: 31418D4X7)	12,180	12,180
105000 shs FNMA GTD (CUSIP: 3140XKUU2)	79,603	79,603
134000 shs FNMA GTD (CUSIP: 3140XHHS9)	90,094	90,094
11000 shs FNMA GTD (CUSIP: 3140XGB32)	7,805	7,805
23000 shs FEDL Home Loan MTG (CUSIP: 3132DWDH3)	15,583	15,583
18000 shs FNMA GTG (CUSIP: 31418ECQ1)	12,572	12,572
7000 shs FEDL Home Loan MTG (CUSIP: 3132DPUL0)	5,550	5,550
52000 shs FEDL Home Loan MTG (CUSIP: 3132DQHA7)	40,038	40,038
72000 shs FEDL Home Loan MTG (CUSIP: 3132DWEG4)	54,193	54,193
7000 shs FNMA GTD (CUSIP: 31418ELW8)	5,834	5,834
91000 shs FEDL Home Loan MTG (CUSIP: 3132DQHH2)	76,491	76,491
69000 shs FEDL Home Loan MTG (CUSIP: 3132DWHY2)	60,682	60,682
62000 shs FNMA GTD (CUSIP: 3140QTA82)	58,158	58,158
32000 shs FNMA GTD (CUSIP: 3140A5RA8)	28,796	28,796
60000 shs FNMA GTD (CUSIP: 3140QTJA8)	55,724	55,724
15000 shs FNMA GTD (CUSIP: 3140QTNJ4)	14,263	14,263
13000 shs FNMA GTD (CUSIP: 3140QTN70)	11,565	11,565
42015 shs FNMA GTD (CUSIP: 3140YWQ48)	35,906	35,906
14000 shs FEDL Home Loan MTG (CUSIP: 3132DWL35)	13,168	13,168
16000 shs FNMA GTD (CUSIP: 3140QUYN0)	16,314	16,314
15000 shs FNMA GTD (CUSIP: 3140QU5H5)	14,616	14,616
18000 shs FNMA GTD (CUSIP: 3140QVDZ4)	17,665	17,665
40000 shs GNMA Remic Trust (CUSIP: 38381JR9)	36,532	36,532
30000 shs Government Natl Mtg Assn (CUSIP: 38381JR58)	28,855	28,855
25000 shs GNMA Remic Trust (CUSIP: 38381KBL7)	23,998	23,998
40000 shs GNMA Remic Trust (CUSIP: 38381JX28)	38,338	38,338
48000 shs Segate HDD Cayman (CUSIP: 81180WAR2)	47,288	47,288
49000 shs Bank Nova Scotia (CUSIP: 06418BAE8)	47,167	47,167
49000 shs Brookfield Fin Inc (CUSIP: 11271LAE2)	47,233	47,233
49000 shs Toronto Dominion Bk (CUSIP: 89116CQJ9)	47,824	47,824
49000 shs United Rentals (CUSIP: 911365BM5)	46,943	46,943
49000 shs Centene Corp (CUSIP: 15135BAR2)	47,540	47,540
49000 shs Encompass Health (CUSIP: 29261AAA8)	47,281	47,281
49000 shs Silgan Holdings (CUSIP: 827048AW9)	46,766	46,766
50000 shs Lamar Media (CUSIP: 513075BR1)	46,890	46,890
49000 shs Steelcase Inc (CUSIP: 858155AE4)	47,028	47,028
55000 shs Vontier Corp (CUSIP: 928881AF8)	47,251	47,251
48000 shs Mead Johnson Nutrition (CUSIP: 582839AH9)	47,802	47,802
48000 shs American Tower Corp (CUSIP: 03027XAJ9)	47,753	47,753
48000 shs Nasdaq (CUSIP: 631103AG3)	47,429	47,429
47000 shs Jefferies Group LLC (CUSIP: 47233JAG3)	47,086	47,086
49000 shs Ebay Inc (CUSIP: 278642AU7)	47,791	47,791
47000 shs Verisign (CUSIP: 92343EAL6)	46,936	46,936
48000 shs VMWare Inc (CUSIP: 928563AC9)	46,919	46,919
49000 shs JP Morgan Chase (CUSIP: 46625HRX0)	47,605	47,605
49000 shs Bank New York Mellon (CUSIP: 06406RAB3)	47,749	47,749
47000 shs Trimble Inc (CUSIP: 896239AC4)	46,953	46,953
49000 shs Northern Tr Corp (CUSIP: 665859AT1)	47,307	47,307
48000 shs Westinghouse Air Brake (CUSIP: 960386AM2)	47,534	47,534
51000 shs CDW LLC (CUSIP: 12513GBF5)	46,981	46,981
46000 shs Schwab Charles Corp (CUSIP: 808513CD5)	46,935	46,935
46000 shs Morgan Stanley (CUSIP: 61747YFF7)	46,510	46,510
52000 shs Keysight Technologies (CUSIP: 49338LAF0)	47,416	47,416
50000 shs Hasbro Inc (CUSIP: 418056AZ0)	47,021	47,021
53000 shs Reinsurance Group (CUSIP: 759351AP4)	47,846	47,846
53000 shs Athene Holding LTD (CUSIP: 04686JAC5)	47,783	47,783
53000 shs Assured Guaranty (CUSIP: 04621WAD2)	46,803	46,803
60000 shs Kyndryl Hldgs (CUSIP: 50155QAL4)	51,997	51,997
51000 shs Apple Inc (CUSIP: 037833EP1	46,740	46,740
49000 shs John Deere Capital (CUSIP: 24422EWL9)	46,990	46,990
46000 shs Fortune Brands Innovations (CUSIP: 34964CAH9)	47,186	47,186
43000 shs Wyeth (CUSIP: 983024AG5)	46,802	46,802
47000 shs Arrow Electric (CUSIP: 04273WAE1)	47,268	47,268
46000 shs Truist Financial Corp (CUSIP: 89788MAP7)	46,844	46,844
45000 shs CBRE Services (CUSIP: 12505BAG5)	46,413	46,413

- TIN:

TY 2024 InvestmentsCorpStockSchedule

Name:

The Garfield Foundation

C/O Baldwin Brothers

EIN:

22-2285358

Name of Stock	End of Year Book Value	End of Year Fair Market Value
902 shs ALC	76,571	76,571
772 shs MDT	61,667	61,667
3435 shs MGDDY	56,554	56,554
6719 shs MUFG	78,747	78,747
4465 shs SONY	94,479	94,479
194 shs ADBE	86,268	86,268
294 shs AMGN	76,628	76,628
457 shs BX	78,796	78,796
612 shs COF	109,132	109,132
1623 shs KO	101,048	101,048
344 shs DHR	78,965	78,965
405 shs ECL	94,900	94,900
309 shs LOW	76,261	76,261
649 shs MRK	64,563	64,563
334 shs MSFT	140,781	140,781
217 shs PH	138,019	138,019
546 shs PNC	105,296	105,296
557 shs PG	93,381	93,381
459 shs QCOM	70,512	70,512
1552 shs VZ	62,064	62,064
971 shs AIG	70,689	70,689
551 shs AWK	68,594	68,594
248 shs AMP	132,043	132,043
272 shs ANSS	91,754	91,754
263 shs STZ	58,123	58,123
684 shs LEN	93,277	93,277
173 shs MLM	89,355	89,355
1138 shs MCHP	65,264	65,264
786 shs RPM	96,725	96,725
191 shs TDY	88,649	88,649
710 shs XYL	82,374	82,374
1214 shs CBSH	75,644	75,644
513 shs CFR	68,870	68,870
537 shs OSK	51,053	51,053
1104 shs ELS	73,526	73,526
860 shsABNB	113,013	113,013
1126 shs GOOGL	213,152	213,152
1751 shs AMZN	384,152	384,152
441 shs CDNS	132,503	132,503
649 shs CARR	44,301	44,301
1416 shs CMG	85,385	85,385
535 shs DHR	122,809	122,809
340 shs ECL	79,669	79,669
479 shs AJG	135,964	135,964
316 shs GE	52,706	52,706
359 shs INTU	225,632	225,632
126 shs ISRG	65,767	65,767
1533 shs KKR	226,746	226,746
139 shs KLAC	87,587	87,587
1913 shs MRVL	211,291	211,291
864 shs MSFT	364,176	364,176
2973 shs NVDA	399,244	399,244
698 shs PGR	167,248	167,248
212 shs NOW	224,745	224,745
157 shs TMO	81,676	81,676
1908 shs UBER	115,091	115,091
694 shs V	219,332	219,332
467 shs A	62,737	62,737
622 shs ARES	110,113	110,113
359 shs DDOG	51,298	51,298
2037 shs DT	110,711	110,711
1092 shs FTV	81,900	81,900
193 shs MPWR	114,198	114,198
156 shs MSCI	93,602	93,602
120 shs TTD	14,104	14,104
890 shs VLTO	90,647	90,647
335 shs VRSK	92,269	92,269
368 shs WST	120,542	120,542
389 shs WDAY	100,374	100,374
487 shs TSM	96,178	96,178
258 shs AON	92,663	92,663
94 shs ASML	65,150	65,150
742 shs CNI	75,320	75,320
1005 shs LRLCY	71,151	71,151
1925 shs SBGSY	96,038	96,038
259 shs TT	95,662	95,662
599 shs GOOG	114,074	114,074
551 shs AMZN	120,884	120,884
840 shs CARR	57,338	57,338
769 shs CMG	46,371	46,371
329 shs DHR	75,522	75,522
159 shs DE	67,368	67,368
98 shs INTU	61,593	61,593
41 shs MELI	69,718	69,718
297 shs MSFT	125,186	125,186
175 shs MCO	82,840	82,840
429 shs NVDA	57,610	57,610
183 shs SPGI	91,139	91,139
110 shs SNPS	53,390	53,390
172 shs TMO	89,480	89,480
1015 shs UBER	61,225	61,225
495 shs WM	99,886	99,886
884 shs BALL	48,735	48,735
3003 shs CPNG	66,006	66,006
94 shs URI	66,217	66,217
75 shs VLTO	7,639	7,639
152 shs VRSK	41,865	41,865
825 shs CNM	42,001	42,001
1652 shs WSC	55,259	55,259
12990 shs ABEV	24,032	24,032
155 shs BAP	28,415	28,415
600 shs FMX	51,294	51,294
492 shs GBOOY	15,896	15,896
2346 shs HSHCY	33,222	33,222
1135 shs HDB	72,481	72,481
1217 shs TLK	20,020	20,020
1858 shs PNGAY	22,028	22,028
427 shs TSM	84,328	84,328
797 shs TCEHY	42,785	42,785
1006 shs ZTO	19,667	19,667
2526 shs ADYEY	37,587	37,587
1091 shs AAGIY	31,629	31,629
940 shs AIQUY	30,548	30,548
419 shs ALC	35,569	35,569
917 shs ALFVY	38,392	38,392
3306 shs ALIZY	101,296	101,296
1691 shs ASAZY	25,007	25,007
2565 shs ATLKY	39,198	39,198
5142 shs BBVA	49,980	49,980
316 shs CNI	32,077	32,077
3874 shs CHGCY	86,262	86,262
2412 shs CLPBY	26,332	26,332
2033 shs DFKCY	21,344	21,344
1559 shs DASTY	54,080	54,080
874 shs DBSDY	112,040	112,040
997 shs DSCSY	27,107	27,107
846 shs GMAB	17,656	17,656
5379 shs HLN	51,316	51,316
1865 shs IFNNY	60,640	60,640
1266 shs KMTUY	35,042	35,042
754 shs LRLCY	53,381	53,381
2445 shs MFC	75,086	75,086
445 shs NVZMY	25,192	25,192
1602 shs RHHBY	56,456	56,456
386 shs SAP	95,037	95,037
1272 shs SBGSY	63,460	63,460
1012 shs SMNNY	13,773	13,773
2970 shs SGIOY	20,968	20,968
343 shs SONVY	22,429	22,429
2580 shs SONY	54,593	54,593
1265 shs SYIEY	33,615	33,615
3182 shs SSMXY	59,052	59,052
374 shs TTNDY	24,675	24,675
4305 shs UNICY	20,419	20,419
19 shs MELI	32,308	32,308
99 shs ARGX	60,885	60,885
151 shs ESTC	14,961	14,961
522 shs IMCR	15,399	15,399
898 shs FROG	26,410	26,410
307 shs XENE	12,034	12,034
109 shs BLDR	15,579	15,579
931 shs CHWY	31,179	31,179
116 shs CW	41,165	41,165
246 shs DECK	49,960	49,960
342 shs DOCU	30,759	30,759
97 shs EME	44,028	44,028
393 shs ENTG	38,931	38,931
330 shs EXPE	61,489	61,489
304 shs GDDY	60,000	60,000
342 shs GGG	28,827	28,827
178 shs HLI	30,911	30,911
94 shs HUBB	39,376	39,376
96 shs HUBS	66,890	66,890
275 shs H	43,170	43,170
339 shs INSM	23,405	23,405
60 shs LII	36,558	36,558
201 shs LECO	37,681	37,681
112 shs MANH	30,267	30,267
148 shs MDB	34,456	34,456
333 shs NBIX	45,455	45,455
138 shs NDSN	28,875	28,875
476 shs PCOR	35,667	35,667
193 shs SRPT	23,467	23,467
196 shs SFM	24,906	24,906
440 shs SF	46,675	46,675
867 shs TPR	56,641	56,641
170 shs TXRH	30,673	30,673
90 shs BLD	28,021	28,021
122 shs TYL	70,350	70,350
522 shs AOS	35,606	35,606
551 shs ACIW	28,602	28,602
1914 shs FOLD	18,030	18,030
79 shs AIT	18,918	18,918
223 shs RNA	6,485	6,485
420 shs AVNT	17,161	17,161
190 shs BILL	16,095	16,095
487 shs BRZE	20,396	20,396
145 shs BCO	13,452	13,452
773 shs CFLT	21,613	21,613
253 shs CRNX	12,936	12,936
370 shs DLB	28,897	28,897
129 shs DORM	16,712	16,712
207 shs DOCS	11,052	11,052
398 shs ETSY	21,050	21,050
495 shs EXLS	21,968	21,968
707 shs GTLB	39,839	39,839
169 shs HLNE	25,020	25,020
773 shs IDYA	19,866	19,866
326 shs NARI	16,642	16,642
294 shs KNX	15,594	15,594
523 shs LSCC	29,628	29,628
62 shs MDGL	19,131	19,131
94 shs MOD	10,897	10,897
297 shs MLI	23,570	23,570
807 shs NYT	42,004	42,004
393 shs OPCH	9,118	9,118
162 shs PATK	13,459	13,459
301 shs POWI	18,572	18,572
154 shs PRCT	12,400	12,400
733 shs SWTX	26,483	26,483
753 shs VRRM	18,208	18,208
158 shs VKTX	6,358	6,358
154 shs WING	43,767	43,767
277 shs WTFC	34,545	34,545
302 shs DOX	25,712	25,712
262 shs ALLE	34,238	34,238
246 shs CHKP	45,928	45,928
141 shs STE	28,984	28,984
226 shs AKAM	21,617	21,617
289 shs AFG	39,573	39,573
260 shs ATR	40,846	40,846
133 shs AVY	24,888	24,888
451 shs BJ	40,297	40,297
209 shs CBOE	40,839	40,839
279 shs CINF	40,092	40,092
150 shs CLX	24,362	24,362
381 shs COO	35,025	35,025
203 shs EWBC	19,439	19,439
257 shs EXPD	28,468	28,468
107 shs FDS	51,390	51,390
139 shs FFIV	34,954	34,954
163 shs GPC	19,032	19,032
161 shs JKHY	28,223	28,223
62 shs HUBB	25,971	25,971
193 shs IEX	40,393	40,393
821 shs IPG	23,004	23,004
188 shs JLL	47,590	47,590
115 shs LECO	21,559	21,559
313 shs MAS	22,714	22,714
303 shs MKC	23,101	23,101
154 shs NDSN	32,223	32,223
303 shs NTRS	31,058	31,058
125 shs PKG	28,141	28,141
186 shs PAYC	38,124	38,124
286 shs RPM	35,195	35,195
111 shs SNA	37,682	37,682
215 shs TER	27,073	27,073
159 shs TXRH	28,688	28,688
116 shs BLD	36,115	36,115
155 shs WAT	57,502	57,502
197 shs WSM	36,480	36,480
95 shs ZBRA	36,691	36,691
359 shs AOS	24,487	24,487
173 shs AIT	41,428	41,428
249 shs ACLS	17,398	17,398
46 shs CVCO	20,527	20,527
61 shs CHE	32,318	32,318
319 shs CHH	45,292	45,292
219 shs CNS	20,222	20,222
316 shs COLM	26,522	26,522
313 shs CBSH	19,503	19,503
211 shs CFR	28,327	28,327
354 shs DLB	27,647	27,647
518 shs DCI	34,887	34,887
689 shs WTRG	25,024	25,024
1013 shs EXLS	44,957	44,957
1109 shs FLO	22,912	22,912
255 shs IBOC	16,106	16,106
68 shs MEDP	22,592	22,592
483 shs PRGS	31,467	31,467
288 shs QLYS	40,383	40,383
612 shs SEIC	50,478	50,478
249 shs SIGI	23,286	23,286
363 shs SLGN	18,894	18,894
485 shs SMPL	18,905	18,905
163 shs TFX	29,011	29,011
224 shs TTC	17,942	17,942
118 shs WTS	23,989	23,989
203 shs CPT	23,556	23,556
516 shs CUBE	22,111	22,111
233 shs LAMR	28,365	28,365
656 shs STAG	22,186	22,186
30032.282 shs BCSFX	748,705	748,705

- TIN:

TY 2024 InvestmentsGovtObligationsSch

Name:

The Garfield Foundation

C/O Baldwin Brothers

EIN:

22-2285358

US Government Securities - End of Year Book Value:

1,320,720

US Government Securities - End of Year Fair Market Value:

1,320,720

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

296,005

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

296,005

- TIN:

TY 2024 InvestmentsOtherSchedule2

Name:

The Garfield Foundation

C/O Baldwin Brothers

EIN:

22-2285358

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
Meranti Green Steel - Singapore	FMV	100,000	100,000
Generation Global Equity Fund	FMV	5,170,922	5,170,922
TriLinc Global Impact Fund LLC	FMV	285,624	285,624
Best Egg, Inc.	FMV	260,208	260,208
Context Partners Offshore LTD	FMV	640,943	640,943
Libra Fund Offshore II	FMV	65,820	65,820

- TIN:

TY 2024 LegalFeesSchedule

Name:

The Garfield Foundation

C/O Baldwin Brothers

EIN:

22-2285358

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Legal fees	1,461	1,096		365

- TIN:

TY 2024 OtherAssetsSchedule

Name:

The Garfield Foundation

C/O Baldwin Brothers

EIN:

22-2285358

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
Security deposit	1,410	1,000	1,000
Deferred tax asset	89,346	50,017	50,017

- TIN:

TY 2024 OtherExpensesSchedule

Name:

The Garfield Foundation

C/O Baldwin Brothers

EIN:

22-2285358

Description	Revenue and Expenses per Books	Disbursements for Charitable Purposes
Office and computer expenses	12,790	12,790
Insurance	12,570	12,570
State filing fees	766	766
Accrual-to-cash expense adjustments	0	-11,031

- TIN:

TY 2024 OtherIncomeSchedule2

Name:

The Garfield Foundation

C/O Baldwin Brothers

EIN:

22-2285358

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
Passthrough income	10,708	10,708	10,708
Amounts recorded per books	299,426		299,426

- TIN:

TY 2024 OtherIncreasesSchedule

Name:

The Garfield Foundation

C/O Baldwin Brothers

EIN:

22-2285358

Description	Amount
Book-to-tax investment balance adjustments	702,018
Current year unrealized gains	773,338

- TIN:

TY 2024 OtherLiabilitiesSchedule

Name:

The Garfield Foundation

C/O Baldwin Brothers

EIN:

22-2285358

Description	Beginning of Year - Book Value	End of Year - Book Value
Deferred tax liability	31,190	55,975

- TIN:

TY 2024 OtherProfessionalFeesSchedule

Name:

The Garfield Foundation

C/O Baldwin Brothers

EIN:

22-2285358

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Investment management fees	283,712	283,712		0
Other professional fees	27,325	0		27,325

- TIN:

TY 2024 TaxesSchedule

Name:

The Garfield Foundation

C/O Baldwin Brothers

EIN:

22-2285358

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Excise taxes	64,114	0		0
Foreign taxes on dividends	13,087	13,087		0