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.
Go to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2025
Open to Public Inspection
For calendar year 2025, or tax year beginning 01 - 01 2025, and ending 12 - 31, 20 25
Name of foundation
THE ALLEN HILLES FUND
 
Number and street (or P.O. box number if mail is not delivered to street address) 290 KING OF PRUSSIA RD BLDG 2 306
  Room/suite
City or town
RADNOR
State or province
PA
Country  
ZIP or foreign postal code
19087
A Employer identification number

51-6154986
B Telephone number (see instructions)

6108963868
C
G Check all that apply:

D 1. Foreign organizations, check here.............
2. Foreign organizations meeting the 85%
test, check here and attach computation ...
E
H Check type of organization:
F
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)$11,370,942J 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 .................
3 Interest on savings and temporary cash investments 11 11  
4 Dividends and interest from securities... 168,505 168,505  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 948,254
b Gross sales price for all assets on line 6a 1,876,309
7 Capital gain net income (from Part IV, line 2)... 948,254
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
1,673 1,673  
12 Total. Add lines 1 through 11........ 1,118,443 1,118,443  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0   0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
5,334 0   5,334
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
122,501 61,501   61,000
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
32,125 0   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings....... 3,137 0   3,137
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
8,369 713   7,656
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 171,466 62,214   77,127
25 Contributions, gifts, grants paid....... 704,500 704,500
26 Total expenses and disbursements. Add lines 24 and 25 ................ 875,966 62,214   781,627
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 242,477
b Net investment income (if negative, enter -0-) 1,056,229
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2025)
Form 990-PF (2025)
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............. 13,243 34,491 34,491
2 Savings and temporary cash investments......... 433,922 786,539 786,539
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) 260,000
Less: allowance for doubtful accounts 0 260,000 260,000 260,000
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)....... 4,468,665 Click to see attachment
List of Attached Documents:
// Content
4,512,528 		8,463,851
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis  
Less: accumulated depreciation (attach schedule)        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 676,940 Click to see attachment
List of Attached Documents:
// Content
501,689 		1,826,061
14 Land, buildings, and equipment: basis  
Less: accumulated depreciation (attach schedule)        
15 Other assets (describe )      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 5,852,770 6,095,247 11,370,942
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 )    
23 Total liabilities (add lines 17 through 22)......... 0 0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions........... 5,852,770 6,095,247
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds    
29 Total net assets or fund balances (see instructions)..... 5,852,770 6,095,247
30 Total liabilities and net assets/fund balances (see instructions). 5,852,770 6,095,247
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
5,852,770
2
Enter amount from Part I, line 27a .....................
2
242,477
3
Other increases not included in line 2 (itemize)
3
0
4
Add lines 1, 2, and 3 ..........................
4
6,095,247
5
Decreases not included in line 2 (itemize)
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, line 29, column (b) ..
6
6,095,247
Form 990-PF (2025)
Form 990-PF (2025)
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 SALE OF PUBLICLY TRADED SECURITIES      
b CAPITAL GAINS DIVIDENDS P    
c
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 1,757,541   928,055 829,486
b 118,768     118,768
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       829,486
b       118,768
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 948,254
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ......................... 		Bracket 3  
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here 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 14,682
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 14,682
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 14,682
6 Credits/Payments:
a 2025 estimated tax payments and 2024 overpayment credited to 2025 6a 20,000
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 20,000
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 5,318
11 Enter the amount of line 10 to be: Credited to 2026 estimated tax5,318 Refunded 11 0
For Refunded amount, also complete and attach Form 8050. See instructions.
Form 990-PF (2025)
Form 990-PF (2025)
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. $ 0(2) On foundation managers.$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.$ 0
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
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
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)
DE
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 2025 or the taxable year beginning in 2025? 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 addressWWW.HILLESFUND.ORG
14
The books are in care ofPEMBROKE PHILANTHROPY ADVISORS Telephone no. (610) 896-3868

Located at290 KING OF PRUSSIA RD BLDG 2 SUITE306RADNORPA ZIP+419087
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........
and enter the amount of tax-exempt interest received or accrued during the year ........
15
 
16 At any time during calendar year 2025, 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
Form 990-PF (2025)
Form 990-PF (2025)
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)
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)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
No
c
Organizations relying on a current notice regarding disaster assistance check here ........
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 2025? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2025, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2025?....................
2a
 
No
If "Yes," list the years 20, 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.
20, 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 2025 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 Form 4720, Schedule C, to determine
if the foundation had excess business holdings in 2025.).....................
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 2025? ..
4b
 
No
Form 990-PF (2025)
Form 990-PF (2025)
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)
Yes
 
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
No
c
Organizations relying on a current notice regarding disaster assistance check .........
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
Yes
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d). Click to see attachment
List of Attached Documents:
// Content
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
No
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
(a) Name and address (b) Title, and average
hours per week
devoted to position 		(c) Compensation
 (If not paid, enter
-0-) 		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
other allowances
ROBERT L DEWEES JR ESQ PRESIDENT
0.50 		0 0 0
290 KING OF PRUSSIA RD BLDG 2 STE
306
RADNOR,PA19087
EDWARD D DEWEES CFA CIC TREASURER
0.50 		0 0 0
290 KING OF PRUSSIA RD BLDG 2 STE
306
RADNOR,PA19087
DAPHNE ROWE SECRETARY/ EXECUTIVE DIRECTOR
1.00 		0 0 0
290 KING OF PRUSSIA RD BLDG 2 STE
306
RADNOR,PA19087
CHRISTINA HOLIDAY DIRECTOR
0.50 		0 0 0
290 KING OF PRUSSIA RD BLDG 2 STE
306
RADNOR,PA19087
CANDACE MATTHEWS BASS DIRECTOR
0.50 		0 0 0
290 KING OF PRUSSIA RD BLDG 2 STE
306
RADNOR,PA19087
OCTAVIA HOWELL DIRECTOR
0.50 		0 0 0
290 KING OF PRUSSIA RD BLDG 2 STE
306
RADNOR,PA19087
BRIAN JONES DIRECTOR
0.50 		0 0 0
290 KING OF PRUSSIA RD BLDG 2 STE
306
RADNOR,PA19087
NINA DEWEES AS OF 525 DIRECTOR
0.50 		0 0 0
290 KING OF PRUSSIA RD BLDG 2 STE
306
RADNOR,PA19087
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 (2025)
Form 990-PF (2025)
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
DOUGLAS C LANE & ASSOCIATES INVESTMENT MANAGEMENT 61,501
885 SECOND AVENUE 42ND FLOOR
NEW YORK,NY10017
PEMBROKE PHILANTHROPY ADVISORS GRANT AND ADMINISTRATION CONSULTING 59,000
290 KING OF PRUSSIA RD BLDG 2 STE
306
RADNOR,PA19087
Total number of others receiving over $50,000 for professional services.............right arrow0
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1  
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.........................0
Form 990-PF (2025)
Form 990-PF (2025)
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
10,396,193
b
Average of monthly cash balances.......................
1b
359,320
c
Fair market value of all other assets (see instructions)................
1c
260,000
d
Total (add lines 1a, 1b, and 1c).......................
1d
11,015,513
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
0
2
Acquisition indebtedness applicable to line 1 assets..................
2
0
3
Subtract line 2 from line 1d.........................
3
11,015,513
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
165,233
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
10,850,280
6
Minimum investment return. Enter 5% (0.05) of line 5 ................
6
542,514
Part X
Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here and do not complete this part.)
1
Minimum investment return from Part IX, line 6..................
1
542,514
2a
Tax on investment income for 2025 from Part V, line 5 .......
2a
14,682
b
Income tax for 2025. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
14,682
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
527,832
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
527,832
6
Deduction from distributable amount (see instructions) .................
6
0
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
527,832
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, line 26, column (d) ..........
1a
781,627
b
Program-related investments—total from Part VIII-B..................
1b
0
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
 
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
781,627
Form 990-PF (2025)
Form 990-PF (2025)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2024 		(c)
2024 		(d)
2025
1 Distributable amount for 2025 from Part X, line 7 527,832
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only....... 0
b Total for prior years:20 , 20, 20 0
3 Excess distributions carryover, if any, to 2025:
a From 2020...... 173,405
b From 2021...... 70,813
c From 2022...... 191,835
d From 2023...... 182,306
e From 2024...... 99,129
f Total of lines 3a through e ........ 717,488
4Qualifying distributions for 2025 from Part
XI, line 4: $ 781,627
a Applied to 2024, 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 2025 distributable amount..... 527,832
e Remaining amount distributed out of corpus 253,795
5 Excess distributions carryover applied to 2025. 0 0
(If an amount appears in column (d), the
same amount must be shown in column (a).)
6Enter the net total of each column as
indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 971,283
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 2024. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		0
f Undistributed income for 2025. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2026 .......... 		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 2020 not
applied on line 5 or line 7 (see instructions) ... 		173,405
9 Excess distributions carryover to 2026.
Subtract lines 7 and 8 from line 6a ...... 		797,878
10 Analysis of line 9:
a Excess from 2021 .... 70,813
b Excess from 2022 .... 191,835
c Excess from 2023 .... 182,306
d Excess from 2024 .... 99,129
e Excess from 2025 .... 253,795
Form 990-PF (2025)
Form 990-PF (2025)
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 2025, enter the date of the ruling ......
 
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) 2025 (b) 2024 (c) 2023 (d) 2022
         
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, 3b, or 3c 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 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, 2b, 2c, and 2d. See instructions
aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
ONLINE APPLICATION AT WWWHILLESFUND
290 KING OF PRUSSIA RD BLDG 2 SUITE
306
RADNOR,PA19087
(610) 896-3868
bThe form in which applications should be submitted and information and materials they should include:
SEE STATEMENT 13
cAny submission deadlines:
MARCH 15 AND SEPTEMBER 15
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
THE HILLES FUND SEEKS TO ENHANCE THE QUALITY OF LIFE FOR CHILDREN, YOUTH, AND WOMEN IN THE CITY OF PHILADELPHIA AND IN THE NORTHEAST KINGDOM OF VERMONT (COMPRISING ESSEX, ORLEANS, AND CALEDONIA COUNTIES) BY SUPPORTING DIRECT SERVICES AND ADVOCACY STRATEGIES THAT FOCUS ON EDUCATION, YOUTH DEVELOPMENT, AND WOMEN'S SELF-SUFFICIENCY. IN ADDITION, THE FUND SUPPORTS COMMUNITY DEVELOPMENT OPPORTUNITIES IN THE NORTHEAST KINGDOM. DONEES MUST BE TAX EXEMPT UNDER IRS 501C(3). PRIORITY IS GIVEN TO ORGANIZATIONS WITH OPERATING BUDGETS UNDER $2 MILLON. GRANTS ARE GENERALLY LIMITED TO $4,000 TO $10,000 PER RECIPIENT.
Form 990-PF (2025)
Form 990-PF (2025)
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

ABORTION LIBERATION FUND OF PA

PO BOX 40748
PHILADELPHIA,PA19107 		N/A   GENERAL OPERATING SUPPORT - ALF PA ABORTION FUNDING HELP LINE 10,000

ACHIEVE NOW

1735 MARKET ST SUITE 125 500
PHILADELPHIA,PA19103 		N/A   GENERAL OPERATING SUPPORT 8,000

AFTER SCHOOL ACTIVITIES PARTNERSHIPS

1617 JOHN F KENNEDY BOULEVARD
PHILADELPHIA,PA19103 		N/A   GENERAL OPERATING SUPPORT 10,000

ALBANY COMMUNITY TRUST

C/O HILLSIDE FARM
WEST GROVE,VT05875 		N/A   RENOVATION OF SHED FOR ALBANY FOOD SHARE 2,500

ALLENS LANE ART CENTER

601 W ALLENS LN
PHILADELPHIA,PA19119 		N/A   STENTON FAMILY MANOR PARTNERSHIP PROGRAM 8,000

ARDELLA'S HOUSE INC

2428 NORTH 33RD STREET
PHILADELPHIA,PA19132 		N/A   GENERAL OPERATING SUPPORT 8,000

ARTWELL COLLABORATIVE INC

100 W OXFORD ST SUITE E-1200
PHILADELPHIA,PA19122 		N/A   GENERAL OPERATING SUPPORT 8,000

ASIAN AMERICANS UNITED

1023 CALLOWHILL STREET
PHILADELPHIA,PA19123 		N/A   GENERAL OPERATING SUPPORT 10,000

BEYOND THE BARS

3500 LANCASTER AVE
PHILADELPHIA,PA19104 		N/A   RUNNING AN ECOSYSTEM OF SUPPORT FOR YOUTH IMPACTED BY VIOLENCE 10,000

BOOK TRUST

191 UNIVERSITY BLVD SUITE 527
DENVER,CO80206 		N/A   PROMOTING LITERACY FOR STUDENTS IN PHILADELPHIAS TITLE I SCHOOLS 8,000

BOYS & GIRLS CLUBS OF PHILADELPHIA

1518 WALNUT ST STE 712
PHILADELPHIA,PA19102 		N/A   LIT US LITERACY INITIATIVE AT SULLIVAN ELEMENTARY 6,000

BRIGHTER HORIZON

739 WESTVIEW AVE
PHILADELPHIA,PA19119 		N/A   COLLEGE READINESS & PERSISTENCE PROGRAM 10,000

CAMBODIAN ASSOCIATION OF GREATER PHILADELPHIA

5412 NORTH 5TH STREET
PHILADELPHIA,PA19120 		N/A   CAGP'S MULTICULTURAL OUT-OF-SCHOOL TIME PROGRAM 5,000

CENTER FOR EMPOWERED POLITICS EDUCATION FUND

320 W OREGON AVE
PHILADELPHIA,PA19148 		N/A   PHILLY ROOTS 5,000

CENTRO NUEVA CREACION - NEW CREATION COMMUNITY CENTER

185 WEST TIOGA STREET
PHILADELPHIA,PA19140 		N/A   GENERAL OPERATING SUPPORT 10,000

CHILDREN FIRST PA

990 SPRING GARDEN STREET
PHILADELPHIA,PA19123 		N/A   PARENTS EMPOWERED FOR CHANGE 10,000

CHILDREN'S LITERACY FOUNDATION

3679 WATERBURY-STOWE ROAD
WATERBURY CENTER,VT05677 		N/A   NEK GENERAL OPERATING SUPPORT 10,000

CIVIC NEWS COMPANY

450 SEVENTH AVE 32ND FL
NEW YORK,NY10123 		N/A   CHALKBEAT PHILADELPHIA 10,000

CODED BY KIDS

3675 MARKET STREET
PHILADELPHIA,PA19104 		N/A   GENERAL OPERATING SUPPORT 10,000

CODED BY KIDS

3675 MARKET STREET
PHILADELPHIA,PA19104 		N/A   HONORARIUM - GENERAL OPERATING SUPPORT 500

COLLECTIVE CLIMB INC

350 S 15TH STREET
PHILADELPHIA,PA19102 		N/A   GENERAL OPERATING SUPPORT 10,000

COMMUNITY COLLEGE OF PHILADELPHIA FOUNDATION

1700 SPRING GARDEN STREET
PHILADELPHIA,PA19130 		N/A   JR. STEM ACADEMY MIDDLE SCHOOL SCIENCE FAIRS PROGRAM 10,000

CONNECTEDLY

4100 MAIN STREET
PHILADELPHIA,PA19127 		N/A   PHILLY FAMILIES READ TOGETHER 10,000

CRAFTSBURY SAPLINGS

1773 EAST CRAFTSBURY ROAD
CRAFTSBURY,VT05826 		N/A   SAPLINGS' TAKES ROOT - PROGRAM EXPANSION 8,000

CULTURETRUST GREATER PHILADELPHIA

1400 N AMERICAN ST
PHILADELPHIA,PA19122 		N/A   THE YOUNG ARTIST PROGRAM 7,000

ESPERANZA IMMIGRATION LEGAL SERVICES

4261 NORTH 5TH STREET
PHILADELPHIA,PA19140 		N/A   GENERAL OPERATING SUPPORT 8,000

FINANCIAL SCHOLARS

201 ROUSE BOULEVARD
PHILADELPHIA,PA19112 		N/A   GENERAL OPERATING SUPPORT 10,000

FREE MIGRATION PROJECT

426 E ALLEGHENY AVE UNIT 306
PHILADELPHIA,PA19134 		N/A   GENERAL OPERATING SUPPORT 5,000

FRIENDS OF UNIFAT

919 FARRAGUT STREET
PHILADELPHIA,PA19143 		N/A   UNRESTRICTED GRANT 5,000

GENTLE GRATITUDE

5720 THOMAS AVE
PHILADELPHIA,PA19143 		N/A   FLOW FREEDOM 8,000

GIRLS ON THE RUN PHILADELPHIA

40 W EVERGREEN AVE SUITE 104
PHILADELPHIA,PA19118 		N/A   GIRLS ON THE RUN PHILADELPHIA PROGRAMMATIC CURRICULA TO MEET THE PHYSICAL AND MENTAL HEALTH NEEDS OF TODAYS GIRLS 8,000

GIRLS ON THE RUN VERMONT

188 ALLEN BROOK LANE
WILLISTON,VT05495 		N/A   NEK GENERAL OPERATING SUPPORT 10,000

HARDWICK AREA FOOD PANTRY INC

PO BOX 1075
HARDWICK,VT05843 		N/A   GENERAL OPERATING SUPPORT 7,500

HARLEM LACROSSE AND LEADERSHIP CORPORATION

8 WEST 126TH STREET
NEW YORK,NY10027 		N/A   HARLEM LACROSSE - PHILADELPHIA GENERAL OPERATING SUPPORT 10,000

HEALTHY NEWSWORKS

1105 ORMOND AVENUE
DREXEL HILL,PA19026 		N/A   GENERAL OPERATING SUPPORT PHILADELPHIA OPERATIONS 7,500

HISTORIC FAIR HILL INC

5501 GERMANTOWN AVENUE
PHILADELPHIA,PA19144 		N/A   GENERAL OPERATING SUPPORT 10,000

JOHN WOODRUFF SIMPSON MEMORIAL LIBRARY INC

1972 EAST CRAFTSBURY ROAD
CRAFTSBURY,VT05826 		N/A   CREATE TOGETHER! ARTS FOR ALL AGES IN EAST CRAFTSBURY 7,000

JOUNCE PARTNERS INC

2112 LOMBARD STREET
PHILADELPHIA,PA19146 		N/A   JOUNCE PARTNERS FELLOWSHIP FORWARD PROJECT 15,000

JOYFUL READERS INC

1501 CHERRY STREET
PHILADELPHIA,PA19102 		N/A   GENERAL OPERATING SUPPORT 10,000

KORESH DANCE COMPANY

2002 RITTENHOUSE SQUARE
PHILADELPHIA,PA19103 		N/A   KORESH KIDS DANCE 5,000

LIFT EVERY VOICE PHILLY

3675 MARKET STREET
PHILADELPHIA,PA19104 		N/A   GENERAL OPERATING SUPPORT 10,000

MAMADELE FOUNDATION

224 WEST WALNUT LANE
PHILADELPHIA,PA19144 		N/A   AXE PURO AFRO-BRAZILIAN ARTS RESIDENCY PROGRAM 5,000

MODER PATSHALA

5558 MARKET STREET
PHILADELPHIA,PA19139 		N/A   GENERAL OPERATING SUPPORT 8,000

MOVEMENT ALLIANCE PROJECT

924 CHERRY STREET
PHILADELPHIA,PA19107 		N/A   YOUTH ART & SELF-EMPOWERMENT PROJECT 10,000

MOVEMENT ALLIANCE PROJECT

924 CHERRY STREET
PHILADELPHIA,PA19143 		N/A   CAMP SOJOURNER GIRLS LEADERSHIP CAMP 8,000

MT AIRY COMMUNITY SERVICES CORPORATION FISCAL SPONSOR

1901 S 9TH STREET BOK ROOM 212
PHILADELPHIA,PA19148 		N/A   PHILLY CHILDREN'S MOVEMENT 5,000

NATIONALITIES SERVICE CENTER

1216 ARCH ST 4TH FLOOR
PHILADELPHIA,PA19107 		N/A   UNRESTRICTED FUNDING 8,000

NEED IN DEED

441 HIGH STREET
PHILADELPHIA,PA19144 		N/A   GENERAL OPERATING SUPPORT 5,000

NEIGHBORHOOD BIKE WORKS

3943 LANCASTER AVENUE
PHILADELPHIA,PA19104 		N/A   GENERAL OPERATION SUPPORT 6,000

NORRIS SQUARE NEIGHBORHOOD PROJECT INC

2141 NORTH HOWARD STREET
PHILADELPHIA,PA19122 		N/A   GENERAL OPERATING SUPPORT 10,000

NORTH LIGHT COMMUNITY CENTER

175 GREEN LANE
PHILADELPHIA,PA19127 		N/A   GENERAL OPERATING SUPPORT 7,000

ORDINARIE HEROES

1300 W HUNTING PARK AVE
PHILADELPHIA,PA19140 		N/A   EDUCATIONAL AND EMPOWERING YOUTH DEVELOPMENT FOR AT-RISK YOUTH IN NORTH PHILADELPHIA 8,000

PB&J OF CULTURETRUST GREATER PHILADELPHIA

1315 WALNUT STREET
PHILADELPHIA,PA19107 		N/A   GENERAL OPERATING SUPPORT 8,000

PHILABUNDANCE

3616 SOUTH GALLOWAY STREET
PHILADELPHIA,PA19148 		N/A   HONORARIUM - PHILABUNDANCE COMMUNITY KITCHEN 500

PHILADELPHIA CHINATOWN DEVELOPMENT CORPORATION

301 NORTH 9TH STREET
PHILADELPHIA,PA19107 		N/A   TEEN CLUB: LEADERSHIP, EDUCATION, AND EMPOWERMENT PATHWAYS (LEEP) 10,000

PHILADELPHIA CITY ROWING

450 PLYMOUTH ROAD
PLYMOUTH MEETING,PA19462 		N/A   GENERAL OPERATING SUPPORT 5,000

PHILADELPHIA EDUCATION FUND

718 ARCH STREET
PHILADELPHIA,PA19106 		N/A   CAP AND SPARK 10,000

PHILADELPHIA FOUNDATION

1234 MARKET STREET
PHILADELPHIA,PA19107 		N/A   PHILADELPHIA REGIONAL FOOD FUND 15,000

PHILADELPHIA YOUNG PLAYWRIGHTS

1219 VINE STREET
PHILADELPHIA,PA19107 		N/A   PLAYWRITING PROGRAM 10,000

PHILADELPHIA YOUTH ORCHESTRA

240 S 20TH ST
PHILADELPHIA,PA19101 		N/A   TUNE UP PHILLY - ORCHESTRAL PATHWAYS PROGRAM 7,500

PHOTOGRAPHY WITHOUT BORDERS

718 N 2ND ST235
PHILADELPHIA,PA19123 		N/A   STETSON SHUTTERBUGS VIDEO 4,000

PLANNED PARENTHOOD SOUTHEASTERN PENNSYLVANIA (PPSP)

1144 LOCUST STREET
PHILADELPHIA,PA19107 		N/A   FISCAL YEAR 2026 SEX EDUCATION PROGRAMS 10,000

PLAYWORKS EDUCATION ENERGIZED

441 HIGH STREET
PHILADELPHIA,PA19144 		N/A   GENERAL OPERATING SUPPORT CITY OF PHILADELPHIA ACTIVITIES 10,000

PROVIDENCE CENTER

2557 N 5TH STREET
PHILADELPHIA,PA19133 		N/A   GENERAL OPERATING SUPPORT 10,000

ROCK TO THE FUTURE

1201 NORTH 3RD STREET
PHILADELPHIA,PA19122 		N/A   GENERAL OPERATING SUPPORT 8,000

RURAL ARTS COLLABORATIVE INC

165 WILSON AVE
GREENSBORO,VT05841 		N/A   GENERAL OPERATING SUPPORT FOR OUT OF SCHOOL TIME ENRICHMENT PROGRAMMING 8,000

STUDENTS RUN PHILLY STYLE

1819 JOHN F KENNEDY BOULEVARD
PHILADELPHIA,PA19103 		N/A   GENERAL OPERATING SUPPORT 10,000

THE BIG PICTURE ALLIANCE

1315 WALNUT STREET
PHILADELPHIA,PA19107 		N/A   VIA LUX YOUTH MEDIA COLLECTIVE 10,000

THE CLAY STUDIO

1425 NORTH AMERICAN STREET
PHILADELPHIA,PA19122 		N/A   CLAY, PLAY, READ 10,000

THE DREAM PROGRAM INC

1621 WEST JEFFERSON STREET
PHILADELPHIA,PA19121 		N/A   BUILDING RESILIENCE AND WELL-BEING FOR UNDERSERVED YOUTH THROUGH MENTORSHIP 10,000

THE FOUNDATION FOR DELAWARE COUNTY

200 EAST STREET SUITE 304
MEDIA,PA19063 		N/A   PA-FIRE 15,000

THE FREE LIBRARY OF PHILADELPHIA FOUNDATION

1901 VINE STREET
PHILADELPHIA,PA19103 		N/A   NEIGHBORHOOD LITERACY FUND 10,000

THE FREE LIBRARY OF PHILADELPHIA FOUNDATION

1901 VINE STREET
PHILADELPHIA,PA19103 		N/A   GENERAL OPERATING FOR READ BY 4TH 10,000

THE KEYSTONE RESEARCH CENTER

412 NORTH 3RD STREET
HARRISBURG,PA17101 		N/A   EDUCATION VOTERS OF PA 10,000

THE NATIONAL SOCIETY OF THE COLONIAL DAMES OF AMERICA IN THE COMMONWEALTH O

1630 LATIMER STREET
PHILADELPHIA,PA19103 		N/A   HISTORY HUNTERS YOUTH REPORTER PROGRAM 5,000

THE PRINT CENTER

1614 LATIMER STREET
PHILADELPHIA,PA19103 		N/A   ARTISTS-IN-SCHOOLS PROGRAM 10,000

TREE HOUSE BOOKS

1430 WEST SUSQUEHANNA AVENUE
PHILADELPHIA,PA19121 		N/A   GENERAL OPERATING SUPPORT 7,500

VERMONT CHILDREN'S TRUST FOUNDATION

95 SAINT PAUL STREET
BURLINGTON,VT05401 		N/A   NEK GENERAL OPERATING SUPPORT 5,000

VERMONT WORKS FOR WOMEN INC

32A MALLETTS BAY AVE
WINOOSKI,VT05404 		N/A   TRAILBLAZERS 10,000

WAGNER FREE INSTITUTE OF SCIENCE

1700 WEST MONTGOMERY AVENUE
PHILADELPHIA,PA19121 		N/A   GENERAL OPERATING SUPPORT 8,000

WEST PARK CULTURAL CENTER

5114 PARKSIDE AVENUE
PHILADELPHIA,PA19131 		N/A   GENERAL OPERATING SUPPORT 5,000

WEST PHILADELPHIA ALLIANCE FOR CHILDREN

4125 LANCASTER AVENUE
PHILADELPHIA,PA19104 		N/A   GENERAL OPERATING SUPPORT 10,000

WHY NOT PROSPER INC

717 E CHELTEN AVE
PHILADELPHIA,PA19144 		N/A   GENERAL OPERATING SUPPORT 8,000

WOMEN IN TRANSITION

718 ARCH STREET
PHILADELPHIA,PA19106 		N/A   GENERAL OPERATING SUPPORT 10,000

YOUNG AUDIENCES OF EASTERN PA INC

CULTUREWORKS GREATER PHILADELPHIA
PHILADELPHIA,PA19107 		N/A   PHILADELPHIA ARTS IMPACT INITIATIVE 5,000
Total ................................. 3a 704,500
bApproved for future payment
Total ................................. 3b 0
Form 990-PF (2025)
Form 990-PF (2025)
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 11  
4 Dividends and interest from securities ....     14 168,505  
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 ............ 		    18 948,254  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aSECURITIES LITIGATION PROCEEDS 		    01 1,673  
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. 0 1,118,443 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
1,118,443
(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 (2025)
Form 990-PF (2025)
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.
May the IRS discuss this return
with the preparer shown below?
See instructions.
Signature of officer or trustee Date Title
Paid Preparer Use Only 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 (2025)
Additional Data


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

TY 2025 AccountingFeesSchedule
Name:
THE ALLEN HILLES FUND
EIN:
51-6154986
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
TAX PREPARATION FEES 5,334 0   5,334

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TY 2025 ExpenditureResponsibilityStmt
Name:
THE ALLEN HILLES FUND
EIN:
51-6154986
Grantee's Name Grantee's Address Grant Date Grant Amount Grant Purpose Amount Expended By Grantee Any Diversion By Grantee? Dates of Reports By Grantee Date of Verification Results of Verification
JOHN WOODRUFF SIMPSON MEMORIAL LIBRARY INC
  		1972 EAST CRAFTSBURY ROAD
CRAFTSBURY,VT05826 		2025-05-29 7,000 CREATE TOGETHER! ARTS FOR ALL AGES IN EAST CRAFTSBURY     DUE 3/15/2026    

TY 2025 GeneralExplanationAttachment
Name:
THE ALLEN HILLES FUND
EIN:
51-6154986
Identifier Return Reference Explanation
  FORM 990PF, PART XIV, LINE 2B APPLICATION MUST INCLUDE THE FOLLOWING INFORMATION ABOUT YOUR ORGANIZATION AND THE ACTIVITIES FOR WHICH YOU ARE APPLYING FOR SUPPORT DESCRIPTION OF YOUR ORGANIZATION1. MISSION;2. ORGANIZATIONAL BACKGROUND AND HISTORY (IF A FIRST TIME APPLICANT)3. SERVICES PROVIDED DESCRIPTION OF THE PROJECT FOR WHICH YOU ARE SEEKING FUNDING (IF YOUR REQUEST IS FOR OPERATING SUPPORT, PLEASE SUBSTITUTE ORGANIZATION" FOR THE WORD "PROJECT" IN YOUR DESCRIPTION.)4. WHAT ARE YOUR ORGANIZATION'S GOALS AND OBJECTIVES FOR THE YEAR AND HOW WILL THIS GRANT HELP YOU IMPLEMENT THESE GOALS?5. GEOGRAPHIC AREA SERVED BY THE PROJECT.6. HOW DOES YOUR ORGANIZATION INCLUDE THE PEOPLE IT SERVES IN ITS DECISION-MAKING PROCESS?7. HOW DOES YOUR ORGANIZATION'S LEADERSHIP REFLECT ITS CONSTITUENCY?8. WHAT IS THE NEED FOR THE PROJECT? WHO WILL BENEFIT FROM IT, INCLUDING NUMBER OF PEOPLE SERVED? HOW WILL THE PROJECT HELP THOSE SERVED? WHAT DO YOU EXPECT TO BE ITS IMPACT?9. DESCRIBE HOW THE PROJECT WILL OPERATE. INCLUDE HOURS, DAYS AND MONTHS OF OPERATION, FULL- AND PART-TIME STAFF AND THEIR QUALIFICATIONS. IF VOLUNTEERS ARE USED, DESCRIBE HOW THEY ARE RECRUITED AND TRAINED.10. WHO WILL BE IN CHARGE OF THE PROJECT? WHAT ARE THEIR QUALIFICATIONS?11. HOW WILL YOU MEASURE THE IMPACT OF THIS PROJECT?ATTACHMENTS- 1 COPY OF THE 501 (C)(3) IRS "DETERMINATION LETTER" DEMONSTRATING YOUR TAX-EXEMPT STATUS - LEADERSHIP, INCLUDING OFFICERS, DIRECTORS AND BOARD MEMBERS ORGANIZATION BUDGET, INCLUDING - ANTICIPATED SOURCES OF INCOME YOUR MOST RECENT ANNUAL FINANCIAL STATEMENT (AUDITED IF AVAILABLE)- PROGRAM BUDGET, IF APPLICABLE.

TY 2025 InvestmentsCorpStockSchedule
Name:
THE ALLEN HILLES FUND
EIN:
51-6154986
Name of Stock End of Year Book Value End of Year Fair Market Value
AES CORP (AES) 8,000.000 QTY 120,725 114,720
AIR PRODUCTS & CHEMICALS INC (APD) 500.000 QTY 145,613 123,510
ALCOA CORP (AA) 2,500.000 QTY 65,885 132,850
ALPHABET INC (GOOG) 1,500.000 QTY 22,918 470,700
AMERICAN EXPRESS CO (AXP) 700.000 QTY 55,316 258,965
APA CORP (APA) 3,000.000 QTY 27,665 73,380
APTIV PLC (APTV) 2,000.000 QTY 139,599 152,180
BLACKSTONE INC (BX) 1,700.000 QTY 44,002 262,038
BOEING CO (BA) 700.000 QTY 100,450 151,984
BRISTOL MYERS SQUIBB CO (BMY) 2,500.000 QTY 139,003 134,850
CHARTER COMMUNICATIONS INC (CHTR) 500.000 QTY 191,272 104,375
CLEVELAND-CLIFFS INC NEW (CLF) 7,000.000 QTY 98,845 92,960
COMCAST CORP NEW (CMCSA) 2,500.000 QTY 135,267 74,725
CVS HEALTH CORP (CVS) 1,400.000 QTY 125,782 111,104
DANAHER CORP (DHR) 600.000 QTY 10,280 137,352
DELTA AIR LINES INC DEL (DAL) 2,700.000 QTY 22,875 187,380
DIAGEO PLC ADR (DEO) 900.000 QTY 88,856 77,643
DISNEY WALT CO (DIS) 1,000.000 QTY 116,142 113,770
ELANCO ANIMAL HEALTH INC (ELAN) 6,000.000 QTY 102,174 135,780
FERRARI N V NEW (RACE) 250.000 QTY 105,283 92,390
FREEPORT-MCMORAN INC (FCX) 2,000.000 QTY 72,815 101,580
GARTNER INC (IT) 500.000 QTY 130,331 126,140
GE AEROSPACE (GE) 800.000 QTY 53,285 246,424
GODADDY INC (GDDY) 1,000.000 QTY 72,402 124,080
GSK PLC ADR (GSK) 2,000.000 QTY 84,011 98,080
HALEON PLC ADR (HLN) 10,000.000 QTY 63,379 101,100
HERSHEY CO (HSY) 600.000 QTY 101,558 109,188
IHEARTMEDIA INC (IHRT) 16,209.000 QTY 168,722 67,429
ILLUMINA INC (ILMN) 600.000 QTY 16,720 78,696
INGERSOLL RAND INC (IR) 2,000.000 QTY 66,903 158,440
JOHNSON & JOHNSON (JNJ) 800.000 QTY 130,489 165,560
JPMORGAN CHASE & CO (JPM) 800.000 QTY 69,562 257,776
LAMB WESTON HLDGS INC (LW) 1,800.000 QTY 148,449 75,402
MARATHON PETE CORP (MPC) 600.000 QTY 21,861 97,578
MICROSOFT CORP (MSFT) 800.000 QTY 16,879 386,896
MODERNA INC (MRNA) 4,000.000 QTY 130,190 117,960
NESTLE S A ADR (NSRGY) 1,000.000 QTY 49,693 98,780
NVIDIA CORP (NVDA) 3,000.000 QTY 11,805 559,500
ORACLE CORP (ORCL) 400.000 QTY 19,174 77,964
PAYPAL HLDGS INC (PYPL) 1,500.000 QTY 87,001 87,570
QUALCOMM INC (QCOM) 2,000.000 QTY 36,930 342,100
RBC BEARINGS INC (RBC) 300.000 QTY 88,320 134,529
REINSURANCE GROUP AMER I (RGA) 900.000 QTY 108,095 183,114
ROPER TECHNOLOGIES INC (ROP) 300.000 QTY 123,193 133,539
RXO INC (RXO) 7,000.000 QTY 106,361 88,480
SHELL PLC (SHEL) 1,500.000 QTY 96,992 110,220
THERMO FISHER SCIENTIFIC (TMO) 300.000 QTY 10,588 173,835
TRANSDIGM GROUP INC (TDG) 150.000 QTY 91,029 199,478
TRUIST FINL CORP (TFC) 2,500.000 QTY 86,301 123,025
US BANCORP DEL (USB) 2,000.000 QTY 86,335 106,720
VISA INC (V) 800.000 QTY 14,038 280,568
VULCAN MATLS CO (VMC) 600.000 QTY 76,961 171,132
WILLSCOT HOLDINGS CO A (WSC) 3,000.000 QTY 102,535 56,490
WORKDAY INC (WDAY) 400.000 QTY 101,678 85,912
XPO INC (XPO) 1,000.000 QTY 9,991 135,910

TY 2025 InvestmentsOtherSchedule2
Name:
THE ALLEN HILLES FUND
EIN:
51-6154986
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
AMERICAN TOWER CORP NEW (REIT) 800.000 QTY FMV 9,067 140,456
EQUINIX INC (REIT) 200.000 QTY FMV 32,690 153,232
FT WILSHIRE 5000 INDEX I 41,544.284 QTY FMV 355,551 1,451,973
HEALTHPEAK PPTYS INC (REIT) 5,000.000 QTY FMV 104,381 80,400

TY 2025 OtherExpensesSchedule
Name:
THE ALLEN HILLES FUND
EIN:
51-6154986
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FRANCHISE FEE 25 0   25
INSURANCE 698 0   698
ADR FEES 713 713   0
SOFTWARE LICENSING 4,400 0   4,400
OFFICE EXPENSES 2,283 0   2,283
FILING FEE 250 0   250


TY 2025 OtherIncomeSchedule2
Name:
THE ALLEN HILLES FUND
EIN:
51-6154986
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
SECURITIES LITIGATION PROCEEDS 1,673 1,673 1,673


TY 2025 OtherProfessionalFeesSchedule
Name:
THE ALLEN HILLES FUND
EIN:
51-6154986
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT FEES 61,501 61,501   0
GRANT AND ADMINISTRATION CONSULTING 59,000 0   59,000
STRATEGIC PLANNING 2,000 0   2,000


TY 2025 TaxesSchedule
Name:
THE ALLEN HILLES FUND
EIN:
51-6154986
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FEDERAL EXCISE TAX 32,125 0   0