TY 2025 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.
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 BILLY & PATTY DAVIS FOUNDATION

Number and street (or P.O. box number if mail is not delivered to street address) 5 RITCHIE ROAD
Room/suite

City or town
WACO

State or province
TX

Country

ZIP or foreign postal code
76712

A Employer identification number

85-3997406

B Telephone number (see instructions)

2547225599

C If exemption application is pending, check here

G Check all that apply: Initial returnInitial return of a former public charity

Address change Name change

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

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

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

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 .......

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)$2,057,606J 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
4	Dividends and interest from securities...	43,056		43,056
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		101,430
b	Gross sales price for all assets on line 6a 1,665,595
7	Capital gain net income (from Part IV, line 2)...			101,430
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	26,426	26,426
12	Total. Add lines 1 through 11........	170,912		170,912
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).......	List of Attached Documents: // Content	4,756	4,756	0
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	35,414	35,414	0
17	Interest...............
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	730	0	0
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	40,900		40,170	0
25	Contributions, gifts, grants paid.......	75,000			75,000
26	Total expenses and disbursements. Add lines 24 and 25 ................	115,900		40,170	75,000
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	55,012
b	Net investment income (if negative, enter -0-)			130,742
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	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.............		1	1
	2	Savings and temporary cash investments.........	91,865	98,643	98,643
	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)
	b	Investments—corporate stock (attach schedule).......	924,297	List of Attached Documents: // Content 963,178	1,185,209
	c	Investments—corporate bonds (attach schedule).......	286,239	List of Attached Documents: // Content 295,925	302,405
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	610,381	List of Attached Documents: // Content 610,047	471,348
	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)	1,912,782	1,967,794	2,057,606
	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
		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	1,912,782	1,967,794
	29	Total net assets or fund balances (see instructions).....	1,912,782	1,967,794
	30	Total liabilities and net assets/fund balances (see instructions).	1,912,782	1,967,794

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

1,912,782

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

55,012

Other increases not included in line 2 (itemize)

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

1,967,794

Decreases not included in line 2 (itemize)

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

1,967,794

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
1 a	PUBLIC TRADED SEC-ASSETMARK INV	P
b	PUBLIC TRADED SEC-ASSETMARK FIXED	P
c	GWG WIND DOWN TRUST CAP LOSS	P
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	1,424,019	1,326,257	97,762
b	241,576	237,894	3,682
c		14	-14
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			97,762
b			3,682
c			-14
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	101,430
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	1,817
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	1,817
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	1,817
6	Credits/Payments:

a	2025 estimated tax payments and 2024 overpayment credited to 2025	6a
b	Exempt foreign organizations—tax withheld at source......	6b
c	Tax paid with application for extension of time to file (Form 8868)...	6c
d	Backup withholding erroneously withheld ..........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	0
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8	37
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9	1,854
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2026 estimated tax	Refunded	11
	For Refunded amount, also complete and attach Form 8050. See instructions.

Form 990-PF (2025)

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. $ 0(2) On foundation managers.$ 0

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

on foundation managers.$ 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)

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 2025 or the taxable year beginning in 2025? 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. Click to see attachment

List of Attached Documents:

// Content

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

Yes

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 addressN/A

The books are in care ofBILLY DAVIS Telephone no. (254) 722-5599

Located at5 RITCHIE RDWACOTX ZIP+476712

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 ........

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)

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)

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

1a(4)

(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 ........

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

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 2025, did the foundation have any undistributed income (Part XII, lines 6d

and 6e) for tax year(s) beginning before 2025?....................

If "Yes," list the years 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 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.).....................

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 2025? ..

Form 990-PF (2025)

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 .........

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	(e) Expense account, other allowances
BILLY DAVIS	PRESIDENT, DIRECTOR 1.00	0	0	0
23001 WOODWAY DR WACO,TX76712	PRESIDENT, DIRECTOR 1.00	0	0	0
PATTY DAVIS	SECRETARY, DIRECTOR 1.00	0	0	0
23001 WOODWAY DR WACO,TX76712	SECRETARY, DIRECTOR 1.00	0	0	0
KIMBERLY MCMILLAN	DIRECTOR 0.25	0	0	0
404 STALLION RD WACO,TX76712	DIRECTOR 0.25	0	0	0
MELISSA BLUE	DIRECTOR 0.25	0	0	0
6501 HUCKLEBERRY COVE AUSTIN,TX78746	DIRECTOR 0.25	0	0	0

2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."


(a) Name and address of each employee paid more than $50,000	(b) Title, and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
NONE









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

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
NONE

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

Part VIII-A

Summary of Direct Charitable Activities

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.	Expenses
1


2


3


4

Part VIII-B

Summary of Program-Related Investments (see instructions)

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.	Amount
1


2


All other program-related investments. See instructions.
3

Total. Add lines 1 through 3.........................0

Form 990-PF (2025)

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

1,916,766

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

41,531

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

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

1,958,297

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

1,958,297

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

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

29,374

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

1,928,923

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

96,446

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.)

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

96,446

Tax on investment income for 2025 from Part V, line 5 .......

1,817

Income tax for 2025. (This does not include the tax from Part V.) ...

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

1,817

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

94,629

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

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

94,629

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

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

94,629

Part XI

Qualifying Distributions (see instructions)

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

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

75,000

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. .......

75,000

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					94,629
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......
b From 2021......	65,526
c From 2022......	26,575
d From 2023......	27,844
e From 2024......	23,026
f Total of lines 3a through e ........		142,971
4Qualifying distributions for 2025 from Part
XI, line 4: $ 75,000
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.....					75,000
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2025.		19,629			19,629
(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		123,342
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) ...		0
9 Excess distributions carryover to 2026. Subtract lines 7 and 8 from line 6a ......		123,342
10 Analysis of line 9:
a Excess from 2021 ....	45,897
b Excess from 2022 ....	26,575
c Excess from 2023 ....	27,844
d Excess from 2024 ....	23,026
e Excess from 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 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) 2025	(b) 2024	(c) 2023	(d) 2022	(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, 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).)

BILLY DAVIS

PATTY DAVIS

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:

BILLY DAVIS
5 RITCHIE RD
WACO,TX76712
(254) 722-5599
BHDAVIS@THETRIALLAWYERS.COM

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

WRITTEN FORM DESCRIBING PURPOSE AND USE OF FUNDS

cAny submission deadlines:

NONE

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

GENERALLY, CHRISTIAN FAITH BASED EXEMPT ORGANIZATIONS

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)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
MISSION WACO 1315 N 15TH ST WACO,TX76707	NONE		GENERAL FUND	75,000
Total ................................. 3a				75,000

bApproved for future payment

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

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	(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 ...........
4 Dividends and interest from securities ....			14	43,056
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 .....			01	26,426
8 Gain or (loss) from sales of assets other than inventory ............			18	101,430
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..		0		170,912	0

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

170,912

(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 (2025)

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	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

- TIN:

TY 2025 AccountingFeesSchedule

Name:

THE BILLY & PATTY DAVIS FOUNDATION

EIN:

85-3997406

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ACOUNTING	4,420	4,420		0
GWG WIND DOWN TRUST ACCTG/LEGAL FEES	336	336		0

- TIN:

TY 2025 InvestmentsCorpBondsSchedule

Name:

THE BILLY & PATTY DAVIS FOUNDATION

EIN:

85-3997406

Name of Bond	End of Year Book Value	End of Year Fair Market Value
ABBVIE NOTE	4,578	4,842
AT&T INC NOTE	5,803	5,780
BANK AMER CORP SR NOTE	3,661	3,947
BANK OF AMER NOTE	4,143	4,271
BARCLAYS NOTE	5,098	5,107
CHENIERE ENERGY NOTE	4,994	4,997
DIAMONDBACK ENERGY INC COM NOTE	6,663	6,774
EQUIFAX NOTE	5,007	5,089
FORD HOLDINGS NOTE	3,647	3,386
GENERAL MOTORS FINL NOTE	4,146	4,138
GENERAL MOTORS FINL NOTE	4,007	4,529
HCA NOTE	6,167	6,185
JPMORGAN CHASE NOTE	6,315	7,321
KB HOME NOTE	4,196	4,075
LOWES NOTE	6,025	6,192
MORGAN STANLEY SR NOTE	5,958	6,186
MPLX LP NOTE	3,967	4,017
O'REILLY AUTOMOTIVE NOTE	5,029	5,034
PFIZER INV ENT NOTE	5,842	6,062
PUBLIC SVC ENT NOTE	4,108	4,080
SUNOCO LOGISTICS NOTE	3,755	3,992
T-MOBILE USA NOTE	6,108	6,282
TRUIST FINL CORP NOTE	5,069	5,164
UNITED HEALTH GROUP NOTE	4,095	4,096
AMAZON COM NOTE	4,334	4,518
AMGEN NOTE	6,065	6,231
BP CAP MKTS NOTE	4,000	4,053
CISCO SYS NOTE	3,996	4,111
DTE ENERGY NOTE	4,021	4,101
ELEVANCE HEALTH NOTE	4,136	4,195
FORD MOTOR NOTE	5,021	5,022
JP MORGAN NOTE	7,257	7,589
KB HOME SR NOTE	4,869	4,963
LILLY ELLI NOTE	5,094	5,086
REPUBLICE SVCS NOTE	4,003	4,127
ROYAL CARRIBBEAN NOTE	4,774	4,931
S&P GLBL NOTE	4,412	4,610
ZOETIS NOTE	6,399	6,375
ALEXANDRIA R/E EQ NOTE	3,953	3,847
ANHEUSER BUSCH NOTE	4,980	5,170
ASTRAZENECA FINANCE NOTE	6,075	6,205
BARCLAYS SR NOTE	4,125	4,129
CITIGROUP NOTE	4,672	4,678
COCA COLA NOTE	5,294	5,432
CVS HLTH NOTE	6,188	6,213
DELTA AIR LINES NOTE	4,783	4,877
DOLLAR GENERAL NOTE	4,751	4,834
EXTRA SPACE STORAGE NOTE	5,159	5,112
HOME DEPOT NOTE	4,009	4,081
JABIL NOTE	3,990	3,987
KROGER NOTE	4,451	4,599
LILLY ELLI NOTE	5,978	6,079
MARSH & MCLENNAN CO NOTE	4,331	4,562
METLIFE NOTE	4,165	4,157
OTIS WORLDWIDE NOTE	5,276	5,623
PNC FINL SVCS NOTE	5,168	5,196
SANTANDER HOLDGS NOTE	4,092	4,076
TOLL BROS FIN NOTE	5,159	5,175
UBER TECHS NOTE	3,870	3,997
VALERO ENERGY NOTE	4,018	4,028
WESTERN MIDSTREAM NOTE	4,676	4,890

- TIN:

TY 2025 InvestmentsCorpStockSchedule

Name:

THE BILLY & PATTY DAVIS FOUNDATION

EIN:

85-3997406

Name of Stock	End of Year Book Value	End of Year Fair Market Value
ACUITY BRANDS INC COM	2,528	3,600
AFLAC INC COM	1,759	3,088
ALPHABET INC CAP STK CL A	13,264	23,162
AMAZON COM INC COM	5,492	8,079
AMERICAN EXPRESS CO COM	4,091	8,509
APPLE INC COM	10,051	15,496
ARCH CAP GROUP LTD ORD	5,986	6,235
AT&T INC COM	2,155	3,428
AUTOMATIC DATA PROCESSING IN COM	2,081	2,315
BAE SYSTEMS PLC SPONSORED ADR	4,789	5,201
BANK AMERICA CORP COM	3,908	5,995
BLACKROCK INC COM	2,315	3,211
BROADCOM INC COM	2,964	11,075
CBOE GLOBAL MKTS INC COM	7,721	8,283
CHEVRON CORP NEW COM	2,991	2,895
CHUBB LIMITED COM	8,295	10,612
CISCO SYS INC COM	6,890	8,550
COCA COLA CO COM	6,450	6,781
CRH PLC ADR	7,339	9,734
DANAHER CORPORATION COM	2,919	2,747
DUKE ENERGY CORP NEW COM NEW	5,151	5,157
EXXON MOBIL CORP COM	4,304	6,137
IBERDROLA SA SPON ADR	4,196	6,480
ISHARES TR CORE S&P TOTAL	6,491	8,773
ISHARES TR CORE S&P SCP ETF	18,639	20,190
ISHARES TR CORE S&P500 ETF	46,667	52,055
ISHARES TR IBOXX HI YD ETF	61,234	62,730
JOHNSON & JOHNSON COM	10,060	12,624
JPMORGAN CHASE & CO COM	7,500	14,500
LINDE PLC SHS	5,455	6,396
MCDONALDS CORP COM	3,473	3,973
MCKESSON CORP COM	2,234	4,101
META PLATFORMS INC CL A	4,212	6,601
MICROSOFT CORP COM	11,005	16,443
MORGAN STANLEY COM NEW	7,563	11,717
NVENT ELECTRIC PLC SHS	7,865	11,625
OMNICOM GROUP INC COM	7,724	7,591
PARKER-HANNIFIN CORP COM	4,423	9,669
PENTAIR PLC SHS	2,287	2,708
PHILIP MORRIS INTL INC COM	3,608	3,368
PJSC LUKOIL	2,920	0
PROCTER AND GAMBLE CO COM	4,701	4,443
PROLOGIS INC. COM	7,420	7,277
SOUTHERN CO COM	3,631	4,360
SPDR SER TR BLOOMBERG HIGH Y	27,691	28,385
SPDR SER TR BLOOMBERG SHT TE	5,926	6,001
SPDR SER TR PORTFOLIO S&P500	39,338	47,972
SPDR SER TR S&P 500 GROWTH	13,786	15,578
STRYKER CORPORATION COM	2,896	4,218
TAIWAN SEMICONDUCTOR MFG LTD	4,144	12,156
UNITEDHEALTH GROUP INC COM	3,738	3,631
UNIVERSAL HEALTH SVCS	3,958	4,578
VISA INC COM CL A	2,260	3,156
WALMART INC COM	2,249	4,791
WASTE MGMT INC DEL COM	4,145	4,614
WELLS FARGO CO NEW COM	2,580	5,219
WILLIAMS COS INC COM	6,446	7,033
ARISTA NETWORKS INC	1,332	3,800
ASSURANT INC	3,587	4,576
CENCORA INC	2,874	5,404
CHECKPOINT SOFTWARE	2,699	3,526
CINTAS CORP	1,644	2,445
CURTISS WRIGHT CORP	1,563	4,410
ELI LILLY & CO	4,965	8,597
ENSIGN GROUP	2,603	4,355
ERSTE GROUP	3,377	9,940
FIFTH THIRD BANCORP	2,616	3,277
FOX CORP	2,711	5,115
GOLDMAN SACHS GROUP	2,679	6,153
NOVARTIS AG	4,138	5,101
NVIDIA CORP	7,472	17,345
SUNCOR ENERGY	4,596	4,968
TENCENT HOLDINGS LTD	8,248	10,640
TESLA INC	957	899
TOYOTA MOTORS	7,351	7,920
VERIZON COMMUNICATIONS	2,531	2,810
BANCO BILBAO	5,435	11,492
BRIXMOR PROPERTY GRP	2,597	2,465
CELESTICA	1,377	5,617
CONSTELLATION BRANDS	2,108	3,179
DOCUSIGN	2,410	2,668
EMCOR GROUP	1,132	6,118
FABRINET	3,887	7,740
GE AEROSPACE	3,077	7,085
LOGITECH INTL	5,922	6,214
NATIONAL GRID	5,163	6,111
NETAPP	1,468	1,285
OSI SYSTEMS	1,886	3,316
PAYPAL HOLDINGS	4,007	3,211
RALPH LAUREEN	1,897	3,536
ROYAL BANK CANADA	4,641	6,479
TESCO PLC	5,028	6,063
UBER TECH	1,778	1,961
WALT DISNEY	2,922	3,072
VANGUARD FTSE ALL WORLD	4,382	5,160
NAVIGATOR TACTICAL FIXED INC	111,148	100,757
ABBOTT LAB	3,818	3,633
ABBVIE INC	6,718	7,997
ACCENTURE PLC IRELAND	7,457	7,244
ADOBE INC	3,332	3,150
ADVANTEST CORP	3,346	5,432
AIA GROUP LTD	5,308	6,113
ALLEGION PUBLIC	5,139	5,413
ALLIANZ	3,090	3,358
AMEREN CORP	4,315	4,094
ADML HOLDING	3,038	3,210
ASTRAZENECA PLC	7,696	10,204
ATMOS ENERGY CORP	3,166	3,688
BANCO SANTANDER	4,903	7,144
BARCLAYS PLC	1,625	1,934
CACI INTL INC	2,484	3,197
COPA HOLDINGS	5,197	5,669
CUMMINS	4,307	6,125
DANONE SPON ADR	4,550	4,763
DORMAN PRODUCTS	2,110	1,848
DT MIDSTREAM INC	2,206	2,274
EATON CORP	4,517	3,822
ENGIE SPON	4,901	5,543
GARMIN	2,722	2,637
GENPACT LTD	7,473	7,391
GOLD FIELDS LTD	1,835	4,453
HERSHEY CO	2,656	2,548
HOME DEPOT	3,376	3,097
INTESA SANPAOLO	3,841	4,827
INTL BUSINESS MACHINES	3,209	4,147
JAPAN TOBACCO INC	7,377	7,858
KDDI CORP	3,338	3,354
KLA CORP	2,322	3,645
LEIDOS HOLDINGS	3,649	4,690
LEONARDO SPA	5,713	5,689
NATIONAL FUEL GAS	3,152	2,962
NEWMONT	3,451	3,994
NITTO DENKO	3,729	4,537
PROGRESSIVE COPR	4,013	3,644
QUALYS	2,366	2,126
REPSOL SA	4,525	4,614
ROYALTY PHARMA	5,599	5,835
RTX COPR	3,549	5,502
SALESFORCE	3,225	3,444
SEI INVESTMENTS	2,777	2,707
SIEMENS ENERGY	5,475	8,689
SIGNET JEWELERS	3,142	3,067
SIMON PROPERTY GROUP	2,590	2,777
SONY GROUP CORP	4,768	4,173
STERIS	4,697	4,563
STERLING INFRASTRUCTURE	1,961	4,287
SUMITOMO MITSUI FINL	4,259	6,572
TE CONNECTIVITY	4,639	7,053
TORONOTO DOMINION BANK	6,832	8,949
VIPSHIP HOLDINGS	3,494	3,078
WILLIAMS SONOMA	3,424	3,750
WINTRUST FIN	3,434	4,195
YETI HOLDINGS	2,147	2,209
ZIJIN MINING GROUP	2,953	3,469
ISHARES CORE MSCI TOTAL INTL	16,527	19,213
ISHARES RUSSELL TOP 200 VALUE	9,600	9,553

- TIN:

TY 2025 InvestmentsOtherSchedule2

Name:

THE BILLY & PATTY DAVIS FOUNDATION

EIN:

85-3997406

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
NATIONWIDE LIFE INS	AT COST	200,000	199,779
JACKSON NATL LIFE INS	AT COST	249,089	271,569
GWG L BOND JANUARY 27 7 YR 2021 8.5%	AT COST	160,958	0

- TIN:

TY 2025 OtherIncomeSchedule2

Name:

THE BILLY & PATTY DAVIS FOUNDATION

EIN:

85-3997406

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
JACKSON NATL LIFE ANNUITY DIST	26,426	26,426	26,426

- TIN:

TY 2025 OtherProfessionalFeesSchedule

Name:

THE BILLY & PATTY DAVIS FOUNDATION

EIN:

85-3997406

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT FEES	35,414	35,414		0

- TIN:

TY 2025 SubstantialContributorsSch

Name:

THE BILLY & PATTY DAVIS FOUNDATION

EIN:

85-3997406

Name	Address
BILLY PATTY DAVIS	23001 WOODWAY DR WACO,TX76712

- TIN:

TY 2025 TaxesSchedule

Name:

THE BILLY & PATTY DAVIS FOUNDATION

EIN:

85-3997406

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
TAXES	730	0		0