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 BALDWIN FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address) CO FTCI - ONE MADISON AVE STE 200
  Room/suite
City or town
NEW YORK
State or province
NY
Country  
ZIP or foreign postal code
10010
A Employer identification number

13-3039728
B Telephone number (see instructions)

2126323333
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)$17,082,787J 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      
4 Dividends and interest from securities... 375,819 365,851  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 523,270
b Gross sales price for all assets on line 6a 2,048,081
7 Capital gain net income (from Part IV, line 2)... 523,270
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).......      
12 Total. Add lines 1 through 11........ 899,089 889,121  
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
3,900 0   3,900
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
415 0   415
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
15,886 3,486   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
104,427 53,230   51,197
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 124,628 56,716   55,512
25 Contributions, gifts, grants paid....... 770,000 770,000
26 Total expenses and disbursements. Add lines 24 and 25 ................ 894,628 56,716   825,512
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 4,461
b Net investment income (if negative, enter -0-) 832,405
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............. 102,728 106,709 106,709
2 Savings and temporary cash investments......... 1,317,123 554,518 554,518
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) 816,978 Click to see attachment
List of Attached Documents:
// Content
816,978 		820,752
b Investments—corporate stock (attach schedule)....... 5,513,101 Click to see attachment
List of Attached Documents:
// Content
6,151,261 		14,338,410
c Investments—corporate bonds (attach schedule)....... 1,175,237 Click to see attachment
List of Attached Documents:
// Content
829,686 		801,053
11 Investments—land, buildings, and equipment: basis  
Less: accumulated depreciation (attach schedule)        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 0 Click to see attachment
List of Attached Documents:
// Content
460,304 		461,345
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) 8,925,167 8,919,456 17,082,787
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...........    
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........ 8,925,167 8,919,456
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 0 0
29 Total net assets or fund balances (see instructions)..... 8,925,167 8,919,456
30 Total liabilities and net assets/fund balances (see instructions). 8,925,167 8,919,456
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
8,925,167
2
Enter amount from Part I, line 27a .....................
2
4,461
3
Other increases not included in line 2 (itemize) Click to see attachment
List of Attached Documents:
// Content
3
2,721
4
Add lines 1, 2, and 3 ..........................
4
8,932,349
5
Decreases not included in line 2 (itemize) Click to see attachment
List of Attached Documents:
// Content
5
12,893
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, line 29, column (b) ..
6
8,919,456
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 100000 SHS OF ABBOTT LABORATORIES 2.95% 15 MAR 2025 P 2017-02-21 2025-03-17
b 600 SHS OF AMETEK INC P 2022-05-10 2025-07-15
c 50000 SHS OF BANK OF NOVA SCOTIA 1.3% 11 JUN 2025 P 2020-07-06 2025-06-11
d 370 SHS OF BROADCOM INC P 2019-01-29 2025-08-05
e 400 SHS OF BROADCOM INC P 2019-01-29 2025-08-05
4300 SHS OF COMCAST CORP-CLASS A P 2020-07-01 2025-07-15
110 SHS OF CONSTELLATION BRANDS INC-A P 2020-07-01 2025-01-16
440 SHS OF CONSTELLATION BRANDS INC-A P 2020-07-01 2025-01-16
1700 SHS OF CVS HEALTH CORP P 2020-07-01 2025-05-12
100000 SHS OF CVS HEALTH CORP 3.875% 20 JUL 2025 P 2018-03-07 2025-07-21
500 SHS OF ELECTRONIC ARTS INC P 2020-07-01 2025-07-15
1500 SHS OF EXXON MOBIL CORP P 1989-06-07 2025-07-15
FN 663238 5.5% 01 SEP 2032 P 2002-09-19 2025-01-27
FN 663238 5.5% 01 SEP 2032 P 2002-09-19 2025-02-25
FN 663238 5.5% 01 SEP 2032 P 2002-09-19 2025-03-25
FN 663238 5.5% 01 SEP 2032 P 2002-09-19 2025-04-25
FN 663238 5.5% 01 SEP 2032 P 2002-09-19 2025-05-27
FN 663238 5.5% 01 SEP 2032 P 2002-09-19 2025-06-25
FN 663238 5.5% 01 SEP 2032 P 2002-09-19 2025-07-25
FN 663238 5.5% 01 SEP 2032 P 2002-09-19 2025-08-25
FN 663238 5.5% 01 SEP 2032 P 2002-09-19 2025-09-25
FN 663238 5.5% 01 SEP 2032 P 2002-09-19 2025-10-27
FN 663238 5.5% 01 SEP 2032 P 2002-09-19 2025-11-25
FN 663238 5.5% 01 SEP 2032 P 2002-09-19 2025-12-26
GN 604002 5.5% 15 FEB 2033 P 2003-05-28 2025-01-15
GN 604002 5.5% 15 FEB 2033 P 2003-05-28 2025-02-18
GN 604002 5.5% 15 FEB 2033 P 2003-05-28 2025-03-17
GN 604002 5.5% 15 FEB 2033 P 2003-05-28 2025-04-15
GN 604002 5.5% 15 FEB 2033 P 2003-05-28 2025-05-15
GN 604002 5.5% 15 FEB 2033 P 2003-05-28 2025-06-16
GN 604002 5.5% 15 FEB 2033 P 2003-05-28 2025-07-15
GN 604002 5.5% 15 FEB 2033 P 2003-05-28 2025-08-15
GN 604002 5.5% 15 FEB 2033 P 2003-05-28 2025-09-15
GN 604002 5.5% 15 FEB 2033 P 2003-05-28 2025-10-15
GN 604002 5.5% 15 FEB 2033 P 2003-05-28 2025-11-17
GN 604002 5.5% 15 FEB 2033 P 2003-05-28 2025-12-15
1500 SHS OF HONEYWELL INTERNATIONAL INC P 2019-12-02 2025-07-15
1100 SHS OF MERCK & CO. INC. P 2013-04-29 2025-07-15
200 SHS OF MERCK & CO. INC. P 2013-04-29 2025-07-15
500 SHS OF NIKE INC -CL B P 2020-07-01 2025-07-15
200 SHS OF NIKE INC -CL B P 2020-07-01 2025-07-15
35 SHS OF ORACLE CORP P 2025-01-23 2025-06-17
110 SHS OF ORACLE CORP P 2025-01-23 2025-06-17
45 SHS OF ORACLE CORP P 2025-01-23 2025-06-17
10 SHS OF ORACLE CORP P 2025-01-27 2025-06-17
100 SHS OF ORACLE CORP P 2025-01-27 2025-09-11
60 SHS OF ORACLE CORP P 2025-01-27 2025-09-11
85 SHS OF SYNOPSYS INC P 2024-02-20 2025-05-08
350 SHS OF UNITEDHEALTH GROUP INC P 2020-07-01 2025-07-11
105 SHS OF VERALTO CORP P 2020-07-01 2025-05-08
28 SHS OF VERALTO CORP P 2020-07-01 2025-05-08
100000 SHS OF WALGREEN CO 4.4% 15 SEP 2042 P 2014-11-14 2025-08-28
(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 100,000   100,000 0
b 106,627   72,683 33,944
c 50,000   50,000 0
d 108,596   9,823 98,773
e 117,401   10,619 106,782
151,543   172,247 -20,704
20,235   20,807 -572
80,974   83,228 -2,254
108,079   111,422 -3,343
100,000   99,898 102
74,249   65,879 8,370
170,059   14,523 155,536
8   8 0
8   8 0
8   8 0
8   8 0
8   8 0
8   8 0
8   8 0
8   8 0
8   8 0
9   9 0
8   8 0
8   8 0
31   35 -4
38   42 -4
66   73 -7
38   42 -4
27   29 -2
33   37 -4
28   31 -3
31   34 -3
27   30 -3
27   30 -3
28   30 -2
30   32 -2
354,896   264,956 89,940
92,209   50,386 41,823
16,767   9,161 7,606
36,425   49,144 -12,719
14,567   19,658 -5,091
7,274   6,472 802
22,864   20,340 2,524
9,353   8,325 1,028
2,078   1,659 419
30,967   16,592 14,375
18,593   9,955 8,638
41,432   46,492 -5,060
106,012   103,774 2,238
10,280   6,494 3,786
2,743   1,732 1,011
93,357   98,000 -4,643
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       0
b       33,944
c       0
d       98,773
e       106,782
      -20,704
      -572
      -2,254
      -3,343
      102
      8,370
      155,536
      0
      0
      0
      0
      0
      0
      0
      0
      0
      0
      0
      0
      -4
      -4
      -7
      -4
      -2
      -4
      -3
      -3
      -3
      -3
      -2
      -2
      89,940
      41,823
      7,606
      -12,719
      -5,091
      802
      2,524
      1,028
      419
      14,375
      8,638
      -5,060
      2,238
      3,786
      1,011
      -4,643
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 2 523,270
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 11,570
b All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 11,570
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 11,570
6 Credits/Payments:
a 2025 estimated tax payments and 2024 overpayment credited to 2025 6a 13,858
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 13,858
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 2,288
11 Enter the amount of line 10 to be: Credited to 2026 estimated tax2,288 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 addressN/A
14
The books are in care ofCO FIDUCIARY TRUST COMPANY Telephone no. (212) 632-3333

Located atONE MADISON AVENUE SUITE 2000NEW YORKNY ZIP+410010
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)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
 
No
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
 
c
Organizations relying on a current notice regarding disaster assistance check here ........
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)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
No
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
(a) Name and address (b) Title, and average
hours per week
devoted to position 		(c) Compensation
 (If not paid, enter
-0-) 		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
other allowances
REV D STUART DUNNAN PRESIDENT/DIRECTOR
3.00 		0 0 0
17641 COLLEGE ROAD
HAGERSTOWN,MD21740
JOAN W TRIMBLE VICE PRESIDENT
2.00 		0 0 0
16 BALDWIN LANE
CAPE NEDDICK,ME03902
WINIFRED D FAUST VICE PRESIDENT
2.00 		0 0 0
199 WINDING RIVER ROAD
WELLESLEY,MA02482
BRUCE R DUNNAN TREASURER
4.00 		0 0 0
311 DUNBAR ROAD
PALM BEACH,FL33480
ADELAIDE D MUELLER SECRETARY
4.00 		0 0 0
44 CALHOON DRIVE
GREENWICH,CT06831
DOUGLAS M DUNNAN DIRECTOR
2.00 		0 0 0
365 PURCHASE STREET
RYE,NY10580
JOHN M DUNNAN DIRECTOR
2.00 		0 0 0
900 YEAMANS HALL ROAD
HANAHAN,SC29410
FREEMAN W BLISS DIRECTOR
2.00 		0 0 0
PO BOX 265
KITTERY,ME03904
CALVINE HARVEY DIRECTOR
2.00 		0 0 0
1225 PARK AVENUE APT 4B
NEW YORK,NY10128
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
NONE
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
15,033,408
b
Average of monthly cash balances.......................
1b
1,213,358
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, 1b, and 1c).......................
1d
16,246,766
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
16,246,766
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
243,701
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
16,003,065
6
Minimum investment return. Enter 5% (0.05) of line 5 ................
6
800,153
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
800,153
2a
Tax on investment income for 2025 from Part V, line 5 .......
2a
11,570
b
Income tax for 2025. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
11,570
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
788,583
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
788,583
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
788,583
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
825,512
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
825,512
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 7 788,583
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only....... 4,640
b Total for prior years:20 , 20, 20 0
3 Excess distributions carryover, if any, to 2025:
a From 2020......  
b From 2021......  
c From 2022......  
d From 2023......  
e From 2024......  
f Total of lines 3a through e ........ 0
4Qualifying distributions for 2025 from Part
XI, line 4: $ 825,512
a Applied to 2024, but not more than line 2a 4,640
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..... 788,583
e Remaining amount distributed out of corpus 32,289
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 32,289
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 ...... 		32,289
10 Analysis of line 9:
a Excess from 2021 ....  
b Excess from 2022 ....  
c Excess from 2023 ....  
d Excess from 2024 ....  
e Excess from 2025 .... 32,289
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 email address of the person to whom applications should be addressed:
bThe form in which applications should be submitted and information and materials they should include:
cAny submission deadlines:
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
Form 990-PF (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

ANIMAL WELFARE SOCIETY

PO BOX 43
WEST KENNEBUNK,ME04094 		NONE   GENERAL PURPOSES 10,000

DREW UNIVERISTY

36 MADISON AVENUE
MADISON,NJ07940 		NONE   SCHOLAR'S PROGRAM 100,000

LAUDHOLM TRUST

PO BOX 1007
WELLS,ME04090 		NONE   GENERAL PURPOSES 10,000

NEW ENGLAND COLLEGE

98 BRIDGE STREET
HENNIKER,NH03242 		NONE   PRESTON HALL ARTS CENTER 50,000

OGUNQUIT MUSEUM OF AMERICAN ART

543 SHORE RD
OGUNQUIT,ME03907 		NONE   GENERAL PURPOSES 25,000

OGUNQUIT PLAYHOUSE

PO BOX 915
OGUNQUIT,ME03907 		NONE   GENERAL PURPOSES 25,000

OLD YORK HISTORICAL SOCIETY

PO BOX 312
YORK,ME03909 		NONE   GENERAL PURPOSES 25,000

PROTESTANT EPISCOPAL CATHEDRAL

3101 WISCONSIN AVE NW
WASHINGTON,DC20016 		NONE   LITTLE SANCTUARY 50,000

ST PETERS BY THE SEA

72 CENTRAL STREET
NARRAGANSETT,RI02882 		NONE   GENERAL PURPOSES 300,000

YORK COMMUNITY SERVICES ASSOCIATION

PO BOX 180 855 US ROUTE 1
YORK,ME03909 		NONE   GENERAL PURPOSES 25,000

YORK HOSPITAL

15 HOSPITAL DRIVE
YORK,ME03909 		NONE   NURSE RESIDENCY & MEDICAL ASSISTANT PROGRAM 150,000
Total ................................. 3a 770,000
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 ........... 		         
4 Dividends and interest from securities ....     14 375,819  
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 ............ 		    18 523,270  
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) .. 0 899,089 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
899,089
(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 BALDWIN FOUNDATION
EIN:
13-3039728
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
TAX PREPARATION FEE 3,900 0   3,900

TY 2025 InvestmentsCorpBondsSchedule
Name:
THE BALDWIN FOUNDATION
EIN:
13-3039728
Name of Bond End of Year Book Value End of Year Fair Market Value
CIGNA GROUP/THE SR NT CALL SER WI DTD 3/1/2020 3.4% 3/1/2027 100,000 99,368
DISCOVERY COMMUNICATIONS LLC SR BD DTD 5/17/2012 4.95% 5/15/2042 97,822 63,050
FANNIE MAE POOL MTG PL #663238 DTD 9/1/2002 5.50% 9/1/2032 317 323
GINNIE MAE I POOL MTG PL #604002 DTD 2/1/2003 5.50% 2/15/2033 2,264 2,102
HOME DEPOT INC SR NT CALL DTD 9/15/2016 2.125% 9/15/2026 50,683 49,419
JM SMUCKER CO/THE SR BD DTD 9/15/2015 4.25% 3/15/2035 99,627 94,334
LEAR CORP SR NT CALL DTD 8/17/2017 3.8% 9/15/2027 98,289 99,453
LEIDOS INC SR BD DTD 6/19/2003 5.5% 7/1/2033 97,272 102,291
NETFLIX INC SR BD DTD 10/26/2017 4.875% 4/15/2028 149,625 153,211
O' REILLY AUTOMOTIVE INC SR BD CALL DTD 8/17/2017 3.6% 9/1/2027 83,784 87,482
T-MOBILE USA INC SR BD CALL DTD 1/25/2018 4.75% 2/1/2028 50,003 50,020

TY 2025 InvestmentsCorpStockSchedule
Name:
THE BALDWIN FOUNDATION
EIN:
13-3039728
Name of Stock End of Year Book Value End of Year Fair Market Value
ALPHABET INC CL A 288,232 1,252,000
AMAZON.COM INC 409,911 461,640
AMERICAN WATER WORKS CO INC 58,261 58,725
APPLE INC 10,408 869,952
ARES MANAGEMENT CORP CL A 59,395 210,119
ARTHUR J GALLAGHER & CO 89,881 129,395
ASTRAZEBECA PLC SPONS ADR 182,754 306,127
BOEING CO/THE 58,866 59,708
BROADCOM INC 85,751 1,117,903
CHEVRON CORP 93,135 381,025
COCA-COLA CO 180,931 279,640
DANAHER CORP 62,467 91,568
EATON CORP PLC 84,347 192,699
ECOLAB INC 106,642 144,386
ELI LILLY & CO 145,023 1,182,148
EVERGY INC 50,860 54,005
EXXON MOBIL CORP 29,817 421,190
INTERNATIONAL BUSINESS MACHINES CORP 207,865 592,420
INTUIT INC 114,074 115,923
ISHARES CORE MSCI EAFE ETF 562,152 876,708
ISHARES CORE MSCI EMERGING MARKETS ETF 561,945 638,590
ISHARES RUSSELL 2000 ETF 221,972 381,548
JOHNSON & JOHNSON 134,370 248,340
KINDER MORGAN INC 103,237 106,661
LOCKHEED MARTIN CORP 227,640 386,936
MASTERCARD INC - A 220,905 228,352
MCDONALD'S CORP 150,689 152,815
MERCK & CO INC 123,675 284,202
META PLATFORMS INC-CLASS A 173,629 161,722
MICROSOFT CORP 71,058 169,267
NETFLIX INC 59,176 56,256
NEXTERA ENERGY INC 129,553 180,630
ORACLE CORP 106,599 136,437
PALO ALTO NETWORKS INC 54,937 57,102
PROCTER & GAMBLE CO/THE 31,380 429,930
QUANTA SERVICES INC 109,751 187,817
ROPER TECHNOLOGIES INC 58,881 66,769
RTX CORP 14,707 28,427
S&P GLOBAL INC 95,591 117,583
SALESFORCE INC 161,390 162,920
SERVICENOW INC 120,964 651,057
STARBUCKS CORP 70,744 79,999
STRYKER CORP 63,886 123,015
TJX COS INC/THE 72,594 215,054
TRANE TECHNOLOGIES PLC 54,228 58,380
UNION PACIFIC CORP 76,988 231,320

TY 2025 InvestmentsGovtObligationsSch
Name:
THE BALDWIN FOUNDATION
EIN:
13-3039728
US Government Securities - End of Year Book Value:

816,978
US Government Securities - End of Year Fair Market Value:

820,752
State & Local Government Securities - End of Year Book Value:


0
State & Local Government Securities - End of Year Fair Market Value:


0


TY 2025 InvestmentsOtherSchedule2
Name:
THE BALDWIN FOUNDATION
EIN:
13-3039728
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
CLARION PART REAL ESTATE-I AT COST 460,304 461,345

TY 2025 OtherDecreasesSchedule
Name:
THE BALDWIN FOUNDATION
EIN:
13-3039728
Description Amount
MUTUAL FUND ADJUSTMENT 262
RETURN OF CAPITAL ADJUSTMENT 12,631


TY 2025 OtherExpensesSchedule
Name:
THE BALDWIN FOUNDATION
EIN:
13-3039728
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FIDUCIARY TRUST FEES 102,344 51,172   51,172
ADR FEES & OTHER INVESTMENT FEES 2,058 2,058   0
DE ANNUAL FRANCHISE TAX REPORT 25 0   25


TY 2025 OtherIncreasesSchedule
Name:
THE BALDWIN FOUNDATION
EIN:
13-3039728
Description Amount
LATE POSTING DIVIDEND 2,721


TY 2025 OtherProfessionalFeesSchedule
Name:
THE BALDWIN FOUNDATION
EIN:
13-3039728
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
REGISTERED AGENT FEE 415 0   415


TY 2025 TaxesSchedule
Name:
THE BALDWIN FOUNDATION
EIN:
13-3039728
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FOREIGN TAX PAID 3,486 3,486   0
FEDERAL EXCISE TAX 12,400 0   0