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
ZAFIROVSKI FAMILY FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address) CO PASQUESI SHEPPARD 585 BANK LAN
  Room/suite
City or town
LAKE FOREST
State or province
IL
Country  
ZIP or foreign postal code
60045
A Employer identification number

20-3610677
B Telephone number (see instructions)

8472345000
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)$6,997,846J 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) 2,001,402
2 Check .................
3 Interest on savings and temporary cash investments 11,511 11,511  
4 Dividends and interest from securities... 80,679 80,679  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 189,164
b Gross sales price for all assets on line 6a 2,087,717
7 Capital gain net income (from Part IV, line 2)... 189,164
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
521 521  
12 Total. Add lines 1 through 11........ 2,283,277 281,875  
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
10,245 10,245   0
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
51,623 51,623   0
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
10,198 10,198   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
487 0   25
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 72,553 72,066   25
25 Contributions, gifts, grants paid....... 522,000 522,000
26 Total expenses and disbursements. Add lines 24 and 25 ................ 594,553 72,066   522,025
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 1,688,724
b Net investment income (if negative, enter -0-) 209,809
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............. 32,546 32,867 32,867
2 Savings and temporary cash investments......... 30,199 78,078 78,078
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) 282,001 Click to see attachment
List of Attached Documents:
// Content
269,992 		265,951
b Investments—corporate stock (attach schedule)....... 2,131,774 Click to see attachment
List of Attached Documents:
// Content
4,026,160 		5,612,236
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).......... 1,489,001 Click to see attachment
List of Attached Documents:
// Content
1,247,148 		1,008,714
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) 3,965,521 5,654,245 6,997,846
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........ 3,965,521 5,654,245
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)..... 3,965,521 5,654,245
30 Total liabilities and net assets/fund balances (see instructions). 3,965,521 5,654,245
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
3,965,521
2
Enter amount from Part I, line 27a .....................
2
1,688,724
3
Other increases not included in line 2 (itemize)
3
0
4
Add lines 1, 2, and 3 ..........................
4
5,654,245
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
5,654,245
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 PUBLICLY TRADED SECURITIES P    
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 2,086,107   1,898,553 187,554
b 1,610     1,610
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       187,554
b       1,610
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 2 189,164
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 2,916
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 2,916
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 2,916
6 Credits/Payments:
a 2025 estimated tax payments and 2024 overpayment credited to 2025 6a 6,120
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 6,120
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 3,204
11 Enter the amount of line 10 to be: Credited to 2026 estimated tax3,204 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)
IL
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 ofPASQUESI SHEPPARD Telephone no. (847) 234-5000

Located at585 BANK LANELAKE FORESTIL ZIP+460045
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
MIKE S ZAFIROVSKI PRESIDENT AND DIRECTOR
1.00 		0 0 0
C/O PASQUESI SHEPPARD LLC 585 BANK
LANE
LAKE FOREST,IL60045
ROBIN G ZAFIROVSKI SECRETARY, TREASURER, DIRECTOR
1.00 		0 0 0
C/O PASQUESI SHEPPARD LLC 585 BANK
LANE
LAKE FOREST,IL60045
MATTHEW D ZAFIROVSKI VICE PRESIDENT, DIRECTOR
1.00 		0 0 0
C/O PASQUESI SHEPPARD LLC 585 BANK
LANE
LAKE FOREST,IL60045
KIRK M ZAFIROVSKI VICE PRESIDENT, DIRECTOR
1.00 		0 0 0
C/O PASQUESI SHEPPARD LLC 585 BANK
LANE
LAKE FOREST,IL60045
TODD A ZAFIROVSKI VICE PRESIDENT
1.00 		0 0 0
C/O PASQUESI SHEPPARD LLC 585 BANK
LANE
LAKE FOREST,IL60045
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
MORGAN STANLEY INVESTMENT ADVISOR/BROKER 51,623
1 NEW YORK PLAZA 7TH FLOOR
NEW YORK,NY10004
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
5,070,111
b
Average of monthly cash balances.......................
1b
77,983
c
Fair market value of all other assets (see instructions)................
1c
7,143
d
Total (add lines 1a, 1b, and 1c).......................
1d
5,155,237
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
5,155,237
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
77,329
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
5,077,908
6
Minimum investment return. Enter 5% (0.05) of line 5 ................
6
253,895
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
253,895
2a
Tax on investment income for 2025 from Part V, line 5 .......
2a
2,916
b
Income tax for 2025. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
2,916
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
250,979
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
250,979
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
250,979
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
522,025
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
522,025
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 7 250,979
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...... 293,411
b From 2021...... 183,788
c From 2022...... 160,538
d From 2023......  
e From 2024...... 118,289
f Total of lines 3a through e ........ 756,026
4Qualifying distributions for 2025 from Part
XI, line 4: $ 522,025
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..... 250,979
e Remaining amount distributed out of corpus 271,046
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 1,027,072
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) ... 		293,411
9 Excess distributions carryover to 2026.
Subtract lines 7 and 8 from line 6a ...... 		733,661
10 Analysis of line 9:
a Excess from 2021 .... 183,788
b Excess from 2022 .... 160,538
c Excess from 2023 ....  
d Excess from 2024 .... 118,289
e Excess from 2025 .... 271,046
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).)
MIKE S ZAFIROVSKI
ROBIN G ZAFIROVSKI
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

AMERICAN ENTERPRISE INSTITUTE

1789 MASSACHUSETTS AVE
WASHINGTON,DC20036 		NONE   GENERAL CHARITABLE PURPOSES 50,000

ASPIRO

1673 DOUSMAN STREET
GREEN BAY,WI54303 		NONE   GENERAL CHARITABLE PURPOSES 25,000

CHAMPIONS COMMUNITY FOUNDATION

2850 OLD ALABAMA RD
JOHNS CREEK,GA30022 		NONE   GENERAL CHARITABLE PURPOSES 5,000

CHURCH OF THE HOLY SPIRIT

400 EAST WESTMINSTER ROAD
LAKE FOREST,IL60045 		NONE   GENERAL CHARITABLE PURPOSES 90,000

CUP O JOY MINISTRIES INC

525 N TAYLOR STREET
GREEN BAY,WI54303 		NONE   GENERAL CHARITABLE PURPOSES 1,000

EDINBORO UNIVERSITY

219 MEADVILLE STREET
EDINBORO,PA16444 		NONE   GENERAL CHARITABLE PURPOSES 50,000

GLENWOOD ACADEMY

500 WEST 187TH STREET
GLENWOOD,IL60425 		NONE   GENERAL CHARITABLE PURPOSES 5,000

GOLDEN APPLE FOUNDATION

901 W JACKSON BLVD
CHICAGO,IL60607 		NONE   GENERAL CHARITABLE PURPOSES 50,000

HEALTHNETWORK FOUNDATION

3550 LANDER RD
PEPPER PIKE,OH44124 		NONE   GENERAL CHARITABLE PURPOSES 10,000

BASSER CENTER FOR BRCA

3535 MARKET STREET
PHILADELPHIA,PA19104 		NONE   GENERAL CHARITABLE PURPOSES 5,000

LURIE CHILDREN'S FOUNDATION

225 E CHICAGO AVENUE
CHICAGO,IL60611 		NONE   GENERAL CHARITABLE PURPOSES 5,000

MACEDONIA 2025

1504 N MAIN STREET
CROWN POINT,IN46307 		NONE   GENERAL CHARITABLE PURPOSES 64,500

SPECIAL OLYMPICS

2600 VIRGINIA AVE NW FL 11
WASHINGTON,DC20037 		NONE   GENERAL CHARITABLE PURPOSES 75,000

BOSTON CHILDREN'S HOSPITAL TRUST

401 PARK DRIVE
BOSTON,MA02115 		NONE   GENERAL CHARITABLE PURPOSES 6,500

DUKE UNIVERSITY

PO BOX 90581
DURHAM,NC27709 		NONE   GENERAL CHARITABLE PURPOSES 15,000

THE ACADEMY OF URBAN SCHOOL LEADERSHIP

PO BOX 346165
CHICAGO,IL60634 		NONE   GENERAL CHARITABLE PURPOSES 10,000

TEACH FOR AMERICA

PO BOX 411361
BOSTON,MA02241 		NONE   GENERAL CHARITABLE PURPOSES 10,000

BUCKNELL UNIVERSITY

1 DENT DRIVE
LEWISBURG,PA17837 		NONE   GENERAL CHERITABLE PURPOSES 25,000

GREEN LIGHT FUND

50 MILK STREET
BOSTON,MA02109 		NONE   GENERAL CHARITABLE PURPOSES 10,000

REDEEMER CITY TO CITY

150 E 91ST STREET
NEW YORK,NY10128 		NONE   GENERAL CHARITABLE PURPOSES 10,000
Total ................................. 3a 522,000
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 ........... 		    14 11,511  
4 Dividends and interest from securities ....     14 80,679  
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 .....     14 521  
8 Gain or (loss) from sales of assets other than
inventory ............ 		    18 189,164  
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) .. 0 281,875 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
281,875
(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
Schedule B
(Form 990)
(Rev. January 2025)
Department of the Treasury
Internal Revenue Service
Schedule of Contributors

Attach to Form 990, 990-EZ, or 990-PF.
Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
Name of the organization
ZAFIROVSKI FAMILY FOUNDATION
 
Employer identification number

20-3610677
Organization type (check one):
Filers of:
Section:
Form 990 or 990-EZ
501(c)( ) (enter number) organization

4947(a)(1) nonexempt charitable trust not treated as a private foundation

527 political organization


Form 990-PF
501(c)(3) exempt private foundation

4947(a)(1) nonexempt charitable trust treated as a private foundation

501(c)(3) taxable private foundation
Check if your organization is covered by the General Rule or a Special Rule.  
Note:  Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
General Rule
For an organization filing Form 990, 990-EZ, or 990-PF that received, during the year, contributions totaling $5,000 or more (in money or other property) from any one contributor. Complete Parts I and II. See instructions for determining a contributor's total contributions.
Special Rules
For an organization described in section 501(c)(3) filing Form 990 or 990-EZ that met the 331/3% support test of the regulations
under sections 509(a)(1) and 170(b)(1)(A)(vi), that checked Schedule A (Form 990 or 990-EZ), Part II, line 13, 16a, or 16b, and that received from any one contributor, during the year, total contributions of the greater of (1) $5,000 or (2) 2% of the amount on (i) Form 990, Part VIII, line 1h, or (ii) Form 990-EZ, line 1. Complete Parts I and II.
For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, total contributions of more than $1,000 exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals. Complete Parts I, II, and III.
For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, contributions exclusively for religious, charitable, etc., purposes, but no such contributions totaled more than $1,000. If this box is checked, enter here the total contributions that were received during the year for an exclusively religious, charitable, etc., purpose. Don't complete any of the parts unless the General Rule applies to this organization because it received nonexclusively religious, charitable, etc., contributions totaling $5,000 or more during the year ......... $  
Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).
For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.
Cat. No. 30613XSchedule B (Form 990) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 2025) Page 2
Name of organization
ZAFIROVSKI FAMILY FOUNDATION
  		Employer identification number
20-3610677
Part I
Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
1
MIKE S ZAFIROVSKI
1291 N GREEN BAY ROAD
 
LAKE FOREST, IL60045

$ 2,001,334


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
Schedule B (Form 990) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 1-2025)
Page 3
Name of organization
ZAFIROVSKI FAMILY FOUNDATION
  		Employer identification number

20-3610677
Part II
Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
1
 1100 SHS ALPHABET INC. COMMON STOCK (GOOGLE) $ 340,758 2025-12-22
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
1
 160 SHS AMERICAN EXPRESS CO COMMON STOCK (AXP) $ 60,936 2025-12-22
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
1
 160 SHS AMGEN INC COMMON STOCK (AMGN) $ 53,022 2025-12-22
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
1
 280 SHS AMPHENOL CORP CL-A NEW CMN CLASS A STOCK (APH) $ 37,839 2025-12-22
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
1
 1786 SHS APPLE INC COMMON STOCK (AAPL) $ 483,953 2025-12-22
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
1
 1650 SHS AT&T INC COMMON STOCK (T) $ 40,095 2025-12-22
Schedule B (Form 990) (Rev. 1-2025)
Name of organization
ZAFIROVSKI FAMILY FOUNDATION
  		Employer identification number

20-3610677
Part II
Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
1
 800 SHS BROADCOM INC COMMON STOCK (AVGO) $ 273,160 2025-12-22
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
1
 510 SHS CISCO SYSTEMS INC COMMON STOCK (CSCO) $ 39,836 2025-12-22
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
1
 520 SHS JOHNSON & JOHNSON COMMON STOCK (JNJ) $ 107,806 2025-12-22
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
1
 493 SHS LEIDOS HLDGS INC COMMON STOCK (LDOS) $ 91,718 2025-12-22
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
1
 550 SHS MERCK & CO INC COMMON STOCK (MRK) $ 57,596 2025-12-22
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
1
 255 SHS MICROSOFT CORP COMMON STOCK (MSFT) $ 123,655 2025-12-22
Schedule B (Form 990) (Rev. 1-2025)
Name of organization
ZAFIROVSKI FAMILY FOUNDATION
  		Employer identification number

20-3610677
Part II
Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
1
 440 SHS PALANTIR TECHNOLOGIES INC COMMON STOCK (PLTR) $ 85,351 2025-12-22
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
1
 140 SHS PRUDENTIAL FINANCIAL INC COMMON STOCK (PRU) $ 16,078 2025-12-22
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
1
 468 SHS RTX XORP COMMON STOCK (RTX) $ 86,898 2025-12-22
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
1
 210 SHS TESLA INC COMMON STOCK (TSLA) $ 102,633 2025-12-22
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
Schedule B (Form 990) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 1-2025)
Page 4
Name of organization
ZAFIROVSKI FAMILY FOUNDATION
  		Employer identification number

20-3610677
Part III
Exclusively religious, charitable, etc., contributions to organizations described in section 501(c) (7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $  
Use duplicate copies of Part III if additional space is needed.
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
Schedule B (Form 990) (Rev. 1-2025)
Additional Data


Software ID:  
Software Version:  

TY 2025 AccountingFeesSchedule
Name:
ZAFIROVSKI FAMILY FOUNDATION
EIN:
20-3610677
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
TAX PREP FEES 10,245 10,245   0

TY 2025 InvestmentsCorpStockSchedule
Name:
ZAFIROVSKI FAMILY FOUNDATION
EIN:
20-3610677
Name of Stock End of Year Book Value End of Year Fair Market Value
ALCOA CORP 1,444 2,360
AIA GROUP LTD SPON ADR 11,685 13,961
APPLE INC 542,661 573,353
ABB LTD ADR 3,630 15,099
ABBVIE INC COM 8,328 13,064
ABBOTT LABORATORIES 15,611 18,668
ACCENTURE PLC IRELAND CL A 9,003 19,297
ADIDAS AG 7,376 7,586
ANALOG DEVICES INC 20,406 28,317
ADVANCED ENERGY IND INC 765 6,030
AMERICAN ELEC PWR CO INC 2,899 3,387
ALBANY INTL A NEW 1,136 1,623
AIR LIQUIDE ADR 10,281 15,058
A A R CORPORATION 1,717 4,073
ALLIANZ SE ADR 6,387 7,935
ADVANCED MICRO DEVICES 4,847 6,280
AMGEN INC 53,022 52,370
AMERICAN HOMES 4 RENT CL A 3,559 3,182
AMKOR TECHNOLOGY INC 2,443 5,290
AMAZON COM INC 27,158 56,551
AON PLC CL A 7,443 26,057
AMPHENOL CORP NEW CL A 50,406 53,786
APPFOLIO INC CL A 4,581 7,586
ARES MANAGEMENT CORP - A 9,612 9,610
ARCHROCK INC 361 2,091
ASM INTERNATIONAL NV ADR 3,053 3,215
ASML HOLDING NV NY REG NEW 16,851 27,858
ATMOS ENERGY CP 2,884 3,471
ATLANTIC UN BANKSHARES CORP 2,607 3,075
BROADCOM INC 290,733 325,782
AXON ENTERPRISE INC 11,469 10,711
AMERICAN EXPRESS CO 68,287 76,855
ASTRAZENECA PLC ADR 12,545 14,966
ALIBABA GROUP HLDG LTD 2,428 2,030
BAE SYS PLC SPON ADR 3,171 4,851
BOOZ ALLEN HAMILTON HLDG CL-A 5,076 3,245
BARCLAYS PLC ADR 3,915 6,363
BDO UNIBANK INC SPON ADR 1,653 1,700
BENCHMARK ELECTRONICS 2,725 2,669
BANK HAPOALIM BM SPONS ADR 6,809 8,790
BANKINTER NEW 6,196 11,471
BLACKROCK INC 15,491 15,269
BK MONTREAL 2,138 2,376
BNP PARIBAS SP ADR REPSTG 2,404 2,763
BOX,INC. CL A 2,772 3,170
BROWN & BROWN INC 4,624 3,974
ANHEUSER BUSCH INBEV SA SPON 3,891 3,533
BUREAU VERITAS SA ADR 7,274 7,917
BRAMBLES LTD SPONSORED ADR 1,703 2,011
KANZHUN LIMITED SPONSORED 2,243 2,894
CITIGROUP INC NEW 8,093 18,787
CHEESE CAKE FACTORY INC 2,415 3,825
CATERPILLAR INC 11,942 16,060
CHUBB LTD 10,823 23,469
CBRE GROUP INC - A 4,128 11,350
CABOT CORP 1,780 2,768
CROWN CASTLE INC 4,222 3,461
CADENCE DESIGN SYSTEM 16,718 16,274
COPT DEFENSE PROPERTIES SH BEN 1,528 1,616
CONSTELLATION ENERGY CORP 4,936 6,820
COMPAGNIE FIN RICHEMONTAG ADR 7,630 12,770
CAPGEMINI S E UNSPONSORED ADR 4,793 4,462
THE CIGNA GROUP 24,627 33,578
CORE LABORATORIES INC 2,301 1,795
COMPASS GROUP PLC SPD ADR 7,565 11,320
CONMED CORP 3,151 1,562
COMPAGNIE DE ST GOBAIN UNSP 2,580 2,206
CONOCOPHILLIPS 11,029 21,905
COPART INC 5,183 4,307
CRH PLC 15,813 21,340
CISCO SYS INC 39,836 39,285
COSTAR GROUP INC 6,171 8,405
CINTAS CORP 12,507 11,976
COTERRA ENERGY INC 1,395 1,510
CTS CORPORATION 2,397 2,699
CHEVRON CORP 2,607 2,680
CASELLA WASTE SYS INC CL A 1,384 4,009
DOMINION ENERGY INC 24,467 21,854
DANONE SPONSORED ADR 2,283 2,290
DARLING INGREDIENTS INC 1,910 3,579
DOORDASH INC CL A 15,681 16,399
DEUTSCHE BOERSE AG UNSPON ADR 1,643 3,126
DIODES INC 2,348 1,827
DIGITAL REALTY TRUST INC 5,859 5,736
DIPLOMA PLC ADR 5,536 9,154
DISCO CORP ADR 3,626 3,780
DSV AS ADR 7,997 8,458
DEUTSCHE TELEKOM AG ADR 2,059 2,303
DUKE ENERGY CORPORATION 15,634 21,801
AIRBUS SE UNSPONSORED ADR 3,556 3,814
EVERUS CONSTRUCTION GROUP 2,047 3,080
ECOLAB INC 5,079 10,955
ENTERPRISE FINCL SVCS CORP 2,018 2,881
EQUIFAX INC 12,742 13,073
ELEVANCE HEALTH INC 9,480 11,667
ENGIE SPONS ADR 6,153 7,738
ENERSYS 1,013 4,483
ENTEGRIS INC 4,020 4,532
EOG RESOURCES INC 2,109 1,704
EQT CORPORATION COM 3,328 4,439
EATON CORP PLC SHS 1,794 12,391
EXPERIAN GP LTD ADR 7,502 8,278
FANUC CORPORATION UNSP ADR 5,486 7,588
FIRSTCASH HLDGS INC 767 4,949
FOUR CORNERS PPTY TR INC 2,145 2,013
FREEPORT-MCMORAN CL-B 2,963 3,253
FRANKLIN ELECTRIC CO 1,020 3,578
FLOWSERVE CORP 2,431 6,365
FLOOR & DECOR HLDGS INC CL-A 4,644 3,875
FORMFACTOR INC 1,413 5,801
FIRST MERCHANTS CORP 2,742 3,062
FRESENIUS SE & CO SPN ADR 2,949 3,034
GATX CORP 1,227 4,402
GENL DYNAMICS CORP 15,001 22,836
GE AEROSPACE 51,988 398,825
GE HEALTHCARE TECHNOLOGIES INC 14,232 34,120
GE VERNOVA INC 25,308 219,390
GILDAN ACTIVEWEAR INC 4,404 7,683
GAMING & LEISURE PPTYS INC COM 2,880 2,592
ALPHABET INC CL C 43,799 60,250
ALPHABET INC CL A 340,758 344,300
GOOSEHEAD INSURANCE INC CLAS A 5,049 6,894
GUIDEWIRE SOFTWARE INC 571 1,848
HALMA PLC UNSPON ADR 4,260 8,290
HDFC BANK LTD ADR 3,452 5,664
HEIDELBERG MATERIALS AG ADR 2,519 3,090
HEICO CORP CLASS A 3,999 11,025
HOULIHAN LOKEY INC CL A 1,595 6,103
HILTON WORLDWIDE HLDGS INC 6,647 13,174
HORACE MANN EDUCATORS CP 1,066 1,751
HOYA CORP SPONS ADR 8,048 13,127
HELMERICH & PAYNE 2,200 2,020
HOWMET AEROSPACE INC 6,077 10,566
HEXAGON AB ADR 6,350 7,364
HEXCEL CORP NEW 1,315 4,287
ICON PLC 3,170 3,585
INDUSTRIA DE DISENO TEXTIL IND 6,367 7,725
INTERCONTINENTAL HOTLS GRP ADR 6,593 7,818
IMCD GROUP N V ADR 3,209 2,113
IMI PLC 4,146 4,484
ING GROEP NV ADR 4,609 10,080
INTUIT INC 19,343 19,106
INVITATION HOMES INC 3,871 3,196
INTUITIVE SURGICAL INC 14,046 23,346
INTEGER HOLDINGS CORP 2,634 2,875
ILL TOOL WORKS INC 4,059 11,687
JOHNSON & JOHNSON 113,161 123,374
JPMORGAN CHASE & CO 5,673 37,700
KB FINANCIAL GRP INC SONS ADR 4,004 4,648
KBC GROUP NV UNSPONS ADR 6,010 12,021
KIMCO REALTY CORP MD 3,406 3,020
KKR & CO INC CL A 20,830 27,675
KLA CORPORATION 4,832 17,538
KIMBERLY CLARK CORP 11,767 11,401
KINDER MORGAN INCORP 4,471 4,453
KINSALE CAP GROUP INC 8,587 8,348
LAMAR ADVERTISING CO NEW CL A 1,821 1,745
LEIDOS HLDGS INC 91,718 88,937
LITTELFUSE INC 632 3,005
LEGRAND SA 10,215 11,986
LINDE PLC 6,644 6,363
ELI LILLY & CO 15,018 28,393
CHENIERE ENERGY INC NEW 2,886 2,790
LOTTOMATICA GROUP SPA ADR 4,544 4,683
LOWES COMPANIES INC 8,628 14,663
LONDON STOCK EXCHANGE GRP ADR 6,791 6,923
LVMH MOET HENNESSY LOUIS VUITT 2,621 4,033
LYONDELLBASELL NV CL-A 1,459 1,123
MASTERCARD INC CL A 10,793 24,642
MARKS & SPENCER GRP PLC ADR 3,586 3,418
MANHATTAN ASSOC INC 4,293 3,540
MARRIOTT INTL INC NEW CL A 13,368 23,717
MICROCHIP TECHNOLOGY INC 4,297 3,452
MCKESSON CORP 17,482 40,493
MOODYS CORP 1,171 5,437
MONDELEZ INTL INC COM 15,039 11,412
MEDTRONIC PLC SHS 3,853 3,977
MERCADOLIBRE INC 699 1,418
META PLATFORMS INC CL A 12,622 35,609
MIZUHO FNCL INC SPONS ADR 3,410 6,251
MITSUBISHI ELECTRIC ADR 3,834 7,079
MARKEL GROUP INC 1,530 3,459
MARTIN MARIETTA MATERIALS 4,110 4,938
MARSH & MCLENNAN COS INC 10,168 17,499
MOOG INC CL A 861 5,210
MORNINGSTAR INC COMMON 3,664 2,923
MONOLITHIC PWR SYSTEMS INC 2,943 5,003
MERCK & CO INC NEW COM 57,596 57,893
MARUWA CO LTD ADR 3,423 2,946
MORGAN STANLEY 8,507 19,173
MSCI INC COM 4,426 5,098
MICROSOFT CORP 162,163 232,621
METTLER TOLEDO INTL 4,514 5,073
MERITAGE HOME CORPORATION 887 2,989
M3 INC ADR 2,591 2,677
MITSUI FUDOSAN CO LTD ADR 4,975 5,589
MTU AERO ENGINES AG 5,627 11,314
NORTHEAST BK F S B ME 2,296 2,442
NITORI HLDGS CO LTD ADR 4,391 3,106
NASDAQ INC COM 14,895 30,305
NEXTERA ENERGY INC 5,703 5,658
NETFLIX INC 6,245 12,751
NATIONAL GRID PLC SPON ADR 2,585 2,679
ANGLO AMERICAN PLC ADR 5,534 5,726
NOVANTA INC 1,902 2,108
SERVICENOW INC 9,430 13,790
NIPPON SANSO HOLDINGS CORP ADR 2,556 2,621
NORDEA BANK ABP SPON ADR 5,883 9,105
NOMURA RESH INST LTD ADR 3,764 5,570
NESTLE SPON ADR REP REG SHR 1,844 1,713
NINTENDO CO LTD ADR NEW 7,845 5,850
NVIDIA CORPORATION 23,578 119,920
NOVO NORDISK A/S ADR 8,829 7,028
NXP SEMICONDUCTORS NV 11,574 17,083
REALTY INCOME CORP 4,565 4,380
OLD DOMINION FREIGHT LINE 2,555 6,064
ONE GAS INC 2,749 3,321
OCEANEERING INTL INC 2,489 3,244
ORACLE CORP 9,663 11,378
PT BK CENT ASIA TBK ADR 5,208 4,879
PACCAR INC 17,356 21,354
PG&E CORP 4,329 4,226
PANASONIC HOLDINGS CORP ADR 1,860 1,859
PEBBLEBROOK HOTEL TR COM 1,504 1,081
PUBLIC SERVICE ENTERPRISE GP 1,705 1,498
PEPSICO INC NC 9,467 10,236
PROGRESSIVE CORP OHIO 14,415 30,287
PARKER HANNIFIN CORP 1,954 1,932
PROLOGIS INC COM 27,312 30,122
PALANTIR TECHNOLOGIES INC CL A 90,233 87,219
PLEXUS CORP 1,768 3,541
PHILIP MORRIS INTL INC 1,879 2,027
PRUDENTIAL FINANCIAL INC 16,078 15,803
PARSONS CORP 2,435 3,861
PTC INC COM 6,376 6,858
QUANTA SERVICES INC 10,467 9,696
RYDER SYSTEMS INC 704 4,065
RB GLOBAL INC 3,479 5,465
RECRUIT HOLDINGS CO. LTD. ADR 6,848 9,132
REGENCY CTRS CORP 4,951 4,813
RELX PLC SPONSORED ADR 8,113 14,794
REINSURANCE GROUP OF AMERICA 1,076 3,840
REPLIGEN CP 3,640 4,874
RESONA HOLDINGS INC ADR 5,911 7,391
RTX CORPORATION 96,008 106,189
ROYAL BANK OF CANADA 3,185 6,297
SABRE CORP COM 2,412 1,246
BANCO SANTANDER S.A. 9,196 12,985
SAMPO OYJ UNSPON ADR 3,007 7,546
SCHNEIDER ELEC SA UNSP ADR 551 2,808
STIFEL FINANCIAL CORPORATION 888 4,181
SHIN ETSU CHEM CO LTD ADR 6,014 4,819
SHELL PLC ADR 2,441 3,388
SHOPIFY INC CL A 6,106 13,955
SIEMENS AKTIENGESELLSCHAFT 3,768 5,536
SITEONE LANDSCAPE SUPPLY INC 3,843 3,511
SLB LIMITED 1,890 1,643
SMC CORP JAPAN SPONSORED ADR 3,537 3,040
THE SCOTTS MIRACLE-GRO COMPANY 3,064 3,745
SNOWFLAKE INC CL A 16,924 21,706
SOUTHERN CO 12,790 20,143
SONY GROUP CORPORATION ADR 2,123 4,019
SIMON PPTY GROUP INC 5,406 5,976
SPOTIFY TECHNOLOGY SA 17,429 21,248
SPX TECHNOLOGIES INC 1,211 4,688
SEMPRA 4,273 4,603
SOUTHSTATE BANK CORP 2,940 4,047
SSE PLC SPON ADR 5,343 5,334
STAG INDL INC COM 2,427 3,032
STEEL DYNAMICS INC 2,941 3,870
STRYKER CORP 13,113 13,018
SUZUKI MTR CORP ADR 3,571 4,575
AT&T INC 40,095 40,986
TENCENT HLDGS LTD UNSPON ADR 4,078 4,028
TRIP COM GROUP LTD ADR 3,505 4,802
TRANSDIGM GROUP INC 1,628 7,869
ATLASSIAN CORPORATION CL A 3,743 3,915
BIO-TECHNE CORP 4,993 8,351
TEVA PHARMACEUTICALS ADR 1,709 3,116
3I GROUP PLC UNSPONS ADR 8,449 8,459
THALES USDPONSORD ADR 1,866 3,935
TIMKEN CO 476 2,559
TRINET GROUP INC 2,664 2,166
TOKYO ELECTRON LTD UNSPON ADR 1,199 2,893
TRUSTMARK CP 2,225 3,627
TESLA INC 115,993 116,030
TAIWAN SMCNDCTR MFG CO LTD ADR 654 9,869
TOTALENERGIES SE ACT 2,159 2,740
TECHTRONIC IND LTD SPONS ADR 10,186 10,023
TOTVS SA ADR 1,729 2,350
TYLER TECHNOLOGIES INC 6,957 6,171
UNITED BANKSHARES INC W VA 2,626 3,704
UNITED COMMUNITY BANKS INC 3,541 3,871
UNILEVER PLC NEW ADR 8,421 12,557
UMB FINANCIAL CORP 2,773 3,733
UNION PACIFIC CORP 6,258 14,402
UNIVERSAL MUSIC GROUP NV ADR 5,366 6,579
UTD OVERSEAS BK LTD SPON ADR 1,849 3,615
VISA INC CL A 18,142 18,918
VEEVA SYS INC CL A 5,834 8,025
VALERO ENERGY CP DELA NEW 1,845 2,186
VERALTO CORP 6,650 8,624
VULCAN MATERIALS CO 4,214 11,004
VERTEX PHARMACEUTICALS 12,285 12,944
VISTRA CORP 3,840 4,894
WASTE CONNECTIONS INC 1,700 6,062
WEIR GROUP PLC SPONSORED ADR 2,513 2,584
WELLTOWER INC 6,067 9,003
WELLS FARGO & CO NEW 21,675 25,350
WILLIAMS CO INC 5,346 5,805
WAL-MART DE MEXICO SA SPON ADR 1,785 2,257
WEST PHARMACEUTICAL SVCS INC 7,510 7,231
WOLVERINE WORLD WIDE 2,433 2,305
EXXON MOBIL CORP 28,992 30,797
EXPRO GROUP HOLDINGS NV COM 3,778 3,111
FULL TRUCK ALLIANCE CO LTD ADR 3,422 2,983

TY 2025 InvestmentsGovtObligationsSch
Name:
ZAFIROVSKI FAMILY FOUNDATION
EIN:
20-3610677
US Government Securities - End of Year Book Value:

269,992
US Government Securities - End of Year Fair Market Value:

265,951
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:
ZAFIROVSKI FAMILY FOUNDATION
EIN:
20-3610677
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
STATE STREET SPDR BLOOMBERG AT COST 282 281
SPDR GOLD MINISHARES TRUST AT COST 1,148 1,878
GLOBAL X MLP ETF AT COST 8,022 8,084
GLOBAL X MLP & ENERGY INFRAS AT COST 9,669 10,290
ARTISAN DEVELOPING WORLD ADV AT COST 450,544 422,783
PIMCO FIX INC SHRS: SERIES C AT COST 143,703 132,368
PIMCO FIX INC SHRS: SERIES M AT COST 136,640 130,355
MATTHEWS JAPAN INSTL AT COST 263,825 295,822
GSO MEZZANINE FINANCE FUND AT COST 233,315 6,853

TY 2025 OtherExpensesSchedule
Name:
ZAFIROVSKI FAMILY FOUNDATION
EIN:
20-3610677
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
IL CHARITY BUREAU FEE 15 0   15
IL SECRETARY OF STATE 10 0   10
MISCELLANEOUS 462 0   0


TY 2025 OtherIncomeSchedule2
Name:
ZAFIROVSKI FAMILY FOUNDATION
EIN:
20-3610677
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
OTHER INCOME 521 521 521


TY 2025 OtherProfessionalFeesSchedule
Name:
ZAFIROVSKI FAMILY FOUNDATION
EIN:
20-3610677
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT FEES 51,623 51,623   0


TY 2025 TaxesSchedule
Name:
ZAFIROVSKI FAMILY FOUNDATION
EIN:
20-3610677
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FOREIGN TAXES PAID 3,431 3,431   0
INCOME TAXES PAID 6,767 6,767   0