TY 2025 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Trust Treated as Private Foundation

Do not enter social security numbers on this form as it may be made public.
Go to www.irs.gov/Form990PF for instructions and the latest information.

OMB No. 1545-0047

2025

Open to Public Inspection

For calendar year 2025, or tax year beginning 01 - 01 2025, and ending 12 - 31, 20 25

Name of foundation
JOHN F GRUNDHOFER CHARITABLE FDN TR

Number and street (or P.O. box number if mail is not delivered to street address) PO BOX 64193
Room/suite

City or town
EAGAN

State or province
MN

Country

ZIP or foreign postal code
55164

A Employer identification number

27-2440735

B Telephone number (see instructions)

8882657962

C If exemption application is pending, check here

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

Address change Name change

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

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

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

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trust Other taxable private foundation

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here .......

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)$9,255,892J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

	Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).)	(a) Revenue and expenses per books		(b) Net investment income	(c) Adjusted net income	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .................
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	273,327		271,451
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		-65,540
b	Gross sales price for all assets on line 6a 1,711,132
7	Capital gain net income (from Part IV, line 2)...			0
8	Net short-term capital gain.........				0
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......	List of Attached Documents: // Content	1,689	1,689
12	Total. Add lines 1 through 11........	209,476		273,140
13	Compensation of officers, directors, trustees, etc.	85,450		76,905		8,545
14	Other employee salaries and wages......			0	0	0
15	Pension plans, employee benefits.......			0	0
16a	Legal fees (attach schedule).........					0
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	1,500	0	0	1,500
c	Other professional fees (attach schedule)....					0
17	Interest...............					0
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	25,282	4,212		0
19	Depreciation (attach schedule) and depletion...		0	0
20	Occupancy..............
21	Travel, conferences, and meetings.......			0	0
22	Printing and publications..........			0	0
23	Other expenses (attach schedule).......
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	112,232		81,117	0	10,045
25	Contributions, gifts, grants paid.......	320,000				320,000
26	Total expenses and disbursements. Add lines 24 and 25 ................	432,232		81,117	0	330,045
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-222,756
b	Net investment income (if negative, enter -0-)			192,023
c	Adjusted net income (if negative, enter -0-)...				0

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2025)

Form 990-PF (2025)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............
	2	Savings and temporary cash investments.........	3,422,994	718,043	718,043
	3	Accounts receivable
		Less: allowance for doubtful accounts		0	0
	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 0
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	516,330	List of Attached Documents: // Content 528,621	767,631
	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)..........	4,526,888	List of Attached Documents: // Content 7,005,939	7,763,212
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	List of Attached Documents: // Content 16,159	List of Attached Documents: // Content 7,006	List of Attached Documents: // Content 7,006
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	8,482,371	8,259,609	9,255,892
	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
		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........	8,482,371	8,259,609
	27	Paid-in or capital surplus, or land, bldg., and equipment fund
	28	Retained earnings, accumulated income, endowment, or other funds
	29	Total net assets or fund balances (see instructions).....	8,482,371	8,259,609
	30	Total liabilities and net assets/fund balances (see instructions).	8,482,371	8,259,609

Part III

Analysis of Changes in Net Assets or Fund Balances

Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............

8,482,371

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

-222,756

Other increases not included in line 2 (itemize)

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

8,259,615

Decreases not included in line 2 (itemize) Click to see attachment

List of Attached Documents:

// Content

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

8,259,609

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.)		(c) Date acquired (mo., day, yr.)	(d) Date sold (mo., day, yr.)
1 a	1. MCKESSON CORPORATION	1911-11-11	2025-01-02
b	53. ALBEMARLE CORP		2025-01-22
c	14. AMAZON.COM INC	2021-08-16	2025-01-22
d	106. CENTENE CORP COM		2025-01-22
e	55. EDWARDS LIFESCIENCES CORP COM		2025-01-22
	17. J P MORGAN CHASE & CO	2020-09-28	2025-01-22
	7. MICROSOFT CORP	2024-12-04	2025-01-22
	6. MICROSOFT CORP	2021-08-16	2025-01-22
	33. NEXTERA ENERGY INC		2025-01-22
	21. SALESFORCE INC	2021-08-16	2025-01-22
	23. VERTIV HOLDINGS CO	2024-06-14	2025-01-22
	59. WAL MART STORES INC	2021-08-16	2025-01-22
	4309.817 VICTORY TRIVALENT INTERNATIONAL SM		2025-01-29
	1. GRUPO TELEVISA SA SPON A D R	1911-11-11	2025-02-03
	36. MATCH GROUP INC NEW	2021-08-16	2025-02-11
	48. BANK OF AMERICA CORP	2023-03-15	2025-03-05
	9. LULULEMON ATHLETICA INC	2024-06-14	2025-03-05
	6. LULULEMON ATHLETICA INC	2022-08-10	2025-03-05
	62. SCHLUMBERGER LTD	2024-03-20	2025-03-05
	55. TARGET CORP		2025-03-05
	70. UBER TECHNOLOGIES INC	2022-08-10	2025-03-05
	12. VEEVA SYSTEMS INC-CLASS A	2024-05-15	2025-03-05
	47. ZILLOW GROUP INC	2024-03-20	2025-03-05
	27. FORTINET INC	2021-08-16	2025-03-21
	9905.64 ANGEL OAK MULTI STRATEGY INCOME		2025-03-31
	103. EXACT SCIENCES CORPORATION	2025-01-22	2025-04-16
	28. PALO ALTO NETWORKS INC	2025-01-22	2025-04-16
	72. SCHLUMBERGER LTD	2023-10-27	2025-04-16
	19. ENPHASE ENERGY INC	2022-06-30	2025-05-09
	2819.255 AMERICAN BEACON STEPHENS MID CAP GR		2025-05-30
	2094. ISHARES RUSSELL MIDCAP VALUE ETF		2025-05-30
	4297. ISHARES RUSSELL MID CAP ETF		2025-05-30
	1624. ISHARES RUSSELL 2000 ETF		2025-05-30
	644. VANGUARD INTERMEDIATE TERM BOND ETF	2024-09-20	2025-05-30
	2838. VANGUARD INTERMEDIATE TERM BOND ETF	2021-08-11	2025-05-30
	1. OKTA INC	1911-11-11	2025-06-13
	29. MARATHON PETROLEUM CORP	2024-06-14	2025-06-25
	92. SCHLUMBERGER LTD		2025-06-25
	61. SCHWAB CHARLES CORP		2025-06-25
	6. SYNOPSYS INC	2025-01-22	2025-06-25
	10. VEEVA SYSTEMS INC-CLASS A	2024-05-15	2025-06-25
	2. VERTIV HOLDINGS CO	2025-03-05	2025-06-25
	31. VERTIV HOLDINGS CO	2024-06-14	2025-06-25
	49. EXACT SCIENCES CORPORATION	2021-08-16	2025-06-27
	4. TAKE-TWO INTERACTIVE SOFTWARE	2024-01-19	2025-06-27
	9. UBER TECHNOLOGIES INC	2022-06-30	2025-06-27
	3. ZSCALER INC	2024-04-12	2025-06-27
	1. CARDINAL HEALTH INC	1911-11-11	2025-07-16
	5. ADOBE SYS INC	2024-12-04	2025-08-29
	20. ADOBE SYS INC		2025-08-29
	26. APPLE COMPUTER INC	2021-08-16	2025-08-29
	66. DRAFTKINGS INC NEW	2024-05-15	2025-08-29
	7. TALEN ENERGY CORP COM	2025-03-05	2025-08-29
	59. UBER TECHNOLOGIES INC		2025-08-29
	2. CADENCE DESIGN SYS INC.	2022-06-30	2025-09-30
	2. CROWDSTRIKE HOLDINGS INC A	2022-06-30	2025-09-30
	2. SYNOPSYS INC	2022-06-30	2025-09-30
	7. TAKE-TWO INTERACTIVE SOFTWARE	2024-01-19	2025-09-30
	27. ADVANCED MICRO DEVICES INC COM		2025-10-10
	188. DRAFTKINGS INC NEW		2025-10-10
	32. MICRON TECHNOLOGY INC	2025-01-22	2025-10-10
	19. NVIDIA CORP COM	2024-08-15	2025-10-10
	105. BLOCK INC		2025-10-10
	35. UBER TECHNOLOGIES INC	2022-12-07	2025-10-10
	22. VERTIV HOLDINGS CO	2024-08-15	2025-10-10
	37. SPS COMMERCE INC	2021-08-16	2025-12-05
	15. UBER TECHNOLOGIES INC	2022-06-30	2025-12-05
	61. COPART INC COM	2025-08-29	2025-12-10
	117. COPART INC COM		2025-12-10
	77. TRADE DESK INC THE CLASS A		2025-12-10
	74. TRADE DESK INC THE CLASS A		2025-12-10

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	104		104
b	4,842	11,799	-6,957
c	3,279	2,270	1,009
d	6,672	6,792	-120
e	3,839	4,155	-316
	4,441	1,635	2,806
	3,088	3,069	19
	2,647	1,758	889
	2,264	2,471	-207
	6,921	5,194	1,727
	3,446	2,091	1,355
	5,468	2,969	2,499
	65,811	68,780	-2,969
	32		32
	1,230	4,771	-3,541
	2,007	1,350	657
	3,074	2,749	325
	2,050	1,915	135
	2,377	3,362	-985
	6,353	7,155	-802
	5,257	2,290	2,967
	2,590	2,502	88
	3,460	2,220	1,240
	2,640	1,634	1,006
	85,882	86,115	-233
	4,467	5,577	-1,110
	4,839	5,252	-413
	2,475	4,033	-1,558
	932	3,521	-2,589
	110,599	108,562	2,037
	267,540	276,310	-8,770
	379,962	384,043	-4,081
	332,020	350,771	-18,751
	49,070	50,524	-1,454
	216,241	256,456	-40,215
	26		26
	4,820	4,923	-103
	3,081	5,101	-2,020
	5,461	2,705	2,756
	2,855	3,278	-423
	2,808	2,085	723
	245	173	72
	3,798	2,818	980
	2,526	4,535	-2,009
	966	643	323
	825	181	644
	942	548	394
	25		25
	1,769	2,694	-925
	7,076	9,793	-2,717
	6,052	3,892	2,160
	3,138	2,984	154
	2,618	1,338	1,280
	5,435	1,907	3,528
	699	299	400
	968	328	640
	981	603	378
	1,812	1,126	686
	5,989	3,484	2,505
	6,230	7,113	-883
	5,989	3,526	2,463
	3,655	2,316	1,339
	7,986	8,114	-128
	3,325	937	2,388
	3,894	1,815	2,079
	3,093	4,399	-1,306
	1,380	301	1,079
	2,352	2,978	-626
	4,511	5,205	-694
	3,000	5,236	-2,236
	2,883	5,199	-2,316

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			104
b			-6,957
c			1,009
d			-120
e			-316
			2,806
			19
			889
			-207
			1,727
			1,355
			2,499
			-2,969
			32
			-3,541
			657
			325
			135
			-985
			-802
			2,967
			88
			1,240
			1,006
			-233
			-1,110
			-413
			-1,558
			-2,589
			2,037
			-8,770
			-4,081
			-18,751
			-1,454
			-40,215
			26
			-103
			-2,020
			2,756
			-423
			723
			72
			980
			-2,009
			323
			644
			394
			25
			-925
			-2,717
			2,160
			154
			1,280
			3,528
			400
			640
			378
			686
			2,505
			-883
			2,463
			1,339
			-128
			2,388
			2,079
			-1,306
			1,079
			-626
			-694
			-2,236
			-2,316

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	-65,540
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 .........................		3

Part V

Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)	1	2,669
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	2,669
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	2,669
6	Credits/Payments:

a	2025 estimated tax payments and 2024 overpayment credited to 2025	6a	10,672
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

7	Total credits and payments. Add lines 6a through 6d..............		7	10,672
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	8,003
11	Enter the amount of line 10 to be: Credited to 2026 estimated tax1,336	Refunded	11	6,667
	For Refunded amount, also complete and attach Form 8050. See instructions.

Form 990-PF (2025)

Page 4

Part VI-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions

for the definition.................................

If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials

published or distributed by the foundation in connection with the activities.

Did the foundation file Form 1120-POL for this year?.....................

Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:

(1) On the foundation. $ (2) On foundation managers.$

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

on foundation managers.$

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If "Yes," attach a detailed description of the activities.

Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles

of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....

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

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

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

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

Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:

By language in the governing instrument, or

By state legislation that effectively amends the governing instrument so that no mandatory directions

that conflict with the state law remain in the governing instrument? ................

Yes

Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),

and Part XIV..................................

Yes

Enter the states to which the foundation reports or with which it is registered (see instructions)

If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney

General (or designate) of each state as required by General Instruction G? If "No," attach explanation .

Yes

Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)

or 4942(j)(5) for calendar year 2025 or the taxable year beginning in 2025? See the instructions for Part XIII.

If "Yes," complete Part XIII .............................

Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names

and addresses. ...............................

At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the

meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............

Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had

advisory privileges? If "Yes," attach statement. See instructions.................

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website address

The books are in care ofUS BANK NA Telephone no. (888) 265-7962

Located at60 LIVINGSTON AVESAINT PAULMN ZIP+455107

Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........

and enter the amount of tax-exempt interest received or accrued during the year ........

16 At any time during calendar year 2025, did the foundation have an interest in or a signature or other authority over YesNo

a bank, securities, or other financial account in a foreign country? .................

16 No

See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country

Form 990-PF (2025)

Page 5

Part VI-B

Statements Regarding Activities for Which Form 4720 May Be Required

File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.

Yes

During the year did the foundation (either directly or indirectly):

(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........

1a(1)

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person? ..............................

1a(2)

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........

1a(3)

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

1a(4)

Yes

(5) Transfer any income or assets to a disqualified person (or make any of either available

for the benefit or use of a disqualified person)? ......................

1a(5)

(6) Agree to pay money or property to a government official? (Exception. Check "No"

if the foundation agreed to make a grant to or to employ the official for a period

after termination of government service, if terminating within 90 days.) ...............

1a(6)

If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations

section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........

Organizations relying on a current notice regarding disaster assistance check here ........

Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,

that were not corrected before the first day of the tax year beginning in 2025? .............

Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private

operating foundation defined in section 4942(j)(3) or 4942(j)(5)):

At the end of tax year 2025, did the foundation have any undistributed income (Part XII, lines 6d

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

If "Yes," list the years 20, 20, 20, 20

Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)

(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)

to all years listed, answer "No" and attach statement—see instructions.) ..............

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at

any time during the year? ..............................

If "Yes," did it have excess business holdings in 2025 as a result of (1) any purchase by the foundation

or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved

by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)

the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Form 4720, Schedule C, to determine

if the foundation had excess business holdings in 2025.).....................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its

charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2025? ..

Form 990-PF (2025)

Page 6

Part VI-B

Statements Regarding Activities for Which Form 4720 May Be Required (continued)

During the year did the foundation pay or incur any amount to:

Yes

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........

5a(1)

(2) Influence the outcome of any specific public election (see section 4955); or to carry

on, directly or indirectly, any voter registration drive? ....................

5a(2)

(3) Provide a grant to an individual for travel, study, or other similar purposes? .............

5a(3)

(4) Provide a grant to an organization other than a charitable, etc., organization described

in section 4945(d)(4)(A)? See instructions ........................

5a(4)

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals? .............

5a(5)

If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in

Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........

Organizations relying on a current notice regarding disaster assistance check .........

If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the

tax because it maintained expenditure responsibility for the grant? .................

If "Yes," attach the statement required by Regulations section 53.4945–5(d).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on

a personal benefit contract? .............................

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....

If "Yes" to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?

If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....

Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or

excess parachute payment during the year? .........................

Part VII

Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors

1 List all officers, directors, trustees, foundation managers and their compensation. See instructions

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)
PATRICIA GRUNDHOFER	CO-TRUSTEE 8	0
200 SOUTH 6TH ST STE 1160 MINNEAPOLIS,MN55401	CO-TRUSTEE 8	0
US BANK N A	TRUSTEE 1	85,450
PO BOX 64193 EAGAN,MN55164	TRUSTEE 1	85,450

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


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









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

Form 990-PF (2025)

Page 7

Part VII

Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)

3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
NONE

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

Part VIII-A

Summary of Direct Charitable Activities

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


2


3


4

Part VIII-B

Summary of Program-Related Investments (see instructions)

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


2


All other program-related investments. See instructions.
3

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

Form 990-PF (2025)

Page 8

Part IX

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

7,457,267

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

1,370,450

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

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

8,827,717

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) .............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d.........................

8,827,717

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

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

132,416

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

8,695,301

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

434,765

Part X

Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here and do not complete this part.)

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

434,765

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

2,669

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

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

2,669

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

432,096

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

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

432,096

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

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

432,096

Part XI

Qualifying Distributions (see instructions)

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

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

330,045

Program-related investments—total from Part VIII-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes...............................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......

330,045

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					432,096
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......	519,735
b From 2021......	279,213
c From 2022......	178,465
d From 2023......	171,241
e From 2024......	72,546
f Total of lines 3a through e ........		1,221,200
4Qualifying distributions for 2025 from Part
XI, line 4: $ 330,045
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.....					330,045
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2025.		102,051			102,051
(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		1,119,149
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) ...		417,684
9 Excess distributions carryover to 2026. Subtract lines 7 and 8 from line 6a ......		701,465
10 Analysis of line 9:
a Excess from 2021 ....	279,213
b Excess from 2022 ....	178,465
c Excess from 2023 ....	171,241
d Excess from 2024 ....	72,546
e Excess from 2025 ....

Form 990-PF (2025)

Page 10

Part XIII

Private Operating Foundations (see instructions and Part VI-A, question 9)

1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2025, enter the date of the ruling ......

b Check box to indicate whether the organization is a private operating foundation described in section 4942(j)(3) or4942(j)(5)

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part IX for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2025	(b) 2024	(c) 2023	(d) 2022	(e) Total

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

Part XIV

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

1Information Regarding Foundation Managers:

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

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)

Page 11

Part XIV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
THE LIVING DESERT 47-900 PORTOLA AVENUE PALM DESERT,CA92260	NONE		GENERAL OPERATING	300,000
UNITED WAY WORLDWIDE 701 N FAIRFAX ST ALEXANDRIA,VA22314	NONE		GENERAL OPERATING	10,000
INSPIRATION AND RECOGNITION OF SCIENCE AND TECHNOLOGY PO BOX 845446 Boston,MA02284	NONE		GENERAL OPERATING	10,000
Total ................................. 3a				320,000

bApproved for future payment

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

Form 990-PF (2025)

Page 12

Part XV-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments ....
3 Interest on savings and temporary cash investments ...........
4 Dividends and interest from securities ....			14	273,327
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	-65,540
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aOTHER INCOME			1	1,689
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..				209,476

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

209,476

(See worksheet in line 13 instructions to verify calculations.)

Part XV-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See instructions.)

Form 990-PF (2025)

Page 13

Part XVI

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations

Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?

Yes

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash...................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

(4) Reimbursement arrangements...........................

1b(4)

(5) Loans or loan guarantees.............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

(a) Line No.	(b) Amount involved	(c) Name of noncharitable exempt organization	(d) Description of transfers, transactions, and sharing arrangements

Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........Yes No

If "Yes," complete the following schedule.

(a) Name of organization	(b) Type of organization	(c) Description of relationship

Sign Here

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
				May the IRS discuss this return with the preparer shown below? See instructions. Yes No
	Signature of officer or trustee	Date	Title

Paid Preparer Use Only	Preparer's name	Preparer's Signature	Date	Check if self- employed	PTIN
	Firm's name				Firm's EIN
	Firm's address				Phone no.

Form 990-PF (2025)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2025 AccountingFeesSchedule

Name:

JOHN F GRUNDHOFER CHARITABLE FDN TR

EIN:

27-2440735

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
TAX PREPARATION FEE (NON-ALLOC	1,500			1,500

- TIN:

TY 2025 InvestmentsCorpStockSchedule

Name:

JOHN F GRUNDHOFER CHARITABLE FDN TR

EIN:

27-2440735

Name of Stock	End of Year Book Value	End of Year Fair Market Value
87612E106 TARGET CORP COM
34959E109 FORTINET INC	1,998	2,621
037833100 APPLE INC COM	20,510	37,245
808513105 SCHWAB CHARLES CORP	5,739	9,292
023135106 AMAZON.COM INC	23,150	35,777
46625H100 JPMORGAN CHASE CO	5,001	16,755
15135B101 CENTENE CORP COM
56585A102 MARATHON PETROLEUM C
012653101 ALBEMARLE CORP
30063P105 EXACT SCIENCES CORPO
02079K305 ALPHABET INC CL A	11,017	46,637
67066G104 NVIDIA CORP COM	10,251	54,831
007903107 ADVANCED MICRO DEVIC	5,843	15,848
78463M107 SPS COMMERCE INC
79466L302 SALESFORCE COM INC
380237107 GODADDY INC CLASS A	2,257	3,971
91324P102 UNITEDHEALTH GROUP I	15,520	13,865
70975L107 PENUMBRA INC	6,592	8,084
217204106 COPART INC COM	4,574	5,090
437076102 HOME DEPOT INC	14,079	15,140
22160K105 COSTCO WHSL CORP	8,381	9,486
931142103 WALMART INC COM	3,322	7,353
03027X100 AMERICAN TOWER CORP	4,514	4,214
57636Q104 MASTERCARD INC	5,749	7,421
81762P102 SERVICENOW INC	11,512	13,021
78409V104 S P GLOBAL INC COM	4,537	6,271
78467J100 SS C TECHNOLOGIES HL	2,909	5,158
58733R102 MERCADOLIBRE INC	13,032	14,100
88339J105 TRADE DESK INC THE C	5,151	2,467
28176E108 EDWARDS LIFESCIENCES
893641100 TRANSDIGM GROUP INC	2,421	5,319
98954M101 ZILLOW GROUP INC	6,284	5,527
45784P101 INSULET CORPORATION	5,280	5,116
57667L107 MATCH GROUP INC NEW
74736L109 Q2 HOLDINGS INC	4,613	4,185
594918104 MICROSOFT CORP COM	29,390	44,493
461202103 INTUIT COM	9,802	10,599
060505104 BANK OF AMERICA CORP	3,955	13,640
30303M102 META PLATFORMS INC	14,897	27,064
00724F101 ADOBE SYS INC
90353T100 UBER TECHNOLOGIES IN	5,175	12,093
22788C105 CROWDSTRIKE HOLDINGS	1,805	5,156
049468101 ATLASSIAN CORPORATIO	8,700	4,216
98980G102 ZSCALER INC	3,170	4,498
235851102 DANAHER CORP	14,474	15,338
679295105 OKTA INC	21,476	18,332
697435105 PALO ALTO NETWORKS I	4,957	9,947
833445109 SNOWFLAKE INC CL A	3,034	3,071
550021109 LULULEMON ATHLETICA
127387108 CADENCE DESIGN SYS I	3,136	6,564
871607107 SYNOPSYS INC	12,127	13,152
29355A107 ENPHASE ENERGY INC
65339F101 NEXTERA ENERGY INC	5,795	7,466
16679L109 CHEWY INC CLASS A	3,479	3,338
922475108 VEEVA SYSTEMS INC-CL	8,075	8,929
052769106 AUTODESK INC	3,363	4,440
42226A107 HEALTHEQUITY INC	2,773	3,664
443573100 HUBSPOT INC	2,527	2,007
518415104 LATTICE SEMICONDUCTO	4,228	5,003
60741F104 MOBILEYE GLOBAL INC	5,793	1,629
74275K108 PROCORE TECHNOLOGIES	2,799	3,201
806857108 SCHLUMBERGER LTD COM
09290D101 BLACKROCK INC COM	5,406	8,563
127097103 COTERRA ENERGY INC	3,821	4,132
166764100 CHEVRON CORP COM	5,336	5,487
26142V105 DRAFTKINGS INC NEW	3,739	3,377
29444U700 EQUINIX INC	4,182	3,831
532457108 ELI LILLY CO	12,767	17,195
82452J109 SHIFT4 PMTS INC CL A	3,182	2,645
852234103 BLOCK INC	3,634	2,539
874054109 TAKE-TWO INTERACTIVE	4,235	7,169
92537N108 VERTIV HOLDINGS CO	8,592	16,525
G29183103 EATON CORP PLC SHS	7,382	7,963
H5919C104 ON HLDG AG NAMEN AKT	3,134	3,347
05722G100 BAKER HUGHES COMPANY	5,570	6,694
14040H105 CAPITAL ONE FINL COR	9,183	10,664
148929102 CAVA GROUP INC COM	1,795	1,350
15101Q207 CELESTICA INC COM	2,386	7,390
16411R208 CHENIERE ENERGY INC	5,448	4,471
169656105 CHIPOTLE MEXICAN GRI	9,082	8,103
46120E602 INTUITIVE SURGICAL I	7,694	9,062
502431109 L3HARRIS TECHNOLOGIE	5,506	7,339
565394103 MAPLEBEAR INC COM	5,922	6,117
595112103 MICRON TECHNOLOGY IN	4,656	13,414
64110L106 NETFLIX.COM INC	7,632	6,563
72352L106 PINTEREST INC CLASS	2,702	2,019
74624M102 PURE STORAGE INC CLA	2,461	2,345
750917106 RAMBUS INC	1,725	1,562
87422Q109 TALEN ENERGY CORP CO	3,440	6,747
888787108 TOAST INC CL A	3,497	3,267
G54950103 LINDE PLC	5,346	5,117

- TIN:

TY 2025 InvestmentsOtherSchedule2

Name:

JOHN F GRUNDHOFER CHARITABLE FDN TR

EIN:

27-2440735

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
464287440 ISHARES 7 10 YEAR TR	AT COST	188,780	159,433
921937819 VANGUARD INTERMEDIAT	AT COST	397,335	342,438
46432F842 ISHARES CORE MSCI EA	AT COST	758,911	900,325
46434G103 ISHARES CORE MSCI EM	AT COST	488,093	618,290
024524217 AMERICAN BEACON STEP
03463K406 ANGEL OAK MULTI STRA	AT COST	167,660	170,389
04314H568 ARTISAN HIGH INCOME	AT COST	377,245	379,269
464287200 ISHARES CORE S P 500	AT COST	1,701,696	2,017,833
464287473 ISHARES RUSSELL MIDC
464287499 ISHARES RUSSELL MID
464287655 ISHARES RUSSELL 2000
464288877 ISHARES MSCI EAFE VA	AT COST	265,450	343,125
72369L107 VICTORY PIONEER ILS	AT COST	317,000	339,745
74925K367 ABBEY CAPITAL FUTURE	AT COST	312,291	315,786
808524847 SCHWAB US REIT ETF	AT COST	313,046	300,753
92647K309 VICTORY TRIVALENT IN
74440B884 PGIM TOTAL RETURN BO	AT COST	422,226	430,598
92206C664 VANGUARD RUSSELL 200	AT COST	374,802	451,224
922908629 VANGUARD MID CAP ETF	AT COST	921,404	994,004

- TIN:

TY 2025 OtherAssetsSchedule

Name:

JOHN F GRUNDHOFER CHARITABLE FDN TR

EIN:

27-2440735

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
000000000 MISCELLANEOUS ENTRY	16,159	7,006	7,006

- TIN:

TY 2025 OtherDecreasesSchedule

Name:

JOHN F GRUNDHOFER CHARITABLE FDN TR

EIN:

27-2440735

Description	Amount
ROUNDING	6

- TIN:

TY 2025 OtherIncomeSchedule2

Name:

JOHN F GRUNDHOFER CHARITABLE FDN TR

EIN:

27-2440735

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
OTHER INCOME	1,689	1,689

- TIN:

TY 2025 TaxesSchedule

Name:

JOHN F GRUNDHOFER CHARITABLE FDN TR

EIN:

27-2440735

Category	Amount	Net Investment Income
FOREIGN TAXES	2,354	2,354
FEDERAL TAX PAYMENT - PRIOR YE	10,398	0
FEDERAL ESTIMATES - PRINCIPAL	10,672	0
FOREIGN TAXES ON NONQUALIFIED	1,858	1,858