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 02 - 01 2025, and ending 01 - 31, 20 26
Name of foundation
FALES FOUNDATION TRUST
 
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

91-6087669
B Telephone number (see instructions)

8882657962
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)$6,657,848J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check .................
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 197,270 195,187  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 195,220
b Gross sales price for all assets on line 6a 867,747
7 Capital gain net income (from Part IV, line 2)... 195,220
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).......      
12 Total. Add lines 1 through 11........ 392,490 390,407  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 65,468 58,921   6,547
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).......        
c Other professional fees (attach schedule)....       0
17 Interest...............       0
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
9,932 2,494   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)....... Click to see attachment
List of Attached Documents:
// Content
325     325
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 75,725 61,415 0 6,872
25 Contributions, gifts, grants paid....... 360,000 360,000
26 Total expenses and disbursements. Add lines 24 and 25 ................ 435,725 61,415 0 366,872
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -43,235
b Net investment income (if negative, enter -0-) 328,992
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 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.............      
2 Savings and temporary cash investments......... 221,752 206,907 206,907
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)....... 674,030 Click to see attachment
List of Attached Documents:
// Content
530,947 		1,327,963
c Investments—corporate bonds (attach schedule)....... 725,338 Click to see attachment
List of Attached Documents:
// Content
916,396 		964,587
11 Investments—land, buildings, and equipment: basis  
Less: accumulated depreciation (attach schedule)        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 3,205,940 Click to see attachment
List of Attached Documents:
// Content
3,128,951 		4,158,391
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) 4,827,060 4,783,201 6,657,848
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
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........ 4,827,060 4,783,201
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)..... 4,827,060 4,783,201
30 Total liabilities and net assets/fund balances (see instructions). 4,827,060 4,783,201
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
4,827,060
2
Enter amount from Part I, line 27a .....................
2
-43,235
3
Other increases not included in line 2 (itemize) Click to see attachment
List of Attached Documents:
// Content
3
245
4
Add lines 1, 2, and 3 ..........................
4
4,784,070
5
Decreases not included in line 2 (itemize) Click to see attachment
List of Attached Documents:
// Content
5
869
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, line 29, column (b) ..
6
4,783,201
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 200. CITIGROUP INC   2016-12-14 2025-05-22
b 778.474 DODGE COX INTERNATIONAL STOCK FD I   2007-03-16 2025-05-22
c 10. META PLATFORMS INC   2023-12-13 2025-05-22
d 100. FISERV INC   2022-02-08 2025-05-22
e 750. ISHARES MSCI EAFE ETF     2025-05-22
474.834 CLEARBRIDGE INTERNATIONAL GROWTH   2024-12-03 2025-05-22
25. MCDONALDS CORP COM   2008-12-23 2025-05-22
100. SALESFORCE INC     2025-05-22
150. TARGET CORP     2025-05-22
55. UNITED PARCEL SERVICE INC CL B     2025-05-22
225. VANGUARD SMALL CAP GROWTH INDEX ETF   2019-02-25 2025-05-22
400. VICI PPTYS INC   2021-10-28 2025-05-22
50. ACCENTURE PLC IRELAND SHS CLASS A     2025-05-22
200. APTIV PLC COM SHS     2025-05-22
83.399 DODGE COX STOCK FUND I     2025-10-15
346.754 PRICE T ROWE GROWTH STK FD INC     2025-10-15
140. SPDR S P 500 ETF TRUST ETF   2018-10-17 2025-10-15
.5 SOLSTICE ADV MATL COM   2017-10-25 2025-11-14
40. ADOBE SYS INC   2024-05-22 2025-11-24
40. ELEVANCE HEALTH INC   2019-04-29 2025-11-24
10. BERKSHIRE HATHAWAY INC CL B   2020-05-07 2025-11-24
150. CISCO SYSTEMS INC   2015-12-18 2025-11-24
14494.597 CREDIT SUISSE FL RT HI IN I     2025-11-24
250. INVESCO S P 500 EQUAL WEIGHT ETF   2024-08-29 2025-11-24
15. NORTHROP GRUMMAN CORPORATION   2019-10-04 2025-11-24
600. SCHLUMBERGER LTD     2025-11-24
12. SOLSTICE ADV MATL COM   2017-10-25 2025-11-24
150. WAL MART STORES INC   2023-12-13 2025-11-24
100000. ROYAL BK CDA MTN 0.875% 1/20/26   2023-01-25 2026-01-20
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
(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 14,605   11,807 2,798
b 45,743   34,370 11,373
c 6,358   3,356 3,002
d 16,123   10,004 6,119
e 65,599   41,562 24,037
34,905   32,635 2,270
7,873   1,542 6,331
28,217   26,801 1,416
14,111   25,489 -11,378
5,269   4,003 1,266
58,634   40,737 17,897
12,450   11,897 553
15,891   16,126 -235
13,343   16,679 -3,336
23,156   16,780 6,376
41,853   22,459 19,394
92,800   39,267 53,533
22   17 5
12,828   19,369 -6,541
13,187   10,654 2,533
5,000   1,737 3,263
11,413   3,995 7,418
88,997   95,388 -6,391
46,657   43,739 2,918
8,438   5,480 2,958
21,480   28,660 -7,180
547   396 151
15,750   7,578 8,172
100,000   100,000  
      46,498
      46,498
      46,498
      46,498
      46,498
      46,498
      46,498
      46,498
      46,498
      46,498
      46,498
      46,498
      46,498
      46,498
      46,498
      46,498
      46,498
      46,498
      46,498
      46,498
      46,498
      46,498
      46,498
      46,498
      46,498
      46,498
      46,498
      46,498
      46,498
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       2,798
b       11,373
c       3,002
d       6,119
e       24,037
      2,270
      6,331
      1,416
      -11,378
      1,266
      17,897
      553
      -235
      -3,336
      6,376
      19,394
      53,533
      5
      -6,541
      2,533
      3,263
      7,418
      -6,391
      2,918
      2,958
      -7,180
      151
      8,172
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
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 2 195,220
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 4,573
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 4,573
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 4,573
6 Credits/Payments:
a 2025 estimated tax payments and 2024 overpayment credited to 2025 6a 4,784
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 4,784
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... 10 211
11 Enter the amount of line 10 to be: Credited to 2026 estimated tax211 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. $   (2) On foundation managers.$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.$  
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)
WA
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 address  
14
The books are in care ofUS BANK NA Telephone no. (888) 265-7962

Located at60 LIVINGSTON AVESAINT PAULMN ZIP+455107
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)
Yes
 
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
No
c
Organizations relying on a current notice regarding disaster assistance check here ........
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2025? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2025, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2025?....................
2a
 
No
If "Yes," list the years 20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2025 as a result of (1) any purchase by the foundation
or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Form 4720, Schedule C, to determine
if the foundation had excess business holdings in 2025.).....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2025? ..
4b
 
No
Form 990-PF (2025)
Form 990-PF (2025)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
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
US BANK N A TRUSTEE
1 		65,468    
PO BOX 64193
EAGAN,MN55164
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
NONE
Total number of other employees paid over $50,000................... 0
Form 990-PF (2025)
Form 990-PF (2025)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
NONE
Total number of others receiving over $50,000 for professional services.............right arrow0
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1  
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1 NONE  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................  
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
6,243,154
b
Average of monthly cash balances.......................
1b
170,570
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, 1b, and 1c).......................
1d
6,413,724
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
6,413,724
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
96,206
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
6,317,518
6
Minimum investment return. Enter 5% (0.05) of line 5 ................
6
315,876
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
315,876
2a
Tax on investment income for 2025 from Part V, line 5 .......
2a
4,573
b
Income tax for 2025. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
4,573
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
311,303
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
311,303
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
311,303
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
366,872
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
0
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
0
b
Cash distribution test (attach the required schedule) .................
3b
0
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
366,872
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 7 311,303
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only....... 71,347
b Total for prior years:20 , 20, 20 0
3 Excess distributions carryover, if any, to 2025:
a From 2020...... 0
b From 2021...... 0
c From 2022...... 0
d From 2023...... 0
e From 2024...... 0
f Total of lines 3a through e ........ 0
4Qualifying distributions for 2025 from Part
XI, line 4: $ 366,872
a Applied to 2024, but not more than line 2a 71,347
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..... 295,525
e Remaining amount distributed out of corpus 0
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 0
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 .......... 		15,778
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		0
8 Excess distributions carryover from 2020 not
applied on line 5 or line 7 (see instructions) ... 		0
9 Excess distributions carryover to 2026.
Subtract lines 7 and 8 from line 6a ...... 		0
10 Analysis of line 9:
a Excess from 2021 .... 0
b Excess from 2022 .... 0
c Excess from 2023 .... 0
d Excess from 2024 .... 0
e Excess from 2025 .... 0
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).)
NONE
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.
NONE
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, 2b, 2c, and 2d. See instructions
aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
US BANK N A
PO BOX 64193
EAGAN,MN55164
(888) 265-7962
bThe form in which applications should be submitted and information and materials they should include:
APPLICATION FORM PROVIDED IN RESPONSE TO QUALIFIED INQUIRIES
cAny submission deadlines:
APRIL 1 ANNUALLY
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
ONLY TO SEATTLE ART PROGRAMS AND PROGRAMS SERVING THE HOMELESS
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

SEE ATTACHED

PO BOX 64193
EAGAN,MN55164 		NONE   GENERAL OPERATING 360,000
Total ................................. 3a 360,000
bApproved for future payment
Total ................................. 3b  
Form 990-PF (2025)
Form 990-PF (2025)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		         
4 Dividends and interest from securities ....     14 197,270  
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 ............ 		    18 195,220  
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) ..   392,490  
13Total. Add line 12, columns (b), (d), and (e)..................
13
392,490
(See worksheet in line 13 instructions to verify calculations.)
Part XV-B
Relationship of Activities to the Accomplishment of Exempt Purposes
Line No.
DownArrow 		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
instructions.)
Form 990-PF (2025)
Form 990-PF (2025)
Page 13
Part XVI
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
1
Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
Yes
No
a
Transfers from the reporting foundation to a noncharitable exempt organization of:
(1) Cash...................................
1a(1)
 
No
(2) Other assets.................................
1a(2)
 
No
b
Other transactions:
(1) Sales of assets to a noncharitable exempt organization....................
1b(1)
 
No
(2) Purchases of assets from a noncharitable exempt organization..................
1b(2)
 
No
(3) Rental of facilities, equipment, or other assets.......................
1b(3)
 
No
(4) Reimbursement arrangements...........................
1b(4)
 
No
(5) Loans or loan guarantees.............................
1b(5)
 
No
(6) Performance of services or membership or fundraising solicitations................
1b(6)
 
No
c
Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
1c
 
No
d
If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
(a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
2a
Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
b
If "Yes," complete the following schedule.

(a) Name of organization (b) Type of organization (c) Description of relationship
Sign Here
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
May the IRS discuss this return
with the preparer shown below?
See instructions.
Signature of officer or trustee Date Title
Paid Preparer Use Only Preparer's name Preparer's Signature Date Check if self-
employed 		PTIN
Firm's name
Firm's EIN
Firm's address


Phone no.
Form 990-PF (2025)
Additional Data


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

TY 2025 InvestmentsCorpBondsSchedule
Name:
FALES FOUNDATION TRUST
EIN:
91-6087669
Name of Bond End of Year Book Value End of Year Fair Market Value
06406RBL0 BANK NEW YORK MTN 75,579 77,395
084664CW9 BERKSHIRE HATHAWAY 60,294 67,039
29364WAZ1 ENTERGY LOUISIANA 67,687 74,194
458140BH2 INTEL CORP 62,059 70,248
74460DAJ8 PUBLIC STORAGE SR 82,362 89,468
78016EZM2 ROYAL BK CDA MTN    
91324PEG3 UNITEDHEALTH GROUP 96,715 99,773
29736RAT7 LAUDER ESTEE CONS 97,589 100,184
30303M8H8 META PLATFORMS INC 93,057 96,756
020002AT8 ALLSTATE CORP 80,591 80,141
231021BA3 CUMMINS INC 98,329 103,323
482480AF7 KLA TENCOR CORP 102,134 106,066

TY 2025 InvestmentsCorpStockSchedule
Name:
FALES FOUNDATION TRUST
EIN:
91-6087669
Name of Stock End of Year Book Value End of Year Fair Market Value
02079K305 ALPHABET INC CL A 3,437 135,200
023135106 AMAZON.COM INC 28,112 71,790
03027X100 AMERICAN TOWER CORP 2,824 7,171
036752103 ELEVANCE HEALTH INC    
037833100 APPLE INC COM 13,098 90,818
084670702 BERKSHIRE HATHAWAY I 6,079 16,819
09857L108 BOOKING HOLDINGS INC 9,650 20,007
110122108 BRISTOL MYERS SQUIBB 14,401 16,515
166764100 CHEVRON CORP COM 10,176 26,535
17275R102 CISCO SYSTEMS INC 7,991 23,496
172967424 CITIGROUP INC    
22160K105 COSTCO WHSL CORP 1,673 18,805
278865100 ECOLAB INC 1,917 14,100
30303M102 META PLATFORMS INC 12,676 60,903
337738108 FISERV INC    
375558103 GILEAD SCIENCES INC 16,684 35,488
437076102 HOME DEPOT INC 17,363 18,730
438516106 HONEYWELL INTL INC 6,596 11,376
46625H100 JPMORGAN CHASE CO 2,078 61,178
532457108 ELI LILLY CO 5,218 46,672
548661107 LOWES CO INC 7,408 24,035
57636Q104 MASTERCARD INC 4,747 26,940
580135101 MCDONALDS CORP COM    
594918104 MICROSOFT CORP COM 5,330 118,330
666807102 NORTHROP GRUMMAN COR 5,480 10,384
67066G104 NVIDIA CORP COM 45,257 133,791
697435105 PALO ALTO NETWORKS I 30,215 35,394
79466L302 SALESFORCE COM INC    
806857108 SCHLUMBERGER LTD COM    
808513105 SCHWAB CHARLES CORP 22,208 31,176
828806109 SIMON PROPERTY GROUP 11,419 19,131
87612E106 TARGET CORP COM    
911312106 UNITED PARCEL SERVIC    
925652109 VICI PPTYS INC    
931142103 WALMART INC COM 14,682 35,742
G1151C101 ACCENTURE PLC IRELAN    
00724F101 ADOBE SYS INC    
007903107 ADVANCED MICRO DEVIC 38,401 47,346
217204106 COPART INC COM 19,462 14,203
65339F101 NEXTERA ENERGY INC 27,135 30,765
78409V104 S P GLOBAL INC COM 15,283 15,834
81762P102 SERVICENOW INC 23,429 17,552
893641100 TRANSDIGM GROUP INC 19,157 19,986
91324P102 UNITEDHEALTH GROUP I 21,942 12,912
G29183103 EATON CORP PLC SHS 11,256 10,543
G3265R107 APTIV PLC COM SHS    
05722G100 BAKER HUGHES COMPANY 14,667 16,812
58733R102 MERCADOLIBRE INC 22,414 21,478
90353T100 UBER TECHNOLOGIES IN 11,082 10,006

TY 2025 InvestmentsOtherSchedule2
Name:
FALES FOUNDATION TRUST
EIN:
91-6087669
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
22540S836 CREDIT SUISSE FL RT      
256206103 DODGE COX INTERNATIO AT COST 135,977 235,718
256210105 DODGE COX INCOME AT COST 151,938 134,205
256219106 DODGE COX STOCK FUND AT COST 98,715 140,804
464287226 ISHARES CORE U.S. AG AT COST 95,554 82,607
464287465 ISHARES MSCI EAFE ET      
464287499 ISHARES RUSSELL MID AT COST 199,622 247,950
464288687 ISHARES TR PFD AND I AT COST 74,349 60,211
52106N889 LAZARD EMERGING MKTS AT COST 63,683 90,995
670678119 NUVEEN REAL ESTATE S AT COST 64,087 58,657
693390700 PIMCO TOTAL RETURN F AT COST 122,552 116,371
693390841 P I M C O HIGH YIELD AT COST 88,296 82,247
72201F490 PIMCO INCOME FUND IN AT COST 214,987 198,928
741479406 PRICE T ROWE GROWTH AT COST 86,226 134,839
74440B884 PGIM TOTAL RETURN BO AT COST 156,287 130,360
78462F103 SPDR S P 500 ETF TRU AT COST 255,749 705,809
921937686 VANGUARD SMALL CAP V AT COST 43,517 132,358
921943858 VANGUARD FTSE DEVELO AT COST 196,154 314,450
922042858 VANGUARD FTSE EMERGI AT COST 54,916 67,764
922908553 VANGUARD REAL ESTATE AT COST 15,746 18,160
922908595 VANGUARD SMALL CAP G AT COST 76,949 132,957
922908751 VANGUARD SMALL CAP I AT COST 73,770 134,945
46137V357 INVESCO S P 500 EQUA AT COST 34,991 39,616
46434G103 ISHARES CORE MSCI EM AT COST 133,822 166,888
52471E258 CLEARBRIDGE INTERNAT AT COST 198,811 220,149
808524847 SCHWAB US REIT ETF AT COST 84,468 85,640
861728400 STONE RIDGE HY REINS AT COST 245,000 237,663
46432F842 ISHARES CORE MSCI EA AT COST 162,785 188,100

TY 2025 OtherDecreasesSchedule
Name:
FALES FOUNDATION TRUST
EIN:
91-6087669
Description Amount
CY PURCHASE OF ACCRUED INTEREST 669
ROC ON CY SALES 5
PY RETURN OF CAPITAL ADJUSTMENT 52
COST BASIS ADJUSTMENT 143


TY 2025 OtherExpensesSchedule
Name:
FALES FOUNDATION TRUST
EIN:
91-6087669
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
OTHER MISC EXPENSES 300 0   300
STATE FILING FEE/TAX 25 0   25


TY 2025 OtherIncreasesSchedule
Name:
FALES FOUNDATION TRUST
EIN:
91-6087669
Description Amount
PY PURCHASE OF ACCRUED INTEREST 245


Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

TY 2025 OtherNotesLoansRcvblLongSch
Name:
FALES FOUNDATION TRUST
EIN:
91-6087669

Borrower's Name Relationship to Insider Original Amount of Loan Balance Due Date of Note Maturity Date Repayment Terms Interest Rate Security Provided by Borrower Purpose of Loan Description of Lender Consideration Consideration FMV
STATEMENT             0 %        

TY 2025 TaxesSchedule
Name:
FALES FOUNDATION TRUST
EIN:
91-6087669
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FOREIGN TAXES 1,738 1,738   0
FEDERAL TAX PAYMENT - PRIOR YE 2,654 0   0
FEDERAL ESTIMATES - PRINCIPAL 4,784 0   0
FOREIGN TAXES ON NONQUALIFIED 756 756   0