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
CAROL B PHELON FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address) 8695 COLLEGE PARKWAY SUITE 100
  Room/suite
City or town
FORT MYERS
State or province
FL
Country  
ZIP or foreign postal code
33919
A Employer identification number

81-3637307
B Telephone number (see instructions)

2394615900
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)$26,827,959J 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... 486,169 486,169  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 2,373,044
b Gross sales price for all assets on line 6a 13,431,419
7 Capital gain net income (from Part IV, line 2)... 2,373,044
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)....... Click to see attachment
List of Attached Documents:
// Content
2,761 2,294  
12 Total. Add lines 1 through 11........ 2,861,974 2,861,507  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 257,044 192,783   64,261
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)....... Click to see attachment
List of Attached Documents:
// Content
1,600 0 0 1,600
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
3,810 3,810   0
17 Interest...............       0
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
32,915 8,369   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
123 123    
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 295,492 205,085 0 65,861
25 Contributions, gifts, grants paid....... 1,112,500 1,112,500
26 Total expenses and disbursements. Add lines 24 and 25 ................ 1,407,992 205,085 0 1,178,361
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 1,453,982
b Net investment income (if negative, enter -0-) 2,656,422
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......... 829,750 291,200 291,200
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) 3,021,080 1,880,656 1,877,987
b Investments—corporate stock (attach schedule)....... 7,797,441 10,459,463 17,230,034
c Investments—corporate bonds (attach schedule)....... 622,621 1,468,218 1,481,458
11 Investments—land, buildings, and equipment: basis  
Less: accumulated depreciation (attach schedule)        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 4,778,430 4,408,596 5,947,280
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) 17,049,322 18,508,133 26,827,959
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........ 17,049,322 18,508,133
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)..... 17,049,322 18,508,133
30 Total liabilities and net assets/fund balances (see instructions). 17,049,322 18,508,133
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
17,049,322
2
Enter amount from Part I, line 27a .....................
2
1,453,982
3
Other increases not included in line 2 (itemize) Click to see attachment
List of Attached Documents:
// Content
3
8,175
4
Add lines 1, 2, and 3 ..........................
4
18,511,479
5
Decreases not included in line 2 (itemize) Click to see attachment
List of Attached Documents:
// Content
5
3,346
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, line 29, column (b) ..
6
18,508,133
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 203.9 GNMA GTD PASSTHRU CTF POOL #783633 4.50% DTD 08/01/2012 DUE 06/1   2021-10-06 2025-01-15
b 135.72 GNMA II PASSTHRU CTF POOL #MA0986 2.50% DTD 05/01/2013 DUE 05/2   2024-04-15 2025-01-20
c 400. ISHARES S&P 500 VALUE ETF   2022-03-14 2025-01-23
d 768.58 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #AL5850 3.500% DTD   2023-02-06 2025-01-27
e 296.35 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #FM2672 4.500% DTD   2020-05-27 2025-01-27
256.73 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #MA0232 4.500% DTD   2024-09-16 2025-01-27
70000. NEW YORK N Y CITY TRANSITIONAL FUTURE TAX SECURED SUB B 2016 F   2019-02-25 2025-02-01
4. CONSTELLATION BRANDS INC CL A   2024-12-03 2025-02-06
1352. CONSTELLATION BRANDS INC CL A     2025-02-06
45000. FEDERAL HOME LN MTG CORP 1.50% DTD 02/14/2020 DUE 02/12/2025   2024-09-09 2025-02-12
62744.269 HARDING LOEVNER INTERNATIONAL EQUITY PORTFOLIO FUND #201     2025-02-13
1875. ISHARES S&P 500 VALUE ETF   2022-03-14 2025-02-13
50000. FEDERAL FARM CR BKS CONS SYSTEMWIDE BDS 1.75% DTD 02/15/2022 DU   2022-02-10 2025-02-14
254.4 GNMA GTD PASSTHRU CTF POOL #783633 4.50% DTD 08/01/2012 DUE 06/1   2021-10-06 2025-02-18
164.95 GNMA II PASSTHRU CTF POOL #MA0986 2.50% DTD 05/01/2013 DUE 05/2   2024-04-15 2025-02-20
15000. AMAZON COM INC SR GLBL 3.60% DTD 04/13/2022 DUE 04/13/2032   2022-07-18 2025-02-21
10000. AMERICAN EXPRESS CO SR NT 5.85% DTD 11/07/2022 DUE 11/05/2027   2022-11-04 2025-02-21
15000. BANK AMER CORP FR 3.248% DTD 10/21/2016 DUE 10/21/2027   2019-02-04 2025-02-21
10000. BP CAP MKTS AMER INC SR GLBL NT 4.234% DTD 11/06/2018 DUE 11/06   2020-05-04 2025-02-21
15000. CVS HEALTH CORP 4.30% DTD 03/09/2018 DUE 03/25/2028   2020-07-30 2025-02-21
30000. CONTRA COSTA CALIF CMNTY COLLE TAXABLE ELECTION OF 2014 2022E   2022-09-16 2025-02-21
20000. FEDERAL HOME LOAN BKS CONS BDS 3.25% DTD 11/16/2018 DUE 11/16/2   2019-03-12 2025-02-21
15000. FEDERAL HOME LN MTG CORP 6.25% DTD 02/20/2002 DUE 07/15/2032     2025-02-21
5000. FEDERAL NATL MTG ASSN 6.25% DTD 05/15/1999 DUE 05/15/2029   2022-05-10 2025-02-21
5000. FEDERAL NATL MTG ASSN 6.25% DTD 05/15/1999 DUE 05/15/2029   2021-03-23 2025-02-21
35000. FEDERAL NATL MTG ASSN 0.875% DTD 08/05/2020 DUE 08/05/2030   2023-01-23 2025-02-21
10580.23 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #MA0232 4.500% DT   2024-09-16 2025-02-21
20000. GOLDMAN SACHS GROUP INC SR GLBL 3.50% DTD 11/16/2016 DUE 11/16/   2019-06-25 2025-02-21
15000. JPMORGAN CHASE & CO GLBL NT VAR RATE DTD 04/22/2020 DUE   2021-10-13 2025-02-21
10000. JOHNSON & JOHNSON SR NT 4.70% DTD 02/20/2025 DUE 03/01/2030   2025-02-19 2025-02-21
15000. MICROSOFT CORP SR GLBL NT 3.125% DTD 11/03/2015 DUE 11/03/2025   2019-02-04 2025-02-21
5000. MINNESOTA ST HSG FIN AGY TAXABLE RESIDENTIAL BDS 2025A TAXABLE 5   2025-02-05 2025-02-21
15000. MORGAN STANLEY FR VAR RATE DTD 11/01/2023 DUE   2024-04-30 2025-02-21
35000. NEW YORK N Y TAXABLE GO BDS FISCAL TAXABLE 2.63% DTD 08/13/2019   2019-07-24 2025-02-21
15000. QUALCOMM INC SR GLBL NT 2.15% DTD 05/08/2020 DUE 05/20/2030   2020-08-10 2025-02-21
30000. TEXAS TECH UNIV REVS REV FIN SYS REF AND IMPT 2017 B TAXABLE 3.   2019-03-04 2025-02-21
35000. TEXAS WATER DEV BRD TAXABLE ST IMPLEMENTATIO 2019B TAXABLE 2.37   2019-09-25 2025-02-21
30000. TULARE CNTY CALIF PENSION OBLI TAXABLE PENSION OBLI BDS TAXABLE   2019-02-14 2025-02-21
15000. US BANCORP FR 1.45% DTD 05/12/2020 DUE 05/12/2025   2023-05-04 2025-02-21
15000. VERIZON COMMUNICATIONS INC SR GLBL NT 4.329% DTD 06/21/2018 DUE   2019-07-15 2025-02-21
20000. WELLS FARGO & CO FR VAR RATE DTD 07/25/2022 DUE   2024-01-25 2025-02-21
55000. WISCONSIN ST GEN FD ANNUAL APP TAXABLE REF BDS 2020 A TAXABLE   2020-07-10 2025-02-21
690.33 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #AL5850 3.500% DTD   2023-02-06 2025-02-25
279.97 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #FM2672 4.500% DTD   2020-05-27 2025-02-25
507.41 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #MA0232 4.500% DTD   2024-09-16 2025-02-25
160.5 GNMA GTD PASSTHRU CTF POOL #783633 4.50% DTD 08/01/2012 DUE 06/1   2021-10-06 2025-03-17
649. FISERV INC COM   2024-02-08 2025-03-20
150.5 GNMA II PASSTHRU CTF POOL #MA0986 2.50% DTD 05/01/2013 DUE 05/20   2024-04-15 2025-03-20
524. PROGRESSIVE CORP OHIO COM   2023-05-09 2025-03-20
677.81 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #AL5850 3.500% DTD   2023-02-06 2025-03-25
307. FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #AL8909 3.000% DTD   2025-02-10 2025-03-25
274.2 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #FM2672 4.500% DTD   2020-05-27 2025-03-25
1603. HILTON WORLDWIDE HLDGS INC COM     2025-04-14
146.08 GNMA GTD PASSTHRU CTF POOL #783633 4.50% DTD 08/01/2012 DUE 06/   2021-10-06 2025-04-15
136.9 GNMA II PASSTHRU CTF POOL #MA0986 2.50% DTD 05/01/2013 DUE 05/20   2024-04-15 2025-04-20
125000. FEDERAL HOME LN MTG CORP 5.15% DTD 01/22/2024 DUE 01/22/2029   2024-01-23 2025-04-22
629.97 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #AL5850 3.500% DTD   2023-02-06 2025-04-25
324.35 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #AL8909 3.000% DTD   2025-02-10 2025-04-25
250.44 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #FM2672 4.500% DTD   2020-05-27 2025-04-25
30000. US BANCORP FR 1.45% DTD 05/12/2020 DUE 05/12/2025   2023-05-04 2025-05-12
100.71 GNMA GTD PASSTHRU CTF POOL #783633 4.50% DTD 08/01/2012 DUE 06/   2021-10-06 2025-05-15
263. GE VERNOVA INC COM     2025-05-15
436. QUANTA SVCS INC COM   2021-11-05 2025-05-15
154.03 GNMA II PASSTHRU CTF POOL #MA0986 2.50% DTD 05/01/2013 DUE 05/2   2024-04-15 2025-05-20
752.67 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #AL5850 3.500% DTD   2023-02-06 2025-05-27
270.14 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #AL8909 3.000% DTD   2025-02-10 2025-05-27
197.32 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #FM2672 4.500% DTD   2020-05-27 2025-05-27
125000. FEDERAL FARM CR BKS CONS SYSTEMWIDE BDS 5.80% DTD 06/12/2024 D   2024-06-27 2025-06-12
87.15 GNMA GTD PASSTHRU CTF POOL #783633 4.50% DTD 08/01/2012 DUE 06/1   2021-10-06 2025-06-16
132.35 GNMA II PASSTHRU CTF POOL #MA0986 2.50% DTD 05/01/2013 DUE 05/2   2024-04-15 2025-06-20
125000. FEDERAL HOME LOAN BKS CONS BDS 5.70% DTD 06/24/2024 DUE 06/24/   2024-06-21 2025-06-25
604.96 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #AL5850 3.500% DTD   2023-02-06 2025-06-25
258.91 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #AL8909 3.000% DTD   2025-02-10 2025-06-25
160.18 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #FM2672 4.500% DTD   2020-05-27 2025-06-25
125000. FEDERAL HOME LOAN BKS CONS BDS 5.86% DTD 06/27/2024 DUE 06/27/   2024-06-12 2025-07-08
56.54 GNMA GTD PASSTHRU CTF POOL #783633 4.50% DTD 08/01/2012 DUE 06/1   2021-10-06 2025-07-15
125000. FEDERAL FARM CR BKS CONS SYSTEMWIDE BDS 5.84% DTD 07/17/2024 D   2024-07-16 2025-07-17
144.27 GNMA II PASSTHRU CTF POOL #MA0986 2.50% DTD 05/01/2013 DUE 05/2   2024-04-15 2025-07-20
3. ADOBE INC.   2024-12-03 2025-07-24
587. ADOBE INC.     2025-07-24
1075. CHEVRON TEXACO CORP COM   2022-12-15 2025-07-24
1298. ICON PLC SHS     2025-07-24
726.66 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #AL5850 3.500% DTD   2023-02-06 2025-07-25
276.56 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #AL8909 3.000% DTD   2025-02-10 2025-07-25
139.35 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #FM2672 4.500% DTD   2020-05-27 2025-07-25
384. QUANTA SVCS INC COM     2025-07-28
.225 CHEVRON TEXACO CORP COM   2022-12-15 2025-07-29
6658.851 NATIONWIDE GENEVA SMALL CAP GROWTH FUND - INS SV #6229   2020-05-13 2025-07-30
125000. FEDERAL FARM CR BKS CONS SYSTEMWIDE BDS 6.08% DTD 06/03/2024 D   2024-06-13 2025-08-12
125000. FEDERAL FARM CR BKS CONS SYSTEMWIDE BDS 6.07% DTD 06/10/2024 D   2024-06-12 2025-08-12
32.82 GNMA GTD PASSTHRU CTF POOL #783633 4.50% DTD 08/01/2012 DUE 06/1   2021-10-06 2025-08-15
135.5 GNMA II PASSTHRU CTF POOL #MA0986 2.50% DTD 05/01/2013 DUE 05/20   2024-04-15 2025-08-20
563. BROADCOM INC COM     2025-08-21
12. CHART INDS INC COM PAR   2024-12-03 2025-08-21
1311. CHART INDS INC COM PAR     2025-08-21
849. NVIDIA CORP COM   2022-05-06 2025-08-21
70000. FEDERAL NATL MTG ASSN 0.375% DTD 08/27/2020 DUE 08/25/2025     2025-08-25
625.77 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #AL5850 3.500% DTD   2023-02-06 2025-08-25
290.23 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #AL8909 3.000% DTD   2025-02-10 2025-08-25
158.05 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #FM2672 4.500% DTD   2020-05-27 2025-08-25
66. CHART INDS INC COM PAR   2025-08-18 2025-09-05
2. COMFORT SYS USA INC COM   2025-08-18 2025-09-05
4. EMCOR GROUP INC COM   2025-08-18 2025-09-05
125000. FEDERAL FARM CR BKS CONS SYSTEMWIDE BDS 5.70% DTD 09/05/2023 D   2023-08-31 2025-09-05
487. GRID DYNAMICS HLDGS INC CL A   2025-08-18 2025-09-05
109. LANTHEUS HLDGS INC COM   2025-08-18 2025-09-05
7. STERLING INFRASTRUCTURE INC   2025-08-18 2025-09-05
125000. FEDERAL HOME LOAN BKS CONS BDS 5.75% DTD 03/27/2024 DUE 03/27/   2024-06-18 2025-09-08
31.16 GNMA GTD PASSTHRU CTF POOL #783633 4.50% DTD 08/01/2012 DUE 06/1   2021-10-06 2025-09-15
18. EMCOR GROUP INC COM   2025-08-18 2025-09-16
135.4 GNMA II PASSTHRU CTF POOL #MA0986 2.50% DTD 05/01/2013 DUE 05/20   2024-04-15 2025-09-20
20. COMFORT SYS USA INC COM   2025-08-18 2025-09-24
55. INNODATA INC COM NEW   2025-08-18 2025-09-24
36. RAMBUS INC DEL COM   2025-08-18 2025-09-24
11. STERLING INFRASTRUCTURE INC   2025-08-18 2025-09-24
58. CREDO TECHNOLOGY GROUP HOLDING ORDINARY SHARES   2025-08-18 2025-09-24
720.13 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #AL5850 3.500% DTD   2023-02-06 2025-09-25
246.03 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #AL8909 3.000% DTD   2025-02-10 2025-09-25
97.5 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #FM2672 4.500% DTD   2020-05-27 2025-09-25
2464. DISNEY WALT CO COM     2025-10-02
138. GREEN BRICK PARTNERS INC COM   2025-08-18 2025-10-02
35.45 GNMA GTD PASSTHRU CTF POOL #783633 4.50% DTD 08/01/2012 DUE 06/1   2021-10-06 2025-10-15
125000. US TREASURY NOTE 4.25% DTD 10/15/2022 DUE 10/15/2025   2022-10-26 2025-10-15
123.29 GNMA II PASSTHRU CTF POOL #MA0986 2.50% DTD 05/01/2013 DUE 05/2   2024-04-15 2025-10-20
571.57 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #AL5850 3.500% DTD   2023-02-06 2025-10-27
292.24 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #AL8909 3.000% DTD   2025-02-10 2025-10-27
80.74 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #FM2672 4.500% DTD   2020-05-27 2025-10-27
415. SPDR S&P MIDCAP 400 ETF TR UNIT SER 1 STANDARD & POORS DEP RCPT   2020-10-14 2025-10-27
100000. US TREASURY BILL DUE 01/15/2026   2025-10-15 2025-10-27
125000. FEDERAL HOME LOAN BKS CONS BDS 5.80% DTD 01/24/2024 DUE 01/24/   2024-01-16 2025-10-28
68. IMPINJ INC COM   2025-08-18 2025-10-29
660. SEMRUSH HLDGS INC CL A COM   2025-08-18 2025-10-30
30000. MICROSOFT CORP SR GLBL NT 3.125% DTD 11/03/2015 DUE 11/03/2025   2019-02-04 2025-11-03
231. SOLSTICE ADVANCED MATLS INC COM SHS     2025-11-13
5000. OREGON ST DEPT TRANSN HWY USER TAXABLE SR LIEN REF BDS 2020 B   2025-06-12 2025-11-15
29.96 GNMA GTD PASSTHRU CTF POOL #783633 4.50% DTD 08/01/2012 DUE 06/1   2021-10-06 2025-11-17
674. JAMF HLDG CORP COM   2025-08-18 2025-11-19
116.76 GNMA II PASSTHRU CTF POOL #MA0986 2.50% DTD 05/01/2013 DUE 05/2   2024-04-15 2025-11-20
125000. FEDERAL HOME LOAN BKS CONS BDS 5.40% DTD 11/21/2024 DUE 11/21/   2024-11-19 2025-11-21
588.44 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #AL5850 3.500% DTD   2023-02-06 2025-11-25
261.64 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #AL8909 3.000% DTD   2025-02-10 2025-11-25
83.36 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #FM2672 4.500% DTD   2020-05-27 2025-11-25
617. REMITLY GLOBAL INC COM     2025-12-02
22. GENEDX HOLDINGS CORP COM CL A   2025-10-02 2025-12-02
155. TENABLE HLDGS INC COM   2025-08-18 2025-12-02
17. CREDO TECHNOLOGY GROUP HOLDING ORDINARY SHARES   2025-08-18 2025-12-02
34. DUOLINGO INC CL A COM     2025-12-10
15. HURON CONSULTING GROUP INC COM   2025-08-18 2025-12-10
1503. BROADRIDGE FINL SOLUTIONS INC COM     2025-12-15
1309. CDW CORP COM     2025-12-15
1373. DANAHER CORP COM     2025-12-15
1113. DIAMONDBACK ENERGY INC COM   2025-07-24 2025-12-15
1069. DIAMONDBACK ENERGY INC COM     2025-12-15
2004. EOG RES INC COM   2022-03-17 2025-12-15
1864. FISERV INC COM   2025-11-13 2025-12-15
1784. FISERV INC COM     2025-12-15
24.47 GNMA GTD PASSTHRU CTF POOL #783633 4.50% DTD 08/01/2012 DUE 06/1   2021-10-06 2025-12-15
1290. GALLAGHER ARTHUR J & CO COM     2025-12-15
372. GE VERNOVA INC COM   2024-07-19 2025-12-15
927. HONEYWELL INTERNATIONAL INC COM     2025-12-15
635. HUBBELL INC COM   2025-08-21 2025-12-15
1591. MARVELL TECHNOLOGY GROUP LTD COM   2025-05-15 2025-12-15
2735. MARVELL TECHNOLOGY GROUP LTD COM     2025-12-15
385. NORTHROP GRUMMAN CORP COM   2022-06-23 2025-12-15
6899. PPL CORP COM   2025-11-20 2025-12-15
539. PALO ALTO NETWORKS INC COM   2025-07-24 2025-12-15
1290. PALO ALTO NETWORKS INC COM     2025-12-15
4132. ROLLINS INC COM   2025-11-20 2025-12-15
296. SERVICENOW INC COM   2021-04-29 2025-12-15
640. TJX COS INC NEW COM   2019-11-08 2025-12-15
509. THERMO FISHER CORP COM     2025-12-15
3121. TRIMBLE INCORPORATED   2025-02-06 2025-12-15
396. UNITEDHEALTH GROUP INC COM   2025-10-02 2025-12-15
437. UNITEDHEALTH GROUP INC COM     2025-12-15
758. ACCENTURE PLC CLASS A ORDINARY SHARES     2025-12-15
65. TEXAS ROADHOUSE INC COM   2025-08-18 2025-12-16
111.73 GNMA II PASSTHRU CTF POOL #MA0986 2.50% DTD 05/01/2013 DUE 05/2   2024-04-15 2025-12-20
542.22 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #AL5850 3.500% DTD   2023-02-06 2025-12-26
289.79 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #AL8909 3.000% DTD   2025-02-10 2025-12-26
68.63 FEDERAL NATL MTG ASSN GTD PASSTHRU CTF POOL #FM2672 4.500% DTD   2020-05-27 2025-12-26
.751 SOLSTICE ADVANCED MATLS INC COM SHS   2015-12-16 2025-12-31
(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 204   204  
b 136   136  
c 78,226   59,648 18,578
d 769   769  
e 296   296  
257   257  
67,785   67,785  
688   952 -264
232,400   315,892 -83,492
44,384   44,384  
1,630,724   1,343,698 287,026
369,357   279,600 89,757
50,000   49,867 133
254   254  
165   165  
13,979   14,761 -782
10,311   10,005 306
14,309   14,309  
9,831   10,528 -697
14,707   16,167 -1,460
29,304   30,000 -696
19,337   20,268 -931
16,736   16,495 241
5,379   5,627 -248
5,379   5,964 -585
28,741   28,741  
10,185   10,642 -457
19,614   20,142 -528
13,316   15,129 -1,813
10,050   10,012 38
14,872   15,017 -145
4,968   5,000 -32
15,743   15,427 316
32,732   35,000 -2,268
13,228   15,598 -2,370
29,550   30,002 -452
31,668   35,000 -3,332
29,382   30,318 -936
13,883   13,862 21
14,803   15,638 -835
19,469   19,375 94
49,092   57,157 -8,065
690   690  
280   280  
507   507  
161   161  
143,549   92,993 50,556
151   151  
144,436   71,180 73,256
678   678  
307   307  
274   274  
337,266   133,273 203,993
146   146  
137   137  
125,000   125,000  
630   630  
324   324  
250   250  
27,725   27,725  
101   101  
113,234   45,473 67,761
147,900   50,814 97,086
154   154  
753   753  
270   270  
197   197  
125,000   124,641 359
87   87  
132   132  
125,000   125,000  
605   605  
259   259  
160   160  
124,938   124,938  
57   57  
125,000   125,000  
144   144  
1,117   1,550 -433
218,558   168,796 49,762
166,346   141,395 24,951
254,537   236,394 18,143
727   727  
277   277  
139   139  
158,176   44,709 113,467
35   30 5
542,230   388,677 153,553
125,000   125,185 -185
125,000   125,243 -243
33   33  
136   136  
162,036   15,281 146,755
2,374   2,334 40
259,320   166,413 92,907
148,496   15,676 132,820
68,340   68,340  
626   626  
290   290  
158   158  
13,140   13,109 31
1,370   1,384 -14
2,475   2,448 27
125,000   125,216 -216
3,791   3,862 -71
5,894   6,095 -201
1,890   1,970 -80
124,938   124,938  
31   31  
11,108   11,017 91
135   135  
15,938   13,842 2,096
3,929   2,202 1,727
3,634   2,718 916
3,990   3,096 894
8,687   6,885 1,802
720   720  
246   246  
98   98  
275,043   278,936 -3,893
10,518   9,481 1,037
35   35  
125,000   124,521 479
123   123  
572   572  
292   292  
81   81  
250,790   150,707 100,083
99,024   99,024  
125,000   125,000  
16,479   11,246 5,233
4,772   5,138 -366
30,000   30,000  
10,733   6,950 3,783
4,921   4,921  
30   30  
8,641   5,840 2,801
117   117  
125,000   125,000  
588   588  
262   262  
83   83  
7,984   11,700 -3,716
3,588   2,545 1,043
4,098   4,669 -571
3,332   2,018 1,314
7,060   12,103 -5,043
2,570   2,025 545
344,382   260,944 83,438
189,443   124,162 65,281
312,115   236,503 75,612
171,267   161,157 10,110
164,497   203,944 -39,447
211,121   235,286 -24,165
128,046   120,992 7,054
122,551   188,262 -65,711
24   24  
330,419   151,440 178,979
254,348   60,233 194,115
182,515   111,325 71,190
284,179   272,486 11,693
134,771   104,519 30,252
231,678   227,023 4,655
221,029   174,706 46,323
235,677   245,019 -9,342
100,578   107,401 -6,823
240,716   206,870 33,846
247,643   246,761 882
226,848   151,523 75,325
100,314   37,958 62,356
292,445   266,966 25,479
249,973   235,400 14,573
135,508   139,807 -4,299
149,537   201,006 -51,469
208,564   255,322 -46,758
10,822   11,278 -456
112   112  
542   542  
290   290  
69   69  
36   18 18
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        
b        
c       18,578
d        
e        
       
       
      -264
      -83,492
       
      287,026
      89,757
      133
       
       
      -782
      306
       
      -697
      -1,460
      -696
      -931
      241
      -248
      -585
       
      -457
      -528
      -1,813
      38
      -145
      -32
      316
      -2,268
      -2,370
      -452
      -3,332
      -936
      21
      -835
      94
      -8,065
       
       
       
       
      50,556
       
      73,256
       
       
       
      203,993
       
       
       
       
       
       
       
       
      67,761
      97,086
       
       
       
       
      359
       
       
       
       
       
       
       
       
       
       
      -433
      49,762
      24,951
      18,143
       
       
       
      113,467
      5
      153,553
      -185
      -243
       
       
      146,755
      40
      92,907
      132,820
       
       
       
       
      31
      -14
      27
      -216
      -71
      -201
      -80
       
       
      91
       
      2,096
      1,727
      916
      894
      1,802
       
       
       
      -3,893
      1,037
       
      479
       
       
       
       
      100,083
       
       
      5,233
      -366
       
      3,783
       
       
      2,801
       
       
       
       
       
      -3,716
      1,043
      -571
      1,314
      -5,043
      545
      83,438
      65,281
      75,612
      10,110
      -39,447
      -24,165
      7,054
      -65,711
       
      178,979
      194,115
      71,190
      11,693
      30,252
      4,655
      46,323
      -9,342
      -6,823
      33,846
      882
      75,325
      62,356
      25,479
      14,573
      -4,299
      -51,469
      -46,758
      -456
       
       
       
       
      18
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 2,373,044
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 36,924
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 36,924
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 36,924
6 Credits/Payments:
a 2025 estimated tax payments and 2024 overpayment credited to 2025 6a 13,500
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 45,351
d Backup withholding erroneously withheld .......... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 58,851
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 318
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 21,609
11 Enter the amount of line 10 to be: Credited to 2026 estimated tax18,462 Refunded 11 3,147
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)
FL
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 ofFINEMARK NATIONAL BANK & TRUST Telephone no. (239) 461-5900

Located at8695 COLLEGE PARKWAY SUITE 100FORT MYERSFL ZIP+433919
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........
and enter the amount of tax-exempt interest received or accrued during the year ........
15
 
16 At any time during calendar year 2025, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country
Form 990-PF (2025)
Form 990-PF (2025)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
 
No
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
 
c
Organizations relying on a current notice regarding disaster assistance check here ........
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2025? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2025, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2025?....................
2a
 
No
If "Yes," list the years 20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2025 as a result of (1) any purchase by the foundation
or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Form 4720, Schedule C, to determine
if the foundation had excess business holdings in 2025.).....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2025? ..
4b
 
No
Form 990-PF (2025)
Form 990-PF (2025)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
No
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
(a) Name and address (b) Title, and average
hours per week
devoted to position 		(c) Compensation
 (If not paid, enter
-0-) 		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
other allowances
FINEMARK NATIONAL BANK & TRUST TRUSTEE
2 		145,974    
8695 COLLEGE PARKWAY SUITE 100
FORT MYERS,FL33919
WALTER G BURKERT TRUSTEE
1 		55,535    
5102 WASHAM GREEN LANE
CORNELIUS,NC280310450
NATASHA B TRAVIS TRUSTEE
1 		55,535    
14027 CAMDEN CLOSE CIRCLE
HUNTERSVILLE,NC28078
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
NONE
Total number of other employees paid over $50,000................... 0
Form 990-PF (2025)
Form 990-PF (2025)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
NONE
Total number of others receiving over $50,000 for professional services.............right arrow0
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1  
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................  
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
24,723,882
b
Average of monthly cash balances.......................
1b
1,121,955
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, 1b, and 1c).......................
1d
25,845,837
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
25,845,837
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
387,688
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
25,458,149
6
Minimum investment return. Enter 5% (0.05) of line 5 ................
6
1,272,907
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
1,272,907
2a
Tax on investment income for 2025 from Part V, line 5 .......
2a
36,924
b
Income tax for 2025. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
36,924
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
1,235,983
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
1,235,983
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
1,235,983
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
1,178,361
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
1,178,361
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 1,235,983
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only....... 1,112,034
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: $ 1,178,361
a Applied to 2024, but not more than line 2a 1,112,034
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..... 66,327
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 .......... 		1,169,656
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).)
NA
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.
NA
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, 2b, 2c, and 2d. See instructions
aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
bThe form in which applications should be submitted and information and materials they should include:
cAny submission deadlines:
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
Form 990-PF (2025)
Form 990-PF (2025)
Page 11
Part XIV
Supplementary Information (continued)
3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient If recipient is an individual,
show any relationship to
any foundation manager
or substantial contributor
 Foundation
status of
recipient 		Purpose of grant or
contribution 		Amount
Name and address (home or business)
aPaid during the year

SEE ATTACHED
C/O CAROL B PHELON FOUNDATION
8695 COLLEGE PKY STE 100
FORT MYERS,FL33919 		NONE   GENERAL SUPPORT 1,112,500
Total ................................. 3a 1,112,500
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 ....     14 486,169  
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 2,373,044  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aOTHER INCOME 		    15 2,294  
bFEDERAL TAX REFUND     15 467  
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..   2,861,974  
13Total. Add line 12, columns (b), (d), and (e)..................
13
2,861,974
(See worksheet in line 13 instructions to verify calculations.)
Part XV-B
Relationship of Activities to the Accomplishment of Exempt Purposes
Line No.
DownArrow 		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
instructions.)
Form 990-PF (2025)
Form 990-PF (2025)
Page 13
Part XVI
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
1
Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
Yes
No
a
Transfers from the reporting foundation to a noncharitable exempt organization of:
(1) Cash...................................
1a(1)
 
No
(2) Other assets.................................
1a(2)
 
No
b
Other transactions:
(1) Sales of assets to a noncharitable exempt organization....................
1b(1)
 
No
(2) Purchases of assets from a noncharitable exempt organization..................
1b(2)
 
No
(3) Rental of facilities, equipment, or other assets.......................
1b(3)
 
No
(4) Reimbursement arrangements...........................
1b(4)
 
No
(5) Loans or loan guarantees.............................
1b(5)
 
No
(6) Performance of services or membership or fundraising solicitations................
1b(6)
 
No
c
Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
1c
 
No
d
If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
(a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
2a
Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
b
If "Yes," complete the following schedule.

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


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


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

TY 2025 AccountingFeesSchedule
Name:
CAROL B PHELON FOUNDATION
EIN:
81-3637307
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
TAX PREPARATION FEE (NON-ALLOC 1,600     1,600

TY 2025 OtherDecreasesSchedule
Name:
CAROL B PHELON FOUNDATION
EIN:
81-3637307
Description Amount
2025 TRANSACTIONS POSTED IN 2026 1,781
AI EFFECTIVE DATE AFTER TAX YEAR 1,565


TY 2025 OtherExpensesSchedule
Name:
CAROL B PHELON FOUNDATION
EIN:
81-3637307
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
OTHER EXPENSE (NON-DEDUCTIBLE 123 123   0


TY 2025 OtherIncomeSchedule2
Name:
CAROL B PHELON FOUNDATION
EIN:
81-3637307
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
OTHER INCOME 2,294 2,294  
FEDERAL TAX REFUND 467 0  


TY 2025 OtherIncreasesSchedule
Name:
CAROL B PHELON FOUNDATION
EIN:
81-3637307
Description Amount
2024 TRANSACTIONS POSTED IN 2025 3,221
AI EFFECTIVE DATE BEFORE TAX YEAR 1,390
COST BASIS ADJUSTMENT 3,560
ROUNDING ADJUSTMENT 4


TY 2025 OtherProfessionalFeesSchedule
Name:
CAROL B PHELON FOUNDATION
EIN:
81-3637307
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMNT MNGMNT FEES (NON-DED 3,810 3,810    


TY 2025 TaxesSchedule
Name:
CAROL B PHELON FOUNDATION
EIN:
81-3637307
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FEDERAL TAX PAID-PRIOR YEAR 11,046 0   0
FEDERAL ESTIMATES PAID 13,500 0   0
FOREIGN TAXES PAID 8,369 8,369   0