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
MULTHAUF FOUNDATION LTD
 
Number and street (or P.O. box number if mail is not delivered to street address) W2897 Todd Park Rd
  Room/suite
City or town
SARONA
State or province
WI
Country  
ZIP or foreign postal code
54870
A Employer identification number

04-3796687
B Telephone number (see instructions)

7157970922
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)$8,434,074J 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) 0
2 Check .................
3 Interest on savings and temporary cash investments 0 0 0
4 Dividends and interest from securities... 159,712 157,985 0
5a Gross rents............ 0 0 0
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 Click to see attachment
List of Attached Documents:
// Content
12,959
b Gross sales price for all assets on line 6a 144,383
7 Capital gain net income (from Part IV, line 2)... 12,959
8 Net short-term capital gain.........  
9 Income modifications........... 0
10a Gross sales less returns and allowances 0
b Less: Cost of goods sold.... 0
c Gross profit or (loss) (attach schedule)..... 0 0
11 Other income (attach schedule)....... 0 0 0
12 Total. Add lines 1 through 11........ 172,671 170,944 0
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 3,600 1,800 0 1,800
14 Other employee salaries and wages...... 0 0 0 0
15 Pension plans, employee benefits....... 0 0 0 0
16a Legal fees (attach schedule)......... 0 0 0 0
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
50 50 0 0
c Other professional fees (attach schedule).... 0 0 0 0
17 Interest............... 0 0 0 0
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
1,275 1,275 0 0
19 Depreciation (attach schedule) and depletion... 0 0 0
20 Occupancy.............. 0 0 0 0
21 Travel, conferences, and meetings....... 0 0 0 0
22 Printing and publications.......... 0 0 0 0
23 Other expenses (attach schedule)....... 0 0 0 0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 4,925 3,125 0 1,800
25 Contributions, gifts, grants paid....... 351,000 351,000
26 Total expenses and disbursements. Add lines 24 and 25 ................ 355,925 3,125 0 352,800
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -183,254
b Net investment income (if negative, enter -0-) 167,819
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............. 105,909 66,214 66,264
2 Savings and temporary cash investments.........      
3 Accounts receivable  
Less: allowance for doubtful accounts        
4 Pledges receivable  
Less: allowance for doubtful accounts        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions)..... 0 0  
7 Other notes and loans receivable (attach schedule)  
Less: allowance for doubtful accounts   0 0  
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)   0  
b Investments—corporate stock (attach schedule)....... 3,757,453 Click to see attachment
List of Attached Documents:
// Content
3,613,894 		8,317,810
c Investments—corporate bonds (attach schedule).......   0  
11 Investments—land, buildings, and equipment: basis  
Less: accumulated depreciation (attach schedule)     0  
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........   0  
14 Land, buildings, and equipment: basis  
Less: accumulated depreciation (attach schedule)     0  
15 Other assets (describe ) Click to see attachment
List of Attached Documents:
// Content
50,000 		Click to see attachment
List of Attached Documents:
// Content
50,000 		Click to see attachment
List of Attached Documents:
// Content
50,000
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 3,913,362 3,730,108 8,434,074
Liabilities 17 Accounts payable and accrued expenses.......... 0 0
18 Grants payable................. 0 0
19 Deferred revenue................. 0 0
20 Loans from officers, directors, trustees, and other disqualified persons 0 0
21 Mortgages and other notes payable (attach schedule)......   0
22 Other liabilities (describe ) Click to see attachment
List of Attached Documents:
// Content
0 		Click to see attachment
List of Attached Documents:
// Content
0
23 Total liabilities (add lines 17 through 22)......... 0 0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 3,913,362 3,730,108
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)..... 3,913,362 3,730,108
30 Total liabilities and net assets/fund balances (see instructions). 3,913,362 3,730,108
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
3,913,362
2
Enter amount from Part I, line 27a .....................
2
-183,254
3
Other increases not included in line 2 (itemize)
3
 
4
Add lines 1, 2, and 3 ..........................
4
3,730,108
5
Decreases not included in line 2 (itemize)
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, line 29, column (b) ..
6
3,730,108
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 Onoke Common Stock P 2023-09-22 2025-08-18
b Vanguard Ultra P 2021-07-07 2025-08-18
c Host Hotels D 2012-03-28 2025-08-18
d Teradata Common Stock D 2012-03-28 2025-08-18
e Vanguard Short Term D 2012-03-28 2025-08-18
Viartis Common Stock D 2012-03-28 2025-08-18
Vanguard Cap Gain Dist P 2020-06-15 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 19,543 0 17,679 1,864
b 21,772 0 21,800 -28
c 16,179 0 16,639 -460
d 21,220 0 68,225 -47,005
e 1,257 0 1,261 -4
6,649 0 5,820 829
57,763 0 0 57,763
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       1,864
b       -28
c       -460
d       -47,005
e       -4
      829
      57,763
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 12,959
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ......................... 		Bracket 3  
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions) 1 2,333
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  
3 Add lines 1 and 2........................... 3 2,333
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 2,333
6 Credits/Payments:
a 2025 estimated tax payments and 2024 overpayment credited to 2025 6a 2,492
b Exempt foreign organizations—tax withheld at source...... 6b  
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld .......... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 2,492
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8  
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... 10 159
11 Enter the amount of line 10 to be: Credited to 2026 estimated tax159 Refunded 11 0
For Refunded amount, also complete and attach Form 8050. See instructions.
Form 990-PF (2025)
Form 990-PF (2025)
Page 4
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. $ 0(2) On foundation managers.$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
 
No
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)
WI
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 addresswww.multhauf. com
14
The books are in care oferich multhauf Telephone no. (715) 797-0922

Located atW2897 Todd Park RdSaronaWI ZIP+454870
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.) Click to see attachment
List of Attached Documents:
// Content
..............
2b
Yes
 
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
Erich MulthaufClick to see attachment
List of Attached Documents:
// Content
President & Director
1.00 		600 0 0
W 2897 Todd Park Rd
Sarona,WI54870
Jay W MulthaufClick to see attachment
List of Attached Documents:
// Content
Vice President & Director
1.00 		600 0 0
S246 W28805 Perren Dale
Waukesha,WI53189
John P MulthaufClick to see attachment
List of Attached Documents:
// Content
Vice President & Director
1.00 		600 0 0
8672 Reymont St
Orlando,FL32827
Nicole MulthaufClick to see attachment
List of Attached Documents:
// Content
Director
1.00 		600 0 0
W 2897 Todd Park Rd
Sarona,WI54870
Christa MulthaufClick to see attachment
List of Attached Documents:
// Content
Director
1.00 		600 0 0
S246 W28805 Perren Dale
Waukesha,WI53189
Sandra MulthaufClick to see attachment
List of Attached Documents:
// Content
Director
1.00 		600 0 0
8672 Reymont St
Orlando,FL32827
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
 
Total number of other employees paid over $50,000...................  
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 arrow  
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1  
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1 N a  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................0
Form 990-PF (2025)
Form 990-PF (2025)
Page 8
Part IX
Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
1
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:
a
Average monthly fair market value of securities...................
1a
7,575,823
b
Average of monthly cash balances.......................
1b
102,864
c
Fair market value of all other assets (see instructions)................
1c
100,000
d
Total (add lines 1a, 1b, and 1c).......................
1d
7,778,687
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) Click to see attachment
List of Attached Documents:
// Content
.............
1e
0
2
Acquisition indebtedness applicable to line 1 assets..................
2
0
3
Subtract line 2 from line 1d.........................
3
7,778,687
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
116,680
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
7,662,007
6
Minimum investment return. Enter 5% (0.05) of line 5 ................
6
383,100
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
383,100
2a
Tax on investment income for 2025 from Part V, line 5 .......
2a
2,333
b
Income tax for 2025. (This does not include the tax from Part V.) ...
2b
0
c
Add lines 2a and 2b............................
2c
2,333
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
380,767
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
380,767
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
380,767
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
352,800
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) Click to see attachment
List of Attached Documents:
// Content
.................
3b
0
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
352,800
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 7 380,767
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only....... 349,280
b Total for prior years:20 , 20, 20  
3 Excess distributions carryover, if any, to 2025:
a From 2020......  
b From 2021......  
c From 2022......  
d From 2023......  
e From 2024......  
f Total of lines 3a through e ........ 0
4Qualifying distributions for 2025 from Part
XI, line 4: $ 352,800
a Applied to 2024, but not more than line 2a 349,280
b Applied to undistributed income of prior years
(Election required—see instructions) ..... 		 
c Treated as distributions out of corpus (Election
required—see instructions) ........ 		 
d Applied to 2025 distributable amount..... 3,520
e Remaining amount distributed out of corpus  
5 Excess distributions carryover applied to 2025.    
(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...... 		 
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 .......... 		377,247
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) ....... 		 
8 Excess distributions carryover from 2020 not
applied on line 5 or line 7 (see instructions) ... 		 
9 Excess distributions carryover to 2026.
Subtract lines 7 and 8 from line 6a ...... 		0
10 Analysis of line 9:
a Excess from 2021 ....  
b Excess from 2022 ....  
c Excess from 2023 ....  
d Excess from 2024 ....  
e Excess from 2025 ....  
Form 990-PF (2025)
Form 990-PF (2025)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2025, enter the date of the ruling ......
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2025 (b) 2024 (c) 2023 (d) 2022
         
b 85% (0.85) of line 2a .......          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, 3b, or 3c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, 2b, 2c, and 2d. See instructions
aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
bThe form in which applications should be submitted and information and materials they should include:
cAny submission deadlines:
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
Form 990-PF (2025)
Form 990-PF (2025)
Page 11
Part XIV
Supplementary Information (continued)
3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient If recipient is an individual,
show any relationship to
any foundation manager
or substantial contributor
 Foundation
status of
recipient 		Purpose of grant or
contribution 		Amount
Name and address (home or business)
aPaid during the year

Eau Claire Public Schools Foundation

500 Eau Claire St
Eau Claire,WI54702 		No Relationship   Operating 0

Reach Foundation

2205 Heimstead Rd
Eau Claire,WI54703 		No Relationship   Operating 0

Trinity Equestrian

S5300 WI 37
Eau Claire,WI54701 		No Relationship   Operating 0

Childrens Museum of Eau Claire

126 N Barstow St
Eau Claire,WI54703 		No Relationship   Operating 0

Christ King Church

2604 N Swan Blvd
Wauwatosa,WI53226 		No Relationship   Operating 0

St Josephs Church

221 S Hartwell Ave
Waukesha,WI53186 		No Relationship   operating 0

Sojourner Family Peace Center

619 W Walnut Street
Milwaukee,WI53212 		No Relationship   Operating 0

Wilderness Pedalers Inc

11384 County Hyw B
Presque Isle,WI54457 		No Relationship   Operating 0

St Marys Church

PO Box 110
Boulder Junction,WI54812 		No Relationship   Operating 0

To Ukraine with Love

533 West 2600 South
Bountiful,UT84010 		No Relationship   Operating 0

Discovery Church

881 Sand Lake Rd
Orlando,FL32809 		No Relationship   Operating 0

Waukesha Catholic Schools

221 S Hartwell Ave
Waukesha,WI53186 		No Relationship   Operating 0

Wilderness Veterans Memorial Flame Foundation

PO Box 83
Presque Isle,WI54557 		No Relationship   Operating 0

Univ Wisconsin School of Medicine

4261 Health Sciences Learning Cente
750 Highland Ave
Madison,WI53705 		No Relationship   Operating 10,000

Philadelphia Horticultural Society

100 N 20th St
Philadelphia,PA19103 		No Relationship   Operating 4,000

Chippewa Valley Health Cooperative

PO Box 398
Eau Claire,WI54729 		No Relationship   Operating 20,000

St Francis Food Pantry

1221 Truax Blvd
Eau Claire,WI54703 		No Relationship   Operating 5,000

Community Table

320 Putnam St 2
Eau Claire,WI54703 		No Relationship   Operating 5,000

UW Eau Claire Foundation

105 Garfield Avenue
Eau Claire,WI54701 		No Relationship   Operating 25,000

LE Phillips Senior Center

1616 Bellinger St
Eau Claire,WI54703 		No Relationship   Operating 5,000

Long Lake Preservation Assoc

N2384 Hunt Hill Rd
Sarona,WI54870 		No Relationship   Operating 2,000

Immaculate Conception Church

1712 Highland Ave
Eau Claire,WI54701 		No Relationship   Operating 3,000

YMCA if Eau Claire

700 Graham Ave
Eau Claire,WI54701 		No Relationship   Operating 5,000

Marquette University

1250 W Wisconsin Ave
Milwaukee,WI53233 		No Relationship   Operating 15,000

Eau Claire Sober Living

334 Lincoln Avenue
Eau Claire,WI54701 		No Relationship   Operating 2,000

Boys Girls Club of La Crosse

PO Box 91
La Crosse,WI54602 		No Relationship   Operating 5,000

Wisc Parkinsons Assoc

13400 Bishops Lane
Suite 120
Brookfield,WI53005 		No Relationship   Operating 1,000

Feed My People

2610 Alpine Rd
Eau Claire,WI54703 		No Relationship   Operating 0

Chippewa Valley Museum

PO Box 1204
Eau Claire,WI54702 		No Relationship   Operating 3,000

Childrens Hospital

PO Box 1997
Milwaukee,WI53201 		No Relationship   Operating 5,000

Northwoods Catholic Churches

PO Box 110
Boulder Junction,WI54512 		No Relationship   Operating 5,000

Catholic Memorial High School

601 E College Ave
Waukesha,WI53186 		No Relationship   Operating 33,000

Food For the Poor

8401 Lyons Road
Coconut Creek,FL33073 		No Relationship   Operating 4,000

Steve Braun Foundation

362 Juniper Court
Delafield,WI53018 		No Relationship   Operating 10,000

Folds of Honor

5800 North Patriot Drive
Owasso,OK74055 		No Relationship   Operating 5,000

Fischer House of Wisconsin

5000 W National Ave
Milwaukee,WI53295 		No Relationship   Operating 5,000

St Norbert College

100 Grant Street
De Pere,WI54115 		No Relationship   Operating 12,000

True North Treks

2219 Colfax Street
Evanston,IL60201 		No Relationship   Operating 4,000

St Rita Church

PO Box 110
Boulder Junction,WI54512 		No Relationship   Operating 7,500

St Ann Church

PO Box 110
Boulder Junction,WI54512 		No Relationship   Operating 7,500

St IsaccJogues

5214 N Lakeview Ave
Mercer,WI54547 		No Relationship   Operating 3,500

Our Lady Queen Of Peace

PO Box 325
Manitowich Waters,WI54545 		No Relationship   Operating 3,500

Scholl Community Impact Center

13144 Old Cty W
Winchester,WI54557 		No Relationship   Operating 10,000

Corpus Christi School

221 S Hartwell Avenue
Waukesha,WI53186 		No Relationship   Operating 5,000

Big Shoulders Fund

212 W Van Buren St
Chicago,IL60607 		No Relationship   Operating 5,000

Pet Rescue by Judy

401 S Laurel Ave
Sanford,FL32771 		No Relationship   Operating 1,000

Back to Nature

10525 Clapp Siimms Duda Rd
Orlando,FL32832 		No Relationship   Operating 2,000

Northwestern University

1201 Davis St
Evanston,IL60201 		No Relationship   Operating 15,000

Dexters Kitties

10224 Kensington Shore Dr
Orlando,FL32827 		No Relationship   Operating 5,000

Samaritans Purse

PO Box 3000
Boone,NC28607 		No Relationship   Operating 5,000

Judicial Watch

425 Third St SW 800
Washington DC,DC20024 		No Relationship   Operating 10,000

Orlando Rescue Mission

1521 W Washington St
Orlando,FL32805 		No Relationship   Operating 5,000

Orphanos

P O Box 1057
Cordova,TN38088 		No Relationship   Operating 15,000

2nd Harvest Food Bank

411 Mercy Dr
Orlando,FL32805 		No Relationship   Operating 10,000

Veritas Forum

PO Box 380807
Cambridge,MA02238 		No Relationship   Operating 1,000

CRU Foundation

100 Lake Hart Drive
Orlando,FL32832 		No Relationship   Operating 3,000

Florida Cancer Foundation

5985 Silver Falls Run
Lakewood Ranch,FL34211 		No Relationship   Operating 10,000

City Team Of San Francisco

2306 Zanker Road
San Jose,CA95131 		No Relationship   Operating 5,000

FSU Foundation

325 W College Ave
Tallahassee,FL32301 		No Relationship   Operating 5,000

Nona Church

11221 John Wycliffe Blvd
Orlando,FL32832 		No Relationship   Operating 10,000

Prison Fellowship

P O Box 1550
Merrifield,VA22116 		No Relationship   Operating 10,000

St Andrews School

877 N Hastings St
Orlando,FL32808 		No Relationship   Operating 3,000

Regis Catholic Schools

2728 Mall Dr 200
Eau Claire,WI54701 		No Relationship   Operating 1,000
Total ................................. 3a 351,000
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     0   0 0
b     0   0 0
c     0   0 0
d     0   0 0
e     0   0 0
f     0   0 0
    0   0 0
gFees and contracts from government agencies          
2 Membership dues and assessments ....   0   0 0
3 Interest on savings and temporary cash
investments ........... 		  0   0 0
4 Dividends and interest from securities ....   0 14 157,985 0
5 Net rental income or (loss) from real estate:
aDebt-financed property......   0   0 0
bNot debt-financed property.....   0   0 0
6 Net rental income or (loss) from personal property   0   0 0
7 Other investment income .....   0   0 0
8 Gain or (loss) from sales of assets other than
inventory ............ 		  0 18 12,959 0
9 Net income or (loss) from special events:   0   0 0
10 Gross profit or (loss) from sales of inventory   0   0 0
11 Other revenue:
a   		  0   0 0
b     0   0 0
c     0   0 0
d     0   0 0
e     0   0 0
12 Subtotal. Add columns (b), (d), and (e) .. 0 170,944 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
170,944
(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: 25022704
Software Version: V2.0


Form 990PF - Special Condition Description:
Special Condition Description

TY 2025 AccountingFeesSchedule
Name:
MULTHAUF FOUNDATION LTD
EIN:
04-3796687
Software ID:
25022704
Software Version:
V2.0
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Registration Fees 50 50 0 0

TY 2025 InvestmentsCorpStockSchedule
Name:
MULTHAUF FOUNDATION LTD
EIN:
04-3796687
Software ID:
25022704
Software Version:
V2.0
Name of Stock End of Year Book Value End of Year Fair Market Value
Vanguard Federal Money Market Fund 139,399 139,399
FFBW at Continental Exchange 50,000 50,000
FFBW Inc 60,000 105,162
HOME DEPOT INC 8,494 68,820
HONEYWELL INTL INC 21,274 97,545
INTERNATIONAL BUSINESS MACHINES CORP 84,277 125,593
JOHNSON CONTROLS INTL PLC 57,250 150,047
HOST HOTELS RESORTS INC 0 0
MOSAIC COMPANY NEW 18,077 7,540
PEPSICO INC 98,723 215,280
PFIZER INC 106,176 124,500
STRYKER CORP 18,702 140,588
TERADATA CORP DEL 0 0
Eli Lily Company 106,352 1,860,271
HESS CORP 0 0
Oneke Inc 0 0
U S BANCORP DE NEW 95,115 160,080
Veritris Inc 0 0
WISCONSIN ENERGY CORP 106,457 320,177
WELLS FARGO CO NEW 68,370 186,400
YUM BRANDS INC 49,269 151,280
YUM CHINA HOLDINGS INC 21,266 47,740
Vanguard Dividend Appreciation Index Fund Admiral Shares 122,454 371,236
Vanguard PRIMECAP Fund Admiral Shares 103,435 182,943
Vanguard REIT Index Fund Admiral Shares 77,632 108,118
Vanguard Total Bond Market Index Fund Admiral Shares 265,828 243,391
Vanguard Total International Stock Index Fund Admiral Shares 198,697 292,667
Vanguard Wellesley Income Fund Admiral Shares 193,440 197,105
Vanguard Wellington Fund Admiral Shares 258,909 307,905
Vanguard 500 Index Fund Admiral Shares 330,000 776,615
Vanguard Communication Services Index Fund ETF Shares 25,808 56,153
Vanguard FTSE Emerging Markets Index Fund ETF Shares 71,128 80,640
Vanguard Information Technology Index Fund ETF Shares 27,254 113,067
Vanguard FTSE Pacific Index Fund ETF Shares 36,775 45,200
Vanguard Small-Cap Index Fund ETF Shares 49,745 90,633
Vanguard Total International Stock Index Fund ETF Shares 97,338 132,397
Vanguard Energy ETF 50,000 55,076
Vanguard Short-Term Tax-Exempt Fund Admiral Shares 0 0
Vanguard Total Stock Market Index Fund Admiral Shares 512,395 1,165,073
TYSON FOODS INC CLASS A 18,952 29,310
Vanguard Small-Cap Growth Index Fund ETF Shares 52,049 82,544
Solstice Advance Materials 1,313 6,073
Chevron Corp 11,541 31,242

TY 2025 OtherAssetsSchedule
Name:
MULTHAUF FOUNDATION LTD
EIN:
04-3796687
Software ID:
25022704
Software Version:
V2.0
Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
Investment Builtrite Holdings LLC 50,000 50,000 50,000


TY 2025 TaxesSchedule
Name:
MULTHAUF FOUNDATION LTD
EIN:
04-3796687
Software ID:
25022704
Software Version:
V2.0
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Foreign Taxes Paid 1,275 1,275 0 0