TY 2025 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

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

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

OMB No. 1545-0047

2025

Open to Public Inspection

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

Name of foundation
FRANK AND MARY CIPECH CHARITABLE TRUST

Number and street (or P.O. box number if mail is not delivered to street address) PO BOX 30918
Room/suite

City or town
BILLINGS

State or province
MT

Country

ZIP or foreign postal code
59116

A Employer identification number

27-0301768

B Telephone number (see instructions)

8887914075

C If exemption application is pending, check here

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

Address change Name change

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

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

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

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

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

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)$792,051J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

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


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .................
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	26,857		26,833
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		118,109
b	Gross sales price for all assets on line 6a 503,753
7	Capital gain net income (from Part IV, line 2)...			118,109
8	Net short-term capital gain.........				0
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......
12	Total. Add lines 1 through 11........	144,966		144,942
13	Compensation of officers, directors, trustees, etc.	9,997		7,497		2,499
14	Other employee salaries and wages......			0	0	0
15	Pension plans, employee benefits.......			0	0
16a	Legal fees (attach schedule).........					0
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	1,373	0	0	1,373
c	Other professional fees (attach schedule)....					0
17	Interest...............					0
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	625	191		0
19	Depreciation (attach schedule) and depletion...		0	0
20	Occupancy..............
21	Travel, conferences, and meetings.......			0	0
22	Printing and publications..........			0	0
23	Other expenses (attach schedule).......
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	11,995		7,688	0	3,872
25	Contributions, gifts, grants paid.......	33,507				33,507
26	Total expenses and disbursements. Add lines 24 and 25 ................	45,502		7,688	0	37,379
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	99,464
b	Net investment income (if negative, enter -0-)			137,254
c	Adjusted net income (if negative, enter -0-)...				0

For Paperwork Reduction Act Notice, see instructions.

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

Form 990-PF (2025)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............		0
	2	Savings and temporary cash investments.........	18,402	15,854	15,854
	3	Accounts receivable
		Less: allowance for doubtful accounts		0	0
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts 0
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......
	c	Investments—corporate bonds (attach schedule).......
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	636,181	737,592	776,197
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )		0	0
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	654,583	753,446	792,051
	17	Accounts payable and accrued expenses..........
	18	Grants payable.................
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22).........		0
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........	654,583	753,446
	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).....	654,583	753,446
	30	Total liabilities and net assets/fund balances (see instructions).	654,583	753,446

Part III

Analysis of Changes in Net Assets or Fund Balances

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

654,583

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

99,464

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

List of Attached Documents:

// Content

540

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

754,587

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

List of Attached Documents:

// Content

1,141

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

753,446

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	669.815 DFA EMERGING MARKETS SML CAP			2025-01-10
b	5. ALPHABET INC-CL A		2017-07-26	2025-01-27
c	7. AMAZON.COM INC		2019-11-01	2025-01-27
d	2. AMERICAN EXPRESS CO		2016-03-11	2025-01-27
e	4. APPLE INC		2016-04-28	2025-01-27
	4. BLACKSTONE INC		2023-04-11	2025-01-27
	11. BRISTOL-MYERS SQUIBB CO		2013-02-05	2025-01-27
	28. CISCO SYSTEMS INC		2023-12-27	2025-01-27
	1. COSTCO WHOLESALE CORP		2021-03-24	2025-01-27
	6. EMERSON ELECTRIC CO			2025-01-27
	25.589 FIDELITY INTL INDX		2018-01-10	2025-01-27
	398.552 FIDELITY EMRG MRKT INDX		2023-12-01	2025-01-27
	20. ISHARES CORE S&P 500 ETF		2020-04-28	2025-01-27
	5. ISHARES BIOTECHNOLOGY ETF		2022-02-04	2025-01-27
	67. ISHA CURR HEDGED MSCI EAFE		2023-11-30	2025-01-27
	263. ISHARES IBONDS DEC 2033 CORP		2023-11-30	2025-01-27
	266. ISHARES IBONDS DEC 2032 TC		2023-11-30	2025-01-27
	2. JPMORGAN CHASE & CO		2012-05-25	2025-01-27
	3. LOWE'S COS INC		2017-06-29	2025-01-27
	3. MCDONALD'S CORP		2024-11-22	2025-01-27
	2. MICROSOFT CORP		2020-03-19	2025-01-27
	11. MONDELEZ INTERNATIONAL INC-A		2020-09-16	2025-01-27
	4. PALO ALTO NETWORKS INC			2025-01-27
	4. PEPSICO INC			2025-01-27
	30. PFIZER INC		2024-11-22	2025-01-27
	4. QUALCOMM INC		2021-02-08	2025-01-27
	11. SS SPDR S&P REGIONAL BANK		2024-10-18	2025-01-27
	2. SS SPDR S&P SEMICONDUCTOR		2022-03-04	2025-01-27
	10. SS MATERIALS SELECT SECTOR		2023-08-07	2025-01-27
	17. SS HEALTH CARE SELECT SECTOR		2019-11-12	2025-01-27
	9. SS CONSUMER STAPLES SEL SECT		2020-09-16	2025-01-27
	11. SS ENERGY SELECT SECTOR		2020-05-18	2025-01-27
	14. SS FINANCIAL SELECT SECTOR		2020-03-19	2025-01-27
	1.99888 SS INDUSTRIAL SELECT SECTOR		2024-11-22	2025-01-27
	3.00112 SS INDUSTRIAL SELECT SECTOR		2024-11-22	2025-01-27
	8. SS TECHNOLOGY SELECT SECTOR		2024-05-09	2025-01-27
	3. SS TECHNOLOGY SELECT SECTOR		2022-11-08	2025-01-27
	15. SS COMM SELECT SECTOR SPDR		2024-07-12	2025-01-27
	14. SS REAL ESTATE SELECT SECTOR			2025-01-27
	8. ST SR UTL SL SE SPDR ETF-USD			2025-01-27
	7. WALMART INC			2025-01-27
	13. SKYWORKS SOLUTIONS INC		2013-08-23	2025-02-03
	2. FEDEX CORP		2015-12-14	2025-02-20
	10. INTERCONTINENTAL EXCHANGE IN		2020-07-08	2025-03-21
	5. QUALCOMM INC		2021-02-08	2025-03-21
	520.334 GMO RESOURCES FUND-I		2023-04-04	2025-04-07
	129. VANGUARD INT-TERM CORPORATE		2020-06-03	2025-04-07
	30. VANGUARD INT-TERM CORPORATE		2020-06-03	2025-04-10
	10. ISHARES CORE S&P 500 ETF		2025-04-07	2025-05-30
	37. INVESCO S&P 500 EQUAL WEIGHT		2025-01-27	2025-06-03
	379. ISHA CURR HEDGED MSCI EAFE		2023-11-30	2025-06-09
	2. JPMORGAN CHASE & CO		2012-05-25	2025-06-25
	6. LOWE'S COS INC		2017-06-29	2025-07-18
	17. MASCO CORP		2021-03-24	2025-07-18
	6. PEPSICO INC		2009-04-09	2025-08-27
	10. ABBOTT LABORATORIES		2025-07-18	2025-09-15
	10. ABBOTT LABORATORIES		2020-04-03	2025-09-15
	22. ALPHABET INC-CL A		2017-07-26	2025-09-15
	24. AMAZON.COM INC			2025-09-15
	8. AMERICAN EXPRESS CO		2016-03-11	2025-09-15
	24. APPLE INC			2025-09-15
	1. BERKSHIRE HATHAWAY INC-CL B		2025-08-27	2025-09-15
	7. BERKSHIRE HATHAWAY INC-CL B			2025-09-15
	14. BLACKSTONE INC		2023-04-11	2025-09-15
	16. BRISTOL-MYERS SQUIBB CO		2013-02-05	2025-09-15
	47. CISCO SYSTEMS INC			2025-09-15
	21. CITIGROUP INC			2025-09-15
	2. COSTCO WHOLESALE CORP		2021-03-24	2025-09-15
	1153.387 DFA GLBL RL EST SECS			2025-09-15
	24. WALT DISNEY CO			2025-09-15
	8. EMERSON ELECTRIC CO		2009-05-01	2025-09-15
	2. META PLATFORMS INC-CLASS A		2025-03-21	2025-09-15
	201.695 FIDELITY INTL INDX		2025-06-09	2025-09-15
	182.57 FIDELITY INTL INDX		2018-01-10	2025-09-15
	1189.037 FIDELITY EMRG MRKT INDX			2025-09-15
	984.042 FIDELITY ADV REAL EST INC-Z		2024-06-10	2025-09-15
	306. FLEXSHARES GLOBAL UPSTREAM N			2025-09-15
	321. GLOBAL X US INFRASTRUCTURE			2025-09-15
	2648.785 GLDMN SCHS E/M EQ INSG-INST		2022-12-01	2025-09-15
	5. HONEYWELL INTERNATIONAL INC		2024-11-22	2025-09-15
	7. HONEYWELL INTERNATIONAL INC		2020-07-08	2025-09-15
	123. INVESCO S&P 500 EQUAL WEIGHT		2025-01-27	2025-09-15
	26. INVESCO S&P 500 EQUAL WEIGHT		2024-08-13	2025-09-15
	231. ISHARES CORE S&P MIDCAP ETF			2025-09-15
	11. ISHARES SEMICONDUCTOR ETF		2024-05-09	2025-09-15
	13. ISHARES BIOTECHNOLOGY ETF		2022-02-04	2025-09-15
	87. ISHARES CORE S&P SMALL-CAP E		2021-12-28	2025-09-15
	191. ISHA CURR HEDGED MSCI EAFE			2025-09-15
	6. JPMORGAN CHASE & CO		2012-05-25	2025-09-15
	10. KKR & CO INC		2025-06-25	2025-09-15
	7. LOWE'S COS INC			2025-09-15
	2. MCDONALD'S CORP		2024-11-22	2025-09-15
	6. MCDONALD'S CORP		2020-04-22	2025-09-15
	14. MICROSOFT CORP			2025-09-15
	22. MONDELEZ INTERNATIONAL INC-A			2025-09-15
	988.883 NORTHERN MM GLBL LST INFRA			2025-09-15
	7. NVIDIA CORP		2025-03-21	2025-09-15
	6. PALO ALTO NETWORKS INC		2025-02-03	2025-09-15
	17. PALO ALTO NETWORKS INC			2025-09-15
	49. PFIZER INC		2024-11-22	2025-09-15
	31. SS SPDR S&P REGIONAL BANK		2024-10-18	2025-09-15
	10. SS SPDR S&P SEMICONDUCTOR		2021-03-10	2025-09-15
	6. SALESFORCE INC		2021-01-28	2025-09-15
	24. SS MATERIALS SELECT SECTOR			2025-09-15
	35. SS HEALTH CARE SELECT SECTOR			2025-09-15
	19. SS CONSUMER STAPLES SEL SECT			2025-09-15
	6. SS CONSUMER DISC SELECT SECT		2020-09-16	2025-09-15
	53. SS ENERGY SELECT SECTOR			2025-09-15
	46. SS FINANCIAL SELECT SECTOR		2020-03-19	2025-09-15
	11. SS INDUSTRIAL SELECT SECTOR			2025-09-15
	18. SS INDUSTRIAL SELECT SECTOR		2020-11-09	2025-09-15
	38. SS TECHNOLOGY SELECT SECTOR			2025-09-15
	42. SS COMM SELECT SECTOR SPDR			2025-09-15
	61. SS REAL ESTATE SELECT SECTOR			2025-09-15
	33. ST SR UTL SL SE SPDR ETF-USD			2025-09-15
	8. UNION PACIFIC CORP		2013-11-20	2025-09-15
	4. UNITEDHEALTH GROUP INC		2012-09-27	2025-09-15
	34. WALMART INC			2025-09-15
	628. ISHARES IBONDS DEC 2032 TC		2025-09-15	2025-11-13
	615. ISHARES IBONDS DEC 2032 TC			2025-11-13
	333.419 VANGUARD S/T INFL PROT-ADM		2025-09-15	2025-11-13
	297.457 VANGUARD S/T INFL PROT-ADM		2023-12-01	2025-11-13
	CAPITAL GAIN DIVIDENDS	P
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(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	15,084	14,359	725
b	974	241	733
c	1,625	627	998
d	633	119	514
e	915	96	819
	725	321	404
	667	407	260
	1,656	1,413	243
	941	340	601
	773	317	456
	1,275	1,137	138
	4,181	3,970	211
	12,005	5,840	6,165
	694	652	42
	2,409	2,075	334
	6,633	6,567	66
	6,563	6,476	87
	528	67	461
	795	231	564
	862	869	-7
	856	294	562
	636	644	-8
	762	158	604
	611	249	362
	798	772	26
	680	587	93
	702	657	45
	493	386	107
	884	841	43
	2,489	1,625	864
	711	587	124
	990	428	562
	712	271	441
	277	284	-7
	416	427	-11
	1,830	1,638	192
	686	376	310
	1,514	1,300	214
	581	552	29
	609	528	81
	668	185	483
	1,116	327	789
	533	284	249
	1,741	930	811
	778	734	44
	7,649	12,748	-5,099
	10,411	12,111	-1,700
	2,394	2,817	-423
	5,886	5,040	846
	6,544	6,709	-165
	14,459	11,737	2,722
	566	67	499
	1,311	461	850
	1,120	981	139
	882	315	567
	1,326	1,251	75
	1,326	788	538
	5,458	1,062	4,396
	5,586	1,969	3,617
	2,619	477	2,142
	5,678	575	5,103
	490	496	-6
	3,432	539	2,893
	2,561	1,100	1,461
	737	591	146
	3,132	1,043	2,089
	2,089	1,536	553
	1,927	679	1,248
	12,756	11,885	871
	2,767	2,182	585
	1,085	284	801
	1,524	1,176	348
	12,090	11,406	684
	10,943	8,113	2,830
	15,731	11,843	3,888
	12,153	11,405	748
	13,327	11,567	1,760
	15,027	12,270	2,757
	28,686	20,687	7,999
	1,059	1,145	-86
	1,483	1,011	472
	23,256	22,303	953
	4,916	4,352	564
	15,246	10,482	4,764
	2,824	2,404	420
	1,821	1,695	126
	10,340	9,986	354
	7,528	5,803	1,725
	1,850	202	1,648
	1,451	1,288	163
	1,897	494	1,403
	604	579	25
	1,812	1,101	711
	7,172	791	6,381
	1,360	1,024	336
	13,617	11,782	1,835
	1,237	813	424
	1,204	1,103	101
	3,411	672	2,739
	1,162	1,260	-98
	2,003	1,851	152
	3,032	1,761	1,271
	1,451	1,362	89
	2,192	1,534	658
	4,799	3,298	1,501
	1,517	1,175	342
	1,454	896	558
	4,695	1,918	2,777
	2,474	892	1,582
	1,674	1,628	46
	2,739	1,518	1,221
	10,342	3,937	6,405
	4,979	2,133	2,846
	2,585	2,244	341
	2,836	2,114	722
	1,721	636	1,085
	1,395	225	1,170
	3,529	845	2,684
	16,014	16,200	-186
	15,683	14,913	770
	8,369	8,479	-110
	7,466	7,124	342
			287
			287
			287
			287
			287
			287
			287
			287
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			287
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			287
			287

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			725
b			733
c			998
d			514
e			819
			404
			260
			243
			601
			456
			138
			211
			6,165
			42
			334
			66
			87
			461
			564
			-7
			562
			-8
			604
			362
			26
			93
			45
			107
			43
			864
			124
			562
			441
			-7
			-11
			192
			310
			214
			29
			81
			483
			789
			249
			811
			44
			-5,099
			-1,700
			-423
			846
			-165
			2,722
			499
			850
			139
			567
			75
			538
			4,396
			3,617
			2,142
			5,103
			-6
			2,893
			1,461
			146
			2,089
			553
			1,248
			871
			585
			801
			348
			684
			2,830
			3,888
			748
			1,760
			2,757
			7,999
			-86
			472
			953
			564
			4,764
			420
			126
			354
			1,725
			1,648
			163
			1,403
			25
			711
			6,381
			336
			1,835
			424
			101
			2,739
			-98
			152
			1,271
			89
			658
			1,501
			342
			558
			2,777
			1,582
			46
			1,221
			6,405
			2,846
			341
			722
			1,085
			1,170
			2,684
			-186
			770
			-110
			342

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	118,109
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 .........................		3

Part V

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

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)	1	1,908
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	1,908
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	1,908
6	Credits/Payments:

a	2025 estimated tax payments and 2024 overpayment credited to 2025	6a	444
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	0
d	Backup withholding erroneously withheld ..........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	444
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9	1,464
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2026 estimated tax0	Refunded	11	0
	For Refunded amount, also complete and attach Form 8050. See instructions.

Form 990-PF (2025)

Page 4

Part VI-A

Statements Regarding Activities

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

Yes

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

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

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

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

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

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

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

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

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

on foundation managers.$

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

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

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

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

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

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

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

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

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

By language in the governing instrument, or

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

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

Yes

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

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

Yes

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

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

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

Yes

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

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

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

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

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

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

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

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

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

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

Yes

Website addressN/A

The books are in care ofMEGHAN MOLLETT, FIRST INTERSTATE BAN Telephone no. (406) 255-5225

Located atPO BOX 30918BILLINGSMT ZIP+459116

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

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

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

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

16 No

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

Form 990-PF (2025)

Page 5

Part VI-B

Statements Regarding Activities for Which Form 4720 May Be Required

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

Yes

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

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

1a(1)

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

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

1a(2)

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

1a(3)

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

1a(4)

Yes

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

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

1a(5)

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

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

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

1a(6)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

20, 20, 20, 20

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

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

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

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

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

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

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

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

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

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

Form 990-PF (2025)

Page 6

Part VI-B

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

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

Yes

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

5a(1)

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

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

5a(2)

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

5a(3)

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

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

5a(4)

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

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

5a(5)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Part VII

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

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

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
FIRST INTERSTATE BANK	TRUSTEE 2	9,997
PO BOX 30918 BILLINGS,MT59116	TRUSTEE 2	9,997

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


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









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

Form 990-PF (2025)

Page 7

Part VII

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

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

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

Part VIII-A

Summary of Direct Charitable Activities

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


2


3


4

Part VIII-B

Summary of Program-Related Investments (see instructions)

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


2


All other program-related investments. See instructions.
3

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

Form 990-PF (2025)

Page 8

Part IX

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

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

purposes:

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

749,905

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

20,908

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

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

770,813

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

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

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

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

770,813

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

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

11,562

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

759,251

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

37,963

Part X

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

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

37,963

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

1,908

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

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

1,908

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

36,055

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

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

36,055

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

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

36,055

Part XI

Qualifying Distributions (see instructions)

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

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

37,379

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

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

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

Amounts set aside for specific charitable projects that satisfy the:

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

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

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

37,379

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					36,055
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only.......				33,504
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: $ 37,379
a Applied to 2024, but not more than line 2a				33,504
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.....					3,875
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 ..........					32,180
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)

Page 10

Part XIII

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

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

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

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

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

Part XIV

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

1Information Regarding Foundation Managers:

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

bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.

2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:

Check here if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, 2b, 2c, and 2d. See instructions

aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:

FIRST INTERSTATE BANK
PO BOX 30918
BILLINGS,MT59116
(406) 255-5225
NA

bThe form in which applications should be submitted and information and materials they should include:

CONTACT FOUNDATION

cAny submission deadlines:

CONTACT FOUNDATION

dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:

CONTACT FOUNDATION

Form 990-PF (2025)

Page 11

Part XIV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
UNICEF 125 MAIDEN LANE New York,NY10038	NONE		PROGRAM SUPPORT	3,723
Billings Catholic Schools Foundation P O BOX 31158 Billings,MT59107	NONE		PROGRAM SUPPORT	3,723
American Red Cross of Montana 431 18TH STREET NW Washington,DC20006	NONE		PROGRAM SUPPORT	3,723
Family Service Inc PO BOX 1020 Billings,MT59103	NONE		PROGRAM SUPPORT	3,723
Roman Catholic Bishop of Great Falls PO BOX 1399 Great Falls,MT594031399	NONE		PROGRAM SUPPORT	3,723
St Bernard's Catholic Parish 226 WICKS LANE Billings,MT59105	NONE		PROGRAM SUPPORT	3,723
Billings Central Catholic High School 3 BROADWATER AVENUE Billings,MT59101	NONE		PROGRAM SUPPORT	3,723
Adult Resource Alliance of Yellowstone County 1505 AVENUE D Billings,MT59102	NONE		PROGRAM SUPPORT	3,723
Montana Rescue Mission PO BOX 3232 Billings,MT59103	NONE		PROGRAM SUPPORT	3,723
Total ................................. 3a				33,507

bApproved for future payment

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

Form 990-PF (2025)

Page 12

Part XV-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments ....
3 Interest on savings and temporary cash investments ...........
4 Dividends and interest from securities ....			14	26,857
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	118,109
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..				144,966

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

144,966

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

Part XV-B

Relationship of Activities to the Accomplishment of Exempt Purposes

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

Form 990-PF (2025)

Page 13

Part XVI

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

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

Yes

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

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

1a(1)

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

1a(2)

Other transactions:

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

1b(1)

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

1b(2)

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

1b(3)

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

1b(4)

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

1b(5)

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

1b(6)

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

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

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

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

If "Yes," complete the following schedule.

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

Sign Here

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

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

Form 990-PF (2025)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2025 AccountingFeesSchedule

Name:

FRANK AND MARY CIPECH CHARITABLE TRUST

EIN:

27-0301768

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
TAX PREPARATION FEE (NON-ALLOC	1,373			1,373

- TIN:

TY 2025 OtherDecreasesSchedule

Name:

FRANK AND MARY CIPECH CHARITABLE TRUST

EIN:

27-0301768

Description	Amount
RETURN OF CAPITAL ADJUSTMENTS	57
2026 INCOME TAXED IN 2025	1,081
ROUNDING ADJUSTMENTS	3

- TIN:

TY 2025 OtherIncreasesSchedule

Name:

FRANK AND MARY CIPECH CHARITABLE TRUST

EIN:

27-0301768

Description	Amount
2025 INCOME TAXED IN 2024	529
WASH SALE ADJUSTMENT	11

- TIN:

TY 2025 TaxesSchedule

Name:

FRANK AND MARY CIPECH CHARITABLE TRUST

EIN:

27-0301768

Category	Amount	Net Investment Income
FEDERAL ESTIMATES - PRINCIPAL	434	0
FOREIGN TAXES ON QUALIFIED FOR	139	139
FOREIGN TAXES ON NONQUALIFIED	52	52