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
David and Judy Norsworthy Charitable
Trust

Number and street (or P.O. box number if mail is not delivered to street address) Frost Middle Office PO Box 2127
Room/suite

City or town
Austin

State or province
TX

Country

ZIP or foreign postal code
78768

A Employer identification number

30-6701268

B Telephone number (see instructions)

5124734801

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)$29,980,166J 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...	612,628		507,152	105,476
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		75,418
b	Gross sales price for all assets on line 6a 1,542,846
7	Capital gain net income (from Part IV, line 2)...			75,418
8	Net short-term capital gain.........
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......	List of Attached Documents: // Content	4,633	4,633
12	Total. Add lines 1 through 11........	692,679		587,203	105,476
13	Compensation of officers, directors, trustees, etc.	192,391		123,185	6,591	62,591
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	6,135			6,135
c	Other professional fees (attach schedule)....
17	Interest...............
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	14,314	12,555
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	72,697	72,697
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	285,537		208,437	6,591	68,726
25	Contributions, gifts, grants paid.......	1,377,500				1,377,500
26	Total expenses and disbursements. Add lines 24 and 25 ................	1,663,037		208,437	6,591	1,446,226
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-970,358
b	Net investment income (if negative, enter -0-)			378,766
c	Adjusted net income (if negative, enter -0-)...				98,885

For Paperwork Reduction Act Notice, see instructions.

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

Form 990-PF (2025)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............
	2	Savings and temporary cash investments.........	1,668,019	357,668	283,375
	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).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)	1,836,005	List of Attached Documents: // Content 1,758,723	1,742,955
	b	Investments—corporate stock (attach schedule).......	7,331,438	List of Attached Documents: // Content 7,307,933	12,596,158
	c	Investments—corporate bonds (attach schedule).......	963,956	List of Attached Documents: // Content 1,315,868	1,360,168
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	8,569,813	List of Attached Documents: // Content 8,663,540	8,687,510
	14	Land, buildings, and equipment: basis 5,310,000
		Less: accumulated depreciation (attach schedule)	5,310,000	List of Attached Documents: // Content 5,310,000	5,310,000
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	25,679,231	24,713,732	29,980,166
	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........
	27	Paid-in or capital surplus, or land, bldg., and equipment fund
	28	Retained earnings, accumulated income, endowment, or other funds	25,679,231	24,713,732
	29	Total net assets or fund balances (see instructions).....	25,679,231	24,713,732
	30	Total liabilities and net assets/fund balances (see instructions).	25,679,231	24,713,732

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) ...............

25,679,231

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

-970,358

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

List of Attached Documents:

// Content

4,859

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

24,713,732

Decreases not included in line 2 (itemize)

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

24,713,732

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	See Attached Summary	P	2001-01-01	2025-12-31
b	See Attached Summary	P	2025-01-01	2025-12-31
c	Capital Gain Dividends
d
e

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	1,379,030	1,412,594	-33,564
b	53,674	54,834	-1,160
c			110,142
d
e

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			-33,564
b			-1,160
c
d
e

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	75,418
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	-1,160

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	5,265
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	5,265
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	5,265
6	Credits/Payments:

a	2025 estimated tax payments and 2024 overpayment credited to 2025	6a	4,720
b	Exempt foreign organizations—tax withheld at source......	6b
c	Tax paid with application for extension of time to file (Form 8868)...	6c
d	Backup withholding erroneously withheld ..........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	4,720
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	545
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
	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 ofFrost Bank Telephone no. (512) 473-4801

Located at401 Congress Avenue Suite 1200AustinTX ZIP+478701

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
Frost Bank	Trustee 3.00	0
401 Congress Ave Suite 1200 Austin,TX78701	Trustee 3.00	0

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...................

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...................

28,424,998

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

1,555,786

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

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

29,980,784

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.........................

29,980,784

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

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

449,712

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

29,531,072

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

1,476,554

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..................

1,476,554

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

5,265

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

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

5,265

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

1,471,289

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

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

1,471,289

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

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

1,471,289

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) ..........

1,446,226

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. .......

1,446,226

Form 990-PF (2025)

Page 9

Part XII

Undistributed Income (see instructions)

	(a) Corpus	(c) 2024	(d) 2025
1 Distributable amount for 2025 from Part X, line 7			1,471,289
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only.......		1,377,142
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 ........
4Qualifying distributions for 2025 from Part
XI, line 4: $ 1,446,226
a Applied to 2024, but not more than line 2a		1,377,142
b Applied to undistributed income of prior years (Election required—see instructions) .....
c Treated as distributions out of corpus (Election required—see instructions) ........	0
d Applied to 2025 distributable amount.....			69,084
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
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........
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 ...........
e Undistributed income for 2024. Subtract line 4a from line 2a. Taxable amount—see instructions .............
f Undistributed income for 2025. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2026 ..........			1,402,205
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 ......
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)

Page 10

Part XIII

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

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

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

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

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

Part XIV

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

1Information Regarding Foundation Managers:

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

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

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

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

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

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

cAny submission deadlines:

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

Form 990-PF (2025)

Page 11

Part XIV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
Hill Ctry Soc for Prev of Cruelty o 2981 S State Hwy 16 Fredericksburg,TX78624			To support charitable purpose	100,000
Living Grace Canine Ranch 723 West University Ave Ste 110-142 Georgetown,TX78626			To support charitable purpose	100,000
Sunny Creek Ranch Equine Services 7718 Bryan Lane Montgomery,TX77316			To support charitable purpose	75,000
The Joyful Horse Project 172A Hills Prairie Rd Bastrop,TX78602			To support charitable purpose	100,000
The Rescued Animals Second Chance I PO Box 16514 Lubbock,TX79490			To support charitable purpose	150,000
Habitat for Horses Inc 6060 Habitat for Horses Lane Alvin,TX77511			To support charitable purpose	100,000
The Pegasus Project PO Box 26 Ben Wheeler,TX75754			To support charitable purpose	100,000
Mission K9 Rescue Inc 18640 FN 1488 Box A-238 Magnolia,TX77354			To support charitable purpose	100,000
Saving Hope Animal Rescue 306 W 7th Street Ste 500 Fort Worth,TX76102			To support charitable purpose	100,000
TADSAW Inc 830 Spring Valley San Antonio,TX78247			To support charitable purpose	100,000
Kerrville Pets Alive 317 Sidney Baker S 400 PMB 345 Kerrville,TX78028			To support charitable purpose	102,500
Red Arena 1601 Bells Springs Rd Dripping Springs,TX78620			To support charitable purpose	250,000
Total ................................. 3a				1,377,500

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	612,628
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 .....			15	4,633
8 Gain or (loss) from sales of assets other than inventory ............			18	75,418
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) ..				692,679

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

692,679

(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:	25022934
Software Version:	2025v4.1

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2025 AccountingFeesSchedule

Name:

David and Judy Norsworthy Charitable

Trust

EIN:

30-6701268

Software ID:

25022934

Software Version:

2025v4.1

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Tax Preparation	6,135	0	0	6,135

- TIN:

TY 2025 InvestmentsCorpBondsSchedule

Name:

David and Judy Norsworthy Charitable

Trust

EIN:

30-6701268

Software ID:

25022934

Software Version:

2025v4.1

Name of Bond	End of Year Book Value	End of Year Fair Market Value
Cisco Systems
US Bancorp X	193,344	198,477
Amazon	97,035	99,200
DTE Electric Co	182,730	191,758
Consumers Energy	98,146	99,671
United Parcel Svc	190,528	197,146
Adobe Inc	90,628	93,709
Costco Wholesale Corp	86,001	90,662
Bank Amer Corp	93,675	95,200
Goldman Sachs Gp Inc	100,000	104,767
JP Morgan Chase & Co	89,221	91,485
Lockheed Martin Corp	94,560	98,093

- TIN:

TY 2025 InvestmentsCorpStockSchedule

Name:

David and Judy Norsworthy Charitable

Trust

EIN:

30-6701268

Software ID:

25022934

Software Version:

2025v4.1

Name of Stock	End of Year Book Value	End of Year Fair Market Value
Airbnb Inc Cl A
Allstate Corp	157,696	291,410
Alphabet Inc Cl A	151,204	688,600
Alphabet Inc Cl C	152,436	696,636
Amazon.com Inc	109,403	253,902
American Express Co.	120,311	359,961
Amgen Inc.	238,545	327,310
Apple Inc.	253,462	930,033
AT & T Inc.	79,059	66,149
Bank of America Corp.	33,977	45,485
Boeing Co.	109,683	71,867
Booking Holdings Inc.	77,761	203,503
Broadridge Financial Solutions Inc.	347,046	624,876
Capital One Financial Corp	110,657	266,596
Cigna Corp	102,248	137,615
Cognizant Tech Solutions Cl A	109,377	149,400
Colgate-Palmolive Co.	191,604	221,256
Comcast Corporation Cl A	66,784	33,626
Coming Inc	74,147	220,301
Danaher Corporation	71,724	120,641
Disney (Walt) Company Holding Co	228,933	179,415
Duke Energy Corp	136,005	175,815
Emerson Electric Co	114,720	199,080
Entergy Corp	32,804	55,458
Evergy Inc	32,301	34,070
Exxon Mobil Corp	176,981	300,850
Intel Corp	179,280	110,700
Johnson & Johnson Com	42,224	55,463
JPMorgan Chase & Co	54,128	126,955
Kimberly Clark Corp	180,910	134,285
McDonald's Corp	140,823	213,941
Merck & Co Inc	34,824	42,104
Meta Platforms Inc	39,048	117,496
Microsoft Corp	249,016	763,152
NexEra Energy Inc	313,957	417,456
Norfolk Southern Corp	214,742	317,592
Pepsico Hldgs Inc	170,139	179,831
Tesla Inc	19,621	38,676
Travelers Companies Inc Com	170,600	362,575
Truist Financial Corp	66,570	59,052
Union Pacific Corp	131,740	170,252
UnitedHealth Group Inc	225,485	257,156
Visa Inc Cl A	307,314	572,709
Zoetis Inc	200,974	189,611
Canadian Pacific Railway Ltd	87,559	125,171
Eaton Corp PLC	53,253	101,923
Linde PLC	102,658	213,195
Medtronic PLC	75,371	63,496
Healthpeak	41,041	18,653
Abbott Laboratories	14,063	16,288
Abbvie Inc	21,289	31,989
Adobe Inc	17,933	10,500
Advanced Micro Devices
Air Products& Chemicals Inc	16,290	14,821
Altria Group	7,440	10,667
American Electric Power	12,395	17,873
American Tower Corp	6,399	5,267
Arthur J Gallagher	12,006	13,975
Automatic Data Processing	14,841	16,720
Blackstone Group	12,843	15,414
Boston Scientific	12,173	20,977
Broadcom	22,449	69,220
CenterPoint Energy	14,436	19,553
Charles River Lab	7,061	5,984
Chevron Corp	22,777	23,776
Chipotle	18,458	14,800
Cisco	9,903	15,406
CME Group	12,776	16,385
Coca Cola	18,466	22,371
Costco	14,603	18,971
Cubesmart REIT	9,131	7,210
Cummins	20,668	43,388
DR Horton	14,980	14,403
Digital Realty	16,059	18,565
Edwards Lifesciences	6,900	7,843
Eli Lilly	19,963	37,614
Genuine Parts Co	8,964	7,992
Globant SA	10,504	2,942
GSK PLC	9,186	12,260
Hess Corp
Home Depot	22,624	22,367
Honeywell	17,307	17,558
Intl Business Mach	14,083	26,066
Intuit	12,405	13,248
Intuitive Surgical	9,927	16,991
KLA Corp	17,338	36,452
Lam Research	3,891	8,559
Lockheed Martin	13,417	14,510
Lululemon	7,633	3,117
Marriott Intl	5,550	7,756
Marvell Tech	11,967	16,996
Mastercard	27,449	37,107
Monster Bev	11,601	16,101
Moodys	15,308	20,434
Netflix	21,050	40,317
Newmont	7,467	17,973
Nike	10,977	5,734
Nvidia	24,337	93,250
OReilly Auto	19,164	27,363
Omnicom	20,632	19,380
Oracle	12,815	23,779
Pfizer	7,872	6,972
Philp Morris	11,553	20,050
Procter & Gamble	12,349	12,325
Qualcomm	8,493	10,263
Servicenow	20,844	22,979
Sherwin Williams	14,707	15,553
Snowflake	5,877	6,581
Spotify	11,199	33,681
Texas Instruments	16,646	17,349
TJX	9,118	15,361
Uber	12,906	17,159
Verizon	27,322	29,814
Warner Music Group	17,568	15,335
Workday	16,343	12,887
WP Carey	11,649	11,585
Walmart	11,444	24,733

- TIN:

TY 2025 InvestmentsGovtObligationsSch

Name:

David and Judy Norsworthy Charitable

Trust

EIN:

30-6701268

Software ID:

25022934

Software Version:

2025v4.1

US Government Securities - End of Year Book Value:

404,259

US Government Securities - End of Year Fair Market Value:

402,114

State & Local Government Securities - End of Year Book Value:

1,354,464

State & Local Government Securities - End of Year Fair Market Value:

1,340,841

- TIN:

TY 2025 InvestmentsOtherSchedule2

Name:

David and Judy Norsworthy Charitable

Trust

EIN:

30-6701268

Software ID:

25022934

Software Version:

2025v4.1

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
Mineral Interests	AT COST	14	13,689
Ishares TIPS Bond ETF	AT COST	470,360	439,640
USAA Tax-Exempt Inter Term Bd Fd	AT COST
Vanguard Long-Term Tax Exempt Adm	AT COST	83,874	75,956
Vanguard Ltd-Term Tax Ex Fd Adm	AT COST	1,676,723	1,661,617
Frost Total Return Bond Fund Insti	AT COST	645,510	602,020
Artisan High Income Fd Insti	AT COST	700,553	656,536
Frost Credit Fund Insti	AT COST	602,587	577,812
Hartford Floating Rate Fund Cl I	AT COST	556,077	497,128
Cohen & Steers Insti Realty Fd	AT COST	178,359	179,944
Aberdeen Physical Precious Metals	AT COST	174,739	409,761
JHancock Disciplined Value Mid Cap	AT COST	646,010	659,907
T Rowe Price Midcap Growth Fd Instl	AT COST
American Beacon Stephens Sm Cap R5	AT COST	289,343	288,049
Victory Small Co Opp Fund	AT COST	312,212	280,056
Goldman Sachs Emer Mkts Insights R6	AT COST	154,334	192,745
Ishares S&P 500	AT COST	252,009	293,173
Causeway Intl Value	AT COST	199,752	218,660
Goldman Sachs Intl Opps Fd	AT COST	164,826	164,717
Northern Global Sust Fd	AT COST
TRowe Price Intl Fd	AT COST	113,687	93,398
iShares MSCI Emer Mkts	AT COST	54,136	65,412
Northern World Sel Ind Fd Cl K	AT COST	129,553	139,175
Fidelity Mid Cap Growth	AT COST	605,279	576,511
Victory Capital TE Inter Term Bd Fd	AT COST	653,603	601,604

- TIN:

TY 2025 LandEtcSchedule2

Name:

David and Judy Norsworthy Charitable

Trust

EIN:

30-6701268

Software ID:

25022934

Software Version:

2025v4.1

Category / Item	Cost / Other Basis	Accumulated Depreciation	Book Value	End of Year Fair Market Value
Land	5,310,000		5,310,000	5,310,000

- TIN:

TY 2025 OtherExpensesSchedule

Name:

David and Judy Norsworthy Charitable

Trust

EIN:

30-6701268

Software ID:

25022934

Software Version:

2025v4.1

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
JGN Ranch LLC - held for prod of income	72,697	72,697

- TIN:

TY 2025 OtherIncomeSchedule2

Name:

David and Judy Norsworthy Charitable

Trust

EIN:

30-6701268

Software ID:

25022934

Software Version:

2025v4.1

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
Other Investment Income	4,633	4,633

- TIN:

TY 2025 OtherIncreasesSchedule

Name:

David and Judy Norsworthy Charitable

Trust

EIN:

30-6701268

Software ID:

25022934

Software Version:

2025v4.1

Description	Amount
Tax Refund	4,859

- TIN:

TY 2025 TaxesSchedule

Name:

David and Judy Norsworthy Charitable

Trust

EIN:

30-6701268

Software ID:

25022934

Software Version:

2025v4.1

Category	Amount	Net Investment Income
Expenses related to Royalty Income	2,913	2,913
Federal Tax	1,721
Foreign Taxes	2,155	2,155
Other Tax	38
Property Tax	7,487	7,487