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
DONALD W & MARGARET M ANDERSON
FOUNDATION
Number and street (or P.O. box number if mail is not delivered to street address) 7645 TURNER ROAD
  Room/suite
City or town
MAPLE PLAIN
State or province
MN
Country  
ZIP or foreign postal code
553599544
A Employer identification number

65-6254236
B Telephone number (see instructions)

6129160823
C
G Check all that apply:

D 1. Foreign organizations, check here.............
2. Foreign organizations meeting the 85%
test, check here and attach computation ...
E
H Check type of organization:
F
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)$26,878,916J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check .................
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 266,159 266,159  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 817,928
b Gross sales price for all assets on line 6a 8,865,147
7 Capital gain net income (from Part IV, line 2)... 817,928
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)....... Click to see attachment
List of Attached Documents:
// Content
4,344 4,344  
12 Total. Add lines 1 through 11........ 1,088,431 1,088,431  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0   0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
4,000 4,000   0
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
165,846 165,846   0
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
28,990 28,990   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule).......        
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 198,836 198,836   0
25 Contributions, gifts, grants paid....... 1,225,000 1,225,000
26 Total expenses and disbursements. Add lines 24 and 25 ................ 1,423,836 198,836   1,225,000
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -335,405
b Net investment income (if negative, enter -0-) 889,595
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2025)
Form 990-PF (2025)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 446,497 291,588 291,588
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)      
b Investments—corporate stock (attach schedule)....... 14,753,638 Click to see attachment
List of Attached Documents:
// Content
14,579,484 		26,112,665
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).......... 483,751 Click to see attachment
List of Attached Documents:
// Content
477,409 		474,663
14 Land, buildings, and equipment: basis  
Less: accumulated depreciation (attach schedule)        
15 Other assets (describe )      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 15,683,886 15,348,481 26,878,916
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe )    
23 Total liabilities (add lines 17 through 22)......... 0 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........ 19,168,675 19,168,675
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds -3,484,789 -3,820,194
29 Total net assets or fund balances (see instructions)..... 15,683,886 15,348,481
30 Total liabilities and net assets/fund balances (see instructions). 15,683,886 15,348,481
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
15,683,886
2
Enter amount from Part I, line 27a .....................
2
-335,405
3
Other increases not included in line 2 (itemize)
3
0
4
Add lines 1, 2, and 3 ..........................
4
15,348,481
5
Decreases not included in line 2 (itemize)
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, line 29, column (b) ..
6
15,348,481
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 PUBLICLY TRADED SECURITIES P    
b PUBLICLY TRADED SECURITIES P    
c
d
e
(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 4,902,169   3,400,794 1,501,375
b 3,962,978   4,646,425 -683,447
c
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       1,501,375
b       -683,447
c
d
e
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 2 817,928
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 12,365
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 12,365
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 12,365
6 Credits/Payments:
a 2025 estimated tax payments and 2024 overpayment credited to 2025 6a 17,320
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 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 17,320
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed....... 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid... 10 4,955
11 Enter the amount of line 10 to be: Credited to 2026 estimated tax4,955 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
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
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 addressN/A
14
The books are in care ofMARTHA VAN DE VEN Telephone no. (612) 916-0823

Located at1765 MEDINA WAYLONG LAKEMN ZIP+455356
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........
and enter the amount of tax-exempt interest received or accrued during the year ........
15
 
16 At any time during calendar year 2025, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country
Form 990-PF (2025)
Form 990-PF (2025)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
 
No
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
 
c
Organizations relying on a current notice regarding disaster assistance check here ........
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2025? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2025, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2025?....................
2a
 
No
If "Yes," list the years 20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2025 as a result of (1) any purchase by the foundation
or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Form 4720, Schedule C, to determine
if the foundation had excess business holdings in 2025.).....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2025? ..
4b
 
No
Form 990-PF (2025)
Form 990-PF (2025)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
No
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
(a) Name and address (b) Title, and average
hours per week
devoted to position 		(c) Compensation
 (If not paid, enter
-0-) 		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
other allowances
MARTHA VAN DE VEN TRUSTEE
1.00 		0 0 0
7645 TURNER ROAD
MAPLE PLAIN,MN53559
SUSAN RUEDISILI TRUSTEE
1.00 		0 0 0
59343 STATE HWY 171
FERRYVILLE,WI54628
KAREN ANDERSON TRUSTEE
1.00 		0 0 0
510 HOKIOKIO PLACE
LAHAINA,HI96761
KATHRYN SWITZKY TRUSTEE
1.00 		0 0 0
5459 COUNTY RD A
BROOKLYN,WI53521
RONALD ANDERSON TRUSTEE
1.00 		0 0 0
W6115 FAWN COURT
MONTELLO,WI53949
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
NONE
Total number of other employees paid over $50,000................... 0
Form 990-PF (2025)
Form 990-PF (2025)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
NONE
Total number of others receiving over $50,000 for professional services.............right arrow0
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1  
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................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
25,409,980
b
Average of monthly cash balances.......................
1b
405,295
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, 1b, and 1c).......................
1d
25,815,275
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
0
2
Acquisition indebtedness applicable to line 1 assets..................
2
0
3
Subtract line 2 from line 1d.........................
3
25,815,275
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
387,229
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
25,428,046
6
Minimum investment return. Enter 5% (0.05) of line 5 ................
6
1,271,402
Part X
Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here and do not complete this part.)
1
Minimum investment return from Part IX, line 6..................
1
1,271,402
2a
Tax on investment income for 2025 from Part V, line 5 .......
2a
12,365
b
Income tax for 2025. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
12,365
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
1,259,037
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
1,259,037
6
Deduction from distributable amount (see instructions) .................
6
0
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
1,259,037
Part XI
Qualifying Distributions (see instructions)
1
Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
a
Expenses, contributions, gifts, etc.—total from Part I, line 26, column (d) ..........
1a
1,225,000
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
 
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
 
b
Cash distribution test (attach the required schedule) .................
3b
 
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
1,225,000
Form 990-PF (2025)
Form 990-PF (2025)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2024 		(c)
2024 		(d)
2025
1 Distributable amount for 2025 from Part X, line 7 1,259,037
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only....... 0
b Total for prior years:20 , 20, 20 0
3 Excess distributions carryover, if any, to 2025:
a From 2020......  
b From 2021......  
c From 2022......  
d From 2023...... 16,087
e From 2024......  
f Total of lines 3a through e ........ 16,087
4Qualifying distributions for 2025 from Part
XI, line 4: $ 1,225,000
a Applied to 2024, but not more than line 2a 0
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..... 1,225,000
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2025. 16,087 16,087
(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 .......... 		17,950
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 ....  
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

AGRACE HOSPICECARE FOUNDATION

5395 E CHERYL PARKWAY
FITCHBURG,WI53711 		    TO SUPPORT THE ORGANIZATION'S MISSION 120,000

BEACON INTERFAITH HOUSING COLLABORATIVE

2610 UNIVERSITY AVE W
ST PAUL,MN55114 		    TO SUPPORT THE ORGANIZATION'S MISSION 20,000

CANNON FALLS MIDDLEHIGH SCHOOL

1020 MINNESOTA ST E
CANNON FALLS,MN55009 		    TO SUPPORT THE ORGANIZATION'S MISSION 20,000

DANE COUNTY HUMANE SOCIETY

5132 VOGES ROAD
MADISON,WI53718 		    TO SUPPORT THE ORGANIZATION'S MISSION 40,000

FERRYVILLE EMR

170 PINE STREET
FERRYVILLE,WI54628 		    TO SUPPORT THE ORGANIZATION'S MISSION 7,500

FREE FLOW NEW MEXICO

MX6Q65 AGUA FRIA
SANTA FE,NM87507 		    TO SUPPORT THE ORGANIZATION'S MISSION 20,000

GRIEF CLUB OF MINNESOTA

11985 TECHNOLOGY DRIVE
EDEN PRAIRIE,MN55344 		    TO SUPPORT THE ORGANIZATION'S MISSION 20,000

HOLOMAU GROUP

54 KOULA PLACE
WAILUKU,HI96793 		    TO SUPPORT THE ORGANIZATION'S MISSION 100,000

INSTITUTE OF AMERICAN INDIAN ART

83 AVAN NU PO ROAD
SANTA FE,NM87508 		    TO SUPPORT THE ORGANIZATION'S MISSION 52,800

INTERFAITH OUTREACH & COMMUNITY PARTNERS

1605 COUNTY ROAD 101
PLYMOUTH,MN55447 		    TO SUPPORT THE ORGANIZATION'S MISSION 75,000

LITTLE EAGLE ARTS FOUNDATION

CHALET COMPLEX 412 1/2
WISCONSIN DELLS,WI53965 		    TO SUPPORT THE ORGANIZATION'S MISSION 25,000

MAUI MEDIC HEALERS HUI

LAHAINA COMPREHENSIVE HEALTH CENTER
AKOAKOA PLACE LAHAINA,HI96761 		    TO SUPPORT THE ORGANIZATION'S MISSION 40,000

MAYO CLINIC

200 1ST ST SW
ROCHESTER,MN55905 		    TO SUPPORT THE ORGANIZATION'S MISSION 75,000

OPERATION FRESH START

1925 WINNEBAGO STREET
MADISON,WI53704 		    TO SUPPORT THE ORGANIZATION'S MISSION 50,000

OREGON FOOD PANTRY

107 N ALPINE PKWY
OREGON,WI53575 		    TO SUPPORT THE ORGANIZATION'S MISSION 20,000

PROJECT HOME FOR VETERANS

3841 KIPP STREET
MADISON,WI53718 		    TO SUPPORT THE ORGANIZATION'S MISSION 15,000

SECOND HARVEST OF SOUTHERN WI

2802 DAIRY DRIVE
MADISON,WI53718 		    TO SUPPORT THE ORGANIZATION'S MISSION 25,000

THE HIDDEN SEER SYSTEM

906 S DR FRANCIS
SANTA FE,NM87505 		    TO SUPPORT THE ORGANIZATION'S MISSION 20,000

TWIN CITIES HABITAT FOR HUMANITY

1954 UNIVERSITY AVE W
ST PAUL,MN55104 		    TO SUPPORT THE ORGANIZATION'S MISSION 5,000

UNIVERSITY OF WISCONSIN STOUT FOUNDATION - DEPT OF MULTI-CULTURAL STUDENT

712 BROADWAY STREET S
MENOMONIE,WI54751 		    TO SUPPORT THE ORGANIZATION'S MISSION 80,000

WAYZATA COMMUNITY CHURCH

125 WAYZATA BOULEVARD E
WAYZATA,MN55391 		    TO SUPPORT THE ORGANIZATION'S MISSION 30,000

WESTFIELD SCHOOL DISTRICT

N7046 CTY RD M
WESTFIELD,WI53964 		    TO SUPPORT THE ORGANIZATION'S MISSION 7,200

HASTINGS HOCKEY BOOSTER INC

PO BOX 482
HASTINGS,MN55033 		    TO SUPPORT THE ORGANIZATION'S MISSION 10,000

GROVES LEARNING ORANIZATION

3200 HIGHWAY 100 S
ST LOUIS PARK,MN54416 		    TO SUPPORT THE ORGANIZATION'S MISSION. 20,000

COULEECAP INC

200 E BLACKHAWK ST
PRAIRIE DU CHIEN,WI53821 		    TO SUPPORT THE ORGANIZATION'S MISSION. 5,000

UNIVERSITY OF TOLEDO FOUNDATION

4510 DORR ST MS 820
TOLEDO,OH43615 		    TO SUPPORT THE ORGANIZATION'S MISSION. 20,000

UNIVERSITY OF MINNESOTA FOUNDATION

200 SE OAK STREET 500
MINNEAPOLIS,MN55455 		    TO SUPPORT THE ORGANIZATION'S MISSION. 40,000

LONG LAKE VOLUNTEER FIREMAN'S RELIEF ASSOCIATION

4113 PONTOON ROAD
GRANITE CITY,IL62040 		    TO SUPPORT THE ORGANIZATION'S MISSION. 10,000

ALZHEIMER'S ASSOCIATION

4600 AMERICAN PARKWAY STE 103
MADISON WI 53718
MADISON,WI53718 		    TO SUPPORT THE ORGANIZATION'S MISSION. 25,000

MISSISSIPPI VALLEY CONSERVANCY

1309 NORPLEX DRIVE 9 LA CROSSE WI
54601
LA CROSSE,WI54601 		    TO SUPPORT THE ORGANIZATION'S MISSION. 5,000

CLARK LAKE CONSERVATION ASSOCIATION

PO BOX 247
NISSWA,MN56468 		    TO SUPPORT THE ORGANIZATION'S MISSION. 2,500

RUBY HABITAT FOUNDATION

2597 MT-287
SHERIDAN,MT59749 		    TO SUPPORT THE ORGANIZATION'S MISSION. 5,000

MONTANA LAND RELIANCE

401 N CALIFORNIA STREET
HELENA,MT59601 		    TO SUPPORT THE ORGANIZATION'S MISSION. 5,000

CHILD LOSS FOUNDATION

8301 GOLDEN VALLEY RD 210
GOLDEN VALLEY,MN55427 		    TO SUPPORT THE ORGANIZATION'S MISSION. 5,000

MSU MANKATO FOUNDATION

126 ALUMNI FOUNDATION CENTER
MANKATO,MN56001 		    TO SUPPORT THE ORGANIZATION'S MISSION. 25,000

UNIVERSITY OF WISCONSIN FOUNDATION

1848 UNIVERSITY AVENUE
MADISON,WI53726 		    TO SUPPORT THE ORGANIZATION'S MISSION. 15,000

CANNON FALLS FIRE AND RESCUE

320 HOFFMAN STREET
CANNON FALLS,MN55009 		    TO SUPPORT THE ORGANIZATION'S MISSION. 10,000

COMMUNITY FOUNDATION OF SOUTHERN WISCONSIN

121 N PARKER DRIVE
JANESVILLE,WI53545 		    TO SUPPORT THE ORGANIZATION'S MISSION. 5,000

ORONO HOCKEY BOOSTERS INC

PO BOX 495
LONG LAKE,MN55356 		    TO SUPPORT THE ORGANIZATION'S MISSION. 5,000

MAUI YOUTH AND FAMILY SERVICES

1931 BALDWIN AVENUE
MAKAWAO,HI96768 		    TO SUPPORT THE ORGANIZATION'S MISSION. 125,000

THE ACCOMPLIS COLLECTIVE

1632 1ST AVENUE SUITE 22939
NEW YORK,NY10028 		    TO SUPPORT THE ORGANIZATION'S MISSION. 20,000
Total ................................. 3a 1,225,000
bApproved for future payment
Total ................................. 3b 0
Form 990-PF (2025)
Form 990-PF (2025)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		         
4 Dividends and interest from securities ....     14 266,159  
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 .....     18 4,344  
8 Gain or (loss) from sales of assets other than
inventory ............ 		    18 817,928  
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) .. 0 1,088,431 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
1,088,431
(See worksheet in line 13 instructions to verify calculations.)
Part XV-B
Relationship of Activities to the Accomplishment of Exempt Purposes
Line No.
DownArrow 		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
instructions.)
Form 990-PF (2025)
Form 990-PF (2025)
Page 13
Part XVI
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
1
Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
Yes
No
a
Transfers from the reporting foundation to a noncharitable exempt organization of:
(1) Cash...................................
1a(1)
 
No
(2) Other assets.................................
1a(2)
 
No
b
Other transactions:
(1) Sales of assets to a noncharitable exempt organization....................
1b(1)
 
No
(2) Purchases of assets from a noncharitable exempt organization..................
1b(2)
 
No
(3) Rental of facilities, equipment, or other assets.......................
1b(3)
 
No
(4) Reimbursement arrangements...........................
1b(4)
 
No
(5) Loans or loan guarantees.............................
1b(5)
 
No
(6) Performance of services or membership or fundraising solicitations................
1b(6)
 
No
c
Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
1c
 
No
d
If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
(a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
2a
Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
b
If "Yes," complete the following schedule.

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


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


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

TY 2025 AccountingFeesSchedule
Name:
DONALD W & MARGARET M ANDERSON
 
FOUNDATION
EIN:
65-6254236
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING FEES 4,000 4,000   0

TY 2025 InvestmentsCorpStockSchedule
Name:
DONALD W & MARGARET M ANDERSON
 
FOUNDATION
EIN:
65-6254236
Name of Stock End of Year Book Value End of Year Fair Market Value
ADVANCED MICRO DEVICES INC 200,699 321,240
AIR PRODS & CHEMS INC 164,409 141,542
ALPHABET INC CL A 194,601 1,032,900
ALPHABET INC CL A 121,312 1,095,500
AMAZON.COM INC 360,338 577,050
AMAZON.COM INC 456,753 577,281
APPLE INC 507,734 598,091
BERKSHIRE HATHAWAY INC CL B 308,146 402,120
CHEVRON CORP NEW 185,160 167,651
COPART INC 139,940 117,450
DEERE & CO 173,867 203,454
FISERVE INC 200,655 154,491
HONEYWELL INTL INC 180,678 195,090
INTUIT 107,416 212,637
JOHNSON & JOHNSON 176,303 279,383
JPMORGAN CHASE & CO 82,987 209,443
LOWES COMPANIES INC 171,026 226,690
MASTERCARD INCORPORATED 130,438 627,968
MERCADOLIBRE INC COM 323,266 503,565
MERCK & CO INC 118,758 162,416
MICROSOFT CORP 284,937 967,240
MICROSOFT CORP 137,581 677,068
NVIDIA CORP 225,163 1,146,975
NVIDIA CORP 55,382 1,585,250
PEPSICO INC 242,293 215,280
PROCTER & GAMBLE CO 130,841 133,708
QUALCOMM INC 115,479 162,498
SALESFORCE INC 204,734 218,551
VISA INC 150,875 436,634
VISA INC 51,523 631,278
EXXON MOBILE CORP 300,188 421,190
PHILLIPS 66 229,263 303,244
ELI LILLY & CO 332,915 456,739
TOAST INC 175,678 355,100
VSE CORP 163,341 621,972
ADVANCED MICRO DEVICES INC 402,659 513,984
DR HORTON INC 200,864 240,242
EXXON MOBILE CORP 148,375 159,932
META PLATFORMS, INC. 507,072 609,923
MICROCHIP TECHNOLOGY INC 116,504 90,482
PALO ALTO NETWORKS, INC. 338,805 368,400
SERVICE NOW, INC. 170,281 153,190
WALMART INC. 97,065 200,538
AMERICAN EXPRESS CO 294,716 739,900
APPLE INC. 15,778 489,348
INTUITIVE SURGICAL INC. 399,786 566,360
TAIWAN SEMICONDUCTOR SP-A 203,307 334,279
APPLIED MATERIALS 147,222 218,442
ASTERA LABS 219,170 259,189
BROADCOM INC 141,255 294,185
CHARLES SCHWAB CORP 123,475 249,775
COSTCO WHOLESALE GROUP 23,297 21,559
DANAHER CORP 152,245 183,136
ELEVANCE HEALTH INC 215,980 245,385
LOCKHEED MARTIN 173,948 169,285
NETFLIX 333,636 278,280
VANGUARD INDUSTRIALS 247,825 253,623
CRISPR THERAPEUTICS 173,333 182,124
AAR CORP 369,424 455,345
BGC GROUP 190,557 178,600
ELI LILLY & CO 247,076 483,606
INTUITIVE SURGICAL INC. 108,590 141,590
JP MORGAN CHASE & CO. 399,046 547,774
KINDER MORGAN INC 265,516 274,900
MICROCHIP TECHNOLOGY INC 369,260 318,600
MODINE MANUFACTURING 314,547 400,530
STRYKER CORP 364,191 351,470

TY 2025 InvestmentsOtherSchedule2
Name:
DONALD W & MARGARET M ANDERSON
 
FOUNDATION
EIN:
65-6254236
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
ISHARES TR AT COST 477,409 474,663

TY 2025 OtherIncomeSchedule2
Name:
DONALD W & MARGARET M ANDERSON
 
FOUNDATION
EIN:
65-6254236
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
LITIGATION INCOME 4,344 4,344 4,344


TY 2025 OtherProfessionalFeesSchedule
Name:
DONALD W & MARGARET M ANDERSON
 
FOUNDATION
EIN:
65-6254236
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
WEALTH ENHANCEMENT TRUST SERVICES FEES 115,931 115,931   0
QUARTERLY MANAGEMENT FEES - WISCONSIN CAPITAL MANAGEMENT 49,353 49,353   0
PROFESSIONAL FEES - CONSULTANT 562 562   0


TY 2025 TaxesSchedule
Name:
DONALD W & MARGARET M ANDERSON
 
FOUNDATION
EIN:
65-6254236
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
2023 FORM 990-PF EXCISE TAXES 28,990 28,990   0