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
The Burroughs Family Foundation
 
% Foundation Source
Number and street (or P.O. box number if mail is not delivered to street address) Foundation Source 501 Silverside Rd
  Room/suite
City or town
Wilmington
State or province
DE
Country  
ZIP or foreign postal code
198091377
A Employer identification number

92-1213527
B Telephone number (see instructions)

8008391754
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)$6,183,363J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule) 0
2 Check .................
3 Interest on savings and temporary cash investments 6,767 6,767  
4 Dividends and interest from securities... 146,462 146,462  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 293,840
b Gross sales price for all assets on line 6a 1,811,373
7 Capital gain net income (from Part IV, line 2)... 285,181
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).......      
12 Total. Add lines 1 through 11........ 447,069 438,410  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0      
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
15,717 15,717    
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
3,604 4    
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
23,249 3   23,246
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 42,570 15,724   23,246
25 Contributions, gifts, grants paid....... 190,554 190,554
26 Total expenses and disbursements. Add lines 24 and 25 ................ 233,124 15,724   213,800
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 213,945
b Net investment income (if negative, enter -0-) 422,686
c Adjusted net income (if negative, enter -0-)... 0
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2025)
Form 990-PF (2025)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 172,559 113,634 113,634
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) 730,360 Click to see attachment
List of Attached Documents:
// Content
683,936 		695,114
b Investments—corporate stock (attach schedule)....... 3,635,089 Click to see attachment
List of Attached Documents:
// Content
3,852,425 		4,632,038
c Investments—corporate bonds (attach schedule)....... 436,693 Click to see attachment
List of Attached Documents:
// Content
538,651 		549,992
11 Investments—land, buildings, and equipment: basis  
Less: accumulated depreciation (attach schedule)        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 200,000 Click to see attachment
List of Attached Documents:
// Content
200,000 		192,585
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) 5,174,701 5,388,646 6,183,363
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........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds 5,174,701 5,388,646
29 Total net assets or fund balances (see instructions)..... 5,174,701 5,388,646
30 Total liabilities and net assets/fund balances (see instructions). 5,174,701 5,388,646
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
5,174,701
2
Enter amount from Part I, line 27a .....................
2
213,945
3
Other increases not included in line 2 (itemize)
3
 
4
Add lines 1, 2, and 3 ..........................
4
5,388,646
5
Decreases not included in line 2 (itemize)
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, line 29, column (b) ..
6
5,388,646
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      
b
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 1,811,373   1,526,192 285,181
b
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       285,181
b
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 2 285,181
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 5,875
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 5,875
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 5,875
6 Credits/Payments:
a 2025 estimated tax payments and 2024 overpayment credited to 2025 6a 2,553
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 3,500
d Backup withholding erroneously withheld .......... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 6,053
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment
List of Attached Documents:
// Content
8 12
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... 10 166
11 Enter the amount of line 10 to be: Credited to 2026 estimated tax166 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. $   (2) On foundation managers.$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
FL
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
8b
Yes
 
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2025 or the taxable year beginning in 2025? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
 
No
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
11
 
No
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website address  
14
The books are in care ofFoundation Source Telephone no. (800) 839-1754

Located at501 Silverside Road Suite 123WilmingtonDE ZIP+4198091377
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
Nancy L Bartmess Trustee
1.0 		0 0 0
Foundation Source 501 Silverside Rd
Wilmington,DE198091377
Richard Burroughs Trustee
1.0 		0 0 0
Foundation Source 501 Silverside Rd
Wilmington,DE198091377
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
 
Total number of other employees paid over $50,000...................  
Form 990-PF (2025)
Form 990-PF (2025)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
 
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)
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
5,691,654
b
Average of monthly cash balances.......................
1b
155,164
c
Fair market value of all other assets (see instructions)................
1c
192,585
d
Total (add lines 1a, 1b, and 1c).......................
1d
6,039,403
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
 
2
Acquisition indebtedness applicable to line 1 assets..................
2
0
3
Subtract line 2 from line 1d.........................
3
6,039,403
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
90,591
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
5,948,812
6
Minimum investment return. Enter 5% (0.05) of line 5 ................
6
297,441
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
297,441
2a
Tax on investment income for 2025 from Part V, line 5 .......
2a
5,875
b
Income tax for 2025. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
5,875
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
291,566
4
Recoveries of amounts treated as qualifying distributions................
4
 
5
Add lines 3 and 4............................
5
291,566
6
Deduction from distributable amount (see instructions) .................
6
 
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
291,566
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
213,800
b
Program-related investments—total from Part VIII-B..................
1b
0
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
0
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
0
b
Cash distribution test (attach the required schedule) .................
3b
0
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
213,800
Form 990-PF (2025)
Form 990-PF (2025)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2024 		(c)
2024 		(d)
2025
1 Distributable amount for 2025 from Part X, line 7 291,566
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only....... 203,497
b Total for prior years:2023, 2022, 2021  
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: $ 213,800
a Applied to 2024, but not more than line 2a 203,497
b Applied to undistributed income of prior years
(Election required—see instructions) ..... 		 
c Treated as distributions out of corpus (Election
required—see instructions) ........ 		 
d Applied to 2025 distributable amount..... 10,303
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2025.    
(If an amount appears in column (d), the
same amount must be shown in column (a).)
6Enter the net total of each column as
indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
b Prior years’ undistributed income. Subtract
line 4b from line 2b .......... 		 
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 .......... 		281,263
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		 
8 Excess distributions carryover from 2020 not
applied on line 5 or line 7 (see instructions) ... 		 
9 Excess distributions carryover to 2026.
Subtract lines 7 and 8 from line 6a ...... 		0
10 Analysis of line 9:
a Excess from 2021 ....  
b Excess from 2022 ....  
c Excess from 2023 ....  
d Excess from 2024 ....  
e Excess from 2025 .... 0
Form 990-PF (2025)
Form 990-PF (2025)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2025, enter the date of the ruling ......
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2025 (b) 2024 (c) 2023 (d) 2022
         
b 85% (0.85) of line 2a .......          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, 3b, or 3c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
RICHARD BURROUGHS
NANCY L BARTMESS
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

AMELIA ISLAND CHAMBER MUSIC FESTIVAL INC

1405 PARK AVE STE 101
FERN BCH,FL32034 		N/A   General & Unrestricted 50,000

AMELIA ISLAND OPERA INC

PO BOX 1008
FERN BCH,FL32035 		N/A   General & Unrestricted 10,000

ARTS ALIVE NASSAU INC

96072 CHESTER RD
YULEE,FL32097 		N/A   General & Unrestricted 5,000

BAPTIST HEALTH SYSTEM FOUNDATION INC

1660 PRUDENTIAL DR STE 203
JACKSONVILLE,FL32207 		N/A   BMCN Strategic Initiative Fund 25,000

BARNABAS CENTER INCORPORATED

1303 JASMINE ST STE 101
FERN BCH,FL32034 		N/A   General & Unrestricted 5,000

BOOK ISLAND FESTIVAL INC

PO BOX 15286
FERN BCH,FL32035 		N/A   General & Unrestricted 18,554

BOOK ISLAND FESTIVAL INC

PO BOX 15286
FERN BCH,FL32035 		N/A   Amelia Island Book Festival 10,000

BOYS & GIRLS CLUB OF NASSAU COUNTY FOUNDATION INC

PO BOX 16003
FERN BCH,FL32035 		N/A   General & Unrestricted 10,000

DEETTE HOLDEN CUMMER MUSEUM FOUNDATION INC

829 RIVERSIDE AVE
JACKSONVILLE,FL32204 		N/A   Cummer Amelia Fund 2,000

JACKSONVILLE SYMPHONY ASSOCIATION

300 WATER ST STE 200
JACKSONVILLE,FL32202 		N/A   General & Unrestricted 5,000

JACKSONVILLE ZOOLOGICAL SOCIETY INC

370 ZOO PKWY
JACKSONVILLE,FL32218 		N/A   for Manatee research 2,000

KID SMART

2200 21ST AVE S STE 200
NASHVILLE,TN37212 		N/A   General & Unrestricted 3,000

MEMORIAL PARK ASSOCIATION INC

1650-302 MARGARET ST 322
JACKSONVILLE,FL32204 		N/A   General & Unrestricted 2,000

MOUNTAIN TRAILS FOUNDATION INC

PO BOX 754
PARK CITY,UT84060 		N/A   General & Unrestricted 1,000

NASHVILLE SYMPHONY ASSOCIATION

1 SYMPHONY PL
NASHVILLE,TN37201 		N/A   General & Unrestricted 3,000

NASSAU HUMANE SOCIETY INC

639 AIRPORT RD
FERN BCH,FL32034 		N/A   General & Unrestricted 1,000

NATIONAL ABILITY CENTER

1000 ABILITY WAY
PARK CITY,UT84060 		N/A   General & Unrestricted 5,000

PARK CITY OPERA

13 RED HAWK RIDGE RD
PARK CITY,UT84098 		N/A   General & Unrestricted 3,000

SAFARI WEST WILDLIFE FOUNDATION

3115 PORTER CREEK RD
SANTA ROSA,CA95404 		N/A   General & Unrestricted 1,000

SAN MARCO CHAMBER MUSIC SOCIETY

6806 SAN SABASTIAN AVE
JACKSONVILLE,FL32217 		N/A   San Marco Quartet 1,000

SUSAN G KOMEN BREAST CANCER FOUNDATION

13770 NOEL ROAD STE 801889
DALLAS,TX75380 		N/A   General & Unrestricted 5,000

TAKE STOCK IN CHILDREN OF NASSAU COUNTY

516 S 10TH ST STE 119
FERNANDINA BEACH,FL32034 		N/A   General & Unrestricted 15,000

U S CONSTITUTION SCHOLARSHIP FOUNDATION INC

1417 SADLER RD BOX 216
FERNANDINA BEACH,FL32034 		N/A   General & Unrestricted 5,000

UTAH SYMPHONY & OPERA

123 WEST S TEMPLE
SALT LAKE CITY,UT84101 		N/A   Charitable Event 3,000
Total ................................. 3a 190,554
bApproved for future payment
Total ................................. 3b  
Form 990-PF (2025)
Form 990-PF (2025)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		    14 6,767  
4 Dividends and interest from securities ....     14 146,462  
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 ............ 		    18 293,840  
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) ..   447,069  
13Total. Add line 12, columns (b), (d), and (e)..................
13
447,069
(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


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Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

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TY 2025 DepreciationSchedule
Name:
The Burroughs Family Foundation
EIN:
92-1213527
Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
Life (# of years)		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included

TY 2025 InvestmentsCorpBondsSchedule
Name:
The Burroughs Family Foundation
EIN:
92-1213527
Name of Bond End of Year Book Value End of Year Fair Market Value
AT&T INC - 2.750% - 06/01/2031 21,494 22,981
BOEING CO - 5.150% - 05/01/203 24,674 24,685
DISNEY WALT CO NOTE - 3.800% - 33,054 34,725
DOLLAR GEN CORP - 3.500% - 04/ 19,345 19,361
EAGLE MATLS INC - 2.500% - 07/ 19,115 19,089
EXPEDIA GROUP INC - 3.800% - 0 12,909 12,931
FHLMC SUPER 15Y FIXED - 5.000% 61,818 61,787
GENUINE PARTS CO - 4.950% - 08 25,278 25,472
GLOBAL PAYMENTS INC - 4.500% - 25,017 25,048
GOLDMAN SACHS GROUP INC - 1.54 14,677 14,739
INTEL CORP - 2.450% - 11/15/20 21,341 23,350
JPMORGAN CHASE & CO NOTE - 6.2 25,045 25,300
JPMORGAN CHASE &CO - 3.782% - 23,962 24,945
MARRIOTT INTERNATIONAL INC. CL 12,198 12,191
MORGAN STANLEY - 3.125% - 07/2 47,101 49,778
MORGAN STANLEY MTN - 4.889% - 12,281 12,173
MPLX LP SENIOR NOTES DUE 2033 18,016 18,210
QUANTA SVCS INC - 2.900% - 10/ 16,189 16,861
SMUCKER JM CO - 6.200% - 11/15 25,010 24,967
SOUTHERN CO SER - 5.700% - 03/ 18,997 18,979
UNITEDHEALTH GROUP INC NOTE - 35,308 36,494
WESTERN MIDSTREA STEP - 4.050% 3,873 3,922
WESTERN MIDSTREAM OPERATING LP 21,949 22,004

TY 2025 InvestmentsCorpStockSchedule
Name:
The Burroughs Family Foundation
EIN:
92-1213527
Name of Stock End of Year Book Value End of Year Fair Market Value
ABBOTT LABS 9,719 11,652
ADOBE SYSTEMS, INC 15,602 10,500
ADVANCED MICRO DEVICES INC 6,868 7,067
ALPHABET INC CL A 30,044 75,433
ALPHABET INC CL C 12,489 34,518
AMAZON COM 43,752 85,634
AMERICAN TOWER REIT INC 7,537 6,672
ANALOG DEVICES INC 9,626 14,102
APPLE INC 48,021 79,111
ASML HOLDING NV NY REG SHS 12,278 17,118
ASTRAZENECA PLC SP ADR 21,824 29,234
AT INCOME OPPORTUNITIES FUND I 188,175 198,721
AUTOMATIC DATA PROCESSING INC 12,835 12,862
BARCLAYS ETN PLUS SELECT MLP 163,551 238,072
BLACKROCK INC 9,174 13,914
BROADCOM INC 25,518 32,533
CHENIERE ENERGY INC 10,246 10,497
CIBC ATLAS INTERNATIONAL GROWT 541,048 678,061
CME GROUP, INC 11,136 15,019
COSTAR GROUP, INC 6,624 5,783
DANAHER CORP 20,158 21,290
DEXCOM, INC 15,324 13,805
EATON CORP PLC 9,393 10,829
ELI LILLY & CO 10,663 13,971
EXPAND ENERGY CORP 11,404 11,698
EXXON MOBIL CORP 18,384 22,865
FIDELITY NATIONAL INFORMATION 10,677 11,365
FLUTTER ENTERTAINMENT ORD SHS 10,995 9,462
HOME DEPOT INC 10,295 11,011
IDEXX LABORATORIES INC 5,715 10,148
INTERCONTINENTAL EXCHANGE, INC 13,929 20,407
INTUIT 15,474 15,236
IQVIA HOLDINGS INC 16,524 17,131
JP MORGAN CHASE 12,709 28,355
JPMORGAN EQUITY PREMIUM INCO 160,085 168,057
LINDE PLC COM 17,421 19,614
MANAGERS AMG FDS TSQ MC GRW IN 402,530 366,572
MARTIN MARIETTA MATLS INC 11,617 14,944
MCDONALD'S CORP 15,584 16,810
META PLATFORMS INC 31,913 34,985
MICROSOFT CORP 70,846 114,618
MONDELEZ INTERNATIONAL INC 17,728 14,319
MONSTER BEVERAGE CORP 12,662 18,861
NEXTERA ENERGY, INC 18,052 21,354
NVIDIA CORP 32,404 107,424
O'REILLY AUTOMOTIVE INC 5,954 8,209
OTIS WORLDWIDE CORP 13,229 13,452
PNC FINANCIAL GROUP INC 9,357 13,776
POLEN GROWTH FUND INSTITUTIONA 318,365 312,248
PROGRESSIVE CORP OHIO 10,149 9,564
PROLOGIS 13,555 14,681
QUALCOMM INC 12,228 14,881
RAYTHEON TECHNOLOGIES CORP 13,959 25,676
ROPER INDUSTRIES 12,659 12,019
S&P GLOBAL INC COM 10,045 13,587
SALESFORCE.COM 13,036 14,570
STRYKER CORPORATION 8,594 10,544
T-MOBILE US INC 8,561 9,137
TE CONNECTIVITY LTD 11,667 19,793
THE BLACKSTONE GROUP INC CL A 15,806 24,046
THERMO FISHER SCIENTIFIC INC 22,508 24,916
TJX COMPANIES INC 10,135 18,587
UNION PACIFIC 19,194 20,819
UNITEDHEALTH GROUP INC 23,924 15,845
VANGUARD MID-CAP ETF 269,501 350,876
VANGUARD SM-CAP ETF 254,827 306,703
VANGUARD VALUE ETF 223,986 299,281
VERSUS CAPITAL MULTI MNGR REAL 170,000 146,722
VERSUS CAPITAL REAL ASSETS FUN 161,862 167,937
VICI PROPERTIES INC 7,426 6,861
VISA INC 28,268 41,734
WALT DISNEY HOLDINGS CO 10,583 12,742
ZOETIS INC 14,494 11,198

TY 2025 InvestmentsGovtObligationsSch
Name:
The Burroughs Family Foundation
EIN:
92-1213527
US Government Securities - End of Year Book Value:

683,936
US Government Securities - End of Year Fair Market Value:

695,114
State & Local Government Securities - End of Year Book Value:


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


 


TY 2025 InvestmentsOtherSchedule2
Name:
The Burroughs Family Foundation
EIN:
92-1213527
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
MONROE CAPITAL INCOME PLUS COR   200,000 192,585

TY 2025 OtherExpensesSchedule
Name:
The Burroughs Family Foundation
EIN:
92-1213527
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Administrative Fees 23,246     23,246
Bank Charges 3 3    


TY 2025 OtherProfessionalFeesSchedule
Name:
The Burroughs Family Foundation
EIN:
92-1213527
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Investment Management Services 15,717 15,717    


TY 2025 TaxesSchedule
Name:
The Burroughs Family Foundation
EIN:
92-1213527
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
990-PF Estimated Tax for 2025 2,400      
990-PF Extension for 2024 1,200      
Foreign Tax Paid 4 4