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
George H and Estelle M Sands Foundation
C/O Jeffrey H Sands Trustee
% JEFFREY H SANDS TRUSTEE
Number and street (or P.O. box number if mail is not delivered to street address) 902 Carnegie Center Suite 400
  Room/suite
City or town
Princeton
State or province
NJ
Country  
ZIP or foreign postal code
08540
A Employer identification number

22-3483828
B Telephone number (see instructions)

6099216060
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)$91,055,669J 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 73,802 73,802  
4 Dividends and interest from securities... 1,477,353 1,414,480  
5a Gross rents............ 2,330,511 2,330,511  
b Net rental income or (loss) 199,254
6a Net gain or (loss) from sale of assets not on line 10 3,218,952
b Gross sales price for all assets on line 6a 13,025,435
7 Capital gain net income (from Part IV, line 2)... 3,218,952
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
55,080 -460  
12 Total. Add lines 1 through 11........ 7,155,698 7,037,285  
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)....... Click to see attachment
List of Attached Documents:
// Content
15,300 15,300 0 0
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
406,645 406,645    
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
193,708 17,694    
19 Depreciation (attach schedule) and depletion... Click to see attachment
List of Attached Documents:
// Content
586,389 586,389  
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
1,594,520 1,594,520    
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 2,796,562 2,620,548 0 0
25 Contributions, gifts, grants paid....... 4,159,532 4,159,532
26 Total expenses and disbursements. Add lines 24 and 25 ................ 6,956,094 2,620,548 0 4,159,532
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 199,604
b Net investment income (if negative, enter -0-) 4,416,737
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............. 1,324,969 222,572 222,572
2 Savings and temporary cash investments......... 5,901,301 5,906,570 5,906,570
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) 641,043 Click to see attachment
List of Attached Documents:
// Content
290,801 		297,249
b Investments—corporate stock (attach schedule)....... 46,044,426 Click to see attachment
List of Attached Documents:
// Content
47,487,345 		68,033,084
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis 27,178,365
Less: accumulated depreciation (attach schedule) 9,608,895 17,247,494 17,569,470 15,250,000
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 1,191,593 Click to see attachment
List of Attached Documents:
// Content
1,067,428 		1,346,194
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) 72,350,826 72,544,186 91,055,669
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 ) Click to see attachment
List of Attached Documents:
// Content
227,472 		Click to see attachment
List of Attached Documents:
// Content
221,228
23 Total liabilities (add lines 17 through 22)......... 227,472 221,228
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........ 72,123,354 72,322,958
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds    
29 Total net assets or fund balances (see instructions)..... 72,123,354 72,322,958
30 Total liabilities and net assets/fund balances (see instructions). 72,350,826 72,544,186
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
72,123,354
2
Enter amount from Part I, line 27a .....................
2
199,604
3
Other increases not included in line 2 (itemize)
3
 
4
Add lines 1, 2, and 3 ..........................
4
72,322,958
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
72,322,958
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 SEE ATTACHED LPL FINANCIAL STATEMENT P 2007-07-25 2025-07-02
b SEE ATTACHED RAYMOND JAMES STATEMENT P 2024-01-01 2025-12-31
c SEE ATTACHED RAYMOND JAMES STATEMENT P 2025-01-01 2025-12-31
d SEE ATTACHED RAYMOND JAMES STATEMENT P 2024-01-01 2025-12-31
e SEE ATTACHED RAYMOND JAMES STATEMENT P 2024-01-01 2025-12-31
SEE ATTACHED RAYMOND JAMES STATEMENT P 2025-01-01 2025-12-31
SEE ATTACHED RAYMOND JAMES STATEMENT P 2024-01-01 2025-12-31
SEE ATTACHED RAYMOND JAMES STATEMENT P 2024-01-01 2025-12-31
SEE ATTACHED RAYMOND JAMES STATEMENT P 2025-01-01 2025-12-31
SEE ATTACHED RAYMOND JAMES STATEMENT P 2024-01-01 2025-12-31
SEE ATTACHED STIFEL, NICOLAUS & CO., STATEMENT P 2025-01-01 2025-12-31
SEE ATTACHED STIFEL, NICOLAUS & CO., STATEMENT P 2024-01-01 2025-12-31
SEE ATTACHED STIFEL, NICOLAUS & CO., STATEMENT P 2024-01-01 2025-12-31
SEE ATTACHED UBS BROKERAGE STATEMENT P 2025-01-01 2025-12-31
SEE ATTACHED UBS BROKERAGE STATEMENT P 2025-01-01 2025-12-31
SEE ATTACHED UBS BROKERAGE STATEMENT P 2024-01-01 2025-12-31
SEE ATTACHED UBS BROKERAGE STATEMENT P 2024-01-01 2025-12-31
SEE ATTACHED UBS BROKERAGE STATEMENT P 2024-01-01 2025-12-31
SEE ATTACHED UBS BROKERAGE STATEMENT P 2025-01-01 2025-12-31
SEE ATTACHED UBS BROKERAGE STATEMENT P 2024-01-01 2025-12-31
SEE ATTACHED UBS BROKERAGE STATEMENT P 2024-01-01 2025-12-31
SEE ATTACHED US TRUST STATEMENT P 2025-01-01 2025-12-31
SEE ATTACHED US TRUST STATEMENT P 2024-01-01 2025-12-31
SEE ATTACHED WILMINGTON TRUST CO STATEMENT P 2025-01-01 2025-12-31
SEE ATTACHED WILMINGTON TRUST CO STATEMENT P 2024-01-01 2025-12-31
ENLIVEN - QSBS P 2019-07-22 2025-06-03
DISC MEDICINE INC - QSBS P 2020-10-07 2025-12-17
HAYSTACK TEAM INC - QSBS P 2019-09-06 2025-06-11
SECURE INC P 2020-09-03 2025-12-04
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
(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 52,336   10,888 41,448
b 650,000   650,000  
c 69,268   65,319 3,949
d 79,934   31,483 48,451
e 11,899   828 11,071
155,115   161,060 -5,945
145,175   87,449 57,726
27,261   7,464 19,797
57,892   61,677 -3,785
142,512   74,737 67,775
79,084   72,931 6,153
313,313   291,128 22,185
150     150
54,245   54,586 -341
518   598 -80
1,847,664   1,750,974 96,690
86,507   70,084 16,423
65     65
481,842   342,737 139,105
2,472,497   1,886,332 586,165
245     245
498,932   460,142 38,790
2,438,706   1,636,632 802,074
25,408   23,579 1,829
2,560,427   2,062,713 497,714
2,359      
395      
336      
52      
      706,260
      706,260
      706,260
      706,260
      706,260
      706,260
      706,260
      706,260
      706,260
      706,260
      706,260
      706,260
      706,260
      706,260
      706,260
      706,260
      706,260
      706,260
      706,260
      706,260
      706,260
      706,260
      706,260
      706,260
      706,260
      706,260
      706,260
      706,260
      706,260
      706,260
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       41,448
b        
c       3,949
d       48,451
e       11,071
      -5,945
      57,726
      19,797
      -3,785
      67,775
      6,153
      22,185
      150
      -341
      -80
      96,690
      16,423
      65
      139,105
      586,165
      245
      38,790
      802,074
      1,829
      497,714
      2,359
      395
      336
      52
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
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 3,218,952
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 61,393
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 61,393
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 61,393
6 Credits/Payments:
a 2025 estimated tax payments and 2024 overpayment credited to 2025 6a 96,000
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 50,000
d Backup withholding erroneously withheld .......... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 146,000
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 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 84,607
11 Enter the amount of line 10 to be: Credited to 2026 estimated tax84,607 Refunded 11  
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? Click to see list of attachments
List of Attached Documents:
// Content
....................
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 changesClick to see list of attachments
List of Attached Documents:
// Content
....
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. Click to see list of attachments
List of Attached Documents:
// Content
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
 
No
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
NJ
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 ofJEFFREY H SANDS TRUSTEE Telephone no. (609) 921-6060

Located at902 CARNEGIE CENTER SUITE 400PRINCETONNJ ZIP+408540
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
 
 
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
JEFFREY H SANDS TRUSTEE
0 		0 0 0
902 Carnegie Center
Princeton,NJ08540
ELIZABETH SANDS TRUSTEE
0 		0 0 0
902 Carnegie Center
Princeton,NJ08540
DEBORAH SANDS GARTENBERG TRUSTEE
0 		0 0 0
902 Carnegie Center
Princeton,NJ08540
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
WILMINGTON TRUST invest mgmt 125,048
1100 NORTH MARKET STREET
WILMINGTON,DE19890
USTrust Invest mgmt 136,093
114 West 47th Street
NEW YORK,NY10036
Raymond James invest mgmt 70,693
880 Carillon Parkway
SAINT PETERSBURG,FL33716
UBS FINANCIAL SERVICES INC invest mgmt 52,339
1000 HARBOR BLVD
WEEHAWKEN,NJ07086
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
65,188,150
b
Average of monthly cash balances.......................
1b
6,214,120
c
Fair market value of all other assets (see instructions)................
1c
16,325,000
d
Total (add lines 1a, 1b, and 1c).......................
1d
87,727,270
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
87,727,270
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
1,315,909
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
86,411,361
6
Minimum investment return. Enter 5% (0.05) of line 5 ................
6
4,320,568
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
4,320,568
2a
Tax on investment income for 2025 from Part V, line 5 .......
2a
61,393
b
Income tax for 2025. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
61,393
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
4,259,175
4
Recoveries of amounts treated as qualifying distributions................
4
 
5
Add lines 3 and 4............................
5
4,259,175
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
4,259,175
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
4,159,532
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
4,159,532
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 4,259,175
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only....... 4,140,729
b Total for prior years:2023, 2022, 2021  
3 Excess distributions carryover, if any, to 2025:
a From 2020...... 0
b From 2021...... 0
c From 2022...... 0
d From 2023...... 0
e From 2024...... 0
f Total of lines 3a through e ........ 0
4Qualifying distributions for 2025 from Part
XI, line 4: $ 4,159,532
a Applied to 2024, but not more than line 2a 4,140,729
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..... 18,803
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2025. 0 0
(If an amount appears in column (d), the
same amount must be shown in column (a).)
6Enter the net total of each column as
indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
b Prior years’ undistributed income. Subtract
line 4b from line 2b .......... 		 
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 .......... 		4,240,372
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 .... 0
c Excess from 2023 .... 0
d Excess from 2024 .... 0
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).)
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

SAVE

900 HERRONTOWN ROAD
PRINCETON,NJ08540 		NONE   GENERAL 25,000

PRINCETON PUBLIC LIBRARY

65 WITHERSPOON ST
PRINCETON,NJ08542 		NONE   GENERAL 150,000

TRENTON AREA SOUP KITCHENS

PO BOX 872
TRENTON,NJ08605 		NONE   GENERAL 20,000

ARTS COUNCIL OF PRINCETON

102 WITHERSPOON ST
PRINCETON,NJ08542 		NONE   GENERAL 15,000

DRUMTHWACKET FOUNDATION

354 STOCKTON ST
PRINCETON,NJ08540 		NONE   GENERAL 1,000

DELAWARE & RARITAN GREENWAY LAND TRUST

ONE PRESERVATION PLACE
PRINCETON,NJ08540 		NONE   GENERAL 10,000

HISTORICAL SOCIETY OF PRINCETON

158 NASSAU ST
PRINCETON,NJ08542 		NONE   GENERAL 4,000

MARQUAND PARK FOUNDATION

713 PROSPECT AVE
PRINCETON,NJ08540 		NONE   GENERAL 3,000

HI TOPS

21 WIGGINS ST
PRINCETON,NJ08540 		NONE   GENERAL 1,000

FRIENDS OF PRINCETON OPEN SPACE

PO BOX 374
PRINCETON,NJ08542 		NONE   GENERAL 70,000

PRINCETON FIRST AID RESCUE SQUAD

237 N HARRISON ST
PRINCETON,NJ08540 		NONE   GENERAL 10,000

YOUNG AUDIENCES OF NEW JERSEY

200 FORRESTAL ROAD
PRINCETON,NJ08540 		NONE   GENERAL 40,000

101 FUND

151 MOORE STREET
PRINCETON,NJ08540 		NONE   GENERAL 10,000

BOYS AND GIRLS CLUB

212 CENTRE STREET
TRENTON,NJ08611 		NONE   GENERAL 100,000

HOME FRONT NJ

1880 PRINCETON AVE
LAWRENCEVILLE,NJ08648 		NONE   GENERAL 75,000

LITERACY NEW JERSEY - MERCER COUNTY

3535 QUAKERBRIDGE ROAD 104
TRENTON,NJ08619 		NONE   GENERAL 15,000

MERCER STREET FRIENDS

151 MERCER ST
TRENTON,NJ08611 		NONE   GENERAL 75,000

MILLHILL CHILD AND FAMILY DEVELOPMENT

101 OAKLAND STREET
TRENTON,NJ08618 		NONE   GENERAL 75,000

PEI KIDS

231 LAWRENCEVILLE RD
LAWRENCE TOWNSHIP,NJ08648 		NONE   GENERAL 10,000

SUSTAINABLE PRINCETON

1 MONUMENT DRIVE
PRINCETON,NJ08540 		NONE   GENERAL 120,000

TRENTON CIRCUS SQUAD

675 S CLINTON AVENUE
TRENTON,NJ08611 		NONE   GENERAL 50,000

CAMPFIRE NJ

535 E FRANKLIN ST
TRENTON,NJ08610 		NONE   GENERAL 10,000

CATHOLIC YOUTH ORGANIZATION

171 CLIFTON AVENUE
NEWARK,NJ07104 		NONE   GENERAL 50,000

CENTER FOR CHILD AND FAMILY ACHIEVEMENT

PO BOX 220
TRENTON,NJ08602 		NONE   GENERAL 5,000

National Junior Tennis & Learning of Trenton

949 W STATE STREET
TRENTON,NJ08618 		NONE   GENERAL 60,000

Princeton-Blairstown Center

87 PROSPECT AVE
PRINCETON,NJ08540 		NONE   GENERAL 20,000

THE FATHER CENTER (PREVIOUSLY UIH Family Partners)

4 N BROAD ST STE 2R
TRENTON,NJ08608 		NONE   GENERAL 25,000

BIG BROTHERS BIG SISTERS OF MERCER

535 E FRANKLIN ST
TRENTON,NJ08610 		NONE   GENERAL 20,000

C-CHANGE CONVERSATIONS

PO BOX 1206
PRINCETON,NJ08542 		NONE   GENERAL 150,000

GOOD GRIEF

5 MAPLETON RD
PRINCETON,NJ08540 		NONE   GENERAL 10,000

Princeton Area Community Foundation

15 PRINCESS RD
LAWRENCEVILLE,NJ08648 		NONE   GENERAL 10,000

Sourland Conservacy

83 PRINCETON AVE STE 1A
HOPEWELL,NJ08525 		NONE   GENERAL 60,000

THE WATERSHED INSTITUTE

31 TITUS MILL ROAD
PENNINGTON,NJ08534 		NONE   GENERAL 301,667

BUCKS COUNTY PLAYHOUSE

70 S MAIN STREET
NEW HOPE,PA18938 		NONE   GENERAL 375,000

KINDERSMILE FOUNDATION - TRENTON

101 N BROAD STREET
TRENTON,NJ08618 		NONE   GENERAL 470,000

LITERACY VOLUNTEERS OF SOMERSET COUNTY

120 FINDERNE AVE
BRIDGEWATER TOWNSHIP,NJ08807 		NONE   GENERAL 15,000

MORVEN MUSEUM

55 STOCKTON ST
PRINCETON,NJ08540 		NONE   GENERAL 6,000

TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA

801 SPRUCE STREET
PHILADELPHIA,PA19107 		NONE   GENERAL 120,000

PRINCETON MEDICAL CENTER FOUNDATION

5 Plainsboro Rd 365
Plainsboro Township,NJ08536 		NONE   GENERAL 180,000

FISHERMAN'S MARK

37 S Main St
LAMBERTVILLE,NJ08530 		NONE   GENERAL 125,000

CASA FOR CHILDREN

77 Church Street
New Brunswick,NJ08901 		NONE   GENERAL 20,000

UNITED WAY

3150 Brunswick Pike 230
Lawrence Township,NJ08648 		NONE   GENERAL 25,000

SHARE MY MEALS

252 Nassau St
PRINCETON,NJ08542 		NONE   GENERAL 15,000

DELAWARE VALLEY FOOD PANTRY

1 Cherry St 1
LAMBERTVILLE,NJ08530 		NONE   GENERAL 20,000

ARM IN ARM

123 E Hanover St
TRENTON,NJ08608 		NONE   GENERAL 15,000

MARTY'S PLACE SENIOR DOG SANCTUARY

118 County Rd 526
Allentown,NJ08501 		NONE   GENERAL 5,000

CLIMATE CENTRAL

1 Palmer Square 402
PRINCETON,NJ08542 		NONE   GENERAL 100,000

JRH ARTS

535 E FRANKLIN ST
TRENTON,NE08610 		NONE   GENERAL 40,000

MEALS ON WHEELS OF MERCER COUNTY

320 Hollowbrook Dr
EWING TOWNSHIP,NJ08638 		NONE   GENERAL 20,000

PRINCETON BATTLEFIELD SOCIETY

500 MERCER STREET
PRINCETON,NJ08540 		NONE   GENERAL 2,500

PRINCETON FAMILY YMCA

59 Paul Robeson Pl
PRINCETON,NJ08540 		NONE   GENERAL 105,000

WESTRICK MUSIC ACADEMY

231 Clarksville Rd suite 8
PRINCETON JUNCTION,NJ08550 		NONE   GENERAL 15,000

ALMA BACKYARDS FARMS

801 E REDONDO BEACH BLVD
COMPTON,CA90220 		NONE   GENERAL 10,000

BAILEY-MATTHEWS NATIONAL SHELL MUSEUM

3075 SANIBEL CAPTIVA RD
SANIBEL,FL33957 		NONE   GENERAL 50,000

CALMATTERS

1017 L STREET 261
SACRAMENTO,CA95814 		NONE   GENERAL 25,000

CAPITAL HARMONY WORKS

1 N JOHNSON AVE SUITE A209
TRENTON,NJ08609 		NONE   GENERAL 40,000

CLINIC FOR THE REHABILITATION OF WILDLIFE

3883 SANIBEL CAPTIVA RD
SANIBEL,FL33957 		NONE   GENERAL 10,000

DING DARLING WILDLIFE SOCIETY

1 WILDLIFE DR
SANIBEL,FL33957 		NONE   GENERAL 20,000

EARTHLINKS INC

2746 W 13TH AVE
DENVER,CO80204 		NONE   GENERAL 15,000

FARM2PEOPLE

1928 HOLLYVISTA AVE
LOS ANGELES,CA90027 		NONE   GENERAL 10,000

FOOD FORWARD

7412 FULTON AVE 3
VALLEY GLEN,CA91605 		NONE   GENERAL 30,000

HOMEBOY INDUSTRIES

130 W BRUNO STREET
LOS ANGELES,CA90012 		NONE   GENERAL 15,000

MY FRIENDS PLACE

4003 NEW UTRECHT AVE 2 FL
BROOKYLN,NY11219 		NONE   GENERAL 10,000

PROJECT WORTHMORE

1666 ELMIRA ST
AURORA,CO80010 		NONE   GENERAL 80,000

RESCUE MISSION OF TRENTON

98 CARROLL STREET
TRENTON,NJ08609 		NONE   GENERAL 30,000

SUN VALLEY YOUTH CENTER

1230 DECATUR STREET
DENVER,CO80204 		NONE   GENERAL 25,000

THE GATHERING PLACE

5818 NW LOOP 410
SAN ANTONIO,TX78238 		NONE   GENERAL 25,000

WARREN VILLAGE

1323 GILPIN STREET
DENVER,CO80218 		NONE   GENERAL 127,865

WE DONT WASTE

5971 BROADWAY
DENVER,CO80216 		NONE   GENERAL 35,000

WEECYCLE

3411 SHANNON PARK DRVIE
FREDERICKSBURG,VA22408 		NONE   GENERAL 110,000

Capital Health Foundation

Two Capital Way Suite 361
Pennington,NJ08534 		NONE   GENERAL 25,000

NJ Coalition to End Homelessness

10 Mercer Street
Princeton,NJ08540 		NONE   GENERAL 50,000

Trinity Counseling Service

353 NASSAU STREET
PRINCETON,NJ08540 		NONE   GENERAL 10,000

Food Bank of the Rockies

20600 E 38th Avenue
Aurora,CO80011 		NONE   GENERAL 30,000

Greater Somerset County YMCA

142 Mount Airy Rd
Basking Ridge,NJ07920 		NONE   GENERAL PURPOSE 10,000

Interfaith Caregivers of Greater Mercer County

3635 Quakerbridge Rd
Hamilton Square,NJ08619 		NONE   GENERAL PURPOSE 20,000

New Hope Historical Society

45 S Main St
New Hope,PA18938 		NONE   GENERAL PURPOSE 5,000

Rider University

2083 Lawrenceville Rd
Lawrenceville,NJ08648 		NONE   GENERAL PURPOSE 5,000

Rocky Mountain Immigrant Advocacy Network

7301 Federal Blvd Suite 300
Westminster,CO80030 		NONE   GENERAL PURPOSE 35,000

The Maker's Place

1985 Pennington Rd
Ewing,NJ08618 		NONE   GENERAL PURPOSE 2,500

The Toxoplasmosis Research Center

5729 S Kimbark Ave
Chicago,IL60637 		NONE   GENERAL PURPOSE 25,000
Total ................................. 3a 4,159,532
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 73,802  
4 Dividends and interest from securities ....     14 1,477,353  
5 Net rental income or (loss) from real estate:
aDebt-financed property......          
bNot debt-financed property.....     16 199,254  
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 3,218,952  
9 Net income or (loss) from special events:     18 55,080  
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) ..   5,024,441  
13Total. Add line 12, columns (b), (d), and (e)..................
13
5,024,441
(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:
George H and Estelle M Sands Foundation
 
C/O Jeffrey H Sands Trustee
EIN:
22-3483828
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING FEES 15,300 15,300    

TY 2025 ContractorCompensationExpln
Name:
George H and Estelle M Sands Foundation
 
C/O Jeffrey H Sands Trustee
EIN:
22-3483828
Contractor Explanation
WILMINGTON TRUST INVESTMENT MANAGEMENT SERVICES
U S Trust INVESTMENT MANAGEMENT SERVICES
Raymond James INVESTMENT MANAGEMENT SERVICES
UBS FINANCIAL SERVICES INC INVESTMENT MANAGEMENT SERVICES

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TY 2025 DepreciationSchedule
Name:
George H and Estelle M Sands Foundation
 
C/O Jeffrey H Sands Trustee
EIN:
22-3483828
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
LAND 2009-03-07 3,855,000   L          
BUILDING 2009-03-07 21,845,000 8,845,296 SL 39 560,128 560,128 560,128  
BLDG IMPROVEMENTS 2012-11-30 570,000 177,210 SL 39 14,615 14,615 14,615  
BLDG IMPROVEMENTS 2025-07-01 908,365   SL 39 11,646 11,646 11,646  

TY 2025 InvestmentsCorpStockSchedule
Name:
George H and Estelle M Sands Foundation
 
C/O Jeffrey H Sands Trustee
EIN:
22-3483828
Name of Stock End of Year Book Value End of Year Fair Market Value
FIDELITY - SEE ATTACHED 4,408,257 6,594,728
LPL FINANCIAL - SEE ATTACHED 545,906 1,223,388
STIFEL 4835 - SEE ATTACHED 1,121,196 1,266,817
UBS - SEE ATTACHED 2,251,639 2,361,041
UBS - SEE ATTACHED 12,553,216 12,628,745
US TRUST - SEE ATTACHED 9,157,040 15,184,889
WILMINGTON - SEE ATTACHED 12,794,074 20,199,691
NAVITAS SOLUTIONS 1,000,000 1,000,000
BANK OF PRINCETON 461,033 1,213,165
INTERVENTION DIAGNOSTICS 75,000 75,000
RAY JAMES 4717 - SEE ATTACHED 1,882,815 3,330,920
RAY JAMES 5830 - SEE ATTACHED 287,667 1,021,217
RAY JAMES 5854 - SEE ATTACHED 486,813 1,026,991
RAY JAMES 5825 - SEE ATTACHED 432,081 827,669
STIFEL 4776 - SEE ATTACHED 30,608 78,823

TY 2025 InvestmentsGovtObligationsSch
Name:
George H and Estelle M Sands Foundation
 
C/O Jeffrey H Sands Trustee
EIN:
22-3483828
US Government Securities - End of Year Book Value:

290,801
US Government Securities - End of Year Fair Market Value:

297,249
State & Local Government Securities - End of Year Book Value:


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


 


TY 2025 InvestmentsOtherSchedule2
Name:
George H and Estelle M Sands Foundation
 
C/O Jeffrey H Sands Trustee
EIN:
22-3483828
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
CROSS CREEK CAPITAL PARTNERS V AT COST 1,067,428 1,346,194

TY 2025 LandEtcSchedule2
Name:
George H and Estelle M Sands Foundation
 
C/O Jeffrey H Sands Trustee
EIN:
22-3483828
Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value


TY 2025 OtherExpensesSchedule
Name:
George H and Estelle M Sands Foundation
 
C/O Jeffrey H Sands Trustee
EIN:
22-3483828
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT EXPENSES 199 199    
INVESTMENT EXPENSES - PSHIP 49,453 49,453    
EXPENSES RELATED TO RENTAL INC   1,544,868    
Rent and Royalty Expense 1,544,868      


TY 2025 OtherIncomeSchedule2
Name:
George H and Estelle M Sands Foundation
 
C/O Jeffrey H Sands Trustee
EIN:
22-3483828
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
ORDINARY BUS INC - PSHIPS -1,204 -1,204  
EXCISE TAX OVERPAYMENT 55,540    
CLASS ACTION PROCEEDS 744 744  


TY 2025 OtherLiabilitiesSchedule
Name:
George H and Estelle M Sands Foundation
 
C/O Jeffrey H Sands Trustee
EIN:
22-3483828
Description Beginning of Year - Book Value End of Year - Book Value
SECURITY DEPOSITS 227,472 221,228


TY 2025 OtherProfessionalFeesSchedule
Name:
George H and Estelle M Sands Foundation
 
C/O Jeffrey H Sands Trustee
EIN:
22-3483828
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT FEES 406,645 406,645    


TY 2025 TaxesSchedule
Name:
George H and Estelle M Sands Foundation
 
C/O Jeffrey H Sands Trustee
EIN:
22-3483828
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FOREIGN TAXES 17,694 17,694    
EXCISE TAX 176,014