TY 2025 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

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

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

OMB No. 1545-0047

2025

Open to Public Inspection

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

Name of foundation
THE JOSEPH M RUFFIN FOUNDATION

Number and street (or P.O. box number if mail is not delivered to street address) 241 CROSSROAD
Room/suite

City or town
IRVINGTON

State or province
VA

Country

ZIP or foreign postal code
22480

A Employer identification number

46-3656750

B Telephone number (see instructions)

8045144958

C If exemption application is pending, check here

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

Address change Name change

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

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

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

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

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

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)$13,202,490J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

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


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .................
3	Interest on savings and temporary cash investments	71,809		71,809
4	Dividends and interest from securities...	178,354		178,354
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		364,971
b	Gross sales price for all assets on line 6a 10,679,310
7	Capital gain net income (from Part IV, line 2)...			364,971
8	Net short-term capital gain.........
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......	List of Attached Documents: // Content	371,386	52,842
12	Total. Add lines 1 through 11........	986,520		667,976
13	Compensation of officers, directors, trustees, etc.	0		0	0
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........	List of Attached Documents: // Content	37,473	0	37,473
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	1,800	900	900
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	113,627	113,627	0
17	Interest...............
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	66,892	4,892	0
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	1,783	0	1,783
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	221,575		119,419	40,156
25	Contributions, gifts, grants paid.......	494,000			494,000
26	Total expenses and disbursements. Add lines 24 and 25 ................	715,575		119,419	534,156
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	270,945
b	Net investment income (if negative, enter -0-)			548,557
c	Adjusted net income (if negative, enter -0-)...

For Paperwork Reduction Act Notice, see instructions.

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

Form 990-PF (2025)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............	9,645	17,588	17,588
	2	Savings and temporary cash investments.........	282,895	351,000	351,000
	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)	0	List of Attached Documents: // Content 34,462	35,393
	b	Investments—corporate stock (attach schedule).......	8,589,373	List of Attached Documents: // Content 8,715,757	10,018,744
	c	Investments—corporate bonds (attach schedule).......	1,519,056	List of Attached Documents: // Content 1,490,911	1,515,342
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	1,000,000	List of Attached Documents: // Content 1,052,842	1,063,874
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	List of Attached Documents: // Content 0	List of Attached Documents: // Content 200,549	List of Attached Documents: // Content 200,549
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	11,400,969	11,863,109	13,202,490
	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
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........	11,400,969	11,863,109
	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
	29	Total net assets or fund balances (see instructions).....	11,400,969	11,863,109
	30	Total liabilities and net assets/fund balances (see instructions).	11,400,969	11,863,109

Part III

Analysis of Changes in Net Assets or Fund Balances

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

11,400,969

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

270,945

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

List of Attached Documents:

// Content

191,195

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

11,863,109

Decreases not included in line 2 (itemize)

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

11,863,109

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
1 a	PUBLICLY TRADED SECURITIES
b	CAPITAL GAINS DIVIDENDS	P
c
d
e

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	10,674,880	10,314,339	360,541
b	4,430		4,430
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			360,541
b			4,430
c
d
e

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	364,971
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 .........................		3

Part V

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

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)	1	7,625
b	All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2	0
3	Add lines 1 and 2...........................	3	7,625
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4	0
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	7,625
6	Credits/Payments:

a	2025 estimated tax payments and 2024 overpayment credited to 2025	6a	13,357
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	0
d	Backup withholding erroneously withheld ..........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............		7	13,357
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	5,732
11	Enter the amount of line 10 to be: Credited to 2026 estimated tax5,732	Refunded	11	0
	For Refunded amount, also complete and attach Form 8050. See instructions.

Form 990-PF (2025)

Page 4

Part VI-A

Statements Regarding Activities

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

Yes

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

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

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

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

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

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

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

(1) On the foundation. $ 0(2) On foundation managers.$ 0

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

on foundation managers.$ 0

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

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

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

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

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

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

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

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

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

By language in the governing instrument, or

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

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

Yes

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

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

Yes

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

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

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

Yes

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

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

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

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

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

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

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

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

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

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

Yes

Website addressWWW.THEJOSEPHMRUFFINFOUNDATION.COM

The books are in care ofBETTY ENRIGHT Telephone no. (804) 514-4958

Located at10912 WESTEK DRIVERICHMONDVA ZIP+423233

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

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

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

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

16 No

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

Form 990-PF (2025)

Page 5

Part VI-B

Statements Regarding Activities for Which Form 4720 May Be Required

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

Yes

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

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

1a(1)

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

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

1a(2)

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

1a(3)

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

1a(4)

Yes

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

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

1a(5)

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

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

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

1a(6)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

20, 20, 20, 20

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

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

Yes

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

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

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

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

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

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

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

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

Form 990-PF (2025)

Page 6

Part VI-B

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

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

Yes

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

5a(1)

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

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

5a(2)

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

5a(3)

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

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

5a(4)

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

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

5a(5)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Part VII

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

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

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
KATHY RHODES	PRESIDENT 5.00	0	0	0
241 CROSSROAD IRVINGTON,VA22480	PRESIDENT 5.00	0	0	0
AMY A SUMMERSETT	SECRETARY 5.00	0	0	0
241 CROSSROAD IRVINGTON,VA22480	SECRETARY 5.00	0	0	0
LAURA METZ	DIRECTOR 5.00	0	0	0
241 CROSSROAD IRVINGTON,VA22480	DIRECTOR 5.00	0	0	0
BETTY ENRIGHT	TREASURER 5.00	0	0	0
241 CROSSROAD IRVINGTON,VA22480	TREASURER 5.00	0	0	0

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


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









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

Form 990-PF (2025)

Page 7

Part VII

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

3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
TYLLAPPLEWHITE	INVESTMENT MANAGEMENT	113,627
2100 E CARY STREET SUITE 203 RICHMOND,VA23223	INVESTMENT MANAGEMENT	113,627

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.........................0

Form 990-PF (2025)

Page 8

Part IX

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

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

purposes:

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

8,274,505

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

402,064

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

3,761,045

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

12,437,614

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

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

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

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

12,437,614

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

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

186,564

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

12,251,050

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

612,553

Part X

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

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

612,553

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

7,625

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

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

7,625

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

604,928

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

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

604,928

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

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

604,928

Part XI

Qualifying Distributions (see instructions)

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

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

534,156

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

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

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

Amounts set aside for specific charitable projects that satisfy the:

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

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

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

534,156

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				604,928
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only.......			490,952
b Total for prior years:20 , 20, 20		0
3 Excess distributions carryover, if any, to 2025:
a From 2020......
b From 2021......
c From 2022......
d From 2023......
e From 2024......
f Total of lines 3a through e ........	0
4Qualifying distributions for 2025 from Part
XI, line 4: $ 534,156
a Applied to 2024, but not more than line 2a			490,952
b Applied to undistributed income of prior years (Election required—see instructions) .....		0
c Treated as distributions out of corpus (Election required—see instructions) ........	0
d Applied to 2025 distributable amount.....				43,204
e Remaining amount distributed out of corpus	0
5 Excess distributions carryover applied to 2025.	0			0
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5	0
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........		0
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......		0
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........		0
e Undistributed income for 2024. Subtract line 4a from line 2a. Taxable amount—see instructions .............			0
f Undistributed income for 2025. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2026 ..........				561,724
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......	0
8 Excess distributions carryover from 2020 not applied on line 5 or line 7 (see instructions) ...	0
9 Excess distributions carryover to 2026. Subtract lines 7 and 8 from line 6a ......	0
10 Analysis of line 9:
a Excess from 2021 ....
b Excess from 2022 ....
c Excess from 2023 ....
d Excess from 2024 ....
e Excess from 2025 ....

Form 990-PF (2025)

Page 10

Part XIII

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

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

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

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

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

Part XIV

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

1Information Regarding Foundation Managers:

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

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

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

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

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

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

cAny submission deadlines:

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

Form 990-PF (2025)

Page 11

Part XIV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
TRI-HOPE MINISTRIES PO BOX 2491 CHESTERFIELD,VA23832	NONE		GENERAL SUPPORT	25,700
CHARACTER WORKS INC 2216 PERL ROAD RICHMOND,VA23230	NONE		GENERAL SUPPORT	15,000
SPUR N UP HOPE INC 10620 ROCK CASTLE LANE AMELIA COURT HOUSE,VA23002	NONE		GENERAL SUPPORT	12,800
BOYS TO MEN MENORTING NETWORK OF VA 12311 STANCROFT ROAD ROCKVILLE,VA23146	NONE		GENERAL SUPPORT	15,000
OPERATION CATNIP OF RICHMOND PO BOX 268 QUINTON,VA23141	NONE		GENERAL SUPPORT	13,500
READ RVA 5211 W BROAD ST STE 102 RICHMOND,VA23230	NONE		GENERAL SUPPORT	45,000
COVER ONE FOUNDATION 12200 VALLEYBROOK DR RIDGE,VA23233	NONE		GENERAL SUPPORT	20,800
SONS OF THE AMERICAN REVOLUTION RICHARD LEE CHAPTER PO BOX 503 IRVINGTON,VA22480	NONE		GENERAL SUPPORT	25,500
2 END THE STIGMA PO BOX 35 MIDLOTHIAN,VA23113	NONE		GENERAL SUPPORT	10,000
FULL CIRCLE GRIEF CENTER 10611 PATTERSON AVE SUITE 201 RICHMOND,VA23238	NONE		GENERAL SUPPORT	45,000
CHILDREN'S HOME SOCIETY OF VA 4200 FITZHUGH AVENUE RICHMOND,VA23230	NONE		GENERAL SUPPORT	80,000
VIRGINIA LIVING MUSEUM 524 J CLYDE MORRIS BLVD NEWPORT NEWS,VA23601	NONE		GENERAL SUPPORT	20,000
BSMH FOUNDATION 1701 MERCY HEALTH PLACE CINCINNATI,OH45237	NONE		GENERAL SUPPORT	60,000
ST FRANCIS MANCHESTER 65 WEST CLOPTON STREET RICHMOND,VA23225	NONE		GENERAL SUPPORT	22,700
RAL ART LEAGUE 19 NORTH MAIN ST KILMARNOCK,VA22482	NONE		GENERAL SUPPORT	38,000
RONALD MCDONALD HOUSE CHARITIES OF RICHMOND 2330 MONUMENT AVENUE RICHMOND,VA23220	NONE		GENERAL SUPPORT	45,000
Total ................................. 3a				494,000

bApproved for future payment

Total ................................. 3b				0

Form 990-PF (2025)

Page 12

Part XV-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments ....
3 Interest on savings and temporary cash investments ...........			14	71,809
4 Dividends and interest from securities ....			14	178,354
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 .....			14	52,842
8 Gain or (loss) from sales of assets other than inventory ............			18	364,971
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aESOP DISTRIBUTION INCOME			01	200,549
bSETTLEMENT AGREEMENT INCOME			01	117,995
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..		0		986,520	0

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

986,520

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

Part XV-B

Relationship of Activities to the Accomplishment of Exempt Purposes

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

Form 990-PF (2025)

Page 13

Part XVI

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

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

Yes

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

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

1a(1)

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

1a(2)

Other transactions:

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

1b(1)

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

1b(2)

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

1b(3)

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

1b(4)

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

1b(5)

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

1b(6)

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

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

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

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

If "Yes," complete the following schedule.

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

Sign Here

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

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

Form 990-PF (2025)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2025 AccountingFeesSchedule

Name:

THE JOSEPH M RUFFIN FOUNDATION

EIN:

46-3656750

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ACCOUNTING FEES	1,800	900		900

- TIN:

TY 2025 InvestmentsCorpBondsSchedule

Name:

THE JOSEPH M RUFFIN FOUNDATION

EIN:

46-3656750

Name of Bond	End of Year Book Value	End of Year Fair Market Value
FORD MTR CREDIT CO LLC UNSECD NOTE CPN 6.950% DUE 03/06/2026	24,023	24,099
GXO LOGISTICS INC UNSECD NOTE CPN 1.650% DUE 7/15/26	24,764	26,607
FORD MOTOR CREDIT CO LLC SR NOTE CPN 5.125% DUE 11/05/26	35,149	35,156
UDR INC MEDIUM TERM NOTE CPN 3.500% DUE 07/01/27	15,764	15,858
PACIFIC GAS & ELEC CO UNSECD 1ST MTG BOND CPN 2.100% DUE 08/01/27	27,917	28,120
GENL MOTORS CO SR NOTE CPN 6.800% DUE 10/01/27	28,909	29,130
ARCELORMITTAL UNSECD NOTE CPN 6.550% DUE 11/29/27	25,529	25,992
JABIL INC SR NOTE CPN 3.950% DUE 01/12/28	22,818	22,926
NISOURCE INC UNSECD NOTE CPN 5.250% DUE 03/30/28	24,095	24,605
BANK AMERICA CORP SR NOTE FXD/VAR CPN 3.419% DUE 12/20/28	36,818	37,522
GENL MOTORS FINL CO INC SR NOTE CPN 5.650% DUE 01/17/29	26,871	26,898
FOX CORP SR NOTE CPN 4.709% DUE 01/25/29	32,405	32,382
REALTY INCOME CORP SR NOTE CPN 4.750% DUE 02/15/29	7,938	8,140
CNA FINL CORP UNSECD NOTE CPN 3.900% DUE 05/01/29	27,435	27,700
NEVADA PWR CO GEN & RFDG MTG NOTE SER CC CPN 3.700% DUE 05/01/29	32,022	32,519
OCCIDENTAL PETE CORP SR NOTE CPN 5.200% DUE 08/01/29	24,061	24,601
MORGAN STANLEY SR NOTE FXD/VAR CPN 4.431% DUE 01/23/30	34,921	35,096
INTEL CORP UNSECD GLBL SR NOTE CPN 5.125% DUE 02/10/30	34,050	33,786
TAPESTRY INC SR NOTE CPN 5.100% DUE 03/11/30	28,857	29,768
PNC FINL SVCS GRP INC SR NOTE FXD/VAR CPN 5.492% DUE 05/14/30	20,866	20,783
U S BANCORP UNSECD MEDIUM TERM NOTE FXD/VAR CPN 5.100% DUE 07/23/30	28,211	28,822
ROYAL BANK CANADA SR UNSECD GLGL MEDIUM TERM NOTE FXD/VAR CPN 4.969% DUE 08/	27,397	27,667
JPMORGAN CHASE & CO UNSECD NOTE FXD/VAR CPN 2.739% DUE 10/15/30	25,168	25,612
HF SINCLAIR CORP SR NOTE CPN 5.750% DUE 01/15/31	23,865	23,773
MICRON TECH INC SR NOTE CPN 5.300% DUE 01/15/31	21,072	21,688
ORACLE CORP UNSECD NOTE CPN 2.875% DUE 03/25/31	25,088	25,991
AMERICAN TOWER CORP NEW SR NOTE CPN 2.700% DUE 04/15/31	32,907	32,982
BANK AMERICA CORP MEDIUM TERM SR NOTE SER N FXD/VAR CPN 2.592% DUE 04/29/31	33,481	34,387
MIZUHO FINL GROUP INC GLBL SR UNSECD CPN 5.739% DUE 05/27/31	28,083	28,385
CITIGROUP INC UNSECD NOTE FXD/VAR CPN 2.572% DUE 06/03/31	26,779	26,900
UDR INC UNSECD MEDIUM TERM NOTE CPN 3.000% DUE 08/15/31	7,655	8,337
HSBC HLDGS PLC SR NOTE FXD/VAR CPN 2.357% DUE 8/18/31	40,233	42,772
S&P GLBL INC SR NOTE CPN 2.900% DUE 03/01/32	26,911	28,583
T-MOBILE USA INC NOTE CPN 2.700% DUE 03/15/32	25,074	25,129
ELEVANCE HEALTH INC SR NOTE CPN 5.500% DUE 10/15/32	21,700	22,023
ZOETIS INC SR NOTE CPN 5.600% DUE 11/16/32	22,089	22,313
JOHNSON CTLS INTL PLC SR UNSECD NOTE CPN 4.900% DUE 12/01/32	27,095	27,464
JPMORGAN CHASE & CO UNSECD SR NOTE FXD/VAR CPN 2.963% DUE 01/25/33	26,061	26,537
UNITED PARCEL SVC INC SR NOTE CPN 4.875% DUE 03/03/33	37,718	39,128
CITIGROUP INC UNSECD NOTE FXD/VAR CPN 3.785% DUE 03/17/33	23,144	24,781
HCA INC SR NOTE CPN 5.500% DUE 06/01/33	25,658	25,918
ONEOK INC SR NOTE CPN 6.050% DUE 09/01/33	23,995	24,450
ASTRAZENECA FINANCE LLC UNSECD NOTE CPN 5.000% DUE 02/26/34	23,288	23,784
CISCO SYS INC SR NOTE CPN 5.050% DUE 02/26/34	23,822	23,639
MARRIOTT INTL INC NEW SR NOTE CPN 5.300% DUE 05/15/34	24,626	25,760
NETFLIX INC SR NOTE CPN 4.900% DUE 08/15/34	27,650	27,581
STEEL DYNAMICS INC UNSECD SR NOTE CPN 5.375% DUE 08/15/34	19,782	19,664
SOUTHERN CO GAS CAP CORP SR NOTE CPN 4.950% DUE 09/15/34	32,959	33,114
HEWLETT PACKARD ENTERPRISE CO UNSECD NOTE CPN 5.000% DUE 10/15/34	27,936	27,828
LLOYDS BKG GRP PLC NOTE CPN 5.679% DUE 01/05/35	24,001	25,256
EXPEDIA INC DEL SR NOTE CPN 5.400% DUE 02/15/35	25,650	26,689
WASTE MANAGEMENT INC GTD SR NOTE CPN 4.950% DUE 03/15/35	27,437	27,397
SAN DIEGO GAS & ELEC CO 1ST MTG SER CCCC CPN 5.400% DUE 04/15/35	23,010	22,750
JPMORGAN CHASE & CO SR NOTE FXD/VAR CPN 5.294% DUE 07/22/35	35,481	36,083
GOLDMAN SACHS GROUP INC SR NOTE CPN 5.330% DUE 07/23/35	34,334	34,843
AMAZONCOM INC SR NOTE CPN 3.875% DUE 08/22/37	26,339	25,624

- TIN:

TY 2025 InvestmentsCorpStockSchedule

Name:

THE JOSEPH M RUFFIN FOUNDATION

EIN:

46-3656750

Name of Stock	End of Year Book Value	End of Year Fair Market Value
RUFFIN & PAYNE INC	2,141,643	2,496,622
ADYEY ADYEN N V ADR	9,031	8,752
AEM AGNICO-EAGLE MINES LTD	15,862	17,631
EADSY AIRBUS SE ADR	13,574	16,681
ALC ALCON INC	10,721	9,851
ALLE ALLEGION PUBLIC LTD	46,765	57,956
ARGX ARGENX SE ADS RESPSTG ORD	6,249	14,296
ASML ASML HOLDING NV NY REGISTRY	25,594	28,886
AZN ASTRAZENECA PLC SPONSORED	20,161	23,258
AXAHY AXA SA SPONSORED ADR	11,556	11,758
BAESY BAE SYSTEMS PLC SPON	11,320	11,146
SAN BANCO SANTANDER S A	12,445	16,997
BSY BENTLEY SYSTEMS INC CL B	63,418	46,523
WRB BERKLEY W R CORP	49,331	62,898
BJ BJS WHOLESALE CLUB HOLDINGS INC`	29,218	33,941
BXBLY BRAMBLES LTD SPONSORED	7,500	11,334
BFAM BRIGHT HORIZONS FAMILY SOLUTIONS INC	31,897	29,710
BYDDY BYD CO LTD UNSPON	7,151	5,425
CLS CELESTICA INC	8,472	11,824
CHKP CHECK POINT SOFTWARE TECHNOLOGIES LTD	10,370	9,649
CHE CHEMED CORP	31,582	24,388
CHH CHOICE HOTELS INTL INC	34,618	27,244
CFRUY COMPAGNIE FINANCIERE RICHEMONT AG SWITZERLAND	12,828	15,136
COO COOPER COS INC PAR	50,807	46,881
DANOY DANONE SPON	13,831	17,048
EONGY E ON SE SPON	10,768	11,459
EFX EQUIFAX INC	41,650	40,141
ESLOY ESSILOR LUXOTTICA UNPON	10,690	9,505
EXPO EXPONENT INC	28,514	20,491
RACE FERRARI NV	9,732	8,500
GALDY GALDERMA GROUP AG	2,517	2,528
GVDNY GIVAUDAN SA	6,210	5,376
HLNE HAMILTON LANE INC CL A	23,088	22,564
HESAY HERMES INTERNATIONAL SCA	11,058	11,408
HOCPY HOYA CORP SPON	8,242	10,312
HSBC HSBC HOLDINGS PLC	16,211	18,409
IDEXY INDUSTRIA DE DISENO TEXTIL INDITEX SA	12,025	16,682
IBKR INTERACTIVE BROKERS GROUP INC CL A	38,098	77,236
ISNPY INTESA SANPAOLO SPA	9,790	17,518
JKHY JACK HENRY & ASSOCIATES INC	39,956	43,613
LRLCY L OREAL COMPANY	12,746	12,248
LCII LCI INDS	9,923	11,163
LII LENNOX INTL INC	38,046	38,361
LNVGY LENOVO GROUP LIMITED	5,060	4,217
LSEGY LONDON STOCK EXCHANGE GROUP PLC	7,165	7,276
MHVIY MITSUBISHI HEAVY INDUSTRIES LTD	4,198	6,009
MUFG MITSUBISHI UFJ FINANCIAL GROUP INC	11,911	14,861
NWG NATWEST GROUP PLC	14,763	20,458
NRILY NOMURA RESEARCH INSTITUTE LTD	4,355	6,167
NDSN NORDSON CORP	51,400	47,605
NVZMY NOVOZYMES NOVOZYMES B	8,576	8,589
OLLI OLLIES BARGAIN OUTLET HOLDINGS	30,959	32,773
POOL POOL CORP	53,848	33,626
PRYMY PRYSMIAN SPA	9,905	14,120
RELX RELX PLC SPON	12,384	11,277
RHHBY ROCHE HOLDING LIMITED	7,257	7,375
ROL ROLLINS INC	42,592	54,798
RYAAY RYANAIR HOLDINGS PLC	7,423	7,797
SAFRY SAFRAN S A SPON	10,382	15,582
SAIA SAIA INC	44,572	35,590
SAP SAP SE SPON	17,856	21,861
SBGSY SCHNEIDER ELECTRIC SE	14,265	15,382
SE SEA LTD	10,904	16,839
TTAN SERVICETITAN INC CL A	38,844	39,938
SHOP SHOPIFY INC CL A	2,592	7,083
SMNEY SIEMENS ENERGY AG	12,617	24,526
SITE SITEONE LANDSCAPE SUPPLY INC	33,898	26,656
SFTBY SOFTBANK GROUP	7,204	6,917
SONY SONY GROUP CORP	14,936	21,325
TSM TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD	13,972	19,145
TDY TELEDYNE TECHNOLOGIES INC	38,217	48,009
TCEHY TENCENT HOLDINGS LTD	15,314	16,994
TRUMY TERUMO CORP ADR	11,376	9,324
TSCDY TESCO PLC SPON	14,507	18,026
THO THOR INDUSTRIES INC	28,047	28,748
TOELY TOKYO ELECTRON LTD	7,390	11,332
TRMB TRIMBLE INC	36,359	33,847
UCBJY UCB S A	8,545	12,578
ULS UL SOLUTIONS INC CL A	43,845	49,051
UL UNILEVER PLC	16,982	17,200
OLED UNIVERSAL DISPLAY CORP	57,820	40,406
WSO WATSCO INC CL A	46,154	35,717
ZLAB ZAI LAB LTD	4,618	2,911
ZBRA ZEBRA TECHNOLOGIES CORP CL A	39,185	31,809
ZWS ZURN ELKAY WATER SOLUTIONS CORP	42,243	58,252
TGOPY 3I GROUP PLC	7,800	8,625
ABT ABBOTT LABORATORIES	13,818	13,154
ABBV ABBVIE INC	29,314	34,045
ACN ACCENTURE PLC IRELAND CL A	29,887	28,976
AYI ACUITY INC	14,789	18,722
ADBE ADOBE INC	17,733	16,799
ATEYY ADVANTEST CORP	14,445	22,864
AFL AFLAC INC	9,868	11,357
AAGIY AIA GROUP LTD	20,660	25,889
ALLE ALLEGION PUBLIC LTD	21,035	21,972
ALIZY ALLIANZ SE	13,128	14,306
GOOGL ALPHABET INC CL A	61,684	103,916
AMZN AMAZON.COM INC	35,402	41,778
AEE AMEREN CORP	16,120	15,278
AXP AMERICAN EXPRESS CO	23,531	35,515
AAPL APPLE INC	52,401	71,499
ACGL ARCH CAPITAL GROUP LTD	25,903	26,857
ANET ARISTA NETWORKS INC	13,098	19,916
ASML ASML HOLDING NV NY REGISTRY SHS	12,206	12,838
AIZ ASSURANT INC	19,142	23,362
AZN ASTRAZENECA PLC	32,581	43,299
T AT&T INC	10,102	12,643
ATO ATMOS ENERGY CORP	20,238	22,462
ADP AUTOMATIC DATA PROCESSING INC	8,714	8,745
BAESY BAE SYSTEMS PLC	20,333	21,826
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S A	26,302	50,209
SAN BANCO SANTANDER S A	21,926	31,295
BAC BANK OF AMERICA CORP	15,536	22,275
BCS BARCLAYS PLC	6,526	7,838
BLK BLACKROCK FDG INC	8,982	10,703
BRX BRIXMOR PROPERTY GRP INC	13,276	12,821
AVGO BROADCOM INC	27,495	52,261
CACI CACI INTERNATIONAL INC CLASS A	14,179	18,115
CBOE CBOE GLOBAL MARKETS INC	33,568	35,893
CLS CELESTICA INC	6,190	24,240
COR CENCORA INC	19,831	27,020
CHKP CHECK POINT SOFTWARE TECHNOLOGIES LTD	14,561	15,587
CVX CHEVRON CORP	11,050	10,973
CB CHUBB LTD	37,655	42,136
CTAS CINTAS CORP	8,038	9,027
CSCO CISCO SYSTEMS INC	28,963	35,048
KO COCA-COLA COMPANY	27,447	27,754
CEG CONSTELLATION ENERGY CORP	8,465	12,364
CPA COPA HOLDINGS S A CLASS A	22,355	24,363
CRH CRH PLC	28,115	37,689
CMI CUMMINS INC	15,958	22,970
CW CURTISS-WRIGHT CORP DE	12,259	22,050
DHR DANAHER CORP	11,217	10,530
DANOY DANONE SPON	19,372	20,150
DOCU DOCUSIGN INC	13,819	13,816
DORM DORMAN PRODUCTS INC	10,325	9,239
DTM DT MIDSTREAM INC	10,717	11,130
DUK DUKE ENERGY CORP	18,716	19,105
ETN EATON CORP PLC	19,463	16,562
LLY ELI LILLY & CO	26,077	35,464
EME EMCOR GROUP INC	20,428	32,424
ENGIY ENGIE SPON	20,630	23,432
ENSG ENSIGN GROUP INC	16,712	22,297
EBKDY ERSTE GROUP BANK AG	17,744	42,168
XOM EXXON MOBIL CORP	21,158	22,623
FN FABRINET	18,201	35,511
FPI FARMLAND PARTNERS INC	3,846	3,401
FITB FIFTH THIRD BANCORP	10,042	12,171
FOXA FOX CORP CL A	16,341	26,232
GRMN GARMIN LTD	11,384	11,157
GE GE AEROSPACE	14,108	26,491
G GENPACT LTD	31,584	31,670
GFI GOLD FIELDS LTD	11,171	19,167
GS GOLDMAN SACHS GROUP INC	12,720	23,773
HSY HERSHEY COMPANY	9,840	9,463
HD HOME DEPOT INC	12,730	11,699
IBDRY IBERDROLA SA	19,739	27,562
ISNPY INTESA SANPAOLO SPA	16,664	20,680
IBM INTL BUSINESS MACHINES CORP	12,894	15,995
SLV ISHARES SILVER TRUST	4,028	6,829
JAPAY JAPAN TOBACCO INC	31,520	33,673
JNJ JOHNSON & JOHNSON	41,999	53,393
JPM JPMORGAN CHASE & CO	43,108	58,966
KDDIY KDDI CORP	13,873	13,970
KLAC KLA CORP	11,335	17,011
LDOS LEIDOS HOLDINGS INC	14,044	17,860
FINMY LEONARDO SPA	24,247	24,101
LIN LINDE PLC	27,309	25,157
LOGI LOGITECH INTL SA NAMEN AKT	25,392	26,659
MCD MCDONALDS CORP	14,613	15,282
MCK MCKESSON CORP	11,460	16,406
META META PLATFORMS INC CL A	27,458	31,684
MSFT MICROSOFT CORP	70,410	80,765
MS MORGAN STANLEY	34,827	50,241
NFG NATIONAL FUEL GAS CO	15,226	14,571
NGG NATIONAL GRID PLC	22,254	25,835
NEM NEWMONT CORP	17,067	19,670
NDEKY NITTO DENKO CORP	16,002	19,050
NVS NOVARTIS AG SPON	18,341	22,473
NVT NVENT ELECTRIC PLC VOTING	33,582	47,518
NVDA NVIDIA CORP	52,095	84,485
OMC OMNICOM GROUP INC	32,822	33,108
OSIS OSI SYSTEMS INC	11,348	17,599
PH PARKER-HANNIFIN CORP	25,156	37,795
PYPL PAYPAL HOLDINGS INC	20,624	16,813
PNR PENTAIR PLC	9,209	10,726
PM PHILIP MORRIS INTL INC	13,044	12,351
PG PROCTER & GAMBLE CO	20,883	19,490
PGR PROGRESSIVE CORP	15,214	13,663
PLD PROLOGIS INC	26,058	27,192
QLYS QUALYS INC	12,180	11,164
RL RALPH LAUREN CORP CL A3	10,724	17,681
REPYY REPSOL S A SPONSORED	19,121	19,558
RY ROYAL BANK CANADA MONTREAL	20,448	27,960
RPRX ROYALTY PHARMA PLC CL A	23,360	24,382
RTX RTX CORP	13,377	20,541
CRM SALESFORCE INC	17,099	18,279
SEIC SEI INVESTMENTS CO	17,298	16,978
SMNEY SIEMENS ENERGY AG ADR	21,389	34,617
SIG SIGNET JEWELERS LTD	13,628	13,427
SPG SIMON PROPERTY GROUP INC	9,515	10,366
SONY SONY GROUP CORP	20,295	17,971
SO SOUTHERN COMPANY	14,938	16,306
STE STERIS PLC	19,772	19,521
STRL STERLING INFRASTRUCTURE INC	11,034	22,355
SYK STRYKER CORP	16,067	15,816
SMFG SUMITOMO MITSUI FINL GRP INC	19,260	29,014
SU SUNCOR ENERGY INC	19,876	21,293
TSM TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD	27,404	52,269
TEL TE CONNECTIVITY PLC	20,912	30,714
TCEHY TENCENT HOLDINGS LTD	36,448	44,935
TSCDY TESCO PLC SPON	21,521	25,654
TSLA TESLA INC	5,303	4,947
TD TORONTO DOMINION BANK	29,123	38,151
TM TOYOTA MOTOR CORP	31,741	33,607
UBER UBER TECHNOLOGIES INC	9,281	9,887
UNH UNITEDHEALTH GROUP INC	13,566	13,204
UHS UNIVERSAL HEALTH SERVICES CL B	19,939	22,674
VZ VERIZON COMMUNICATIONS INC	10,782	10,508
VIPS VIPSHOP HOLDINGS INC	14,780	13,144
V VISA INC CL A	10,599	11,573
WMT WALMART INC	11,675	17,714
DIS WALT DISNEY CO	10,693	11,149
WM WASTE MANAGEMENT INC DEL	16,729	16,918
WFC WELLS FARGO & CO	12,395	19,479
WMB WILLIAMS COS INC DEL	28,401	29,574
WSM WILLIAMS SONOMA INC	12,842	13,751
WTFC WINTRUST FINANCIAL CORP	17,643	21,392
YETI YETI HOLDINGS INC	11,107	11,528
ZIJMY ZIJIN MINING GROUP CO LTD	12,640	14,698
QSPIX AQR STYLE PREMIA ALTERNATIVE CL I	22,274	22,744
AQMIX AQR MANAGED FUTURES STRATEGY CL I	25,851	28,016
BILPX BLACKROCK EVENT DRIVEN EQUITY INSTL CL	23,013	23,706
ATRFX CATALYST SYSTEMATIC ALPHA CL I	19,191	19,390
SKYY FIRST TRUST CLOUD COMPUTING INDEX ETF	9,022	9,495
FTMIX FIRST TRUST MULTI STRATEGY CL I	18,713	18,438
GUNR FLEXSHARES MORNINGSTAR GLOBAL UPSTREAM NATURAL RESOURCES ETF	6,843	7,702
FLBL FRANKLIN SENIOR LOAN ETF	3,602	3,560
SIL GLOBAL X SILVER MINERS ETF	3,846	6,931
BKLN INVESCO SENIOR LOAN ETF	3,610	3,611
ITOT ISHARES CORE S&P TOTAL U S STOCK MARKET ETF	47,828	61,557
IVV ISHARES CORE S&P 500 ETF	333,880	369,868
IJR ISHARES CORE S&P SMALL CAP ETF	118,124	125,827
ICLN ISHARES GLOBAL CLEAN ENERGY ETF	5,411	5,487
IWX ISHARES RUSSELL TOP 200 VALUE ETF	68,475	68,251
HYGH ISHARES INTEREST RATE HEDGED HIGH YIELD BOND ETF	3,390	3,447
IXUS ISHARES CORE MSCI TOTAL INTL STOCK ETF	94,264	108,507
ICVT ISHARES CONVERTIBLE BOND ETF	3,678	4,038
IBIT ISHARES BITCOIN TRUST ETF	6,258	5,978
ETHA ISHARES ETHEREUM TRUST ETF	4,571	4,283
HYG ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF	209,429	213,104
JBBB JANUS HENDERSON B BBB CLO ETF	3,634	3,624
JPST JPMORGAN ULTRA SHORT INCOME ETF	10,199	10,218
LCSIX LOCORR LONG SHORT COMMODITIES STRATEGIES CL I	15,851	14,358
NTBIX NAVIGATOR TACTICAL FIXED INCOME CL I	348,330	342,080
NLSIX NEUBERGER BERMAN LONG SHORT INSTL CL	20,466	22,368
INDS PACER INDUSTRIAL REAL ESTATE ETF	3,497	3,520
CTA SIMPLIFY MANAGED FUTURES STRATEGY ETF	14,792	14,338
GLDM SPDR GOLD MINISHARES ETF	8,236	10,330
GII SPDR S&P GLOBAL INFRASTRUCTURE ETF	8,655	9,210
SPLB STATE STREET SPDR PORTFOLIO LONG TERM CORP BOND ETF	3,812	3,680
SPYG STATE STREET SPDR S&P 500 GROWTH ETF	98,544	110,540
SPSB STATE STREET SPDR PORTFOLIO SHORT TERM CORP BOND ETF	38,420	38,383
SRLN STATE STREET BLACKSTONE SENIOR LN ETF	3,598	3,590
SJNK STATE STREET SPDR BLOOMBERG SHORT TERM HIGH YIELD BOND ETF	23,570	23,700
JNK STATE STREET SPDR BLOOMBERG HIGH YIELD BOND ETF NEW	93,094	94,780
SPYM STATE STREET SPDR PORT S&P 500 ETF	223,384	269,217
TFLR T ROWE PRICE FLOATING RATE	3,603	3,597
GDX VANECK GOLD MINERS ETF	3,351	5,831
BIZD VANECK BDC INCOME ETF	9,860	9,528
EMLC VANECK JPM EMERGING MARKETS LOCAL CURRENCY BOND ETF	5,581	5,680
VSS VANGUARD FTSE ALL WORLD EX U S SMALL CAP ETF	24,655	28,666

- TIN:

TY 2025 InvestmentsGovtObligationsSch

Name:

THE JOSEPH M RUFFIN FOUNDATION

EIN:

46-3656750

US Government Securities - End of Year Book Value:

34,462

US Government Securities - End of Year Fair Market Value:

35,393

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

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

- TIN:

TY 2025 InvestmentsOtherSchedule2

Name:

THE JOSEPH M RUFFIN FOUNDATION

EIN:

46-3656750

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
ANNUITY CONTRACT	AT COST	1,052,842	1,063,874

- TIN:

TY 2025 LegalFeesSchedule

Name:

THE JOSEPH M RUFFIN FOUNDATION

EIN:

46-3656750

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
LEGAL FEES	37,473	0		37,473

- TIN:

TY 2025 OtherAssetsSchedule

Name:

THE JOSEPH M RUFFIN FOUNDATION

EIN:

46-3656750

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
ESOP DISTRIBUTION RECEIVABLE		200,549	200,549

- TIN:

TY 2025 OtherExpensesSchedule

Name:

THE JOSEPH M RUFFIN FOUNDATION

EIN:

46-3656750

Description	Revenue and Expenses per Books	Disbursements for Charitable Purposes
OFFICE EXPENSE	1,062	1,062
LICENSES & PERMITS	25	25
INSURANCE	696	696

- TIN:

TY 2025 OtherIncomeSchedule2

Name:

THE JOSEPH M RUFFIN FOUNDATION

EIN:

46-3656750

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
GLOBAL ATLANTIC ANNUITY	52,842	52,842	52,842
ESOP DISTRIBUTION INCOME	200,549		200,549
SETTLEMENT AGREEMENT INCOME	117,995		117,995

- TIN:

TY 2025 OtherIncreasesSchedule

Name:

THE JOSEPH M RUFFIN FOUNDATION

EIN:

46-3656750

Description	Amount
PPA	626
PPA - ESOP RECEIVABLE	190,569

- TIN:

TY 2025 OtherProfessionalFeesSchedule

Name:

THE JOSEPH M RUFFIN FOUNDATION

EIN:

46-3656750

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT FEES	113,627	113,627		0

- TIN:

TY 2025 TaxesSchedule

Name:

THE JOSEPH M RUFFIN FOUNDATION

EIN:

46-3656750

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
EXCISE TAX	62,000	0		0
FOREIGN TAXES PAID	4,892	4,892		0