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
Maki Foundation

Number and street (or P.O. box number if mail is not delivered to street address) PO Box 477
Room/suite

City or town
Carbondale

State or province
CO

Country

ZIP or foreign postal code
81623

A Employer identification number

84-0836242

B Telephone number (see instructions)

9702741340

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)$4,969,915J 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	20,821		20,821
4	Dividends and interest from securities...	96,546		96,546
5a	Gross rents............	13,388		13,388
b	Net rental income or (loss) 4,176
6a	Net gain or (loss) from sale of assets not on line 10		19,608
b	Gross sales price for all assets on line 6a 19,608
7	Capital gain net income (from Part IV, line 2)...			19,608
8	Net short-term capital gain.........
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......
12	Total. Add lines 1 through 11........	150,363		150,363
13	Compensation of officers, directors, trustees, etc.	0		0	0
14	Other employee salaries and wages......	53,800		0	53,800
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	3,501	0	3,501
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	539	0	539
17	Interest...............
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	7,003	0	0
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............	2,600		0	2,600
21	Travel, conferences, and meetings.......	641		0	641
22	Printing and publications..........
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	22,377	21,902	164
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	90,461		21,902	61,245
25	Contributions, gifts, grants paid.......	236,900			236,900
26	Total expenses and disbursements. Add lines 24 and 25 ................	327,361		21,902	298,145
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-176,998
b	Net investment income (if negative, enter -0-)			128,461
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.............	24,841	33,601	33,601
	2	Savings and temporary cash investments.........	376,334	276,946	276,946
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	4,024,934	List of Attached Documents: // Content 4,695,592	4,695,592
	c	Investments—corporate bonds (attach schedule).......
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	List of Attached Documents: // Content 141,614	List of Attached Documents: // Content -36,224	List of Attached Documents: // Content -36,224
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	4,567,723	4,969,915	4,969,915
	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...........
	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........	0	0
	27	Paid-in or capital surplus, or land, bldg., and equipment fund	0	0
	28	Retained earnings, accumulated income, endowment, or other funds	4,567,723	4,969,915
	29	Total net assets or fund balances (see instructions).....	4,567,723	4,969,915
	30	Total liabilities and net assets/fund balances (see instructions).	4,567,723	4,969,915

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

4,567,723

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

-176,998

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

List of Attached Documents:

// Content

579,190

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

4,969,915

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) ..

4,969,915

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	Costella Kirsch VII A	P	2024-01-01	2025-12-31
b
c
d
e

(e) Gross sales price		(h) Gain or (loss) (e) plus (f) minus (g)
a	19,608	19,608
b
c
d
e

Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69			(l) Gains (Col. (h) gain minus col. (k), but not less than -0-) or Losses (from col.(h))
(i) F.M.V. as of 12/31/69	(j) Adjusted basis as of 12/31/69	(k) Excess of col. (i) over col. (j), if any
a			19,608
b
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	19,608
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	1,786
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	1,786
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	1,786
6	Credits/Payments:

a	2025 estimated tax payments and 2024 overpayment credited to 2025	6a	4,160
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	4,160
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	2,374
11	Enter the amount of line 10 to be: Credited to 2026 estimated tax2,374	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?.........

Yes

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

Yes

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.makifoundation.org

The books are in care ofThe Foundation Telephone no. (970) 952-3272

Located at319 Main Street Ste 301CarbondaleCO ZIP+481623

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)

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

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

1a(5)

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

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

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

1a(6)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

20, 20, 20, 20

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

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

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

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

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

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

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

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

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

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

Form 990-PF (2025)

Page 6

Part VI-B

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

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

Yes

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

5a(1)

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

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

5a(2)

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

5a(3)

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

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

5a(4)

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

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

5a(5)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Part VII

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

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

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
Ann Harvey	Director 0.00	0	0	0
PO Box 976 Wilson,WY83014	Director 0.00	0	0	0
Mark Harvey	Director 0.00	0	0	0
PO Box 1035 Basalt,CO81621	Director 0.00	0	0	0
Clare Bastable	Director 0.00	0	0	0
1482 Greystone Drive Carbondale,CO81623	Director 0.00	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
NONE

Total number of others receiving over $50,000 for professional services............. right arrow

Part VIII-A

Summary of Direct Charitable Activities

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.	Expenses
1


2


3


4

Part VIII-B

Summary of Program-Related Investments (see instructions)

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.	Amount
1


2


All other program-related investments. See instructions.
3

Total. Add lines 1 through 3.........................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...................

4,346,611

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

416,128

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

165,128

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

4,927,867

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

4,927,867

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

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

73,918

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

4,853,949

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

242,697

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

242,697

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

1,786

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

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

1,786

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

240,911

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

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

240,911

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

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

240,911

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) ..........

298,145

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. .......

298,145

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					240,911
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only.......				0
b Total for prior years:20 , 20, 20			0
3 Excess distributions carryover, if any, to 2025:
a From 2020......	75,596
b From 2021......	37,049
c From 2022......	128,666
d From 2023......	42,230
e From 2024......	61,431
f Total of lines 3a through e ........		344,972
4Qualifying distributions for 2025 from Part
XI, line 4: $ 298,145
a Applied to 2024, but not more than line 2a				0
b Applied to undistributed income of prior years (Election required—see instructions) .....			0
c Treated as distributions out of corpus (Election required—see instructions) ........		0
d Applied to 2025 distributable amount.....					240,911
e Remaining amount distributed out of corpus		57,234
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		402,206
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 ..........					0
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) ...		75,596
9 Excess distributions carryover to 2026. Subtract lines 7 and 8 from line 6a ......		326,610
10 Analysis of line 9:
a Excess from 2021 ....	37,049
b Excess from 2022 ....	128,666
c Excess from 2023 ....	42,230
d Excess from 2024 ....	61,431
e Excess from 2025 ....	57,234

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 e-mail address of the person to whom applications should be addressed:

Maki Foundation
PO Box 477
Carbondale,CO81623
(970) 925-3272

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

Form is available at www.makifoundation.org. Click on "download the application"

cAny submission deadlines:

Form is available at www.makifoundation.org. Click on "download the application"

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

Form is available at www.makifoundation.org. Click on "download the application"

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
350 Colorado 2861 Ellison Place Boulder,CO80304	None		Operations	4,000
Advocates for the West PO Box 1612 Boise,ID83701	None		Operations	5,000
Aspen Journalism PO Box 10101 Aspen,CO81612	None		Operations	7,000
Boulder Climbing Community 1206 Euclid Ave Ste 2 Boulder,CO80302	None		Operations	3,000
Braided Knowledge 2591 Kid Curry Sr Bozeman,MT59718	None		Operations	5,000
Canyonlands Field Institute PO Box 68 Moab,UT84532	None		Operations	3,500
Citizens for a Healthy Community PO Box 1283 Paonia,CO81428	None		Operations	5,000
Conservation Voters New Mexico Education Fund PO Box 636 Santa Fe,NM87504	None		Operations	3,000
Craighead Institute 201 S Wallace Avenue B2D Bozeman,MT59715	None		Operations	4,000
Earth Law Center 715 E 4th Ave Durango,CO81301	None		Operations	4,000
Energy & Conservation Law 1911 Main Ave Durango,CO81301	None		Operations	6,000
Friends of the Clearwater PO Box 9241 Moscow,ID83843	None		Operations	5,000
Friends of the Wild Swan PO Box 103 Bigfork,MT59911	None		Operations	5,000
Gateway Conservation Alliance PO Box 165 Gallatin Gateway,MT59730	None		Operations	5,000
Great Basin Resource Watch PO Box 207 Reno,NV89504	None		Operations	5,000
Great Burn Conservation Alliance 2875 Stockyard Road Ste A7 Missoula,MT59808	None		Operations	5,000
Great Old Broads for Wilderness PO Box 2924 Durango,CO81302	None		Operations	6,000
Healthy Environment Alliance of Utah (HEAL) 824 S 400 West Ste B111 Salt Lake City,UT84101	none		Operations	5,000
High Country Conservation Advocates PO Box 1066 Crested Butte,CO81224	None		Operations	5,000
Idaho Wildlife Federation 1020 West Main St Ste 450 Boise,ID83702	None		Operations	5,000
League of Wilderness Defenders co Eco Integrity Alliance PO Box 412 Nederland,CO80466	none		Operations	5,000
Montana Environmental Information Center PO Box 1184 Helena,MT59624	None		Operations	5,000
Mountain Community School PO Box 2811 McCall,ID83638	None		Operations	3,200
New Mexico Environmental Law Center 1405 Luisa Street Suite 5 Santa Fe,NM87505	None		Operations	5,000
Northern Rockies Research & Educational Services PO Box 1242 Lolo,MT59847	None		Operations	3,000
Pacific Rivers Council 1001 SE Water Ave Portland,OR97214	None		Operations	3,000
Park County Environmental Council PO Box 164 Livingston,MT59047	None		Operations	3,000
Resource Renewal Institute Californians for Western Wilderness 187 E Blithedale Ave Mill Valley,CA94941	none		Operations	4,000
River Source 817 Calle Saragosa Santa Fe,NM87505	None		Operations	5,000
Rivers Without BordersTides Center PO Box 1968 Port Townsend,WA98368	none		Operations	5,000
Rocky Mountain Bioleadership 26 S 3rd Street Carbondale,CO81623	None		Operations	4,000
Sageland Collaborative 824 S 400 WEst Ste B111 Salt Lake City,UT84101	none		Operations	4,000
San Juan Citizens Alliance PO Box 2461 Durango,CO81302	None		Operations	5,000
San Luis Valley Ecosystem Council PO Box 223 Alamosa,CO81101	None		Operations	5,000
Sheep Mountain Alliance PO Box 389 Telluride,CO81435	None		Operations	5,000
Sierra Club Foundation Wyoming PO Box 1736 Larimie,WY82073	None		Operations	6,000
Snake River Waterkeeper 2123 N 16th St Boise,ID83702	None		Operations	5,000
The Salmonfly Project 123 W Central Ave MIssoula,MT59801	None		Operations	5,000
University of New Mexico Museum of Southwestern Biology 1 University of New Mexico MSC03-2020 Albuquerque,NM87131	None		Operations	4,200
Utah Mountain Lion ConservationFilidae Conservation 1151 Van Buren St Missoula,MT59802	None		Operations	3,000
Western Colorado Alliance 2481 Commerce Blvd Grand Junction,CO81505	None		Operations	5,000
Western Environmental Law Center 1216 Lincoln St Eugene,OR97401	None		Operations	5,000
Western Leaders Network PO Box 4433 Durango,CO81302	None		Operations	5,000
Western Mining Action Project PO Box 349 Lyons,CO80540	None		Operations	5,000
Western Slope Conservation Center PO Box 1612 Paonia,CO81428	none		Operations	5,000
Wild Connections 2168 Pheasant Pl Colorado Springs,CO80909	None		Operations	5,000
Wilderness Watch PO Box 9175 Missoula,MT59807	None		Operations	5,000
Wilderness Workshop PO Box 1442 Carbondale,CO81623	None		Operations	5,000
Winter Wildlands Alliance 910 W Main St Ste 235 Boise,ID83702	None		Operations	4,000
Yaak Valley Forest Council 11896 Yaaak River Road Troy,MT59935	None		Operations	5,000
Yellowstone to Uintas Connection PO Box 280 Mendon,UT84235	None		Operations	5,000
Total ................................. 3a				236,900

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	20,821
4 Dividends and interest from securities ....			14	96,546
5 Net rental income or (loss) from real estate:
aDebt-financed property......			14	4,176
bNot debt-financed property.....
6 Net rental income or (loss) from personal property
7 Other investment income .....
8 Gain or (loss) from sales of assets other than inventory ............			18	19,608
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..		0		141,151	0

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

141,151

(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:

Maki Foundation

EIN:

84-0836242

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Accounting	3,501	0		3,501

- TIN:

TY 2025 InvestmentsCorpStockSchedule

Name:

Maki Foundation

EIN:

84-0836242

Name of Stock	End of Year Book Value	End of Year Fair Market Value
Charles Schwab	4,695,592	4,695,592

- TIN:

TY 2025 OtherAssetsSchedule

Name:

Maki Foundation

EIN:

84-0836242

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
Investment in 529 Bryant Street Partners	-235,975	-232,910	-232,910
Investment in Costella Kirsch VII-A, LP	377,589	144,203	144,203
Investment in Costella Kirsch SBIC, LP		52,483	52,483

- TIN:

TY 2025 OtherExpensesSchedule

Name:

Maki Foundation

EIN:

84-0836242

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
Foreign tax	1,766	1,766	0
Investment Managment Fees and Other Fees	10,924	10,924	0
Postage	164	0	164
Office Supplies	311	0	0
Other Rental Expense	9,212	9,212	0

- TIN:

TY 2025 OtherIncreasesSchedule

Name:

Maki Foundation

EIN:

84-0836242

Description	Amount
Unrealized Gain/Loss	579,190

- TIN:

TY 2025 OtherProfessionalFeesSchedule

Name:

Maki Foundation

EIN:

84-0836242

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Website Design	539	0		539

- TIN:

TY 2025 TaxesSchedule

Name:

Maki Foundation

EIN:

84-0836242

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Federal & State Excise Taxes	7,003	0		0