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
ARIZONA FOUNDATION FOR EDUCATIONAL
ADVANCEMENT
Number and street (or P.O. box number if mail is not delivered to street address) PO BOX 10417
  Room/suite
City or town
PHOENIX
State or province
AZ
Country  
ZIP or foreign postal code
850640417
A Employer identification number

86-0664560
B Telephone number (see instructions)

2088417310
C
G Check all that apply:

D 1. Foreign organizations, check here.............
2. Foreign organizations meeting the 85%
test, check here and attach computation ...
E
H Check type of organization:
F
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)$18,044,990J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check .................
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 501,297 485,433  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 1,335,764
b Gross sales price for all assets on line 6a 10,121,382
7 Capital gain net income (from Part IV, line 2)... 1,335,764
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........ 1,837,061 1,821,197  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 177,200 8,860   168,340
14 Other employee salaries and wages......        
15 Pension plans, employee benefits....... 8,583 429   8,154
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
15,979 7,990   7,990
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
121,320 119,297   2,024
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
23,386 0   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings....... 6,800 0   6,800
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
10,645 0   10,645
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 363,913 136,576   203,953
25 Contributions, gifts, grants paid....... 672,500 672,500
26 Total expenses and disbursements. Add lines 24 and 25 ................ 1,036,413 136,576   876,453
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 800,648
b Net investment income (if negative, enter -0-) 1,684,621
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2025)
Form 990-PF (2025)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 13,269 30,064 30,064
2 Savings and temporary cash investments......... 438,890 468,849 468,849
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.......... 987 3,250 3,250
10a Investments—U.S. and state government obligations (attach schedule) 1,084,031 Click to see attachment
List of Attached Documents:
// Content
1,669,602 		1,669,602
b Investments—corporate stock (attach schedule)....... 14,475,357 Click to see attachment
List of Attached Documents:
// Content
14,267,340 		14,267,340
c Investments—corporate bonds (attach schedule)....... 1,250,831 Click to see attachment
List of Attached Documents:
// Content
1,605,885 		1,605,885
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 )      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 17,263,365 18,044,990 18,044,990
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe ) Click to see attachment
List of Attached Documents:
// Content
51,588 		Click to see attachment
List of Attached Documents:
// Content
50,614
23 Total liabilities (add lines 17 through 22)......... 51,588 50,614
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions........... 17,211,777 17,994,376
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)..... 17,211,777 17,994,376
30 Total liabilities and net assets/fund balances (see instructions). 17,263,365 18,044,990
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
17,211,777
2
Enter amount from Part I, line 27a .....................
2
800,648
3
Other increases not included in line 2 (itemize)
3
0
4
Add lines 1, 2, and 3 ..........................
4
18,012,425
5
Decreases not included in line 2 (itemize) Click to see attachment
List of Attached Documents:
// Content
5
18,049
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, line 29, column (b) ..
6
17,994,376
Form 990-PF (2025)
Form 990-PF (2025)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a PUBLICLY TRADED INVESTMENTS      
b
c
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 10,121,382   8,785,618 1,335,764
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       1,335,764
b
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 1,335,764
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ......................... 		Bracket 3  
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions) 1 23,416
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 23,416
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 23,416
6 Credits/Payments:
a 2025 estimated tax payments and 2024 overpayment credited to 2025 6a 25,900
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 25,900
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment
List of Attached Documents:
// Content
8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed....... 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid... 10 2,484
11 Enter the amount of line 10 to be: Credited to 2026 estimated tax2,484 Refunded 11 0
For Refunded amount, also complete and attach Form 8050. See instructions.
Form 990-PF (2025)
Form 990-PF (2025)
Page 4
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. $ 0(2) On foundation managers.$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
AZ
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
8b
Yes
 
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2025 or the taxable year beginning in 2025? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
 
No
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
11
 
No
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressN/A
14
The books are in care ofJAKE BUTTERFIELD Telephone no. (208) 841-7310

Located atPO BOX 10417PHOENIXAZ ZIP+485064
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........
and enter the amount of tax-exempt interest received or accrued during the year ........
15
 
16 At any time during calendar year 2025, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country
Form 990-PF (2025)
Form 990-PF (2025)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
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)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
No
c
Organizations relying on a current notice regarding disaster assistance check here ........
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2025? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2025, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2025?....................
2a
 
No
If "Yes," list the years 20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2025 as a result of (1) any purchase by the foundation
or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Form 4720, Schedule C, to determine
if the foundation had excess business holdings in 2025.).....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2025? ..
4b
 
No
Form 990-PF (2025)
Form 990-PF (2025)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
No
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
(a) Name and address (b) Title, and average
hours per week
devoted to position 		(c) Compensation
 (If not paid, enter
-0-) 		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
other allowances
JAKE BUTTERFIELD EXECUTIVE ASSISTANT
6.00 		20,000 0 0
PO BOX 10417
PHOENIX,AZ85064
JOHN MUESSLE PRESIDENT/SECRETARY
20.00 		92,200 0 0
PO BOX 10417
PHOENIX,AZ85064
LEO VALDEZ DIRECTOR
2.00 		12,500 0 0
PO BOX 10417
PHOENIX,AZ85064
SCOTT BUTTERFIELD DIRECTOR
2.00 		12,500 0 0
PO BOX 10417
PHOENIX,AZ85064
THOMAS DUNCAN DIRECTOR
3.00 		25,000 0 0
PO BOX 10417
PHOENIX,AZ85064
LEE BURTON DIRECTOR
2.00 		15,000 0 0
PO BOX 10417
PHOENIX,AZ85064
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
NONE
Total number of other employees paid over $50,000................... 0
Form 990-PF (2025)
Form 990-PF (2025)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
MERRIL LYNCH INVESTMENT MANAGMENT FEES 118,958
PO BOX 1580
PENNINGTON,NJ08534
Total number of others receiving over $50,000 for professional services.............right arrow0
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1  
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................0
Form 990-PF (2025)
Form 990-PF (2025)
Page 8
Part IX
Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
1
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:
a
Average monthly fair market value of securities...................
1a
16,972,820
b
Average of monthly cash balances.......................
1b
846,682
c
Fair market value of all other assets (see instructions)................
1c
3,250
d
Total (add lines 1a, 1b, and 1c).......................
1d
17,822,752
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
0
2
Acquisition indebtedness applicable to line 1 assets..................
2
0
3
Subtract line 2 from line 1d.........................
3
17,822,752
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
267,341
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
17,555,411
6
Minimum investment return. Enter 5% (0.05) of line 5 ................
6
877,771
Part X
Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here and do not complete this part.)
1
Minimum investment return from Part IX, line 6..................
1
877,771
2a
Tax on investment income for 2025 from Part V, line 5 .......
2a
23,416
b
Income tax for 2025. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
23,416
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
854,355
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
854,355
6
Deduction from distributable amount (see instructions) .................
6
0
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
854,355
Part XI
Qualifying Distributions (see instructions)
1
Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
a
Expenses, contributions, gifts, etc.—total from Part I, line 26, column (d) ..........
1a
876,453
b
Program-related investments—total from Part VIII-B..................
1b
0
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
 
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
 
b
Cash distribution test (attach the required schedule) .................
3b
 
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
876,453
Form 990-PF (2025)
Form 990-PF (2025)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2024 		(c)
2024 		(d)
2025
1 Distributable amount for 2025 from Part X, line 7 854,355
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only....... 800,655
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: $ 876,453
a Applied to 2024, but not more than line 2a 800,655
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..... 75,798
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 .......... 		778,557
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		0
8 Excess distributions carryover from 2020 not
applied on line 5 or line 7 (see instructions) ... 		0
9 Excess distributions carryover to 2026.
Subtract lines 7 and 8 from line 6a ...... 		0
10 Analysis of line 9:
a Excess from 2021 ....  
b Excess from 2022 ....  
c Excess from 2023 ....  
d Excess from 2024 ....  
e Excess from 2025 ....  
Form 990-PF (2025)
Form 990-PF (2025)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2025, enter the date of the ruling ......
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2025 (b) 2024 (c) 2023 (d) 2022
         
b 85% (0.85) of line 2a .......          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, 3b, or 3c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, 2b, 2c, and 2d. See instructions
aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
bThe form in which applications should be submitted and information and materials they should include:
cAny submission deadlines:
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
Form 990-PF (2025)
Form 990-PF (2025)
Page 11
Part XIV
Supplementary Information (continued)
3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient If recipient is an individual,
show any relationship to
any foundation manager
or substantial contributor
 Foundation
status of
recipient 		Purpose of grant or
contribution 		Amount
Name and address (home or business)
aPaid during the year

ACHIEVEMENT REWARDS FOR COLLEGE SCIENTISTS-DENVER

PO BOX 460874
DENVER,CO80246 		NONE   TO PROVIDE SCIENCE AND TECHNOLOGY SCHOLARSHIPS 22,500

ALICE KING COMMUNITY SCHOOL FOUNDATION

8100 MOUNTAIN ROAD NE
ALBUQUERQUE,NM87110 		NONE   TO ENHANCE STEM EDUCATION PROGRAMS 2,500

ARIZONA HISTORICAL SOCIETY

949 E 2ND STREET
TUCSON,AZ85719 		NONE   TO SUPPORT HISTORICAL RESEARCH FELLOWSHIPS 10,000

BANNER HEALTH FOUNDATION

2901 N CENTRAL AVE STE 160 MAIL
STOP 1000
PHOENIX,AZ85012 		NONE   TO SUPPORT HOSPITAL PATIENT CARE SERVICES 15,000

COLLEGE OF WESTERN IDAHO FOUNDATION

PO BOX 3010
NAMPA,ID83653 		NONE   TO FUND PUBLIC SAFETY STUDENT SCHOLARSHIPS 8,000

COLORADO LEAGUE OF CHARTER SCHOOLS

104 N BROADWAY SUITE 400
DENVER,CO80203 		NONE   TO SUPPORT CHARTER SCHOOL STUDENT ACHIEVEMENT 60,000

ENTREPRENEURIAL INSTITUTE OF NORTHERN NEW MEXICO

PO BOX 1552
ESPANOLA,NM87532 		NONE   TO SUPPORT REENTRY AND REINTEGRATION SERVICES 2,500

EXPONENT PHILANTHROPY

1720 N STREET NW
WASHINGTON,DC20036 		NONE   TO SUPPORT EDUCATION FOR SMALL FOUNDATIONS 10,000

FRIENDS OF PUBLIC RADIO ARIZONA

2323 W 14TH ST FL 4
TEMPE,AZ85281 		NONE   TO SUPPORT PUBLIC RADIO COMMUNITY OUTREACH 12,500

HANDS ACROSS CULTURES

PO BOX 2215
ESPANOLA,NM87532 		NONE   TO SUPPORT COMMUNITY HEALTH AND EDUCATION 2,500

HOLY CROSS CATHOLIC SCHOOL

1331 STATE ROAD 76
SANTA CRUZ,NM87567 		NONE   TO SUPPORT FAITH-BASED EDUCATIONAL PROGRAMS 5,000

HUMAN SERVICES CAMPUS DBA KEYS TO CHANGE

204 S 12TH AVE
PHOENIX,AZ85007 		NONE   TO SUPPORT HOMELESSNESS INTERVENTION SERVICES 60,000

HUTCHINSON COMMUNITY COLLEGE ENDOWMENT ASSOC

1300 NORTH PLUM
HUTCHINSON,KS67501 		NONE   TO SUPPORT COLLEGE TRANSFER AND WORKFORCE PROGRAMS 58,000

IDAHO STATE UNIVERSITY FOUNDATION

921 SOUTH 8TH AVE STOP 8173
POCATELLO,ID83209 		NONE   TO PROVIDE ATHLETIC SUMMER SCHOLARSHIPS 41,500

JESUIT HIGH SCHOOL

9000 SW BEAVERTON-HILLSDALE HWY
PORTLAND,OR97225 		NONE   TO PROVIDE TUITION ASSISTANCE SCHOLARSHIPS 50,000

NEW LIFE FARMINGTON

8121 EAST MAIN STREET
FARMINGTON,NM87402 		NONE   TO FUND UNIVERSITY SCHOLARSHIPS THROUGH YOUTH MINISTRY 105,500

NORTHERN NEW MEXICO COLLEGE FOUNDATION

921 PASEO DE ONATE
ESPANOLA,NM87532 		NONE   TO PROVIDE SCHOLARSHIPS FOR NORTHERN NM STUDENTS 5,000

NORTHERN NEW MEXICO NORMAL SCHOOL ALUM ASSOC

2242 BRIGHT STAR AVE
LAS CRUCES,NM88011 		NONE   TO SUPPORT NORTHERN NM COLLEGE SCHOLARSHIPS 7,000

PAT TILLMAN FOUNDATION

180 N LASALLE DRIVE SUITE 2910
CHICAGO,IL60601 		NONE   TO PROVIDE SCHOLARSHIPS FOR VETERANS AND SPOUSES 25,000

PRIMERIA ALTA HISTORICAL SOCIETY

PO BOX 2281
NOGALES,AZ85628 		NONE   TO SUPPORT HISTORIC PRESERVATION AND EDUCATION 10,000

ROCKY MOUNTAIN QUILT MUSEUM

200 VIOLET STREET STE 150
GOLDEN,CO80401 		NONE   TO SUPPORT QUILT EDUCATION AND PRESERVATION 50,000

SARRC

300 N 18TH STREET
PHOENIX,AZ85006 		NONE   TO PROVIDE AUTISM EDUCATOR TRAINING SERVICES 2,500

ST THOMAS THE APOSTLE

4510 NORTH 24TH STREET
PHOENIX,AZ85016 		NONE   TO SUPPORT CAMPUS CAPITAL IMPROVEMENTS 45,000

U OF A - BIO5 (KEYS)

1111 NORTH CHERRY AVENUE PO BOX
210109
TUCSON,AZ85721 		NONE   TO PROVIDE HIGH SCHOOL RESEARCH OPPORTUNITIES 25,000

UNIVERSITY OF IDAHO

875 PERIMETER DRIVE MS 3143
MOSCOW,ID83844 		NONE   TO SUPPORT ENVIRONMENTAL EDUCATION PROGRAMS 25,000

UNIVERSITY OF PORTLAND

5000 N WILLAMETTE BLVD
PORTLAND,OR97203 		NONE   TO SUPPORT ACADEMIC RESEARCH DATABASE ACCESS 12,500
Total ................................. 3a 672,500
bApproved for future payment
Total ................................. 3b 0
Form 990-PF (2025)
Form 990-PF (2025)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		         
4 Dividends and interest from securities ....     14 501,297  
5 Net rental income or (loss) from real estate:
aDebt-financed property......          
bNot debt-financed property.....          
6 Net rental income or (loss) from personal property          
7 Other investment income .....          
8 Gain or (loss) from sales of assets other than
inventory ............ 		    18 1,335,764  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. 0 1,837,061 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
1,837,061
(See worksheet in line 13 instructions to verify calculations.)
Part XV-B
Relationship of Activities to the Accomplishment of Exempt Purposes
Line No.
DownArrow 		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
instructions.)
Form 990-PF (2025)
Form 990-PF (2025)
Page 13
Part XVI
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
1
Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
Yes
No
a
Transfers from the reporting foundation to a noncharitable exempt organization of:
(1) Cash...................................
1a(1)
 
No
(2) Other assets.................................
1a(2)
 
No
b
Other transactions:
(1) Sales of assets to a noncharitable exempt organization....................
1b(1)
 
No
(2) Purchases of assets from a noncharitable exempt organization..................
1b(2)
 
No
(3) Rental of facilities, equipment, or other assets.......................
1b(3)
 
No
(4) Reimbursement arrangements...........................
1b(4)
 
No
(5) Loans or loan guarantees.............................
1b(5)
 
No
(6) Performance of services or membership or fundraising solicitations................
1b(6)
 
No
c
Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
1c
 
No
d
If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
(a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
2a
Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
b
If "Yes," complete the following schedule.

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


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


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

TY 2025 AccountingFeesSchedule
Name:
ARIZONA FOUNDATION FOR EDUCATIONAL
 
ADVANCEMENT
EIN:
86-0664560
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING 15,979 7,990   7,990

TY 2025 InvestmentsCorpBondsSchedule
Name:
ARIZONA FOUNDATION FOR EDUCATIONAL
 
ADVANCEMENT
EIN:
86-0664560
Name of Bond End of Year Book Value End of Year Fair Market Value
ABBVIE INC 28,990 28,990
AEROVIRONMENT INC 11,935 11,935
AIRBNB INC 37,601 37,601
ALIBABA GROUP HLDG LTD 13,981 13,981
BILL HOLDINGS INC 21,123 21,123
BRIDGEBIO PHARMA INC 22,720 22,720
CAPITAL ONE FINANCIAL CO 34,229 34,229
CB ALNYLAM PHARMACEUTI 8,839 8,839
CB MIRUM PHARMACEUTICA 15,518 15,518
CB UBER TECHNOLOGIES 11,680 11,680
CB WAYFAIR INC 15,060 15,060
CENTRUS ENERGY CORP 5,369 5,369
CIPHER MINING 6,979 6,979
CITIGROUP INC 31,570 31,570
CLOUDFLARE INC 17,609 17,609
COGENT BIOSCIENCES INC 9,382 9,382
COINBASE GLOBAL INC 26,944 26,944
COMCAST CORP 28,000 28,000
CONFLUENT INC 22,333 22,333
CVS HEALTH CORP 30,557 30,557
DRAFTKINGS INC 7,308 7,308
DUKE ENERGY CORP NEW 16,619 16,619
ENERGY TRANSFER LP 46,173 46,173
ENPHASE ENERGY INC 13,050 13,050
ENTERPRISE PRODUCTS OPER 12,539 12,539
GENERAL MOTORS FINL CO 39,303 39,303
GOLDMAN SACHS GROUP INC 33,753 33,753
GRANITE CONSTRUCTION INC 15,251 15,251
GUARDANT HEALTH INC 23,840 23,840
INTERDIGITAL INC 12,370 12,370
IONIS PHARMACEUTICALS IN 12,713 12,713
IRHYTHM TECHNOLOGIES INC 18,200 18,200
ITRON INC 8,136 8,136
JPMORGAN CHASE & CO 39,180 39,180
JPMORGAN CHASE & CO 27,007 27,007
LIBERTY MEDIA CORP DEL 12,735 12,735
LIVE NATION ENTERTAINMEN 7,337 7,337
LOWE'S COS INC 32,996 32,996
LUMENTUM HLDGS INC 53,936 53,936
LYFT INC 9,633 9,633
MICROSTRATEGY INC 13,391 13,391
MORGAN STANLEY 21,186 21,186
ON SEMICONDUCTOR CORP 7,581 7,581
ORACLE CORP 20,267 20,267
OSI SYSTEMS INC 11,939 11,939
PARSONS CORP DEL 15,551 15,551
PG&E CORP 8,249 8,249
POST HOLDINGS INC 8,684 8,684
PPL CAPITAL FUNDING INC 12,166 12,166
REDFIN CORP 37,490 37,490
RINGCENTRAL INC 37,544 37,544
RIVIAN AUTOMOTIVE INC 16,915 16,915
RTX CORP 35,818 35,818
SEA LTD 37,839 37,839
SEAGATE HDD CAYMAN 30,331 30,331
SHIFT4 PAYMENTS INC 25,040 25,040
SNOWFLAKE INC 25,254 25,254
SOUTHERN CO 16,035 16,035
SPOTIFY USA INC 4,540 4,540
SQUARE INC 22,570 22,570
SUNRUN INC 8,573 8,573
SYNOPSYS INC 40,140 40,140
TRANSMEDICS GROUP INC 8,982 8,982
TRAVERE THERAPEUTICS INC 18,584 18,584
TRUIST FINANCIAL CORP 33,889 33,889
UNITEDHEALTH GROUP INC 29,267 29,267
US BANCORP 45,868 45,868
USD ENBRIDGE INC 33,193 33,193
VENTAS RLTY LTD 15,566 15,566
VERIZON COMMUNICATIONS 24,307 24,307
WELLS FARGO & COMPANY 36,465 36,465
WESTERN DIGITAL CORP 45,876 45,876
WINNEBAGO INDUSTRIES 14,287 14,287

TY 2025 InvestmentsCorpStockSchedule
Name:
ARIZONA FOUNDATION FOR EDUCATIONAL
 
ADVANCEMENT
EIN:
86-0664560
Name of Stock End of Year Book Value End of Year Fair Market Value
1ST FINANCIAL BCSHS INC 24,015 24,015
3I GROUP PLC SHS 23,217 23,217
3M COMPANY 23,695 23,695
ABB LTD SPON ADR 41,497 41,497
ABBOTT LABS 114,264 114,264
ABBOTT LABS 71,039 71,039
ABBVIE INC SHS 112,417 112,417
ABBVIE INC SHS 83,627 83,627
ACCENTURE PLC SHS 66,538 66,538
ACCENTURE PLC SHS 97,125 97,125
ADIDAS AG SPONSORED ADR 20,956 20,956
AGREE RLTY CORP 33,350 33,350
AIA GROUP LTD 23,633 23,633
AIR LIQUIDE ADR 30,424 30,424
ALBEMARLE CORPORATION 23,518 23,518
ALLIANT ENERGY CORP 41,021 41,021
ALLIANZ SE - UNSP 17,434 17,434
ALLY FINL INC 26,042 26,042
AMER EXPRESS COMPANY 99,887 99,887
AMERICAN STATES WATER CO 18,990 18,990
AMERICAN TOWER REIT INC 53,022 53,022
AMETEK INC NEW 24,843 24,843
AMICUS THERAPEUTICS INC 16,874 16,874
AMPHENOL CORP CL A NEW 117,572 117,572
ANALOG DEVICES INC COM 126,650 126,650
ANGLO AMERN PLC 15,580 15,580
AON PLC REG SHS 29,642 29,642
APOLLO GLOBAL MGMT INC. 7,401 7,401
APPLE INC 221,294 221,294
ARES MANAGEMENT 62,389 62,389
ARES MGMT CORP 7,762 7,762
ARMSTRONG WORLD INDS INC 18,346 18,346
ARROW ELECTRONICS 4,628 4,628
ASML HLDG NV NY REG SHS 70,611 70,611
ASTRAZENECA PLC SPND ADR 24,545 24,545
ASTRAZENECA PLC SPND ADR 111,511 111,511
AT&T INC 99,832 99,832
AVISTA CORP 4,586 4,586
AXIS CAPITAL HOLDINGS 29,450 29,450
BAKER HUGHES CO 10,292 10,292
BAKER HUGHES CO 36,523 36,523
BALL CORP COM 30,246 30,246
BANCO SANTANDER SA 36,105 36,105
BANCORP (THE) BANK 16,272 16,272
BANK HAPOALIM BM SPON AD 25,134 25,134
BANKINTER SA NEW SP ADR 24,157 24,157
BATH & BODY WORKS INC 9,297 9,297
BATS CORP CREDIT 89,683 89,683
BATS MORTGAGE 638,624 638,624
BATS SECURITIZED 83,254 83,254
BIOMARIN PHARMACEUTICALS 8,974 8,974
BLACKROCK HIGH YIELD 688,759 688,759
BLACKROCK INC REG SHS 104,893 104,893
BNY MELLON GLOBAL FIXED 212,929 212,929
BOEING CO 46,270 46,270
BOOT BARN HOLDINGS INC 9,529 9,529
BROADCOM INC 171,320 171,320
BROADCOM INC 184,125 184,125
BUREAU VERITAS ADR 21,658 21,658
BURLINGTON STORES INC 17,620 17,620
BWX TECHNOLOGIES INC 13,827 13,827
CAL MAINE FDS INC COM NW 6,445 6,445
CALEDONIA MINING CORP 8,505 8,505
CANADIAN PAC KANS CITY 18,923 18,923
CAPGEMINI SE SHS ADR 12,421 12,421
CARDINAL HEALTH INC OHIO 20,345 20,345
CARGURUS 7,478 7,478
CARLISLE COS INC 23,990 23,990
CARRIER GLOBAL CORP REG 31,968 31,968
CASEYS GEN STORES INC 39,795 39,795
CBRE GROUP INC 18,169 18,169
CDW CORP 16,344 16,344
CENTURI HOLDINGS INC 9,469 9,469
CHEVRON CORP 97,542 97,542
CHEVRON CORP 57,763 57,763
CHUBB LTD 16,542 16,542
CIE FINANCIERE RICHEMONT 22,413 22,413
CMNTY FIN SYS INC 28,663 28,663
COCA COLA COM 137,932 137,932
COEUR MINING INC 26,032 26,032
COMCAST CORP NEW CL A 40,531 40,531
COMMERCE BANCSHARES 26,275 26,275
COMMERCIAL METALS CO COM 11,144 11,144
COMPASS GROUP PLC SHS 33,558 33,558
CONOCOPHILLIPS 24,713 24,713
CORNING INC 131,165 131,165
CORTEVA INC REG SHS 22,321 22,321
COUSINS PROPERTIES INC 8,843 8,843
CRH PLC 11,731 11,731
CULLEN FRST BKRS PV$0.01 13,170 13,170
CURBLINE PPTYS 9,214 9,214
DANA INC 21,146 21,146
DANAHER CORP DEL COM 67,302 67,302
DEERE CO 55,403 55,403
DICKS SPORTING GOODS INC 56,026 56,026
DIPLOMA PLC SHS ADR 25,191 25,191
DISCO CORP SHS ADR 8,346 8,346
DSV A/S 23,373 23,373
DUKE ENERGY CORP NEW 140,418 140,418
DYCOM INDS INC 14,868 14,868
EATON CORP PLC 63,065 63,065
EATON CORP PLC 129,315 129,315
ELECTRONIC ARTS INC DEL 17,368 17,368
ELEVANCE HEALTH INC 52,232 52,232
EMERSON ELEC CO 66,625 66,625
ENGIE SHS 21,226 21,226
ENTERGY CORP NEW 30,872 30,872
ENTERPRISE FINL SVCS CRP 29,214 29,214
EQTY LIFESTYLS PPTYS INC 14,122 14,122
EQUINIX INC 69,721 69,721
EVEREST GROUP LTD 35,292 35,292
EXCELERATE ENERGY INC 19,102 19,102
EXELIXIS INC COM 21,345 21,345
EXPAND ENERGY CORP 36,088 36,088
EXPERIAN PLC SP ADR 22,495 22,495
EXXON MOBIL CORP COM 67,029 67,029
FABRINET 16,390 16,390
FANUC LTD-UNSP 20,541 20,541
FOX CORP CL B 30,128 30,128
FREEPORT-MCMORAN INC 31,134 31,134
GATX CORPORATION 10,854 10,854
GETTY REALTY CRP PV$0.01 8,403 8,403
GILDAN ACTIVEWEAR INC 21,674 21,674
GILEAD SCIENCES INC COM 71,557 71,557
GLACIER BANCORP INC NEW 27,267 27,267
GLOBUS MED INC 15,541 15,541
GOLDMAN SACHS GROUP INC 173,163 173,163
HA SUSTAINABLE 17,884 17,884
HALMA PLC 23,382 23,382
HARTFORD INSURANCE GROUP 28,525 28,525
HELMERICH PAYNE INC 24,980 24,980
HEWLETT PACKARD 105,256 105,256
HEXAGON AB ADR 21,426 21,426
HF SINCLAIR CORP 29,768 29,768
HOLOGIC INC 23,837 23,837
HOME DEPOT INC 89,810 89,810
HONEYWELL INTL INC DEL 70,623 70,623
HOYA CORP ADR 25,022 25,022
HP ENTERPRISE CO 4,868 4,868
HUMANA INC 12,550 12,550
ICON PLC 28,973 28,973
IMCD GROUP ADR 5,702 5,702
IMI PLC 13,531 13,531
INDEPENDENT BK CORP MASS 36,175 36,175
INDUSTRIA DE DISENO 21,384 21,384
ING GP NV SPSD ADR 27,916 27,916
INSTEEL INDUSTRIES INC 4,877 4,877
INTERCONTINENTAL 46,644 46,644
INTERCONTINENTAL HOTELS 21,688 21,688
INTL BUSINESS MACHINES 125,889 125,889
ISHARES INTERNATIONAL 189,638 189,638
JBT MAREL CORPORATION 19,738 19,738
JOHNSON AND JOHNSON COM 54,842 54,842
JONES LANG LASALLE INC 10,431 10,431
JPMORGAN CHASE & CO 256,487 256,487
JPMORGAN CHASE & CO 130,177 130,177
KAISER ALUM CORP 22,053 22,053
KBC GROUPE SA SHS 31,960 31,960
KEURIG DR PEPPER INC 9,187 9,187
KEYSIGHT TECHNOLOGIES 16,052 16,052
KIRBY CORP COM 25,341 25,341
KKR & CO INC 13,789 13,789
KODIAK GAS SVCS INC 10,098 10,098
KRYSTAL BIOTECH INC REG 7,396 7,396
L3HARRIS TECHNOLOGIES 28,183 28,183
LABCORP HOLDINGS INC REG 19,569 19,569
LAKELAND FINCL CORP IND 25,905 25,905
LAM RESH CORP 75,319 75,319
LAMAR ADVERTISING CO-A 30,632 30,632
LAMB WESTON HOLDINGS INC 9,006 9,006
LANDSTAR SYS INC COM 13,508 13,508
LAZARD INC REGISTETED 26,465 26,465
LEGRAND SA-UNSP 19,984 19,984
LINCOLN ELEC HLDGS INC 26,360 26,360
LINDE PLC NEW 59,268 59,268
LINDE PLC NEW 17,482 17,482
LITTELFUSE INC DEL COM 26,051 26,051
LITTELFUSE INC DEL COM 19,475 19,475
LIVANOVA PLC SHS 9,414 9,414
LKQ CORP 20,536 20,536
LONDON STK EX GRP 19,534 19,534
LOTTOMATICA GROUP SPA 13,103 13,103
LOWE'S COMPANIES INC 57,637 57,637
MAPLEBEAR INC 24,694 24,694
MARKETAXESS HOLDINGS INC 20,300 20,300
MARKS AND SPENCER GP ADR 9,409 9,409
MARSH & MCLENNAN COS INC 54,728 54,728
MARTIN MARIETTA MATLS 21,793 21,793
MARUWA CO LTD 8,222 8,222
MASTERCARD INC 97,620 97,620
MATADOR RES CO 13,284 13,284
MCDONALDS CORP COM 139,367 139,367
MCDONALDS CORP COM 75,796 75,796
MEDTRONIC PLC SHS 11,047 11,047
MEDTRONIC PLC SHS 125,839 125,839
META PLATFORMS INC 54,127 54,127
MICROCHIP TECHNOLOGY INC 13,463 13,463
MICROSOFT CORP 264,540 264,540
MICROSOFT CORP 289,688 289,688
MIDDLESEX WATER COM 7,714 7,714
MITSUBISHI ELEC ADR 19,140 19,140
MITSUI FUDOSAN CO LTD 18,994 18,994
MIZUHO FINL GROUP INC 17,385 17,385
MKS INC 30,841 30,841
MONDELEZ INTERNATIONAL 34,505 34,505
MONDELEZ INTERNATIONAL 69,818 69,818
MONOTARO CO LTD - UNSP 6,928 6,928
MOTOROLA SOLUTIONS INC 75,897 75,897
MSC INDL DIRECT INC CL A 16,400 16,400
MTU AERO ENGINES AG 30,222 30,222
NASDAQ OMX GRP INC 52,353 52,353
NEXTERA ENERGY INC SHS 74,660 74,660
NEXTERA ENERGY INC SHS 84,856 84,856
NEXTERA ENERGY, INC. 31,373 31,373
NINTENDO LTD ADR 16,236 16,236
NIPPON SANSO HLDGS ADR 6,981 6,981
NITORI HOLDINGS CO LTD 7,700 7,700
NOMURA RESH INST LTD ADR 15,533 15,533
NORDEA BANK ABP SHS ADR 24,893 24,893
NORTHROP GRUMMAN CORP 55,310 55,310
NOVO NORDISK A S ADR 13,229 13,229
OMNICELL INC 10,328 10,328
ORACLE CORP $0.01 DEL 66,464 66,464
O'REILLY AUTOMOTIVE INC 22,894 22,894
PEPSICO INC 37,746 37,746
PHILIP MORRIS INTL INC 76,511 76,511
PNC FINCL SERVICES GROUP 144,441 144,441
PNC FINCL SERVICES GROUP 34,232 34,232
PPL CORPORATION 26,860 26,860
PROCTER & GAMBLE CO 131,272 131,272
PROLOGIS INC 70,468 70,468
QNITY ELECTRONICS INC 15,840 15,840
RECRUIT HOLDINGS CO.LTD. 14,738 14,738
RELX PLC 28,941 28,941
RESONA HLDGS ADR 20,160 20,160
REVOLUTION MEDICINES INC 4,142 4,142
ROCKWELL AUTOMATION INC 73,534 73,534
RTX CORP 168,545 168,545
S&P GLOBAL INC 61,666 61,666
SAIA INC 12,081 12,081
SAMPO PLC SHS 20,843 20,843
SELECTIVE INS GRP INC 31,376 31,376
SHIN-ETSU CHEM-UNSPON 13,315 13,315
SIEMENS AG ADR 15,954 15,954
SM ENERGY CO SHS 13,745 13,745
SMURFIT WESTROCK LTD REG 45,824 45,824
SOLSTICE ADVANCED 14,525 14,525
SPDR S&P 500 ETF TRUST 77,057 77,057
SSE PLC SPONSORED ADR 15,685 15,685
STAG INDUSTRIALS, INC. 17,204 17,204
STARBUCKS CORP 38,063 38,063
STARBUCKS CORP 60,042 60,042
STK YARDS BANCORP INC 25,071 25,071
SUZUKI MOTOR CORP SHS 10,821 10,821
TAIWAN S MANUFCTRING ADR 117,302 117,302
TECHTRONIC INDS SPD ADR 17,677 17,677
TERADYNE INC 18,001 18,001
TERRENO REALTY CORP SHS 30,294 30,294
THALES SA UNSP ADR 11,022 11,022
THE SCOTTS MIRACLE GRO 9,453 9,453
TJX COS INC NEW 81,260 81,260
TJX COS INC NEW 128,264 128,264
T-MOBILE US INC SHS 92,383 92,383
TOLL BROS INC COM 17,984 17,984
TOPBUILD CORP SHS 14,602 14,602
TOWNEBANK PORTSMOUTH VA 4,472 4,472
TRACTOR SUPPLY CO 60,612 60,612
TRANE TECHNOLOGIES PLC 62,272 62,272
TRANSUNION 31,728 31,728
TRIPADVISOR INC SHS 23,048 23,048
UIPATH INC CL A 11,030 11,030
UNILEVER PLC 35,381 35,381
UNION PACIFIC CORP 48,809 48,809
UNION PACIFIC CORP 48,809 48,809
UNITEDHEALTH GROUP INC 72,624 72,624
UNIVERSAL MUSIC GRO-UNSP 18,269 18,269
UWM HOLDINGS CORP REG 18,983 18,983
VALERO ENERGY CORP NEW 14,651 14,651
VANGUARD TOTAL WORLD 190,960 190,960
VERACYTE INC 6,062 6,062
VONTIER CORP 31,045 31,045
WALKER & DUNLOP INC 14,195 14,195
WALMART INC 94,921 94,921
WASTE CONNECTIONS INC 22,446 22,446
WATTS WATER TECH INC 9,937 9,937
WEC ENERGY GROUP INC SHS 62,327 62,327
WELLS FARGO & CO 110,162 110,162
WELLS FARGO & CO NEW 15,756 15,756
WESTLAKE CORP 18,041 18,041
WILLIAMS COMPANIES DEL 129,898 129,898
WINTRUST FINL CP ILL COM 32,998 32,998
WORTHINGTON INDSTRS OHIO 8,818 8,818
YETI HLDGS INC 10,954 10,954
ZETA GLOBAL HLDGS CORP 9,544 9,544
ZOETIS INC 43,785 43,785

TY 2025 InvestmentsGovtObligationsSch
Name:
ARIZONA FOUNDATION FOR EDUCATIONAL
 
ADVANCEMENT
EIN:
86-0664560
US Government Securities - End of Year Book Value:

1,669,602
US Government Securities - End of Year Fair Market Value:

1,669,602
State & Local Government Securities - End of Year Book Value:


0
State & Local Government Securities - End of Year Fair Market Value:


0


TY 2025 OtherDecreasesSchedule
Name:
ARIZONA FOUNDATION FOR EDUCATIONAL
 
ADVANCEMENT
EIN:
86-0664560
Description Amount
UNREALIZED GAIN (LOSS) 18,049


TY 2025 OtherExpensesSchedule
Name:
ARIZONA FOUNDATION FOR EDUCATIONAL
 
ADVANCEMENT
EIN:
86-0664560
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INSURANCE 1,381 0   1,381
DUES AND SUBSCRIPTIONS 1,700 0   1,700
POSTAGE, MAILING SERVICE 360 0   360
MISCELLANEOUS EXPENSE 7,204 0   7,204


TY 2025 OtherLiabilitiesSchedule
Name:
ARIZONA FOUNDATION FOR EDUCATIONAL
 
ADVANCEMENT
EIN:
86-0664560
Description Beginning of Year - Book Value End of Year - Book Value
ACCRUED FEES 9,954 10,186
DEFERRED TAX LIABILITY 40,665 40,414
EXCISE TAXES PAYABLE 969 0
MARGIN LOAN 0 14


TY 2025 OtherProfessionalFeesSchedule
Name:
ARIZONA FOUNDATION FOR EDUCATIONAL
 
ADVANCEMENT
EIN:
86-0664560
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT FEES 119,190 119,190   0
PAYROLL PROCESSING 2,130 107   2,024


TY 2025 TaxesSchedule
Name:
ARIZONA FOUNDATION FOR EDUCATIONAL
 
ADVANCEMENT
EIN:
86-0664560
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
EXCISE TAX 23,386 0   0