Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
Do not enter social security numbers on this form as it may be made public.
Go to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2025
Open to Public Inspection
For calendar year 2025, or tax year beginning 01 - 01 2025, and ending 12 - 31, 20 25
Name of foundation
The Shepard Broad Foundation Inc
 
% Foundation Source
Number and street (or P.O. box number if mail is not delivered to street address) Foundation Source 501 Silverside Rd
  Room/suite
City or town
Wilmington
State or province
DE
Country  
ZIP or foreign postal code
198091377
A Employer identification number

59-0998866
B Telephone number (see instructions)

8008391754
C
G Check all that apply:

D 1. Foreign organizations, check here.............
2. Foreign organizations meeting the 85%
test, check here and attach computation ...
E
H Check type of organization:
F
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)$37,025,131J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule) 0
2 Check .................
3 Interest on savings and temporary cash investments 5,212 5,212  
4 Dividends and interest from securities... 1,074,133 1,074,133  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 2,264,076
b Gross sales price for all assets on line 6a 4,813,757
7 Capital gain net income (from Part IV, line 2)... 2,264,076
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........ 3,343,421 3,343,421  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 5,000     5,000
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
239,180 124,380   114,800
17 Interest............... 5      
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
43,169 69    
19 Depreciation (attach schedule) and depletion...      
20 Occupancy.............. 27,323     27,323
21 Travel, conferences, and meetings....... 12,103     12,103
22 Printing and publications.......... 448     448
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
64,671     64,671
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 391,899 124,449   224,345
25 Contributions, gifts, grants paid....... 1,138,560 1,138,560
26 Total expenses and disbursements. Add lines 24 and 25 ................ 1,530,459 124,449   1,362,905
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 1,812,962
b Net investment income (if negative, enter -0-) 3,218,972
c Adjusted net income (if negative, enter -0-)... 0
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2025)
Form 990-PF (2025)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 573,789 509,714 509,714
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)....... 23,077,352 Click to see attachment
List of Attached Documents:
// Content
24,754,389 		36,014,940
c Investments—corporate bonds (attach schedule)....... 300,000 Click to see attachment
List of Attached Documents:
// Content
500,000 		500,477
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) 23,951,141 25,764,103 37,025,131
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe )    
23 Total liabilities (add lines 17 through 22)......... 0 0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds 23,951,141 25,764,103
29 Total net assets or fund balances (see instructions)..... 23,951,141 25,764,103
30 Total liabilities and net assets/fund balances (see instructions). 23,951,141 25,764,103
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
23,951,141
2
Enter amount from Part I, line 27a .....................
2
1,812,962
3
Other increases not included in line 2 (itemize)
3
 
4
Add lines 1, 2, and 3 ..........................
4
25,764,103
5
Decreases not included in line 2 (itemize)
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, line 29, column (b) ..
6
25,764,103
Form 990-PF (2025)
Form 990-PF (2025)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a Publicly-traded Securities      
b
c
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 4,813,757   2,549,681 2,264,076
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       2,264,076
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 2,264,076
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 44,744
b All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2  
3 Add lines 1 and 2........................... 3 44,744
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 44,744
6 Credits/Payments:
a 2025 estimated tax payments and 2024 overpayment credited to 2025 6a 41,719
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c  
d Backup withholding erroneously withheld .......... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 41,719
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 3,025
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid... 10  
11 Enter the amount of line 10 to be: Credited to 2026 estimated tax   Refunded 11 0
For Refunded amount, also complete and attach Form 8050. See instructions.
Form 990-PF (2025)
Form 990-PF (2025)
Page 4
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. $   (2) On foundation managers.$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
FL
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
8b
Yes
 
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2025 or the taxable year beginning in 2025? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
 
No
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
11
 
No
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructionsClick to see attachment
List of Attached Documents:
// Content
.................
12
Yes
 
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website address  
14
The books are in care ofFoundation Source Telephone no. (800) 839-1754

Located at501 Silverside Road Suite 123WilmingtonDE ZIP+4198091377
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........
and enter the amount of tax-exempt interest received or accrued during the year ........
15
 
16 At any time during calendar year 2025, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country
Form 990-PF (2025)
Form 990-PF (2025)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
Yes
 
(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
Karen BermanClick to see attachment
List of Attached Documents:
// Content
Dir, Treas
1.0 		2,500 0 0
Foundation Source 501 Silverside Rd
Wilmington,DE198091377
Ann B BusselClick to see attachment
List of Attached Documents:
// Content
Dir, Chairperson
1.0 		0 0 0
Foundation Source 501 Silverside Rd
Wilmington,DE198091377
Daniel J BusselClick to see attachment
List of Attached Documents:
// Content
Dir, Sec
1.0 		2,500 0 0
Foundation Source 501 Silverside Rd
Wilmington,DE198091377
Deborah BusselClick to see attachment
List of Attached Documents:
// Content
Dir, Pres
10.0 		0 0 0
Foundation Source 501 Silverside Rd
Wilmington,DE198091377
John M BusselClick to see attachment
List of Attached Documents:
// Content
Dir, VP
1.0 		0 0 0
Foundation Source 501 Silverside Rd
Wilmington,DE198091377
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
 
Total number of other employees paid over $50,000...................  
Form 990-PF (2025)
Form 990-PF (2025)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
TEAM HEWINS LLC Investment Mgmt 124,380
950 TOWER LANE STE 1050
FOSTER CITY,CA944044251
Foundation Source Administrative 63,000
55 Walls Drive STE 302
Fairfield,CT06824
Bussel Philanthropy Associates LLC Philanthropic 59,000
1000 Venetian Way 802
Miami Beach,FL33139
Enid Mercado Vega Philanthropic 55,800
4217 Westminster Road
Sebring,FL33875
Total number of others receiving over $50,000 for professional services.............right arrow  
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1  
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................  
Form 990-PF (2025)
Form 990-PF (2025)
Page 8
Part IX
Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
1
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:
a
Average monthly fair market value of securities...................
1a
34,830,040
b
Average of monthly cash balances.......................
1b
660,582
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, 1b, and 1c).......................
1d
35,490,622
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
 
2
Acquisition indebtedness applicable to line 1 assets..................
2
0
3
Subtract line 2 from line 1d.........................
3
35,490,622
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
532,359
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
34,958,263
6
Minimum investment return. Enter 5% (0.05) of line 5 ................
6
1,747,913
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
1,747,913
2a
Tax on investment income for 2025 from Part V, line 5 .......
2a
44,744
b
Income tax for 2025. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
44,744
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
1,703,169
4
Recoveries of amounts treated as qualifying distributions................
4
 
5
Add lines 3 and 4............................
5
1,703,169
6
Deduction from distributable amount (see instructions) .................
6
 
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
1,703,169
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
1,362,905
b
Program-related investments—total from Part VIII-B..................
1b
0
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
0
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
0
b
Cash distribution test (attach the required schedule) .................
3b
0
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
1,362,905
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 1,703,169
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only....... 593,788
b Total for prior years:2023, 2022, 2021  
3 Excess distributions carryover, if any, to 2025:
a From 2020......  
b From 2021......  
c From 2022......  
d From 2023......  
e From 2024......  
f Total of lines 3a through e ........  
4Qualifying distributions for 2025 from Part
XI, line 4: $ 1,362,905
a Applied to 2024, but not more than line 2a 593,788
b Applied to undistributed income of prior years
(Election required—see instructions) ..... 		 
c Treated as distributions out of corpus (Election
required—see instructions) ........ 		 
d Applied to 2025 distributable amount..... 769,117
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2025.    
(If an amount appears in column (d), the
same amount must be shown in column (a).)
6Enter the net total of each column as
indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
b Prior years’ undistributed income. Subtract
line 4b from line 2b .......... 		 
c Enter the amount of prior years’ undistributed
income for which a notice of deficiency has
been issued, or on which the section 4942(a)
tax has been previously assessed...... 		 
d Subtract line 6c from line 6b. Taxable amount
—see instructions ........... 		 
e Undistributed income for 2024. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		 
f Undistributed income for 2025. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2026 .......... 		934,052
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		 
8 Excess distributions carryover from 2020 not
applied on line 5 or line 7 (see instructions) ... 		 
9 Excess distributions carryover to 2026.
Subtract lines 7 and 8 from line 6a ...... 		0
10 Analysis of line 9:
a Excess from 2021 ....  
b Excess from 2022 ....  
c Excess from 2023 ....  
d Excess from 2024 ....  
e Excess from 2025 .... 0
Form 990-PF (2025)
Form 990-PF (2025)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2025, enter the date of the ruling ......
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2025 (b) 2024 (c) 2023 (d) 2022
         
b 85% (0.85) of line 2a .......          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, 3b, or 3c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
NONE
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

Amer Frds of the Heb U

199 WATER ST 11TH FL
NEW YORK,NY10038 		N/A   scholarships 6,000

AJC

165 E 56TH ST 6TH FL
NEW YORK,NY10022 		N/A   General Support 25,000

AI Justice

6355 NW 36TH ST STE 2201
MIAMI,FL33166 		N/A   General Support 10,000

A E Kelly Ed Fdn

1809 FAISON RD
DURHAM,NC27705 		N/A   Scholarships 1,800

Arts Bal tht of FL Inc

15939 BISCAYNE BLVD
AVENTURA,FL33160 		N/A   aftercare outreach program at RKBBH K-8 Center. 2,500

Barry U

11300 NE 2ND AVE
MIAMI SHORES,FL33161 		N/A   Opportunity Scholarship Fund 20,000

Barry U

11300 NE 2ND AVE
MIAMI SHORES,FL33161 		N/A   Scholarships 15,000

Benning Acad Mus Fdn

5647 WILLIS AVE
SHERMAN OAKS,CA91411 		N/A   Mexican Music Academies 5,000

Branches Inc

11500 NW 12TH AVE
MIAMI,FL33168 		N/A   ID program 50,000

Brigid All Inc

PO BOX 58
NEW YORK,NY10024 		N/A   General Support 7,000

Brigid All Inc

PO BOX 58
NEW YORK,NY10024 		N/A   General Support 18,000

Car Ab Fd

PO BOX 51534
DURHAM,NC27717 		N/A   General Support 2,500

Ctr for the Adv of Jwh Ed Inc

4200 BISCAYNE BLVD
MIAMI,FL33137 		N/A   General Support 3,000

Child Ber Ctr Inc

6619 S DIXIE HWY 302
MIAMI,FL33143 		N/A   Extended Shiva Project 10,000

COMMONSENSE CHILDBIRTH INC

213 S DILLARD ST STE 340
WINTER GARDEN,FL34787 		N/A   General Support 2,500

DKT Int Inc

1001 CONNECTICUT AVE NW STE 800
WASHINGTON,DC20036 		N/A   Women on Waves 17,000

DKT Int Inc

1001 CONNECTICUT AVE NW STE 800
WASHINGTON,DC20036 		N/A   Women on Waves 8,000

Don Adv Char Giv

PO BOX 2430
OMAHA,NE68103 		N/A   Funding Daniel J. Bussel & Raquelle de la Rocha Do Donor Advised Fund Acct No. 4235-4523 35,000

Don Adv Char Giv

PO BOX 2430
OMAHA,NE68103 		N/A   Funding Daniel J. Bussel & Raquelle de la Rocha Do The Ruth K. Broad Biomedical Research Foundation 8,000

Duke U

BOX 90581
DURHAM,NC27708 		N/A   to fund the Ann B. Bussel Grant to be awarded by T Sherwood, Duke University Department of Biology 25,000

Duke U

BOX 90581
DURHAM,NC27708 		N/A   For the work being conducted by Dr. Nina Sherwood, Duke University Department of Biology 5,000

Duke U

BOX 90581
DURHAM,NC27708 		N/A   Trinity College Annual Fund 20,000

Dur-Chp Hill Jwh Fed

1937 W CORNWALLIS ROAD
DURHAM,NC27705 		N/A   Lerner School Annual Fund 1,000

Dur-Chp Hill Jwh Fed

1937 W CORNWALLIS ROAD
DURHAM,NC27705 		N/A   the Jewish Book Fair 1,000

Dur-Chp Hill Jwh Fed

1937 W CORNWALLIS ROAD
DURHAM,NC27705 		N/A   the Jewish Film Festival 2,500

Dur-Chp Hill Jwh Fed

1937 W CORNWALLIS ROAD
DURHAM,NC27705 		N/A   The Great Challah Bake (Shabbat Fund) 1,000

Elev Acc Inc

PO BOX 6806
CHAMPAIGN,IL61826 		N/A   General Support 20,000

Elev Acc Inc

PO BOX 6806
CHAMPAIGN,IL61826 		N/A   General Support 5,000

Enl Lat NC

1053 E WHITAKER MILL RD STE 115
KNIGHTDALE,NC27604 		N/A   General Support 5,000

Exch for Chg

2103 CORAL WAY 2ND FL
MIAMI,FL33145 		N/A   General Support 3,600

Fisher Hs Fdn Inc

12300 TWINBROOK PKWY STE 410
ROCKVILLE,MD20852 		N/A   General Support 1,500

Fdn for Ind Rts and Exp Inc

PO BOX 40128
PHILADELPHIA,PA19106 		N/A   General Support 5,000

Duke U

1415 FARBER ST
DURHAM,NC27708 		N/A   General Support 5,000

Frds of Danl Ctr

5630 WISCONSIN AVE APT 1601
CHEVY CHASE,MD20815 		N/A   General Support 2,500

Gablestage Inc

1200 ANASTASIA AVE STE 230
CORAL GABLES,FL33134 		N/A   Education Programs 10,000

Henry E Huntington Lib & Art Gly

1151 OXFORD RD
SAN MARINO,CA91108 		N/A   General Support 5,000

Henry E Huntington Lib & Art Gly

1151 OXFORD RD
SAN MARINO,CA91108 		N/A   2026 Fellows Program 3,000

Hillel the Fdn for Jwh Camp Life

574 HILGARD AVE
LOS ANGELES,CA90024 		N/A   2026 Fact Finding Journey (Perspectives Trip) for UCLA Student Leaders and Israel Learning Fellowships 15,000

Hillel the Fdn for Jwh Camp Life

574 HILGARD AVE
LOS ANGELES,CA90024 		N/A   2026 Fact Finding Journey (Perspectives Trip) for UCLA Student Leaders and Israel Learning Fellowships 25,000

ICIVICS Inc

1035 CAMBRIDGE ST STE 1
CAMBRIDGE,MA02141 		N/A   Sandra Day O'Connor Educator Award 10,000

ICIVICS Inc

1035 CAMBRIDGE ST STE 1
CAMBRIDGE,MA02141 		N/A   General Support 5,000

JAFCO Child Fdn Inc

4200 N UNIVERSITY DR
SUNRISE,FL33351 		N/A   Marge Flanz Alumni Circle Endowment Fund 5,000

JCS S FL

12000 BISCAYNE BLVD STE 303
NORTH MIAMI,FL33181 		N/A   Case Management 40,000

JCS S FL

12000 BISCAYNE BLVD STE 303
NORTH MIAMI,FL33181 		N/A   CEO Discretionary Funds 10,000

Jwh Fac Resil Grp

9440 SANTA MONICA BLVD STE 301
BEVERLY HILLS,CA90210 		N/A   General Support 3,000

Jud Ref Cong

1933 W CORNWALLIS RD
DURHAM,NC27705 		N/A   RRIJ Fund 10,000

Leo Baeck Ed Ctr Fdn

5603 S BRAESWOOD
HOUSTON,TX77096 		N/A   Emergency expenses and relief efforts at Haifa resulting from the state of war between Israel and Iran 10,000

Leo Baeck Ed Ctr Fdn

5603 S BRAESWOOD
HOUSTON,TX77096 		N/A   Haifa Educational Programs 2,500

Link Glo

115 PINE AVE STE 210
LONG BEACH,CA90802 		N/A   General Support 500

Loomis Inst

4 BATCHELDER RD
WINDSOR,CT06095 		N/A   Scholarship 50,000

Loomis Inst

4 BATCHELDER RD
WINDSOR,CT06095 		N/A   2025-26 Annual Fund 22,000

LA FD Fdn

1700 STADIUM WAY STE 100
LOS ANGELES,CA90012 		N/A   Equipment 2,500

LA Lawyers Phil

10535 WILSHIRE BLVD APT 509
LOS ANGELES,CA90024 		N/A   General Support 5,000

LA Phil Assoc

151 S GRAND AVE
LOS ANGELES,CA90012 		N/A   General Support 1,500

Mem Ctr Repro

1203 POPLAR AVE
MEMPHIS,TN38104 		N/A   Unrestricted Operating 10,000

Mem Ctr Repro

1203 POPLAR AVE
MEMPHIS,TN38104 		N/A   Unrestricted Operating 10,000

Mia Cty Ballet Inc

2200 LIBERTY AVE
MIAMI BEACH,FL33139 		N/A   Explore Dance Residency program at Ruth K. Broad Bay Harbor K-8 Center 5,000

Mia Dade Col Fdn Inc

300 NE 2ND AVE
MIAMI,FL33132 		N/A   Museum of Art & Design: Publication; Distribution of Freedom Tower Broadsheet; Immigrant Archive Project 20,000

Mia Dade Col Fdn Inc

300 NE 2ND AVE
MIAMI,FL33132 		N/A   Book Fair 15,000

Mia Dade Col Fdn Inc

300 NE 2ND AVE
MIAMI,FL33132 		N/A   Book Fair 6,000

Mia Dade Col Fdn Inc

300 NE 2ND AVE
MIAMI,FL33132 		N/A   Book Fair 4,000

Mus Cont Art Inc

770 NE 125TH ST
NORTH MIAMI,FL33161 		N/A   General Support 5,000

Mus Cont Art Inc

770 NE 125TH ST
NORTH MIAMI,FL33161 		N/A   General Support 20,000

NCFP

1667 K ST NW STE 550
WASHINGTON,DC20006 		N/A   General Support 1,500

NCJW

2055 L ST NW
WASHINGTON,DC20036 		N/A   Rabbi Zfund 2,500

NIF

254 W 31ST ST FL 3
NEW YORK,NY10001 		N/A   Outreach 15,000

New Wld Sym Inc

500 17TH ST
MIAMI BEACH,FL33139 		N/A   Music Lab 7,500

NC Mus Art Fdn Inc

2110 BLUE RIDGE RD
RALEIGH,NC27607 		N/A   Judaica Collection 1,500

Oakwood Sch

11600 MAGNOLIA BLVD
N HOLLYWOOD,CA91601 		N/A   General Support 1,500

Pelican Hbr Seabird Sta Inc

1279 NE 79 ST CAUSEWAY
MIAMI,FL33138 		N/A   In support of wildlife program 5,000

Pro Pub Inc

155 AVE OF THE AMERICAS 13TH FL
NEW YORK,NY10013 		N/A   General Support 2,500

Ruth K Br Bay Hbr K-8 Ctr

1155 93RD ST
BAY HARBOR ISLANDS,FL33154 		N/A   ABB Teaching Awards 3,750

Ruth K Br Bay Hbr K-8 Ctr

1155 93RD ST
BAY HARBOR ISLANDS,FL33154 		N/A   Teaching Prize 2,500

Fulford Elem Sch PTA

16140 NE 18TH AVE
N MIAMI BEACH,FL33162 		N/A   Teaching Prize 2,250

Rnsm Evgld Sch Inc

3575 MAIN HWY
COCONUT GROVE,FL33133 		N/A   Annual Fund 15,000

Reed Inst

3203 SE WOODSTOCK BLVD
PORTLAND,OR97202 		N/A   General Support 1,000

Ref Asst Ally Inc

1825 PONCE DE LEON BLVD 145
CORAL GABLES,FL33134 		N/A   General Support 25,000

Ref Asst Ally Inc

1825 PONCE DE LEON BLVD 145
CORAL GABLES,FL33134 		N/A   Job Skills Development 10,000

Ref Asst Ally Inc

1825 PONCE DE LEON BLVD 145
CORAL GABLES,FL33134 		N/A   Employment Growth 20,000

Ref Asst Ally Inc

1825 PONCE DE LEON BLVD 145
CORAL GABLES,FL33134 		N/A   Employment Growth 20,000

Regt UCLA - RIV

900 UNIVERSITY AVE
RIVERSIDE,CA92521 		N/A   BioMedical Research 5,000

REPRO TLC

PO BOX 310
BERWYN,IL60402 		N/A   Medical training 7,500

REPRO TLC

PO BOX 310
BERWYN,IL60402 		N/A   Medical training 7,500

Ruth K Br Bay Hbr K-8 Ctr

1155 93RD ST
BAY HARBOR ISLANDS,FL33154 		N/A   Ann Bussel Teaching Award Grants 20,660

Ruth K Br Bay Hbr K-8 Ctr

1155 93RD ST
BAY HARBOR ISLANDS,FL33154 		N/A   In support of the Tutoring Program during this 2025-26 school year 20,000

SYA

120 WATER ST STE 310
NORTH ANDOVER,MA01845 		N/A   SYA Fund 2,500

So FL PBS Inc

3401 S CONGRESS AVE
BOYNTON BEACH,FL33426 		N/A   General Support 2,500

So FL PMG Inc

PO BOX 019731
MIAMI,FL33101 		N/A   Impact Fund 40,000

SW Org Proj

211 10TH ST SW
ALBUQUERQUE,NM87102 		N/A   Unrestricted Operating 2,500

SW Org Proj

211 10TH ST SW
ALBUQUERQUE,NM87102 		N/A   Unrestricted Operating 2,500

SYE INIT Inc

5 TUDOR CITY PL APT 1405
NEW YORK,NY10017 		N/A   Unrestricted Operating 20,000

Syr U

640 SKYTOP RD FL 2
SYRACUSE,NY13244 		N/A   Ruth Kugel Broad Endowed Scholarship Fund 3,000

Tmpl Isr H-wood

7300 HOLLYWOOD BLVD
LOS ANGELES,CA90046 		N/A   General Support 10,000

Deborah Prj Inc

PO BOX 212
MERION STATION,PA19066 		N/A   General Support 3,500

The Fountainhead Res Inc

5600 N BAYSHORE DR
MIAMI,FL33137 		N/A   General Support 10,000

Rsn Fdn

5737 MESMER AVE
LOS ANGELES,CA90230 		N/A   General Support 2,500

The UCLA Fdn

405 HILGARD AVE
LOS ANGELES,CA90095 		N/A   UCLA School of Law - The Shepard Broad Scholarship Fund (30559C) 20,000

Twn Bay Hbr Isl

1030 95TH ST TRAILER 2
BAY HARBOR ISLANDS,FL33154 		N/A   Town Picnic 12,500

Treepeople Inc

12601 MULHOLLAND DR
BEVERLY HILLS,CA90210 		N/A   General Support 2,500

U Mia

4600 RICKENBACKER CAUSEWAY
MIAMI,FL33149 		N/A   Lecture Series 6,000

UNC - Chapel Hill

PO BOX 309
CHAPEL HILL,NC27514 		N/A   UNC Hillel 1,000

We Ct Inc

PO BOX 344116
FLORIDA CITY,FL33034 		N/A   Sembrando Justicia Campaign 30,000

We Ct Inc

PO BOX 344116
FLORIDA CITY,FL33034 		N/A   General Support 10,000

Wikimedia Fdn Inc

PO BOX 98204
WASHINGTON,DC20090 		N/A   General Support 1,000

Wmns Emer Net Inc

PO BOX 566392
MIAMI,FL33256 		N/A   General Support 5,000

Wmns Fd Mia-Dade Inc

3692 GRAND AVE 176
MIAMI,FL33133 		N/A   Grantmaking Fund 20,000

Wmns Repro Rgtd Asst Prj

1902A LINCOLN BLVD 1338
SANTA MONICA,CA90405 		N/A   General Support 5,000

Wmns Repro Rgtd Asst Prj

1902A LINCOLN BLVD 1338
SANTA MONICA,CA90405 		N/A   General Support 10,000

Yale U

PO BOX 208239
NEW HAVEN,CT06520 		N/A   SOM Alumni Fund 10,000

Yng Ptrns Opera Inc

PO BOX 347616
MAIMI,FL33234 		N/A   In School performances 5,000

Zoo MIA Fdn Inc

12400 SW 152ND ST
MIAMI,FL33177 		N/A   Education Outreach 25,000
Total ................................. 3a 1,138,560
bApproved for future payment
Total ................................. 3b  
Form 990-PF (2025)
Form 990-PF (2025)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		    14 5,212  
4 Dividends and interest from securities ....     14 1,074,133  
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 2,264,076  
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) ..   3,343,421  
13Total. Add line 12, columns (b), (d), and (e)..................
13
3,343,421
(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 CompensationExplanation
Name:
The Shepard Broad Foundation Inc
EIN:
59-0998866
Person Name Explanation
Deborah Bussel *DEBORAH BUSSEL, PRESIDENT AND DIRECTOR OF THE SHEPARD BROAD FOUNDATION, INC. (THE "FOUNDATION"), IS A PRINCIPAL AT THE PHILANTHROPIC CONSULTING FIRM OF BUSSEL PHILANTHROPY ASSOCIATES LLC, A DISQUALIFIED PERSON WHICH PROVIDES PHILANTHROPIC CONSULTING SERVICES TO THE FOUNDATION. DURING THE TAXABLE YEAR ENDING DECEMBER 31, 2025, THE FOUNDATION PAID $59,000 FOR PHILANTHROPIC CONSULTING SERVICES RENDERED BY SUCH DISQUALIFIED PERSON AS REPORTED IN FORM 990-PF, PART I, LINE 16C. SUCH PHILANTHROPIC CONSULTING FIRM BILLED THE FOUNDATION AT THE SAME RATE OR BELOW THE RATE IT CHARGES ITS OTHER CLIENTS.

Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

TY 2025 DepreciationSchedule
Name:
The Shepard Broad Foundation Inc
EIN:
59-0998866
Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
Life (# of years)		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included

TY 2025 InvestmentsCorpBondsSchedule
Name:
The Shepard Broad Foundation Inc
EIN:
59-0998866
Name of Bond End of Year Book Value End of Year Fair Market Value
ISRAEL 12TH JUBILEE DLR 5.040% 100,000 100,090
ISRAEL 12TH JUBILEE DLR 5.160% 100,000 100,091
ISRAEL 12TH JUBILEE DLR 5.400% 100,000 100,104
ISRAELI MINISTRY 4.97% 28 DLR 100,000 100,084
ISRAELI MINISTRY 5.41% 30 DLR 100,000 100,108

TY 2025 InvestmentsCorpStockSchedule
Name:
The Shepard Broad Foundation Inc
EIN:
59-0998866
Name of Stock End of Year Book Value End of Year Fair Market Value
ADVANCED MICRO DEVICES INC 52,356 111,363
ALPHABET INC CL C 81,613 102,613
AMAZON COM 72,778 312,069
AMERICAN FUNDS EMERGING MARKET 973,030 1,011,266
AMPHENOL CORPORATION 48,819 53,651
ARISTA NETWORKS 75,309 92,638
AVANTIS US SMALL CAP VALUE ETF 1,776,607 2,453,333
AXON ENTERPRISE 29,518 29,532
BROADCOM INC 47,146 40,494
CADENCE DESIGN SYSTEMS INC 73,962 87,522
COINBASE GLOBAL 69,451 44,776
CREDO TECHNOLOGY GROUP HOLDLIN 64,633 54,103
CROWDSTRIKE HOLDINGS, INC 83,421 118,596
DEXCOM, INC 39,321 47,654
DFA EMERGING MARKETS CORE EQ P 1,341,870 2,025,727
DFA INTERNATIONAL SMALL CO POR 1,069,815 1,478,491
DFA INTERNATIONAL VALUE PORTFO 1,171,503 2,565,955
DFA U.S. LARGE CAP VALUE PORTF 1,967,468 4,310,540
DODGE & COX INCOME FUND 4,420,924 4,106,709
ELI LILLY & CO 48,285 60,182
HOWMET AEROSPACE ORD SHS 51,453 51,665
INSULET CORPORATION 51,928 55,427
INTUIT 42,807 68,892
INTUITIVE SURGICAL 49,162 156,882
ISHARES RUSSELL 2000 GROWTH IN 131,417 538,135
MARKET VECTORS ISRAEL 264,827 483,375
MASTERCARD INC 27,001 239,770
MERCADOLIBRE, INC 59,481 108,770
META PLATFORMS INC 200,469 254,135
MICROSOFT CORP 56,487 270,827
NETFLIX INC 74,088 132,202
NVIDIA CORP 9,025 343,533
ORACLE CORP 80,619 65,295
PALANTIR TECHNOLOGIES INC 11,843 77,321
PALO ALTO NETWORKS INC 44,330 89,890
PIMCO TOTAL RETURN FUND 4,582,839 4,122,560
ROBINHOOD 64,915 89,575
SCHWAB S P 500 INDEX FUND SELE 1,611,890 4,349,621
SERVICE NOW 49,658 219,062
SHOPIFY INC 94,617 144,229
UBER 65,694 85,877
VANGAURD HIGH-YIELD CORPORATE 1,463,310 1,436,585
VANGUARD GOVT BOND ETF INTERME 800,115 830,031
VANGUARD INTL GROWTH FD ADMIRA 1,020,382 1,442,938
VANGUARD SMALL CAP GROWTH INDE 299,057 1,046,359
VEEVA SYSTEMS INC 22,531 84,827
VISA INC 16,615 119,943

TY 2025 OtherExpensesSchedule
Name:
The Shepard Broad Foundation Inc
EIN:
59-0998866
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Administrative Fees 63,000     63,000
Digital Subscriptions 752     752
CREDIT CARD FEES 185     185
Office Supplies 63     63
State or Local Filing Fees 61     61
Website Hosting/Support 187     187
PROPERTY MAINTENANCE 423     423


TY 2025 OtherProfessionalFeesSchedule
Name:
The Shepard Broad Foundation Inc
EIN:
59-0998866
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Administration of Foundation 55,800     55,800
Investment Management Services 124,380 124,380    
Philanthropic Consulting Srvcs 59,000     59,000


TY 2025 TaxesSchedule
Name:
The Shepard Broad Foundation Inc
EIN:
59-0998866
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
990-PF Estimated Tax for 2025 41,700      
990-PF Extension for 2024 1,400      
Foreign Tax Paid 69 69