Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
Do not enter social security numbers on this form as it may be made public.
Go to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2025
Open to Public Inspection
For calendar year 2025, or tax year beginning 01 - 01 2025, and ending 12 - 31, 20 25
Name of foundation
GEORGE W NEILSON FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address) PO BOX 692
  Room/suite
City or town
BEMIDJI
State or province
MN
Country  
ZIP or foreign postal code
566190692
A Employer identification number

41-6022186
B Telephone number (see instructions)

2184444963
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)$38,411,303J 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... 855,171 855,171  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 1,388,971
b Gross sales price for all assets on line 6a 9,220,293
7 Capital gain net income (from Part IV, line 2)... 1,388,971
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
1,558 1,558  
12 Total. Add lines 1 through 11........ 2,245,700 2,245,700  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 71,250 0   71,250
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
7,700 0   7,700
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
151,011 135,910   15,101
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
29,624 2,669   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
21,137 0   21,137
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 280,722 138,579   115,188
25 Contributions, gifts, grants paid....... 1,579,712 1,579,712
26 Total expenses and disbursements. Add lines 24 and 25 ................ 1,860,434 138,579   1,694,900
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 385,266
b Net investment income (if negative, enter -0-) 2,107,121
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............. 237,423 30,824 30,824
2 Savings and temporary cash investments......... 1,643,918 2,598,235 2,598,235
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)....... 21,121,289 Click to see attachment
List of Attached Documents:
// Content
19,862,622 		27,870,727
c Investments—corporate bonds (attach schedule)....... 7,066,345 Click to see attachment
List of Attached Documents:
// Content
7,962,560 		7,911,517
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) 30,068,975 30,454,241 38,411,303
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........... 30,068,975 30,454,241
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)..... 30,068,975 30,454,241
30 Total liabilities and net assets/fund balances (see instructions). 30,068,975 30,454,241
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
30,068,975
2
Enter amount from Part I, line 27a .....................
2
385,266
3
Other increases not included in line 2 (itemize)
3
0
4
Add lines 1, 2, and 3 ..........................
4
30,454,241
5
Decreases not included in line 2 (itemize)
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, line 29, column (b) ..
6
30,454,241
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 ABBOTT LABS COM P 2021-02-04 2025-12-30
b ABBOTT LABS COM P 2021-02-04 2025-06-26
c ABBVIE INC P 2022-06-15 2025-12-30
d ABBVIE INC P 2022-06-15 2025-03-21
e ACCENTURE PLC IRELAND SHS CL A P 2025-03-21 2025-12-30
ADOBE INC P 2024-12-04 2025-03-24
ADOBE INC P 2024-12-04 2025-08-29
ADOBE INC P 2022-01-31 2025-08-29
ADOBE INC P 2022-03-04 2025-08-29
ADOBE INC P 2024-03-20 2025-08-29
ADOBE SYSTEMS INC 3.250% 2/01/25 P 2019-07-11 2025-02-01
ADVANCED MICRO DEVICES INC P 2024-08-15 2025-03-24
ADVANCED MICRO DEVICES INC P 2022-08-10 2025-12-30
ADVANCED MICRO DEVICES INC P 2022-08-10 2025-10-10
ADVANCED MICRO DEVICES INC P 2024-08-15 2025-10-10
ALBEMARLE CORP P 2021-02-04 2025-01-22
ALPHABET INC CL A P 2021-02-04 2025-12-30
ALPHABET INC CL A P 2021-02-04 2025-03-24
ALPHABET INC CL A P 2024-12-04 2025-12-30
AMAZON COM INC P 2024-08-15 2025-12-30
AMAZON COM INC P 2021-02-04 2025-03-24
AMAZON COM INC P 2021-02-04 2025-01-22
AMERICAN TOWER CORP P 2023-08-04 2025-12-30
AMERICAN TOWER CORP P 2023-08-04 2025-03-24
AMERICAN TOWER CORP P 2021-02-04 2025-12-30
AMERICAN TOWER CORP P 2021-02-04 2025-06-26
ANALOG DEVICES INC P 2023-11-08 2025-12-30
ANHEUSER BUSCH MTN 4.000% 4/13/28 P 2019-07-11 2025-05-30
APPLE INC COM P 2021-02-04 2025-12-30
APPLE INC COM P 2021-02-04 2025-03-24
APPLE INC COM P 2021-02-04 2025-08-29
APPLE INC COM P 2024-03-20 2025-06-26
APPLE INC COM P 2021-02-04 2025-12-30
APPLE INC COM P 2024-03-20 2025-08-29
APPLE INC COM P 2021-02-04 2025-08-29
BAKER HUGHES COMPANY P 2025-06-25 2025-12-30
BANK OF AMERICA CORP P 2021-02-04 2025-12-30
BANK OF AMERICA CORP P 2021-02-04 2025-03-24
BANK OF AMERICA CORP P 2021-02-04 2025-03-05
BANK OF AMERICA CORP P 2021-02-04 2025-12-30
BEST BUY CO INC P 2021-07-26 2025-12-30
BLACKROCK INC COM P 2022-08-03 2025-12-30
BLACKROCK INC COM P 2022-08-03 2025-03-24
BLACKROCK INC COM P 2021-02-04 2025-12-30
BLACKROCK INC COM P 2021-02-04 2025-06-26
BLOCK INC CL A P 2025-01-22 2025-03-24
BLOCK INC CL A P 2025-03-05 2025-10-10
BLOCK INC CL A P 2025-01-22 2025-10-10
BROADCOM INC P 2024-12-04 2025-12-30
BURLINGTN NORTH 3.650% 9/01/25 P 2018-02-12 2025-09-01
CAPITAL ONE FINL CORP P 2025-10-10 2025-12-30
CARRIER GLOBAL CORPORATION COM P 2025-03-21 2025-12-30
CAUSEWAY EMERGING MARKETS INSTL P   2025-12-23
CAUSEWAY EMERGING MARKETS INSTL P   2025-12-23
CENTENE CORP P 2021-02-04 2025-01-22
CENTENE CORP P 2023-05-24 2025-01-22
CHENIERE ENERGY INC P 2025-06-25 2025-12-30
CHEVRON CORPORATION P 2024-10-09 2025-03-24
CHEVRON CORPORATION P 2024-10-09 2025-12-30
CHIPOTLE MEXICAN GRILL INC P 2025-08-29 2025-12-30
CISCO SYSTEMS INC P 2021-02-04 2025-12-30
CLEARBRIDGE INTERNATIONAL GROWTH P 2020-04-29 2025-12-30
CLEARBRIDGE INTERNATIONAL GROWTH P   2025-12-12
CME GROUP INC P 2021-02-04 2025-03-21
CME GROUP INC P 2023-02-10 2025-03-21
COPART INC P 2025-08-29 2025-12-10
COPART INC P 2024-01-10 2025-03-24
COPART INC P 2021-02-04 2025-12-10
COPART INC P 2024-01-10 2025-12-10
COSTCO WHSL CORP P 2025-10-10 2025-12-30
COSTCO WHSL CORP P 2021-03-05 2025-03-24
COTERRA ENERGY INC P 2024-08-15 2025-03-24
DANAHER CORP P 2024-12-04 2025-03-24
DANAHER CORP P 2024-12-04 2025-12-30
DARDEN RESTAURANTS INC P 2024-06-27 2025-12-30
DELL TECHNOLOGIES INC CL C P 2025-12-10 2025-12-30
DRAFTKINGS INC NEW P 2024-05-15 2025-03-24
DRAFTKINGS INC NEW P 2024-05-15 2025-10-10
DRAFTKINGS INC NEW P 2024-05-15 2025-08-29
DRAFTKINGS INC NEW P 2024-06-14 2025-10-10
DRAFTKINGS INC NEW P 2024-08-15 2025-10-10
EATON CORP PLC SHS P 2024-08-15 2025-03-24
EATON CORP PLC SHS P 2024-08-15 2025-12-30
EDWARDS LIFESCIENCES CORP P 2021-02-04 2025-01-22
EDWARDS LIFESCIENCES CORP P 2022-12-07 2025-01-22
ELI LILLY CO P 2024-12-04 2025-03-24
ELI LILLY CO P 2024-12-04 2025-12-30
EQUINIX INC P 2024-08-15 2025-03-24
EQUINIX INC P 2024-08-15 2025-12-30
EXACT SCIENCES CORP P 2025-01-22 2025-03-24
EXACT SCIENCES CORP P 2025-01-22 2025-04-16
EXXON MOBIL CORP 2.709% 3/06/25 P 2015-03-05 2025-03-06
FED EX CORP P 2025-08-29 2025-12-30
FIDELITY ADVISOR INTERNATIONAL DISCV P 2018-04-11 2025-12-30
FIDELITY ADVISOR INTERNATIONAL DISCV P 2015-12-31 2025-12-30
FIDELITY ADVISOR INT'L DISCV P   2025-12-15
GILEAD SCIENCES INC P 2021-02-04 2025-03-21
GILEAD SCIENCES INC P 2021-03-05 2025-03-21
HOME DEPOT INC P 2025-06-25 2025-12-30
HOME DEPOT INC P 2023-05-24 2025-03-24
HOME DEPOT INC P 2023-05-12 2025-12-30
HONEYWELL INTL INC P 2021-02-04 2025-12-30
INTUIT COM P 2021-02-04 2025-03-24
INTUIT COM P 2021-02-04 2025-12-30
INTUIT COM P 2025-08-29 2025-12-30
INTUITIVE SURGICAL INC P 2025-04-16 2025-12-30
ISHARES CORE S P 500 ETF P 2021-02-05 2025-12-30
ISHARES CORE S P 500 ETF P 2021-02-05 2025-03-24
ISHARES CORE S P 500 ETF P 2021-02-05 2025-01-07
ISHARES RUSSELL 2000 ETF P 2021-02-05 2025-03-24
ISHARES RUSSELL 2000 ETF P 2022-01-03 2025-03-24
ISHARES RUSSELL MID CAP ETF P 2022-01-03 2025-01-07
ISHARES RUSSELL MID CAP ETF P 2022-12-28 2025-03-24
ISHARES RUSSELL MID CAP ETF P 2021-02-05 2025-03-24
ISHARES RUSSELL MID CAP ETF P 2021-02-05 2025-01-07
JPMORGAN CHASE CO P 2021-02-04 2025-12-30
JPMORGAN CHASE CO P 2021-02-04 2025-03-24
JPMORGAN CHASE CO P 2021-02-04 2025-01-22
JPMORGAN CHASE CO P 2021-02-04 2025-12-30
KLA CORP COM NEW P 2024-12-04 2025-12-30
L3HARRIS TECHNOLOGIES INC P 2025-01-22 2025-12-30
L3HARRIS TECHNOLOGIES INC P 2025-01-22 2025-03-24
L3HARRIS TECHNOLOGIES INC P 2022-12-07 2025-12-30
L3HARRIS TECHNOLOGIES INC P 2022-12-07 2025-06-26
L3HARRIS TECHNOLOGIES INC P 2022-12-07 2025-08-29
LINDE PLC SHS P 2025-01-22 2025-12-30
LINDE PLC SHS P 2025-01-22 2025-03-24
LINDE PLC SHS P 2021-03-05 2025-12-30
LULULEMON ATHLETICA INC COM P 2024-06-14 2025-03-05
LULULEMON ATHLETICA INC COM P 2022-08-10 2025-03-05
MAGNA INTL INC CL A P 2022-03-01 2025-06-26
MAGNA INTL INC CL A P 2022-03-29 2025-06-26
MAPLEBEAR INC COM P 2025-08-29 2025-12-30
MARATHON PETROLEUM CORP P 2024-06-14 2025-03-24
MARATHON PETROLEUM CORP P 2024-06-14 2025-06-25
MARATHON PETROLEUM CORP P 2021-02-04 2025-12-30
MASTERCARD INC P 2021-02-04 2025-12-30
MASTERCARD INC P 2021-02-04 2025-03-24
MASTERCARD INC P 2021-02-04 2025-12-30
MEDTRONIC PLC SHS P 2022-03-01 2025-12-30
MERCADOLIBRE INC P 2024-12-04 2025-03-24
MERCADOLIBRE INC P 2024-12-04 2025-12-30
META PLATFORMS INC P 2025-10-10 2025-12-30
META PLATFORMS INC P 2021-02-04 2025-03-24
META PLATFORMS INC P 2025-08-29 2025-12-30
MICRON TECHNOLOGY INC P 2025-01-22 2025-12-30
MICRON TECHNOLOGY INC P 2025-01-22 2025-03-24
MICRON TECHNOLOGY INC P 2025-01-22 2025-10-10
MICROSOFT CORP COM P 2024-12-04 2025-01-22
MICROSOFT CORP COM P 2021-02-04 2025-12-30
MICROSOFT CORP COM P 2021-02-04 2025-01-22
MICROSOFT CORP COM P 2021-02-04 2025-03-24
MICROSOFT CORP COM P 2021-02-04 2025-12-30
MONDELEZ INTL INC CL A P 2025-06-26 2025-12-30
MORGAN STANLEY COM NEW P 2022-03-01 2025-12-30
NETFLIX COM INC P 2025-10-10 2025-12-30
NEXTERA ENERGY INC P 2022-01-31 2025-12-30
NEXTERA ENERGY INC P 2022-01-31 2025-03-24
NEXTERA ENERGY INC P 2022-01-31 2025-01-22
NEXTERA ENERGY INC P 2021-07-26 2025-12-30
NVIDIA CORP P 2024-08-15 2025-03-24
NVIDIA CORP P 2022-08-03 2025-03-24
NVIDIA CORP P 2024-05-15 2025-10-10
NVIDIA CORP P 2024-05-15 2025-12-30
OKTA INC CL A P 2025-04-16 2025-12-30
PALO ALTO NETWORKS INC P 2025-01-22 2025-03-24
PALO ALTO NETWORKS INC P 2025-01-22 2025-04-16
PALO ALTO NETWORKS INC P 2022-08-03 2025-04-16
PALO ALTO NETWORKS INC P 2022-08-03 2025-12-30
PFIZER INC P 2021-02-04 2025-03-21
PRECISION CASTPARTS 3.250% 6/15/25 P 2015-12-09 2025-06-15
PROLOGIS INC COM P 2023-05-12 2025-12-30
S P GLOBAL INC COM P 2023-10-27 2025-12-30
S P GLOBAL INC COM P 2023-10-27 2025-03-24
SALESFORCE INC P 2021-02-04 2025-01-22
SCHWAB CHARLES CORP COM P 2024-10-09 2025-12-30
SCHWAB CHARLES CORP COM P 2021-02-04 2025-03-24
SCHWAB CHARLES CORP COM P 2021-02-04 2025-06-25
SCHWAB CHARLES CORP COM P 2023-10-27 2025-06-25
SERVICENOW INC COM P 2025-03-05 2025-03-24
SERVICENOW INC COM P 2025-08-29 2025-12-30
SIMON PROPERTY GROUP 3.50% 9/01/25 P 2017-04-03 2025-09-01
SIMON PROPERTY GROUP 3.50% 9/01/25 P 2015-09-02 2025-09-01
SLB LIMITED P 2024-03-20 2025-03-05
SLB LIMITED P 2023-10-27 2025-03-24
SLB LIMITED P 2024-03-20 2025-06-25
SLB LIMITED P 2023-10-27 2025-06-25
SLB LIMITED P 2023-10-27 2025-04-16
SLB LIMITED P 2024-03-20 2025-12-30
SOLSTICE ADVANCED MATLS INC P 2021-02-04 2025-11-14
SOLSTICE ADVANCED MATLS INC P 2021-02-04 2025-12-10
STARBUCKS CORP COM P 2021-11-05 2025-12-30
SYNOPSYS INC P 2025-01-22 2025-12-30
SYNOPSYS INC P 2025-01-22 2025-03-24
SYNOPSYS INC P 2025-01-22 2025-06-25
T MOBILE US INC P 2025-06-26 2025-12-30
T ROWE PRICE INTL VAL EQTY FD INTL P 2018-04-11 2025-12-30
T ROWE PRICE INTL VAL EQTY FD INTL P 2015-12-31 2025-12-30
T ROWE PRICE INTL VAL EQTY FD INTL P   2025-12-15
TALEN ENERGY CORP COM P 2025-03-05 2025-12-30
TALEN ENERGY CORP COM P 2025-03-05 2025-03-24
TALEN ENERGY CORP COM P 2025-03-05 2025-08-29
TARGET CORP COM P 2022-08-10 2025-03-05
TARGET CORP COM P 2023-10-27 2025-03-05
TARGET CORP COM P 2023-08-04 2025-03-05
TARGET CORP COM P 2023-05-12 2025-12-10
TARGET CORP COM P 2021-02-04 2025-12-10
TARGET CORP COM P 2022-06-15 2025-12-10
TJX COS INC P 2025-06-26 2025-12-30
TRADE DESK INC COM CL A P 2025-03-05 2025-03-24
TRADE DESK INC COM CL A P 2025-03-05 2025-12-10
TRADE DESK INC COM CL A P 2025-06-25 2025-12-10
TRADE DESK INC COM CL A P 2024-03-20 2025-12-10
TRADE DESK INC COM CL A P 2024-01-10 2025-12-10
TRANSDIGM GROUP INC P 2021-02-04 2025-03-24
UBER TECHNOLOGIES INC P 2022-12-07 2025-12-30
UBER TECHNOLOGIES INC P 2022-08-10 2025-03-24
UBER TECHNOLOGIES INC P 2022-12-07 2025-08-29
UBER TECHNOLOGIES INC P 2022-12-07 2025-10-10
UBER TECHNOLOGIES INC P 2022-08-10 2025-08-29
UBER TECHNOLOGIES INC P 2022-08-10 2025-03-05
UNION PACIFIC CORP COM P 2022-03-01 2025-12-30
UNITED PARCEL SERVICE INC CL B P 2024-03-20 2025-08-29
UNITED PARCEL SERVICE INC CL B P 2023-05-12 2025-08-29
UNITEDHEALTH GROUP INC COM P 2025-10-10 2025-12-30
UNITEDHEALTH GROUP INC COM P 2024-03-20 2025-03-24
UNITEDHEALTH GROUP INC COM P 2024-03-20 2025-12-30
VANGUARD INTERNATIONAL GROWTH P 2020-04-29 2025-03-24
VEEVA SYSTEMS INC CLASS A P 2024-05-15 2025-03-24
VEEVA SYSTEMS INC CLASS A P 2024-05-15 2025-03-05
VEEVA SYSTEMS INC CLASS A P 2024-10-09 2025-12-30
VEEVA SYSTEMS INC CLASS A P 2024-05-15 2025-12-30
VEEVA SYSTEMS INC CLASS A P 2024-05-15 2025-06-25
VERTIV HOLDINGS CO P 2025-03-05 2025-06-25
VERTIV HOLDINGS CO P 2024-06-14 2025-03-24
VERTIV HOLDINGS CO P 2024-06-14 2025-01-22
VERTIV HOLDINGS CO P 2024-08-15 2025-10-10
VERTIV HOLDINGS CO P 2024-06-14 2025-06-25
VISA INC COM CL A P 2021-02-10 2025-08-29
VISA INC COM CL A P 2021-02-04 2025-08-29
WALMART INC COM P 2021-02-04 2025-12-30
WALMART INC COM P 2021-02-04 2025-03-24
WALMART INC COM P 2021-02-04 2025-01-22
WELLS FARGO CO P 2025-08-29 2025-12-30
ZILLOW GROUP INC P 2024-03-20 2025-03-05
VANGUARD REAL ESTATE ETF P   2025-02-21
TRANSDIGM GROUP INC P   2025-02-07
(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 7,161   6,833 328
b 63,953   56,823 7,130
c 9,402   5,618 3,784
d 24,038   15,621 8,417
e 16,738   18,433 -1,695
10,988   15,088 -4,100
17,337   26,403 -9,066
354   526 -172
46,703   60,399 -13,696
49,533   72,082 -22,549
250,000   260,498 -10,498
9,442   12,045 -2,603
12,466   5,617 6,849
41,481   18,108 23,373
42,812   28,009 14,803
62,311   106,446 -44,135
34,205   11,142 23,063
23,026   14,106 8,920
35,481   19,650 15,831
27,988   21,357 6,631
27,501   22,540 4,961
42,622   30,164 12,458
1,057   1,122 -65
8,117   7,105 1,012
11,102   14,674 -3,572
22,563   24,223 -1,660
5,230   3,210 2,020
250,000   267,613 -17,613
27,326   13,594 13,732
38,550   23,925 14,625
71,930   42,005 29,925
14,213   12,499 1,714
32,260   16,041 16,219
40,405   30,631 9,774
47,836   28,003 19,833
3,257   2,690 567
4,249   2,496 1,753
13,770   10,436 3,334
35,282   27,354 7,928
11,588   6,806 4,782
5,022   8,489 -3,467
2,169   1,352 817
10,585   7,432 3,153
11,928   8,037 3,891
35,937   25,574 10,363
7,372   10,521 -3,149
44,569   35,239 9,330
55,825   65,445 -9,620
23,186   11,167 12,019
80,000   81,827 -1,827
6,832   5,844 988
4,542   5,562 -1,020
296     296
498     498
40,727   39,117 1,610
49,918   51,284 -1,366
2,705   3,316 -611
7,461   6,670 791
304   297 7
6,496   7,341 -845
2,478   1,507 971
45,476   30,000 15,476
2,565     2,565
51,160   37,506 13,654
106,296   73,488 32,808
29,226   37,005 -7,779
6,613   5,707 906
6,246   4,604 1,642
50,625   62,445 -11,820
7,783   8,452 -669
4,608   1,575 3,033
6,056   5,014 1,042
20,205   22,665 -2,460
7,368   7,635 -267
5,199   4,231 968
9,706   10,416 -710
12,341   13,700 -1,359
11,499   15,689 -4,190
38,183   36,307 1,876
31,083   35,755 -4,672
35,855   36,366 -511
10,302   10,296 6
2,568   2,423 145
13,191   16,243 -3,052
40,620   42,443 -1,823
18,924   18,325 599
6,473   4,998 1,475
4,261   4,182 79
3,056   3,345 -289
4,746   5,469 -723
56,854   70,991 -14,137
200,000   200,671 -671
7,302   5,774 1,528
8,171   6,500 1,671
180,947   125,000 55,947
7,287     7,287
32,521   20,053 12,468
46,019   27,569 18,450
9,707   10,098 -391
16,632   13,427 3,205
3,813   3,186 627
1,183   1,132 51
4,885   3,086 1,799
8,057   4,630 3,427
9,412   9,349 63
6,887   5,875 1,012
359,120   202,709 156,411
400,794   270,929 129,865
898,184   590,585 307,599
35,464   37,519 -2,055
122,038   130,891 -8,853
4,892   4,530 362
38,842   29,731 9,111
246,581   204,041 42,540
344,652   279,879 64,773
5,823   2,481 3,342
18,005   10,062 7,943
75,244   39,695 35,549
17,468   7,443 10,025
9,992   5,338 4,654
1,776   1,321 455
8,361   8,809 -448
8,880   6,616 2,264
23,831   21,171 2,660
76,556   61,088 15,468
2,140   2,227 -87
7,839   7,573 266
3,852   2,214 1,638
35,184   31,459 3,725
35,184   32,871 2,313
25,070   46,842 -21,772
42,011   74,826 -32,815
4,633   4,485 148
4,333   4,923 -590
61,830   63,146 -1,316
327   95 232
4,607   2,740 1,867
5,962   3,768 2,194
9,212   5,481 3,731
3,282   3,547 -265
8,566   7,917 649
8,063   7,917 146
15,334   16,595 -1,261
21,478   9,309 12,169
8,675   9,629 -954
10,012   3,746 6,266
8,390   9,586 -1,196
77,104   45,396 31,708
47,644   47,352 292
30,771   15,163 15,608
32,204   17,569 14,635
40,438   24,790 15,648
10,257   5,054 5,203
13,100   16,216 -3,116
5,179   2,543 2,636
4,878   6,465 -1,587
2,413   2,243 170
9,887   10,466 -579
33,760   36,782 -3,022
2,089   2,001 88
37,378   37,417 -39
7,305   1,103 6,202
42,510   20,747 21,763
42,662   21,311 21,351
9,307   10,727 -1,420
17,727   18,006 -279
55,304   60,020 -4,716
4,666   2,366 2,300
7,113   3,330 3,783
69,187   92,710 -23,523
250,000   248,563 1,437
20,959   20,514 445
3,178   2,067 1,111
8,104   5,512 2,592
96,233   69,409 26,824
6,137   3,996 2,141
14,635   9,997 4,638
19,963   12,182 7,781
47,804   26,994 20,810
16,884   18,053 -1,169
11,408   13,494 -2,086
125,000   127,550 -2,550
250,000   247,828 2,172
30,291   42,836 -12,545
9,897   13,331 -3,434
18,922   30,636 -11,714
19,659   32,878 -13,219
29,695   48,393 -18,698
772   1,084 -312
33   35 -2
7,635   7,603 32
2,904   3,940 -1,036
7,139   8,194 -1,055
11,063   13,111 -2,048
37,113   42,611 -5,498
4,277   4,834 -557
10,260   6,500 3,760
228,099   125,000 103,099
305     305
4,954   2,484 2,470
4,309   3,822 487
37,777   19,302 18,475
8,547   12,588 -4,041
30,723   29,171 1,552
48,164   55,650 -7,486
659   1,110 -451
23,923   47,681 -23,758
82,131   125,531 -43,400
15,845   12,447 3,398
4,420   4,979 -559
16,168   27,189 -11,021
18,154   32,701 -14,547
1,519   3,200 -1,681
38,062   67,052 -28,990
5,499   2,270 3,229
4,515   1,472 3,043
14,892   6,446 8,446
20,452   5,942 14,510
42,744   12,044 30,700
47,353   16,818 30,535
71,264   31,052 40,212
1,167   1,224 -57
18,923   33,248 -14,325
43,776   84,940 -41,164
10,965   11,916 -951
17,482   16,704 778
14,305   21,124 -6,819
33,249   30,000 3,249
9,085   7,924 1,161
34,312   33,156 1,156
225   205 20
2,247   2,085 162
33,410   24,815 8,595
16,539   11,700 4,839
12,999   12,634 365
47,050   28,541 18,509
49,029   22,858 26,171
34,303   25,451 8,852
52,348   30,796 21,552
100,479   59,528 40,951
3,137   1,328 1,809
7,999   4,364 3,635
76,733   39,280 37,453
12,055   10,558 1,497
47,625   30,567 17,058
    8,321 -8,321
    2,867 -2,867
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       328
b       7,130
c       3,784
d       8,417
e       -1,695
      -4,100
      -9,066
      -172
      -13,696
      -22,549
      -10,498
      -2,603
      6,849
      23,373
      14,803
      -44,135
      23,063
      8,920
      15,831
      6,631
      4,961
      12,458
      -65
      1,012
      -3,572
      -1,660
      2,020
      -17,613
      13,732
      14,625
      29,925
      1,714
      16,219
      9,774
      19,833
      567
      1,753
      3,334
      7,928
      4,782
      -3,467
      817
      3,153
      3,891
      10,363
      -3,149
      9,330
      -9,620
      12,019
      -1,827
      988
      -1,020
      296
      498
      1,610
      -1,366
      -611
      791
      7
      -845
      971
      15,476
      2,565
      13,654
      32,808
      -7,779
      906
      1,642
      -11,820
      -669
      3,033
      1,042
      -2,460
      -267
      968
      -710
      -1,359
      -4,190
      1,876
      -4,672
      -511
      6
      145
      -3,052
      -1,823
      599
      1,475
      79
      -289
      -723
      -14,137
      -671
      1,528
      1,671
      55,947
      7,287
      12,468
      18,450
      -391
      3,205
      627
      51
      1,799
      3,427
      63
      1,012
      156,411
      129,865
      307,599
      -2,055
      -8,853
      362
      9,111
      42,540
      64,773
      3,342
      7,943
      35,549
      10,025
      4,654
      455
      -448
      2,264
      2,660
      15,468
      -87
      266
      1,638
      3,725
      2,313
      -21,772
      -32,815
      148
      -590
      -1,316
      232
      1,867
      2,194
      3,731
      -265
      649
      146
      -1,261
      12,169
      -954
      6,266
      -1,196
      31,708
      292
      15,608
      14,635
      15,648
      5,203
      -3,116
      2,636
      -1,587
      170
      -579
      -3,022
      88
      -39
      6,202
      21,763
      21,351
      -1,420
      -279
      -4,716
      2,300
      3,783
      -23,523
      1,437
      445
      1,111
      2,592
      26,824
      2,141
      4,638
      7,781
      20,810
      -1,169
      -2,086
      -2,550
      2,172
      -12,545
      -3,434
      -11,714
      -13,219
      -18,698
      -312
      -2
      32
      -1,036
      -1,055
      -2,048
      -5,498
      -557
      3,760
      103,099
      305
      2,470
      487
      18,475
      -4,041
      1,552
      -7,486
      -451
      -23,758
      -43,400
      3,398
      -559
      -11,021
      -14,547
      -1,681
      -28,990
      3,229
      3,043
      8,446
      14,510
      30,700
      30,535
      40,212
      -57
      -14,325
      -41,164
      -951
      778
      -6,819
      3,249
      1,161
      1,156
      20
      162
      8,595
      4,839
      365
      18,509
      26,171
      8,852
      21,552
      40,951
      1,809
      3,635
      37,453
      1,497
      17,058
      -8,321
      -2,867
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 1,388,971
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ......................... 		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 29,289
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 29,289
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 29,289
6 Credits/Payments:
a 2025 estimated tax payments and 2024 overpayment credited to 2025 6a 27,680
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 27,680
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 1,609
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  
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)
MN
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 addressWWW.GWNF.ORG
14
The books are in care ofMILLER MCDONALD INC Telephone no. (218) 751-6300

Located at513 BELTRAMI AVENUEBEMIDJIMN ZIP+456601
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........
and enter the amount of tax-exempt interest received or accrued during the year ........
15
 
16 At any time during calendar year 2025, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country
Form 990-PF (2025)
Form 990-PF (2025)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
 
No
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
 
c
Organizations relying on a current notice regarding disaster assistance check here ........
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2025? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2025, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2025?....................
2a
 
No
If "Yes," list the years 20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2025 as a result of (1) any purchase by the foundation
or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Form 4720, Schedule C, to determine
if the foundation had excess business holdings in 2025.).....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2025? ..
4b
 
No
Form 990-PF (2025)
Form 990-PF (2025)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
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
SUZANNE LIAPIS TRUSTEE
0.25 		11,250 0 0
1122 MINNESOTA AVE NW
BEMIDJI,MN56601
PAUL WELLE TRUSTEE
0.25 		15,000 0 0
3121 BIRCHMONT DR
BEMIDJI,MN56601
JAMES NAYLOR TRUSTEE
0.25 		15,000 0 0
4925 OAKDALE LANE NW
BEMIDJI,MN56601
GLEN LINDSETH TRUSTEE
0.25 		15,000 0 0
PO BOX 1558
BEMIDJI,MN56619
MARK DICKINSON TRUSTEE
0.25 		15,000 0 0
2310 BIRCHMONT DR NE
BEMIDJI,MN56601
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
NONE
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
36,407,159
b
Average of monthly cash balances.......................
1b
208,720
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, 1b, and 1c).......................
1d
36,615,879
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
36,615,879
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
549,238
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
36,066,641
6
Minimum investment return. Enter 5% (0.05) of line 5 ................
6
1,803,332
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
1,803,332
2a
Tax on investment income for 2025 from Part V, line 5 .......
2a
29,289
b
Income tax for 2025. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
29,289
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
1,774,043
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
1,774,043
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
1,774,043
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
1,694,900
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
1,694,900
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 1,774,043
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only....... 1,682,529
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: $ 1,694,900
a Applied to 2024, but not more than line 2a 1,682,529
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..... 12,371
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 .......... 		1,761,672
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 e-mail address of the person to whom applications should be addressed:
SUZANNE LIAPIS
PO BOX 692
BEMIDJI,MN56619
(218) 444-4963
bThe form in which applications should be submitted and information and materials they should include:
GENERAL OUTLINE OF PROPOSAL
cAny submission deadlines:
NONE
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
QUALIFIED CHARITABLE ORGANIZATIONS
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

218 SPORTS INC

102 1ST ST W
BEMIDJI,MN56619 		NONE   SPORTS MARKETING 30,000

BEMIDJI VEX ROBOTICS

2900 DIVISION ST W
BEMIDJI,MN56601 		NONE   BMS BOOSTER CLUB SUPPORT 6,000

BSUNTCGREATER BEMIDJIMI2

1500 BIRCHMONT DR NE
BEMIDJI,MN56601 		NONE   MARKET STUDY 50,000

BELTRAMI COUNTY AGRICULTURAL ASSOCIATION

7223 FAIRGROUNDS RD NW
BEMIDJI,MN56601 		NONE   GRANDSTAND HANDRAIL PROJECT 9,544

BELTRAMI COUNTY HISTORICAL SOCIETY

130 MINNESOTA AVE SW
BEMIDJI,MN56601 		NONE   PROGRAMMING, COLLECTIONS 15,000

BEMIDJI DOWNTOWN ALLIANCE

PO BOX 235
BEMIDJI,MN56619 		NONE   LED ROOFTOP LIGHTING 15,000

BEMIDJI HIGH SCHOOL ALL SCHOOL REUNION

2900 DIVISION ST W
BEMIDJI,MN56601 		NONE   2025 ORGANIZATIONAL SUPPORT 15,000

BEMIDJI HIGH SCHOOL POOL

2900 DIVISION ST W
BEMIDJI,MN56601 		NONE   TIMING SYSTEM 30,000

BEMIDJI HIGH SCHOOL CLASS OF 2025

2900 DIVISION ST W
BEMIDJI,MN56601 		NONE   GRADUATION PARTY 1,000

BEMIDJI AREA CROSS COUNTRY SKI CLUB

PO BOX 3165
BEMIDJI,MN56619 		NONE   STORAGE FACILITY 12,000

BOYS AND GIRLS CLUB OF THE BEMIDJI AREA

1600 MINNESOTA AVE NW
BEMIDJI,MN56601 		NONE   CAPITAL PROJECT/STORAGE, OFFICE 50,000

FIRST NATIONAL BANK FOUNDATION

1600 PAUL BUNYAN DR NW
BEMIDJI,MN56601 		NONE   2024-2025 DONATION 8,000

GREATER BEMIDJIMI2

102 1ST ST W
BEMIDJI,MN56601 		NONE   WORKFORCE DEVELOPMENT 125,000

HEADWATERS MUSIC & ART

519 MINNESOTA AVE NW
BEMIDJI,MN56601 		NONE   W AFRICAN DRIP WORKSHOP 2,000

LAKES AREA DIVE TEAM

PO BOX 908
WALKER,MN56484 		NONE   TOWFISH SONAR 7,500

LOON COUNTRY ARTS COLLECTIVE

310 4TH ST NW
BEMIDJI,MN56601 		NONE   FACILITY UPGRADE 10,000

BEMIDJI STATE UNIVERSITY FOUNDATION

1500 BIRCHMONT DR NE
BEMIDJI,MN56601 		NONE   FUND INTERNSHIPS 37,500

BEMIDJI STATE UNIVERSITY FOUNDATION

1500 BIRCHMONT DR NE
BEMIDJI,MN56601 		NONE   FUND SCHOLARSHIPS 40,000

BEMIDJI STATE UNIVERSITY FOUNDATION

1500 BIRCHMONT DR NE
BEMIDJI,MN56601 		NONE   FULL TUITION SCHOLARSHIP 36,818

BEMIDJI SYMPHONY ORCHESTRA

519 MINNESOTA AVE NW
BEMIDJI,MN56601 		NONE   2025-2026 CONCERT PROGRAMMING 23,000

BOYS AND GIRLS CLUB OF THE BEMIDJI AREA

1600 MINNESOTA AVE NW
BEMIDJI,MN56601 		NONE   PROGRAMMING 2025 100,000

HEADWATERS SCIENCE CENTER

413 BELTRAMI AVE NW
BEMIDJI,MN56601 		NONE   3 YEAR ORGANIZATIONAL SUPPORT 62,000

HEADWATERS SHOOTING SPORTS FOUNDATION

PO BOX 62
BEMIDJI,MN56619 		NONE   EQUIPMENT & INFRASTRUCTURE 39,400

NEILSON SPEARHEAD CENTER

48851 COUNTY 29
BEMIDJI,MN56601 		NONE   YEAR 2 OF 5 PLEDGE 38,950

MISS NORTHERN LAKES

PO BOX 527
COTTAGE GROVE,MN55016 		NONE   SCHOLARSHIPS 2,000

NORTHWEST TECHNICAL COLLEGE FOUNDATION

905 GRANT AVENUE SE
BEMIDJI,MN56601 		NONE   FUND SCHOLARSHIPS 30,000

NEW MUSICAL THEATER EXC

316 BEMIDJI AVE NW
BEMIDJI,MN56601 		NONE   WATER FROM SNOW MUSICAL 3,000

NEILSON FIELDHOUSE

48851 COUNTY 29
BEMIDJI,MN56601 		NONE   BUILDING RENOVATION 250,000

NEILSON SPEARHEAD CENTER

48851 COUNTY 29
BEMIDJI,MN56601 		NONE   STORM RECOVERY 26,000

NORTHERN LIGHTS COUNCIL

4200 19TH AVE S
FARGO,ND58103 		NONE   SCOUTING AMERICA EXPLORING 10,000

NO MN ROBOTICS CONFERENCE

7223 FAIRGROUNDS RD NW SUITE 14-A
BEMIDJI,MN56601 		NONE   FACILITY CONSTRUCTION 50,000

OAK HILLS COLLEGE

1600 OAK HILLS RD SW
BEMIDJI,MN56601 		NONE   FUND SCHOLARSHIPS 20,000

OAK HILLS COLLEGE

1600 OAK HILLS RD SW
BEMIDJI,MN56601 		NONE   FACILITIES TRUCK PURCHASE 25,000

SANFORD FOUNDATION

1300 ANNE ST NW
BEMIDJI,MN56601 		NONE   MOBILE MAMMO LAB 400,000
Total ................................. 3a 1,579,712
bApproved for future payment

BEMIDJI STATE UNIVERSITY FOUNDATION
1500 BIRCHMONT DR NE
BEMIDJI,MN56601 		NONE   FUND INTERNSHIPS 75,000

BOYS AND GIRLS CLUB OF THE BEMIDJI AREA
1600 MINNESOTA AVE NW
BEMIDJI,MN56601 		NONE   PROGRAMMING/SAFETY 2026 120,000

CASS LAKE VOLUNTEER FIRE DEPT
213 CEDAR AVE
CASS LAKE,MN56633 		NONE   BUILDING PLEDGE 300,000

GREATER BEMIDJI
102 1ST ST W
BEMIDJI,MN56601 		NONE   WELLNESS PROJECT/YMCA 10 YR PLEDGE 4,000,000

GREATER BEMIDJIMI2
102 1ST ST W
BEMIDJI,MN56601 		NONE   WORKFORCE DEVELOPMENT 125,000

HEADWATERS SCIENCE CENTER
413 BELTRAMI AVE NW
BEMIDJI,MN56601 		NONE   3 YR ORGANIZATIONAL SUPPORT 88,000

NEILSON SPEARHEAD CENTER
48851 COUNTY 29
BEMIDJI,MN56601 		NONE   5 YR PLEDGE 116,850

RED LAKE MEMORIAL FUND
201 3RD ST NW
BEMIDJI,MN56601 		NONE   MEMORIAL MONUMENT 20,000
Total ................................. 3b 4,844,850
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 ....     14 855,171  
5 Net rental income or (loss) from real estate:
aDebt-financed property......          
bNot debt-financed property.....          
6 Net rental income or (loss) from personal property          
7 Other investment income .....     14 1,558  
8 Gain or (loss) from sales of assets other than
inventory ............ 		    18 1,388,971  
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 2,245,700 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
2,245,700
(See worksheet in line 13 instructions to verify calculations.)
Part XV-B
Relationship of Activities to the Accomplishment of Exempt Purposes
Line No.
DownArrow 		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
instructions.)
Form 990-PF (2025)
Form 990-PF (2025)
Page 13
Part XVI
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
1
Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
Yes
No
a
Transfers from the reporting foundation to a noncharitable exempt organization of:
(1) Cash...................................
1a(1)
 
No
(2) Other assets.................................
1a(2)
 
No
b
Other transactions:
(1) Sales of assets to a noncharitable exempt organization....................
1b(1)
 
No
(2) Purchases of assets from a noncharitable exempt organization..................
1b(2)
 
No
(3) Rental of facilities, equipment, or other assets.......................
1b(3)
 
No
(4) Reimbursement arrangements...........................
1b(4)
 
No
(5) Loans or loan guarantees.............................
1b(5)
 
No
(6) Performance of services or membership or fundraising solicitations................
1b(6)
 
No
c
Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
1c
 
No
d
If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
(a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
2a
Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
b
If "Yes," complete the following schedule.

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


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


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

TY 2025 AccountingFeesSchedule
Name:
GEORGE W NEILSON FOUNDATION
EIN:
41-6022186
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
MILLER MCDONALD, INC. 7,700 0   7,700

TY 2025 InvestmentsCorpBondsSchedule
Name:
GEORGE W NEILSON FOUNDATION
EIN:
41-6022186
Name of Bond End of Year Book Value End of Year Fair Market Value
APPLE INC 3.25 2/23/26 264,105 249,747
TOYOTA MOTOR CREDIT CORP 3.2 1/11/27 128,489 124,209
UNITED HEALTH GROUP INC 3.45 1/15/2027 207,438 199,198
BP CAPITAL MARKETS PLC 3.588 4/14/27 246,917 239,256
MEDIUM TERM NOTE 3.125 7/27/26 101,030 99,551
AMERICAN HONDA FINANCE 2.3 9/9/26 250,937 247,272
JP MORGAN CHASE CO 2.95 10/1/26 206,760 198,702
ORACLE CORP 3.25 11/15/27 212,898 195,654
3M COMPANY 2.375 8/26/29 252,912 235,677
COSTCO WHSL CORP 1.375 4/20/30 238,208 226,447
AMAZON COM INC 2.100 5/12/31 246,622 225,855
SALESFORCE.COM 1.950 7/15/31 241,555 222,315
ECOLAB INC 5.25 1/15/28 255,000 256,682
NATIONAL RURAL UTIL 5.05 9/15/28 251,565 256,497
PUBLIC STORAGE 5.125 1/15/29 248,973 258,283
THERMO FISHER SCIENTIFIC 5.0 1/31/29 252,782 257,355
INTEL CORP 5.125 8/10/30 248,828 256,270
BRISTOL MYERS SQUIBB 5.75 2/1/31 256,763 267,402
CINTAS CORP 4.0 5/1/32 246,270 244,618
KLA CORP SR 4.65 7/15/32 256,468 253,643
COMCAST CORP 4.8 5/15/33 255,895 252,153
WASTE MGMT INC 4.875 2/15/34 258,915 256,462
TORONTO DOMINION 5.523 7/17/28 255,167 259,015
CANADIAN IMPERIAL 5.26 4/8/29 247,300 258,888
MARSH MCLENNAN 5.75 11/1/32 262,950 267,825
JOHN DEERE CAPITAL 5.15 9/8/33 254,155 262,055
INTUIT SR NT 5.20 9/15/33 254,340 261,365
UNITED PARCEL SERV 5.15 5/22/34 253,220 259,598
ADOBE INC 5.30 1/17/35 256,248 263,290
INT'L BUSINESS MACH 5.20 2/10/35 249,850 256,233
STONE RIDGE HY REINSUR #2095 800,000 800,000

TY 2025 InvestmentsCorpStockSchedule
Name:
GEORGE W NEILSON FOUNDATION
EIN:
41-6022186
Name of Stock End of Year Book Value End of Year Fair Market Value
UNITED HEALTH GROUP INC 400,444 364,111
BARON EMERGING MARKETS INST 42,573 75,472
CAUSEWAY EMERGING MARKETS INST 42,600 62,969
SCHWAB CHARLES CORP 72,054 111,300
CISCO SYSTEMS INC 96,178 157,295
COMCAST CORP CLASS A 226,717 131,815
WALMART INC 37,382 87,791
MEDTRONIC PLC 173,732 189,526
ABBOTT LABORATORIES 86,913 90,835
ALPHABET INC CL A 356,662 1,039,473
AMAZON COM INC 262,095 421,247
AMGEN INC 93,269 138,125
APPLE INC 400,316 841,135
BANK OF AMERICA CORP 197,741 333,300
BLACKROCK INC 182,843 265,444
COSTCO WHSL CORP 89,020 117,278
HOME DEPOT INC 295,608 358,208
HONEYWELL INTERNATIONAL INC 120,912 125,053
INTUIT COM 202,311 231,185
ISHARES CORE SP 500 ETF 3,741,232 6,582,273
JP MORGAN CHASE CO 209,741 451,108
MASTERCARD INC 143,095 214,080
META PLATFORMS INC 292,057 469,324
MICROSOFT CORP 581,322 1,083,792
NEXTERA ENERGY INC 233,318 288,366
NVIDIA CORP 88,034 646,036
SP GLOBAL INC 49,725 77,866
SERVICENOW INC 133,512 160,237
STARBUCKS CORP 119,119 94,820
TEXAS INSTRUMENTS 123,466 125,780
BEST BUY CO INC 165,284 112,041
MARATHON PETROLEUM CORP 16,107 55,132
TRANSDIGM GROUP INC 38,024 89,100
ISHARES RUSSELL 2000 1,110,121 1,238,185
ACCENTURE PLC IRELAND 203,298 204,713
ISHARES CORE MSCI EAFE 1,210,514 1,445,674
LINDE PLC 115,490 147,957
ISHARES CORE MSCI EMERGING MKTS 1,281,744 1,308,437
AMERICAN TOWER CORP 237,063 192,074
ISHARES RUSSELL MID CAP 572,813 714,805
VANGUARD REAL ESTATE EFT 998,885 1,039,315
ABBVIE INC 90,715 151,260
ADVANCED MICRO DEVICES 64,846 186,533
ANALOG DEVICES 106,357 181,162
CONOCOPHILLIPS 61,434 59,349
DANAHER CORP 167,496 182,678
L3HARRIS TECHNOLOGIES 148,619 201,389
MONDELEZE INTERNATIONAL 187,515 163,374
MORGAN STANLEY 110,976 243,039
PALO ALTO NETWORKS 53,725 118,441
UBER TECHNOLOGIES INC 46,299 72,313
UNION PACIFIC CORP 56,778 53,666
CHEVRON CORPORATION 153,509 158,811
QUALCOMM INC COM 83,849 130,511
PROLOGIS INC COM 205,683 240,128
BROADCOM INC 162,688 333,294
ELI LILLY CO 160,286 218,160
KIA CORP COM 66,722 121,508
MERCADOLIBRE INC 100,116 104,741
SYNOPSYS INC 110,715 106,626
COTERRA ENERGY INC 47,292 51,140
DARDEN RESTAURANTS INC 63,468 77,288
VEEVA SYSTEMS INC 36,761 39,958
VERTIV HOLDINGS CO 71,427 137,708
EATON CORP PLC 91,521 99,057
EQUINIX INC 60,218 55,164
CAPITAL ONE FINANCIAL 110,192 127,966
DELL TECHNOLOGIES INC 109,779 100,830
INTUITIVE SURGICAL INC 91,451 107,608
MICRON TECHNOLOTY INC 54,364 159,830
NETFLIX COM INC 92,828 82,321
T MOBILE US INC 66,989 59,085
TJX COS INC 130,223 169,432
WELLS FARGO CO 142,114 160,584
BAKER HUGHS CO 67,412 81,016
CARRIER GLOBAL CORP 63,336 51,149
CHENIERE ENERGY INC 65,850 54,040
CHIPOTLE MEXICAN GRILL 106,782 95,349
FED EX CORP 69,986 87,525
OKTA INC CL A 158,765 141,033
TALEN ENERGY CORP 42,236 82,840
MAPLEBEAR INC COM 70,067 72,373
SLB LIMITED 126,063 96,948
SPDR GOLD SHARES 741,836 770,823

TY 2025 OtherExpensesSchedule
Name:
GEORGE W NEILSON FOUNDATION
EIN:
41-6022186
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INSURANCE 2,825 0   2,825
TELEPHONE 78 0   78
OFFICE SUPPLIES 1,163 0   1,163
REGISTRATION FEES 25 0   25
MISCELLANEOUS EXPENSE 1,126 0   1,126
ADMINISTRATIVE EXPENSES 14,000 0   14,000
DUES & SUBSCRIPTIONS 1,920 0   1,920


TY 2025 OtherIncomeSchedule2
Name:
GEORGE W NEILSON FOUNDATION
EIN:
41-6022186
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
MISCELLANEOUS INCOME 1,558 1,558 1,558


TY 2025 OtherProfessionalFeesSchedule
Name:
GEORGE W NEILSON FOUNDATION
EIN:
41-6022186
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT ADVISORY FEES 151,011 135,910   15,101


TY 2025 TaxesSchedule
Name:
GEORGE W NEILSON FOUNDATION
EIN:
41-6022186
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FOREIGN TAXES 2,669 2,669   0
EXCISE TAXES 26,955 0   0