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 HAYES FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address) 157 CHURCH STREET 19TH FLOOR 207
  Room/suite
City or town
NEW HAVEN
State or province
CT
Country  
ZIP or foreign postal code
06510
A Employer identification number

06-1636828
B Telephone number (see instructions)

9703906639
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)$49,218,039J 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 315,383 315,383 315,383
4 Dividends and interest from securities... 828,724 824,207 828,724
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 749,420
b Gross sales price for all assets on line 6a 3,926,467
7 Capital gain net income (from Part IV, line 2)... 749,420
8 Net short-term capital gain......... 540,304
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
444   444
12 Total. Add lines 1 through 11........ 1,893,971 1,889,010 1,684,855
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 160,000 12,000   148,000
14 Other employee salaries and wages......        
15 Pension plans, employee benefits....... 12,018 12,018    
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
4,900 4,900    
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
90,295 89,795    
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
10,109 10,109    
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
57,092 57,092    
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 334,414 185,914   148,000
25 Contributions, gifts, grants paid....... 2,206,025 2,206,025
26 Total expenses and disbursements. Add lines 24 and 25 ................ 2,540,439 185,914   2,354,025
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -646,468
b Net investment income (if negative, enter -0-) 1,703,096
c Adjusted net income (if negative, enter -0-)... 1,684,855
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............. 91,307 248,024 248,024
2 Savings and temporary cash investments......... 572,941 958,034 958,034
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) 2,572,556    
b Investments—corporate stock (attach schedule)....... 15,513,948 Click to see attachment
List of Attached Documents:
// Content
15,459,568 		34,746,299
c Investments—corporate bonds (attach schedule)....... 2,470,045 Click to see attachment
List of Attached Documents:
// Content
4,063,095 		4,251,498
11 Investments—land, buildings, and equipment: basis  
Less: accumulated depreciation (attach schedule)        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 4,940,232 Click to see attachment
List of Attached Documents:
// Content
4,441,128 		4,684,140
14 Land, buildings, and equipment: basis  
Less: accumulated depreciation (attach schedule)        
15 Other assets (describe ) Click to see attachment
List of Attached Documents:
// Content
4,076,734 		Click to see attachment
List of Attached Documents:
// Content
4,330,044 		Click to see attachment
List of Attached Documents:
// Content
4,330,044
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 30,237,763 29,499,893 49,218,039
Liabilities 17 Accounts payable and accrued expenses.......... 8,228 5,169
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)......... 8,228 5,169
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 30,229,535 29,494,724
29 Total net assets or fund balances (see instructions)..... 30,229,535 29,494,724
30 Total liabilities and net assets/fund balances (see instructions). 30,237,763 29,499,893
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
30,229,535
2
Enter amount from Part I, line 27a .....................
2
-646,468
3
Other increases not included in line 2 (itemize)
3
 
4
Add lines 1, 2, and 3 ..........................
4
29,583,067
5
Decreases not included in line 2 (itemize) Click to see attachment
List of Attached Documents:
// Content
5
88,343
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, line 29, column (b) ..
6
29,494,724
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 CHARLES SCHWAB - SHORT TERM P    
b CHARLES SCHWAB - SHORT TERM P    
c CHARLES SCHWAB - LONG TERM P    
d EAGLE CAPITAL PARTNERS - SHORT TERM P    
e EAGLE CAPITAL PARTNERS - LONG TERM P    
EAGLE CAPITAL PARTNERS - 988 LOSS P    
MORGAN STANLEY - SHORT TERM P    
MORGAN STANLEY - LONG TERM P    
OPPENHEIMER 5611 - SHORT TERM P    
OPPENHEIMER 5611 - LONG TERM P    
RAYMOND JAMES - SHORT TERM P    
RAYMOND JAMES - LONG TERM P    
UBS - LONG TERM P    
(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 78,093   211 77,882
b 298     298
c 300,000   300,000  
d 14,054     14,054
e 168,667     168,667
    442 -442
157,980     157,980
83   31 52
1,105,000   1,105,000  
482,626   518,578 -35,952
1,028,422   737,890 290,532
423,441   419,724 3,717
130,365   95,171 35,194
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       77,882
b       298
c        
d       14,054
e       168,667
      -442
      157,980
      52
       
      -35,952
      290,532
      3,717
      35,194
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 2 749,420
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 3 540,304
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions) 1 23,673
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 23,673
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 23,673
6 Credits/Payments:
a 2025 estimated tax payments and 2024 overpayment credited to 2025 6a 44,348
b Exempt foreign organizations—tax withheld at source...... 6b  
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 44,348
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed....... 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid... 10 20,675
11 Enter the amount of line 10 to be: Credited to 2026 estimated tax20,675 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. $   (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)
CT
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
8b
Yes
 
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2025 or the taxable year beginning in 2025? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
 
No
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
11
 
No
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressN/A
14
The books are in care ofMICHAEL HAYES Telephone no. (970) 390-6639

Located at355 RUGGS PATHSAG HARBORNY ZIP+411963
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
 
 
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
MICHAEL HAYES TRUSTEE/EXEC
20.00 		80,000 0 0
355 RUGGS PATH
SAG HARBOR,NY11963
ELIZABETH CHRISTOPHER TRUSTEE/EXEC
20.00 		40,000 0 0
10 CUESTA LN
SANTA FE,NM87508
KATHLEEN HAYES TRUSTEE/EXEC
15.00 		40,000 0 0
91 THREE CORNERS ROAD
GUILDFORD,CT06437
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...................  
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 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 N/A  
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
41,317,669
b
Average of monthly cash balances.......................
1b
1,366,026
c
Fair market value of all other assets (see instructions)................
1c
4,203,389
d
Total (add lines 1a, 1b, and 1c).......................
1d
46,887,084
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
 
3
Subtract line 2 from line 1d.........................
3
46,887,084
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
703,306
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
46,183,778
6
Minimum investment return. Enter 5% (0.05) of line 5 ................
6
2,309,189
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
2,309,189
2a
Tax on investment income for 2025 from Part V, line 5 .......
2a
23,673
b
Income tax for 2025. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
23,673
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
2,285,516
4
Recoveries of amounts treated as qualifying distributions................
4
 
5
Add lines 3 and 4............................
5
2,285,516
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
2,285,516
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
2,354,025
b
Program-related investments—total from Part VIII-B..................
1b
 
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
2,354,025
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 2,285,516
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only.......  
b Total for prior years:20 , 20, 20  
3 Excess distributions carryover, if any, to 2025:
a From 2020......  
b From 2021......  
c From 2022...... 53,284
d From 2023......  
e From 2024......  
f Total of lines 3a through e ........ 53,284
4Qualifying distributions for 2025 from Part
XI, line 4: $ 2,354,025
a Applied to 2024, but not more than line 2a  
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..... 2,285,516
e Remaining amount distributed out of corpus 68,509
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 5 121,793
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 .......... 		0
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		 
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 ...... 		121,793
10 Analysis of line 9:
a Excess from 2021 ....  
b Excess from 2022 .... 53,284
c Excess from 2023 ....  
d Excess from 2024 ....  
e Excess from 2025 .... 68,509
Form 990-PF (2025)
Form 990-PF (2025)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2025, enter the date of the ruling ......
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2025 (b) 2024 (c) 2023 (d) 2022
         
b 85% (0.85) of line 2a .......          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, 3b, or 3c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, 2b, 2c, and 2d. See instructions
aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
bThe form in which applications should be submitted and information and materials they should include:
cAny submission deadlines:
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
Form 990-PF (2025)
Form 990-PF (2025)
Page 11
Part XIV
Supplementary Information (continued)
3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient If recipient is an individual,
show any relationship to
any foundation manager
or substantial contributor
 Foundation
status of
recipient 		Purpose of grant or
contribution 		Amount
Name and address (home or business)
aPaid during the year

ALDEA CHILDREN & FAMILY SERVICES

PO BOX 5211
BINGHAMPTON,NY10005 		N/A   INTERNATIONAL COMMUNITY SUPPORT 30,000

AMERICAN FOUNDATION FOR SUICIDE
PREVENTION
199 WATER STREET
11TH FLOOR
NEW YORK,NY10038 		N/A   HEALTH 20,000

APPALACHIAN MOUNTAIN CLUB

10 CITY SQUARE
BOSTON,MA02129 		N/A   ENVIRONMENT 20,000

BOWDOIN COLLEGE ALUMNI FUND

4100 COLLEGE STATION
BRUNSWICK,ME04011 		N/A   EDUCATION 30,000

BREAKWATER SAILING CENTER INC

51 BAY STREET
PO BOX 2601
SAG HARBOR,NY11963 		N/A   COMMUNITY 15,000

CATAWBA LANDS CONSERVANCY

4530 PARK ROAD SUITE 420
CHARLOTTE,NC28209 		N/A   ENVIRONMENT 10,000

CENTENARY EQUESTRIAN FOUNDATION LLC

400 JEFFERSON STREET
HACKETTSTOWN,NJ07840 		N/A   EDUCATION 30,000

COMMON HOPE

1410 ENERGY PARK DRIVE
SUITE 4
ST PAUL,MN55108 		N/A   INTERNATIONAL COMMUNITY SUPPORT 40,000

CONNECTICUT FOODSHARE

2 RESEARCH PARKWAY
WALLINGFORD,CT06492 		N/A   COMMUNITY 75,000

CONNECTICUT HOSPICE INC

100 DOUBLE BEACH ROAD
BRANFORD,CT06405 		N/A   HEALTH 25,000

DOCTORS WITHOUT BORDERS USA

40 RECTOR STREET
16TH FLOOR
NEW YORK,NY10006 		N/A   INTERNATIONAL COMMUNITY SUPPORT 60,000

DOWNTOWN EVENING SOUP KITCHEN

PO BOX 1478
NEW HAVEN,CT06506 		N/A   COMMUNITY 20,000

EL DORADO FIRE AND RESCUE

144 AVE VISTA GRANDE
SANTA FE,NM87508 		N/A   COMMUNITY 5,000

EQUUS EFFECT

37 DRUM RD
SHARON,CT06069 		N/A   COMMUNITY 8,000

EVELYN ALEXANDER WILDLIFE RESCUE
CENTER INC
228 WEST MONTAUK HIGHWAY
HAMPTON BAYS,NY11946 		N/A   ENVIRONMENT 30,000

EXPONENT PHILANTHROPY

1720 N STREET NW
WASHINGTON,DC20036 		N/A   EDUCATION 1,000

FOCUSING PHILANTHROPY

1637 16TH STREET
SANTA MONICA,CA90404 		N/A   INTERNATIONAL COMMUNITY SUPPORT 50,000

FOOD DEPOT

1222 A SILLER ROAD
SANTA FE,NM87507 		N/A   COMMUNITY 40,000

FORDHAM UNIVERSITY

441 E FORDHAM RD FMH 512
BRONX,NY10458 		N/A   EDUCATION 10,000

GEORGES MALAIKA FOUNDATION

244 FIFTH AVENUE
SUITE N225
NEW YORK,NY10001 		N/A   INTERNATIONAL COMMUNITY SUPPORT 50,000

GEORGIA O'KEEFFE MUSEUM

217 JOHNSON STREET
SANTA FE,NM87501 		N/A   ARTS 15,000

GIRLS INC SANTA FE

301 HILLSIDE AVENUE
SANTA FE,NM87501 		N/A   COMMUNITY 145,000

GUILFORD LAND CONSERVATION TRUST

BOX 200
GUILFORD,CT06437 		N/A   ENVIRONMENT 50,000

HANG TIME

2470 FAIRFIELD AVE
BRIDGEPORT,CT06604 		N/A   COMMUNITY 55,000

HIMALAYAN CATARACT PROJECT INC

PO BOX 55
WATERBURY,VT05676 		N/A   HEALTH 215,000

HOTCHKISS LIBRARY

10 UPPER MAIN STREET
SHARON,CT06069 		N/A   COMMUNITY 15,000

INSTITUTE OF AMERICAN INDIAN ARTS

83 AVAN NU PO ROAD
SANTA FE,NM87508 		N/A   ARTS 30,000

INTEGRATED REFUGEE & IMMIGRANT SERV

235 NICOLL STREET 2ND FL
NEW HAVEN,CT06511 		N/A   COMMUNITY 20,000

INTERNATIONAL RESCUE COMMITTEE

122 EAST 42ND STREET
NEW YORK,NY10168 		N/A   INTERNATIONAL COMMUNITY SUPPORT 70,000

KELLY BRUSH FOUNDATION

3 MAIN ST 105
BURLINGTON,VT05401 		N/A   HEALTH 10,000

MAINE COLLEGE CIRCLE

251 MAIN STREET
YARMOUTH,ME04096 		N/A   EDUCATION 10,000

MAINE ISLAND TRAIL ASSOCIATION

100 KENSINGTON ST 2ND FL
PORTLAND,ME04103 		N/A   ENVIRONMENT 30,000

MARTHA GRAHAM CENTER

55 BETHUNE STREET
NEW YORK,NY10014 		N/A   ARTS 25,000

MISSION BLUE

PO BOX 6882
NAPA,CA94581 		N/A   ENVIRONMENT 100,000

MUSEUM OF NEW MEXICO FOUNDATION

PO BOX 2065
SANTA FE,NM87504 		N/A   ARTS 15,000

NATIONAL MUSEM OF WOMEN IN THE ARTS

1250 NEW YORK AVENUE NW
WASHINGTON,DC20005 		N/A   ARTS 20,000

NATURAL RESOURCES DEFENSE COUNCIL

40 WEST 20TH STREET
NEW YORK,NY10011 		N/A   ENVIRONMENT 60,000

NEW MEXICO SCHOOL FOR THE ARTS

500 MONTEZUMA AVENUE
SANTA FE,NM87501 		N/A   ARTS 20,000

NEW YORK MARINE RESCUE CENTER

467 E MAIN ST
RIVERHEAD,NY11901 		N/A   ENVIRONMENT 70,000

NORTH SHORE ANIMAL LEAGUE AMERICA

16 LEWYT STREET
PORT WASHINGTON,NY11050 		N/A   ENVIRONMENT 10,000

PARK AND RECREATION ASSOCIATION OF
SAG HARBOR NEW YORK INC
PO BOX 1653
SAG HARBOR,NY11963 		N/A   COMMUNITY 15,000

PROJECT OF EASTON

320 FERRY STREET
EASTON,PA18042 		N/A   COMMUNITY 2,000

SAFE PASSAGE

49 FARM VIEW DR SUITE 30
NEW GLOUCESTER,ME04260 		N/A   EDUCATION 115,000

SANTA FE CONSERVATION TRUST

PO BOX 23985
SANTA FE,NM87502 		N/A   ENVIRONMENT 85,000

SAVE THE SOUND

900 CHAPEL STREET
NEW HAVEN,CT06510 		N/A   ENVIRONMENT 50,000

SHELDRICK WILDLIFE TRUST

25283 CABOT ROAD
SUITE 101
LAGUNA HILLS,CA92653 		N/A   ENVIRONMENT 25,025

SITE SANTA FE

1606 PASEO DE PERALTA
SANTA FE,NM87501 		N/A   ARTS 15,000

SNOW LEOPARD TRUST

4649 SUNNYSIDE AVE N
SUITE 325
SEATTLE,WA98103 		N/A   ENVIRONMENT 50,000

THE INTERNATIONAL ASSOCIATION FOR
BEAR RESEARCH & MANAGEMENT
PO BOX 1089
FAIRFAX,CA94978 		N/A   ENVIRONMENT 25,000

THE NATURE CONSERVANCY

4245 NORTH FAIRFAX DRIVE
SUITE 100
ARLINGTON,VA22203 		N/A   ENVIRONMENT 10,000

WE CARE SOLAR INC

2140 SHATTUCK AVE STE 305
BERKELEY,CA94704 		N/A   HEALTH 50,000

WOLF CONSERVATION CENTER

PO BOX 421
SOUTH SALEM,NY10590 		N/A   ENVIRONMENT 75,000

WORLD CENTRAL KITCHEN

200 MASSACHUSETTS AVE
NW 7TH FLOOR
WASHINGTON,DC20001 		N/A   INTERNATIONAL COMMUNITY SUPPORT 60,000

WORLD WILDLIFE FUND

PO BOX 97180
WASHINGTON,DC20090 		N/A   ENVIRONMENT 75,000
Total ................................. 3a 2,206,025
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 ........... 		    14 315,383  
4 Dividends and interest from securities ....     14 828,724  
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 ............ 		    18 749,862 -442
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aCASH BACK REBATES 		        444
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..   1,893,969 2
13Total. Add line 12, columns (b), (d), and (e)..................
13
1,893,971
(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:
THE HAYES FOUNDATION
EIN:
06-1636828
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INDIRECT ACCOUNTING FEES 4,900 4,900    

TY 2025 InvestmentsCorpBondsSchedule
Name:
THE HAYES FOUNDATION
EIN:
06-1636828
Name of Bond End of Year Book Value End of Year Fair Market Value
CHARLES SCHWAB 1,358,614 1,440,715
OPPENHEIMER 5660 73,849 75,812
MORGAN STANLEY 2,630,632 2,734,971

TY 2025 InvestmentsCorpStockSchedule
Name:
THE HAYES FOUNDATION
EIN:
06-1636828
Name of Stock End of Year Book Value End of Year Fair Market Value
MORGAN STANLEY 10,260,174 25,622,746
UBS FINANCIAL SERVICES 2,905,275 6,351,109
CHARLES SCHWAB 215,197 304,455
OPPENHEIMER 5611 104,000 75,058
RAYMOND JAMES 1,974,922 2,392,931

TY 2025 InvestmentsOtherSchedule2
Name:
THE HAYES FOUNDATION
EIN:
06-1636828
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
CHARLES SCHWAB - MM AT COST 496,464 496,464
UBS FINANCIAL SERVICES - MM AT COST 572,541 572,541
CHARLES SCHWAB - ETF AT COST 687,803 975,360
RAYMOND JAMES - ETF AT COST 123,317 123,435
UBS FINANCIAL SERVICES - ETF AT COST 158,956 144,599
OPPENHEIMER 5611 - MUTUAL FUNDS AT COST 934,867 953,578
OPPENHEIMER 5660 - MUTUAL FUNDS AT COST 440,678 547,686
CHARLES SCHWAB - REIT AT COST 141,016 108,060
OPTIONS AT COST 885,486 762,417

TY 2025 OtherAssetsSchedule
Name:
THE HAYES FOUNDATION
EIN:
06-1636828
Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
EAGLE CAPITAL PARTNERS LP 4,076,734 4,330,044 4,330,044


TY 2025 OtherDecreasesSchedule
Name:
THE HAYES FOUNDATION
EIN:
06-1636828
Description Amount
NONDEDUCTIBLE IRS TAX PAYMENTS 75,000
BOOK/TAX DIFFERENCE IN SECURITIES 13,343


TY 2025 OtherExpensesSchedule
Name:
THE HAYES FOUNDATION
EIN:
06-1636828
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
EXPENSES        
PASSTHROUGH DEDUCTIONS 47,594 47,594    
OFFICE EXPENSE 4,309 4,309    
INSURANCE 3,524 3,524    
TECHNOLOGY, WEBSITE, EMAIL 1,646 1,646    
BANK CHARGES 19 19    


TY 2025 OtherIncomeSchedule2
Name:
THE HAYES FOUNDATION
EIN:
06-1636828
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
CASH BACK REBATES 444   444


TY 2025 OtherProfessionalFeesSchedule
Name:
THE HAYES FOUNDATION
EIN:
06-1636828
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT MANAGING FEE 87,393 87,393    
PAYROLL SERVICES 2,402 2,402    
CONSULTANT 500      


TY 2025 TaxesSchedule
Name:
THE HAYES FOUNDATION
EIN:
06-1636828
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FOREIGN TAX PAID 10,109 10,109