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
ARTHUR F WALTERS & SELMA C WALTERS
 
Number and street (or P.O. box number if mail is not delivered to street address) 500 FIRST AVE P7-PFSC-03-Z
  Room/suite
City or town
PITTSBURGH
State or province
PA
Country  
ZIP or foreign postal code
15219
A Employer identification number

56-6624021
B Telephone number (see instructions)

4127689680
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)$7,956,511J 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... 157,535 156,538  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 349,594
b Gross sales price for all assets on line 6a 980,749
7 Capital gain net income (from Part IV, line 2)... 349,594
8 Net short-term capital gain......... 0
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule).......      
12 Total. Add lines 1 through 11........ 507,129 506,132  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 69,066 55,253   13,813
14 Other employee salaries and wages......   0 0 0
15 Pension plans, employee benefits.......   0 0  
16a Legal fees (attach schedule).........       0
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
1,954 1,954   0
17 Interest...............       0
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
8,625 1,820   0
19 Depreciation (attach schedule) and depletion... 0 0  
20 Occupancy..............        
21 Travel, conferences, and meetings.......   0 0  
22 Printing and publications..........   0 0  
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
219 219    
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 79,864 59,246 0 13,813
25 Contributions, gifts, grants paid....... 330,609 330,609
26 Total expenses and disbursements. Add lines 24 and 25 ................ 410,473 59,246 0 344,422
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 96,656
b Net investment income (if negative, enter -0-) 446,886
c Adjusted net income (if negative, enter -0-)... 0
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2025)
Form 990-PF (2025)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 283,483 261,364 261,364
3 Accounts receivable  
Less: allowance for doubtful accounts     0 0
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 0      
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)....... 1,748,812 Click to see attachment
List of Attached Documents:
// Content
1,855,369 		3,312,243
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis  
Less: accumulated depreciation (attach schedule)        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 3,497,444 Click to see attachment
List of Attached Documents:
// Content
3,509,365 		4,382,904
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) 5,529,739 5,626,098 7,956,511
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
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........ 5,529,739 5,626,098
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)..... 5,529,739 5,626,098
30 Total liabilities and net assets/fund balances (see instructions). 5,529,739 5,626,098
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
5,529,739
2
Enter amount from Part I, line 27a .....................
2
96,656
3
Other increases not included in line 2 (itemize) Click to see attachment
List of Attached Documents:
// Content
3
435
4
Add lines 1, 2, and 3 ..........................
4
5,626,830
5
Decreases not included in line 2 (itemize) Click to see attachment
List of Attached Documents:
// Content
5
732
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, line 29, column (b) ..
6
5,626,098
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 17. AMERIPRISE FINANCIAL INC   2019-06-10 2025-01-17
b 42. BROADCOM INC   2020-06-17 2025-01-17
c 9. META PLATFORMS INC   2023-03-15 2025-01-17
d 13. MOTOROLA SOLUTIONS INC   2018-05-29 2025-01-17
e 12. ATLASSIAN CORP CL A   2022-08-12 2025-01-31
59. SCHNEIDER ELECTRIC SE   2022-04-06 2025-02-12
10. ABBVIE INC   2020-02-13 2025-02-14
2. CHEVRON CORPORATION   2022-03-04 2025-02-14
13. MORGAN STANLEY   2020-01-28 2025-02-14
13. PHILIP MORRIS INTERNAT-W/I   2022-03-18 2025-02-14
44. SAFRAN SA   2023-11-29 2025-02-20
259. ROLLS-ROYCE HOLDINGS PLC   2024-11-01 2025-03-04
111. SCHNEIDER ELECTRIC SE   2022-04-06 2025-03-07
59. ALPHABET INC/CA-CL A   2015-07-28 2025-03-12
48. AMAZON COM INC   2018-02-22 2025-03-12
57. APPLE INC   2014-07-09 2025-03-12
14. BOSTON SCIENTIFIC CORP   2023-06-21 2025-03-12
29. BROADCOM INC   2018-11-05 2025-03-12
7. CADENCE DESIGN SYSTEMS INC   2023-03-15 2025-03-12
12. CINTAS CORP   2019-04-15 2025-03-12
4. COSTCO WHOLESALE CORP   2018-10-08 2025-03-12
3. CROWDSTRIKE HOLDINGS INC - A   2024-06-25 2025-03-12
14. META PLATFORMS INC   2018-10-08 2025-03-12
5. HESS CORPORATION   2022-06-29 2025-03-12
7. HOME DEPOT INC   2017-04-11 2025-03-12
7. HONEYWELL INTL INC   2023-10-19 2025-03-12
5. ILLINOIS TOOL WORKS INC   2023-11-29 2025-03-12
106. INVESCO QQQ TRUST   2020-07-22 2025-03-12
40. LAM RESEARCH CORP   2019-06-06 2025-03-12
5. ELI LILLY & CO   2018-07-10 2025-03-12
6. MARRIOTT INTERNATIONAL INC   2024-01-29 2025-03-12
2. MASTERCARD INC CL A   2016-11-04 2025-03-12
5. MCDONALD'S CORP   2022-11-21 2025-03-12
33. MICROSOFT CORP   2016-11-07 2025-03-12
1. MOTOROLA SOLUTIONS INC   2018-05-09 2025-03-12
97. NVIDIA CORP   2024-06-25 2025-03-12
5. QUANTA SVCS INC   2021-06-24 2025-03-12
2. S&P GLOBAL INC   2016-07-29 2025-03-12
3. SERVICE NOW INC   2023-05-31 2025-03-12
4. STRYKER CORP   2019-08-30 2025-03-12
15. TJX COMPANIES INC NEW   2023-02-09 2025-03-12
10. TAIWAN SEMICONDUCTOR MTG CO   2020-12-09 2025-03-12
2. UNITEDHEALTH GROUP INC   2017-06-16 2025-03-12
9. VISA INC   2021-06-02 2025-03-12
2. ACCENTURE PLC CLASS A   2019-06-06 2025-03-12
36. FERGUSON ENTERPRISES INC   2022-03-10 2025-03-14
72. ASTRAZENECA PLC   2022-07-11 2025-04-29
63. NOVO NORDISK A S   2022-01-07 2025-04-29
54. ROLLS-ROYCE HOLDINGS PLC   2024-11-01 2025-05-05
41. SAFRAN SA   2023-11-29 2025-05-05
14. STERIS PLC   2019-05-22 2025-05-05
51. ICON PLC   2019-05-22 2025-05-08
52. HESS CORPORATION   2022-06-29 2025-05-19
23. UNITEDHEALTH GROUP INC   2017-06-16 2025-05-19
41. UNITEDHEALTH GROUP INC   2017-06-13 2025-05-19
1. ALPHABET INC/CA-CL A   2021-02-11 2025-05-20
6. AMERICAN WATER WORKS CO INC   2014-08-14 2025-05-20
3. BLACKSTONE INC   2021-11-23 2025-05-20
4. CHEVRON CORPORATION   2022-03-04 2025-05-20
12. COCA COLA CO   2022-03-18 2025-05-20
13. FOX CORP - CLASS A - W/I   2022-06-28 2025-05-20
1. HONEYWELL INTL INC   2023-10-18 2025-05-20
11. INVITATION HOMES INC   2019-06-04 2025-05-20
4. LAM RESEARCH CORP   2021-02-23 2025-05-20
4. NEXTERA ENERGY INC   2020-12-22 2025-05-20
3. PACCAR INC   2023-06-23 2025-05-20
2. PROCTER & GAMBLE CO   2018-10-26 2025-05-20
2. QUANTA SVCS INC   2020-08-31 2025-05-20
7. SERVICE CORP INTERNATIONAL   2022-06-28 2025-05-20
1. THERMO FISHER SCIENTIFIC INC   2020-08-06 2025-05-20
1. TRANSDIGM GROUP INC   2024-05-09 2025-05-20
5. WEC ENERGY GROUP INC   2009-08-07 2025-05-20
5. CANADIAN PACIFIC KANSAS CITY   2020-05-01 2025-06-04
50. MITSUBISHI HEAVY INDUSTRIES ADR   2024-07-31 2025-06-04
5. SEA LTD-ADR   2024-07-02 2025-06-04
1730.599 T ROWE PR NEW HORIZONS-I   2013-10-28 2025-06-05
6501.567 SEAFARER OVERSEAS GROWTH &   2020-04-30 2025-06-06
9. STERIS PLC   2020-05-01 2025-06-09
15. FERRARI NV - W/I   2020-05-01 2025-06-11
502.563 T ROWE PR MID CAP GROW-I   2010-02-11 2025-06-12
753.315 T ROWE PR MID CAP GROW-I   2010-02-11 2025-06-23
41. ALPHABET INC/CA-CL A   2015-07-28 2025-06-27
32. AMAZON COM INC   2018-02-22 2025-06-27
31. BROADCOM INC   2018-11-05 2025-06-27
10. META PLATFORMS INC   2021-02-23 2025-06-27
21. ABBVIE INC   2020-02-13 2025-07-01
10. AMERIPRISE FINANCIAL INC   2019-06-10 2025-07-01
22. JPMORGAN CHASE & CO   2013-05-31 2025-07-01
38. MORGAN STANLEY   2020-01-28 2025-07-01
17. ROYAL CARIBBEAN CRUISES LTD   2024-06-26 2025-07-01
19. HONEYWELL INTL INC   2023-10-18 2025-07-02
76. ILLINOIS TOOL WORKS INC   2023-11-30 2025-07-02
24. QUANTA SVCS INC   2020-08-31 2025-07-02
654.05 T ROWE PR MID CAP GROW-I   2016-08-23 2025-07-02
31. THERMO FISHER SCIENTIFIC INC   2020-08-06 2025-07-02
39. ALPHABET INC/CA-CL A   2015-07-31 2025-07-03
44. AMAZON COM INC   2018-02-22 2025-07-03
26. BROADCOM INC   2018-11-05 2025-07-03
49. ILLINOIS TOOL WORKS INC   2023-11-29 2025-07-03
35. TAIWAN SEMICONDUCTOR MTG CO   2020-12-09 2025-07-03
58. ALPHABET INC/CA-CL A   2015-07-31 2025-07-15
1. BLACKROCK FUNDING INC/DE   2020-07-29 2025-07-15
20. BROADCOM INC   2020-06-17 2025-07-15
2. CASEYS GENERAL STORES INC   2024-01-31 2025-07-15
5. CHEVRON CORPORATION   2022-03-04 2025-07-15
4. CINTAS CORP   2023-06-30 2025-07-15
7. EXXON MOBIL CORP   2021-02-05 2025-07-15
6. JOHNSON & JOHNSON   2021-12-17 2025-07-15
37. MICRON TECHNOLOGY INC   2021-02-05 2025-07-15
7. PACCAR INC   2023-06-23 2025-07-15
5. PROCTER & GAMBLE CO   2018-10-26 2025-07-15
2. S&P GLOBAL INC   2016-07-08 2025-07-15
2. STRYKER CORP   2023-09-19 2025-07-15
2. CHUBB LTD   2022-07-27 2025-07-15
15. ROYAL CARIBBEAN CRUISES LTD   2024-06-26 2025-07-15
19. MITSUBISHI HEAVY INDUSTRIES ADR   2024-07-31 2025-07-16
7. STERIS PLC   2020-05-01 2025-07-21
22. ATLASSIAN CORP CL A   2022-12-20 2025-08-12
19. BROADCOM INC   2020-09-28 2025-09-15
270. MEITUAN UNSP ADR   2024-10-16 2025-09-16
25. ACCENTURE PLC CLASS A   2019-06-06 2025-09-17
119. EASTMAN CHEM CO   2024-11-08 2025-10-02
11. STRYKER CORP   2025-06-27 2025-10-15
37. STRYKER CORP   2019-08-30 2025-10-15
122. AMERICAN WATER WORKS CO INC   2016-02-04 2025-10-17
9. STERIS PLC   2020-05-01 2025-10-28
11. SPOTIFY TECHNOLOGY SA   2024-04-19 2025-10-28
.75 SOLSTICE ADV MATERIALS INC   2023-10-18 2025-11-07
.25 SOLSTICE ADV MATERIALS INC   2023-10-19 2025-11-07
52. LAM RESEARCH CORP   2019-06-06 2025-11-14
16. SOLSTICE ADV MATERIALS INC   2023-10-19 2025-11-14
53. LAM RESEARCH CORP   2021-02-23 2025-11-17
29. MICRON TECHNOLOGY INC   2021-02-05 2025-11-17
17. SOLSTICE ADV MATERIALS INC   2023-10-18 2025-11-17
1. SOLSTICE ADV MATERIALS INC   2023-10-18 2025-11-17
17. BROADCOM INC   2020-09-28 2025-12-09
365. COMCAST CORPORATION CL A   2013-01-09 2025-12-09
232. COMPASS GROUP PLC-SPON ADR   2023-06-30 2025-12-15
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS 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 9,319   2,581 6,738
b 9,899   1,316 8,583
c 5,539   1,739 3,800
d 6,067   1,431 4,636
e 3,701   2,205 1,496
2,936   1,909 1,027
1,945   963 982
313   312 1
1,804   704 1,100
1,962   1,225 737
2,852   1,946 906
2,694   1,880 814
5,371   3,282 2,089
9,818   1,939 7,879
9,554   3,585 5,969
12,416   1,364 11,052
1,352   754 598
5,672   634 5,038
1,694   1,408 286
2,333   625 1,708
3,724   887 2,837
1,038   1,154 -116
8,710   2,791 5,919
722   556 166
2,563   1,035 1,528
1,446   1,289 157
1,262   1,210 52
50,137   27,971 22,166
3,092   732 2,360
4,125   440 3,685
1,469   1,444 25
1,046   207 839
1,496   1,369 127
12,671   1,994 10,677
415   106 309
11,252   12,034 -782
1,245   459 786
960   244 716
2,512   1,615 897
1,452   887 565
1,738   1,217 521
1,769   1,054 715
964   364 600
2,987   2,081 906
649   360 289
5,680   5,157 523
5,135   4,851 284
4,105   3,181 924
561   392 169
2,821   1,813 1,008
3,147   1,921 1,226
7,101   10,943 -3,842
6,915   5,781 1,134
6,994   9,168 -2,174
12,468   15,158 -2,690
165   104 61
864   325 539
432   417 15
549   624 -75
858   724 134
733   431 302
224   185 39
378   284 94
334   218 116
297   299 -2
290   234 56
331   176 155
688   103 585
545   485 60
411   414 -3
1,431   1,317 114
539   111 428
412   224 188
2,384   1,181 1,203
833   348 485
91,324   83,956 7,368
85,431   85,016 415
2,183   1,276 907
7,251   2,432 4,819
50,000   23,349 26,651
75,000   42,019 32,981
7,144   1,349 5,795
7,062   2,390 4,672
8,403   678 7,725
7,311   2,576 4,735
3,891   1,680 2,211
5,331   1,518 3,813
6,391   1,212 5,179
5,360   2,059 3,301
5,304   2,708 2,596
4,519   3,510 1,009
19,335   18,901 434
8,833   1,238 7,595
66,713   51,388 15,325
13,178   13,268 -90
6,996   1,287 5,709
9,802   3,287 6,515
7,096   569 6,527
12,587   11,856 731
8,236   3,703 4,533
10,617   1,948 8,669
1,044   577 467
5,606   638 4,968
1,044   548 496
756   780 -24
858   496 362
791   349 442
932   1,020 -88
4,453   3,002 1,451
673   546 127
760   441 319
1,056   217 839
779   586 193
552   378 174
5,068   2,389 2,679
836   449 387
1,569   990 579
3,580   3,287 293
6,840   697 6,143
6,897   12,089 -5,192
6,040   5,649 391
7,439   12,217 -4,778
4,082   4,342 -260
13,729   9,016 4,713
17,507   10,046 7,461
2,163   1,205 958
7,258   3,027 4,231
35   33 2
12   11 1
7,746   951 6,795
721   706 15
7,891   2,888 5,003
7,198   2,353 4,845
732   749 -17
43   44 -1
6,772   624 6,148
9,730   14,189 -4,459
7,243   6,582 661
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
      10,706
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       6,738
b       8,583
c       3,800
d       4,636
e       1,496
      1,027
      982
      1
      1,100
      737
      906
      814
      2,089
      7,879
      5,969
      11,052
      598
      5,038
      286
      1,708
      2,837
      -116
      5,919
      166
      1,528
      157
      52
      22,166
      2,360
      3,685
      25
      839
      127
      10,677
      309
      -782
      786
      716
      897
      565
      521
      715
      600
      906
      289
      523
      284
      924
      169
      1,008
      1,226
      -3,842
      1,134
      -2,174
      -2,690
      61
      539
      15
      -75
      134
      302
      39
      94
      116
      -2
      56
      155
      585
      60
      -3
      114
      428
      188
      1,203
      485
      7,368
      415
      907
      4,819
      26,651
      32,981
      5,795
      4,672
      7,725
      4,735
      2,211
      3,813
      5,179
      3,301
      2,596
      1,009
      434
      7,595
      15,325
      -90
      5,709
      6,515
      6,527
      731
      4,533
      8,669
      467
      4,968
      496
      -24
      362
      442
      -88
      1,451
      127
      319
      839
      193
      174
      2,679
      387
      579
      293
      6,143
      -5,192
      391
      -4,778
      -260
      4,713
      7,461
      958
      4,231
      2
      1
      6,795
      15
      5,003
      4,845
      -17
      -1
      6,148
      -4,459
      661
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
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 2 349,594
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 6,212
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 6,212
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 6,212
6 Credits/Payments:
a 2025 estimated tax payments and 2024 overpayment credited to 2025 6a 4,630
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  
7 Total credits and payments. Add lines 6a through 6d.............. 7 4,630
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed....... 9 1,582
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 tax0 Refunded 11 0
For Refunded amount, also complete and attach Form 8050. See instructions.
Form 990-PF (2025)
Form 990-PF (2025)
Page 4
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. $   (2) On foundation managers.$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
PA
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 ofPNC BANK TAX DEPARTMENT Telephone no. (412) 768-9680

Located at500 FIRST AVE P7-PFSC-03-ZPITTSBURGHPA ZIP+415219
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........
and enter the amount of tax-exempt interest received or accrued during the year ........
15
 
16 At any time during calendar year 2025, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country
Form 990-PF (2025)
Form 990-PF (2025)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
Yes
 
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
No
c
Organizations relying on a current notice regarding disaster assistance check here ........
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2025? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2025, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2025?....................
2a
 
No
If "Yes," list the years 20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2025 as a result of (1) any purchase by the foundation
or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Form 4720, Schedule C, to determine
if the foundation had excess business holdings in 2025.).....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2025? ..
4b
 
No
Form 990-PF (2025)
Form 990-PF (2025)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
No
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
(a) Name and address (b) Title, and average
hours per week
devoted to position 		(c) Compensation
 (If not paid, enter
-0-) 		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
other allowances
PNC BANK NA TRUSTEE
1 		69,066    
500 FIRST AVE P7-PFSC-03-Z
PITTSBURGH,PA15219
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.........................  
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
7,242,033
b
Average of monthly cash balances.......................
1b
282,971
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, 1b, and 1c).......................
1d
7,525,004
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
7,525,004
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
112,875
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
7,412,129
6
Minimum investment return. Enter 5% (0.05) of line 5 ................
6
370,606
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
370,606
2a
Tax on investment income for 2025 from Part V, line 5 .......
2a
6,212
b
Income tax for 2025. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
6,212
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
364,394
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
364,394
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
364,394
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
344,422
b
Program-related investments—total from Part VIII-B..................
1b
0
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
0
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
0
b
Cash distribution test (attach the required schedule) .................
3b
0
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
344,422
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 7 364,394
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only....... 330,609
b Total for prior years:20 , 20, 20 0
3 Excess distributions carryover, if any, to 2025:
a From 2020...... 0
b From 2021...... 0
c From 2022...... 0
d From 2023...... 0
e From 2024...... 0
f Total of lines 3a through e ........ 0
4Qualifying distributions for 2025 from Part
XI, line 4: $ 344,422
a Applied to 2024, but not more than line 2a 330,609
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..... 13,813
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 .......... 		350,581
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 .... 0
b Excess from 2022 .... 0
c Excess from 2023 .... 0
d Excess from 2024 .... 0
e Excess from 2025 .... 0
Form 990-PF (2025)
Form 990-PF (2025)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2025, enter the date of the ruling ......
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2025 (b) 2024 (c) 2023 (d) 2022
         
b 85% (0.85) of line 2a .......          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, 3b, or 3c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
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

FRANKLIN & MARSHALL COLLEGE

PO BOX 3003
LANCASTER,PA176043003 		NONE   GENERAL SUPPORT 330,609
Total ................................. 3a 330,609
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 ........... 		         
4 Dividends and interest from securities ....     14 157,535  
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 ............ 		    18 349,594  
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) ..   507,129  
13Total. Add line 12, columns (b), (d), and (e)..................
13
507,129
(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 InvestmentsCorpStockSchedule
Name:
ARTHUR F WALTERS & SELMA C WALTERS
EIN:
56-6624021
Name of Stock End of Year Book Value End of Year Fair Market Value
166764100 CHEVRON CORPORATION 22,027 21,033
172908105 CINTAS CORP 18,492 37,614
437076102 HOME DEPOT INC 25,526 26,152
443510607 HUBBELL INC 15,512 19,985
478160104 JOHNSON & JOHNSON 33,839 40,769
532457108 ELI LILLY & CO 15,847 83,825
571748102 MARSH & MCLENNAN 7,171 13,728
594918104 MICROSOFT CORP 72,912 222,465
617446448 MORGAN STANLEY 9,982 29,115
620076307 MOTOROLA SOLUTIONS I 10,552 26,449
742718109 PROCTER & GAMBLE CO 13,163 20,493
803054204 SAP SE SPONSORED ADR 13,290 13,117
863667101 STRYKER CORP 12,592 15,113
874039100 TAIWAN SEMICONDUCTOR 20,176 48,926
883556102 THERMO FISHER SCIENT    
893641100 TRANSDIGM GROUP INC 12,724 13,299
74762E102 QUANTA SVCS INC 7,222 44,316
00287Y109 ABBVIE INC 7,988 18,051
00783V104 ADYEN NV-UNSPON ADR 7,190 8,927
02079K305 ALPHABET INC/CA-CL A 66,355 196,877
03076C106 AMERIPRISE FINANCIAL 4,630 17,162
05523R107 BAE SYSYTEMS PLC 10,688 16,533
11135F101 BROADCOM INC 18,566 119,405
12514G108 CDW CORP/DE 3,368 9,125
20030N101 COMCAST CORPORATION    
22160K105 COSTCO WHOLESALE COR 8,022 25,870
30215C101 EXPERIAN PLC 3,821 5,872
30303M102 META PLATFORMS INC 49,740 104,954
46187W107 INVITATION HOMES INC 10,850 11,505
46625H100 JPMORGAN CHASE & CO 13,191 60,577
57636Q104 MASTERCARD INC CL A 12,535 31,969
58933Y105 MERCK & CO INC 19,580 26,526
65339F101 NEXTERA ENERGY INC 17,691 19,026
78409V104 S&P GLOBAL INC 10,237 29,265
91324P102 UNITEDHEALTH GROUP I    
92939U106 WEC ENERGY GROUP INC 6,802 13,393
G0403H108 AON PLC/IRELAND-A 4,303 5,646
G0450A105 ARCH CAPITAL GROUP L 7,600 10,455
G1151C101 ACCENTURE PLC CLASS    
G4705A100 ICON PLC SEDOL B94G4    
G8473T100 STERIS PLC SEDOL BFY    
N07059210 ASML HOLDING NV-NY 6,036 16,048
N3167Y103 FERRARI NV - W/I 3,241 5,913
002824100 ABBOTT LABORATORIES 21,800 25,183
023135106 AMAZON COM INC 86,718 132,260
030420103 AMERICAN WATER WORKS    
037833100 APPLE INC 35,999 172,087
053332102 AUTOZONE INC 7,747 33,915
060505104 BANK OF AMERICA CORP 17,231 37,455
09260D107 BLACKSTONE INC 11,764 13,102
20449X401 COMPASS GROUP PLC-SP    
30231G102 EXXON MOBIL CORP 17,388 36,463
595112103 MICRON TECHNOLOGY IN 9,983 38,816
92826C839 VISA INC 33,879 53,308
046353108 ASTRAZENECA PLC 7,370 9,469
049468101 ATLASSIAN CORP CL A    
191216100 COCA COLA CO 17,775 19,924
35137L105 FOX CORP - CLASS A - 8,917 19,656
427866108 THE HERSHEY COMPANY 16,926 15,286
42809H107 HESS CORPORATION    
45104G104 ICICI BANK LTD 5,922 7,986
580135101 MCDONALD'S CORP 27,602 33,619
670100205 NOVO NORDISK A S 5,682 5,292
718172109 PHILIP MORRIS INTERN 27,024 37,534
780259305 SHELL PLC-W/I-ADR 11,775 11,904
80687P106 SCHNEIDER ELECTRIC S    
817565104 SERVICE CORP INTERNA 8,933 10,058
94106B101 WASTE CONNECTIONS IN 4,348 5,612
H1467J104 CHUBB LTD 16,613 27,154
N07045102 ASM INTERNATIONAL N 3,493 6,638
101137107 BOSTON SCIENTIFIC CO 8,027 14,112
12572Q105 CME GROUP INC 10,858 13,654
127387108 CADENCE DESIGN SYSTE 14,089 20,943
136385101 CANADIAN NATURAL RES 6,237 6,567
13646K108 CANADIAN PACIFIC KAN 6,985 9,277
438516106 HONEYWELL INTL INC 24,631 27,313
452308109 ILLINOIS TOOL WORKS    
58733R102 MERCADOLIBRE INC 6,177 8,057
693718108 PACCAR INC 15,490 21,354
74340W103 PROLOGIS INC 17,550 18,511
786584102 SAFRAN SA 7,940 14,537
81762P102 SERVICE NOW INC 17,112 23,744
872540109 TJX COMPANIES INC NE 23,055 43,625
G54950103 NEW LINDE PLC 24,640 25,157
H42097107 UBS GROUP AG 7,433 11,022
09290D101 BLACKROCK FUNDING IN 12,854 23,547
147528103 CASEYS GENERAL STORE 12,326 24,872
22266T109 COUPANG INC 8,000 8,846
22788C105 CROWDSTRIKE HOLDINGS 11,924 14,532
254687106 DISNEY WALT CO 24,586 24,347
277432100 EASTMAN CHEM CO    
29261A100 ENCOMPASS HEALTH COR 11,408 14,329
31488V107 FERGUSON ENTERPRISES 8,749 7,792
512807306 LAM RESEARCH CORP 12,220 53,237
571903202 MARRIOTT INTERNATION 15,538 19,855
58533E103 MEITUAN UNSP ADR    
606793404 MITSUBISHI HEAVY IND 7,690 15,459
67066G104 NVIDIA CORP 161,017 220,816
754730109 RAYMOND JAMES FINANC 13,128 14,453
775781206 ROLLS-ROYCE HOLDINGS 10,679 22,778
81141R100 SEA LTD-ADR 8,764 16,074
82621A104 SIEMENS ENERGY AG-UN 10,388 30,413
828806109 SIMON PROPERTY GROUP 13,417 14,253
88579N105 3I GROUP PLC-UNSPON 9,379 10,215
G29183103 EATON CORP PLC 17,788 19,111
G6683N103 NU HOLDINGS LTD/CAYM 6,288 9,341
G8994E103 TRANE TECHNOLOGIES P 14,948 14,790
L8681T102 SPOTIFY TECHNOLOGY S 5,370 10,453
M7S64H106 MONDAY.COM LTD 7,098 4,574
V7780T103 ROYAL CARIBBEAN CRUI 6,212 10,878
049560105 ATMOS ENERGY CORP 16,568 15,757
144285103 CARPENTER TECHNOLOGY 13,611 15,742
251542106 DEUTSCHE BOERSE AG 7,717 6,204
36828A101 GE VERNOVA LLC 13,932 17,646
461202103 INTUIT SOFTWARE 23,462 19,873
46120E602 INTUITIVE SURGICAL I 24,127 30,017
58155Q103 MCKESSON CORPORATION 33,296 37,733
654445303 NINTENDO LTD 10,568 8,953
747525103 QUALCOMM 19,411 20,868
75513E101 RTX CORPORATION 14,013 17,606
76206K107 RHEINMETALL AG-UNSP 6,004 5,848
824348106 SHERWIN-WILLIAMS CO 12,238 11,017
82509L107 SHOPIFY INC - A W/I 9,060 8,370
88032Q109 TENCENT HOLDINGS LTD 9,673 10,717
949746101 WELLS FARGO & COMPAN 24,433 29,544
G7997R103 SEAGATE TECHNOLOGY H 8,911 11,291

TY 2025 InvestmentsOtherSchedule2
Name:
ARTHUR F WALTERS & SELMA C WALTERS
EIN:
56-6624021
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
256206103 DODGE & COX INTERNAT AT COST 148,522 268,159
256210105 DODGE & COX INCOME F AT COST 401,514 378,505
317609295 SEAFARER OVERSEAS GR      
464287234 ISHARES MSCI EMERGIN AT COST 130,425 172,227
464287804 ISHARES CORE S&P SMA AT COST 77,290 110,445
46090E103 INVESCO QQQ TRUST AT COST 271,797 632,739
09252M883 BLACKROCK TOTAL RETU AT COST 399,192 341,688
09260B382 BLACKROCK STRATEGIC AT COST 212,797 205,290
97717X669 WISDOMTREE U.S. QUAL AT COST 325,018 546,238
057071854 BAIRD AGGREGATE BOND AT COST 399,871 396,907
413838566 OAKMARK INTL SM CAP- AT COST 70,245 107,535
464287630 ISHARES RUSSELL 2000 AT COST 123,651 140,800
464287705 ISHARES S&P MID-CAP AT COST 124,461 152,644
779556406 T ROWE PR MID CAP GR      
779562206 T ROWE PR NEW HORIZO      
464287200 ISHARES CORE S&P 500 AT COST 198,588 289,045
808524862 SCHWAB SHORT TERM US AT COST 400,336 403,567
464287481 ISHARES RUSSELL MID- AT COST 125,237 127,080
46432F339 ISHARES MSCI USA QUA AT COST 100,421 110,035

TY 2025 OtherDecreasesSchedule
Name:
ARTHUR F WALTERS & SELMA C WALTERS
EIN:
56-6624021
Description Amount
ROC ON CY SALES 9
PY RETURN OF CAPITAL ADJUSTMENT 723


TY 2025 OtherExpensesSchedule
Name:
ARTHUR F WALTERS & SELMA C WALTERS
EIN:
56-6624021
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT EXPENSES-DIVIDEND I 219 219   0


TY 2025 OtherIncreasesSchedule
Name:
ARTHUR F WALTERS & SELMA C WALTERS
EIN:
56-6624021
Description Amount
MUTUAL FUND TIMING ADJ 425
ROUNDING 10


TY 2025 OtherProfessionalFeesSchedule
Name:
ARTHUR F WALTERS & SELMA C WALTERS
EIN:
56-6624021
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT FEES 1,954 1,954    


TY 2025 TaxesSchedule
Name:
ARTHUR F WALTERS & SELMA C WALTERS
EIN:
56-6624021
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FOREIGN TAXES 1,505 1,505   0
FEDERAL TAX PAYMENT - PRIOR YE 2,175 0   0
FEDERAL ESTIMATES - INCOME 4,630 0   0
FOREIGN TAXES ON NONQUALIFIED 315 315   0