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
MILDRED W MAXWELL TRUST UNDER WILL
 
Number and street (or P.O. box number if mail is not delivered to street address) C/O REGIONS BANK PO BOX 2450
  Room/suite
City or town
MONTGOMERY
State or province
AL
Country  
ZIP or foreign postal code
361022450
A Employer identification number

63-6173095
B Telephone number (see instructions)

3342306100
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)$919,230J 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 15,279 15,279  
4 Dividends and interest from securities... 13,533 13,533  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 14,116
b Gross sales price for all assets on line 6a 358,594
7 Capital gain net income (from Part IV, line 2)... 14,116
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule).......      
12 Total. Add lines 1 through 11........ 42,928 42,928  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 13,488 4,721   8,767
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
2,800     2,800
c Other professional fees (attach schedule)....        
17 Interest............... 482 482    
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
1,198      
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule).......        
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 17,968 5,203   11,567
25 Contributions, gifts, grants paid....... 31,971 31,971
26 Total expenses and disbursements. Add lines 24 and 25 ................ 49,939 5,203   43,538
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -7,011
b Net investment income (if negative, enter -0-) 37,725
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2025)
Form 990-PF (2025)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 22,856 17,461 17,461
2 Savings and temporary cash investments.........      
3 Accounts receivable  
Less: allowance for doubtful accounts        
4 Pledges receivable  
Less: allowance for doubtful accounts        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule)  
Less: allowance for doubtful accounts        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 755,898 Click to see attachment
List of Attached Documents:
// Content
754,235 		901,175
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)..........      
14 Land, buildings, and equipment: basis  
Less: accumulated depreciation (attach schedule)        
15 Other assets (describe ) Click to see attachment
List of Attached Documents:
// Content
554 		Click to see attachment
List of Attached Documents:
// Content
594 		Click to see attachment
List of Attached Documents:
// Content
594
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 779,308 772,290 919,230
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe ) Click to see attachment
List of Attached Documents:
// Content
40 		Click to see attachment
List of Attached Documents:
// Content
33
23 Total liabilities (add lines 17 through 22)......... 40 33
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........ 779,268 772,257
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)..... 779,268 772,257
30 Total liabilities and net assets/fund balances (see instructions). 779,308 772,290
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
779,268
2
Enter amount from Part I, line 27a .....................
2
-7,011
3
Other increases not included in line 2 (itemize)
3
 
4
Add lines 1, 2, and 3 ..........................
4
772,257
5
Decreases not included in line 2 (itemize)
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, line 29, column (b) ..
6
772,257
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 SEE SCH D DETAIL P    
b SEE SCH D DETAIL P    
c
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 56,878   58,656 -1,778
b 301,561   285,822 15,739
c
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       -1,778
b       15,739
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 14,116
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) 1 524
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........................... 3 524
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- ..... 5 524
6 Credits/Payments:
a 2025 estimated tax payments and 2024 overpayment credited to 2025 6a 880
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.............. 7 880
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... 10 356
11 Enter the amount of line 10 to be: Credited to 2026 estimated tax356 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)
AL
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 addressNONE
14
The books are in care ofREGIONS PRIVATE WEALTH MANAGEMENT Telephone no. (334) 230-6100

Located at201 MONROE STREET SUITE 280MONTGOMERYAL ZIP+436104
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
REGIONS PRIVATE WEALTH MANAGEMENTClick to see attachment
List of Attached Documents:
// Content
TRUSTEE
5.00 		13,488 0 0
201 MONROE STREET SUITE 280
MONTGOMERY,AL36104
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
891,646
b
Average of monthly cash balances.......................
1b
15,427
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, 1b, and 1c).......................
1d
907,073
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
907,073
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
13,606
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
893,467
6
Minimum investment return. Enter 5% (0.05) of line 5 ................
6
44,673
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
44,673
2a
Tax on investment income for 2025 from Part V, line 5 .......
2a
524
b
Income tax for 2025. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
524
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
44,149
4
Recoveries of amounts treated as qualifying distributions................
4
 
5
Add lines 3 and 4............................
5
44,149
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
44,149
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
43,538
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
43,538
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 44,149
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only....... 31,971
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......  
d From 2023......  
e From 2024......  
f Total of lines 3a through e ........  
4Qualifying distributions for 2025 from Part
XI, line 4: $ 43,538
a Applied to 2024, but not more than line 2a 31,971
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..... 11,567
e Remaining amount distributed out of corpus  
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  
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 .......... 		32,582
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 ...... 		 
10 Analysis of line 9:
a Excess from 2021 ....  
b Excess from 2022 ....  
c Excess from 2023 ....  
d Excess from 2024 ....  
e Excess from 2025 ....  
Form 990-PF (2025)
Form 990-PF (2025)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2025, enter the date of the ruling ......
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2025 (b) 2024 (c) 2023 (d) 2022
         
b 85% (0.85) of line 2a .......          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, 3b, or 3c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, 2b, 2c, and 2d. See instructions
aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
bThe form in which applications should be submitted and information and materials they should include:
cAny submission deadlines:
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
Form 990-PF (2025)
Form 990-PF (2025)
Page 11
Part XIV
Supplementary Information (continued)
3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient If recipient is an individual,
show any relationship to
any foundation manager
or substantial contributor
 Foundation
status of
recipient 		Purpose of grant or
contribution 		Amount
Name and address (home or business)
aPaid during the year

UNIVERSITY OF NC

UNIVERSITY DEV OFFICE
CHAPEL HILL,NC27514 		NONE   EDUCATIONAL 31,971
Total ................................. 3a 31,971
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 15,279  
4 Dividends and interest from securities ....     14 13,533  
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 14,116  
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) ..   42,928  
13Total. Add line 12, columns (b), (d), and (e)..................
13
42,928
(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:
MILDRED W MAXWELL TRUST UNDER WILL
EIN:
63-6173095
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING FEES 2,800     2,800

TY 2025 CompensationExplanation
Name:
MILDRED W MAXWELL TRUST UNDER WILL
EIN:
63-6173095
Person Name Explanation
REGIONS PRIVATE WEALTH MANAGEMENT THE COMPENSATION REPORTED IN COLUMN (B) PAID TO REGIONS BANK AS CORPORATE TRUSTEE IS CALCULATED BASED ON MARKET VALUE AND THE FEE SCHEDULE. IT IS NOT DETERMINED ON AN HOURLY BASIS AND ENCOMPASSES REGIONS CORPORATE TRUSTEE SERVICES.

TY 2025 InvestmentsCorpStockSchedule
Name:
MILDRED W MAXWELL TRUST UNDER WILL
EIN:
63-6173095
Name of Stock End of Year Book Value End of Year Fair Market Value
ABBVIE INC 14,214 18,279
ACCENTURE PLC 15,455 12,610
AIR LEASE CORP 3.75% 6/1/26 2,921 2,994
ALLIANT ENERGY CORP 3,423 6,306
ALLSTATE CORP 10,554 10,824
AMAZON.COM INC 3,000 2,988
AMERICAN TOWER CORP 5.8% 15 NOV 2028 3,000 3,132
AMERICAN WATER CAPITAL 5.25% 2,991 3,098
ANHEUSER-BUSCH INBEV WOR DTD 3,003 3,111
ARTHUR J GALLAGHER & CO 3,468 10,869
AT&T INC 4.5% 15 MAY 2035 2,780 2,887
AT&T INC CALLABLE 7,689 9,960
BANK OF AMERICA CORP 14,052 14,025
BANK OF AMERICA CORP 6.11% 1/29/2037 3,261 3,240
BANK OF AMERICA CORP VARIABLE 3.559% 2,965 2,995
BANK OF NEW YORK MELLON .75% 01/28/2 2,900 2,993
BANK OF NOVA SCOTIA 2.2% 2/3/2025    
BANK OF NOVA SCOTIA/THE 1.05% 3/2/26 3,891 3,982
BERSHIRE HATHAWAY FINANCE CORP 4.25% 4,218 3,369
BLACKROCK INC 4,048 10,703
BLACKROCK INC 1.9% 1/28/2031 3,831 3,598
BP CAPITAL MARKETS 3.796% 9/21/25    
BROADCOM INC 5,611 9,345
CANADIAN PACIFIC RAILWAY 2,998 3,069
CAPITAL ONE FINANCIAL CORP 2,954 2,986
CHARLES SCHWAB CORP .9% 3/11/2026 3,899 3,977
CHEVRON CORP 9,947 14,022
CHEVRON USA INC 4.5% 2,989 3,032
CHUBB LIMITED    
CITIGROUP INC VARAIBALE 4.542% 2030 2,951 3,024
COMCAST CORP 10,845 9,356
COMCAST CORP 3.75% 4/1/2040 3,988 3,297
CONOCOPHILLIPS 6,175 7,489
CROWN CASTLE INTERNATIONAL CORP 7,834 6,488
CSX CORP 11,564 11,310
DARDEN RESTAURANTS INC 10,270 11,409
DOLLAR GENERAL CORP 10,567 12,347
DUKE ENERGY CORP 4.85% 1/5/29 2,997 3,062
ELI LILLY & CO 1,209 7,523
EXELON CORP 9,213 13,077
EXXON MOBIL CORP 13,901 22,624
FANNIE MAE 735500 5.5% 5/1/35 419 424
FANNIE MAE AB4086 3% 12/1/26 60 60
FANNIE MAE AB6019 3.5% 8/1/42 1,125 1,061
FANNIE MAE AE0216 4% 8/1/40 870 837
FANNIE MAE AH 5614 3.5% 2/1/26 7 7
FANNIE MAE AH9054 4.5% 4/1/41 871 850
FANNIE MAE AJ7715 3% 12/1/26 60 60
FANNIE MAE AL0933 5% 10/1/41 780 772
FANNIE MAE AL9554 3% 12/1/31 1,328 1,302
FANNIE MAE AS6191 3.5% 11/1/45 597 556
FANNIE MAE AS9585 4% 5/1/47 1,942 1,859
FANNIE MAE AT2062 2.5% 4/1/28 180 177
FANNIE MAE AU3735 3% 8/1/43 1,606 1,479
FANNIE MAE BH4095 4% 10/1/47 1,242 1,180
FANNIE MAE BH9288 4% 2/1/48 2,371 2,256
FANNIE MAE CA0853 3.5% 12/1/47 2,176 2,071
FANNIE MAE FN CA1707 4.5% 5/1/48 1,044 985
FANNIE MAE FN CA6635 2.5% 8/1/50 6,788 6,546
FANNIE MAE FN CB3292 2.5% 4/1/52 4,722 4,323
FANNIE MAE FN CB4678 5% 5,683 5,786
FANNIE MAE FN FM1000 3% 4/1/47 3,491 3,136
FANNIE MAE FN FM1239 3.5% 11/1/48 714 658
FANNIE MAE FN FM1324 3% 11/1/31 282 279
FANNIE MAE FN FM1456 2.5% 9/1/28 764 752
FANNIE MAE FN FM8991 2.5% 9/1/28    
FANNIE MAE FN FS2009 3% 5/1/52    
FANNIE MAE FN MA3210 3.5% 12/1/47 1,235 1,148
FANNIE MAE POOL FN CA7599 2.5% 11/1/ 6,506 6,519
FEDERAL HOME LOAN MORTGAGE CORP 6.25 3,539 3,398
FIDELITY NATIONAL INF SERV 1.65% 3/1 2,825 2,849
FIDELITY NATIONAL INFORMATION SERVIC    
FIFTH THIRD BANCORP    
FREDDIE MAC 10/1/40 379 363
FREDDIE MAC 11/1/2053 6,833 7,036
FREDDIE MAC 11/1/34 370 370
FREDDIE MAC 12/1/26 66 66
FREDDIE MAC 12/1/45 915 855
FREDDIE MAC 12/1/51 2.5%    
FREDDIE MAC 12/1/51 3% 17,103 17,374
FREDDIE MAC 5/1/2047 1,857 1,707
FREDDIE MAC 5/1/42 412 403
FREDDIE MAC 5/1/51    
FREDDIE MAC 6/1/30 325 318
FREDDIE MAC 6/1/45 738 691
FREDDIE MAC 7/1/2030 718 698
FREDDIE MAC 7/1/2035 1,462 1,379
FREDDIE MAC 7/1/2048 533 503
FREDDIE MAC 8/1/2052 4,461 4,604
FREDDIE MAC FR SD5279 3% 8/1/52    
FREDDIE MAC GOLD POOL FG J32368 2.5% 2,722 2,659
FREDDIE MAC POOL FR SC2670 3.5% 7/1/ 4,235 4,356
FREDDIE MAC POOL FR SD1352 3.5% 7/1/    
FREDDIE MAC SD0612 2.5% 11/01/50 4,911 4,125
FREDDIE MAC ZT1502 3.5% 11/1/48 2,695 2,413
GENERAL DYNAMICS CORP 5,599 8,753
GEORGIA POWER 2/23/27 3,000 3,039
GILEAD SCIENCES 3.65% 3/1/26 2,980 2,999
GOLDMAN SACHS GROUP INC 3,660 3,610
HASBRO INC 8,930 9,266
HERSHEY CO    
HOME DEPOT INC 2,139 4,473
HOME DEPOT INC 2,990 3,051
HSBC HOLDINGS PLC 3.973% 2,817 2,965
HUBBELL INC 2,436 7,106
INTEL CORP 2% 08/12/31    
INTERNATIONAL BUSINESS MACHINES 2,960 2,998
INTERNATIONAL BUSINESS MACHINES CORP 2,947 2,944
JOHNSON & JOHNSON 19,106 25,041
JP MORGAN CHASE & CO 10,787 30,933
JP MORGAN CHASE & CO 3.782% 5,886 5,986
KEURIG DR. PEPPER INC 9,035 7,759
KROGER CO/THE CALLABLE DTD 2,818 2,969
LINDE PLC 8,232 7,675
LLOYDS BANKING GROUP 4.375% 3/22/28 2,947 3,019
LOCKHEAD MARTIN CORP    
LOWE'S COS INC 3.65% 4/5/2029 3,962 3,951
MCCORMICK & CO INC 10,765 9,195
MCDONALDS CORP 10,421 12,225
MERCK & CO INC 10,476 16,421
METLIFE INC 4,839 7,578
MICROCHIP TECHNOLOGY 12,272 10,960
MICROSOFT CORP 17,536 31,919
MOLSON COORS BREWING CO 2,799 2,777
MONDELEZ INTERNATIONAL INC 10,421 8,344
MORGAN STANLEY 4.654% 10/18/30 2,972 3,036
NATIONAL RURAL UTILITIES COOPERATIVE 2,999 3,087
NEXTERA ENERGY, INC 7,012 12,925
ORACLE CORPORATION 2,998 2,942
PACKAGING CORP OF AMERICA 6,696 8,868
PFIZER INC 4.5% 3,000 3,011
PNC FINANCIAL SERVICES GROUP 9,809 12,941
PROCTOR & GAMBLE 3% 3/25/2030 2,824 2,895
QUALCOMM INC    
ROYAL BANK OF CANADA .875% 1/20/26 6,021 5,991
SHELL INTERNATIONAL 2.375% 11/7/2029 2,754 2,830
SHERWIN-WILLIAMS CO 2,998 3,031
SOUTHERN CO 3.70% 4/30/2030 3,864 3,909
SOUTHWEST AIRLINES 2,994 3,006
STRYKER CORP 10,371 14,059
SYSCO CORP 10,029 9,727
SYSCORP 3.3% 2/15/2050 4,181 3,494
T-MOBILE US INC 10,500 11,776
TE CONNECTIVITY LTD 5,692 11,603
TEXAS INSTRUMENTS INC 3,572 5,378
TJX COS INC 9,498 18,740
TOYOTA MOTOR CREDIT CORP .8% 1/9/26 2,981 2,998
TOYOTA MOTOR CREDIT CORP 1.125% 6/18 2,907 2,964
TRUIST FINANCIAL CORP 1.267% 3/2/27 3,904 3,980
UNION PACIFIC    
UNITED HEALTH GROUP    
UNITED STATES TREAS 2.875% 5/15/43 7,365 6,210
US TREASURY 3% 2/15/48 24,452 20,092
US TREASURY 3.75% 06/30/30    
US TREASURY NOTE 1.25% 04/30/28    
US TREASURY NOTE 1.25% 05/15/50 13,390 9,573
US TREASURY NOTE 3.875% 8/15/33 13,007 12,892
US TREASURY NOTE 4% 1/31/29 9,108 9,115
US TREASURY NOTE 4.5% 11/15/25    
VERIZON COMMUNICATIONS 13,902 11,527
WALMART INC 4,468 19,497
WALT DISNEY CO 10,168 10,353
WASTE MANAGEMENT INC 4,513 13,622
WILLIAMS CO INC 2,997 3,055
XCEL ENERGY INC 11,991 13,442

TY 2025 OtherAssetsSchedule
Name:
MILDRED W MAXWELL TRUST UNDER WILL
EIN:
63-6173095
Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
INCOME RECEIVABLE 439 374 374
ACCRUED INTEREST 115 220 220


TY 2025 OtherLiabilitiesSchedule
Name:
MILDRED W MAXWELL TRUST UNDER WILL
EIN:
63-6173095
Description Beginning of Year - Book Value End of Year - Book Value
INTEREST PAYABLE 40 33


TY 2025 TaxesSchedule
Name:
MILDRED W MAXWELL TRUST UNDER WILL
EIN:
63-6173095
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
EXCISE TAX 880      
FEDERAL TAXES 318