TY 2025 Form 990PF

- TIN:

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
HERBERT H AND BARBARA C DOW FOUNDATION

Number and street (or P.O. box number if mail is not delivered to street address) PO BOX 393
Room/suite

City or town
FRANKFORT

State or province
MI

Country

ZIP or foreign postal code
496350393

A Employer identification number

38-6058513

B Telephone number (see instructions)

2313526960

C If exemption application is pending, check here

G Check all that apply: Initial returnInitial return of a former public charity

Address change Name change

D 1. Foreign organizations, check here.............

2. Foreign organizations meeting the 85%
test, check here and attach computation ...

E If private foundation status was terminated
under section 507(b)(1)(A), check here .......

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trust Other taxable private foundation

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here .......

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)$34,258,714J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

	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	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .................
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	758,660		727,810
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		2,469,826
b	Gross sales price for all assets on line 6a 4,940,582
7	Capital gain net income (from Part IV, line 2)...			2,469,826
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).......	List of Attached Documents: // Content	286	286
12	Total. Add lines 1 through 11........	3,228,772		3,197,922
13	Compensation of officers, directors, trustees, etc.	0		0	0
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	9,471	4,735	4,736
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	244,732	244,732	0
17	Interest...............
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	53,387	887	0
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	7,859	6,741	1,118
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	315,449		257,095	5,854
25	Contributions, gifts, grants paid.......	1,406,000			1,456,000
26	Total expenses and disbursements. Add lines 24 and 25 ................	1,721,449		257,095	1,461,854
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	1,507,323
b	Net investment income (if negative, enter -0-)			2,940,827
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	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............
	2	Savings and temporary cash investments.........	353,402	385,960	385,960
	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).......	15,613,566	List of Attached Documents: // Content 17,264,933	17,264,933
	c	Investments—corporate bonds (attach schedule).......	2,496,142	List of Attached Documents: // Content 2,842,079	2,842,079
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	12,632,448	List of Attached Documents: // Content 13,741,705	13,741,705
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	List of Attached Documents: // Content 21,944	List of Attached Documents: // Content 24,037	List of Attached Documents: // Content 24,037
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	31,117,502	34,258,714	34,258,714
	17	Accounts payable and accrued expenses..........
	18	Grants payable.................	200,000
	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).........	200,000	0
		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........	30,917,502	34,258,714
	27	Paid-in or capital surplus, or land, bldg., and equipment fund	0	0
	28	Retained earnings, accumulated income, endowment, or other funds	0	0
	29	Total net assets or fund balances (see instructions).....	30,917,502	34,258,714
	30	Total liabilities and net assets/fund balances (see instructions).	31,117,502	34,258,714

Part III

Analysis of Changes in Net Assets or Fund Balances

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) ...............

30,917,502

Enter amount from Part I, line 27a .....................

1,507,323

Other increases not included in line 2 (itemize) Click to see attachment

List of Attached Documents:

// Content

1,833,889

Add lines 1, 2, and 3 ..........................

34,258,714

Decreases not included in line 2 (itemize)

Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, line 29, column (b) ..

34,258,714

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
1 a	PUBLICLY TRADED INVESTMENTS	P
b	PASSTHROUGH -KKR INFRASTRUCTURE CONGLOMERATE LLC	P
c	PASSTHROUGH -KKR PRIVATE EQUITY CONGLOMERATE LLC	P
d	CAPITAL GAINS DIVIDENDS	P
e

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	4,593,848	2,435,550	2,158,298
b		34,812	-34,812
c		394	-394
d	346,734		346,734
e

Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69			(l) Gains (Col. (h) gain minus col. (k), but not less than -0-) or Losses (from col.(h))
(i) F.M.V. as of 12/31/69	(j) Adjusted basis as of 12/31/69	(k) Excess of col. (i) over col. (j), if any
a			2,158,298
b			-34,812
c			-394
d			346,734
e

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	2,469,826
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 .........................		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.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)	1	40,877
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	40,877
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	40,877
6	Credits/Payments:

a	2025 estimated tax payments and 2024 overpayment credited to 2025	6a	41,646
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	0
d	Backup withholding erroneously withheld ..........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............		7	41,646
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. List of Attached Documents: // Content		8	26
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	743
11	Enter the amount of line 10 to be: Credited to 2026 estimated tax743	Refunded	11	0
	For Refunded amount, also complete and attach Form 8050. See instructions.

Form 990-PF (2025)

Page 4

Part VI-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions

for the definition.................................

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.

Did the foundation file Form 1120-POL for this year?.....................

Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:

(1) On the foundation. $ 0(2) On foundation managers.$ 0

Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed

on foundation managers.$ 0

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If "Yes," attach a detailed description of the activities.

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....

Did the foundation have unrelated business gross income of $1,000 or more during the year?.........

If "Yes," has it filed a tax return on Form 990-T for this year?...................

Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........

If "Yes," attach the statement required by General Instruction T.

Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:

By language in the governing instrument, or

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? ................

Yes

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..................................

Yes

Enter the states to which the foundation reports or with which it is registered (see instructions)

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 .

Yes

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 .............................

Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names

and addresses. ...............................

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 .............

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.................

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website addressN/A

The books are in care ofPAMELA D COLLIE Telephone no. (231) 352-6960

Located atPO BOX 393FRANKFORTMI ZIP+4496350393

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 ........

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)

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

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)

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person? ..............................

1a(2)

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........

1a(3)

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............

1a(4)

(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)

(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)

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 ..........

Organizations relying on a current notice regarding disaster assistance check here ........

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? .............

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)):

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?....................

If "Yes," list the years 20, 20, 20, 20

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.) ..............

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

Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at

any time during the year? ..............................

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.).....................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

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? ..

Form 990-PF (2025)

Page 6

Part VI-B

Statements Regarding Activities for Which Form 4720 May Be Required (continued)

During the year did the foundation pay or incur any amount to:

Yes

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........

5a(1)

(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)

(3) Provide a grant to an individual for travel, study, or other similar purposes? .............

5a(3)

(4) Provide a grant to an organization other than a charitable, etc., organization described

in section 4945(d)(4)(A)? See instructions ........................

5a(4)

(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)

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 ........

Organizations relying on a current notice regarding disaster assistance check .........

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? .................

If "Yes," attach the statement required by Regulations section 53.4945–5(d).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on

a personal benefit contract? .............................

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....

If "Yes" to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?

If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....

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? .........................

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
WILLARD H DOW II	PRESIDENT/TRUSTEE 2.00	0	0	0
PO BOX 393 FRANKFORT,MI496350393	PRESIDENT/TRUSTEE 2.00	0	0	0
PAMELA D COLLIE	VP/SEC/TREASURER/TRUSTEE 2.00	0	0	0
PO BOX 393 FRANKFORT,MI496350393	VP/SEC/TREASURER/TRUSTEE 2.00	0	0	0
MARGO PRAYTOR	TRUSTEE 0.10	0	0	0
PO BOX 393 FRANKFORT,MI496350393	TRUSTEE 0.10	0	0	0

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)

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


2


All other program-related investments. See instructions.
3

Total. Add lines 1 through 3.........................0

Form 990-PF (2025)

Page 8

Part IX

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

31,722,774

Average of monthly cash balances.......................

620,284

Fair market value of all other assets (see instructions)................

24,037

Total (add lines 1a, 1b, and 1c).......................

32,367,095

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) .............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d.........................

32,367,095

Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see

instructions) .............................

485,506

Net value of noncharitable-use assets. Subtract line 4 from line 3. ............

31,881,589

Minimum investment return. Enter 5% (0.05) of line 5 ................

1,594,079

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.)

Minimum investment return from Part IX, line 6..................

1,594,079

Tax on investment income for 2025 from Part V, line 5 .......

40,877

Income tax for 2025. (This does not include the tax from Part V.) ...

Add lines 2a and 2b............................

40,877

Distributable amount before adjustments. Subtract line 2c from line 1............

1,553,202

Recoveries of amounts treated as qualifying distributions................

Add lines 3 and 4............................

1,553,202

Deduction from distributable amount (see instructions) .................

Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...

1,553,202

Part XI

Qualifying Distributions (see instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, line 26, column (d) ..........

1,461,854

Program-related investments—total from Part VIII-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes...............................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......

1,461,854

Form 990-PF (2025)

Page 9

Part XII

Undistributed Income (see instructions)

	(a) Corpus	(b) Years prior to 2024	(c) 2024	(d) 2025
1 Distributable amount for 2025 from Part X, line 7				1,553,202
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only.......			1,454,183
b Total for prior years:20 , 20, 20		0
3 Excess distributions carryover, if any, to 2025:
a From 2020......
b From 2021......
c From 2022......
d From 2023......
e From 2024......
f Total of lines 3a through e ........	0
4Qualifying distributions for 2025 from Part
XI, line 4: $ 1,461,854
a Applied to 2024, but not more than line 2a			1,454,183
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.....				7,671
e Remaining amount distributed out of corpus	0
5 Excess distributions carryover applied to 2025.	0			0
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5	0
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........		0
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......		0
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........		0
e Undistributed income for 2024. Subtract line 4a from line 2a. Taxable amount—see instructions .............			0
f Undistributed income for 2025. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2026 ..........				1,545,531
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......	0
8 Excess distributions carryover from 2020 not applied on line 5 or line 7 (see instructions) ...	0
9 Excess distributions carryover to 2026. Subtract lines 7 and 8 from line 6a ......	0
10 Analysis of line 9:
a Excess from 2021 ....
b Excess from 2022 ....
c Excess from 2023 ....
d Excess from 2024 ....
e Excess from 2025 ....

Form 990-PF (2025)

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 4942(j)(3) or4942(j)(5)

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	(e) Total

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)

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)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
ARIZONA HUMANE SOCIETY 1521 WEST DOBBINS ROAD PHOENIX,AZ85041			GENERAL FUNDS, MEDICAL SUPPLIES FOR ANIMALS	25,000
ARIZONA SCIENCE CENTER 600 E WASHINGTON STREET PHOENIX,AZ85004			GIRLS IN STEM PROGRAM	15,000
BARROW NEUROLOGICAL FOUNDATION 124 WEST THOMAS ROADSUITE 250 PHOENIX,AZ85013			WOMAN'S BOARD PROJECT: IVY BRAIN TUMOR CENTER W/DR. NADER SINAI	60,000
BENZIE AREA CHRISTIAN NEIGHBORS PO BOX 93 BENZONIA,MI49616			OPERATIONAL BUDGET FOR SERVICES AND FOOD PANTRY	40,000
BENZIE BLESSINGS IN A BACKPACK PO BOX 1097 FRANKFORT,MI49635			BACKPACKS WITH FOOD AND SUPPLIES FOR NEEDY CHILDREN	20,000
BENZIE SENIOR RESOURCES 10542 MAIN STREET HONOR,MI49640			SENIOR ASSISTANCE OPERATIONAL FUNDS	35,000
BENZIE AREA SYMPHONY ORCHESTRA INC PO BOX 1701 FRANKFORT,MI49635			ESTABLISH YOUTH STRINGS PROGRAM IN BENZIE COUNTY	50,000
CRYSTAL LAKE AND WATERSHED PO BOX 89 BEULAH,MI49617			INITIATIVES THAT PRESERVE CRYSTAL LAKE WATER QUALITY	6,000
ELIZABETH LANE OLIVER CENTER FOR THE ARTS PO BOX 1513 FRANKFORT,MI49635			EQUIPMENT AND CAPITAL UPGRADES	50,000
FOCUS ON THE FAMILY 8605 EXPLORER DRIVE COLORADO SPRINGS,CO80920			RAISING HIGHLY CAPABLE KIDS (RHCK) PROGRAM	35,000
FRANKFORT AIRPORT 650 AIRPORT ROAD FRANKFORT,MI49635			TO REMOVE OBSTRUCTIONS IN RUNAWAY APPROACH AREAS	85,000
FRESH START WOMENS FOUNDATION 1130 E MCDOWELL RD PHOENIX,AZ85006			SUCCESS COACHING PROGRAM.	35,000
FRIENDS OF POINT BETSIE LIGHTHOUSE PO BOX 3 FRANKFORT,MI49635			CAPITAL IMPROVEMENT PROJECTS AND LIGHTHOUSE GRANT ASSISTANCE	50,000
FRIENDS OF THE BETSIE VALLEY TRAIL PO BOX 474 BEULAH,MI49617			BETSIE TRAIL SURFACE IMPROVEMENTS	30,000
GRAND TRAVERSE BAY YMCA(WEST) 3700 SILVER LAKE ROAD TRAVERSE CITY,MI49684			BUILDING CAMPAIGN-PHASE II	150,000
HERITAGE FOUNDATION 214 MASSACHUSETTS AVENUE NE WASHINGTON,DC200024999			TAX POLICY RESEARCH AND EDUCATION EFFORTS	75,000
HILLSDALE COLLEGE 33 EAST COLLEGE STREET HILLSDALE,MI49242			PRODUCTION OF ONLINE LEARNING PROGRAM: "REVOLUTIONARY AMERICA"	25,000
HONOR HEALTH FOUNDATION 8125 N HAYDEN ROAD SCOTTSDALE,AZ85258			LUNG CANCER RESEARCH	40,000
HOUSING TRUST OF BENZIE PO BOX 254 FRANKFORT,MI49635			LOW COST HOUSING FOR THE LOCAL AREA.	50,000
INTERLOCHEN CENTER FOR THE ARTS PO BOX 199 INTERLOCHEN,MI496430199			FUNDING OF HHD/BCD VISUAL ARTS SCHOLARSHIP FOR STUDENTS	50,000
MUNSON HEALTHCARE FOUNDATION 1150 MEDICAL CAMPUS DRIVE TRAVERSE CITY,MI49684			MUNSON ORTHOPEDIC: SURGICAL EQUIPMENT	150,000
PALM BEACH SYMPHONY 500 HIBISCUS STREET SUITE 100 WEST PALM BEACH,FL33401			TV PRODUCTION OF "BRITTEN'S VARIATIONS" FOR ALL AGE GROUPS	50,000
PARADISE VALLEY COMMUNITY FOOD BANK 10862 N 32ND ST PHOENIX,AZ85028			"WEEKEND FOOD4KIDS" PROGRAM	40,000
PAUL OLIVER MEMORIAL HOSPITAL FOUNDATION AND MUNSON HEALTHCARE FOUNDATION 1150 MEDICAL CAMPUS DRIVE TRAVERSE CITY,MI49684			SIEMENS MULTIX IMPACT C X-RAY UNIT	175,000
SEARCH DOG FOUNDATION 6800 WHEELER CANYON ROAD SANTA PAULA,CA93060			TRAINING OF TWO EMERGENCY SEARCH K-9'S	20,000
STRAIGHT UP MINISTRY INC 4572 SHADOWRIDGE ROAD THE COLONY,TX75056			BIBLICAL EDUCATION	10,000
TGEN FOUNDATION 445 NORTH FIFTH STREET STE 120 PHOENIX,AZ85004			LUNG CANCER RESEARCH AT TGEN CENTER	70,000
THOMPSONVILLE AREA REVITALIZATION PROJECT PO BOX 522 THOMPSONVILLE,MI49683			SUPPORT TRAILHEAD REVITALIZATION CONSTRUCTIONS	15,000
Total ................................. 3a				1,456,000

bApproved for future payment

Total ................................. 3b				0

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	(e) Related or exempt function income (See instructions.)
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	758,660
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....
6 Net rental income or (loss) from personal property
7 Other investment income .....
8 Gain or (loss) from sales of assets other than inventory ............			18	2,469,826
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aMISCELLANEOUS INCOME			14	286
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..		0		3,228,772	0

13Total. Add line 12, columns (b), (d), and (e)..................

3,228,772

(See worksheet in line 13 instructions to verify calculations.)

Part XV-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	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)

Page 13

Part XVI

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations

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

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash...................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

(4) Reimbursement arrangements...........................

1b(4)

(5) Loans or loan guarantees.............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

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

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? ...........Yes No

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. Yes No
	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

- TIN:

TY 2025 AccountingFeesSchedule

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ACCOUNTING FEES	9,471	4,735		4,736

- TIN:

TY 2025 InvestmentsCorpBondsSchedule

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Name of Bond	End of Year Book Value	End of Year Fair Market Value
PEPSICO INC NOTE CALL MAKE WHOLE 4.55000%	150,033	150,033
EXXON MOBIL CORP NOTE CALL MAKE WHOLE 3.04300%	149,804	149,804
HOME DEPOT INC. NOTE CALL MAKE WHOLE 2.62500%	151,119	151,119
MONDELEZ INTL INC NOTE CALL MAKE WHOLE 2.62500%	147,612	147,612
SHERWIN WILLIAMS CO NOTE CALL MAKE WHOLE 3.45000%	148,856	148,856
MARRIOTT INTL INC NEW SER JJ NOTE 5.00000%	152,537	152,537
CSX CORP NOTE CALL MAKE WHOLE 3.80000%	149,771	149,771
T MOBILE USA INC NOTE CALL MAKE WHOLE 4.95000%	152,781	152,781
NETFLIX INC. SER B NOTE 4.87500%	153,212	153,212
HERSHEY CO NOTE CALL MAKE WHOLE 4.25000%	151,407	151,407
ZOETIS INC NOTE CALL MAKE WHOLE 3.90000%	149,909	149,909
AMPHENOL CORP NOTE CALL MAKE WHOLE 5.0500%	154,362	154,362
MCDONALDS CORP MTN MAKE WHOLE 5.0000%	154,377	154,377
META PLATFORMS INC NOTE CALL MAKE WHOLE 4.300%	151,808	151,808
ALPHABET INC NOTE CALL MAKE WHOLE 4.1000%	150,457	150,457
JP MORGAN CORE PLUS FUND CLASS I	211,238	211,238
NUVEEN PREFERRED SECURITIES AND INCOME FUND CLASS I	125,126	125,126
PIMCO INCOME FUND CLASS 12	179,957	179,957
VIRTUS NEWFLEET MULTI SECTOR INTERMEDIATE BOND FUND CLASS I	57,713	57,713

- TIN:

TY 2025 InvestmentsCorpStockSchedule

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Name of Stock	End of Year Book Value	End of Year Fair Market Value
AKAM AKAMAI TECHNOLOGIES INC	17,276	17,276
AIN ALBANY INTL CRP NEW CL A	7,301	7,301
ALB ALBEMARLE CORP COM	22,772	22,772
ALL ALLSTATE CORP DEL COM	35,802	35,802
GOOGL ALPHABET INC SHS CL A	44,133	44,133
AXP AMER EXPRESS COMPANY	17,388	17,388
ADI ANALOG DEVICES INC COM	43,663	43,663
AROC ARCHROCK INC	30,339	30,339
ARW ARROW ELECTRONICS	17,188	17,188
AZN ASTRAZENECA PLC SPND ADR	7,538	7,538
T AT&T INC	72,781	72,781
AVTR AVANTOR INC	11,655	11,655
BIO BIO RAD LABS CL A	20,300	20,300
BLK BLACKROCK INC REG SHS	52,447	52,447
BWA BORG WARNER INC COM	22,305	22,305
BOX BOX INC CL A	22,702	22,702
AVGO BROADCOM INC	14,882	14,882
BXP BXP INC REIT	18,490	18,490
CBT CABOT CORP	11,864	11,864
CACI CACI INTL INC CL A	20,247	20,247
CAT CATERPILLAR INC DEL	39,528	39,528
CBRE CBRE GROUP INC CL A	37,464	37,464
CNC CENTENE CORP	14,114	14,114
CF CF INDS HLDGS INC	26,605	26,605
CRL CHARLES RIVER LABS INTL	22,741	22,741
CRUS CIRRUS LOGIC INC DEL	23,463	23,463
CNMD CONMED CORP COM	9,094	9,094
CDP COPT DEFENSE PROPERTIES REIT	13,844	13,844
CSX CSX CORP	30,595	30,595
DHI D R HORTON INC	17,860	17,860
DRI DARDEN RESTAURANTS INC	22,082	22,082
DLR DIGITAL RLTY TR INC	32,025	32,025
DOW DOW INC REG SHS	89,335	89,335
EWBC EAST WEST BANCORP INC	20,455	20,455
EMN EASTMAN CHEMICAL CO COM	13,468	13,468
ETN EATON CORP PLC	18,155	18,155
LLY ELI LILLY & CO	34,390	34,390
EME EMCOR GROUP INC	16,518	16,518
EMR EMERSON ELEC CO	37,029	37,029
XOM EXXON MOBIL CORP COM	61,133	61,133
FCFS FIRSTCASH HLDGS INC	23,748	23,748
FORM FORMFACTOR INC	23,595	23,595
FCX FREEPORT-MCMORAN INC	27,223	27,223
GATX GATX CORPORATION	29,341	29,341
GD GENL DYNAMICS CORP COM	22,220	22,220
GILD GILEAD SCIENCES INC COM	45,291	45,291
HPE HEWLETT PACKARD ENTERPRISE CO	46,455	46,455
HXL HEXCEL CORP NEW COM	22,835	22,835
HOLX HOLOGIC INC	24,135	24,135
HD HOME DEPOT INC	22,022	22,022
HLI HOULIHAN LOKEY INC	26,999	26,999
HPQ HP INC	11,095	11,095
HII HUNTINGTON INGALLS INDS INC	36,047	36,047
NSP INSPERITY INC	7,938	7,938
IBM INTL BUSINESS MACHINES CORP IBM	43,839	43,839
JPM JPMORGAN CHASE & CO	70,566	70,566
KMI KINDER MORGAN INC. DEL	42,719	42,719
MCD MCDONALDS CORP COM	29,646	29,646
MDU MDU RESOURCES GRP INC	22,077	22,077
MDT MEDTRONIC PLC SHS	37,559	37,559
META META PLATFORMS INC CLASS A COMMON STOCK	23,103	23,103
MSFT MICROSOFT CORP	13,058	13,058
MIDD MIDDLEBY CORP COM	23,044	23,044
MPWR MONOLITHIC PWR SYSTEMS INC	21,753	21,753
MOGA MOOG INC CL A	33,610	33,610
ON ON SEMICONDUCTOR CRP COM	18,032	18,032
PZZA PAPA JOHNS INTL INC	10,854	10,854
PENN PENN ENTERTAINMENT INC	6,121	6,121
PEP PEPSICO INC	20,380	20,380
PFG PRINCIPAL FINANCIAL GRP	23,640	23,640
PEG PUB SVC ENTERPRISE GRP	43,362	43,362
QGEN QIAGEN NV REG SHS	19,382	19,382
RJF RAYMOND JAMES FINL INC	32,439	32,439
O REALTY INCM CRP MD PV$1. REIT	27,452	27,452
RGA REINSURNCE GROUP AMERICA	30,926	30,926
RSG REPUBLIC SERVICES INC	23,736	23,736
RTX RTX CORP CORP	31,545	31,545
R RYDER SYSTEM INC	30,240	30,240
SBAC SBA COMMUNICATIONS CORP NEW	18,569	18,569
STX SEAGATE TECH HLDGS PUB LTD CO	17,625	17,625
SPG SIMON PROPERTY GROUP DEL REIT	46,092	46,092
AOS SMITH A O CORP DEL COM	22,940	22,940
SNA SNAP ON INC COM	28,946	28,946
SON SONOCO PRODUCTS CO	14,794	14,794
SYF SYNCHRONY FINL COM	42,716	42,716
SNPS SYNOPSYS INC	10,334	10,334
TDY TELEDYNE TECH INC	32,176	32,176
TJX TJX COS INC NEW	39,631	39,631
TPG TPG INC REG SHS CL A	16,535	16,535
TFC TRUIST FINL CORP	47,832	47,832
VMI VALMONT INDUSTRIES	26,553	26,553
WMT WALMART INC	15,932	15,932
WBS WEBSTER FINL CP PV $0.01	23,728	23,728
WEC WEC ENERGY GROUP INC SHS	17,295	17,295
WFC WELLS FARGO & CO	57,132	57,132
WELL WELLTOWER INC	14,668	14,668
WEX WEX INC	15,941	15,941
WMB WILLIAMS COMPANIES DEL	41,776	41,776
WTFC WINTRUST FINL CP ILL COM	21,532	21,532
WWD WOODWARD INC	50,185	50,185
XEL XCEL ENERGY INC	41,553	41,553
COSTCO WHOLESALE CORP COM	344,936	344,936
IDEXX LABORATORIES INC COM USD0.10	879,489	879,489
AMAZON.COM INC	1,107,936	1,107,936
HOME DEPOT INC.	130,785	130,785
SPOTIFY TECHNOLOGY S.A. COM EUR0.000625	348,426	348,426
JPM JPMORGAN CHASE & CO	444,664	444,664
ELI LILLY &CO COM	322,404	322,404
VERTEX PHARMACEUTICALS INC	362,688	362,688
ZOETIS INC	201,312	201,312
ASML HOLDING NV EUR0.09 NY REGISTRY SHS 2012	802,395	802,395
EATON CORPORATION PLC	127,404	127,404
ALPHABET INC CAP STK CL A	876,400	876,400
ALPHABET INC CAP STK CL C	941,400	941,400
APPLE INC	1,386,486	1,386,486
INTUIT INC	132,484	132,484
INTUITIVE SURGICAL INC	257,694	257,694
META META PLATFORMS INC CLASS A COMMON STOCK	148,521	148,521
MICROSOFT CORP	918,878	918,878
NVIDIA CORPORATION COM	1,753,100	1,753,100
PALO ALTO NETWORKS INC COM USD0.0001	165,780	165,780
SERVICENOW INC COM USD0.001	172,339	172,339
VISA INC	263,033	263,033
CONSTELLATION ENERGY CORP COM	264,953	264,953
AMER FUNDS NEW WORLD FUND CLASS F2	48,665	48,665
INVESCO SMALL CAP VALUE FUND CLASSY	121,774	121,774
JP MORGAN LARGE CAP GROWTH FUND CLASS I	752,180	752,180
GROWTH FUND CLASS I	231,478	231,478
PIMCO STOCKSPLUS SMALL FUND CLASS 12	118,848	118,848
PUTNAM LARGE CAP VALUE FUND CLASSY	230,123	230,123
VICTORY SYCAMORE ESTABLISHED VALUE FUND	237,149	237,149
VIRTUS KAR MID CAP CORE FUND CLASS I	146,087	146,087
JPMORGAN CHASE FINANCIAL CT-GEARS INDU	60,959	60,959
GS FINANCE CORP	31,680	31,680
ROYAL BANK OF CANADA	36,020	36,020
ROYAL BANK OF CANADA T-SS SPX	32,920	32,920
HSBC USA INC	30,030	30,030
BNP PARIBAS	30,030	30,030

- TIN:

TY 2025 InvestmentsOtherSchedule2

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
EFA ISHARES MSCI EAFE	FMV	491,770	491,770
IWD ISHARES RUSSELL 1000 VALUE	FMV	1,112,488	1,112,488
IWF ISHARES RUSSELL 1000 GROWTH	FMV	2,246,755	2,246,755
VONV VANGUARD RUSSELL 1000 ET VALUE	FMV	1,200,915	1,200,915
EPI WISDOMTREE INDIA EARNINGS	FMV	111,096	111,096
AHMFX AMERICAN HIGH INCOME MUNICIPAL BOND FD CL F2	FMV	389,710	389,710
NFFFX AMERICAN NEW WORLD FUND CL F2	FMV	468,691	468,691
BSIIX BLACKROCK STRATEGIC INCOME OPPRTNTS PTF INST	FMV	401,618	401,618
SGIIX FIRST EAGLE GLOBAL FUND CL I	FMV	801,810	801,810
LLDYX LORD ABBETT SHORT DURATION INCOME FD CL I	FMV	470,696	470,696
MFEIX MFS GROWTH FUND CL I	FMV	1,783,767	1,783,767
MINIX MFS INTL INTRINSIC VALUE FUND CL I	FMV	807,473	807,473
MTBIX NYLI MACKAY TAX FREE BOND FUND CL I	FMV	354,000	354,000
PONPX PIMCO INCOME FUND CL I2	FMV	622,456	622,456
71KL19995 BLACKSTONE PRIVATE CREDIT FUND CLASS S	FMV	336,081	336,081
71F319991 BLACKSTONE REAL ESTATE INCOME TRUST INC CLASS S BROKERAGE CLASS	FMV	499,248	499,248
71KM79997 BLUE OWL CREDIT INCOME CORP. CLASS S	FMV	303,247	303,247
71L129997 KKR INFRASTRUCTURE CONGLOMERATE LLC CLASS U	FMV	579,212	579,212
71NM59996 KKR PRIVATE EQUITY CONGLOMERATE LLC CLASS U	FMV	463,012	463,012
FIRST EAGLE GLOBAL FUNDS CLASS I	FMV	224,934	224,934
NORTH SQUARE TACTICAL GROWTH FUND CLASS I	FMV	72,726	72,726

- TIN:

TY 2025 OtherAssetsSchedule

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
INTEREST RECEIVABLE	21,944	24,037	24,037

- TIN:

TY 2025 OtherExpensesSchedule

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
MISCELLANEOUS EXPENSES	7,859	6,741		1,118

- TIN:

TY 2025 OtherIncomeSchedule2

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
MISCELLANEOUS INCOME	286	286	286

- TIN:

TY 2025 OtherIncreasesSchedule

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Description	Amount
UNREALIZED GAIN (LOSS) ON INVESTMENTS	1,683,889
RESCINDED GRANTS	150,000

- TIN:

TY 2025 OtherProfessionalFeesSchedule

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT FEES	244,732	244,732		0

- TIN:

TY 2025 TaxesSchedule

Name:

HERBERT H AND BARBARA C DOW FOUNDATION

EIN:

38-6058513

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
FOREIGN TAXES	887	887		0
EXCISE TAXES	52,500	0		0