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
MARGARET DUNNING FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address) 125 PARK STREET 375
  Room/suite
City or town
TRAVERSE CITY
State or province
MI
Country  
ZIP or foreign postal code
49684
A Employer identification number

38-3352930
B Telephone number (see instructions)

3135689000
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)$29,589,927J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check .................
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 874,564 874,564  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 1,040,254
b Gross sales price for all assets on line 6a 3,951,630
7 Capital gain net income (from Part IV, line 2)... 1,040,254
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
11,060 11,060  
12 Total. Add lines 1 through 11........ 1,925,878 1,925,878  
Operating and Administrative Expenses 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)......... Click to see attachment
List of Attached Documents:
// Content
5,175 0   0
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
19,250 0   22,830
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
241,600 0   241,600
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
31,070 3,526   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
120,066 105,164   13,563
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 417,161 108,690   277,993
25 Contributions, gifts, grants paid....... 1,229,000 1,112,000
26 Total expenses and disbursements. Add lines 24 and 25 ................ 1,646,161 108,690   1,389,993
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 279,717
b Net investment income (if negative, enter -0-) 1,817,188
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.............      
2 Savings and temporary cash investments......... 1,706,366 366,853 366,853
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).......      
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).......... 23,066,368 Click to see attachment
List of Attached Documents:
// Content
24,872,066 		29,223,074
14 Land, buildings, and equipment: basis  
Less: accumulated depreciation (attach schedule)        
15 Other assets (describe )      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 24,772,734 25,238,919 29,589,927
Liabilities 17 Accounts payable and accrued expenses.......... 18,500 5,000
18 Grants payable................. 207,000 324,000
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 ) Click to see attachment
List of Attached Documents:
// Content
9,080 		Click to see attachment
List of Attached Documents:
// Content
4,097
23 Total liabilities (add lines 17 through 22)......... 234,580 333,097
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........ 0 0
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 24,538,154 24,905,822
29 Total net assets or fund balances (see instructions)..... 24,538,154 24,905,822
30 Total liabilities and net assets/fund balances (see instructions). 24,772,734 25,238,919
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
24,538,154
2
Enter amount from Part I, line 27a .....................
2
279,717
3
Other increases not included in line 2 (itemize) Click to see attachment
List of Attached Documents:
// Content
3
87,951
4
Add lines 1, 2, and 3 ..........................
4
24,905,822
5
Decreases not included in line 2 (itemize)
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, line 29, column (b) ..
6
24,905,822
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 MERRILL LYNCH - 4129 (DETAIL AVAILABLE UPON REQUEST) P 2024-12-30 2025-07-24
b MERRILL LYNCH - 4129 (DETAIL AVAILABLE UPON REQUEST) P 2017-01-19 2025-09-12
c MERRILL LYNCH - 4129 (DETAIL AVAILABLE UPON REQUEST) P 2025-09-23 2025-09-23
d MERRILL LYNCH - 4543 (DETAIL AVAILABLE UPON REQUEST) P 2024-03-28 2025-06-30
e MERRILL LYNCH - 4543 (DETAIL AVAILABLE UPON REQUEST) P 2016-09-23 2025-09-26
MERRILL LYNCH - 4559 (DETAIL AVAILABLE UPON REQUEST) P 2024-01-31 2025-12-16
MERRILL LYNCH - 4559 (DETAIL AVAILABLE UPON REQUEST) P 2022-12-28 2025-12-23
MERRILL LYNCH - 4559 (DETAIL AVAILABLE UPON REQUEST) P 2025-01-06 2025-12-05
MERRILL LYNCH - 4559 (DETAIL AVAILABLE UPON REQUEST) P 2022-12-28 2025-12-05
MERRILL LYNCH - 4586 (DETAIL AVAILABLE UPON REQUEST) P 2024-06-12 2025-04-16
MERRILL LYNCH - 4586 (DETAIL AVAILABLE UPON REQUEST) P 2022-07-11 2025-09-15
MERRILL LYNCH - 4559 (DETAIL AVAILABLE UPON REQUEST) P 2025-06-09 2025-10-07
CAPITAL GAINS DIVIDENDS P    
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 35,765   32,786 2,979
b 937,708   728,860 208,848
c 7     7
d 13,132   10,063 3,069
e 1,593,239   1,358,841 234,398
78,808   78,746 62
333,307   252,449 80,858
7   6 1
11,741   6,231 5,510
223,828   225,644 -1,816
210,325   217,750 -7,425
12     12
513,751     513,751
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       2,979
b       208,848
c       7
d       3,069
e       234,398
      62
      80,858
      1
      5,510
      -1,816
      -7,425
      12
      513,751
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 1,040,254
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 25,259
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 25,259
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 25,259
6 Credits/Payments:
a 2025 estimated tax payments and 2024 overpayment credited to 2025 6a 24,000
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 24,000
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed....... 9 1,259
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid... 10  
11 Enter the amount of line 10 to be: Credited to 2026 estimated tax   Refunded 11  
For Refunded amount, also complete and attach Form 8050. See instructions.
Form 990-PF (2025)
Form 990-PF (2025)
Page 4
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. $ 0(2) On foundation managers.$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
MI
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 instructionsClick to see attachment
List of Attached Documents:
// Content
.................
12
Yes
 
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressWWW.MARGARETDUNNINGFDN.ORG
14
The books are in care ofBLUE COMPANY LLC Telephone no. (248) 642-2803

Located at30800 TELEGRAPH RD SUITE 2800BINGHAM FARMSMI ZIP+448025
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........
and enter the amount of tax-exempt interest received or accrued during the year ........
15
 
16 At any time during calendar year 2025, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country
Form 990-PF (2025)
Form 990-PF (2025)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
 
No
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
 
c
Organizations relying on a current notice regarding disaster assistance check here ........
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2025? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2025, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2025?....................
2a
 
No
If "Yes," list the years 20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2025 as a result of (1) any purchase by the foundation
or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Form 4720, Schedule C, to determine
if the foundation had excess business holdings in 2025.).....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2025? ..
4b
 
No
Form 990-PF (2025)
Form 990-PF (2025)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
Yes
 
(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
Yes
 
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
Yes
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d). Click to see attachment
List of Attached Documents:
// Content
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
ROBERT M STULBERG PRESIDENT AND DIRECTOR
1.00 		0 0 0
125 PARK STREET SUITE 375
TRAVERSE CITY,MI49684
ROBIN FERRIBY SECRETARY AND DIRECTOR
1.00 		0 0 0
125 PARK STREET SUITE 375
TRAVERSE CITY,MI49684
LOIS STULBERG VICE PRESIDENT AND DIRECTO
1.00 		0 0 0
125 PARK STREET SUITE 375
TRAVERSE CITY,MI49684
ROBERT APPEL TREASURER AND DIRECTOR
1.00 		0 0 0
125 PARK STREET SUITE 375
TRAVERSE CITY,MI49684
JEFFREY RAGLAND DIRECTOR
1.00 		0 0 0
125 PARK STREET SUITE 375
TRAVERSE CITY,MI49684
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
NONE
Total number of other employees paid over $50,000................... 0
Form 990-PF (2025)
Form 990-PF (2025)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
NEITHERCUT PHILANTHROPY ADVISORS LLC MANAGEMENT SERVICES 241,600
125 PARK STREET SUITE 375
TRAVERSE CITY,MI49684
MERRILL LYNCH INVESTMENT ADVISORY SERVICES 105,164
39577 WOODWARD AVE SUITE 100
BLOOMFIELD HILLS,MI48304
Total number of others receiving over $50,000 for professional services.............right arrow0
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1  
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................0
Form 990-PF (2025)
Form 990-PF (2025)
Page 8
Part IX
Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
1
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:
a
Average monthly fair market value of securities...................
1a
27,716,973
b
Average of monthly cash balances.......................
1b
1,049,934
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, 1b, and 1c).......................
1d
28,766,907
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
0
2
Acquisition indebtedness applicable to line 1 assets..................
2
0
3
Subtract line 2 from line 1d.........................
3
28,766,907
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
431,504
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
28,335,403
6
Minimum investment return. Enter 5% (0.05) of line 5 ................
6
1,416,770
Part X
Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here and do not complete this part.)
1
Minimum investment return from Part IX, line 6..................
1
1,416,770
2a
Tax on investment income for 2025 from Part V, line 5 .......
2a
25,259
b
Income tax for 2025. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
25,259
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
1,391,511
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
1,391,511
6
Deduction from distributable amount (see instructions) .................
6
0
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
1,391,511
Part XI
Qualifying Distributions (see instructions)
1
Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
a
Expenses, contributions, gifts, etc.—total from Part I, line 26, column (d) ..........
1a
1,389,993
b
Program-related investments—total from Part VIII-B..................
1b
0
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
 
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
 
b
Cash distribution test (attach the required schedule) .................
3b
 
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
1,389,993
Form 990-PF (2025)
Form 990-PF (2025)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2024 		(c)
2024 		(d)
2025
1 Distributable amount for 2025 from Part X, line 7 1,391,511
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only....... 0
b Total for prior years:20 , 20, 20 0
3 Excess distributions carryover, if any, to 2025:
a From 2020...... 29,944
b From 2021...... 58,443
c From 2022...... 126,307
d From 2023...... 87,303
e From 2024...... 86,805
f Total of lines 3a through e ........ 388,802
4Qualifying distributions for 2025 from Part
XI, line 4: $ 1,389,993
a Applied to 2024, but not more than line 2a 0
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..... 1,389,993
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2025. 1,518 1,518
(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 5 387,284
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 .......... 		0
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		0
8 Excess distributions carryover from 2020 not
applied on line 5 or line 7 (see instructions) ... 		28,426
9 Excess distributions carryover to 2026.
Subtract lines 7 and 8 from line 6a ...... 		358,858
10 Analysis of line 9:
a Excess from 2021 .... 58,443
b Excess from 2022 .... 126,307
c Excess from 2023 .... 87,303
d Excess from 2024 .... 86,805
e Excess from 2025 ....  
Form 990-PF (2025)
Form 990-PF (2025)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2025, enter the date of the ruling ......
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2025 (b) 2024 (c) 2023 (d) 2022
         
b 85% (0.85) of line 2a .......          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, 3b, or 3c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, 2b, 2c, and 2d. See instructions
aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
MARK NEITHERCUT NEITHERCUT PHILANTH
125 PARK STREET SUITE 375
TRAVERSE CITY,MI49684
(313) 568-9000
bThe form in which applications should be submitted and information and materials they should include:
APPLICATIONS SHOULD BE WRITTEN AND STATE PURPOSE
cAny submission deadlines:
YES, SEE WEBSITE
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
YES, SEE WEBSITE
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

ARC OF NORTHWEST WAYNE COUNTY

26049 FIVE MILE RD
REDFORD CHARTER TWP,MI48239 		    SUPPORT FOR REPLACING ITS HVAC SYSTEM 50,000

BANK OF AMERICA CHARITABLE GIFT FUND

100 FEDERAL STREET MA5-100-10-21
BOSTON,MA02110 		    DONOR ADVISED FUNDS 22,000

CHIPPEWA VALLEY SCHOOLS

19120 CASS AVENUE
CLINTON TOWNSHIP,MI48038 		    AUTOMOTIVE EQUIPMENT UPGRADES AT CHIPPEWA VALLEY HIGH SCHOOL 20,000

COMMUNITY FOUNDATION FOR SOUTHEAST MICHIGAN

333 FORT STREET SUITE 2010
DETROIT,MI48226 		    DONOR ADVISED FUNDS 22,000

COMMUNITY FOUNDATION FOR SOUTHEAST MICHIGAN

333 FORT STREET SUITE 2010
DETROIT,MI48226 		    DONOR ADVISED FUNDS 22,000

COMMUNITY FOUNDATION FOR SOUTHEAST MICHIGAN

333 FORT STREET SUITE 2010
DETROIT,MI48226 		    DONOR ADVISED FUNDS 22,000

COMMUNITY HOUSING NETWORK

5505 CORPORATE DR SUITE 300
TROY,MI48098 		    BASIC NEEDS FOR FAMILIES WITH UNSTABLE HOUSING IN OUT-WAYNE COUNTY 10,000

COREWELL HEALTH FOUNDATION

26901 BEAUMONT BLVD
SOUTHFIELD,MI48033 		    FACILITY RENOVATIONS AND NEW EQUIPMENT AT THREE SCHOOL-BASED TEEN HEALTH CENTERS 22,000

DETROIT HISTORICAL SOCIETY

5401 WOODWARD AVE
DETROIT,MI48202 		    FACILITY IMPROVEMENTS TO DOCUMENT ITS AUTOMOBILE COLLECTION 27,000

FIRST STEP

44567 PINETREE DR
PLYMOUTH,MI48170 		    FACILITY IMPROVEMENTS AT ITS WAYNE SHELTER 50,000

FITZGERALD PUBLIC SCHOOLS

23200 RYAN RD
WARREN,MI48091 		    AUTOMOTIVE EQUIPMENT FOR FITZGERALD HIGH SCHOOL 48,000

FLINT INSTITUTE OF SCIENCE AND HISTORY

1221 E KEARSLEY ST
FLINT,MI48503 		    FACILITY IMPROVEMENTS AND A NEW CLASSIC CAR EXHIBIT AT THE SLOAN MUSEUM 27,000

FRIENDS OF THE PENN

760 PENNIMAN AVENUE
PLYMOUTH,MI48170 		    FACILITY RENOVATIONS AT THE PENN THEATRE 45,000

GILDA'S CLUB

3517 S ROCHESTER RD
ROYAL OAK,MI48073 		    FACILITY IMPROVEMENTS AT ITS DETROIT LOCATION. 12,000

GULF COAST COMMUNITY FOUNDATION

601 TAMIAMI TRAIL SOUTH
VENICE,FL34285 		    DONOR ADVISED FUNDS 22,000

HARTLAND CONSOLIDATED SCHOOLS

9525 E HIGHLAND RD
HOWELL,MI48843 		    AUTOMOTIVE EQUIPMENT FOR HARTLAND HIGH SCHOOL 70,000

LAKEVIEW SCHOOLS

602 WASHINGTON STREET
LAKEVIEW,MI48850 		    STUDENT TOOL KITS FOR THE AUTOMOTIVE PROGRAM AT LAKEVIEW HIGH SCHOOL 30,000

LIVING AND LEARNING ENRICHMENT CENTER

801 GRISWOLD ST
NORTHVILLE,MI48167 		    SECURITY IMPROVEMENTS 50,000

METHODIST CHILDREN'S HOME SOCIETY

26645 W 6 MILE RD
REDFORD TOWNSHIP,MI48240 		    A PLAYGROUND AT ITS CHILD WELFARE FACILITY IN REDFORD 50,000

MI WORK MATTERS

19215 MERRIMAN ROAD
LIVONIA,MI48152 		    EQUIPMENT FOR A NEW LIVONIA-BASED VOCATIONAL TRAINING CAF FOR INDIVIDUALS WITH INTELLECTUAL OR DEVELOPMENTAL DISABILITIES 50,000

NEW HAVEN COMMUNITY SCHOOLS

30375 CLARK STREET
NEW HAVEN,MI48048 		    AUTOMOTIVE EQUIPMENT FOR NEW HAVEN HIGH SCHOOL 36,000

NEW HOPE CENTER FOR GRIEF SUPPORT

133 W MAIN ST SUITE 113
NORTHVILLE,MI48167 		    TECHNOLOGY AND FACILITY UPGRADES 30,000

PLYMOUTH COMMUNITY ARTS COUNCIL

774 N SHELDON ROAD
PLYMOUTH,MI48170 		    NEW STREET SIGNAGE 20,000

PLYMOUTH HISTORICAL SOCIETY

155 SOUTH MAIN STREET
PLYMOUTH,MI48170 		    FACILITY RENOVATIONS 30,000

PLYMOUTH-CANTON COMMUNITY SCHOOLS

454 S HARVEY ST
PLYMOUTH,MI48170 		    NEW EQUIPMENT IN THE AUTO TECHNICIAN AND AUTO BODY PROGRAMS AT CANTON HIGH SCHOOL 45,000

REDFORD BRIGHTMOOR INITIATIVE

12065 OUTER DR W
DETROIT,MI48223 		    FACILITY IMPROVEMENTS 24,000

SOUTH LAKE SCHOOLS

23101 STADIUM DR
ST CLAIR SHORES,MI48080 		    AUTOMOTIVE EQUIPMENT FOR SOUTH LAKE HIGH SCHOOL 30,000

SOUTH REDFORD SCHOOL DISTRICT

26141 SCHOOLCRAFT
REDFORD,MI48239 		    EQUIPMENT AND FACILITY RENOVATIONS AT THE AUTO SHOP AT THURSTON HIGH SCHOOL 55,000

THE SARASOTA-MANATEE JEWISH FEDERATION

580 SOUTH MCINTOSH ROAD
SARASOTA,FL34232 		    DONOR ADVISED FUNDS 22,000

UTICA COMMUNITY SCHOOLS

11303 GREENDALE
STERLING HEIGHTS,MI48312 		    AUTOMOTIVE EQUIPMENT FOR HENRY FORD II HIGH SCHOOL 43,000

VISION TO LEARN

12100 WILSHIRE BOULEVARD SUITE 1275
LOS ANGELES,CA90025 		    EYE EXAMS AND EYEGLASSES FOR LOW-INCOME STUDENTS IN REDFORD TOWNSHIP 50,000

VISTA MARIA

20651 W WARREN ST
DEARBORN HEIGHTS,MI48127 		    A VEHICLE FOR YOUTH TRANSPORT 30,000

WAYNE-WESTLAND COMMUNITY SCHOOLS

36745 MARQUETTE
WESTLAND,MI48185 		    AUTOMOTIVE EQUIPMENT FOR THE WILLIAM D. FORD CAREER-TECHNICAL CENTER 26,000
Total ................................. 3a 1,112,000
bApproved for future payment

FRIENDS OF THE PENN
760 PENNIMAN AVENUE
PLYMOUTH,MI48170 		    FACILITY RENOVATIONS AT THE PENN THEATRE 45,000

GILMORE CAR MUSEUM
6865 W HICKORY ROAD
HICKORY CORNERS,MI49060 		    NEW EDUCATIONAL CENTER 80,000

LIVING AND LEARNING ENRICHMENT CENTER
801 GRISWOLD ST
NORTHVILLE,MI48167 		    SECURITY IMPROVEMENTS 50,000

MODEL T AUTOMOTIVE HERITAGE COMPLEX
PO BOX 2127
DETROIT,MI48202 		    FACILITY RENOVATIONS AT THE FORD PIQUETTE PLANT MUSEUM 100,000

PLYMOUTH-CANTON COMMUNITY SCHOOLS
454 S HARVEY ST
PLYMOUTH,MI48170 		    RENOVATIONS TO THE STUDENT RADIO STATION'S STUDIO AT SALEM HIGH SCHOOL 25,000

REDFORD BRIGHTMOOR INITIATIVE
12065 OUTER DR W
DETROIT,MI48223 		    FACILITY IMPROVEMENTS 24,000
Total ................................. 3b 324,000
Form 990-PF (2025)
Form 990-PF (2025)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		         
4 Dividends and interest from securities ....     14 874,564  
5 Net rental income or (loss) from real estate:
aDebt-financed property......          
bNot debt-financed property.....          
6 Net rental income or (loss) from personal property          
7 Other investment income .....     14 11,060  
8 Gain or (loss) from sales of assets other than
inventory ............ 		    18 1,040,254  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. 0 1,925,878 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
1,925,878
(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:
MARGARET DUNNING FOUNDATION
EIN:
38-3352930
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING 19,250 0   22,830

Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

TY 2025 ExpenditureResponsibilityStmt
Name:
MARGARET DUNNING FOUNDATION
EIN:
38-3352930
Grantee's Name Grantee's Address Grant Date Grant Amount Grant Purpose Amount Expended By Grantee Any Diversion By Grantee? Dates of Reports By Grantee Date of Verification Results of Verification
GILMORE CAR MUSEUM
  		6865 W HICKORY ROAD
HICKORY CORNERS,MI49060 		2025-10-01 80,000 NEW EDUCATIONAL CENTER 0 NO 04/28/26 2026-04-28 THE RESULTS OF VERIFICATION OF THE GRANTEE'S REPORTS UNDERTAKEN PURSUANT TO AND TO THE EXTENT REQUIRED UNDER SECTION 53.4945-5(C)(1) BY THE GRANTOR CONFIRMED THAT THE GRANTEE HAS (1) PROVIDED REPORTS ON THE USE OF FUNDS AFTER THE END OF THEIR ANNUAL ACCOUNTING PERIOD AND WITHIN A REASONABLE TIMEFRAME, (2) THE GRANTEE IS USING THE GRANT IN COMPLIANCE WITH TERMS OF THE GRANT, (3) DETERMINED ACCEPTABLE PROGRESS MADE BY THE GRANTEE TOWARD ACHIEVING THE PURPOSES FOR WHICH THE GRANT WAS MADE.

TY 2025 InvestmentsOtherSchedule2
Name:
MARGARET DUNNING FOUNDATION
EIN:
38-3352930
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
INTEREST RECEIVABLE AT COST 10,070 10,070
INVESTMENTS IN MARKETABLE SECURITIES AT COST 24,861,996 29,213,004

TY 2025 LegalFeesSchedule
Name:
MARGARET DUNNING FOUNDATION
EIN:
38-3352930
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
LEGAL 5,175 0   0


TY 2025 OtherExpensesSchedule
Name:
MARGARET DUNNING FOUNDATION
EIN:
38-3352930
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT FEES 105,164 105,164   0
INSURANCE 3,563 0   3,563
DUES 5,000 0   5,000
ADMINISTRATIVE 5,000 0   5,000
BANK FEES 1,339 0   0


TY 2025 OtherIncomeSchedule2
Name:
MARGARET DUNNING FOUNDATION
EIN:
38-3352930
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
ML - LIMITED PARTNERSHIP INCOME - 4543 11,060 11,060 11,060


TY 2025 OtherIncreasesSchedule
Name:
MARGARET DUNNING FOUNDATION
EIN:
38-3352930
Description Amount
M-1 NONDIVIDEND DISTRIBUTIONS 87,354
M-1 EXEMPT-INTEREST DIVIDENDS 597


TY 2025 OtherLiabilitiesSchedule
Name:
MARGARET DUNNING FOUNDATION
EIN:
38-3352930
Description Beginning of Year - Book Value End of Year - Book Value
ACCRUED EXCISE TAX 9,080 4,097


TY 2025 OtherProfessionalFeesSchedule
Name:
MARGARET DUNNING FOUNDATION
EIN:
38-3352930
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
MANAGEMENT SERVICES 241,600 0   241,600


TY 2025 TaxesSchedule
Name:
MARGARET DUNNING FOUNDATION
EIN:
38-3352930
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
EXCISE TAX ON INVESTMENT INCOME 27,544 0   0
FOREIGN TAXES 3,526 3,526   0