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
GARDEN HOMES FUND
 
Number and street (or P.O. box number if mail is not delivered to street address) 29 KNAPP STREET
  Room/suite
City or town
STAMFORD
State or province
CT
Country  
ZIP or foreign postal code
06907
A Employer identification number

06-1043730
B Telephone number (see instructions)

2033482200
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)$64,852,091J 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 85,407 85,407  
4 Dividends and interest from securities...      
5a Gross rents............ 3,200,829 3,200,829  
b Net rental income or (loss) 776,409
6a Net gain or (loss) from sale of assets not on line 10 Click to see attachment
List of Attached Documents:
// Content
152,407
b Gross sales price for all assets on line 6a 152,407
7 Capital gain net income (from Part IV, line 2)... 0
8 Net short-term capital gain.........  
9 Income modifications........... 152,407
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
2,894,212 2,621,113 273,099
12 Total. Add lines 1 through 11........ 6,332,855 5,907,349 425,506
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0 0 0
14 Other employee salaries and wages...... 117,411 102,523 14,888 0
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
284,210 268,309 15,901 0
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
522,217 416,845 54,842 0
19 Depreciation (attach schedule) and depletion... Click to see attachment
List of Attached Documents:
// Content
335,713 117,839 217,874
20 Occupancy.............. 136,450 0 136,450 0
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
1,533,605 1,520,701 12,904 0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 2,929,606 2,426,217 452,859 0
25 Contributions, gifts, grants paid....... 1,473,250 1,473,250
26 Total expenses and disbursements. Add lines 24 and 25 ................ 4,402,856 2,426,217 452,859 1,473,250
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 1,929,999
b Net investment income (if negative, enter -0-) 3,481,132
c Adjusted net income (if negative, enter -0-)... 0
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2025)
Form 990-PF (2025)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 3,719,864 2,528,629 2,528,629
2 Savings and temporary cash investments.........      
3 Accounts receivable 247,569
Less: allowance for doubtful accounts   257,246 247,569 247,569
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 6,376,796
Less: accumulated depreciation (attach schedule) 3,550,247 2,619,907 Click to see attachment
List of Attached Documents:
// Content
2,826,549 		10,481,279
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 12,779,259 Click to see attachment
List of Attached Documents:
// Content
13,067,872 		41,660,243
14 Land, buildings, and equipment: basis 6,991,540
Less: accumulated depreciation (attach schedule) 480,607 6,728,808 Click to see attachment
List of Attached Documents:
// Content
6,510,933 		6,510,933
15 Other assets (describe ) Click to see attachment
List of Attached Documents:
// Content
553,654 		Click to see attachment
List of Attached Documents:
// Content
3,423,438 		Click to see attachment
List of Attached Documents:
// Content
3,423,438
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 26,658,738 28,604,990 64,852,091
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe ) Click to see attachment
List of Attached Documents:
// Content
224,580 		Click to see attachment
List of Attached Documents:
// Content
240,833
23 Total liabilities (add lines 17 through 22)......... 224,580 240,833
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........ 6,309,769 6,309,769
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 20,124,389 22,054,388
29 Total net assets or fund balances (see instructions)..... 26,434,158 28,364,157
30 Total liabilities and net assets/fund balances (see instructions). 26,658,738 28,604,990
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
26,434,158
2
Enter amount from Part I, line 27a .....................
2
1,929,999
3
Other increases not included in line 2 (itemize)
3
0
4
Add lines 1, 2, and 3 ..........................
4
28,364,157
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
28,364,157
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.)
1a
b
c
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a
b
c
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a
b
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2  
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 48,388
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 48,388
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 48,388
6 Credits/Payments:
a 2025 estimated tax payments and 2024 overpayment credited to 2025 6a 58,404
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 10,000
d Backup withholding erroneously withheld .......... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 68,404
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment
List of Attached Documents:
// Content
8 296
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 19,720
11 Enter the amount of line 10 to be: Credited to 2026 estimated tax19,720 Refunded 11 0
For Refunded amount, also complete and attach Form 8050. See instructions.
Form 990-PF (2025)
Form 990-PF (2025)
Page 4
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. $ 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)
CT
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
8b
Yes
 
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2025 or the taxable year beginning in 2025? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
 
No
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
11
 
No
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressN/A
14
The books are in care ofRICHARD K FREEDMAN Telephone no. (203) 348-2200

Located at29 KNAPP STREETSTAMFORDCT ZIP+406907
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)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
No
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
(a) Name and address (b) Title, and average
hours per week
devoted to position 		(c) Compensation
 (If not paid, enter
-0-) 		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
other allowances
JANE FREEDMAN TRUSTEE
1.00 		0 0 0
1 FRANKLIN ST 4603
BOSTON,MA02110
RICHARD FREEDMAN TRUSTEE
10.00 		0 0 0
115 HAVILAND RD
STAMFORD,CT06903
DEBORAH FREEDMAN TRUSTEE
1.00 		0 0 0
59 OLD HARTFORD TURNPIKE
HAMDEN,CT06517
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
NONE
Total number of other employees paid over $50,000................... 0
Form 990-PF (2025)
Form 990-PF (2025)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
NONE
Total number of others receiving over $50,000 for professional services.............right arrow0
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1 PURCHASE OF AND PRE-CONSTRUCTION COSTS FOR BUILDING AT 96 COMPO RD., WESTPORT, CT TO CONSTRUCT AN APARTMENT DEVELOPMENT TO PROVIDE 100% AFFORDABLE HOUSING TO LOW AND VERY LOW INCOME RESIDENTS. TO RELIEVE THE POOR AND DISTRESSED. 1,678,646
2 PURCHASE OF AND PRE-CONSTRUCTION COSTS FOR BUILDING AT PARADE HILL RD, NEW CANAAN, CT 06840 TO CONSTRUCT AN APARTMENT DEVELOPMENT TO PROVIDE 100% AFFORDABLE HOUSING TO LOW AND VERY LOW INCOME RESIDENTS. TO RELIEVE THE POOR AND DISTRESSED. 1,168,638
3 OPERATION OF ONE 100% AFFORDABLE HOUSING PROJECT THAT PROVIDES 100% AFFORDABLE HOUSING TO LOW AND VERY LOW INCOME RESIDENTS. TO RELIEVE THE POOR AND DISTRESSED. (INCOME AND EXPENSES REFLECTED ON PAGE 1 COLUMN C) 0
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 INVESTMENT IN LAND TO PERMIT THE FILING OF LAND USE APPLICATIONS BY THE OPEN COMMUNITIES ALLIANCE (CIVIL RIGHTS ORG) FOR DEVELOPMENT OF HOUSING FOR LOW INCOME FAMILIES IN ACCORDANCE WITH A LEASE WITH OPEN COMMUNITIES DATED JANUARY 1, 2020 AND A PROJECT PLAN DATED MARCH 20, 2019. 22,019
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................22,019
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
3
b
Average of monthly cash balances.......................
1b
2,424,691
c
Fair market value of all other assets (see instructions)................
1c
53,544,430
d
Total (add lines 1a, 1b, and 1c).......................
1d
55,969,124
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
55,969,124
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
839,537
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
55,129,587
6
Minimum investment return. Enter 5% (0.05) of line 5 ................
6
2,756,479
Part X
Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here and do not complete this part.)
1
Minimum investment return from Part IX, line 6..................
1
2,756,479
2a
Tax on investment income for 2025 from Part V, line 5 .......
2a
48,388
b
Income tax for 2025. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
48,388
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
2,708,091
4
Recoveries of amounts treated as qualifying distributions................
4
152,407
5
Add lines 3 and 4............................
5
2,860,498
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
2,860,498
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
1,473,250
b
Program-related investments—total from Part VIII-B..................
1b
22,019
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
2,847,284
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
4,342,553
Form 990-PF (2025)
Form 990-PF (2025)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2024 		(c)
2024 		(d)
2025
1 Distributable amount for 2025 from Part X, line 7 2,860,498
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......  
b From 2021......  
c From 2022......  
d From 2023...... 1,908,409
e From 2024......  
f Total of lines 3a through e ........ 1,908,409
4Qualifying distributions for 2025 from Part
XI, line 4: $ 4,342,553
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..... 2,860,498
e Remaining amount distributed out of corpus 1,482,055
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 3,390,464
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) ... 		0
9 Excess distributions carryover to 2026.
Subtract lines 7 and 8 from line 6a ...... 		3,390,464
10 Analysis of line 9:
a Excess from 2021 ....  
b Excess from 2022 ....  
c Excess from 2023 .... 1,908,409
d Excess from 2024 ....  
e Excess from 2025 .... 1,482,055
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).)
RICHARD FREEDMAN
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, 2b, 2c, and 2d. See instructions
aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
bThe form in which applications should be submitted and information and materials they should include:
cAny submission deadlines:
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
Form 990-PF (2025)
Form 990-PF (2025)
Page 11
Part XIV
Supplementary Information (continued)
3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient If recipient is an individual,
show any relationship to
any foundation manager
or substantial contributor
 Foundation
status of
recipient 		Purpose of grant or
contribution 		Amount
Name and address (home or business)
aPaid during the year

ADOPT-A-DOG

23 COX AVENUE
ARMONK,NY10504 		N/A   DONATION 1,000

ADRIAN DOMINICAN SISTERS

1257 E SIENA HEIGHTS DRIVE
ADRIAN,MI49221 		N/A   DONATION 500

AMERICAN RED CROSS

2201 CHARLOTTE AVENUE
NASHVILLE,TN37203 		N/A   DONATION 40,000

ASPCA

424E 92ND STREET
NEW YORK,NY10128 		N/A   DONATION 500

BALLET SCHOOL OF STAMFORD

100 GREYROCK PLACE UNIT 226
STAMFORD,CT06901 		N/A   DONATION 2,000

BARTLETT ARBORETUM

151 BROOKDALE ROAD
STAMFORD,CT06903 		N/A   DONATION 25,000

BEYOND LIMITS ACADEMIC PROGRAM

925 LONG RIDGE ROAD
STAMFORD,CT06902 		N/A   DONATION 5,000

BOSTON HEALTH CARE FOR HOMELESS

780 ALBANY STREET
BOSTON,MA02118 		N/A   DONATION 25,000

BOSTON PUBLIC LIBRARY FUND

700 BOYLSTON STREET
BOSTON,MA02116 		N/A   DONATION 21,000

BOYS & GIRLS CLUB OF STAMFORD

347 STILLWATER AVENUE
STAMFORD,CT06905 		N/A   DONATION 15,500

BRIAN'S ANGELS

PO BOX 2111
BRISTOL,CT06010 		N/A   DONATION 500

BUILDING ONE COMMUNITY

75 SELLECK STREET
STAMFORD,CT06902 		N/A   DONATION 500

CALVARY CHAPEL NAUGATUCK

170 COEN STREET
NAUGATUCK,CT06770 		N/A   DONATION 500

CAPTAIN COMMUNITY HUMAN SERVICES

5 MUNICIPAL PLAZA SUITE 3
CLIFTON PARK,NY12065 		N/A   DONATION 500

CARING TERRAPINS

202 BLACHLEY ROAD
STAMFORD,CT06902 		N/A   DONATION 500

CATHOLIC ACADEMY OF STAMFORD

ATTN GIVING DAY/ANNUAL FUND
STAMFORD,CT06905 		N/A   DONATION 500

CATHOLIC CHARITIES PENNSGROVE GOOD PANTRY

25 OAK STREET
SALEM,NJ08079 		N/A   DONATION 500

CHARLOTTE'S WEB OF PRAYER

C/O CHRIS DEPAOLO
CHESHIRE,CT06410 		N/A   DONATION 1,000

CHILD GUIDANCE CENTER OF SCT

103 WEST BROAD STREET
STAMFORD,CT06902 		N/A   DONATION 15,000

CHILDCARE LEARNING CENTERS

64 PALMERS HILL ROAD
STAMFORD,CT06902 		N/A   DONATION 15,000

CHRISTIAN COMMUNITY ACTION

168 DAVENPORT AVENUE
NEW HAVEN,CT06519 		N/A   DONATION 25,000

CITY OF STAMFORD SUMMER JOBS PROGRAM

ATTN MICHELLE LAPPAS
STAMFORD,CT06901 		N/A   DONATION 2,500

COLUMBUS HOUSE

586 ELLA T GRASSO BLVD
NEW HAVEN,CT06519 		N/A   DONATION 35,000

COMMUNITY FOOD BANK OF NEW JERSEY

31 EVANS TERMINAL
HILLSIDE,NJ07205 		N/A   DONATION 5,000

COMMUNITY FOUNDATION FOR GREATER NEW HAVEN

70 AUDUBON STREET
NEW HAVEN,CT06510 		N/A   DONATION 10,000

CONNECTICUT FOOD SHARE

2 RESEARCH PARKWAY
WALLINGFORD,CT06492 		N/A   DONATION 10,000

CONNECTICUT HOUSING PARTNERS

ATTN KATHLEEN WILLIAMS
TRUMBULL,CT06611 		N/A   DONATION 10,000

CROSSING THRESHOLDS

PO BOX 446
NEW CANAAN,CT06480 		N/A   DONATION 500

CURTAIN CALL INC

1349 NEWFIELD AVENUE
STAMFORD,CT06905 		N/A   DONATION 20,000

DATAHAVEN

1146 CHAPEL STREET SUITE 202
NEW HAVEN,CT06510 		N/A   DONATION 5,000

DOWNTOWN EVENING SOUP KITCHEN

PO BOX 1478
NEW HAVEN,CT065061478 		N/A   DONATION 45,000

EJ'S HEART INC

6 NSTAR DRIVE
SEYMOUR,CT06483 		N/A   DONATION 500

EVERYTOWN

PO BOX 4184
NEW YORK,NY10163 		N/A   DONATION 5,000

FAMILY CENTERS INC

60 PALMERS HILL ROAD
STAMFORD,CT06902 		N/A   DONATION 15,000

FERGUSON LIBRARY

1 PUBLIC LIBRARY PLAZA
STAMFORD,CT06904 		N/A   DONATION 5,000

FOOD BANK OF CENTRAL NEW YORK

7066 INTERSTATE ISLAND ROAD
SYRACUSE,NY13209 		N/A   DONATION 5,000

FOOD BANK OF LOWR FAIRFLD CNTY

461 GLENBROOK ROAD
STAMFORD,CT06906 		N/A   DONATION 8,000

FOOD BANK OF THE SOUTHERN TIER

388 UPPER OAKWOOD AVENUE
ELMIRA,NY14903 		N/A   DONATION 5,000

FRANCIS OF ASSISI SOCIETY FOR ANIMALS

106 LINCOLN STREET
BENNINGTON,VT05201 		N/A   DONATION 500

FRATERNIDAD CRISTIANA

SUITE 210
STAMFORD,CT06902 		N/A   DONATION 500

FRENCHMANS CREEK CHARITIES

13495 TOURNAMENT DRIVE
PALM BEACH GARDENS,FL334101299 		N/A   DONATION 1,500

FRIENDS OF GREEN CHIMNEYS

400 DOANSBURG ROAD
BREWSTER,NY10509 		N/A   DONATION 500

FULFILL

3300 ROUTE 66
NEPTUNE,NJ07753 		N/A   DONATION 5,000

FUTURE FIVE

ATTN AMANDA DUBOIS-MWAKE
STAMFORD,CT06901 		N/A   DONATION 55,000

GNA

PO BOX 2352
STAMFORD,CT06906 		N/A   DONATION 250

HOMES WITH HOPE

PO BOX 631
WESTPORT,CT06881 		N/A   DONATION 500

INSPIRICA

141 FRANKLIN STREET
STAMFORD,CT06901 		N/A   DONATION 20,000

INTEGRATED REFUGEE AND IMMIGRANT SERVICE

33 DIXWELL AVENUE
NEW HAVEN,CT06511 		N/A   DONATION 10,000

JEWISH COMMUNITY CENTER

1035 NEWFIELD AVENUE
STAMFORD,CT06905 		N/A   DONATION 10,000

JUVENILE DIABETES RESEARCH FOUNDATION

60 WALNUT STREET
WELLESLEY HILLS,MA02481 		N/A   DONATION 100,000

KCRW

1900 PICO BLVD
SANTA MONICA,CA90405 		N/A   DONATION 8,000

LEAP

31 JEFFERSON STREET
NEW HAVEN,CT06511 		N/A   DONATION 20,000

LEUKEMIA & LYMPHOMA SOCIETY

3 INTERNATIONAL DRIVE SUITE 200
RYE BROOK,NY10573 		N/A   DONATION 1,000

LOS ANGELES REGIONAL FOOD BANK

1734 EAST 41ST STREET
LOS ANGELES,CA90058 		N/A   DONATION 3,000

LUCKY DOG REFUGE CT

36 PULASKI STREET
STAMFORD,CT06902 		N/A   DONATION 500

MIAMI CITY BALLET

2200 LIBERTY AVENUE
MIAMI BEACH,FL33139 		N/A   DONATION 3,000

MSPCA ANGEL MEMORIAL

350 SOUTH HUNTINGTON AVE
BOSTON,MA02130 		N/A   DONATION 4,000

NAACP LEGAL DEFENSE FUND

40 RECTOR STREET 5TH FLOOR
NEW YORK,NY10006 		N/A   DONATION 5,000

NATIONAL DANCE INSTITUTE

217 WEST 147 STREET
NEW YORK,NY10039 		N/A   DONATION 1,000

NATIONAL IMMIGRATION JUSTICE CENTER

111 W JACKSON BLVD STE 800
CHICAGO,IL60604 		N/A   DONATION 5,000

NEIGHBORHOOD STUDIOS OF FAIRFIELD COUNTY

150 ELM STREET
BRIDGEPORT,CT06608 		N/A   DONATION 500

NEW COVENANT CENTER

174 RICHMOND HILL AVENUE
STAMFORD,CT06902 		N/A   DONATION 10,000

NEW HAVEN READS

45 BRISTOL STREET
NEW HAVEN,CT06511 		N/A   DONATION 15,000

NEW NEIGHBORHOODS INC

76 PROGRESS DRIVE
STAMFORD,CT06902 		N/A   DONATION 10,000

NEW REACH

PO BOX 8608
NEW HAVEN,CT06531 		N/A   DONATION 15,000

NORTHEAST SCHOOL PTO

82 SCOFIELDTOWN ROAD
STAMFORD,CT06903 		N/A   DONATION 5,000

OPEN COMMUNITIES ALLIANCE

75 CHARTER OAK AVE
HARTFORD,CT06106 		N/A   DONATION 100,000

ORCHESTRA LUMOS

ONE STAMFORD PLAZA
STAMFORD,CT069013237 		N/A   DONATION 20,000

OUR LADY OF GRACE PRESCHOOL & KINDERGARTEN

635 GLENBROOK ROAD
STAMFORD,CT06906 		N/A   DONATION 500

PACIFIC HOUSE

PO BOX 1252
STAMFORD,CT06901 		N/A   DONATION 15,000

PALM BEACH OPERA

1800 SOUTH AUSTRALIAN AVE
WEST PALM BEACH,FL33409 		N/A   DONATION 2,500

PEN AMERICA

588 BROADWAY SUITE 303
NEW YORK,NY10012 		N/A   DONATION 2,500

PERSON-TO-PERSON

1864 POST ROAD
DARIEN,CT06820 		N/A   DONATION 15,000

PINE ST INN-BOSTON

DEVELOPMENT OFFICE
BOSTON,MA02118 		N/A   DONATION 20,000

PLANNED PARENTHOOD ACTION FUND

ATTN ONLINE SERVICES
WASHINGTON,DC200907166 		N/A   DONATION 10,000

PLANNED PARENTHOOD OF GREATER NEW YORK (PPGNY)

44 COURT STREET 4TH FLOOR
BROOKLYN,NY11201 		N/A   DONATION 5,000

PLANNED PARENTHOOD OF SOUTH FLORIDA

2300 NORTH FLORIDA MANGO ROAD
WEST PALM BEACH,FL33409 		N/A   DONATION 25,000

PLANNED PARENTHOOD OF SOUTHERN NEW ENGLAND

345 WHITNEY AVENUE
NEW HAVEN,CT06511 		N/A   DONATION 170,500

PLANNED PARENTHOOD OF TENNESSEE & NORTHERN MISSISSIPPI

2430 POPLAR AVENUE
MEMPHIS,TN38112 		N/A   DONATION 20,000

RANCOCAS CONSERVANCY

PO BOX 2188
VINCENTOWN,NJ08088 		N/A   DONATION 500

REGIONAL FOOD BANK OF NENY

965 ALBANY-SHAKER ROAD
LATHAM,NY12110 		N/A   DONATION 5,000

ROSIE'S PLACE - BOSTON

889 HARRISON AVENUE
BOSTON,MA02118 		N/A   DONATION 25,000

ROTARY OF SOUTHEAST FOUNDATION

1511 ROUTE 22
BREWSTER,NY10509 		N/A   DONATION 500

SAFE HAVEN FAMILY SHELTER

1234 3RD AVENUE SOUTH
NASHVILLE,TN37210 		N/A   DONATION 40,000

SAMARITAN'S PURSE

PO BOX 3000
BOONE,NC28607 		N/A   DONATION 500

SARATOGA COUNTY ECONOMIC OPPORTUNITY COUNCIL

39 BATH STREET
BALLSTON SPA,NY12020 		N/A   DONATION 10,000

SCHOKE JEWISH FAMILY SERVICE

196 GREYROCK PLACE
STAMFORD,CT06901 		N/A   DONATION 15,000

SECOND HARVEST FOOD BANK OF MIDDLE TENNESSEE

331 GREAT CIRCLE ROAD
NASHVILLE,TN37228 		N/A   DONATION 50,000

SEYMOUR PINK INC

PO BOX 333
SEYMOUR,CT06483 		N/A   DONATION 500

SILOAM HEALTH

820 GALE LANE
NASHVILLE,TN37204 		N/A   DONATION 10,000

ST FRANCIS HOUSE

39 BOYLSTON STREET
BOSTON,MA02116 		N/A   DONATION 20,000

ST JUDE'S CHILDRENS RESEARCH HOSPITAL

501 ST JUDE PLACE
MEMPHIS,TN38105 		N/A   DONATION 1,500

STAMFORD ALL SCHOOL MUSICAL

125 ROXBURY RD
STAMFORD,CT06902 		N/A   DONATION 40,000

STAMFORD ANIMAL SHELTER ALLIANCE

65 HIGH RIDGE ROAD 655
STAMFORD,CT06905 		N/A   DONATION 1,000

STAMFORD HOSPITAL FOUNDATION WOMEN AND BABIES CAMPAIGN

2ND FLOOR
STAMFORD,CT06905 		N/A   DONATION 500

STAMFORD MUSEUM & NATURE CENTR

39 SCOFIELDTOWN ROAD
STAMFORD,CT069034096 		N/A   DONATION 25,000

STAMFORD PUBLIC EDUCATION FOUNDATION

177 BROAD STREET
STAMFORD,CT06901 		N/A   DONATION 2,500

STRAWBERRY HILL SCHOOL

200 STRAWBERRY HILL AVE
STAMFORD,CT06902 		N/A   DONATION 5,000

THE CONNECTICUT MIRROR

1049 ASYLUM AVENUE
HARTFORD,CT06105 		N/A   DONATION 10,000

THE INTERNATIONAL FELLOWSHIP OF CHRISTIANS AND JEWS

303 EAST WACKER DRIVE SUITE 2300
CHICAGO,IL60601 		N/A   DONATION 500

THE INTERNATIONAL RESCUE COMMITTEE (IRC)

PO BOX 6068
ALBERT LEA,MN560079847 		N/A   DONATION 5,000

THE JED FOUNDATION

PO BOX 412945
BOSTON,MA02241 		N/A   DONATION 5,000

THE MICHAEL J FOX FOUNDATION FOR PARKINSON'S RESEARCH

PO BOX 5014
HAGERSTOWN,MD217415014 		N/A   DONATION 500

THE TINY MIRACLES FOUNDATIONINC

1540 POST ROAD 2ND FLOOR
DARIEN,CT06820 		N/A   DONATION 500

THE WOLVERINE FOUNDATION

2 JUNIPER RIDGE DRIVE
DANBURY,CT06811 		N/A   DONATION 500

THE WOUNDED WARRIOR PROJECT

PO BOX 758516
TOPEKA,KS666758516 		N/A   DONATION 1,000

THIRTEEN-WNET

825 EIGHTH AVE FLOOR 14
NEW YORK,NY10019 		N/A   DONATION 1,500

TUNNEL TO TOWERS FOUNDATION

2361 HYLAN BLVD
STATEN ISLAND,NY10306 		N/A   DONATION 500

TURN OF RIVER PTO

117 VINE ROAD
STAMFORD,CT06905 		N/A   DONATION 5,000

VANDERBILT UNIVERSITY MEDICAL CENTER CO SHADE TREE CLINIC

PO BOX 290369
NASHVILLE,TN37229 		N/A   DONATION 50,000

WAGS & WALKS

2236 FEDERAL AVENUE
LOS ANGELES,CA90064 		N/A   DONATION 3,000

WEST END RESIDENCES

ADMINISTRATIVE OFFICES
NEW YORK,NY10115 		N/A   DONATION 5,000

YALE SCHOOL OF MANAGEMENT

2 WHITNEY AVENUE
NEW HAVEN,CT06510 		N/A   DONATION 10,000

YALE UNIVERSITY

BOX 2038
NEW HAVEN,CT065212038 		N/A   DONATION 25,000

YWCA OF THE GREATER CAPITAL REGION

21 FIRST STREET
TROY,NY12180 		N/A   DONATION 500
Total ................................. 3a 1,473,250
bApproved for future payment
Total ................................. 3b 0
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
aLOW INCOME HOUSING REVENUE 531110       273,099
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		    14 85,407  
4 Dividends and interest from securities ....          
5 Net rental income or (loss) from real estate:
aDebt-financed property......          
bNot debt-financed property.....     16 776,409  
6 Net rental income or (loss) from personal property          
7 Other investment income .....     16 2,621,113  
8 Gain or (loss) from sales of assets other than
inventory ............ 		        152,407
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 3,482,929 425,506
13Total. Add line 12, columns (b), (d), and (e)..................
13
3,908,435
(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.)
1A RENTAL INCOME FROM LOW INCOME HOUSING DEVELOPMENTS
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)
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Special Condition Description

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TY 2025 DepreciationSchedule
Name:
GARDEN HOMES FUND
EIN:
06-1043730
Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
Life (# of years)		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
DAVID MARTIN APARTMENTS 2023-10-12 5,966,465 262,163 SL 27.500000000000 216,962 0 216,962  
DAVID MARTIN APARTMENTS 2023-10-12 1,000,000   L 0 % 0 0 0  
DAVID MARTIN APARTMENTS 2024-05-10 25,075 570 SL 27.500000000000 912 0 912  
LAND IMPROVEMENTS 2012-01-01 588,000 490,000 SL 15.000000000000 39,200 39,200 39,200  
LAND 2012-01-01 767,328   L 0 % 0 0 0  
BV B-03 2019-01-01 1,942 421 SL 27.500000000000 71 71 71  
BV E-06 2019-01-01 1,954 423 SL 27.500000000000 71 71 71  
BV E-28 2019-01-01 9,866 2,138 SL 27.500000000000 359 359 359  
BV E-36 2019-01-01 10,212 2,213 SL 27.500000000000 371 371 371  
BV E-56 2019-01-01 1,927 418 SL 27.500000000000 70 70 70  
BV E-62 2019-01-01 1,874 406 SL 27.500000000000 68 68 68  
BV F-02 2019-01-01 6,345 1,375 SL 27.500000000000 231 231 231  
BV L-33 2019-01-01 6,345 1,375 SL 27.500000000000 231 231 231  
CA A-72 2019-01-01 10,348 2,242 SL 27.500000000000 376 376 376  
CA A-88 2019-01-01 1,297 281 SL 27.500000000000 47 47 47  
CA B-54 2019-01-01 1,890 410 SL 27.500000000000 69 69 69  
CA C-17 2019-01-01 11,834 2,564 SL 27.500000000000 430 430 430  
BV E-26 2019-01-01 12,008 2,602 SL 27.500000000000 437 437 437  
SG G-25 2020-06-30 5,350 884 SL 27.500000000000 195 195 195  
GRN B-03 2020-06-30 63,717 10,523 SL 27.500000000000 2,317 2,317 2,317  
CA B-36 2020-06-30 40,580 6,702 SL 27.500000000000 1,476 1,476 1,476  
BV E-15 2020-06-30 1,965 325 SL 27.500000000000 71 71 71  
BV E-52 2020-06-30 57,225 9,451 SL 27.500000000000 2,081 2,081 2,081  
BV L-28 2020-06-30 37,831 6,248 SL 27.500000000000 1,376 1,376 1,376  
GRN F-03 2020-06-30 37,103 6,128 SL 27.500000000000 1,349 1,349 1,349  
SG G-08 2020-06-30 1,975 326 SL 27.500000000000 72 72 72  
SG G-07 2021-01-01 45,227 6,510 SL 27.500000000000 1,645 1,645 1,645  
SG G-19 2021-01-01 50,299 7,240 SL 27.500000000000 1,829 1,829 1,829  
BV L-26 2021-01-01 42,479 6,114 SL 27.500000000000 1,545 1,545 1,545  
LAND IMPROVEMENTS 2000-01-01 2,467,089 2,467,089 200DB 5.000000000000 0 0 0  
BUILDING IMPROVEMENTS - FULLY DEPRECIATED 1990-01-01 175,789 175,789 SL 27.500000000000 0 0 0  
BV L-26 2022-01-01 2,234 240 SL 27.500000000000 81 81 81  
BV B-05 2024-05-09 60,639 1,378 SL 27.500000000000 2,205 2,205 2,205  
BV E-44 2022-01-01 15,307 1,647 SL 27.500000000000 557 557 557  
BV L-06 2022-01-01 59,736 6,426 SL 27.500000000000 2,172 2,172 2,172  
BV L-08 2022-06-30 64,289 5,942 SL 27.500000000000 2,338 2,338 2,338  
CA A-77 2022-06-30 13,399 1,238 SL 27.500000000000 487 487 487  
CA B-58 2022-06-30 64,454 5,957 SL 27.500000000000 2,344 2,344 2,344  
CA C-09 2022-06-30 61,265 5,662 SL 27.500000000000 2,228 2,228 2,228  
GRN A-05 2022-06-30 85,691 7,920 SL 27.500000000000 3,116 3,116 3,116  
HEM 24 2022-06-30 41,847 3,868 SL 27.500000000000 1,522 1,522 1,522  
BV B-01 2022-01-01 88,793 9,552 SL 27.500000000000 3,229 3,229 3,229  
BV B-01 2023-01-01 4,711 335 SL 27.500000000000 171 171 171  
BV E-44 2023-01-01 37,391 2,663 SL 27.500000000000 1,360 1,360 1,360  
BV L-06 2023-01-01 3,683 262 SL 27.500000000000 134 134 134  
CA C-09 2023-06-30 3,442 193 SL 27.500000000000 125 125 125  
GRN P-03 2023-01-01 81,591 5,810 SL 27.500000000000 2,967 2,967 2,967  
HEM 24 2023-06-30 1,861 104 SL 27.500000000000 68 68 68  
HEM 26 2023-01-01 50,742 3,613 SL 27.500000000000 1,845 1,845 1,845  
BV E-16 2024-10-24 58,543 444 SL 27.500000000000 2,129 2,129 2,129  
CA C-22 2024-02-16 58,554 1,863 SL 27.500000000000 2,129 2,129 2,129  
CA A-69 2024-04-25 60,484 1,558 SL 27.500000000000 2,199 2,199 2,199  
HEM 2 2024-12-23 48,973 74 SL 27.500000000000 1,781 1,781 1,781  
BV E-44 2024-10-24 22,833 173 SL 27.500000000000 830 830 830  
GRNADJUSTMENT 2024-12-31 13,568 21 SL 27.500000000000 493 493 493  
HEM 2 2025-02-01 2,172   SL 27.500000000000 69 69 69  
BV 16 2025-02-01 3,108   SL 27.500000000000 99 99 99  
CA A-95 2025-09-17 72,767   SL 27.500000000000 772 772 772  
CA A-96 2025-10-10 6,450   SL 27.500000000000 49 49 49  
CA B-55 2025-09-10 57,045   SL 27.500000000000 605 605 605  
CA B-57 2025-09-10 57,658   SL 27.500000000000 612 612 612  
GRN G-17 2025-04-10 61,865   SL 27.500000000000 1,593 1,593 1,593  
GRN P-03 2025-08-14 4,199   SL 27.500000000000 57 57 57  
SG G-17 2025-12-19 56,958   SL 27.500000000000 86 86 86  
SG S-44 2019-06-30 40,564 8,174 SL 27.500000000000 1,475 1,475 1,475  
BV E-54 2019-06-30 40,323 8,126 SL 27.500000000000 1,466 1,466 1,466  
HEM 14 2019-06-30 39,514 7,963 SL 27.500000000000 1,437 1,437 1,437  
SG G-08 2019-06-30 38,986 7,856 SL 27.500000000000 1,418 1,418 1,418  
BV E-15 2019-06-30 38,293 7,717 SL 27.500000000000 1,392 1,392 1,392  
GRN B-04 2019-06-30 36,428 7,341 SL 27.500000000000 1,325 1,325 1,325  
SG G-25 2019-06-30 33,848 6,821 SL 27.500000000000 1,231 1,231 1,231  
GRN C-07 2019-01-01 8,136 1,763 SL 27.500000000000 296 296 296  
GRN D-02 2019-01-01 1,805 391 SL 27.500000000000 66 66 66  
GRN F-08 2019-01-01 1,796 389 SL 27.500000000000 65 65 65  
GRN G-01 2019-01-01 10,943 2,371 SL 27.500000000000 398 398 398  
GRN G-10 2019-01-01 12,257 2,656 SL 27.500000000000 446 446 446  
GRN G-13 2019-01-01 10,530 2,282 SL 27.500000000000 383 383 383  
GRN G-14 2019-01-01 953 206 SL 27.500000000000 35 35 35  
GRN G-21 2019-01-01 2,199 476 SL 27.500000000000 80 80 80  
GRN P-04 2019-01-01 3,298 715 SL 27.500000000000 120 120 120  
HEM 1 2019-01-01 727 158 SL 27.500000000000 26 26 26  
HEM 11 2019-01-01 1,746 378 SL 27.500000000000 64 64 64  
HEM 23 2019-01-01 727 158 SL 27.500000000000 26 26 26  
SG H-15 2019-01-01 1,962 425 SL 27.500000000000 71 71 71  
SG S-30 2019-01-01 192 42 SL 27.500000000000 7 7 7  
SG S-34 2019-01-01 4,737 1,026 SL 27.500000000000 172 172 172  
SG S-39 2019-01-01 187 40 SL 27.500000000000 7 7 7  
GRN G-12 2019-01-01 31,505 6,826 SL 27.500000000000 1,146 1,146 1,146  
GRN G-03 2019-01-01 1,285 278 SL 27.500000000000 47 47 47  
HEM 21 2019-01-01 16,105 3,489 SL 27.500000000000 586 586 586  
HEM 20 2019-01-01 16,145 3,498 SL 27.500000000000 587 587 587  
HEM 22 2019-01-01 16,145 3,498 SL 27.500000000000 587 587 587  
BV E-07 2019-01-01 19,469 4,218 SL 27.500000000000 708 708 708  
BV E-19 2019-01-01 28,297 6,131 SL 27.500000000000 1,029 1,029 1,029  
BV F-10 2019-01-01 31,580 6,842 SL 27.500000000000 1,148 1,148 1,148  
CA A-63 2019-01-01 15,331 3,322 SL 27.500000000000 557 557 557  
GRN F-09 2019-01-01 28,759 6,231 SL 27.500000000000 1,046 1,046 1,046  
HEM 25 2019-01-01 26,844 5,816 SL 27.500000000000 976 976 976  
HEM 28 2019-01-01 26,871 5,822 SL 27.500000000000 977 977 977  

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TY 2025 GainLossSaleOtherAssetsSch
Name:
GARDEN HOMES FUND
EIN:
06-1043730
Name Date Acquired How Acquired Date Sold Purchaser Name Gross Sales Price Basis Basis Method Sales Expenses Total (net) Accumulated Depreciation
122 WILTON RD WESTPORT CT 2022-02 PURCHASED 2025-01   152,407   COST 0 152,407  

TY 2025 GeneralExplanationAttachment
Name:
GARDEN HOMES FUND
EIN:
06-1043730
Identifier Return Reference Explanation
TAXPAYER-OWNED CONTROLLING INTERESTS FORM 990-PF, PART V11-A, LINE 11 THE TAXPAYER OWNED A CONTROLLING INTEREST IN THE FOLLOWING ENTITIES:ENTITY NAME AND ADDRESS EIN#SECOND GARDEN PARK LP 06-XXX-XX-XXXX KNAPP STSTAMFORD, CT 06907LIBERTY HOUSING LP 06-XXX-XX-XXXX KNAPP STSTAMFORD, CT 06907GARDEN HOMES MILLGATE LP 26-XXX-XX-XXXX KNAPP STSTAMFORD, CT 06907GARDEN HOMES NKF LP 56-XXX-XX-XXXX KNAPP STSTAMFORD, CT 06907NONE OF THE INVESTMENTS ARE EXCESS BUSINESS HOLDINGS. ALL ARE PASSIVE INVESTMENTS IN REAL ESTATE.THE TAXPAYER ALSO HELD CONTROLLING INTERESTS IN THE FOLLOWING SINGLE MEMBER LLC'S FORMED TO OWN AND OPERATE REAL ESTATE THAT SATIFIES THE SAFE HARBOR UNDER REVENUE PROCEDURE 96-32:269 HOYT STREET LLC N/A 29 KNAPP ST.STAMFORD, CT XXX-XX-XXXX HOPE STREET LLC 86-XXX-XX-XXXX KNAPP ST.STAMFORD, CT 06907122 WILTON ROAD LLC 88-XXX-XX-XXXX KNAPP ST.STAMFORD, CT 06907
PASSIVE ACTIVITY STATEMENT FORM 990-PF, PART XVI-A THE ACTVITIES OF THE GARDEN HOME FUND ARE PASSIVE. THEY CONSIST OF RECEIVING INCOME FROM INVESTMENTS AND DISTRIBUTING SUCH INCOME TO TO OTHER QUALIFIED CHARITABLE ORGANIZATIONS.

TY 2025 InvestmentsLandSchedule2
Name:
GARDEN HOMES FUND
EIN:
06-1043730
Category/ Item Cost/Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
LAND 767,328 0 767,328 0
OTHER 5,607,210 3,518,424 2,088,786 0

TY 2025 InvestmentsOtherSchedule2
Name:
GARDEN HOMES FUND
EIN:
06-1043730
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
INVESTMENTS IN LIMITED PARTNERSHIPS AT COST 13,067,872 41,660,243

TY 2025 LandEtcSchedule2
Name:
GARDEN HOMES FUND
EIN:
06-1043730
Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
LAND 1,000,000 0 1,000,000  
OTHER 5,991,540 480,607 5,510,933  


TY 2025 OtherAssetsSchedule
Name:
GARDEN HOMES FUND
EIN:
06-1043730
Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
PROGRAM RELATED INVESTMENT IN OCA LAND & BLDG 420,064 442,564 442,564
PROGRAM RELATED INVESTMENT IN LAND - NEW CANAAN CT 133,590 1,302,228 1,302,228
PROGRAM RELATED INVESTMENT IN LAND - COMPO RD. WESTPORT CT   1,678,646 1,678,646


TY 2025 OtherExpensesSchedule
Name:
GARDEN HOMES FUND
EIN:
06-1043730
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INSURANCE 12,904 0 12,904 0
BANK FEES 1,797 1,797 0 0
REPAIRS, MAINTENANCE, INSURANCE, OTHER COSTS 1,518,904 1,518,904   0


TY 2025 OtherIncomeSchedule2
Name:
GARDEN HOMES FUND
EIN:
06-1043730
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
GARDEN HOMES VT LP 547,648 547,648  
LIBERTY HOUSING 143,239 143,239  
SECOND GARDEN PARK LP 1,743,827 1,743,827  
GARDEN HOMES NKF LP 186,399 186,399  
LOW INCOME HOUSING REVENUE 273,099   273,099


TY 2025 OtherLiabilitiesSchedule
Name:
GARDEN HOMES FUND
EIN:
06-1043730
Description Beginning of Year - Book Value End of Year - Book Value
SECURITY DEPOSITS 224,580 240,833


TY 2025 OtherProfessionalFeesSchedule
Name:
GARDEN HOMES FUND
EIN:
06-1043730
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
MANAGEMENT FEES - DAVID MARTIN 15,901 0 15,901 0
MANAGEMENT FEES 268,309 268,309   0


TY 2025 TaxesSchedule
Name:
GARDEN HOMES FUND
EIN:
06-1043730
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
EXCISE TAX 50,530 0 0 0
PROPERTY TAXES - AFFORDABLE RENTAL 54,842 0 54,842 0
PROPERTY TAXES 416,845 416,845   0