Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
right arrowDo not enter social security numbers on this form as it may be made public.
right arrowGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2024
Open to Public Inspection
For calendar year 2024, or tax year beginning 10-01-2024 , and ending 09-30-2025
Name of foundation
KELLY FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)2480 NATOMAS PARK DRIVE 150
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
SACRAMENTO, CA95833
A Employer identification number

68-0175739
B Telephone number (see instructions)

(916) 567-2632
C right arrow
G Check all that apply:

D 1. Foreign organizations, check here............. right arrow
2. Foreign organizations meeting the 85%
test, check here and attach computation ... right arrow
E right arrow
H Check type of organization:
F right arrow
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)right arrow$42,747,828J 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) 666,384
2 Check right arrow.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 522,965 522,965  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 727,153
b Gross sales price for all assets on line 6a 1,969,606
7 Capital gain net income (from Part IV, line 2)... 689,592
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
1,286,597 1,238,809  
12 Total. Add lines 1 through 11........ 3,203,099 2,451,366  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 16,778 0   16,778
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
44,500 0   44,500
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
16,950 0   16,950
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
67,918 0   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings....... 2,715 0   2,715
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
16,320 0   16,320
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 165,181 0   97,263
25 Contributions, gifts, grants paid....... 1,994,500 1,994,500
26 Total expenses and disbursements. Add lines 24 and 25 2,159,681 0   2,091,763
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 1,043,418
b Net investment income (if negative, enter -0-) 2,451,366
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2024)
Form 990-PF (2024)
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......... 1,067,724 619,408 619,408
3 Accounts receivable right arrow  
Less: allowance for doubtful accounts right arrow        
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow        
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) right arrow12,615,657
Less: allowance for doubtful accounts right arrow0 11,818,676 Click to see attachment
List of Attached Documents:
// Content
12,615,657 		12,615,657
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........   830 830
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 right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 26,145,844 Click to see attachment
List of Attached Documents:
// Content
29,511,933 		29,511,933
14 Land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
15 Other assets (describe right arrow)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 39,032,244 42,747,828 42,747,828
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................   1,967
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
0 		Click to see attachment
List of Attached Documents:
// Content
148,775
23 Total liabilities (add lines 17 through 22)......... 0 150,742
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here right arrow
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 right arrow
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 39,032,244 42,597,086
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 0 0
29 Total net assets or fund balances (see instructions)..... 39,032,244 42,597,086
30 Total liabilities and net assets/fund balances (see instructions). 39,032,244 42,747,828
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
39,032,244
2
Enter amount from Part I, line 27a .....................
2
1,043,418
3
Other increases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
3
2,751,774
4
Add lines 1, 2, and 3 ..........................
4
42,827,436
5
Decreases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
5
230,350
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
42,597,086
Form 990-PF (2024)
Form 990-PF (2024)
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 INVSC SENIOR LOAN ETF P 2025-01-01 2025-03-26
b INVSC SENIOR LOAN ETF P 2025-01-01 2025-03-24
c INVSC SENIOR LOAN ETF P 2025-01-01 2025-03-24
d INVSC SENIOR LOAN ETF P 2025-01-01 2025-03-21
e INVSC SENIOR LOAN ETF P 2025-01-01 2025-03-20
INVSC SENIOR LOAN ETF P 2025-01-01 2025-03-19
INVSC SENIOR LOAN ETF P 2025-01-01 2025-03-19
INVSC SENIOR LOAN ETF P 2025-01-01 2025-03-10
INVSC SENIOR LOAN ETF P 2025-01-01 2025-03-06
INVSC SENIOR LOAN ETF P 2025-01-01 2025-03-05
INVSC SENIOR LOAN ETF P 2025-01-01 2025-03-05
INVSC SENIOR LOAN ETF P 2025-01-01 2025-03-04
INVSC SENIOR LOAN ETF P 2025-01-01 2025-03-03
INVSC SENIOR LOAN ETF P 2025-01-01 2025-03-03
INVSC SENIOR LOAN ETF P 2025-01-01 2025-02-28
INVSC SENIOR LOAN ETF P 2025-01-01 2025-02-28
INVSC SENIOR LOAN ETF P 2025-01-01 2025-02-27
INVSC SENIOR LOAN ETF P 2025-01-01 2025-02-26
INVSC SENIOR LOAN ETF P 2025-01-01 2025-02-24
SCHWAB US SMALL CAP ETF P 2024-01-01 2025-01-15
DODGE & COX STOCK I P 2024-01-01 2025-01-15
SCHWAB US SMALL CAP ETF P 2024-01-01 2024-10-11
ST/LT CAPITAL GAIN DISTRIBUTIONS P 2025-01-01 2025-09-30
CAPITAL LOSS FROM PARTNERSHIP P 2024-01-01 2025-12-31
(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 20,779   21,050 -271
b 20,769   21,050 -281
c 15,577   15,788 -211
d 26,062   26,313 -251
e 28,063   28,333 -270
26,012   26,381 -369
25,999   26,425 -426
20,859   21,140 -281
26,124   26,425 -301
26,137   26,425 -288
26,124   26,429 -305
30,260   30,660 -400
31,364   31,718 -354
20,909   21,145 -236
31,424   31,711 -287
31,409   31,695 -286
31,409   31,695 -286
31,409   31,695 -286
25,127   25,356 -229
50,018   44,627 5,391
1,350,000   696,376 653,624
18   16 2
73,754     73,754
    37,561 -37,561
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       -271
b       -281
c       -211
d       -251
e       -270
      -369
      -426
      -281
      -301
      -288
      -305
      -400
      -354
      -236
      -287
      -286
      -286
      -286
      -229
      5,391
      653,624
      2
      73,754
      -37,561
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 2 689,592
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 right arrow 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 34,074
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 34,074
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 34,074
6 Credits/Payments:
a 2024 estimated tax payments and 2023 overpayment credited to 2024 6a 31,200
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 12,550
d Backup withholding erroneously withheld .......... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 43,750
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.......right arrow 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10 9,676
11 Enter the amount of line 10 to be: Credited to 2025 estimated taxright arrow9,676 Refundedright arrow 11 0
Form 990-PF (2024)
Form 990-PF (2024)
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. right arrow$ 0(2) On foundation managers.right arrow$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$ 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)
right arrowCA
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 2024 or the taxable year beginning in 2024? 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. Click to see attachment
List of Attached Documents:
// Content
...............................
10
Yes
 
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 addressright arrowKELLYFOUNDATIONSACRAMENTO.ORG
14
The books are in care ofright arrowBEA ANN BARBEE Telephone no.right arrow (916) 567-2632

Located atright arrow2480 NATOMAS PARK DRIVE 150SACRAMENTOCA ZIP+4right arrow95833
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2024, 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 right arrow
Form 990-PF (2024)
Form 990-PF (2024)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
Yes
 
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
No
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
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 2024? .............
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 2024, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2024?....................
2a
 
No
If "Yes," list the years right arrow20, 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.
right arrow20, 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 2024 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 Schedule C, Form 4720, to determine
if the foundation had excess business holdings in 2024.) .....................
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 2024? ..
4b
 
No
Form 990-PF (2024)
Form 990-PF (2024)
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 .........right arrow
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
SHAWN L DEVLIN PRESIDENT
1.00 		0 0 0
2480 NATOMAS PARK DR 150
SACRAMENTO,CA95833
SCOTT G NICHOLS TREASURER
1.50 		12,551 0 0
2480 NATOMAS PARK DR 150
SACRAMENTO,CA95833
BEA ANN BARBEE ASSISTANT TREASURER
1.50 		4,227 0 0
2480 NATOMAS PARK DR 150
SACRAMENTO,CA95833
KATHY BIMSON SECRETARY
3.00 		0 0 0
2480 NATOMAS PARK DR 150
SACRAMENTO,CA95833
GREGORY G KELLY DIRECTOR - EMERITUS
0.15 		0 0 0
2480 NATOMAS PARK DR 150
SACRAMENTO,CA95833
MAX KELLY DIRECTOR
0.30 		0 0 0
2480 NATOMAS PARK DR 150
SACRAMENTO,CA95833
RILEY GARDNER DIRECTOR
0.30 		0 0 0
2480 NATOMAS PARK DR 150
SACRAMENTO,CA95833
ERIC JOHNSON DIRECTOR
0.30 		0 0 0
2480 NATOMAS PARK DR 150
SACRAMENTO,CA95833
JOHN MEZGER DIRECTOR
0.50 		0 0 0
2480 NATOMAS PARK DR 150
SACRAMENTO,CA95833
MICHAEL J NEWELL DIRECTOR
0.30 		0 0 0
2480 NATOMAS PARK DR 150
SACRAMENTO,CA95833
STEPHEN FLEMING DIRECTOR
0.30 		0 0 0
2480 NATOMAS PARK DR 150
SACRAMENTO,CA95833
STEPHEN H JOHANSON DIRECTOR
0.30 		0 0 0
2480 NATOMAS PARK DR 150
SACRAMENTO,CA95833
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...................right arrow 0
Form 990-PF (2024)
Form 990-PF (2024)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
NONE
Total number of others receiving over $50,000 for professional services.............right arrow0
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1  
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................right arrow0
Form 990-PF (2024)
Form 990-PF (2024)
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
25,523,105
b
Average of monthly cash balances.......................
1b
1,326,348
c
Fair market value of all other assets (see instructions)................
1c
14,015,657
d
Total (add lines 1a, b, and c).........................
1d
40,865,110
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
40,865,110
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
612,977
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
40,252,133
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
2,012,607
Part X
Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
1
Minimum investment return from Part IX, line 6..................
1
2,012,607
2a
Tax on investment income for 2024 from Part V, line 5 .......
2a
34,074
b
Income tax for 2024. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
34,074
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
1,978,533
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
1,978,533
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
1,978,533
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, column (d), line 26 ..........
1a
2,091,763
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
2,091,763
Form 990-PF (2024)
Form 990-PF (2024)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2023 		(c)
2023 		(d)
2024
1 Distributable amount for 2024 from Part X, line 7 1,978,533
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only....... 0
b Total for prior years:20 , 20, 20 0
3 Excess distributions carryover, if any, to 2024:
a From 2019......  
b From 2020......  
c From 2021......  
d From 2022......  
e From 2023...... 111,336
f Total of lines 3a through e ........ 111,336
4Qualifying distributions for 2024 from Part
XI, line 4: right arrow$ 2,091,763
a Applied to 2023, 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 2024 distributable amount..... 1,978,533
e Remaining amount distributed out of corpus 113,230
5 Excess distributions carryover applied to 2024. 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 5 224,566
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 2023. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		0
f Undistributed income for 2024. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2025 .......... 		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 2019 not
applied on line 5 or line 7 (see instructions) ... 		0
9 Excess distributions carryover to 2025.
Subtract lines 7 and 8 from line 6a ...... 		224,566
10 Analysis of line 9:
a Excess from 2020....  
b Excess from 2021....  
c Excess from 2022....  
d Excess from 2023.... 111,336
e Excess from 2024.... 113,230
Form 990-PF (2024)
Form 990-PF (2024)
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 2024, enter the date of the ruling ...... right arrow
 
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) 2024 (b) 2023 (c) 2022 (d) 2021
         
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, b, or c 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).)
GREGORY G KELLY
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 right arrow 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, b, c, and d. See instructions
aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
ONLINE SUBMITTAL ONLY - KELLYFOUNDA
2480 NATOMAS PARK DR STE 150
SACRAMENTO,CA95833
(916) 978-4892
INFO@KELLYFOUNDATIONSACRAMENTO.ORG
bThe form in which applications should be submitted and information and materials they should include:
APPLICATIONS ARE PROCESSED THROUGH ONLINE SUBMITTALS ONLY AT KELLYFOUNDATIONSACRAMENTO.ORG. THE APPLICANTS MUST REVIEW THE GUIDELINES AVAILABLE ON THE WEBSITE PRIOR TO SUBMITTING A COMPLETED APPLICATION.
cAny submission deadlines:
THE ANNUAL DEADLINE DATES FOR SUBMISSION ARE OCTOBER 15, JANUARY 15, APRIL 15 AND JULY 15.
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
KELLY FOUNDATION WILL CONSIDER GRANT REQUESTS IN HEALTH AND HUMAN SERVICES, EDUCATION; AND CULTURE AND CIVIC IMPROVMENT. THE FOUNDATION WILL NOT CONSIDER GRANTS TO RELIGIOUS ORGANIZATION FOR EXPLICIT RELIGIOUS ACTIVITIES, AS DISTINGUISHED FROM SOCIAL OR EDUCATIONAL ACTIVITIES; POLITICAL CAMPAIGNS; FRATERNAL ORGANIZATION; LABOR SOCIETIES OR ORDERS; TELEPHONE SOLICITATIONS; AND NATIONAL FUNDRAISING EFFORTS. GUIDELINES FOR RESTRICTIONS OR LIMITATION ON AWARDS ARE AVAILABLE ON THE FOUNDATION'S WEBSITE AT KELLYFOUNDATIONSACRAMENTO.ORG.
Form 990-PF (2024)
Form 990-PF (2024)
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

ALAMEDA COUNTY COMMUNITY FOOD BANK

7900 EDGEWATER DRIVE
OAKLAND,CA94621 		NONE 501C3 FOOD DISTRIBUTION TO ALAMEDA COUNTY FAMILIES 25,000

ALCHEMIST CDC

4625 44TH STREET
SACRAMENTO,CA95820 		NONE 501C3 COMMUNITY FOOD CONNECTIONS 35,000

ALS ASSOC GREATER SACRAMENTO CHAPTER

2717 COTTAGE WAY
SACRAMENTO,CA95825 		NONE 501C3 CAREGIVER SUPPORT 5,000

AMERICAN RED CROSS

1565 EXPOSITION BLVD
SACRAMENTO,CA95815 		NONE 501C3 SO CALIFORNIA WILDFIRE ASSISTANCE 100,000

AMERICAN RIVER PARKWAY FOUNDATION

5700 ARDEN WAY
CARMICHAEL,CA95608 		NONE 501C3 AMERICAN RIVER PARKWAY CONNECT AND OUTREACH PROJECT 10,000

BEST BUDDIES INTERNATIONAL

1900 POINT WEST WAY
SACRAMENTO,CA95815 		NONE 501C3 SACRAMENTO FRIENDSHIP & INCLUSION 10,000

BIG BROTHERS BIG SISTERS OF THE GREATER SACRAMENTO AREA

1750 HOWE AVE
SACRAMENTO,CA95747 		NONE 501C3 PATHWAYS TO POTENTIAL MENTORSHIP PROGRAM 15,000

BREAKTHROUGH SACRAMENTO

1102 Q STREET STE 4800
SACRAMENTO,CA95811 		NONE 501C3 BREAKTHROUGH SACRAMENTO, FISCALLY SPONSORED BY COMMUNITY INITIATIVES 10,000

CALIFORNIA HOMEBUILDING FOUNDATION

1215 K STREET STE 1200
SACRAMENTO,CA95814 		NONE 501C3 SACRAMENTO YOUTH WORKFORCE DEV PROJECT 10,000

CALIFORNIA RICELANDS WATERBIRD FOUNDATION

1231 I STREET
SACRAMENTO,CA95814 		NONE 501C3 CREATING SHOREBIRD HABITAT ON CA RICELANDS THROUGH THE BID4BIRDS PRGM 10,000

CALIFORNIA WATERFOWL ASSOCIATION

1346 BLUE OAKS BLVD
ROSEVILLE,CA95678 		NONE 501C3 EGG SALVAGE PROGRAM 15,000

CANINE COMPANIONS

2965 DUTTON AVENUE
SANTA ROSA,CA95407 		NONE 501C3 PROGRAM SUPPORT IN SACRAMENTO 10,000

CASA EL DORADO

347 MAIN STREET
PLACERVILLE,CA95667 		NONE 501C3 ADVOCATING FOR ABUSED & NEGLECTED CHILDREN IN EL DORADO COUNTY 5,000

CASA OF SACRAMENTO COUNTY

PO BOX 278383
SACRAMENTO,CA95827 		NONE 501C3 SERVING MORE FOSTER YOUTH WITH EARLY ASSIGNMENT PROTOCOL 20,000

CCHAT

11100 COLOMA ROAD
RANCHO CORDOVA,CA95670 		NONE 501C3 LITTLEST LISTENERS 20,000

CHILDREN'S MUSEUM OF SONOMA COUNTY

1835 W STEELE LANE
SANTA ROSA,CA95403 		NONE 501C3 STEAM LEARNING OPPORTUNITIES FOR CHILDREN 20,000

CHILDREN'S RECEIVING HOME OF SACRAMENTO

3555 AUBURN BLVD
SACRAMENTO,CA95821 		NONE 501C3 MENTAL HEALTH SERVICES 20,000

COLLEGE TRACK

2450 ALHAMBRA BLVD
SACRAMENTO,CA95817 		NONE 501C3 EQUIPPING 350 SACRAMENTO SCHOLARS AND EMPOWERING PATHWAYS: ADVANCING COLLEGE SUCCESS & COMMUNITY ENGAGEMENT FOR SACRAMENTO YOUTH 35,000

COMMUNITY SERVICE EDUCATION & RESEARCH FUND

5380 ELVAS AVE
SACRAMENTO,CA95819 		NONE 501C3 2024 FUTURE OF MEDICINE SUMMER PROGRAM 7,500

COTTAGE HOUSING INC

1500 NORTH A STREET
SACRAMENTO,CA95811 		NONE 501C3 IMPACTING THE CAUSAL FACTORS OF HOMELESSNESS BY PROVIDING HEALING "TINY HOME" COMMUNITIES 15,000

CRISTO REY HIGH SCHOOL SACRAMENTO

8475 JACKSON ROAD
SACRAMENTO,CA95826 		NONE 501C3 PREPARING THE FUTURE WORK FORCE 75,000

EASTER SEALS SUPERIOR CALIFORNIA

9812 OLD WINERY PLACE STE 21
SACRAMENTO,CA95827 		NONE 501C3 PEDIATRIC TREADMILL CAMP 35,000

FIRST TEE-GREATER SACRAMENTO

3704 MARCONI AVE STE 1
SACRAMENTO,CA95821 		NONE 501C3 RISE GOLF PROGRAM 15,000

FOOD LITERACY CENTER

401 A MCCLATCHY WAY
SACRAMENTO,CA95818 		NONE 501C3 HANDS ON FOOD LITERACY PROGRAM 5,000

FOSTER YOUTH EDUCATION FUND

2443 FAIR OAKS BLVD 392
SACRAMENTO,CA95825 		NONE 501C3 FOSTER YOUTH EDUCATION FUND ANNUAL SCHOLARSHIPS 15,000

GIGI'S PLAYHOUSE SACRAMENTO

1701 SANTA CLARA DRIVE STE 170
ROSEVILLE,CA95661 		NONE 501C3 EMPOWERING INDIVIDUALS WITH DOWN SYNDROM THROUGH LITERACY 10,000

GIRL SCOUTS HEART OF CENTRAL CALIFORNIA

6601 ELVAS AVE
SACRAMENTO,CA95819 		NONE 501C3 FINANCIAL ASSISTANCE FOR GIRL SCOUTS & FAMILIES 15,000

GOLD COUNTRY WILDLIFE RESCUE

PO BOX 4162
AUBURN,CA95604 		NONE 501C3 ANIMAL CARE 10,000

HABITAT FOR HUMANITY OF GREATER SACRAMENTO

819 NORTH 10TH STREET
SACRAMENTO,CA95811 		NONE 501C3 CITRUS HEIGHTS COMMUNITY REVITALIZATION DEVELOPMENT 125,000

HEADWATERS SCIENCE INSTITUTE

53964 SHERRITT LANE
SODA SPRINGS,CA95728 		NONE 501C3 INTRODUCTION TO RESEARCH OUTDOOR SCHOOL 7,500

HOMERISE

PO BOX 237
SAN FRANCISCO,CA94104 		NONE 501C3 PERMANENT SUPPORTIVE HOUSING SERVICES FOR FORMERLY HOMELESS SF RESIDENTS 50,000

HOPE CENTERS UNITED DBA FOLSOM'S HOPE

1100 BLUE RAVINE ROAD
FOLSOM,CA95630 		NONE 501C3 FOUNDATION FOR THE FUTURE: INVESTING IN HOLISTIC WELL-BEING FOR THE 1ST-12TH GRADE YOUTH & FAMILIES 15,000

HOPE COOPERATIVE

650 HOWE AVE
SACRAMENTO,CA95825 		NONE 501C3 LEARNING THROUGH FOOD 20,000

IMPROVE YOUR TOMORROW

1901 ROYAL OAKS DR
SACRAMENTO,CA95815 		NONE 501C3 FOSTERING HIGHER EDUCATION FOR MEN OF COLOR 25,000

JUMA VENTURES

131 STEUART STREET
SAN FRANCISCO,CA94105 		NONE 501C3 JUMA SACRAMENTO YOUTH CONNECT 7,500

JUNIOR ACHIEVEMENT OF SACRAMENTO

3800 WATT AVE STE 285
SACRAMENTO,CA95821 		NONE 501C3 FUTURE-READY YOUTH 15,000

KEATON'S CHILD CANCER ALLIANCE

2260 DOUGLAS BLVD SUITE 140
ROSEVILLE,CA95661 		NONE 501C3 THRIVING TOGETHER: PUSHING PAST PEDIATRIC CANCER 15,000

KIDSFIRST CHILD ABUSE PREVENTION COUNCIL OF PLACER CO

124 MAIN STREET
ROSEVILLE,CA95678 		NONE 501C3 MENTAL HEALTH ADVOCACY PROJECT 20,000

KVIE INC

2030 W EL CAMINO AVE
SACRAMENTO,CA95833 		NONE 501C3 BE MY NEIGHBOR DAY 15,000

LIFESTEPS

3247 RAMOS CIRCLE
SACRAMENTO,CA95827 		NONE 501C3 SUMMER READING PROGRAM EMPOWERING AT-RISK YOUTH THROUGH LETERACY IN NORTHERN CALIF. 15,000

MAKE IT HAPPEN FOR YOLO COUNTY

PO BOX 982
DAVIS,CA95617 		NONE 501C3 FURNISHING HOMES FOR UNDER-RESOURCED YOUTH AGES 18-24 IN YOLO COUNTY 15,000

MAKE-A-WISH NORTHEASTERN & CENTRAL CALIFORNIA

2800 CLUB CENTER DRIVE
SACRAMENTO,CA95835 		NONE 501C3 GRANTING WISHES ONE AT A TIME 15,000

MEALS ON WHEELS YOLO COUNTY

PO BOX 528
WOODLAND,CA95776 		NONE 501C3 EAT WELL, AGE WELL YOLO COUNTY 10,000

MERCY HOUSING

2512 RIVER PLAZA DRIVE STE 200
SACRAMENTO,CA95833 		NONE 501C3 MERCY HOUSING CALIFORNIA SACRAMENTO RESIDENT SERVICE PROGRAMS 50,000

MUTUAL HOUSING CALIFORNIA

3321 POWER INN ROAD STE 320
SACRAMENTO,CA95826 		NONE 501C3 MUTUAL HOUSING CALIFORNIA AFTER SCHOOL PROGRAM 15,000

NORCAL SERVICES FOR DEAF AND HARD OF HEARING

4708 ROSEVILLE RD 111
NORTH HIGHLANDS,CA95660 		NONE 501C3 CAMP GRIZZLY LEADERSHIP PROGRAM 25,000

NORTH STATE BUILDING INDUSTRY FOUNDATION

1536 EUREKA ROAD
ROSEVILLE,CA95661 		NONE 501C3 OUT OF SCHOOL YOUTH-BUILDING STRONG FUTURES 15,000

PEPPERWOOD FOUNDATION

2130 PEPPERWOOD PRESERVE RD
SANTA ROSA,CA95404 		NONE 501C3 ENVIRONMENTAL EDUCATION & CAREER EXPLORATION 20,000

PRIDE INDUSTRIES

10030 FOOTHILLS BOULEVARD
ROSEVILLE,CA95747 		NONE 501C3 YES! (YOUTH EMPLOYMENT SERVICES) 15,000

PROJECT ACCESS INC

2100 WEST ORANGEWOOD AVE STE 230
ORANGE,CA92868 		NONE 501C3 EDUCATION FOR YOUTH & FAMILIES IN SACRAMENTO 10,000

REDWOOD EMPIRE FOOD BANK

3390 BRICKWAY BLVD
SANTA ROSA,CA95403 		NONE 501C3 FIGHTING FOOD INSECURITY IN SONOMA COUNTY 15,000

RIVER CITY FOOD BANK

1800 28TH STREET
SACRAMENTO,CA95816 		NONE 501C3 EMERGENCY FOOD DISTRIBUTION - FOOD FOR ALL 45,000

RUNNIN' FOR RHETT

5117 WORCESTER WAY
ELK GROVE,CA95758 		NONE 501C3 YOUTH FITNESS PROGRAM 10,000

SACRAMENTO CHILDREN'S HOME

2750 SUTTERVILLE ROAD
SACRAMENTO,CA95820 		NONE 501C3 CRISIS NURSERY PROGRAM 75,000

SACRAMENTO FOOD BANK & FAMILY SERVICES

1951 BELL AVE
SACRAMENTO,CA95838 		NONE 501C3 EQUIPMENT TO INCREASE ACCESS TO HEALTHY FOOD 25,000

SACRAMENTO LIFE CENTER

2316 BELL EXECUTIVE LANE
SACRAMENTO,CA95825 		NONE 501C3 MEETING CRITICAL MEDICAL NEEDS OF LOW INCOME PREGNANT WOMEN AND NEW MOMS 10,000

SACRAMENTO LITERACY FOUNDATION

2901 K STREET
SACRAMENTO,CA95816 		NONE 501C3 DIVERSE, HIGH-QUALITY BOOK GIVEAWAY 20,000

SACRAMENTO LOAVES & FISHES

1351 NORTH C STREET
SACRAMENTO,CA95811 		NONE 501C3 GENESIS MENTAL HEALTH CLINIC FOR UNHOUSED PEOPLE 20,000

SACRAMENTO REGIONAL FAMILY JUSTICE CENTER FOUNDATION

3701 POWER INN ROAD SUITE 3100
SACRAMENTO,CA95826 		NONE 501C3 CAMP HOPE 75,000

SACRAMENTO SPCA

6201 FLORIN PERKINS RD
SACRAMENTO,CA95828 		NONE 501C3 PAW PANTRY 10,000

SACRAMENTO VALLEY CONSERVANCY

1851 HERITAGE LANE STE 155
SACRAMENTO,CA95815 		NONE 501C3 CAMP POLLOCK LODGE IMPROVEMENTS TO ENHANCE COMM ENGAGEMENT 15,000

SAINT JOHN'S PROGRAM FOR REAL CHANGE

2443 FAIR OAKS BLVD 369
SACRAMENTO,CA95825 		NONE 501C3 AFFORDABLE HOUSING & HOUSING PLACEMENT SERVICES FOR HOMELESS WOMEN & CHILDREN 20,000

SHINE TOGETHER INCSOBRATO CENTER FOR NONPROFITS

508 VALLEY WAY
MILPITAS,CA95035 		NONE 501C3 SHINE SACRAMENTO PROGRAM 25,000

SIERRA FOREVER FAMILIES

8912 VOLUNTEER LANE SUITE 100
SACRAMENTO,CA95826 		NONE 501C3 WONDER MENTORING PRGM & LIFELINE FUND 20,000

SIERRA NEVADA JOURNEYS

190 EASY LIBERTY STREET
RENO,NV89501 		NONE 501C3 CLASSROOMS UNLEASHED-WATERSHED EDUCATION INITIATIVE & FAMILY STEM NIGHTS 15,000

SOCIETY FOR THE BLIND

1238 S STREET
SACRAMENTO,CA95811 		NONE 501C3 CAREERSPLUS YOUTH PROGRAM 25,000

SOCIETY OF ST VINCENT DE PAUL

3159 LAND PARK DR
SACRAMENTO,CA95818 		NONE 501C3 TRANSITION TO PERMANENT HOUSING SOLUTIONS (TPHS) 10,000

SOIL BORN FARMS

2140 CHASE DRIVE
RANCHO CORDOVA,CA95670 		NONE 501C3 COMMUNITY FARM EMERGENCY RELIEF FUNDING 15,000

SONOMA COUNTY REGIONAL PARKS FOUNDATION

2300 COUNTY CENTER DR STE 120A
SANTA ROSA,CA95403 		NONE 501C3 YES! (YOUTH EXPLORING SONOMA) 10,000

SPECIAL OLYMPICS NORTHERN CALIFORNIA INC

1401 HALYARD DRIVE STE 100
WEST SACRAMENTO,CA95691 		NONE 501C3 SPECIAL OLYMPICS SACRAMENTO ATHLETES & SCHOOL PROGRAM 15,000

STANFORD SETTLEMENT INC

450 W EL CAMINO AVE
SACRAMENTO,CA95833 		NONE 501C3 TEEN CENTER 15,000

TEACH FOR AMERICA CALIFORNIA CAPITAL VALLEY

400 CAPITOL MALL STE 900
SACRAMENTO,CA95814 		NONE 501C3 2025 SUMMER READING CAMP PROGRAM 15,000

THE CLIMATE CENTER

1275 4TH STREET 191
SANTA ROSA,CA95404 		NONE 501C3 ENGAGING DIVERSE STAKEHOLDERS TO ACCELERATE RESPONSIBLE CO2 REMOVAL 20,000

TLCS INC DBA HOPE COOPERATIVE

650 HOWE AVE 400A
SACRAMENTO,CA95825 		NONE 501C3 WASH FOR WELLNESS: PROMOTING HEALTH, DIGNITY & CONFIDENCE 25,000

TULEYOME

622 MAIN STREET
WOODLAND,CA95695 		NONE 501C3 TULEYOME ADVENTRUES EDUCATION PGM 5,000

UCP OF SACRAMENTO AND NORTHERN CALIFORNIA

4350 AUBURN BOULEVARD
SACRAMENTO,CA95841 		NONE 501C3 ACCESSIBLE EXPERIENCES FOR INDIVIDUALS WITH DISABILITES 10,000

WELLSPRING WOMEN'S CENTER

3414 4TH AVE
SACRAMENTO,CA95817 		NONE 501C3 FOOD EQUITY FOR MARGINALIZED WOMEN AND CHILDREN 7,000

WESTERN RIVERS CONSERVANCY

71 SW OAK STREET STE 100
PORTLAND,OR97204 		NONE 501C3 SO. FORK GUALALA RIVER CONSERVING & RESTORING REDWOOOD FORESTS 25,000

WOMENS EMPOWERMENT

1590 NORTH A STREET
SACRAMENTO,CA95811 		NONE 501C3 EMPOWERING UNHOUSED WOMEN TO FIND HOMES & JOBS 70,000

YOLO BASIN FOUNDATION

PO BOX 943
DAVIS,CA95617 		NONE 501C3 DISCOVER THE FLYWAY SCHOOL FIELD TRIP PGM CONNECTS CHILDREN TO NATURE 15,000

YOLO CRISIS NURSERY INC

1107 KENNEDY PLACE SUITE 5
DAVIS,CA95616 		NONE 501C3 SAFE STAYS & WRAPAROUND SERVICES 25,000

YOLO FOOD BANK

233 HARTER AVE
WOODLAND,CA95776 		NONE 501C3 RICE & PROTEIN PROGRAM 175,000

YOLO HOSPICE

1909 GALILEO COURT SUITE A
DAVIS,CA95618 		NONE 501C3 YOLOCARES FOR KIDS: PEER2PEER GRIEF GROUPS 15,000
Total .................................right arrow 3a 1,994,500
bApproved for future payment
Total ................................. right arrow 3b 0
Form 990-PF (2024)
Form 990-PF (2024)
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 ....     14 522,965  
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 1,286,597  
8 Gain or (loss) from sales of assets other than
inventory ............ 		    18 727,153  
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 2,536,715 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
2,536,715
(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 (2024)
Form 990-PF (2024)
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.
right arrow right arrow
May the IRS discuss this return
with the preparer shown below?
See instructions.
Signature of officer or trustee Date Title
Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date Check if self-
employed right arrow		 PTIN
Firm's name Right Arrow
 Firm's EIN Right Arrow
Firm's address Right Arrow


 Phone no.
Form 990-PF (2024)
Additional Data


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description
Schedule B
(Form 990)
(Rev. January 2025)
Department of the Treasury
Internal Revenue Service
Schedule of Contributors

right arrow Attach to Form 990, 990-EZ, or 990-PF.
right arrow Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
Name of the organization
KELLY FOUNDATION
 
Employer identification number

68-0175739
Organization type (check one):
Filers of:
Section:
Form 990 or 990-EZ
501(c)( ) (enter number) organization

4947(a)(1) nonexempt charitable trust not treated as a private foundation

527 political organization


Form 990-PF
501(c)(3) exempt private foundation

4947(a)(1) nonexempt charitable trust treated as a private foundation

501(c)(3) taxable private foundation
Check if your organization is covered by the General Rule or a Special Rule.  
Note:  Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
General Rule
For an organization filing Form 990, 990-EZ, or 990-PF that received, during the year, contributions totaling $5,000 or more (in money or other property) from any one contributor. Complete Parts I and II. See instructions for determining a contributor's total contributions.
Special Rules
For an organization described in section 501(c)(3) filing Form 990 or 990-EZ that met the 331/3% support test of the regulations
under sections 509(a)(1) and 170(b)(1)(A)(vi), that checked Schedule A (Form 990 or 990-EZ), Part II, line 13, 16a, or 16b, and that received from any one contributor, during the year, total contributions of the greater of (1) $5,000 or (2) 2% of the amount on (i) Form 990, Part VIII, line 1h, or (ii) Form 990-EZ, line 1. Complete Parts I and II.
For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, total contributions of more than $1,000 exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals. Complete Parts I, II, and III.
For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, contributions exclusively for religious, charitable, etc., purposes, but no such contributions totaled more than $1,000. If this box is checked, enter here the total contributions that were received during the year for an exclusively religious, charitable, etc., purpose. Don't complete any of the parts unless the General Rule applies to this organization because it received nonexclusively religious, charitable, etc., contributions totaling $5,000 or more during the year ......... Right Arrow $  
Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).
For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.
Cat. No. 30613XSchedule B (Form 990) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 1-2025) Page 2
Name of organization
KELLY FOUNDATION
  		Employer identification number
68-0175739
Part I
Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
1
RIVER CITY BANK
2480 NATOMAS PARK DR 150
 
SACRAMENTO, CA95833

$ 375,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
2
THE JON S KELLY CHARITABLE LEAD TRU
44897 N EL MACERO DR
 
EL MACERO, CA95618

$ 291,384


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
Schedule B (Form 990) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 1-2025)
Page 3
Name of organization
KELLY FOUNDATION
  		Employer identification number

68-0175739
Part II
Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
Schedule B (Form 990) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 1-2025)
Page 4
Name of organization
KELLY FOUNDATION
  		Employer identification number

68-0175739
Part III
Exclusively religious, charitable, etc., contributions to organizations described in section 501(c) (7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $  
Use duplicate copies of Part III if additional space is needed.
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
Schedule B (Form 990) (Rev. 1-2025)
Additional Data


Software ID:  
Software Version:  

TY 2024 AccountingFeesSchedule
Name:
KELLY FOUNDATION
EIN:
68-0175739
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING FEES 44,500 0   44,500

TY 2024 GeneralExplanationAttachment
Name:
KELLY FOUNDATION
EIN:
68-0175739
Identifier Return Reference Explanation
FMV OF GIFT NOTE RECEIVABLE FORM 990-PF PART II LINE 7 EXPLANATION BORROWER'S NAME FMV OF GIFT DATE OF GIFTJON S. KELLY 2019 IRREVOCABLE TRUST 3,267,000.00 1/1/2021 CPLT HOLDINGS 622,000.00 1/1/2021RILEY GARDNER 309,000.00 1/1/2021STEPHEN FLEMING 619,000.00 1/1/2021G.G. KELLY LLC 4,013,000.00 1/1/2021

TY 2024 InvestmentsOtherSchedule2
Name:
KELLY FOUNDATION
EIN:
68-0175739
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
CHARLES SCHWAB FMV 28,311,933 28,311,933
MONETA FUND AT COST 1,200,000 1,200,000

TY 2024 OtherDecreasesSchedule
Name:
KELLY FOUNDATION
EIN:
68-0175739
Description Amount
PRIOR PERIOD ADJUSTMENT 230,350


TY 2024 OtherExpensesSchedule
Name:
KELLY FOUNDATION
EIN:
68-0175739
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
DUES AND SUBSCRIPTIONS 3,629 0   3,629
INSURANCE 1,425 0   1,425
WEBSITE EXPENSE 11,032 0   11,032
FILING FEE 220 0   220
OFFICE SUPPLIES 14 0   14


TY 2024 OtherIncomeSchedule2
Name:
KELLY FOUNDATION
EIN:
68-0175739
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
NOTE RECEIVABLE DISCOUNT AMORTIZATION 797,021 797,021 797,021
INTEREST INCOME ON NOTES RECEIVABLE 489,576 489,576 489,576
PARTNERSHIP NET INCOME   -47,788  


TY 2024 OtherIncreasesSchedule
Name:
KELLY FOUNDATION
EIN:
68-0175739
Description Amount
UNREALIZED GAIN ON INVESTMENTS 2,751,774


TY 2024 OtherLiabilitiesSchedule
Name:
KELLY FOUNDATION
EIN:
68-0175739
Description Beginning of Year - Book Value End of Year - Book Value
DEFERRED TAX LIABILITY 0 148,775


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

TY 2024 OtherNotesLoansRcvblLongSch
Name:
KELLY FOUNDATION
EIN:
68-0175739

Borrower's Name Relationship to Insider Original Amount of Loan Balance Due Date of Note Maturity Date Repayment Terms Interest Rate Security Provided by Borrower Purpose of Loan Description of Lender Consideration Consideration FMV
JON S KELLY 2019 IRRV TRUST TRUSTEE IS DIRECTOR 5,247,793 4,481,035 2021-01 2028-09 INT ANNUALLY; PRINC DUE AT MATURITY 151.0000000000 % UNSECURED CHARITABLE GIFT OF EXISTING PROMISSORY NOTE FROM JON S. KELLY TRUST ESTATE NA - GIFT BY ESTATE 0
CPLT HOLDINGS NONE 1,000,000 853,677 2021-01 2028-09 INT ANNUALLY; PRINC DUE AT MATURITY 151.0000000000 % UNSECURED CHARITABLE GIFT OF EXISTING PROMISSORY NOTE FROM JON S. KELLY TRUST ESTATE NA - GIFT BY ESTATE 0
RILEY GARDNER DIRECTOR 499,890 424,752 2021-01 2028-10 INT ANNUALLY; PRINC DUE AT MATURITY 151.0000000000 % UNSECURED CHARITABLE GIFT OF EXISTING PROMISSORY NOTE FROM JON S. KELLY TRUST ESTATE NA - GIFT BY ESTATE 0
STEPHEN FLEMING DIRECTOR 999,970 850,014 2021-01 2028-10 INT ANNUALLY; PRINC DUE AT MATURITY 151.0000000000 % UNSECURED CHARITABLE GIFT OF EXISTING PROMISSORY NOTE FROM JON S. KELLY TRUST ESTATE NA - GIFT BY ESTATE 0
GG KELLY LLC LLC OWNED BY DIRECTOR 7,649,677 6,006,179 2021-01 2029-08 INT QUARTERLY; PRINC AT MATURITY; 3 MON LIBOR 0 % UNSECURED CHARITABLE GIFT OF EXISTING PROMISSORY NOTE FROM JON S. KELLY TRUST ESTATE NA - GIFT BY ESTATE 0

TY 2024 OtherProfessionalFeesSchedule
Name:
KELLY FOUNDATION
EIN:
68-0175739
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
PROFESSIONAL FEES 16,950 0   16,950


TY 2024 SubstantialContributorsSch
Name:
KELLY FOUNDATION
EIN:
68-0175739
Name Address
JON S KELLY TRUST ESTATE
  		2480 NATOMAS PARK DR 150
SACRAMENTO,CA95833


TY 2024 TaxesSchedule
Name:
KELLY FOUNDATION
EIN:
68-0175739
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FEDERAL TAXES 29,668 0   0
DEFERRED TAX EXPENSE 38,250 0   0