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
THE MORGAN E CLINE PERPETUAL
CHARITABLE FOUNDATION
Number and street (or P.O. box number if mail is not delivered to street address) 217 N 13TH ST
  Room/suite
City or town
CENTERVILLE
State or province
IA
Country  
ZIP or foreign postal code
52544
A Employer identification number

47-7016421
B Telephone number (see instructions)

6414371025
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)$15,957,081J 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) 10,000
2 Check .................
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 413,222 413,222  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 449,336
b Gross sales price for all assets on line 6a 5,383,262
7 Capital gain net income (from Part IV, line 2)... 445,907
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances 715,402
b Less: Cost of goods sold.... 261,602
c Gross profit or (loss) (attach schedule)..... 453,800 453,800
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
606,225 0 589,176
12 Total. Add lines 1 through 11........ 1,932,583 859,129 1,042,976
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 193,580 20,358 0 172,531
14 Other employee salaries and wages...... 649,794 0 312,945 332,468
15 Pension plans, employee benefits....... 97,931 0 82,626 6,172
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
56,780 0 38,817 18,454
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
146,356 51,133 27,813 52,667
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
51,767 0 27,640 0
19 Depreciation (attach schedule) and depletion... 169,997 0 169,997
20 Occupancy.............. 102,813 0 65,992 47,999
21 Travel, conferences, and meetings....... 325 0 325 0
22 Printing and publications.......... 1,748 0 1,657 91
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
327,304 0 315,164 14,755
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 1,798,395 71,491 1,042,976 645,137
25 Contributions, gifts, grants paid....... 182,000 182,000
26 Total expenses and disbursements. Add lines 24 and 25 ................ 1,980,395 71,491 1,042,976 827,137
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -47,812
b Net investment income (if negative, enter -0-) 787,638
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............. 247,690 242,476 242,476
2 Savings and temporary cash investments......... 378,403 198,759 198,759
3 Accounts receivable 53,754
Less: allowance for doubtful accounts   58,172 53,754 53,754
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) 311,174
Less: allowance for doubtful accounts 0 318,730 311,174 311,174
8 Inventories for sale or use.............. 20,594 20,594 20,594
9 Prepaid expenses and deferred charges.......... 6,673 2,623 2,623
10a Investments—U.S. and state government obligations (attach schedule) 1,299,446 Click to see attachment
List of Attached Documents:
// Content
1,144,766 		1,144,766
b Investments—corporate stock (attach schedule)....... 7,031,489 Click to see attachment
List of Attached Documents:
// Content
8,139,268 		8,139,268
c Investments—corporate bonds (attach schedule)....... 3,242,234 Click to see attachment
List of Attached Documents:
// Content
3,623,654 		3,623,654
11 Investments—land, buildings, and equipment: basis  
Less: accumulated depreciation (attach schedule)        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........      
14 Land, buildings, and equipment: basis 3,226,973
Less: accumulated depreciation (attach schedule) 1,006,960 2,406,505 Click to see attachment
List of Attached Documents:
// Content
2,220,013 		2,220,013
15 Other assets (describe )      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 15,009,936 15,957,081 15,957,081
Liabilities 17 Accounts payable and accrued expenses.......... 121,118 172,577
18 Grants payable.................    
19 Deferred revenue................. 11,647 11,782
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe )    
23 Total liabilities (add lines 17 through 22)......... 132,765 184,359
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........... 14,877,171 15,772,722
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........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds    
29 Total net assets or fund balances (see instructions)..... 14,877,171 15,772,722
30 Total liabilities and net assets/fund balances (see instructions). 15,009,936 15,957,081
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
14,877,171
2
Enter amount from Part I, line 27a .....................
2
-47,812
3
Other increases not included in line 2 (itemize) Click to see attachment
List of Attached Documents:
// Content
3
943,363
4
Add lines 1, 2, and 3 ..........................
4
15,772,722
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
15,772,722
Form 990-PF (2025)
Form 990-PF (2025)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a PUBLICLY TRADED SECURITIES      
b LOSS OF FIXED ASSETS P    
c
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 5,383,262   4,796,499 586,763
b     140,856 -140,856
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       586,763
b       -140,856
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 2 445,907
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 10,948
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 10,948
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 10,948
6 Credits/Payments:
a 2025 estimated tax payments and 2024 overpayment credited to 2025 6a 14,934
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld .......... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 14,934
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 0
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 3,986
11 Enter the amount of line 10 to be: Credited to 2026 estimated tax3,986 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)
IA
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 addressMORGANCLINEFOUNDATION.ORG
14
The books are in care ofALISON FRASER Telephone no. (641) 437-1025

Located at217 N 13TH STCENTERVILLEIA ZIP+452544
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)
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 ........
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
ALISON FRASER CEO
40.00 		149,122 4,458 0
217 N 13TH ST
CENTERVILLE,IA52544
BILL BUSS CHAIR
2.00 		5,000 0 0
217 N 13TH ST
CENTERVILLE,IA52544
JEFF YOUNG VICE-CHAIR
2.00 		0 0 0
217 N 13TH ST
CENTERVILLE,IA52544
ANN YOUNG SECRETARY
2.00 		5,000 0 0
217 N 13TH ST
CENTERVILLE,IA52544
JERRY KIRKPATRICK TREASURER
2.00 		5,000 0 0
217 N 13TH ST
CENTERVILLE,IA52544
THE IOWA TRUST AND SAVINGS BANK CORPORATE TRUSTEE
2.00 		5,000 0 0
217 N 13TH ST
CENTERVILLE,IA52544
MARIJO ALLEN TRUSTEE
2.00 		5,000 0 0
217 N 13TH ST
CENTERVILLE,IA52544
JOHN SCHMIDT TRUSTEE
2.00 		5,000 0 0
217 N 13TH ST
CENTERVILLE,IA52544
JUSTIN ZAPITUL TRUSTEE
2.00 		5,000 0 0
217 N 13TH ST
CENTERVILLE,IA52544
MIKE CRAVER TRUSTEE
2.00 		5,000 0 0
217 N 13TH ST
CENTERVILLE,IA52544
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
LINDSEY VARESE KITCHEN MANAGER
40.00 		63,266 1,883 0
217 N 13TH ST
CENTERVILLE,IA52544
PENNY EXLINE FRONT DESK MANAGER
40.00 		61,752 1,838 0
217 N 13TH ST
CENTERVILLE,IA52544
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
MARTIN BROTHERS FOOD AND SUPPLIES FOR RESALE 115,791
406 VIKING ROAD PO BOX 69
CEDAR FALLS,IA50613
PERFORMANCE FOODSERVICE FOOD AND SUPPLIES FOR RESALE 87,310
4100 44TH AVE SW
CEDAR RAPIDS,IA52406
CHRISTNER CONTRACTING GENERAL CONTRACTOR FOR RENOVATION 75,802
17587 HWY 34
OTTUMWA,IA52501
COMMERCIAL RESOURCES INC ACCOUNTING AND HUMAN RESOURCES 67,925
15703 HWY J29
CENTERVILLE,IA52544
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 FOSTERING VIABLE AND THRIVING COMMUNITIES IN AND AROUND APPANOOSE COUNTY, IOWA BY COLLABORATING TO PROVIDE RESOURCES AND PROFESSIONAL SUPPORT. OPERATIONS IN 2025 INCLUDED, THE OPERATIONS OF THE CONTINENTAL HOTEL AND THE MAJESTIC THEATER BOTH OF WHICH ARE LOCATED IN APPANOOSE COUNTY, IOWA AND WERE OPERATED AS OUTLINED IN THE WILL OF MORGAN E. CLINE AND THE FORM 1023 APPLICATION. 1,042,976
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................0
Form 990-PF (2025)
Form 990-PF (2025)
Page 8
Part IX
Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
1
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:
a
Average monthly fair market value of securities...................
1a
12,122,025
b
Average of monthly cash balances.......................
1b
449,392
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, 1b, and 1c).......................
1d
12,571,417
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
12,571,417
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
188,571
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
12,382,846
6
Minimum investment return. Enter 5% (0.05) of line 5 ................
6
619,142
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
619,142
2a
Tax on investment income for 2025 from Part V, line 5 .......
2a
10,948
b
Income tax for 2025. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
10,948
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
608,194
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
608,194
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
608,194
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
827,137
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
827,137
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 7 608,194
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...... 97,965
b From 2021...... 299,639
c From 2022...... 232,362
d From 2023...... 356,101
e From 2024...... 135,077
f Total of lines 3a through e ........ 1,121,144
4Qualifying distributions for 2025 from Part
XI, line 4: $ 827,137
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..... 608,194
e Remaining amount distributed out of corpus 218,943
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 1,340,087
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) ... 		97,965
9 Excess distributions carryover to 2026.
Subtract lines 7 and 8 from line 6a ...... 		1,242,122
10 Analysis of line 9:
a Excess from 2021 .... 299,639
b Excess from 2022 .... 232,362
c Excess from 2023 .... 356,101
d Excess from 2024 .... 135,077
e Excess from 2025 .... 218,943
Form 990-PF (2025)
Form 990-PF (2025)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2025, enter the date of the ruling ......
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2025 (b) 2024 (c) 2023 (d) 2022
         
b 85% (0.85) of line 2a .......          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, 3b, or 3c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, 2b, 2c, and 2d. See instructions
aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
ALISON FRASER
217 N 13TH ST
CENTERVILLE,IA52544
(641) 437-1025
bThe form in which applications should be submitted and information and materials they should include:
THE MORGAN E. CLINE FOUNDATION FUNDS CHARITABLE PROJECTS IN AND AROUND APPANOOSE COUNTY IN OUR FOUR AREAS OF FOCUS: COMMUNITY AND ECONOMIC DEVELOPMENT, HISTORIC PRESERVATION AND REDEVELOPMENT, SENIORS AND HEALTHCARE, AND CULTURE AND THE ARTS. FUNDING IS AWARDED ANNUALLY, WITH A CALL FOR LETTERS OF INQUIRY GOING OUT TYPICALLY IN AUGUST EACH YEAR.
cAny submission deadlines:
THERE ARE NO SUBMISSION DEADLINES AT THIS TIME.
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
ANY GRANT AWARDED WILL REQUIRE AN ACKNOWLEDGEMENT FROM THE RECIPIENT THAT THE FUNDS WILL BE USED EXCLUSIVELY FOR CHARITABLE PURPOSES. EACH RECIPIENT WILL BE REQUIRED TO SUBMIT PROOF OF 501(C)(3) EXEMPT STATUS. IT IS INTENDED THAT AWARDEE ORGANIZATIONS BE LOCATED IN AND AROUND APPANOOSE COUNTY, IOWA. WE SUPPORT ORGANIZATIONS WITH: 501(C)(3) STATUS THAT ARE ALSO 509(A)(1) OR 509(A)(2) PUBLIC CHARITIES. CHURCHES, HOSPITALS, SCHOOLS, OR GOVERNMENTAL AGENCIES LIKE FIRE DEPARTMENTS OR PUBLIC LIBRARIES UNDERTAKING CHARITABLE ACTIVITIES OR TAX EXEMPT ORGANIZATIONS THAT ARE 509(A)(3) ORGANIZATIONS. AS SPECIAL RULES APPLY TO SOME OF THESE TYPES OF ORGANIZATIONS, IT IS IMPORTANT THAT THEY CONTACT THE FOUNDATION TO LEARN MORE ABOUT THEIR ELIGIBILITY.
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

CITY OF EXLINE

PO BOX 101
EXLINE,IA52555 		    CEMETERY MAINTENANCE 1,000

INDIAN HILLS COMMUNITY COLLEGE FOUNDATION

525 GRANDVIEW AVE
OTTUMWA,IA52501 		    CONSTRUCTION OF NEW FACILITY 100,000

RATHBUN LAKE YMCA

708 S MAIN ST
CENTERVILLE,IA52544 		    FACILITY IMPROVEMENTS 80,000

FUREVER FRIENDS RESCUE OF APPANOOSE INC

19507 HWY 2
CENTERVILLE,IA52544 		    CHARITABLE OPERATIONS 500

THE LORD'S CUPBOARD

417 N 12TH ST
CENTERVILLE,IA52544 		    CHARITABLE OPERATIONS 500
Total ................................. 3a 182,000
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
aNON-INVESTMENT RENTAL INCOME         606,012
bOTHER INCOME         213
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 ....     14 413,222  
5 Net rental income or (loss) from real estate:
aDebt-financed property......          
bNot debt-financed property.....          
6 Net rental income or (loss) from personal property          
7 Other investment income .....          
8 Gain or (loss) from sales of assets other than
inventory ............ 		    18 449,336  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory         453,800
11 Other revenue:
a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. 0 862,558 1,060,025
13Total. Add line 12, columns (b), (d), and (e)..................
13
1,922,583
(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 NON-DEBT FINANCED RENTAL TO SUPPORT ECONOMICALLY DEPRESSED AREA SERVED
1B NON-DEBT FINANCED RENTAL TO SUPPORT ECONOMICALLY DEPRESSED AREA SERVED
10 INVENTORY SALES TO SUPPORT ECONOMICALLY DEPRESSED AREA SERVED
1C RESTAURANT SALES AND TIPS TO COMMISSION
Form 990-PF (2025)
Form 990-PF (2025)
Page 13
Part XVI
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
1
Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
Yes
No
a
Transfers from the reporting foundation to a noncharitable exempt organization of:
(1) Cash...................................
1a(1)
 
No
(2) Other assets.................................
1a(2)
 
No
b
Other transactions:
(1) Sales of assets to a noncharitable exempt organization....................
1b(1)
 
No
(2) Purchases of assets from a noncharitable exempt organization..................
1b(2)
 
No
(3) Rental of facilities, equipment, or other assets.......................
1b(3)
 
No
(4) Reimbursement arrangements...........................
1b(4)
 
No
(5) Loans or loan guarantees.............................
1b(5)
 
No
(6) Performance of services or membership or fundraising solicitations................
1b(6)
 
No
c
Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
1c
 
No
d
If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
(a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
2a
Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
b
If "Yes," complete the following schedule.

(a) Name of organization (b) Type of organization (c) Description of relationship
Sign Here
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
May the IRS discuss this return
with the preparer shown below?
See instructions.
Signature of officer or trustee Date Title
Paid Preparer Use Only Preparer's name Preparer's Signature Date Check if self-
employed 		PTIN
Firm's name
Firm's EIN
Firm's address


Phone no.
Form 990-PF (2025)
Additional Data


Software ID:  
Software Version:  


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

Attach to Form 990, 990-EZ, or 990-PF.
Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
Name of the organization
THE MORGAN E CLINE PERPETUAL
CHARITABLE FOUNDATION
Employer identification number

47-7016421
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 ......... $  
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. 2025) Page 2
Name of organization
THE MORGAN E CLINE PERPETUAL
CHARITABLE FOUNDATION 		Employer identification number
47-7016421
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
APPANOOSE COUNTY TOURISM
 
128 N 12TH ST
 
CENTERVILLE, IA52544

$ 10,000


(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.)
(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
THE MORGAN E CLINE PERPETUAL
CHARITABLE FOUNDATION 		Employer identification number

47-7016421
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
THE MORGAN E CLINE PERPETUAL
CHARITABLE FOUNDATION 		Employer identification number

47-7016421
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 2025 AccountingFeesSchedule
Name:
THE MORGAN E CLINE PERPETUAL
 
CHARITABLE FOUNDATION
EIN:
47-7016421
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING FEES 56,780 0 38,817 18,454

TY 2025 InvestmentsCorpBondsSchedule
Name:
THE MORGAN E CLINE PERPETUAL
 
CHARITABLE FOUNDATION
EIN:
47-7016421
Name of Bond End of Year Book Value End of Year Fair Market Value
ALTRIA GROUP INC 5.8% 14 FEB 2039 100000 SHS 103,290 103,290
AMERICAN AIRLINES 2015-1 CLASS A PASS THROU 23704.29 SHS 23,397 23,397
BANK OF AMERICA CORP VARIABLE 3.846% 08 MAR 100000 SHS 94,174 94,174
BROADCOM INC 2.45% 15 FEB 2031 75000 SHS 68,601 68,601
CABOT CORP 3.4% 15 SEP 2026 100000 SHS 99,387 99,387
CONAGRA BRANDS INC 7.125% 01 OCT 2026 75000 SHS 76,575 76,575
CONOCOPHILLIPS 4.3% 15 AUG 2028 50000 SHS 50,201 50,201
ESSENT GROUP LTD 6.25% 01 JUL 2029 100000 SHS 104,434 104,434
FANNIE MAE POOL FN AL7890 3.5% 01 DEC 2045 28232.66 SHS 26,810 26,810
FANNIE MAE POOL FN AL8468 4% 01 APR 2046 21432.67 SHS 20,774 20,774
FANNIE MAE POOL FN AS5378 4% 01 JUL 2045 16869.99 SHS 16,326 16,326
FANNIE MAE POOL FN AS6815 3% 01 MAR 2046 13703.36 SHS 12,482 12,482
FANNIE MAE POOL FN AS9339 3.5% 01 MAR 2032 14304.94 SHS 14,168 14,168
FANNIE MAE POOL FN AV0703 4% 01 DEC 2043 11889.04 SHS 11,613 11,613
FANNIE MAE POOL FN CA1545 4% 01 APR 2048 17951.87 SHS 17,349 17,349
FANNIE MAE POOL FN CB9650 5% 01 DEC 2054 228795.37 SHS 232,667 232,667
FANNIE MAE POOL FN MA1770 4.5% 01 FEB 2044 15399.73 SHS 15,378 15,378
FANNIE MAE POOL FN MA4978 5% 01 APR 2053 640527.08 SHS 641,315 641,315
FANNIE MAE POOL FN MA5247 6% 01 JAN 2054 202020.65 SHS 207,722 207,722
FEDERAL NATIONAL MORTGAGE ASSOCIATION 6.25% 40000 SHS 43,331 43,331
FLOWERS FOODS INC 3.5% 01 OCT 2026 50000 SHS 49,740 49,740
FOX CORP 6.5% 13 OCT 2033 100000 SHS 110,239 110,239
FREDDIE MAC GOLD POOL FG G08737 3% 01 DEC 2 29162.62 SHS 26,481 26,481
FREDDIE MAC GOLD POOL FG G18557 3% 01 JUN 2 4855.61 SHS 4,779 4,779
FREDDIE MAC GOLD POOL FG Q04674 4% 01 DEC 2 16062.34 SHS 15,662 15,662
GINNIE MAE II POOL G2 MA1285 3.5% 20 SEP 20 20105.11 SHS 18,899 18,899
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GN 149636.5 SHS 120,526 120,526
JACKSON FINANCIAL INC 3.125% 23 NOV 2031 100000 SHS 90,914 90,914
JPMORGAN CHASE & CO VARIABLE 5.35% 01 JUN 2 75000 SHS 77,926 77,926
MARRIOTT INTERNATIONAL INC/MD 3.5% 15 OCT 2 100000 SHS 93,367 93,367
MORGAN STANLEY VARIABLE 5.948% 19 JAN 2038 50000 SHS 52,616 52,616
MPLX LP 5.5% 01 JUN 2034 100000 SHS 102,202 102,202
O'REILLY AUTOMOTIVE INC 5% 19 AUG 2034 100000 SHS 100,726 100,726
PAYCHEX INC 5.6% 15 APR 2035 100000 SHS 104,730 104,730
PROVINCE OF QUEBEC CANADA 6.35% 30 JAN 2026 25000 SHS 25,040 25,040
SIXTH STREET SPECIALTY LENDING INC 6.95% 14 75000 SHS 78,636 78,636
STATE STREET SPDR BLOOMBERG 1-3 MONTH T-BIL 290 SHS 26,500 26,500
TAPESTRY INC 5.1% 11 MAR 2030 100000 SHS 102,746 102,746
TEXAS EASTERN TRANSMISSION LP 3.5% 15 JAN 2 100000 SHS 98,895 98,895
UNUM GROUP 6.75% 15 DEC 2028 100000 SHS 106,237 106,237
VENTAS REALTY LP 5% 15 JAN 2035 100000 SHS 100,280 100,280
VERIZON COMMUNICATIONS INC 4.329% 21 SEP 20 25000 SHS 25,206 25,206
WEC ENERGY GROUP INC 6.2% 01 APR 2033 100000 SHS 108,092 108,092
XCEL ENERGY INC 5.45% 15 AUG 2033 100000 SHS 103,221 103,221

TY 2025 InvestmentsCorpStockSchedule
Name:
THE MORGAN E CLINE PERPETUAL
 
CHARITABLE FOUNDATION
EIN:
47-7016421
Name of Stock End of Year Book Value End of Year Fair Market Value
AIA GROUP LTD 553 SHS 22,690 22,690
ASHTEAD GROUP PLC 360 SHS 25,466 25,466
ASML HOLDING NV 14 SHS 14,978 14,978
AXA SA 850 SHS 40,792 40,792
BAE SYSTEMS PLC 361 SHS 33,530 33,530
BARCLAYS PLC 1076 SHS 27,384 27,384
BNP PARIBAS SA 897 SHS 42,518 42,518
BROOKFIELD CORP 1356 SHS 62,227 62,227
CANADIAN PACIFIC KANSAS CITY LTD 171 SHS 12,591 12,591
CAPGEMINI SE 724 SHS 24,109 24,109
CHECK POINT SOFTWARE TECHNOLOGIES LTD 76 SHS 14,103 14,103
CIE DE SAINT-GOBAIN SA 1823 SHS 37,153 37,153
COMPASS GROUP PLC 826 SHS 26,424 26,424
CRH PLC 191 SHS 23,837 23,837
CYBERARK SOFTWARE LTD 44 SHS 19,627 19,627
DAIWA HOUSE INDUSTRY CO LTD 503 SHS 16,599 16,599
DEUTSCHE TELEKOM AG 668 SHS 21,844 21,844
ENEL SPA 2396 SHS 24,870 24,870
ENGIE SA 912 SHS 23,958 23,958
ESSILORLUXOTTICA SA 138 SHS 21,862 21,862
FORTESCUE LTD 869 SHS 25,297 25,297
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIG 31924.27 SHS 356,594 356,594
HITACHI LTD 1215 SHS 37,908 37,908
HOLCIM AG 1538 SHS 29,945 29,945
HONDA MOTOR CO LTD 690 SHS 20,341 20,341
IBERDROLA SA 200 SHS 17,280 17,280
JAZZ PHARMACEUTICALS PLC 480 SHS 81,600 81,600
JULIUS BAER GROUP LTD 1528 SHS 23,867 23,867
KONINKLIJKE AHOLD DELHAIZE NV 922 SHS 37,645 37,645
LEONARDO SPA 836 SHS 23,901 23,901
LLOYDS BANKING GROUP PLC 5021 SHS 26,611 26,611
LVMH MOET HENNESSY LOUIS VUITTON SE 128 SHS 19,304 19,304
MILLICOM INTERNATIONAL CELLULAR SA 295 SHS 16,355 16,355
MITSUBISHI UFJ FINANCIAL GROUP INC 1679 SHS 26,629 26,629
MTU AERO ENGINES AG 116 SHS 24,178 24,178
NATWEST GROUP PLC 1376 SHS 24,080 24,080
NESTLE SA 238 SHS 23,510 23,510
NICE SYSTEMS LTD 143 SHS 16,165 16,165
NTT INC 825 SHS 20,790 20,790
ORIX CORP 1129 SHS 32,989 32,989
RIO TINTO PLC 493 SHS 39,455 39,455
ROLLS-ROYCE HOLDINGS PLC 2204 SHS 34,647 34,647
SAP SE 126 SHS 30,607 30,607
SCHNEIDER ELECTRIC SE 407 SHS 22,358 22,358
SEKISUI HOUSE LTD 1015 SHS 22,655 22,655
SONY GROUP CORP 1352 SHS 34,611 34,611
SUMITOMO MITSUI FINANCIAL GROUP INC 1666 SHS 32,204 32,204
TECHNIPFMC LTD 617 SHS 27,494 27,494
TOKIO MARINE HOLDINGS INC 578 SHS 21,374 21,374
TOTALENERGIES SE 350 SHS 22,897 22,897
UBS GROUP AG 795 SHS 36,816 36,816
UNILEVER PLC SPONSORED ADS EACH 1 ORD (REV 695 SHS 45,453 45,453
VOLVO AB 642 SHS 20,505 20,505
ABBVIE INC 349 SHS 79,743 79,743
ACI WORLDWIDE INC 80 SHS 3,825 3,825
ADOBE INC 164 SHS 57,398 57,398
ADTALEM GLOBAL EDUCATIONINC 68 SHS 7,036 7,036
AFFILIATED MANAGERS GROUPINC 18 SHS 5,189 5,189
ALLSTATE CORP/THE 251 SHS 52,246 52,246
ALPHABET INC 939 SHS 293,907 293,907
AMAZON.COM INC 1021 SHS 235,667 235,667
AMERICAN TOWER CORP 88 SHS 15,450 15,450
AMPHENOL CORP 421 SHS 56,894 56,894
ANI PHARMACEUTICALS INC 88 SHS 6,947 6,947
APPLE INC 1352 SHS 367,555 367,555
ATMUS FILTRATION TECHNOLOGIES INC 119 SHS 6,177 6,177
BANDWIDTH INC 381 SHS 5,886 5,886
BANK OZK 143 SHS 6,581 6,581
BLACKROCK INC 65 SHS 69,572 69,572
BOSTON SCIENTIFIC CORP 494 SHS 47,103 47,103
BRADY CORP 65 SHS 5,094 5,094
BROADCOM INC 677 SHS 234,310 234,310
CACI INTERNATIONAL INC 10 SHS 5,328 5,328
CAPITAL ONE FINANCIAL CORP 271 SHS 65,680 65,680
CATALYST PHARMACEUTICALS INC 230 SHS 5,368 5,368
CLEAR SECURE INC 155 SHS 5,437 5,437
CLEARWAY ENERGY INC 148 SHS 4,922 4,922
COLLEGIUM PHARMACEUTICAL INC 78 SHS 3,611 3,611
COMFORT SYSTEMS USA INC 10 SHS 9,333 9,333
COMMUNITY TRUST BANCORP INC 114 SHS 6,441 6,441
CONTRA LIGAND PHARMACEUTICALS INC 16.306 SHS 12 12
CONTRA LIGAND PHARMACEUTICALS INC 16.306 SHS 12 12
COSTCO WHOLESALE CORP 53 SHS 45,704 45,704
CRESCENT ENERGY CO 564 SHS 4,732 4,732
CROWDSTRIKE HOLDINGS INC 290 SHS 135,940 135,940
DEERE & CO 179 SHS 83,337 83,337
EAGLE MATERIALS INC 26 SHS 5,374 5,374
EATON CORP PLC 238 SHS 75,805 75,805
ELI LILLY & CO 84 SHS 90,273 90,273
EMCOR GROUP INC 18 SHS 11,012 11,012
EMPLOYERS HOLDINGS INC 127 SHS 5,483 5,483
EPR PROPERTIES 138 SHS 6,886 6,886
EQUINIX INC 21 SHS 16,089 16,089
EXELIXIS INC 141 SHS 6,180 6,180
EXPERIAN PLC 526 SHS 23,759 23,759
EXXON MOBIL CORP 1337 SHS 160,895 160,895
FLOWSERVE CORP 78 SHS 5,412 5,412
FTAI AVIATION LTD 31 SHS 6,102 6,102
GENERAL MOTORS CO 1040 SHS 84,573 84,573
GILEAD SCIENCES INC 522 SHS 64,070 64,070
GLOBAL NET LEASE INC 732 SHS 6,295 6,295
GOLDMAN SACHS GROUP INC/THE 86 SHS 75,594 75,594
GRAND CANYON EDUCATION INC 46 SHS 7,650 7,650
HALOZYME THERAPEUTICS INC 77 SHS 5,182 5,182
HANCOCK WHITNEY CORP 100 SHS 6,368 6,368
HEALTHEQUITY INC 62 SHS 5,680 5,680
HOME BANCSHARES INC/AR 259 SHS 7,195 7,195
HURON CONSULTING GROUP INC 33 SHS 5,706 5,706
INTERCONTINENTAL EXCHANGE INC 469 SHS 75,959 75,959
INTUIT INC 110 SHS 72,866 72,866
IRADIMED CORP 59 SHS 5,740 5,740
ISHARES RUSSELL 2000 ETF 10 SHS 2,462 2,462
JOHNSON & JOHNSON 505 SHS 104,510 104,510
JPMORGAN CHASE & CO 491 SHS 158,210 158,210
L3HARRIS TECHNOLOGIES INC 277 SHS 81,319 81,319
LAM RESEARCH CORP 698 SHS 119,484 119,484
LEIDOS HOLDINGS INC 320 SHS 57,728 57,728
LIGAND PHARMACEUTICALS INC 26 SHS 4,916 4,916
LOWE'S COS INC 225 SHS 54,261 54,261
MAPLEBEAR INC 132 SHS 5,937 5,937
MARRIOTT INTERNATIONAL INC/MD 213 SHS 66,081 66,081
MASTERCARD INC 186 SHS 106,184 106,184
META PLATFORMS INC 225 SHS 148,520 148,520
MICROSOFT CORP 708 SHS 342,403 342,403
MORGAN STANLEY 712 SHS 126,401 126,401
MUELLER INDUSTRIES INC 82 SHS 9,414 9,414
NETFLIX INC 430 SHS 40,317 40,317
NEXTERA ENERGY INC 832 SHS 66,793 66,793
NORFOLK SOUTHERN CORP 278 SHS 80,264 80,264
NOVARTIS AG 250 SHS 34,468 34,468
NUTANIX INC 170 SHS 8,787 8,787
NVIDIA CORP 2509 SHS 467,929 467,929
ORACLE CORP 339 SHS 66,074 66,074
O'REILLY AUTOMOTIVE INC 945 SHS 86,193 86,193
OTIS WORLDWIDE CORP 646 SHS 56,428 56,428
PAGAYA TECHNOLOGIES LTD 1185 SHS 24,767 24,767
PARKER HANNIFIN CORP 85 SHS 74,712 74,712
PATRICK INDUSTRIES INC 36 SHS 3,903 3,903
PERFORMANCE FOOD GROUP CO 74 SHS 6,654 6,654
PHOTRONICS INC 232 SHS 7,424 7,424
PHREESIA INC 264 SHS 4,467 4,467
POWELL INDUSTRIES INC 23 SHS 7,332 7,332
PRICESMART INC 45 SHS 5,520 5,520
PRIMERICA INC 31 SHS 8,009 8,009
PROCTER & GAMBLE CO/THE 370 SHS 53,025 53,025
PROLOGIS INC 682 SHS 87,064 87,064
ROCHE HOLDING AG 842 SHS 43,422 43,422
SANMINA CORP 35 SHS 5,252 5,252
SANOFI SA 436 SHS 21,129 21,129
SHELL PLC 311 SHS 22,852 22,852
SKYWARD SPECIALTY INSURANCE GROUP INC 139 SHS 7,104 7,104
SOUTHWEST GAS HOLDINGS INC 43 SHS 3,441 3,441
S&P GLOBAL INC 101 SHS 52,782 52,782
SPIRE INC 46 SHS 3,804 3,804
STEEL DYNAMICS INC 504 SHS 85,403 85,403
STONEX GROUP INC 108 SHS 10,274 10,274
TAYLOR MORRISON HOME CORP 85 SHS 5,004 5,004
TD SYNNEX CORP 40 SHS 6,009 6,009
TESLA INC 158 SHS 71,056 71,056
TG THERAPEUTICS INC 177 SHS 5,276 5,276
TJX COS INC/THE 583 SHS 89,555 89,555
T-MOBILE US INC 284 SHS 57,663 57,663
UNIVERSAL HEALTH SERVICES INC 261 SHS 56,903 56,903
UNUM GROUP 58 SHS 4,495 4,495
VIPER ENERGY INC 224 SHS 8,653 8,653
VITAL FARMS INC 116 SHS 3,705 3,705
WALMART INC 1409 SHS 156,977 156,977
WARRIOR MET COAL INC 94 SHS 8,288 8,288
WASTE MANAGEMENT INC 219 SHS 48,116 48,116
WELLS FARGO & CO 1438 SHS 134,022 134,022
XCEL ENERGY INC 933 SHS 68,911 68,911

TY 2025 InvestmentsGovtObligationsSch
Name:
THE MORGAN E CLINE PERPETUAL
 
CHARITABLE FOUNDATION
EIN:
47-7016421
US Government Securities - End of Year Book Value:

1,144,766
US Government Securities - End of Year Fair Market Value:

1,144,766
State & Local Government Securities - End of Year Book Value:


0
State & Local Government Securities - End of Year Fair Market Value:


0


TY 2025 LandEtcSchedule2
Name:
THE MORGAN E CLINE PERPETUAL
 
CHARITABLE FOUNDATION
EIN:
47-7016421
Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
LAND 29,062 0 29,062 29,062
BUILDING 1,020,588 240,264 780,324 780,324
IMPROVEMENTS 1,849,910 516,541 1,333,369 1,333,369
EQUIPMENT 166,024 125,569 40,455 40,455
FURNITURE AND FIXTURES 161,389 124,586 36,803 36,803


TY 2025 OtherExpensesSchedule
Name:
THE MORGAN E CLINE PERPETUAL
 
CHARITABLE FOUNDATION
EIN:
47-7016421
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ADVERTISING 34,297 0 34,297 0
EQUIPMENT LEASE AND MAINTENANCE 87,763 0 87,335 428
INSURANCE 75,475 0 69,721 5,610
LICENSES & PERMITS 2,550 0 2,485 65
MEMBERSHIP DUES AND SUBSCRIPTIONS 24,515 0 20,918 3,597
SUPPLIES 44,576 0 44,576 262
CREDIT CARD FEES 52,164 0 52,143 21
OTHER EXPENSES 5,964 0 3,689 4,772


TY 2025 OtherIncomeSchedule2
Name:
THE MORGAN E CLINE PERPETUAL
 
CHARITABLE FOUNDATION
EIN:
47-7016421
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
NON-INVESTMENT RENTAL INCOME 606,012   606,012
OTHER INCOME 213   -16,836


TY 2025 OtherIncreasesSchedule
Name:
THE MORGAN E CLINE PERPETUAL
 
CHARITABLE FOUNDATION
EIN:
47-7016421
Description Amount
UNREALIZED GAIN ON INVESTMENTS 943,363


TY 2025 OtherProfessionalFeesSchedule
Name:
THE MORGAN E CLINE PERPETUAL
 
CHARITABLE FOUNDATION
EIN:
47-7016421
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT FEES 51,010 51,010 0 0
BANK FEES 576 123 454 0
HUMAN RESOURCE SERVICES 17,539 0 11,555 5,984
OTHER PROFESSIONAL SERVICES 77,231 0 15,804 46,683


TY 2025 TaxesSchedule
Name:
THE MORGAN E CLINE PERPETUAL
 
CHARITABLE FOUNDATION
EIN:
47-7016421
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
REAL ESTATE TAXES 27,639 0 27,640 0
EXCISE TAX 24,128 0 0 0