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
PEARL FALK TRUST 002738
 
Number and street (or P.O. box number if mail is not delivered to street address) P O BOX 1700
  Room/suite
City or town
IOWA CITY
State or province
IA
Country  
ZIP or foreign postal code
52244
A Employer identification number

42-6091303
B Telephone number (see instructions)

3193565933
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)$1,675,535J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check .................
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 41,186 40,559  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 87,945
b Gross sales price for all assets on line 6a 343,057
7 Capital gain net income (from Part IV, line 2)... 87,945
8 Net short-term capital gain......... 0
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).......      
12 Total. Add lines 1 through 11........ 129,131 128,504  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 13,337 10,003   3,334
14 Other employee salaries and wages......   0 0 0
15 Pension plans, employee benefits.......   0 0  
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
918 460 0 460
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule)....       0
17 Interest...............       0
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
790 336   0
19 Depreciation (attach schedule) and depletion... 0 0  
20 Occupancy..............        
21 Travel, conferences, and meetings.......   0 0  
22 Printing and publications..........   0 0  
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
4,446 4,446    
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 19,491 15,245 0 3,794
25 Contributions, gifts, grants paid....... 106,125 106,125
26 Total expenses and disbursements. Add lines 24 and 25 ................ 125,616 15,245 0 109,919
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 3,515
b Net investment income (if negative, enter -0-) 113,259
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.............      
2 Savings and temporary cash investments......... 41,826 41,649 41,649
3 Accounts receivable  
Less: allowance for doubtful accounts     0 0
4 Pledges receivable  
Less: allowance for doubtful accounts        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule)  
Less: allowance for doubtful accounts 0      
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 325,097 Click to see attachment
List of Attached Documents:
// Content
316,912 		869,640
c Investments—corporate bonds (attach schedule)....... 506,057 Click to see attachment
List of Attached Documents:
// Content
513,667 		505,400
11 Investments—land, buildings, and equipment: basis  
Less: accumulated depreciation (attach schedule)        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 218,552 Click to see attachment
List of Attached Documents:
// Content
222,730 		258,846
14 Land, buildings, and equipment: basis  
Less: accumulated depreciation (attach schedule)        
15 Other assets (describe )      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 1,091,532 1,094,958 1,675,535
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe )    
23 Total liabilities (add lines 17 through 22).........   0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 1,091,532 1,094,958
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)..... 1,091,532 1,094,958
30 Total liabilities and net assets/fund balances (see instructions). 1,091,532 1,094,958
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
1,091,532
2
Enter amount from Part I, line 27a .....................
2
3,515
3
Other increases not included in line 2 (itemize)
3
0
4
Add lines 1, 2, and 3 ..........................
4
1,095,047
5
Decreases not included in line 2 (itemize) Click to see attachment
List of Attached Documents:
// Content
5
89
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, line 29, column (b) ..
6
1,094,958
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 31. LYONDELLBASELL INDUSTRIES N V SHS - A -   2023-04-21 2025-01-13
b 8. DANAHER CORPORATION COM   2024-05-09 2025-01-16
c 74. MONDELEZ INTL INC CL A   2009-04-17 2025-02-05
d 25. ADVANCED MICRO DEVICES INC COM   2024-10-15 2025-02-07
e 48. GENERAL MTRS CO COM   2021-06-18 2025-02-07
31. GENERAL MTRS CO COM   2021-11-23 2025-02-07
43. BROADCOM INC COM   2016-05-10 2025-02-28
108. HEWLETT PACKARD ENTERPRISE CO COM   2022-10-26 2025-03-12
80. HEWLETT PACKARD ENTERPRISE CO COM   2022-12-20 2025-03-12
1. OREILLY AUTOMOTIVE INC COM   2011-05-04 2025-03-12
8. ABBOTT LABS COM   2015-05-15 2025-03-27
101.206 BAIRD FDS INC AGGREGATE BOND INST   2022-11-17 2025-04-09
95.229 DIAMOND HILL FUNDS SHORT SCRTZD I   2024-02-09 2025-04-09
88.743 LORD ABBETT INVT TR SHORT DURATION INCOME F   2024-02-09 2025-04-09
2874.143 VANGUARD FIXED INCOME SECS FD LONG-TERM INVESTMENT-GRADE ADM   2022-11-17 2025-04-09
3091.058 VANGUARD FIXED INCOME SECS FD LONG-TERM TREASURY FUND ADMIRAL   2024-11-13 2025-04-09
64.92 VANGUARD FIXED INCOME SECS FD GNMA ADM   2021-10-19 2025-04-09
24.087 VANGUARD FIXED INCOME SECS FD GNMA ADM   2021-07-13 2025-04-09
7. BECTON DICKINSON & CO COM   2015-08-06 2025-04-23
17. MOHAWK INDS INC COM   2024-01-30 2025-04-23
1. AMERICAN TOWER CORP NEW COM   2015-04-10 2025-04-24
4. AMERICAN TOWER CORP NEW COM   2024-03-26 2025-04-24
3. APPLIED MATLS INC COM   2018-04-25 2025-04-24
6. APPLIED MATLS INC COM   2024-09-13 2025-04-24
3. THE CIGNA GROUP COM   2019-05-09 2025-04-25
2. T-MOBILE US INC COM   2023-02-03 2025-05-21
2. T-MOBILE US INC COM   2023-02-03 2025-05-21
14. BECTON DICKINSON & CO COM   2015-08-06 2025-05-23
16. MOHAWK INDS INC COM   2024-01-30 2025-05-28
172.436 FIDELITY INVT TR EMERGING MARKETS Z   2022-07-29 2025-06-04
68.878 GOLDMAN SACHS TR EMERGING MARKETS EQUITY INSIGHTS INTL   2022-08-19 2025-06-04
716.369 GOLDMAN SACHS TR EMERGING MARKETS EQUITY INSIGHTS INTL   2022-06-29 2025-06-04
137.792 T ROWE PRICE MID-CAP GROWTH I   2019-09-24 2025-06-04
4. BECTON DICKINSON & CO COM   2015-06-02 2025-06-26
19. BECTON DICKINSON & CO COM   2015-08-06 2025-06-26
4. VISA INC COM CL A   2023-02-22 2025-06-26
3. UNITEDHEALTH GROUP INC COM   2016-11-17 2025-07-11
4. UNITEDHEALTH GROUP INC COM   2025-01-16 2025-07-11
9. CHIPOTLE MEXICAN GRILL INC COM   2023-08-18 2025-07-28
32. CHIPOTLE MEXICAN GRILL INC COM   2024-07-19 2025-07-28
23. CHIPOTLE MEXICAN GRILL INC COM   2025-03-12 2025-07-28
2. ILLINOIS TOOL WKS INC COM   2006-09-13 2025-07-30
5. ILLINOIS TOOL WKS INC COM   2024-06-28 2025-07-30
3. ILLINOIS TOOL WKS INC COM   2024-04-18 2025-07-30
9. BROADCOM INC COM   2016-05-10 2025-07-31
3. ABBOTT LABS COM   2024-04-18 2025-08-06
1. AIR PRODS & CHEMS INC COM   2023-04-20 2025-08-06
2. ALLSTATE CORP COM   2010-11-04 2025-08-06
3. AMERICAN TOWER CORP NEW COM   2015-04-10 2025-08-06
1. ANALOG DEVICES INC COM   2024-01-25 2025-08-06
6. APPLE INC COM   2024-03-11 2025-08-06
1. APPLIED MATLS INC COM   2018-04-25 2025-08-06
1. BLACKSTONE INC COM   2024-06-18 2025-08-06
1. BLACKROCK INC COM   2017-04-12 2025-08-06
2. BOEING CO COM   2009-06-25 2025-08-06
13. BOSTON SCIENTIFIC CORP COM   2023-04-27 2025-08-06
4. BRISTOL-MYERS SQUIBB CO COM   2024-05-09 2025-08-06
8. BROADCOM INC COM   2016-05-10 2025-08-06
1. THE CIGNA GROUP COM   2019-05-09 2025-08-06
3. CHIPOTLE MEXICAN GRILL INC COM   2023-08-18 2025-08-06
7. CISCO SYS INC COM   2023-05-26 2025-08-06
1. COSTCO WHSL CORP NEW COM   2024-04-01 2025-08-06
1. D R HORTON INC COM   2025-07-28 2025-08-06
1. DANAHER CORPORATION COM   2021-09-28 2025-08-06
1. DEERE & CO COM   2023-06-27 2025-08-06
1. DIGITAL RLTY TR INC COM   2025-01-13 2025-08-06
15. DUKE ENERGY CORP NEW COM NEW   2020-07-29 2025-08-06
3. EMERSON ELEC CO COM   2024-03-26 2025-08-06
3. EVERGY INC COM   2024-06-21 2025-08-06
1. META PLATFORMS INC CL A   2024-04-29 2025-08-06
1. FEDEX CORP COM   2024-05-31 2025-08-06
4. GOLDMAN SACHS GROUP INC COM   2023-08-07 2025-08-06
1. HOME DEPOT INC COM   2024-06-28 2025-08-06
1. ILLINOIS TOOL WKS INC COM   2006-09-13 2025-08-06
5. JPMORGAN CHASE & CO COM   2012-09-05 2025-08-06
1. JOHNSON & JOHNSON COM   2007-06-12 2025-08-06
22. METLIFE INC COM   2023-02-15 2025-08-06
3. MICROSOFT CORP COM   2016-09-02 2025-08-06
1. MICRON TECHNOLOGY INC COM   2024-04-29 2025-08-06
7. MORGAN STANLEY COM NEW   2023-08-22 2025-08-06
1. NETFLIX INC COM   2024-02-26 2025-08-06
3. NEXTERA ENERGY INC COM   2022-12-09 2025-08-06
2. NVIDIA CORPORATION COM   2025-06-26 2025-08-06
5. OREILLY AUTOMOTIVE INC COM   2011-05-04 2025-08-06
10. PROCTER AND GAMBLE CO COM   2009-03-13 2025-08-06
1. REGENERON PHARMACEUTICALS COM   2025-07-11 2025-08-06
2. SALESFORCE INC COM   2020-04-07 2025-08-06
2. SCHWAB CHARLES CORP COM   2024-02-22 2025-08-06
2. SERVICENOW INC COM   2023-05-26 2025-08-06
1. T-MOBILE US INC COM   2024-05-31 2025-08-06
1. THERMO FISHER SCIENTIFIC INC COM   2025-04-23 2025-08-06
1. UNITEDHEALTH GROUP INC COM   2016-11-17 2025-08-06
1. VALERO ENERGY CORP COM   2015-01-29 2025-08-06
4. VISA INC COM CL A   2023-02-22 2025-08-06
39. CHIPOTLE MEXICAN GRILL INC COM   2023-08-18 2025-08-27
11. OREILLY AUTOMOTIVE INC COM   2011-05-04 2025-08-27
3. T-MOBILE US INC COM   2023-02-03 2025-08-29
6. T-MOBILE US INC COM   2024-05-31 2025-08-29
1. DEERE & CO COM   2023-06-27 2025-09-05
12. OREILLY AUTOMOTIVE INC COM   2011-05-04 2025-09-05
4. BROADCOM INC COM   2016-05-10 2025-09-09
15. ORACLE CORP COM   2007-03-01 2025-09-12
5. ALLSTATE CORP COM   2010-11-04 2025-09-25
21. CORTEVA INC COM   2023-05-25 2025-09-26
3. ACCENTURE PLC IRELAND SHS CLASS A   2007-10-25 2025-09-26
7. VALERO ENERGY CORP COM   2015-01-29 2025-10-03
2. MICRON TECHNOLOGY INC COM   2024-03-20 2025-10-06
10. MICRON TECHNOLOGY INC COM   2024-04-29 2025-10-06
39. HEWLETT PACKARD ENTERPRISE CO COM   2025-07-31 2025-10-21
129. HEWLETT PACKARD ENTERPRISE CO COM   2022-10-26 2025-10-21
1. ORACLE CORP COM   2007-03-01 2025-10-27
11. MICRON TECHNOLOGY INC COM   2024-03-20 2025-10-28
149. CHIPOTLE MEXICAN GRILL INC COM   2023-08-18 2025-10-30
8. BROADCOM INC COM   2016-05-10 2025-11-06
9. ORACLE CORP COM   2007-03-01 2025-11-18
5. EXXON MOBIL CORP COM   2022-11-08 2025-11-20
5. VALERO ENERGY CORP COM   2015-01-29 2025-11-20
7. ILLINOIS TOOL WKS INC COM   2006-09-13 2025-11-25
2. BROADCOM INC COM   2016-05-10 2025-12-08
11.232 T ROWE PRICE MID-CAP GROWTH I   2023-01-05 2025-12-09
5.304 T ROWE PRICE MID-CAP GROWTH I   2023-03-07 2025-12-09
134.376 T ROWE PRICE MID-CAP GROWTH I   2019-09-24 2025-12-09
4. ABBOTT LABS COM   2024-07-19 2025-12-15
8. ABBOTT LABS COM   2024-04-18 2025-12-15
1. ADOBE SYSTEMS INCORPORATED COM   2025-10-21 2025-12-15
1. AIR PRODS & CHEMS INC COM   2023-04-20 2025-12-15
2. ALLSTATE CORP COM   2010-11-04 2025-12-15
25. ALPHABET INC CAP STK CL C   2012-06-29 2025-12-15
2. AMAZON COM INC COM   2025-07-28 2025-12-15
1. AMAZON COM INC COM   2025-09-05 2025-12-15
4. AMERICAN TOWER CORP NEW COM   2015-04-10 2025-12-15
7. APPLE INC COM   2024-03-11 2025-12-15
1. APPLIED MATLS INC COM   2018-04-25 2025-12-15
1. BLACKSTONE INC COM   2024-04-18 2025-12-15
4. BLACKSTONE INC COM   2024-06-18 2025-12-15
10. BOSTON SCIENTIFIC CORP COM   2023-04-27 2025-12-15
1. BRISTOL-MYERS SQUIBB CO COM   2024-05-09 2025-12-15
9. BROADCOM INC COM   2016-05-10 2025-12-15
1. THE CIGNA GROUP COM   2019-05-09 2025-12-15
13. CISCO SYS INC COM   2023-05-26 2025-12-15
6. CORTEVA INC COM   2023-05-25 2025-12-15
1. COSTCO WHSL CORP NEW COM   2024-04-01 2025-12-15
2. D R HORTON INC COM   2025-07-28 2025-12-15
3. DANAHER CORPORATION COM   2022-03-22 2025-12-15
1. DANAHER CORPORATION COM   2021-09-28 2025-12-15
1. DIGITAL RLTY TR INC COM   2025-01-13 2025-12-15
3. DUKE ENERGY CORP NEW COM NEW   2020-07-29 2025-12-15
2. EMERSON ELEC CO COM   2024-03-26 2025-12-15
3. EVERGY INC COM   2024-06-21 2025-12-15
2. EXXON MOBIL CORP COM   2022-11-08 2025-12-15
1. META PLATFORMS INC CL A   2024-04-29 2025-12-15
1. FEDEX CORP COM   2024-05-31 2025-12-15
8. GENERAL MTRS CO COM   2021-06-18 2025-12-15
1. GOLDMAN SACHS GROUP INC COM   2020-09-17 2025-12-15
1. HOME DEPOT INC COM   2016-11-17 2025-12-15
2. HOME DEPOT INC COM   2024-06-28 2025-12-15
1. HUBBELL INC COM   2025-11-20 2025-12-15
1. ILLINOIS TOOL WKS INC COM   2006-09-13 2025-12-15
3. JPMORGAN CHASE & CO COM   2012-09-05 2025-12-15
3. JOHNSON & JOHNSON COM   2007-06-12 2025-12-15
3. MICROSOFT CORP COM   2016-09-02 2025-12-15
3. MICRON TECHNOLOGY INC COM   2024-09-13 2025-12-15
5. MICRON TECHNOLOGY INC COM   2024-03-20 2025-12-15
6. MICRON TECHNOLOGY INC COM   2024-09-13 2025-12-15
2. MORGAN STANLEY COM NEW   2023-08-22 2025-12-15
8. NETFLIX INC COM   2024-02-26 2025-12-15
3. NEXTERA ENERGY INC COM   2022-12-09 2025-12-15
8. OREILLY AUTOMOTIVE INC COM   2011-05-04 2025-12-15
2. ORACLE CORP COM   2007-03-01 2025-12-15
1. PARKER-HANNIFIN CORP COM   2024-10-22 2025-12-15
2. PROCTER AND GAMBLE CO COM   2009-03-13 2025-12-15
1. QUANTA SVCS INC COM   2025-10-30 2025-12-15
8. SCHWAB CHARLES CORP COM   2024-02-22 2025-12-15
1. SERVICENOW INC COM   2023-05-26 2025-12-15
1. T-MOBILE US INC COM   2023-02-03 2025-12-15
3. UNITEDHEALTH GROUP INC COM   2016-11-17 2025-12-15
2. VALERO ENERGY CORP COM   2015-01-29 2025-12-15
1. VISA INC COM CL A   2023-02-22 2025-12-15
5. WALMART INC COM   2021-02-18 2025-12-15
1. WASTE MGMT INC DEL COM   2021-04-28 2025-12-15
2. ACCENTURE PLC IRELAND SHS CLASS A   2007-10-25 2025-12-15
10. ILLINOIS TOOL WKS INC COM   2006-09-13 2025-12-16
2408.032 BAIRD FDS INC AGGREGATE BOND INST   2022-11-17 2025-12-29
340. RBB FD INC US TREASR 10 YR   2025-04-09 2025-12-29
2709.353 VANGUARD FIXED INCOME SECS FD LONG-TERM INVESTMENT-GRADE ADM   2023-01-05 2025-12-29
1259.599 VANGUARD FIXED INCOME SECS FD LONG-TERM INVESTMENT-GRADE ADM   2022-11-17 2025-12-29
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CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 2,305   2,917 -612
b 1,911   1,995 -84
c 4,191   1,105 3,086
d 2,686   3,950 -1,264
e 2,272   2,851 -579
1,467   1,938 -471
8,601   621 7,980
1,635   1,530 105
1,211   1,254 -43
1,309   60 1,249
1,043   389 654
984   969 15
951   928 23
342   342  
21,326   22,303 -977
24,728   24,914 -186
599   687 -88
222   256 -34
1,423   1,044 379
1,804   1,769 35
215   96 119
859   781 78
446   147 299
893   1,129 -236
1,000   471 529
485   291 194
485   291 194
2,377   2,089 288
1,635   1,665 -30
7,094   5,731 1,363
652   557 95
6,784   5,874 910
13,592   13,061 531
678   551 127
3,220   2,835 385
1,378   882 496
902   453 449
1,203   2,074 -871
410   332 78
1,460   1,703 -243
1,049   1,162 -113
508   88 420
1,271   1,181 90
762   750 12
2,683   130 2,553
394   316 78
291   289 2
417   62 355
632   288 344
220   197 23
1,287   1,037 250
178   49 129
170   121 49
1,116   382 734
450   85 365
1,353   672 681
180   176 4
2,402   115 2,287
273   157 116
128   111 17
483   350 133
967   722 245
155   147 8
196   266 -70
511   408 103
171   171  
1,888   1,261 627
390   335 55
220   159 61
772   431 341
225   249 -24
2,901   1,421 1,480
388   343 45
257   44 213
1,455   186 1,269
172   62 110
1,672   1,585 87
1,579   173 1,406
108   114 -6
989   582 407
1,176   587 589
212   256 -44
356   311 45
520   20 500
1,530   471 1,059
554   564 -10
497   300 197
193   130 63
1,816   1,092 724
241   171 70
451   433 18
247   151 96
135   52 83
1,364   882 482
1,660   1,437 223
1,138   44 1,094
750   436 314
1,501   1,028 473
473   408 65
1,248   48 1,200
1,358   58 1,300
4,423   256 4,167
1,042   155 887
1,422   1,155 267
720   116 604
1,149   364 785
387   190 197
1,933   1,138 795
897   820 77
2,967   1,828 1,139
281   17 264
2,436   1,044 1,392
4,897   5,491 -594
2,867   115 2,752
1,942   153 1,789
586   554 32
862   260 602
1,737   307 1,430
801   29 772
1,164   1,000 164
550   500 50
13,921   12,738 1,183
512   406 106
1,023   842 181
350   351 -1
243   289 -46
420   62 358
7,724   499 7,225
446   465 -19
223   233 -10
716   384 332
1,917   1,209 708
263   49 214
152   118 34
606   482 124
919   517 402
54   44 10
3,086   130 2,956
276   157 119
1,022   650 372
394   330 64
854   722 132
311   294 17
679   776 -97
226   266 -40
152   171 -19
349   252 97
274   223 51
222   159 63
234   222 12
652   431 221
281   249 32
654   475 179
894   197 697
357   128 229
714   687 27
449   412 37
259   44 215
961   112 849
643   187 456
1,423   173 1,250
728   273 455
1,213   475 738
1,454   547 907
359   166 193
752   470 282
244   256 -12
757   32 725
375   34 341
888   632 256
289   94 195
439   459 -20
765   519 246
762   546 216
197   145 52
1,024   453 571
334   104 230
344   220 124
582   231 351
217   136 81
547   78 469
2,532   439 2,093
23,984   23,044 940
15,076   14,646 430
20,943   21,621 -678
9,737   9,774 -37
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
      5,136
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       -612
b       -84
c       3,086
d       -1,264
e       -579
      -471
      7,980
      105
      -43
      1,249
      654
      15
      23
       
      -977
      -186
      -88
      -34
      379
      35
      119
      78
      299
      -236
      529
      194
      194
      288
      -30
      1,363
      95
      910
      531
      127
      385
      496
      449
      -871
      78
      -243
      -113
      420
      90
      12
      2,553
      78
      2
      355
      344
      23
      250
      129
      49
      734
      365
      681
      4
      2,287
      116
      17
      133
      245
      8
      -70
      103
       
      627
      55
      61
      341
      -24
      1,480
      45
      213
      1,269
      110
      87
      1,406
      -6
      407
      589
      -44
      45
      500
      1,059
      -10
      197
      63
      724
      70
      18
      96
      83
      482
      223
      1,094
      314
      473
      65
      1,200
      1,300
      4,167
      887
      267
      604
      785
      197
      795
      77
      1,139
      264
      1,392
      -594
      2,752
      1,789
      32
      602
      1,430
      772
      164
      50
      1,183
      106
      181
      -1
      -46
      358
      7,225
      -19
      -10
      332
      708
      214
      34
      124
      402
      10
      2,956
      119
      372
      64
      132
      17
      -97
      -40
      -19
      97
      51
      63
      12
      221
      32
      179
      697
      229
      27
      37
      215
      849
      456
      1,250
      455
      738
      907
      193
      282
      -12
      725
      341
      256
      195
      -20
      246
      216
      52
      571
      230
      124
      351
      81
      469
      2,093
      940
      430
      -678
      -37
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
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 87,945
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 1,574
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 1,574
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 1,574
6 Credits/Payments:
a 2025 estimated tax payments and 2024 overpayment credited to 2025 6a 634
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  
7 Total credits and payments. Add lines 6a through 6d.............. 7 634
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed....... 9 940
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid... 10  
11 Enter the amount of line 10 to be: Credited to 2026 estimated tax0 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. $   (2) On foundation managers.$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.$  
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 address  
14
The books are in care ofMIDWESTONE BANK Telephone no. (319) 356-5933

Located atPO BOX 1700IOWA CITYIA ZIP+4522441700
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
Yes
 
If "Yes," list the years 20 15, 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
Yes
 
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
MIDWESTONE BANK TRUSTEE
4 		13,337    
BOX 1700
IOWA CITY,IA52244
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
NONE
Total number of other employees paid over $50,000................... 0
Form 990-PF (2025)
Form 990-PF (2025)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
NONE
Total number of others receiving over $50,000 for professional services.............right arrow0
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1  
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.........................  
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
1,585,885
b
Average of monthly cash balances.......................
1b
9,160
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, 1b, and 1c).......................
1d
1,595,045
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
1,595,045
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
23,926
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
1,571,119
6
Minimum investment return. Enter 5% (0.05) of line 5 ................
6
78,556
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
78,556
2a
Tax on investment income for 2025 from Part V, line 5 .......
2a
1,574
b
Income tax for 2025. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
1,574
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
76,982
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
76,982
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
76,982
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
109,919
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
0
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
0
b
Cash distribution test (attach the required schedule) .................
3b
0
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
109,919
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 76,982
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only....... 48,045
b Total for prior years:20 , 20, 20 0
3 Excess distributions carryover, if any, to 2025:
a From 2020...... 0
b From 2021...... 0
c From 2022...... 0
d From 2023...... 0
e From 2024...... 0
f Total of lines 3a through e ........ 0
4Qualifying distributions for 2025 from Part
XI, line 4: $ 109,919
a Applied to 2024, but not more than line 2a 48,045
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..... 61,874
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2025. 0 0
(If an amount appears in column (d), the
same amount must be shown in column (a).)
6Enter the net total of each column as
indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
b Prior years’ undistributed income. Subtract
line 4b from line 2b .......... 		0
c Enter the amount of prior years’ undistributed
income for which a notice of deficiency has
been issued, or on which the section 4942(a)
tax has been previously assessed...... 		0
d Subtract line 6c from line 6b. Taxable amount
—see instructions ........... 		0
e Undistributed income for 2024. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		0
f Undistributed income for 2025. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2026 .......... 		15,108
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		0
8 Excess distributions carryover from 2020 not
applied on line 5 or line 7 (see instructions) ... 		0
9 Excess distributions carryover to 2026.
Subtract lines 7 and 8 from line 6a ...... 		0
10 Analysis of line 9:
a Excess from 2021 .... 0
b Excess from 2022 .... 0
c Excess from 2023 .... 0
d Excess from 2024 .... 0
e Excess from 2025 .... 0
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 email address of the person to whom applications should be addressed:
bThe form in which applications should be submitted and information and materials they should include:
cAny submission deadlines:
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
Form 990-PF (2025)
Form 990-PF (2025)
Page 11
Part XIV
Supplementary Information (continued)
3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient If recipient is an individual,
show any relationship to
any foundation manager
or substantial contributor
 Foundation
status of
recipient 		Purpose of grant or
contribution 		Amount
Name and address (home or business)
aPaid during the year

UNIVERSITY OF IOWA
GRANT ACCOUNTING OFFICE
B5 JESSUP HALL
IOWA CITY,IA52242 		NONE   RESEARCH 106,125
Total ................................. 3a 106,125
bApproved for future payment
Total ................................. 3b  
Form 990-PF (2025)
Form 990-PF (2025)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		         
4 Dividends and interest from securities ....     14 41,186  
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 87,945  
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) ..   129,131  
13Total. Add line 12, columns (b), (d), and (e)..................
13
129,131
(See worksheet in line 13 instructions to verify calculations.)
Part XV-B
Relationship of Activities to the Accomplishment of Exempt Purposes
Line No.
DownArrow 		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
instructions.)
Form 990-PF (2025)
Form 990-PF (2025)
Page 13
Part XVI
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
1
Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
Yes
No
a
Transfers from the reporting foundation to a noncharitable exempt organization of:
(1) Cash...................................
1a(1)
 
No
(2) Other assets.................................
1a(2)
 
No
b
Other transactions:
(1) Sales of assets to a noncharitable exempt organization....................
1b(1)
 
No
(2) Purchases of assets from a noncharitable exempt organization..................
1b(2)
 
No
(3) Rental of facilities, equipment, or other assets.......................
1b(3)
 
No
(4) Reimbursement arrangements...........................
1b(4)
 
No
(5) Loans or loan guarantees.............................
1b(5)
 
No
(6) Performance of services or membership or fundraising solicitations................
1b(6)
 
No
c
Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
1c
 
No
d
If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
(a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
2a
Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
b
If "Yes," complete the following schedule.

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


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


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

TY 2025 InvestmentsCorpBondsSchedule
Name:
PEARL FALK TRUST 002738
EIN:
42-6091303
Name of Bond End of Year Book Value End of Year Fair Market Value
FEDERATED HERMES HIGH YIELD FU 20,521 20,937
PIMCO INVEST.GRADE CREDIT BOND 86,426 83,109
PIMCO INCOME FUND INSTITUTIONA 99,789 93,618
VANGUARD FIXED INCOME SECS GNM    
LORD ABBETT SHORT DURATION INC 20,672 20,912
PIONEER MULTI-ASSET ULTRA SHOR    
TCW EMERGING MARKET INCOME FUN    
WESTERN ASSET CORE PLUS BOND    
PGIM FLOATING RATE INCOME FUND    
BAIRD FDS INC AGGREGATE BOND I 60,366 62,069
AMERICAN FDS EMERGING MKTS BD 39,640 41,892
VANGUARD FIXED INCOME SECS FD 39,005 36,612
VANGUARD FIXED INCOME SECS FD 48,594 46,904
DIAMOND HILL FUNDS SHORT SCRTZ 41,053 41,710
ISHARES TR NATIONAL MUN 41,948 41,987
VANGUARD BD INDEX FDS 15,653 15,650

TY 2025 InvestmentsCorpStockSchedule
Name:
PEARL FALK TRUST 002738
EIN:
42-6091303
Name of Stock End of Year Book Value End of Year Fair Market Value
AT&T INC COM    
ABBOTT LABS COM 3,768 13,406
ALLSTATE CORP COM 1,361 9,159
ALPHABET INC - CL C 3,572 56,170
AMERICAN TOWER CORP NEW COM 4,510 8,252
APPLE INC COM 6,981 43,498
BALL CORP COM    
BECTON DICKINSON AND CO    
BOEING CO COM 8,063 13,679
CVS HEALTH CORPORATION COM    
CHEVRON CORPORATION COM 3,356 7,621
CISCO SYS INC COM 5,852 18,179
DANAHER CORP DEL COM 2,336 6,868
DOLLAR GENERAL CORP NEW    
DOMINION RES INC VA NEW COM    
DUKE ENERGY CORP NEW COM NEW 4,729 7,384
META PLATFORMS, INC 4,897 21,123
FORTIVE CORP COM    
HOME DEPOT INC COM 5,759 15,485
ILLINOIS TOOLWORKS 790 4,433
JPMORGAN CHASE & CO COM 2,347 20,300
JOHNSON & JOHNSON COM 4,371 11,796
MICROSOFT CORP COM 3,912 32,886
MONDELEZ INTL INC CL A    
O REILLY AUTOMOTIVE INC NEW CO 691 15,871
ORACLE SYSTEMS CORPORATION    
PEPSICO INCORPORATED    
PIONEER NAT RES CO COM    
PROCTER & GAMBLE CO COM 2,400 7,309
SYNCHRONY FINANCIAL    
3M CO COM    
UNITEDHEALTH GROUP INC COM 4,028 10,233
VALERO ENERGY CORP NEW COM 2,186 6,837
VERIZON COMMUNICATIONS INC COM    
VISA INC COM CL A 5,363 22,095
BROADCOM LTD 2,410 57,799
BLACKROCK INC COMMON 4,206 11,774
SALESFORCE COM INC COM 5,317 14,570
APPLIED MATLS INC COM 3,972 16,447
COSTCO WHSL CORP NEW COM 6,994 21,559
DUPONT DE NEMOURS INC    
NETFLIX INC COM 3,318 11,439
UNION PAC CORP COM    
WALMART INC COM 6,694 23,173
ACCENTURE PLC IRELAND SHS CLAS    
NIKE INC CL B    
CIGNA CORP COMMON    
CORTEVA INC 6,642 9,317
FED EX CORP 6,679 9,821
BOSTON SCIENTIFIC CORP COM 9,234 20,691
CAPITAL ONE FINL CORP COM    
CITIGROUP INC COM NEW    
WALT DISNEY COMMON    
GOLDMAN SACHS GROUP INC COM 4,720 21,096
MICRON TECHNOLOGY INC 7,969 37,674
TARGET CORP COM    
GENERAL MOTORS CO 6,462 9,921
QUALCOMM INC COM    
WASTE MGMT INC DEL COM 4,405 7,910
AMAZON COM INC COM 15,013 27,237
BLACKSTONE INC COM 8,710 13,102
CITIZENS FINL GROUP INC COM    
HEWLETT PACKARD ENTERPRISE CO    
METLIFE INC COM 4,330 5,526
NEXTERA ENERGY INC COM 8,056 8,911
SERVICENOW INC COM 5,564 9,957
ANALOG DEVICES INC COM 6,715 10,034
AIR PRODS & CHEMS INC COM 3,471 3,211
CHIPOTLE MEXICAN GRILL INC COM    
DEERE & CO COM 4,483 5,121
EMERSON ELEC CO COM 6,545 8,760
CORNING INC COM 6,184 12,171
MARATHON OIL CORP COM    
MORGAN STANLEY COM NEW 4,239 9,054
SCHWAB CHARLES CORP COM 5,975 12,289
T-MOBILE US INC COM 3,777 5,279
LYONDELLBASELL INDUSTRIES N V    
MOHAWK INDS INC COM    
EXXON MOBIL CORP 4,546 6,619
BRISTOL-MYERS SQUIBB CO COM 3,338 4,099
PARKER-HANNIFIN CORP COM 6,855 8,790
ADVANCED MICRO DEVICES INC COM    
EVERGY INC COM 3,382 4,639
D R HORTON INC COM 4,642 4,753
LULULEMON ATHLETICA INC 2,469 2,078
REGENERON 1,692 2,316
THE CIGNA GROUP COM 2,042 3,578
THERMO FISHER SCIENTIFIC 4,798 5,795
HUBBEL INC COM 3,297 3,553
QUANTA SVCS INC COM 5,650 5,909
ADOBE SYSTEMS 3,865 3,850
NVIDIA CORPORATION COM 20,302 26,670
ORACLE CORP COM 1,517 17,347
DIGITAL RLTY TR INC COM 3,766 3,558
ACCENTURE PLC IRELAND 1,395 9,659

TY 2025 InvestmentsOtherSchedule2
Name:
PEARL FALK TRUST 002738
EIN:
42-6091303
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
JANUS INVT FD TRITON FD I SHS      
INVESCO OPPENHEIMER DEVELOPING      
COHEN & STEERS GLOBAL REALTY S AT COST 22,384 22,440
MFS NEW DISCOVERY VALUE FUND C AT COST 25,185 26,651
MFS INSTL INTL EQUITY FUND MFS AT COST 63,809 90,146
T ROWE PRICE MID-CAP GROWTH FU      
VICTORY SYCAMORE ESTABLISHED V AT COST 30,073 32,230
AB SMALL CAP GROWTH FUND ADVIS AT COST 32,462 30,311
FIDELITY INVT TR EMERGING MARK AT COST 10,084 15,303
GOLDMAN SACHS TR EMERGING MARK AT COST 10,643 14,805
FEDERATED HERMES EQUITY FGSIX AT COST 28,090 26,960

TY 2025 LegalFeesSchedule
Name:
PEARL FALK TRUST 002738
EIN:
42-6091303
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
LEGAL FEES - PRINCIPAL (ALLOCA 459 230   230
LEGAL FEES - INCOME (ALLOCABLE 459 230   230


TY 2025 OtherDecreasesSchedule
Name:
PEARL FALK TRUST 002738
EIN:
42-6091303
Description Amount
COST BASIS ADJUSTMENT 89


TY 2025 OtherExpensesSchedule
Name:
PEARL FALK TRUST 002738
EIN:
42-6091303
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMNT MNGMNT FEES (NON-DED 4,446 4,446   0


TY 2025 TaxesSchedule
Name:
PEARL FALK TRUST 002738
EIN:
42-6091303
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FOREIGN TAXES 61 61   0
FEDERAL ESTIMATES - PRINCIPAL 454 0   0
FOREIGN TAXES ON QUALIFIED FOR 193 193   0
FOREIGN TAXES ON NONQUALIFIED 82 82   0