TY 2025 Form 990PF

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)
	1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .................
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	61,684	61,684
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		68,072
b	Gross sales price for all assets on line 6a 338,830
7	Capital gain net income (from Part IV, line 2)...		68,072
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........	129,756	129,756
	13	Compensation of officers, directors, trustees, etc.	25,737	7,721		18,016
14	Other employee salaries and wages......		0	0	0
15	Pension plans, employee benefits.......		0	0
16a	Legal fees (attach schedule).........					0
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	2,270	0	0	2,270
c	Other professional fees (attach schedule)....					0
17	Interest...............				0
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	21,213	588		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).......
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	49,220	8,309	0	20,286
25	Contributions, gifts, grants paid.......	76,832			76,832
26	Total expenses and disbursements. Add lines 24 and 25 ................	126,052	8,309	0	97,118
	27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	3,704
b	Net investment income (if negative, enter -0-)		121,447
c	Adjusted net income (if negative, enter -0-)...			0

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............
	2	Savings and temporary cash investments.........	44,864	105,406	105,406
	3	Accounts receivable 728
		Less: allowance for doubtful accounts	669	728	728
	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)	199,525	List of Attached Documents: // Content 199,576	200,849
	b	Investments—corporate stock (attach schedule).......	856,699	List of Attached Documents: // Content 826,417	1,139,224
	c	Investments—corporate bonds (attach schedule).......	824,454	List of Attached Documents: // Content 799,183	807,644
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........			0
	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)	1,926,211	1,931,310	2,253,851
	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
		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........	1,926,211	1,931,310
	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).....	1,926,211	1,931,310
	30	Total liabilities and net assets/fund balances (see instructions).	1,926,211	1,931,310

(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	634.328 WCM FOCUSED EMERGING MKTS FDINSTL		2024-09-17	2025-03-20
b	420.042 MORGAN STANLEY INTERNATIONALADVANTAGE		2024-09-17	2025-03-20
c	3038.12 SCHWAB FUNDAMENTAL INT'L L/CINSTITUTIONASHARES		2024-09-17	2025-03-20
d	63.142 VANGUARD INTL GROWTH ADMIRAL SHARES		2008-10-30	2025-03-20
e	13.235 VANGUARD MIDCAP INDEX FUND ADMIRAL CLASS		2024-09-17	2025-03-20
	482.951 VANGUARD S/C INDEX ADMIRAL		2024-09-17	2025-03-20
	21. UNITEDHEALTH GROUP INC COM		2020-08-07	2025-03-26
	19. LOCKHEED MARTIN CORP COM		2020-05-13	2025-03-27
	95. CORTEVA INC COM		2024-09-17	2025-04-28
	146. SCHLUMBERGER LTD COM		2023-06-01	2025-05-15
	13. BROADCOM INC NPV COM		2020-06-09	2025-06-26
	46. LAM RESEARCH		2024-09-17	2025-06-26
	20. ANSYS, INC. COM		2023-09-28	2025-07-21
	3. ABBVIE INC COM		2025-03-26	2025-07-22
	4. ADOBE SYSTEMS INC COM		2024-09-17	2025-07-22
	283.415 PZENA EMERGING MARKET VALUE FD - INSTL		2024-09-17	2025-07-22
	22. ALPHABET CL A COM		2024-09-17	2025-07-22
	8. AMAZON INC COM		2024-09-17	2025-07-22
	11. AVANTIS US SMALL CAP		2025-03-20	2025-07-22
	4. AMETEK INC COM		2023-06-30	2025-07-22
	35. AMPHENOL CORPORATION COM		2008-04-18	2025-07-22
	13. APPLE INC COM		2024-09-17	2025-07-22
	18. ASTRAZENECA ADR		2024-09-17	2025-07-22
	3. AUTOMATIC DATA PROCESSING COM		2006-12-01	2025-07-22
	8. BAE SYSTEMS PLC SPONSORED ADR		2025-03-27	2025-07-22
	9. BROADCOM INC NPV COM		2020-06-09	2025-07-22
	12. BROWN & BROWN INC COM		2024-07-01	2025-07-22
	27. COMCAST CORP CLASS A COM		2024-09-17	2025-07-22
	10. CONOCOPHILLIPS COM		2024-09-17	2025-07-22
	37. COPART INC COM		2024-09-17	2025-07-22
	4. CULLEN FROST BANKERS COM		2024-09-17	2025-07-22
	2. DANAHER CORP COM		2023-10-24	2025-07-22
	4. DISNEY WALT COMPANY COM		2020-10-29	2025-07-22
	5. EOG RESOURCES INC COM		2024-09-17	2025-07-22
	7. EXXON MOBIL CORP COM		2025-05-15	2025-07-22
	2. META PLATFORMS INC		2024-03-14	2025-07-22
	14. FORTINET INC COM		2024-09-17	2025-07-22
	30.651 GMO S/C QUALITY FD CL I		2025-03-20	2025-07-22
	5. HONEYWELL INTL INC COM		2015-09-23	2025-07-22
	154.488 WCM FOCUSED EMERGING MKTS FDINSTL		2024-09-17	2025-07-22
	3.226 JANUS ENTERPRISE CL I		2024-09-17	2025-07-22
	6. JOHNSON & JOHNSON COM		1994-03-07	2025-07-22
	13. LAM RESEARCH		2024-09-17	2025-07-22
	2. LILLY ELI & CO COM		2017-01-11	2025-07-22
	3. LOWE'S COMPANIES INC COM		2017-01-10	2025-07-22
	4. MICROSOFT CORP COM		2018-02-12	2025-07-22
	125.841 MORGAN STANLEY INTERNATIONALADVANTAGE		2024-09-17	2025-07-22
	4. NEXTERA ENERGY INC COM		2024-09-17	2025-07-22
	3. NVIDIA CORP COM		2025-06-26	2025-07-22
	3. O'REILLY AUTOMOTIVE INC COM		2024-09-17	2025-07-22
	3. PROCTER & GAMBLE CO COM		2004-12-02	2025-07-22
	2. S&P GLOBAL INC COM		2021-04-08	2025-07-22
	406.644 SCHWAB FUNDAMENTAL INT'L L/CINSTITUTIONASHARES		2024-09-17	2025-07-22
	13. CHARLES SCHWAB CORP COM		2024-09-17	2025-07-22
	6. REAL ESTATE SELECT SEC ETF		2024-02-22	2025-07-22
	2. STRYKER CORP COM		2006-08-04	2025-07-22
	.798 SYNOPSYS INC COM		2025-07-22	2025-07-22
	10. TJX COS INC NEW COM		2023-04-24	2025-07-22
	5. TEXAS INSTRS INC COM		2024-09-17	2025-07-22
	149. GMO INT'L ETF		2025-03-20	2025-07-22
	6. VANECK SEMICONDUCTOR ETF		2024-10-30	2025-07-22
	29.026 VANGUARD INTL GROWTH ADMIRAL SHARES		2008-10-30	2025-07-22
	12. VANGUARD I S&P 500 COM		2024-09-17	2025-07-22
	4.547 VANGUARD MIDCAP INDEX FUND ADMIRAL CLASS		2024-09-17	2025-07-22
	3. VISA COM		2024-09-17	2025-07-22
	10. WAL MART STORES INC COM		2015-09-17	2025-07-22
	3. ZOETIS INC COM		2024-11-15	2025-07-22
	2. ACCENTURE PLC ADR		2010-07-07	2025-07-22
	2. LINDE PLC COM		2024-09-17	2025-07-22
	3. CHUBB LIMITED ADR		2016-01-15	2025-07-22
	5. ADOBE SYSTEMS INC COM		2024-09-17	2025-09-05
	58. AMPHENOL CORPORATION COM		2008-04-18	2025-09-05
	5. SERVICE NOW INC COM		2022-12-22	2025-09-05
	25000. CHARLES SCHWAB CORP 2.000% DUE 03/20/28*		2021-06-21	2025-09-16
	10. LAM RESEARCH		2024-09-17	2025-09-24
	.25 SOLSTICE ADVANCED MATLS INC COM SHS		2015-09-23	2025-11-03
	12. SOLSTICE ADVANCED MATLS INC COM SHS		2015-09-23	2025-11-05
	12. ADOBE SYSTEMS INC COM		2024-09-17	2025-12-19
	15. ALPHABET CL A COM		2024-09-17	2025-12-19
	58. AMPHENOL CORPORATION COM		2008-04-18	2025-12-19
	31. BROADCOM INC NPV COM		2020-06-09	2025-12-19
	234. COMCAST CORP CLASS A COM		2024-09-17	2025-12-19
	34. ZOETIS INC COM		2024-11-15	2025-12-19
	CAPITAL GAIN DIVIDENDS	P
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(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	9,604	9,077	527
b	10,795	10,152	643
c	35,212	34,817	395
d	6,884	2,747	4,137
e	4,280	4,248	32
	52,371	54,033	-1,662
	10,844	6,633	4,211
	8,455	6,922	1,533
	5,848	5,409	439
	5,140	6,609	-1,469
	3,483	413	3,070
	4,426	3,512	914
	7,917	5,961	1,956
	562	605	-43
	1,487	2,068	-581
	4,024	3,682	342
	4,205	3,492	713
	1,821	1,495	326
	1,049	975	74
	716	649	67
	3,586	263	3,323
	2,783	2,806	-23
	1,265	1,411	-146
	910	113	797
	808	667	141
	2,511	286	2,225
	1,237	1,070	167
	951	1,062	-111
	931	1,083	-152
	1,714	1,873	-159
	554	445	109
	379	402	-23
	485	478	7
	591	615	-24
	760	753	7
	1,413	982	431
	1,475	1,062	413
	714	669	45
	1,185	450	735
	2,747	2,211	536
	482	484	-2
	1,002	60	942
	1,276	992	284
	1,548	149	1,399
	678	215	463
	2,024	356	1,668
	3,476	3,042	434
	309	339	-30
	504	466	38
	285	225	60
	472	166	306
	1,038	732	306
	5,168	4,660	508
	1,240	828	412
	256	232	24
	789	92	697
	472	489	-17
	1,255	785	470
	1,074	999	75
	4,410	4,078	332
	1,717	1,510	207
	3,416	1,263	2,153
	6,940	6,196	744
	1,610	1,460	150
	1,052	874	178
	958	216	742
	451	524	-73
	573	78	495
	943	942	1
	836	333	503
	1,761	2,585	-824
	6,407	436	5,971
	4,544	1,882	2,662
	23,911	25,252	-1,341
	1,271	763	508
	11	5	6
	582	255	327
	4,279	6,203	-1,924
	4,568	2,381	2,187
	7,900	436	7,464
	10,423	984	9,439
	6,950	9,143	-2,193
	4,198	5,937	-1,739
			10,121
			10,121
			10,121
			10,121
			10,121
			10,121
			10,121
			10,121
			10,121
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			10,121
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			10,121
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			10,121
			10,121
			10,121
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			10,121
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			10,121

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			527
b			643
c			395
d			4,137
e			32
			-1,662
			4,211
			1,533
			439
			-1,469
			3,070
			914
			1,956
			-43
			-581
			342
			713
			326
			74
			67
			3,323
			-23
			-146
			797
			141
			2,225
			167
			-111
			-152
			-159
			109
			-23
			7
			-24
			7
			431
			413
			45
			735
			536
			-2
			942
			284
			1,399
			463
			1,668
			434
			-30
			38
			60
			306
			306
			508
			412
			24
			697
			-17
			470
			75
			332
			207
			2,153
			744
			150
			178
			742
			-73
			495
			1
			503
			-824
			5,971
			2,662
			-1,341
			508
			6
			327
			-1,924
			2,187
			7,464
			9,439
			-2,193
			-1,739

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	68,072
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 .........................		3

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)	1	1,688
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	1,688
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	1,688
6	Credits/Payments:

a	2025 estimated tax payments and 2024 overpayment credited to 2025	6a	10,960
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	10,960
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
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	9,272
11	Enter the amount of line 10 to be: Credited to 2026 estimated tax1,700	Refunded	11	7,572
	For Refunded amount, also complete and attach Form 8050. 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
FIRST MERCHANTS PRIVATE WEALTH ADVI ORS	TRUSTEE 1	25,737
200 EAST JACKSON STREET MUNCIE,IN47305

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

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

		(a) Corpus	(b) Years prior to 2024	(c) 2024	(d) 2025
1 Distributable amount for 2025 from Part X, line 7					105,375
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......	0
b From 2021......	8,542
c From 2022......	78,325
d From 2023......	18,671
e From 2024......	8,124
f Total of lines 3a through e ........		113,662
4Qualifying distributions for 2025 from Part
XI, line 4: $ 97,118
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.....					97,118
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2025.		8,257			8,257
(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		105,405
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........			0
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......			0
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........			0
e Undistributed income for 2024. Subtract line 4a from line 2a. Taxable amount—see instructions .............				0
f Undistributed income for 2025. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2026 ..........					0
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......		0
8 Excess distributions carryover from 2020 not applied on line 5 or line 7 (see instructions) ...		0
9 Excess distributions carryover to 2026. Subtract lines 7 and 8 from line 6a ......		105,405
10 Analysis of line 9:
a Excess from 2021 ....	285
b Excess from 2022 ....	78,325
c Excess from 2023 ....	18,671
d Excess from 2024 ....	8,124
e Excess from 2025 ....

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	(e) Total

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

aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:

DEBRA BARKER
200 EAST JACKSON STREET
MUNCIE,IN47305
(765) 747-1500
DBARKER@FIRSTMERCHANTS.COM

bThe form in which applications should be submitted and information and materials they should include:

CONTACT FIRST MERCHANTS PRIVATE WEALTH ADVISORS FOR APPLICATION FORMS

cAny submission deadlines:

MARCH 15

dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:

HIGHLY MOTIVATED STUDENT DEMONSTRATING SUPERIOR ACADEMIC ACHIEVEMENT PURSUING A POST SECONDARY EDUCATION. PREFERECNE GIVEN TO MEDICAL DISCIPLINES.

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)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
CASSANDRA LOMBARDI AND BALL STATE UNIVERSITY 2000 W UNIVERSITY AVE MUNCIE,IN47306	NONE		SCHOLARSHIP	3,851
DAMETRIUS HALL & GRACE COLLEGE 401 N KETTNER DR MUNCIE,IN47304	NONE		SCHOLARSHIP	4,429
ELLA PICHE & BALL STATE UNIVERSITY 800 E MAIN ST MUNCIE,IN47305	NONE		SCHOLARSHIP	4,429
LAUREN HUFFMAN-KIMBLE & BALL STATE UNIVERSITY GASTON,IN47342	NONE		SCHOLARSHIP	8,280
LAUREN SMITH AND ANDERSON UNIVERSITY 3500 EAST INDIAN HILL DR MUNCIE,IN47302	NONE		SCHOLARSHIP	8,280
SHELBIE CRABTREE & BALL STATE UNIVERSITY 8800 S CR 300 W MUNCIE,IN47302	NONE		SCHOLARSHIP	8,280
Caitlin Laferney and Yale University 246 CHURCH ST 1ST FLOOR New Haven,CT06510	NONE		SCHOLARSHIP	8,280
Halle McHolland and Purdue University 3710 S CR 700 E Selma,IN47383	NONE		SCHOLARSHIP	4,429
Jay Crawford & Ball State University 8216 N WILDERNESS RD Muncie,IN47303	NONE		SCHOLARSHIP	8,858
Jonah Smith and Taylor University 2501 W WOODBRIDGE DR Muncie,IN47304	NONE		SCHOLARSHIP	4,429
Lilyan Petion & University of Florida 2208 W PARKWAY DR Muncie,IN47303	NONE		SCHOLARSHIP	4,429
Peyton Wormer and the University of Notr e Dame 2201 NORTH WICKLOW DRIVE Muncie,IN47304	NONE		SCHOLARSHIP	4,429
Olivia Gick & Ball State University 7109 S HIBISCUS DR Muncie,IN47302	NONE		SCHOLARSHIP	4,429
Total ................................. 3a				76,832

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

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	(e) Related or exempt function income (See instructions.)
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	61,684
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	68,072
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) ..				129,756

(a) Line No.	(b) Amount involved	(c) Name of noncharitable exempt organization	(d) Description of transfers, transactions, and sharing arrangements

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.

Name of Bond	End of Year Book Value	End of Year Fair Market Value
AMPNL 4.35% 6/1/29*	98,671	101,032
ATZNCA 4.875 3/3/28*	100,928	102,203
BS BY 4.45% 10/1/28*	49,998	50,470
DOW 4.8% 11/30/28*	99,843	101,484
GS 4.75% 12/29/28	49,969	51,254
LOWES 3.1% 5/3/27	100,265	98,902
NXTRA 5% 2/28/30*	49,784	51,575
RLTY 4.85% 3/15/30*	99,725	102,769
CS 2% 3/20/28*
FED TTL RET BD CL R6	100,000	97,955
NORTH ULT-SH FIX INC	50,000	50,000


(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

bApproved for future payment

Total ................................. 3b

Name of Stock	End of Year Book Value	End of Year Fair Market Value
ADOBE SYSTEMS INC
ALPHABET CL A	19,838	39,125
AMAZON	21,113	26,083
AMETEK INC	10,953	12,935
AMPHENOL CORPORATION	173	23,379
ANSYS, INC.
APPLE INC	17,486	22,021
AUTO DATA PROCESSING	982	6,688
BLACKROCK	9,949	11,774
BROADCOM INC NPV	2,253	24,573
BROWN & BROWN	9,494	8,687
COMCAST CL A
CONOCOPHILLIPS	6,717	5,804
CONSTELLATION ENERGY	4,923	7,772
COPART INC	10,177	7,869
CORTEVA INC
COSTCO WHOLESALE	1,639	10,348
CULLEN FROST BANKERS	4,672	5,318
DANAHER CORP	3,357	7,554
DISNEY WALT COMPANY	4,664	4,437
EOG RESOURCES INC	6,396	5,461
META PLATFORMS INC	10,704	13,202
FORTINET	7,815	8,179
HOME DEPOT INC	2,220	5,162
HONEYWELL INTL INC	4,152	9,559
JOHNSON & JOHNSON CO	538	11,175
LAM RESEARCH	6,184	13,866
LILLY ELI & CO, COM	968	13,971
LOCKHEED MARTIN
LOWE'S COMPANIES	2,650	8,923
MCDONALD'S CORP, COM	7,391	8,558
MICROSOFT CORP	8,422	28,534
NEXTERA ENERGY	6,021	5,700
O'REILLY AUTO	6,525	7,935
PEPSICO INC	1,082	3,014
PROCTER & GAMBLE CO,	5,817	8,599
S&P GLOBAL	10,537	13,587
SCHLUMBERGER LTD
CHARLES SCHWAB CORP	7,581	11,889
REAL ESTATE SEL SEC	4,563	4,761
SERVICE NOW INC	4,516	9,191
STRYKER CORP	1,987	15,113
TJX COS INC	6,355	12,442
TEXAS INSTRS INC	7,391	6,419
UNITEDHEALTH GROUP
VANECK SEMICONDUCTOR ETF	16,622	24,129
VISA	13,699	16,483
WAL MART STORES INC	2,954	15,263
ZOETIS INC
LINDE PLC	8,945	8,101
VANGUARD S&P 500 ETF	52,668	63,967
ASTRAZENECA	7,870	9,469
ACCENTURE PLC	3,791	11,537
CHUBB LIMITED	3,666	10,300
PZENA EMERGING MKT	27,533	32,567
WCM FOCUSED EMRG MKT	10,323	13,988
MORGAN STANLEY INTL	30,019	34,515
SCHWAB FDMTL INTL LC	46,967	56,925
VANGUARD INTL GR ADM	12,736	33,367
JANUS ENTERPRISE	54,465	51,939
MFS MIDCAP VALUE R6	57,372	51,087
VANGUARD MID-CAP AD	59,120	66,185
VANGUARD SMALLCAP AD
ABBVIE	7,460	8,454
ECOLAB	5,507	6,038
EXXON MOBIL CORP	4,305	4,814
NVIDIA CORP	10,768	12,309
HEALTHCARE SPDR	4,200	4,180
SYNOPSYS INC	11,700	9,394
VG INFO TECH ETF	6,785	6,784
GMO INT'L ETF	48,226	59,168
AVANTIS US SMALL CAP	30,581	35,183
BAE SYSTEMS PLC ADR	7,837	8,668
SAP AKTIENGESELLSCH	5,166	4,615
TAIWAN SEMICONDUCTOR	6,508	8,205
GMO S/C QUALITY FD CL I	20,419	21,983

Category	Amount	Net Investment Income
FOREIGN TAXES	67	67
FEDERAL TAX PAYMENT - PRIOR YE	9,665	0
FEDERAL ESTIMATES - PRINCIPAL	10,960	0
FOREIGN TAXES ON QUALIFIED FOR	391	391
FOREIGN TAXES ON NONQUALIFIED	130	130

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