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 SHAW & BETTY WALKER FOUNDATION
 
% STEPHANIE MORRALL
Number and street (or P.O. box number if mail is not delivered to street address) PO BOX 5100
  Room/suite
City or town
NORTH MUSKEGON
State or province
MI
Country  
ZIP or foreign postal code
49445
A Employer identification number

38-3125893
B Telephone number (see instructions)

2317445294
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)$29,171,758J 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) 0
2 Check .................
3 Interest on savings and temporary cash investments 15,845 15,845  
4 Dividends and interest from securities... 461,554 489,391  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 7,361,579
b Gross sales price for all assets on line 6a 38,768,094
7 Capital gain net income (from Part IV, line 2)... 7,375,951
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
90 90  
12 Total. Add lines 1 through 11........ 7,839,068 7,881,277  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 40,106 20,053   20,053
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
5,158 2,579 0 2,579
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
327,248 327,248 0 0
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
38,640 19,607 0 1,534
19 Depreciation (attach schedule) and depletion...      
20 Occupancy.............. 16,207 8,104   8,103
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
4,131 2,057 0 2,074
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 431,490 379,648 0 34,343
25 Contributions, gifts, grants paid....... 1,200,000 1,200,000
26 Total expenses and disbursements. Add lines 24 and 25 ................ 1,631,490 379,648 0 1,234,343
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 6,207,578
b Net investment income (if negative, enter -0-) 7,501,629
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......... 426,322 552,358 552,358
3 Accounts receivable  
Less: allowance for doubtful accounts        
4 Pledges receivable  
Less: allowance for doubtful accounts        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule)  
Less: allowance for doubtful accounts        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule) 1,176,326 Click to see attachment
List of Attached Documents:
// Content
1,403,836 		1,435,409
b Investments—corporate stock (attach schedule)....... 17,944,025 Click to see attachment
List of Attached Documents:
// Content
24,332,983 		27,174,474
c Investments—corporate bonds (attach schedule)....... 535,116    
11 Investments—land, buildings, and equipment: basis  
Less: accumulated depreciation (attach schedule)        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........     9,517
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) 20,081,789 26,289,177 29,171,758
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 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........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds 20,081,789 26,289,177
29 Total net assets or fund balances (see instructions)..... 20,081,789 26,289,177
30 Total liabilities and net assets/fund balances (see instructions). 20,081,789 26,289,177
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
20,081,789
2
Enter amount from Part I, line 27a .....................
2
6,207,578
3
Other increases not included in line 2 (itemize)
3
 
4
Add lines 1, 2, and 3 ..........................
4
26,289,367
5
Decreases not included in line 2 (itemize) Click to see attachment
List of Attached Documents:
// Content
5
190
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, line 29, column (b) ..
6
26,289,177
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 ML #04135 PUBLICLY TRADED SECURITIES      
b ML #04135 PUBLICLY TRADED SECURITIES      
c ML #04140 PUBLICLY TRADED SECURITIES      
d ML #04140 PUBLICLY TRADED SECURITIES      
e 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 15,690,189   14,452,157 1,238,032
b 20,366,804   14,116,398 6,250,406
c 543,484   542,978 506
d 2,167,395   2,280,610 -113,215
e       222
      222
      222
      222
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       1,238,032
b       6,250,406
c       506
d       -113,215
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 7,375,951
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) 1 104,273
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  
3 Add lines 1 and 2........................... 3 104,273
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 104,273
6 Credits/Payments:
a 2025 estimated tax payments and 2024 overpayment credited to 2025 6a 21,000
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c  
d Backup withholding erroneously withheld .......... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 21,000
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 1,383
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed....... 9 84,656
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 tax   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? Click to see list of attachments
List of Attached Documents:
// Content
....................
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 changesClick to see list of attachments
List of Attached Documents:
// Content
....
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. Click to see list of attachments
List of Attached Documents:
// Content
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)
MI
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
8b
Yes
 
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2025 or the taxable year beginning in 2025? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
 
No
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
11
 
No
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressN/A
14
The books are in care ofSTEPHANIE MORRALL Telephone no. (231) 744-5294

Located at483 RUDDIMAN DRIVENORTH MUSKEGONMI ZIP+4494452782
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
STEPHANIE MORRALL SECRETARY
22.5 		40,106 0 0
PO BOX 5100
NORTH MUSKEGON,MI49445
BETTY WALKER VICE PRESIDENT/DIRECTOR
1.0 		0 0 0
PO BOX 5100
NORTH MUSKEGON,MI49445
SHAW WALKER JR PRESIDENT/DIRECTOR
1.0 		0 0 0
PO BOX 5100
NORTH MUSKEGON,MI49445
IVY WALKER DIRECTOR
1.0 		0 0 0
PO BOX 5100
NORTH MUSKEGON,MI49445
BRUCE WALKER TREASURER/DIRECTOR
1.0 		0 0 0
PO BOX 5100
NORTH MUSKEGON,MI49445
SABINA WALKER DIRECTOR
1.0 		0 0 0
PO BOX 5100
NORTH MUSKEGON,MI49445
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
 
Total number of other employees paid over $50,000...................  
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
MERRILL LYNCH INVESTMENT MGMT 327,248
200 PARK AVENUE 13TH FLOOR
NEW YORK,NY10166
Total number of others receiving over $50,000 for professional services.............right arrow  
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 NONE  
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
27,583,563
b
Average of monthly cash balances.......................
1b
581,285
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, 1b, and 1c).......................
1d
28,164,848
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
 
2
Acquisition indebtedness applicable to line 1 assets..................
2
0
3
Subtract line 2 from line 1d.........................
3
28,164,848
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
422,473
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
27,742,375
6
Minimum investment return. Enter 5% (0.05) of line 5 ................
6
1,387,119
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
1,387,119
2a
Tax on investment income for 2025 from Part V, line 5 .......
2a
104,273
b
Income tax for 2025. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
104,273
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
1,282,846
4
Recoveries of amounts treated as qualifying distributions................
4
 
5
Add lines 3 and 4............................
5
1,282,846
6
Deduction from distributable amount (see instructions) .................
6
 
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
1,282,846
Part XI
Qualifying Distributions (see instructions)
1
Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
a
Expenses, contributions, gifts, etc.—total from Part I, line 26, column (d) ..........
1a
1,234,343
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
1,234,343
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 1,282,846
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only....... 0
b Total for prior years:2023, 2022, 2021 0
3 Excess distributions carryover, if any, to 2025:
a From 2020......  
b From 2021...... 64,428
c From 2022......  
d From 2023......  
e From 2024...... 22,936
f Total of lines 3a through e ........ 87,364
4Qualifying distributions for 2025 from Part
XI, line 4: $ 1,234,343
a Applied to 2024, but not more than line 2a 0
b Applied to undistributed income of prior years
(Election required—see instructions) ..... 		 
c Treated as distributions out of corpus (Election
required—see instructions) ........ 		 
d Applied to 2025 distributable amount..... 1,234,343
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2025. 48,503 48,503
(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 38,861
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...... 		 
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) ....... 		 
8 Excess distributions carryover from 2020 not
applied on line 5 or line 7 (see instructions) ... 		 
9 Excess distributions carryover to 2026.
Subtract lines 7 and 8 from line 6a ...... 		38,861
10 Analysis of line 9:
a Excess from 2021 .... 15,925
b Excess from 2022 ....  
c Excess from 2023 ....  
d Excess from 2024 .... 22,936
e Excess from 2025 ....  
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).)
MRS BETTY WALKER
SHAW WALKER JR
BRUCE WALKER
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:
SHAW WALKER FOUNDATION
PO BOX 5100
NORTH MUSKEGON,MI49445
(231) 744-5294
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

ADVOCACY & RESOURCE CENTER

136 COFFEEN AVENUE
SHERIDAN,WY82801 		NONE   OPERATIONAL PURPOSES 20,000

AGEWELL SVS MEALS ON WHEELS

275 WEST CLAY SUITE 100
MUSKEGON,MI49440 		NONE   OPERATIONAL PURPOSES 30,000

ALLIANCE FOR THE GREAT LAKES

150 MICHIGAN AVENUE SUITE 700
CHICAGO,IL60601 		NONE   OPERATIONAL PURPOSES 10,000

AMERICA FIRST LEGAL

611 PENNSYLVANIA AVENUE SE 231
WASHINGTON,DC20003 		NONE   OPERATIONAL PURPOSES 100,000

AMERICAN CANCER SOCIETY

PO BOX 10069
DETROIT,DE48210 		NONE   OPERATIONAL PURPOSES 30,000

AMERICAN RED CROSS OF WEST MICHIGAN

3886 BROADMOOR AVENUE SE
GRAND RAPIDS,MI49512 		NONE   OPERATIONAL PURPOSES 10,000

ANTELOPE BUTTE FOUNDATION

PO BOX 470
DAYTON,WY82836 		NONE   OPERATIONAL PURPOSES 20,000

BIG LAKE HUMANE SOC & COMM ANIMAL CLINIC

2640 MARQUETTE AVENUE
MUSKEGON,MI49442 		NONE   OPERATIONAL PURPOSES 5,000

CHAPS EQUINE ASSISTED SERVICES

PMB 201 1590 SUGARLAND DR SUITE
SHERIDAN,WY82801 		NONE   OPERATIONAL PURPOSES 10,000

COMPASS CENTER FOR FAMILIES

PO BOX 6022
SHERIDAN,WY82801 		NONE   OPERATIONAL PURPOSES 20,000

EVERY WOMAN'S PLACE

1221 W LAKETON AVENUE
MUSKEGON,MI49441 		NONE   OPERATIONAL PURPOSES 10,000

FIRST CONGREGATIONAL-UNRESTRICTED

1201 JEFFERSON STREET
MUSKEGON,MI49441 		NONE   OPERATIONAL PURPOSES 10,000

FRIENDS OF THE CRYSTAL FALLS LIBRARY

PO BOX 294
CRYSTAL FALLS,MI499200294 		NONE   OPERATIONAL PURPOSES 10,000

FRIENDS OF WALKER MEMORIAL LIBRARY

1522 RUDDIMAN DRIVE
N MUSKEGON,MI49445 		NONE   OPERATIONAL PURPOSES 10,000

FRIENDS OF WEST IRON DISTRICT LIBRARY

PO BOX 328
IRON RIVER,MI49935 		NONE   OPERATIONAL PURPOSES 5,000

GRAND TRAVERSE REGIONAL LAND CONSERVANCY

2846 3 MILE ROAD N
TRAVERSE CITY,MI49686 		NONE   OPERATIONAL PURPOSES 150,000

GREAT LAKES OUTDOORS FOUNDATION

420 W MILL STREET
HASTING,MI49058 		NONE   OPERATIONAL PURPOSES 40,000

HABITAT FOR HUMANITY OF EASTERN BIGHORNS

PO BOX 6196
SHERIDAN,WY82801 		NONE   OPERATIONAL PURPOSES 30,000

HARBOR HOSPICE OF MUSKEGON COUNTY

1050 WEST WESTERN AVENUE SUITE 400
MUSKEGON,MI49441 		NONE   OPERATIONAL PURPOSES 10,000

HOPE COLLEGE

141 EAST 12TH STREET 2ND FLOOR
HOLLAND,MI49423 		NONE   OPERATIONAL PURPOSES 50,000

JOB CREATORS NETWORK FOUNDATION

2245 TEXAS DRIVE SUITE 300
SUGAR LAND,TX77479 		NONE   OPERATIONAL PURPOSES 25,000

KALAMAZOO COLLEGE

1200 ACADEMY STREET
KALAMAZOO,MI49006 		NONE   OPERATIONAL PURPOSES 10,000

LAGNIAPPE MINISTRIES

PO BOX 6355
SHERIDAN,WY82801 		NONE   OPERATIONAL PURPOSES 10,000

LAKE LEELANAU VFW FOUNDATION

406 W 34TH STREET
KANSAS,MO64111 		NONE   OPERATIONAL PURPOSES 10,000

LEUKEMIA AND LYMPHOMA SOCIETY

PO BOX 22324
NEW YORK,NY10087 		NONE   OPERATIONAL PURPOSES 10,000

LOVE INC

1051 PECK STREET
MUSKEGON,MI49440 		NONE   OPERATIONAL PURPOSES 10,000

MICHIGAN TECH UNIVERSITY

1400 TOWNSEND DRIVE
HOUGHTON,MI49931 		NONE   OPERATIONAL PURPOSES 100,000

MUSKEGON RESCUE MISSION

1691 PECK STREET
MUSKEGON,MI49441 		NONE   OPERATIONAL PURPOSES 10,000

MUSKEGON SPORTS COUNCIL-GIRLS LUGE TEAM

PO BOX 5085
MUSKEGON,MI49445 		NONE   OPERATIONAL PURPOSES 10,000

NATURAL HISTORY MUSEUM OF WYOMING

1590 SUGARLAND DRIVE BOX 151
SHERIDAN,WY82801 		NONE   OPERATIONAL PURPOSES 10,000

NORTH MUSKEGON BOOSTER CLUB INC

1600 MILLS AVENUE
N MUSKEGON,MI49445 		NONE   OPERATIONAL PURPOSES 15,000

NORTHWOODS MUSIC COLLABORATIVE

PO BOX 27
AMASA,MI49903 		NONE   OPERATIONAL PURPOSES 50,000

NRA FOUNDATION-FREEDOM ACTION FOUNDATION

11250 WAPLES MILL ROAD
FAIRFAX,VA22030 		NONE   OPERATIONAL PURPOSES 20,000

PRESERVE HICKORY

12677 MAGIC CARPET CT
NORTHPORT,MI49670 		NONE   OPERATIONAL PURPOSES 25,000

QUEST MINISTRIES (BOY SCOUT TROOP 114)

16807 12 MILE ROAD
BIG RAPIDS,MI49307 		NONE   OPERATIONAL PURPOSES 10,000

ROOTED IN WYOMING

PO BOX 382
SHERIDAN,WY82801 		NONE   OPERATIONAL PURPOSES 5,000

SENIOR RESOURCES DISCRETION

560 SEMINOLE ROAD
MUSKEGON,MI49444 		NONE   OPERATIONAL PURPOSES 15,000

SHERIDAN AREA SEARCH AND RESCUE

PO BOX 993
SHERIDAN,WY82801 		NONE   OPERATIONAL PURPOSES 30,000

SHERIDAN COMMUNITY LAND TRUST

PO BOX 7185
SHERIDAN,WY82801 		NONE   OPERATIONAL PURPOSES 30,000

SHERIDAN COUMMUNITY TENNIS ASSOCIATION

1603 PARK SIDE COURT
SHERIDAN,WY82801 		NONE   OPERATIONAL PURPOSES 10,000

SHERIDAN FOSTER PARENT EXCHANGE

72 EAST RIDGE ROAD UNIT 1K
SHERIDAN,WY82801 		NONE   OPERATIONAL PURPOSES 20,000

SHERIDAN MEMORIAL HOSPITAL FOUNDATION

PO BOX 391
SHERIDAN,WY82801 		NONE   OPERATIONAL PURPOSES 30,000

SHERIDAN WYOMING DOG & CAT SHELTER

84 E RIDGE ROAD
SHERIDAN,WY82801 		NONE   OPERATIONAL PURPOSES 10,000

THE FOOD GROUP

PO BOX 6702
SHERIDAN,WY82801 		NONE   OPERATIONAL PURPOSES 30,000

THE HUB ON SMITH (FORMERLY SNR CTZN COUNCIL)

211 SMITH STREET
SHERIDAN,WY82801 		NONE   OPERATIONAL PURPOSES 25,000

THE WATERSHED CENTER GRAND TRAVERSE BAY

13272 S W BAY SHORE DRIVE
TRAVERSE CITY,MI49686 		NONE   OPERATIONAL PURPOSES 15,000

TRAVERSE CITY CENTRAL HIGH SCHOOL ATHLETIC DEPT

1150 MILIKEN DRIVE
TRAVERSE CITY,MI49686 		NONE   OPERATIONAL PURPOSES 15,000

UPRISING

532 VAL VISTA STREET SUITE 106
SHERIDAN,WY82801 		NONE   OPERATIONAL PURPOSES 10,000

VETERAN VILLAGE-AMNACS

PMB 237 1590 SUGARLAND DRIVE SUIT
SHERIDAN,WY82801 		NONE   OPERATIONAL PURPOSES 10,000

WGVU

PO BOX 1668
GRAND RAPIDS,MI495011668 		NONE   OPERATIONAL PURPOSES 15,000

WINGS OF MERCY

100 SOUTH PINE STREET
ZEELAND,MI49464 		NONE   OPERATIONAL PURPOSES 10,000

Michigan American Legion Foundation

212 N VERLINDEN AVENUE
LANSING,MI48915 		NONE   OPERATIONAL PURPOSES 15,000
Total ................................. 3a 1,200,000
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 ........... 		    14 15,845  
4 Dividends and interest from securities ....     14 461,554  
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 7,361,579  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aOTHER INCOME 		    14 90  
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..   7,839,068  
13Total. Add line 12, columns (b), (d), and (e)..................
13
7,839,068
(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 AccountingFeesSchedule
Name:
THE SHAW & BETTY WALKER FOUNDATION
EIN:
38-3125893
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING FEES 5,158 2,579 0 2,579

TY 2025 AllOthProgRltdInvestmentsSch
Name:
THE SHAW & BETTY WALKER FOUNDATION
EIN:
38-3125893
Category Amount
NONE  

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

TY 2025 DepreciationSchedule
Name:
THE SHAW & BETTY WALKER FOUNDATION
EIN:
38-3125893
Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
Life (# of years)		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included

TY 2025 InvestmentsCorpStockSchedule
Name:
THE SHAW & BETTY WALKER FOUNDATION
EIN:
38-3125893
Name of Stock End of Year Book Value End of Year Fair Market Value
CORPORATE STOCKS - SEE ATTACH 24,332,983 27,174,474

TY 2025 InvestmentsGovtObligationsSch
Name:
THE SHAW & BETTY WALKER FOUNDATION
EIN:
38-3125893
US Government Securities - End of Year Book Value:

1,403,836
US Government Securities - End of Year Fair Market Value:

1,435,409
State & Local Government Securities - End of Year Book Value:


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


 


TY 2025 InvestmentsOtherSchedule2
Name:
THE SHAW & BETTY WALKER FOUNDATION
EIN:
38-3125893
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
ML #4140 ESTIMATED ACCRUED INT AT COST   9,517

TY 2025 OtherDecreasesSchedule
Name:
THE SHAW & BETTY WALKER FOUNDATION
EIN:
38-3125893
Description Amount
PRIOR PERIOD ADJUSTMENT 190


TY 2025 OtherExpensesSchedule
Name:
THE SHAW & BETTY WALKER FOUNDATION
EIN:
38-3125893
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
STATE REGISTRATION FEE 20 0 0 20
MISCELLANEOUS EXPENSES 4,111 2,057 0 2,054


TY 2025 OtherIncomeSchedule2
Name:
THE SHAW & BETTY WALKER FOUNDATION
EIN:
38-3125893
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
OTHER INCOME 90 90  


TY 2025 OtherProfessionalFeesSchedule
Name:
THE SHAW & BETTY WALKER FOUNDATION
EIN:
38-3125893
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
MERRILL LYNCH ADMINISTRATIVE 327,248 327,248 0 0


TY 2025 TaxesSchedule
Name:
THE SHAW & BETTY WALKER FOUNDATION
EIN:
38-3125893
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FOREIGN TAXES W/H ON DIVIDENDS 18,073 18,073 0 0
EXCISE TAX 17,499 0 0 0
PAYROLL TAXES 3,068 1,534 0 1,534