TY 2025 Form 990PF

- TIN:

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
FRERES FOUNDATION
C/O FRERES LUMBER CO

Number and street (or P.O. box number if mail is not delivered to street address) PO BOX 276
Room/suite

City or town
LYONS

State or province
OR

Country

ZIP or foreign postal code
97358

A Employer identification number

93-6027213

B Telephone number (see instructions)

5038592121

C If exemption application is pending, check here

G Check all that apply: Initial returnInitial return of a former public charity

Address change Name change

D 1. Foreign organizations, check here.............

2. Foreign organizations meeting the 85%
test, check here and attach computation ...

E If private foundation status was terminated
under section 507(b)(1)(A), check here .......

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trust Other taxable private foundation

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here .......

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)$4,870,740J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

	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	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)	207
2	Check .................
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	126,862		126,862
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		369,009
b	Gross sales price for all assets on line 6a 1,210,316
7	Capital gain net income (from Part IV, line 2)...			369,009
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).......
12	Total. Add lines 1 through 11........	496,078		495,871
13	Compensation of officers, directors, trustees, etc.	0		0	0
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	2,900	0	0
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	15,791	15,791	0
17	Interest...............
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	6,673	0	0
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	1,017	0	0
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	26,381		15,791	0
25	Contributions, gifts, grants paid.......	225,106			225,106
26	Total expenses and disbursements. Add lines 24 and 25 ................	251,487		15,791	225,106
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	244,591
b	Net investment income (if negative, enter -0-)			480,080
c	Adjusted net income (if negative, enter -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	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.............	59,820	56,130	56,130
	2	Savings and temporary cash investments.........	109,244	129,661	129,661
	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)
	b	Investments—corporate stock (attach schedule).......
	c	Investments—corporate bonds (attach schedule).......
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	3,743,017	List of Attached Documents: // Content 3,977,614	4,684,949
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	List of Attached Documents: // Content 1,263	List of Attached Documents: // Content 0	List of Attached Documents: // Content 0
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	3,913,344	4,163,405	4,870,740
	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 )	List of Attached Documents: // Content 0	List of Attached Documents: // Content 5,470
	23	Total liabilities (add lines 17 through 22).........	0	5,470
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........	3,913,344	4,157,935
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........
	27	Paid-in or capital surplus, or land, bldg., and equipment fund
	28	Retained earnings, accumulated income, endowment, or other funds
	29	Total net assets or fund balances (see instructions).....	3,913,344	4,157,935
	30	Total liabilities and net assets/fund balances (see instructions).	3,913,344	4,163,405

Part III

Analysis of Changes in Net Assets or Fund Balances

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) ...............

3,913,344

Enter amount from Part I, line 27a .....................

244,591

Other increases not included in line 2 (itemize)

Add lines 1, 2, and 3 ..........................

4,157,935

Decreases not included in line 2 (itemize)

Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, line 29, column (b) ..

4,157,935

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	AB SMALL CAP GROWTH	P	2020-12-30	2025-12-31
b	ABBOT LABORATORIES	P	2024-11-08	2025-03-03
c	AIR PRODUCTS & CHEMICALS INC CORP	P	2021-10-06	2025-03-03
d	ALL STATE CORP	P	2019-08-26	2025-12-30
e	ALPHABET INC CLASS	P	2024-07-02	2025-12-30
	AMAZON COMMUNICATIONS	P	2020-06-10	2025-03-03
	APPLE INC	P	2023-06-15	2025-12-30
	ASML HOLDINGS NV NY	P	2024-07-02	2025-03-03
	AUTO DESK INC	P	2023-06-15	2025-03-03
	BANK AMER CORP	P	2021-06-18	2025-12-30
	BLACK ROCK	P	2020-03-04	2025-03-03
	CATERPILLAR INC	P	2016-04-12	2025-03-03
	CHEVRON CORP	P	2021-03-09	2025-03-03
	CHUBB LTD	P	2024-11-08	2025-12-30
	COSTCO WHLS	P	2022-03-16	2025-03-03
	CROWDSTRIKE HOLDINGS	P	2022-02-01	2025-12-30
	CROWN CASTLE INTERNATIONAL	P	2025-02-28	2025-06-24
	CUMMINS ENGINE INC	P	2020-06-10	2025-12-30
	DATADOG INC	P	2024-07-02	2025-12-30
	DEERE & CO	P	2020-06-10	2025-12-30
	DOW INC COM	P	2025-02-28	2025-06-24
	ENPHASE ENERGY INC	P	2025-02-28	2025-06-24
	FIDELITY REAL ESTATE INCOME	P	2022-01-04	2025-10-02
	HCA HOLDINGS	P	2023-03-07	2025-12-30
	HOME DEPOT INC	P	2020-06-10	2025-03-03
	INTUITIVE SURGICAL INC	P	2022-09-07	2025-12-30
	INVESCO OPPENHEIMER	P	2025-02-28	2025-12-31
	ISHARES CORE MSCI EAFE	P	2023-06-15	2025-03-03
	ISHARES INC CORE MSCI EMKT	P	2024-11-27	2025-12-30
	ISHARES MSCI EMERGING	P	2021-10-06	2025-12-30
	JOHNSON & JOHNSON	P	2022-06-01	2025-12-30
	INVESCO OPPENHEIMER	P	2023-06-15	2025-12-31
	ENPHASE ENERGY INC	P	2023-11-01	2025-06-24
	DOW INC COM	P	2020-06-10	2025-06-24
	CROWN CASTLE INTERNATIONAL	P	2023-06-15	2025-06-24
	JPMORGAN CHASE	P	2021-06-18	2025-12-30
	L3HARRIS TECNOLOGIES INC	P	2022-10-17	2025-12-30
	LAM RESH CORP	P	2016-08-09	2025-12-30
	LILLY ELI & CO	P	2024-11-08	2025-03-03
	LULULEMON ATHLETICA INC	P	2025-02-28	2025-04-22
	MCDONALDS CORP	P	2017-04-25	2025-03-03
	META PLATFORMS INC	P	2024-11-08	2025-03-03
	MICROSOFT CORP	P	2013-12-30	2025-06-24
	MORGAN STANLEY	P	2020-11-12	2025-12-30
	NETFLIX INC	P	2023-06-15	2023-06-15
	LULULEMON ATHLETICA INC	P	2020-06-10	2025-04-22
	NEXTERA ENERGY INC	P	2020-09-22	2025-12-30
	NIKE INC CL B	P	2025-02-28	2025-04-22
	NIKE INC CL B	P	2022-09-07	2025-04-22
	NORFOLK SOUTHERN CORP	P	2020-06-10	2025-12-30
	NVIDIA CORP	P	2020-06-10	2025-06-24
	PALO ALTO NETWORKS INC	P	2020-08-06	2025-12-30
	PARKER-HANNIFIN	P	2020-05-11	2025-12-30
	PHILLIPS 66	P	2020-06-10	2025-12-30
	PNC FINANCIAL SERVICES GROUP	P	2023-06-15	2025-12-30
	SALESFORCE.COM	P	2020-06-10	2025-03-03
	SERVICE NOW INC	P	2021-04-14	2025-12-30
	STRYKER CORPORATION	P	2020-06-10	2025-03-03
	UNITED HEALTH GROUP INC	P	2025-02-28	2025-05-19
	UNITED RENTALS	P	2019-10-17	2025-12-30
	VERIZON COMMUNICATIONS	P	2022-09-07	2025-06-24
	VICTORY SYCAMORE ESTABLISHED	P	2021-05-17	2025-12-31
	VISA INC	P	2020-06-10	2025-12-30
	WALT DISNEY CO	P	2023-03-24	2025-03-03
	UNITED HEALTH GROUP INC	P	2020-06-10	2025-05-19
	ADJUSTMENT	P	2025-12-31	2025-12-31
	CAPITAL GAINS DIVIDENDS	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	44,757	49,927	-5,170
b	2,057	1,753	304
c	3,134	2,497	637
d	6,577	3,392	3,185
e	33,158	24,642	8,516
	20,943	19,565	1,378
	46,516	12,080	34,436
	7,042	10,456	-3,414
	2,703	1,819	884
	5,695	4,634	1,061
	4,815	2,467	2,348
	17,863	2,824	15,039
	6,325	4,385	1,940
	630	562	68
	15,500	8,105	7,395
	10,547	4,549	5,998
	3,579	3,538	41
	11,706	4,799	6,907
	3,587	3,127	460
	10,978	3,740	7,238
	2,415	3,794	-1,379
	1,736	2,910	-1,174
	98,127	107,526	-9,399
	11,071	6,624	4,447
	1,967	1,279	688
	11,352	4,001	7,351
	7,037	7,500	-463
	150,481	137,260	13,221
	43,661	33,220	10,441
	50,506	41,834	8,672
	4,969	4,614	355
	65,621	92,398	-26,777
	4,306	9,545	-5,239
	5,392	9,578	-4,186
	8,897	13,383	-4,486
	12,432	6,796	5,636
	1,480	1,119	361
	14,132	1,120	13,012
	4,565	4,187	378
	752	1,090	-338
	4,594	2,122	2,472
	3,309	2,941	368
	69,119	5,488	63,631
	8,163	2,893	5,270
	9,752	4,402	5,350
	7,515	9,651	-2,136
	403	348	55
	4,695	6,693	-1,998
	6,795	12,605	-5,810
	1,751	1,141	610
	85,803	5,787	80,016
	8,545	1,988	6,557
	34,914	5,134	29,780
	7,236	4,802	2,434
	8,079	5,110	2,969
	5,917	3,640	2,277
	9,800	5,897	3,903
	7,656	4,041	3,615
	2,740	4,704	-1,964
	8,208	1,282	6,926
	15,219	17,513	-2,294
	35,000	39,777	-4,777
	12,861	7,247	5,614
	12,471	14,646	-2,175
	11,234	12,566	-1,332
		250	-250
	69,526		69,526

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			-5,170
b			304
c			637
d			3,185
e			8,516
			1,378
			34,436
			-3,414
			884
			1,061
			2,348
			15,039
			1,940
			68
			7,395
			5,998
			41
			6,907
			460
			7,238
			-1,379
			-1,174
			-9,399
			4,447
			688
			7,351
			-463
			13,221
			10,441
			8,672
			355
			-26,777
			-5,239
			-4,186
			-4,486
			5,636
			361
			13,012
			378
			-338
			2,472
			368
			63,631
			5,270
			5,350
			-2,136
			55
			-1,998
			-5,810
			610
			80,016
			6,557
			29,780
			2,434
			2,969
			2,277
			3,903
			3,615
			-1,964
			6,926
			-2,294
			-4,777
			5,614
			-2,175
			-1,332
			-250
			69,526

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	369,009
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

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.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)	1	6,673
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	6,673
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	6,673
6	Credits/Payments:

a	2025 estimated tax payments and 2024 overpayment credited to 2025	6a	1,249
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	0
d	Backup withholding erroneously withheld ..........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............		7	1,249
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8	46
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9	5,470
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
	For Refunded amount, also complete and attach Form 8050. See instructions.

Form 990-PF (2025)

Page 4

Part VI-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions

for the definition.................................

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.

Did the foundation file Form 1120-POL for this year?.....................

Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:

(1) On the foundation. $ 0(2) On foundation managers.$ 0

Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed

on foundation managers.$ 0

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If "Yes," attach a detailed description of the activities.

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....

Did the foundation have unrelated business gross income of $1,000 or more during the year?.........

If "Yes," has it filed a tax return on Form 990-T for this year?...................

Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........

If "Yes," attach the statement required by General Instruction T.

Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:

By language in the governing instrument, or

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? ................

Yes

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..................................

Yes

Enter the states to which the foundation reports or with which it is registered (see instructions)

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 .

Yes

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 .............................

Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names

and addresses. ...............................

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 .............

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.................

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website addressN/A

The books are in care ofFRERES LUMBER CO Telephone no. (503) 859-2121

Located atPO BOX 276LYONSOR ZIP+497358

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 ........

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)

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

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)

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person? ..............................

1a(2)

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........

1a(3)

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............

1a(4)

(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)

(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)

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 ..........

Organizations relying on a current notice regarding disaster assistance check here ........

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? .............

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)):

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?....................

If "Yes," list the years 20, 20, 20, 20

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.) ..............

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

Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at

any time during the year? ..............................

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.).....................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

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? ..

Form 990-PF (2025)

Page 6

Part VI-B

Statements Regarding Activities for Which Form 4720 May Be Required (continued)

During the year did the foundation pay or incur any amount to:

Yes

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........

5a(1)

(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)

(3) Provide a grant to an individual for travel, study, or other similar purposes? .............

5a(3)

(4) Provide a grant to an organization other than a charitable, etc., organization described

in section 4945(d)(4)(A)? See instructions ........................

5a(4)

(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)

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 ........

Organizations relying on a current notice regarding disaster assistance check .........

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? .................

If "Yes," attach the statement required by Regulations section 53.4945–5(d).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on

a personal benefit contract? .............................

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....

If "Yes" to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?

If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....

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? .........................

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
ROBERT FRERES JR	PRESIDENT 1.00	0	0	0
PO BOX 276 LYONS,OR97358	PRESIDENT 1.00	0	0	0
KYLE FRERES	VICE-PRESIDENT 1.00	0	0	0
PO BOX 276 LYONS,OR97358	VICE-PRESIDENT 1.00	0	0	0
TYLER FRERES	VICE-PRESIDENT 1.00	0	0	0
PO BOX 276 LYONS,OR97358	VICE-PRESIDENT 1.00	0	0	0
ERIC ANSPACH	SECRETARY 1.00	0	0	0
PO BOX 276 LYONS,OR97358	SECRETARY 1.00	0	0	0

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)

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 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


2


All other program-related investments. See instructions.
3

Total. Add lines 1 through 3.........................0

Form 990-PF (2025)

Page 8

Part IX

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

4,487,865

Average of monthly cash balances.......................

177,428

Fair market value of all other assets (see instructions)................

Total (add lines 1a, 1b, and 1c).......................

4,665,293

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) .............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d.........................

4,665,293

Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see

instructions) .............................

69,979

Net value of noncharitable-use assets. Subtract line 4 from line 3. ............

4,595,314

Minimum investment return. Enter 5% (0.05) of line 5 ................

229,766

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.)

Minimum investment return from Part IX, line 6..................

229,766

Tax on investment income for 2025 from Part V, line 5 .......

6,673

Income tax for 2025. (This does not include the tax from Part V.) ...

Add lines 2a and 2b............................

6,673

Distributable amount before adjustments. Subtract line 2c from line 1............

223,093

Recoveries of amounts treated as qualifying distributions................

Add lines 3 and 4............................

223,093

Deduction from distributable amount (see instructions) .................

Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...

223,093

Part XI

Qualifying Distributions (see instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, line 26, column (d) ..........

225,106

Program-related investments—total from Part VIII-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes...............................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......

225,106

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				223,093
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only.......			33,841
b Total for prior years:20 , 20, 20		0
3 Excess distributions carryover, if any, to 2025:
a From 2020......
b From 2021......
c From 2022......
d From 2023......
e From 2024......
f Total of lines 3a through e ........	0
4Qualifying distributions for 2025 from Part
XI, line 4: $ 225,106
a Applied to 2024, but not more than line 2a			33,841
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.....				191,265
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 ..........				31,828
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 ....
b Excess from 2022 ....
c Excess from 2023 ....
d Excess from 2024 ....
e Excess from 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 4942(j)(3) or4942(j)(5)

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

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)

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)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
BRADLEY IMPACT FUND 1400 N WATER ST STE 300 MILLWAUKEE,WI53202			FREEDOM FOUNDATION	25,000
CASCADE HIGH SCHOOL 10226 MARION ROAD SE TURNER,OR97392			HOTWIRE ROBOTICS	2,500
CATHOLIC COMMUNITY SERVICES 3737 PORTLAND RD NE SALEM,OR97301			UNRESTRICTED DONATION	1,000
COMMON SENSE FOR OREGON FOUNDATION 2007 STATE ST SALEM,OR97301			UNRESTRICTED DONATION	10,000
FAMILY BUILDING BLOCKS 2425 LANCASTER DR NE SALEM,OR97305			DORIS NEW PLACE CONSTRUCTION	20,000
FOREST BRIDGES 522 SE WASHINGTON AVE ROSEBURG,OR97470			UNRESTRICTED DONATION	5,000
FORESTS TODAY AND FOREVER PO BOX 55 EUGENE,OR97440			UNRESTRICTED DONATION	2,500
HART HORSES ADAPTIVE RIDING & THERAPY 6665 RICKREALL RS RICKREALL,OR97351			UNRESTRICTED DONATION	250
LYONS RURAL FIRE DISTRICT 1114 MAIN ST LYONS,OR97358			UNRESTRICTED DONATION	8,000
MARION COUNTY 4-H ASSOCIATION 1320 CAPITOL ST NE SALEM,OR97301			UNRESTRICTED DONATION	1,000
OREGON STATE UNIVERSITY FOUNDATION 850 SW 35TH STREET CORVALLIS,OR97333			WOOD COMPOSITE RESEARCH	20,000
OUR LADY OF LOURDES CATHOLIC CHURCH 4723 NW FRANKLIN ST VANCOUVER,WA98663			UNRESTRICTED DONATION	500
REGIS ST MARY CATHOLIC SCHOOL 1066 N 6TH AVE STAYTON,OR97383			REGIS BASEBALL	5,000
SCIO HIGH SCHOOL 38880 N MAIN ST SCIO,OR97374			GRADUATION NIGHT	250
SCIO PARENT CLUB 38875 NW 1ST AVE SCIO,OR97374			SPRING FLING FESTIVAL	250
WORLD FORESTRY CENTER 4033 SW CANYON ROAD PORTLAND,OR97221			UNRESTRICTED DONATION	50,000
BIYC-MCSO GOLF TOURNAMENT 100 HIGH STREET NE SALEM,OR97301			UNRESTRICTED DONATION	2,500
COMMUNITY SERVICE CONSORTIUM 250 BROADALBIN ST SW ALBANY,OR97321			UNRESTRICTED DONATION	12,000
CREATIVE NEIGHBORHOODS 1201 NW 17TH AVE PORTLAND,OR97209			UNRESTRICTED DONATION	7,100
JILL AND CHRIS HOW YA DOING FOUNDATION 1495 COMMERCIAL ST NE SALEM,OR97301			UNRESTRICTED DONATION	250
KEEP OREGON GREEN ASSOCIATION PO BOX 12365 SALEM,OR97309			UNRESTRICTED DONATION	750
LINN COUNTY OREGON VETERANS DAY PARADE 2532 SANTIAM HWY SE ALBANY,OR97322			UNRESTRICTED DONATION	1,000
MARI-LINN PTO 641 5TH ST LYONS,OR97358			READER BOARD	4,000
MARION & POLK FIRST PO BOX 7791 SALEM,OR97303			UNRESTRICTED DONATION	1,500
MARION COUNTY JUNIOR LIVESTOCK AUCTION PO BOX 15016 SALEM,OR97309			GRANT DOLBY & MADI MCKENZIE	500
MILL CITY-GATES COMMUNITY ASSISTANCE 255 SW CEDAR ST MILL CITY,OR97360			UNRESTRICTED DONATION	2,500
OPOA LEGAL CENTER PO BOX 230637 TIGARD,OR97281			TECH UPGRADE	2,500
OREGON SOCIETY OF AMERICAN FORESTERS PO BOX 210153 ANCHORAGE,AK99521			UNRESTRICTED DONATION	1,000
PARTNERS IN COMMUNITY LIVING PO BOX 129 MONMOUTH,OR97361			UNRESTRICTED DONATION	250
SAINT BONIFACE CATHOLIC CHURCH 375 SE CHURCH ST SUBLIMITY,OR97385			TOMBSTONE TALKS	250
SALVATION ARMY 615 SLATERS LANE ALEXANDRIA,VA22314			UNRESTRICTED DONATION	206
SANTIAM FOOTBALL 300 SW CEDAR ST MILL CITY,OR97360			UNRESTRICTED DONATION	1,000
SANTIAM HIGH SCHOOL 300 SW CEDAR ST MILL CITY,OR97360			DOERNBECHERS	250
SANTIAM VOLLEYBALL ASB 300 SW CEDAR ST MILL CITY,OR97360			UNRESTRICTED DONATION	200
SCIO LIBRARY GRANT MATCHING FUND 38982 SE 2ND AVE SCIO,OR97374			RENOVATION PROJECT	3,000
SILVER CREEK FELLOWSHIP 822 INDUSTRY WAY NE SILVERTON,OR97381			UNRESTRICTED DONATION	3,600
STAYTON OHSET 757 W LOCUST ST STAYTON,OR97383			UNRESTRICTED DONATION	250
TURNING POINT USA INC 4940 EAST BEVERLY ROAD PHOENIX,AZ85044			UNRESTRICTED DONATION	25,000
WILLAMETTE UNIVERSITY 900 STATE ST SALEM,OR97301			UNRESTRICTED DONATION	250
YOUTH BENEFIT GOLF TOURNAMENT 21 SW 11TH AVE MILL CITY,OR97360			UNRESTRICTED DONATION	4,000
Total ................................. 3a				225,106

bApproved for future payment

Total ................................. 3b				0

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	(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	126,862
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	369,009
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..		0		495,871	0

13Total. Add line 12, columns (b), (d), and (e)..................

495,871

(See worksheet in line 13 instructions to verify calculations.)

Part XV-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	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)

Page 13

Part XVI

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations

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

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash...................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

(4) Reimbursement arrangements...........................

1b(4)

(5) Loans or loan guarantees.............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

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

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? ...........Yes No

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. Yes No
	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

- TIN:

TY 2025 AccountingFeesSchedule

Name:

FRERES FOUNDATION

C/O FRERES LUMBER CO

EIN:

93-6027213

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ACCOUNTING FEES	2,900	0		0

- TIN:

TY 2025 InvestmentsOtherSchedule2

Name:

FRERES FOUNDATION

C/O FRERES LUMBER CO

EIN:

93-6027213

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
COLUMBIA TRUST COMPANY	FMV	3,977,614	4,684,949

- TIN:

TY 2025 OtherAssetsSchedule

Name:

FRERES FOUNDATION

C/O FRERES LUMBER CO

EIN:

93-6027213

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
PREPAID TAXES	1,263	0

- TIN:

TY 2025 OtherExpensesSchedule

Name:

FRERES FOUNDATION

C/O FRERES LUMBER CO

EIN:

93-6027213

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
BUSINESS REGISTRATION	50	0		0
OREGON DEPARTMENT OF JUSTICE	541	0		0
OTHER BUSINESS FEES	300	0		0
MISC TAX EXPENSES	80	0		0
PENALTY	46	0		0

- TIN:

TY 2025 OtherLiabilitiesSchedule

Name:

FRERES FOUNDATION

C/O FRERES LUMBER CO

EIN:

93-6027213

Description	Beginning of Year - Book Value	End of Year - Book Value
TAXES PAYABLE	0	5,470

- TIN:

TY 2025 OtherProfessionalFeesSchedule

Name:

FRERES FOUNDATION

C/O FRERES LUMBER CO

EIN:

93-6027213

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
COLUMBIA TRUST COMPANY	15,791	15,791		0

- TIN:

TY 2025 TaxesSchedule

Name:

FRERES FOUNDATION

C/O FRERES LUMBER CO

EIN:

93-6027213

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
FEDERAL TAXES	6,673	0		0