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
RAYNIER INSTITUTE & FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address) 501 SILVERSIDE ROAD 123
  Room/suite
City or town
WILMINGTON
State or province
DE
Country  
ZIP or foreign postal code
198091377
A Employer identification number

91-1644205
B Telephone number (see instructions)

8008391754
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)$110,934,423J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check .................
3 Interest on savings and temporary cash investments 362,385 362,385  
4 Dividends and interest from securities... 1,884,891 1,884,891  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 5,046,229
b Gross sales price for all assets on line 6a 22,824,801
7 Capital gain net income (from Part IV, line 2)... 5,046,229
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........ 7,293,505 7,293,505  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0   0
14 Other employee salaries and wages...... 59,759 2,988   56,771
15 Pension plans, employee benefits....... 5,891 295   5,596
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
2,645 0   2,645
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
31,238 6,248   24,990
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
278,862 223,288   55,574
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
133,582 912   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings....... 5,382 0   5,382
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
11,097 25   11,072
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 528,456 233,756   162,030
25 Contributions, gifts, grants paid....... 4,685,000 4,685,000
26 Total expenses and disbursements. Add lines 24 and 25 ................ 5,213,456 233,756   4,847,030
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 2,080,049
b Net investment income (if negative, enter -0-) 7,059,749
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 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......... 10,280,172 10,528,747 10,528,747
3 Accounts receivable  
Less: allowance for doubtful accounts -10,423 11,507 10,423 10,423
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) 10,824,527 Click to see attachment
List of Attached Documents:
// Content
11,940,172 		11,815,622
b Investments—corporate stock (attach schedule)....... 38,849,425 Click to see attachment
List of Attached Documents:
// Content
38,753,586 		75,217,134
c Investments—corporate bonds (attach schedule)....... 4,547,510 Click to see attachment
List of Attached Documents:
// Content
5,475,196 		5,506,741
11 Investments—land, buildings, and equipment: basis  
Less: accumulated depreciation (attach schedule)        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 5,608,680 Click to see attachment
List of Attached Documents:
// Content
5,493,746 		7,855,756
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) 70,121,821 72,201,870 110,934,423
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........... 70,121,821 72,201,870
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)..... 70,121,821 72,201,870
30 Total liabilities and net assets/fund balances (see instructions). 70,121,821 72,201,870
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
70,121,821
2
Enter amount from Part I, line 27a .....................
2
2,080,049
3
Other increases not included in line 2 (itemize)
3
0
4
Add lines 1, 2, and 3 ..........................
4
72,201,870
5
Decreases not included in line 2 (itemize)
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, line 29, column (b) ..
6
72,201,870
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 CLASS ACTION SETTLEMENT P    
b PUBLICLY TRADED SECURITIES      
c
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 5,552     5,552
b 22,819,249   17,778,572 5,040,677
c
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       5,552
b       5,040,677
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 5,046,229
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 98,131
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 98,131
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 98,131
6 Credits/Payments:
a 2025 estimated tax payments and 2024 overpayment credited to 2025 6a 78,500
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 78,500
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment
List of Attached Documents:
// Content
8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed....... 9 19,631
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)
Form 990-PF (2025)
Page 4
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. $ 0(2) On foundation managers.$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
WA, CO
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 addressWWW.RAYNIER.ORG
14
The books are in care ofFOUNDATION SOURCE Telephone no. (800) 839-1754

Located at501 SILVERSIDE ROAD SUITE 123WILMINGTONDE ZIP+419809
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? .................
16Yes  
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country CJ
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)
Yes
 
(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
MICHAEL VALUCCI PRESIDENT/DIRECTOR
1.00 		0 0 0
501 SILVERSIDE ROAD SUITE 123
WILMINGTON,DE19809
EDWARD GARDNER TREASURER/DIRECTOR
1.00 		0 0 0
501 SILVERSIDE ROAD SUITE 123
WILMINGTON,DE19809
ROBERT WARTH VICE PRESIDENT/SECRETARY/DIRECTOR
1.00 		0 0 0
501 SILVERSIDE ROAD SUITE 123
WILMINGTON,DE19809
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
NONE
Total number of other employees paid over $50,000................... 0
Form 990-PF (2025)
Form 990-PF (2025)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
PNC BANK INVESTMENT MANAGEMENT 223,288
1600 MARKET STREET
PHILADELPHIA,PA19103
FOUNDATION SOURCE ADMINISTRATIVE SERVICES 54,688
55 WALLS DRIVE
FAIRFIELD,CT06824
Total number of others receiving over $50,000 for professional services.............right arrow0
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1  
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................0
Form 990-PF (2025)
Form 990-PF (2025)
Page 8
Part IX
Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
1
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:
a
Average monthly fair market value of securities...................
1a
89,394,600
b
Average of monthly cash balances.......................
1b
9,188,115
c
Fair market value of all other assets (see instructions)................
1c
7,826,521
d
Total (add lines 1a, 1b, and 1c).......................
1d
106,409,236
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
0
2
Acquisition indebtedness applicable to line 1 assets..................
2
0
3
Subtract line 2 from line 1d.........................
3
106,409,236
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
1,596,139
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
104,813,097
6
Minimum investment return. Enter 5% (0.05) of line 5 ................
6
5,240,655
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
5,240,655
2a
Tax on investment income for 2025 from Part V, line 5 .......
2a
98,131
b
Income tax for 2025. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
98,131
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
5,142,524
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
5,142,524
6
Deduction from distributable amount (see instructions) .................
6
0
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
5,142,524
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
4,847,030
b
Program-related investments—total from Part VIII-B..................
1b
0
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
 
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
 
b
Cash distribution test (attach the required schedule) .................
3b
 
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
4,847,030
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 5,142,524
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only....... 4,718,636
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: $ 4,847,030
a Applied to 2024, but not more than line 2a 4,718,636
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..... 128,394
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 .......... 		5,014,130
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)
Form 990-PF (2025)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2025, enter the date of the ruling ......
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2025 (b) 2024 (c) 2023 (d) 2022
         
b 85% (0.85) of line 2a .......          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, 3b, or 3c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, 2b, 2c, and 2d. See instructions
aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
bThe form in which applications should be submitted and information and materials they should include:
cAny submission deadlines:
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
Form 990-PF (2025)
Form 990-PF (2025)
Page 11
Part XIV
Supplementary Information (continued)
3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient If recipient is an individual,
show any relationship to
any foundation manager
or substantial contributor
 Foundation
status of
recipient 		Purpose of grant or
contribution 		Amount
Name and address (home or business)
aPaid during the year

ACHIEVEABILITY

5901 MARKET ST STE 410
PHILADELPHIA,PA19139 		    GENERAL & UNRESTRICTED 10,000

AMERICA HEART ASSOCIATION

1617 JFK BLVD
PHILADELPHIA,PA19103 		    GENERAL & UNRESTRICTED 10,000

ANCILLAE-ASSUMPTA ACADEMY

2025 CHURCH RD
WYNCOTE,PA19095 		    RESOURCE LEARNING FUND 100,000

ANGEL FLIGHT EAST

1501 NARCISSA RD
BLUE BELL,PA19422 		    GENERAL & UNRESTRICTED 2,500

AS-YOU-LIKE-IT-LIBRARY

2220 NW MARKET ST L-05
SEATTLE,WA98107 		    GENERAL & UNRESTRICTED 5,000

B INSPIRED PHILADELPHIA INC

12 W WILLOW GROVE AVE
PHILADELPHIA,PA19118 		    GENERAL & UNRESTRICTED 10,000

BECKET FUND

1919 PENNSYLVANIA AVE NW STE 400
WASHINGTON,DC20006 		    GENERAL & UNRESTRICTED 10,000

BELLAS VOICE

17633 HWY 99
LYNNWOOD,WA98037 		    GENERAL & UNRESTRICTED 5,000

BELLEVUE COMMUNITY COLLEGE FOUNDATION

3000 LANDERHOLM CIR SE A101
BELLEVUE,WA98007 		    KBCS STATION RELOCATION AND IMPROVEMENT 150,000

BLACKPAST ORG

4616 25TH AVE NE BOX 222
SEATTLE,WA98105 		    GENERAL & UNRESTRICTED 10,000

BRAIDED RIVER

1001 SW KLICKITAT WAY STE 201
SEATTLE,WA98134 		    GENERAL & UNRESTRICTED 10,000

BURY THE CHILDREN

3252 CHESTERFIELD RD
PHILADELPHIA,PA19114 		    GENERAL & UNRESTRICTED 25,000

BYERSCHOOL FOUNDATION

1911 ARCH ST
PHILADELPHIA,PA19103 		    LAURADA FUND 50,000

CANOPY CAT RESCUE

PO BOX 563
WOODINVILLE,WA98072 		    GENERAL & UNRESTRICTED 5,000

CHARITIES AID FOUNDATION AMERICA

225 REINEKERS LN STE 375
ALEXANDRIA,VA22314 		    CONSERVE OUR RESOURCES 10,000

CINEREACH LTD

240 KENT AVE
BROOKLYN,NY11249 		    BLOCK PARTY PROJECT 100,000

CITY OF LIGHT PERFORMING ARTS

PO BOX 30796
SEATTLE,WA98113 		    GENERAL & UNRESTRICTED 10,000

COMPASS HOUSING ALLIANCE

220 DEXTER AVE N
SEATTLE,WA98109 		    GENERAL & UNRESTRICTED 100,000

DOBERMAN RESCUE PACK ORG

13615 42ND AVE SE
MILL CREEK,WA98012 		    GENERAL & UNRESTRICTED 10,000

EARSHOT JAZZ SOCIETY OF SEATTLE

3417 FREMONT AVE N STE 221
SEATTLE,WA98103 		    GENERAL & UNRESTRICTED 50,000

ELUNA

1617 JOHN F KENNEDY BLVD STE 935
PHILADELPHIA,PA19103 		    GENERAL & UNRESTRICTED 200,000

FACE TO FACE

123 E PRICE ST
PHILADELPHIA,PA19144 		    SOCIAL, LEGAL, HOUSING: INTEGRATED SUPPORTS 66,500

FOUNDING FORWARD

1601 VALLEY FORGE
VALLEY FORGE,PA19481 		    GENERAL & UNRESTRICTED 250,000

FRIENDS OF LITTLE SAIGON SEATTLE FLS-S

1227 S WELLER ST STE A
SEATTLE,WA98144 		    GENERAL & UNRESTRICTED 10,000

FRIENDS OF THE WISSAHICKON INC

40 W EVERGREEN AVE SUITE 10
PHILADELPHIA,PA19118 		    VALLEY GREEN RUN RESTORATION AND PEDESTRIAN BRIDGE 200,000

GAUDEAMUS

PO BOX 8
BLUE BELL,PA19422 		    GENERAL & UNRESTRICTED 20,000

GEORGETOWN COMMUNITY DEVELOPMENT AUTHORITY

6555 5TH AVE S
SEATTLE,WA98108 		    GENERAL & UNRESTRICTED 150,000

GERMANTOWN FRIENDS SCHOOL

31 W COULTER ST
PHILADELPHIA,PA19144 		    'PICTURE THIS' COMPREHENSIVE CAMPAIGN - ALL SCHOOL COMMONS CAPITAL PROJECT 250,000

GRAND TACOMA CINE CLUB

606 FAWCETT AVE
TACOMA,WA98402 		    GENERAL & UNRESTRICTED 100,000

HANDMAIDS OF THE SACRED HEART OF JESUS

2025 CHURCH RD
WYNCOTE,PA19095 		    GENERAL & UNRESTRICTED 2,500

HARMONY HILL OF UNION

7362 EAST STATE STE 106
UNION,WA98592 		    GENERAL & UNRESTRICTED 5,000

HOMEWORKS TRENTON INC

174 NASSAU ST BOX 196
PRINCETON,NJ08542 		    GENERAL & UNRESTRICTED 10,000

INSTITUTE FOR CANCER RESEARCH

333 COTTMAN AVE
PHILADELPHIA,PA19111 		    PATIENT SUPPORT AND HEALTH EQUITY 75,000

IRONWOOD THEATRE INC

109 E AURORA ST
IRONWOOD,MI49938 		    GENERAL & UNRESTRICTED 5,000

KIRKLAND PERFORMANCE CENTER

350 KIRKLAND AVE
KIRKLAND,WA98033 		    KPC CAPITAL CAMPAIGN 150,000

LAKE CITY PARTNERS ENDING HOMELESSNESS

16357 AURORA AVE N
SHORELINE,WA98133 		    GENERAL & UNRESTRICTED 10,000

LIFETIME ADVOCACY PLUS

19203 36TH AVE W STE 101
LYNNWOOD,WA98036 		    GENERAL & UNRESTRICTED 5,000

MALTZ JUPITER THEATRE INC

1001 E INDIANTOWN RD
JUPITER,FL33477 		    GENERAL & UNRESTRICTED 10,000

MOUNTAINFILM LTD 01-01-94

122 S OAK ST
TELLURIDE,CO81435 		    GENERAL & UNRESTRICTED 5,000

MUSIC4LIFE

PO BOX 17728
SEATTLE,WA98127 		    GENERAL & UNRESTRICTED 5,000

NORTHWEST FILM FORUM

1515 12TH AVE
SEATTLE,WA98122 		    GENERAL & UNRESTRICTED 5,000

NORTHWEST FILM FORUM

1515 12TH AVE
SEATTLE,WA98122 		    GENERAL & UNRESTRICTED 5,000

NORTHWEST FOLKLIFE

305 HARRISON ST
SEATTLE,WA98109 		    55TH ANNUAL NORTHWEST FOLKLIFE FESTIVAL 100,000

OUR LADY OF GUADALUPE CATHOLIC CHURCH

5194 COLD SPRING CREAMERY RD
DOYLESTOWN,PA18902 		    PARKING LOT SECURITY 25,000

PACE CENTER FOR GIRLS INC

6745 PHILIPS INDUSTRIAL BLVD
JACKSONVILLE,FL32256 		    GENERAL & UNRESTRICTED 10,000

PENNSYLVANIA INNOCENCE PROJECT

1515 MARKET ST STE 300
PHILADELPHIA,PA19102 		    GENERAL & UNRESTRICTED 20,000

PENNSYLVANIA SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS

350 E ERIE AVE
PHILADELPHIA,PA19134 		    GENERAL & UNRESTRICTED 10,000

PHFFFT COMPANY INC

5609 34TH AVE SW
SEATTLE,WA98126 		    SEATTLE INTERNATIONAL DANCE FESTIVAL FOR THE JAMES RAY RESIDENCY AND TOURING PROGRAM AND VENUE ACQUISITION AT 1710 BROADWAY 280,000

PHILADELPHIA ORCHESTRA ASSOCIATION

1 S BROAD ST 14TH FL
PHILADELPHIA,PA19107 		    GENERAL & UNRESTRICTED 25,000

PROVIDENCE GENERAL FOUNDATION

PO BOX 1067
EVERETT,WA98206 		    FOR THE PARTIAL HOSPITALIZATION & INTENSIVE OUTPATIENT BEHAVIORAL HEALTH PROGRAM 200,000

PSA PROJECT INC

PO BOX 1827
TELLURIDE,CO81435 		    GENERAL & UNRESTRICTED 5,000

PSA PROJECT INC

PO BOX 1827
TELLURIDE,CO81435 		    GENERAL & UNRESTRICTED 10,000

ROAD2HOME

1399 WOBURN ST
BELLINGHAM,WA98229 		    GENERAL & UNRESTRICTED 10,000

ROMAN CATHOLIC HIGH SCHOOL FOR BOYS

301 N BROAD ST
PHILADELPHIA,PA19107 		    GENERAL & UNRESTRICTED 10,000

SAINT CHARLES BORROMEO SEMINARY

1400 EVANS RD
AMBLER,PA19002 		    FOR THE ENDOWMENT FUND TO SUPPORT ORGANIZATIONAL SUSTAINABILITY AND ENSURE SUPPORT FOR FUTURE STUDENTS 250,000

SAINT GENEVIEVE SCHOOL

1237 BETHLEHEM PIKE
FLOURTOWN,PA19031 		    GENERAL & UNRESTRICTED 10,000

SAN JUAN ISLANDS NEW ECONOMY FUND

PO BOX 3053
FRIDAY HARBOR,WA98250 		    HEALTHCARE CAREER PATHWAYS PROGRAM 50,000

SIFF

305 HARRISON ST
SEATTLE,WA98109 		    GENERAL & UNRESTRICTED 150,000

SOUTH HUDSON MUSIC PROJECT

3603 38TH AVE S
SEATTLE,WA98144 		    GENERAL & UNRESTRICTED 70,000

SPRINGSIDE CHESTNUT HILL ACADEMY

500 W WILLOW GROVE AVE
PHILADELPHIA,PA19118 		    CAMPAIGN FOR THE COMMONS 100,000

ST FRANCIS HOUSE

PO BOX 22444
SEATTLE,WA98122 		    GENERAL & UNRESTRICTED 10,000

TELLURIDE AVALANCHE DOGS

PO BOX 1398
TELLURIDE,CO81435 		    TO BE USED AS NEEDED FOR MEDICAL AND/OR TRAINING EXPENSES 2,500

TELLURIDE INSTITUTE INC

PO BOX 1770
TELLURIDE,CO81435 		    IN SUPPORT OF THE TELLURIDE MUSHROOM FESTIVAL 5,000

TELLURIDE SKI AND SNOWBOARD CLUB INC

PO BOX 2824
TELLURIDE,CO81435 		    $5,000 TO BE USED FOR THE SKI SAFETY VIDEO PROGRAM AND $2,500 FOR THE SCHOLARSHIP FUND 7,500

TELLURIDE SOCIETY FOR JAZZ

PO BOX 2132
TELLURIDE,CO81435 		    IN SUPPORT OF THE SOCIETY STAGE IN ELKS PARK AT THE 2025 TELLURIDE JAZZ FESTIVAL 2,500

TELLURIDE SOCIETY FOR JAZZ

PO BOX 2132
TELLURIDE,CO81435 		    CHARITABLE EVENT 2,500

TELLURIDE SOCIETY FOR JAZZ

PO BOX 2132
TELLURIDE,CO81435 		    CHARITABLE EVENT 8,500

THE CATHOLIC FOUNDATION OF GREATER PHILADELPHIA

2133 ARCH ST STE 400
PHILADELPHIA,PA19103 		    GENERAL & UNRESTRICTED 10,000

THE CHILDRENS HOSPITAL OF PHILADELPHIA FOUNDATION

PO BOX 781352
PHILADELPHIA,PA19178 		    D3B PEDIATRIC BRAIN TUMOR RESEARCH 20,000

THE RHAPSODY PROJECT

12817 SE 186TH PL
RENTON,WA98058 		    GENERAL & UNRESTRICTED 150,000

THE VERA PROJECT

305 HARRISON ST
SEATTLE,WA98109 		    THE GOODBYE LOOK 10,000

THIRD STONE

PO BOX 9757
SEATTLE,WA98109 		    BUMBERSHOOT ARTS AND MUSIC FESTIVAL 150,000

TIETON ARTS AND HUMANITIES

PO BOX 171
TIETON,WA98947 		    GENERAL & UNRESTRICTED 10,000

TODAY IS A GOOD DAY

1511 BETHLEHEM PIKE
FLOURTOWN,PA19031 		    GENERAL & UNRESTRICTED 5,000

TRICOUNTY COMMUNITY NETWORK INC

13 ARMAND HAMMER BLVD STE 102
POTTSTOWN,PA19464 		    RESILIENT STUDENTS NETWORK 100,000

TRUSTEES OF THE LAWRENCEVILLE SCHOOL

2500 MAIN ST
LAWRENCEVILLE,NJ08648 		    GENERAL & UNRESTRICTED 10,000

TRUSTEES OF THE UNIVERISTY OF PENNSYLVANIA

100 E NORTHWESTERN AVE
PHILAELPHIA,PA19118 		    CAPITAL PROJECTS FUND 150,000

TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA

3535 MARKET ST SUITE 750
PHILADELPHIA,PA19104 		    PREVENTING RECURRENCE OF HORMONES-RECEPTOR POSITIVE BREAST CANCER PROJECT 200,000

TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA

STE 1400 STEINBERG HALL - DIETRICH
HALL 3620 L
PHILADELPHIA,PA19104 		    PENN FUND 10,000

TUNE IN TO NATURE ORG

PO BOX 99456
SEATTLE,WA98139 		    GENERAL & UNRESTRICTED 100,000

WESTERN JAZZ PRESENTERS NETWORK

PO BOX 13673
LA JOLLA,CA92039 		    TO SUPPORT PROGRAMMING AND BOLSTER ADMINISTRATIVE INFRASTRUCTURE 50,000

WILLPOWER FOUNDATION

7909 SAINT MARTINS LN
PHILADELPHIA,PA19118 		    GENERAL & UNRESTRICTED 10,000

YELEEN PRODUCTION ORG

13755 INTERURBAN AVE S
TUKWILA,WA98168 		    GENERAL & UNRESTRICTED 5,000

YOUR AGENCY INCORPORATED

27 N 3RD ST
PHILADELPHIA,PA19106 		    GENERAL & UNRESTRICTED 100,000
Total ................................. 3a 4,685,000
bApproved for future payment
Total ................................. 3b 0
Form 990-PF (2025)
Form 990-PF (2025)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
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 ........... 		    14 362,385  
4 Dividends and interest from securities ....     14 1,884,891  
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 5,046,229  
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 7,293,505 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
7,293,505
(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:
RAYNIER INSTITUTE & FOUNDATION
EIN:
91-1644205
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING 31,238 6,248   24,990

TY 2025 GeneralExplanationAttachment
Name:
RAYNIER INSTITUTE & FOUNDATION
EIN:
91-1644205
Identifier Return Reference Explanation
  FORM 990-PF, PART VI-B, LINE 1A(3) & (4) RAYNIER INSTITUTE AND FOUNDATION REIMBURSED MEETING EXPENSES OF EDWARD GARDNER, TREASURER/DIRECTOR AND MICHAEL VALUCCI, PRESIDENT/DIRECTOR. THE AMOUNTS REIMBURSED WERE SUBSTANTIATED AND REASONABLE. AS SUCH, THE REIMBURSEMENTS ARE NOT CONSIDERED ACTS OF SELF-DEALING UNDER IRC SECTION 4941(D)(2)(E).

TY 2025 InvestmentsCorpBondsSchedule
Name:
RAYNIER INSTITUTE & FOUNDATION
EIN:
91-1644205
Name of Bond End of Year Book Value End of Year Fair Market Value
ALLSTATE CORP NOTE - 1.450% - 12/15/2030 (020002BJ9) 39,125 43,645
AMAZON INC - 2.100% - 05/12/2031 (023135BZ8) 48,713 45,222
AMERICAN EXPRESS CO - 5.020% - 04/25/2031 (025816EF2) 70,073 72,198
AMERICAN HONDA FIN CORP MTN - 4.500% - 09/04/2030 (02665WGL9) 54,905 55,245
AMERICAN HONDA FIN CORP MTN - 5.150% - 07/09/2032 (02665WGF2) 44,916 46,315
AMPHENOL CORP - 4.130% - 11/15/2030 (032095AY7) 39,957 39,830
AT&T INC - 4.300% - 02/15/2030 (00206RGQ9) 48,143 45,093
AUTOZONE INC - 5.100% - 07/15/2029 (053332BJ0) 40,311 41,177
BA CARD TR - 4.790% - 05/15/2028 (05522RDG0) 44,990 45,150
BANK MONTREAL MEDIUM - 4.350% - 09/22/2031 (06368MXV1) 60,036 59,972
BANK NOVA SCOTIA B C - 4.930% - 02/14/2029 (06418GAP2) 65,061 66,264
BK OF AMERICA CORP - 2.087% - 06/14/2029 (06051GJZ3) 84,200 85,879
BK OF AMERICA CORP SER N MTN - 5.015% - 07/22/2033 (06051GKY4) 54,833 56,194
BRISTOL-MYERS - 5.750% - 02/01/2031 (110122DY1) 55,585 58,883
CANADIAN IMPERIAL BANK VARIABLE - ?% - 03/30/2029 (13607PH98) 80,025 81,346
CAP ONE MULTI-AST - 4.420% - 05/15/2028 (14041NGD7) 39,991 40,077
CAPITAL ONE FINL CORP NT - 1.878% - 11/02/2027 (14040HCH6) 48,342 49,063
CAPITAL ONE PRIME ATSER - 4.140% - 05/17/2027 (14043GAD6) 10,346 10,343
CAPITAL ONE PRIME AUTO SER 25 CL A3 - 4.370% - 07/15/2030 (14043YAD7) 149,968 150,069
CISCO SYSTEMS INC - 5.050% - 02/26/2034 (17275RBT8) 35,155 36,086
CITIGROUP INC - 4.500% - 09/11/2031 (172967QF1) 85,102 85,368
CNH EQUIP TR - 4.810% - 08/15/2028 (12664QAC8) 43,173 43,436
CNH EQUIP TR 2022-C SER 2022-C CL A-3 - 5.150% - 04/17/2028 (12664JAC4) 17,877 18,001
CNH EQUIPMENT TR - 4.030% - 12/17/2029 (18978GAD6) 109,510 110,369
CONSOLIDATED EDISON CO N Y - 2.400% - 06/15/2031 (209111GA5) 49,292 45,730
DIAMONDBACK ENERGY INC - 5.150% - 01/30/2030 (25278XAY5) 45,308 46,324
DISCOVER CARD SER 2023-1 CL A - 0.000% - 03/15/2028 (254683CY9) 64,996 65,066
DOMINION ENERGY INC - 4.600% - 05/15/2028 (25746UDY2) 59,974 60,727
DOMINION ENERGY INC - 5.000% - 06/15/2030 (25746UDW6) 34,963 35,989
DOW CHEMICAL CO - 4.800% - 01/15/2031 (260543DN0) 39,924 39,807
DTE ENERGY CO - 5.200% - 04/01/2030 (233331BN6) 70,331 72,225
DUKE ENERGY CORP - 2.550% - 06/15/2031 (26441CBL8) 69,510 72,848
EBAY INC - 4.250% - 03/06/2029 (278642BD4) 39,991 40,140
ENBRIDGE INC MTN CDS- NOTE - 5.700% - 03/08/2033 (29250NBR5) 60,355 63,296
ENERGY TRANSFER OPERATING LP - 5.250% - 04/15/2029 (29278NAG8) 100,580 92,535
EXELON CORP NOTE - 5.150% - 03/15/2028 (30161NBJ9) 65,283 66,425
FISERV INC - 4.200% - 10/01/2028 (337738AR9) 61,775 54,877
FISERV INC - 4.550% - 02/15/2031 (337738BP2) 59,848 59,428
FLPRIDA PWR - 4.625% - 05/15/2030 (341081GP6) 65,075 66,347
FORD CR - 4.070% - 07/15/2029 (34532UAD1) 94,771 95,297
FORD CR AUTO - 4.650% - 02/15/2028 (344928AD8) 23,198 23,261
FORD CREDIT AT OWNER TR 2025-C - 4.190% - 06/15/2030 (34535LAD8) 49,992 50,143
FOX CORP SER B - 4.709% - 01/25/2029 (35137LAH8) 63,899 55,731
GENERAL MOTORS CO - 5.350% - 04/15/2028 (37045VBC3) 55,056 56,354
GEORGIA POWER CO - 4.850% - 03/15/2031 (373334LA7) 65,034 66,743
GOLDMAN SACHS GROUP INC - 0.000% - 10/21/2029 (38141GD27) 85,000 85,006
HF SINCLAIR - 5.000% - 02/01/2028 (403949AQ3) 64,468 65,013
HF SINCLAIR CORP - 5.500% - 09/01/2032 (403949AT7) 49,645 50,737
HUNTINGTON BANCSHARES INC - 4.443% - 08/04/2028 (446150BB9) 59,611 60,328
HYUNDAI AUTO RCV SER 25 D - 3.990% - 09/16/2030 (44891XAD9) 39,997 40,162
HYUNDAI AUTO RECETR 2025-B - 4.730% - 12/17/2029 (44935XAD7) 39,996 40,386
INTERCONTINENTAL EXC - 4.200% - 03/15/2031 (45865VAC4) 64,492 65,044
JOHN DEERE OWNER TR SER 2022-C CL A-3 - 5.470% - 06/15/2027 (47800BAC2) 12,108 12,138
JP MORGAN CHASE - 2.522% - 04/22/2031 (46647PBL9) 105,340 102,557
JP MORGAN CHASE - 5.299% - 07/24/2029 (46647PDU7) 55,553 56,700
JPMC - 4.980% - 07/22/2028 (46647PEL6) 65,218 65,981
KINDER MORGAN INC - 5.150% - 06/01/2030 (49456BBB6) 40,005 41,398
KROGER CO - 5.000% - 09/15/2034 (501044DV0) 34,756 35,253
MARATHON PETROLEUM CORP - 5.150% - 03/01/2030 (56585ABK7) 89,757 92,714
META PLATFORMS INC - 4.880% - 11/15/2035 (30303MAD4) 50,073 49,933
MORGAN STANLEY - 3.772% - 01/24/2029 (61744YAP3) 134,108 124,331
NEXTERA ENERGY CAP HOLDINGS INC - 0.000% - 09/01/2027 (65339KCL2) 20,063 20,242
NISOURCE INC - 5.200% - 07/01/2029 (65473PAS4) 65,511 67,067
NISSAN AT REC OW TR 2025-B - 4.330% - 04/15/2030 (65490DAD3) 94,999 95,404
NISSAN AUTO - 4.910% - 11/05/2027 (65480WAD3) 22,253 22,320
NOVARTIS CAPITAL CORP - 4.300% - 11/05/2032 (66989HAZ1) 84,498 84,711
ORACLE CORP - 0.000% - 09/26/2030 (68389XDH5) 55,020 53,846
PHILLIPS - 5.250% - 06/15/2031 (718547AU6) 50,476 52,024
REALTY INCOME CORP - 3.200% - 01/15/2027 (756109BZ6) 63,609 64,473
RIO TINTO FIN USA PLC - 5.000% - 03/14/2032 (76720AAT3) 49,757 51,690
ROYAL BANK CDA - 5.070% - 07/23/2027 (78016HZX1) 65,164 65,361
SOUTHERN CO - 1.750% - 03/15/2028 (842587DH7) 58,170 57,156
SYSCO - 5.950% - 04/01/2030 (871829BL0) 54,279 47,730
T MOBILE USA INC NOTE - 3.375% - 04/15/2029 (87264ABV6) 64,632 68,274
TAKE-TWO INTERACTIVE SOFTWARE - 5.400% - 06/12/2029 (874054AM1) 62,140 62,104
THE CIGNA GROUP - 4.880% - 09/15/2032 (125523CY4) 74,994 76,094
TORONTO DOMINION BANK ONT - 4.810% - 06/03/2030 (89115KAB6) 96,960 97,047
TOYOTA AUTO - 5.330% - 01/16/2029 (89237NAD9) 54,663 55,240
TOYOTA MTR CR CORP - 5.100% - 03/21/2031 (89236TLZ6) 95,583 98,777
TRUIST FINL CORP - 1.887% - 06/07/2029 (89788MAE2) 60,935 66,521
UNITED PARCEL SERVICES INC - 5.250% - 05/14/2035 (911312CJ3) 49,813 51,928
US BANCORP - 5.775% - 06/12/2029 (91159HJM3) 46,123 46,787
US BANCORP - 5.830% - 06/12/2034 (91159HJN1) 40,471 42,750
VERIZON COMMUNICATIONS INC - 2.355% - 03/15/2032 (92343VGN8) 67,510 70,606
VERIZON MASTER TRUST 2025-9 - 3.960% - 10/21/2030 (92348KEV1) 59,990 60,165
VERIZON MASTER TRUSTSER - 5.340% - 04/22/2030 (92348KCQ4) 114,183 115,209
WASTPAC BANK CORP - 5.050% - 04/16/2029 (961214FT5) 40,499 41,380
WELLS FARGO &CO SER U MTN - 3.526% - 03/24/2028 (95000U2V4) 123,139 129,168
WESTPAC BKG CORP BOND - 4.322% - 11/23/2031 (961214DF7) 100,230 99,937
XCEL ENERGY INC - 4.750% - 03/21/2028 (98389BBD1) 39,913 40,531

TY 2025 InvestmentsCorpStockSchedule
Name:
RAYNIER INSTITUTE & FOUNDATION
EIN:
91-1644205
Name of Stock End of Year Book Value End of Year Fair Market Value
ABBOTT LABS (ABT) 150,298 157,615
ABBVIE INC (ABBV) 60,277 145,777
ALPHABET INC CL A (GOOGL) 186,509 1,028,518
AMAZON COM (AMZN) 287,893 642,603
APPLE INC (AAPL) 179,687 956,675
ATMOS ENERGY CORP (ATO) 99,847 147,012
AUTOZONE INC (AZO) 27,246 118,703
BANK OF AMERICA CORP (BAC) 121,384 231,275
BLACKROCK EVENT DRIVEN EQUITY FUND INSTITUTIONAL SHARES (BILPX) 622,556 690,991
BLACKROCK INC (BLK) 89,225 151,988
BLACKROCK STRAT INC OPP PORTFOLIO INSTL (BSIIX) 3,720,585 3,805,135
BOSTON SCIENTIFIC (BSX) 85,082 149,318
BROADCOM INC (AVGO) 47,657 601,868
CADENCE DESIGN SYSTEMS INC (CDNS) 137,025 175,357
CARPENTER TECH (CRS) 68,744 86,581
CASEY'S GENERAL STORES, INC (CASY) 116,967 152,548
CHEVRON CORP (CVX) 99,473 97,542
CHUBB LIMITED (CB) 101,673 158,869
CINTAS CRP (CTAS) 50,668 158,543
COSTCO WHOLESALE CORPORATION (COST) 49,531 187,990
DIMENSIONAL INTERNATIONAL VAL ETF (DFIV) 1,997,215 2,382,725
EATON VANCE GLBL MCRO ABS RET ADVTG FUND CL R6 (EGRSX) 657,947 739,809
ELI LILLY & CO (LLY) 54,441 360,018
EXXON MOBIL CORP (XOM) 93,158 214,326
FOX CORP CL A (FOXA) 49,318 92,507
GE VERNOVA (GEV) 137,790 169,275
GLOBAL X ARTIFICIAL INTELLIGENCE & TECHNOLOGY ETF (AIQ) 2,420,738 2,446,366
HOME DEPOT INC (HD) 125,267 173,426
HONEYWELL INTL (HON) 106,374 137,538
HUBBELL INCORPORATED (HUBB) 113,994 133,233
INVESCO CHINA TECHNOLOGY ETF (CQQQ) 1,226,824 1,045,200
INVESCO FTSE RAFI US 1000 ETF (PRF) 2,031,189 7,038,000
ISHARES CORE MSCI EAFE ETF (IEFA) 2,104,510 3,405,742
ISHARES TR S & P MIDCAP 400 INDEX FD (IJH) 3,616,530 7,755,000
JP MORGAN CHASE (JPM) 87,385 368,297
LAM RESEARCH CORP (LRCX) 40,021 227,156
LINDE PLC COM (LIN) 114,497 102,334
MARRIOTT INTERNATIONAL INC. CL A (MAR) 99,252 126,888
MASTERCARD INC (MA) 142,880 249,475
MCKESSON CORP (MCK) 119,753 136,988
MERCK & CO INC (MRK) 110,916 140,312
META PLATFORMS INC (META) 227,223 542,594
MICROSOFT CORP (MSFT) 239,464 1,024,791
MORGAN STANLEY (MS) 66,048 193,330
MOTOROLA SOLUTIONS INC (MSI) 47,307 109,630
NVIDIA CORP (NVDA) 908,948 1,204,977
PHILIP MORRIS INTL (PM) 113,368 180,771
PROCTER GAMBLE CO (PG) 83,112 111,209
QUANTA SVCS INC (PWR) 27,417 158,695
RAYMOND JAMES FINANCIAL INC (RJF) 115,401 124,457
RAYTHEON TECHNOLOGIES CORP (RTX) 150,747 190,002
ROYAL CARRIBEAN CRUISE (RCL) 124,772 155,080
S&P GLOBAL INC COM (SPGI) 35,055 146,848
SERVICE NOW (NOW) 137,569 158,552
SHERWIN-WILLIAMS CO (SHW) 114,107 97,533
SPDR S&P 500 ETF TRUST (SPY) 3,058,164 13,692,954
STEPSTONE PRIVATE MARKETS CLASS I (XPMIX) 1,200,000 1,322,214
STRYKER CORPORATION (SYK) 69,754 98,763
TAIWAN SEMICONDUCTOR MFG CO LTD (TSM) 59,518 177,168
TELEDYNE TECH INC (TDY) 112,592 139,940
THE BLACKSTONE GROUP INC CL A (BX) 122,997 128,707
TJX COMPANIES INC (TJX) 83,670 158,372
TRANSDIGM GRP INC (TDG) 125,669 125,006
VANGUARD FTSE ALL-WORLD EX-US ETF (VEU) 1,206,495 1,983,913
VANGUARD FTSE EMERGING MARKETS (VWO) 1,696,516 1,689,677
VANGUARD GROWTH ETF (VUG) 2,975,793 8,091,158
VANGUARD SM-CAP ETF (VB) 1,668,690 3,721,703
VISA INC (V) 85,937 209,374
WALT DISNEY HOLDINGS CO (DIS) 103,083 96,818
WCM FOCUSED INTL GROWTH FUNDS INSTL (WCMIX) 2,000,000 1,818,713
WEC ENERGY GROUP, INC (WEC) 41,844 74,662

TY 2025 InvestmentsGovtObligationsSch
Name:
RAYNIER INSTITUTE & FOUNDATION
EIN:
91-1644205
US Government Securities - End of Year Book Value:

11,940,172
US Government Securities - End of Year Fair Market Value:

11,815,622
State & Local Government Securities - End of Year Book Value:


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


0


TY 2025 InvestmentsOtherSchedule2
Name:
RAYNIER INSTITUTE & FOUNDATION
EIN:
91-1644205
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
HUDSON BAY INTERNATIONAL FUND LTD (HBINTLFD) FMV 3,000,000 5,380,563
YORK CREDIT OPPORTUNITIES UNIT TRUST (YORKCREDIT) FMV 52,286 6,585
AMG PANTHEON - 510 (AMG PANTHEON - 510) FMV 1,241,460 1,287,343
HPS CORP FUND - 510 (HPS CORP FUND - 510) FMV 1,200,000 1,181,265

TY 2025 LegalFeesSchedule
Name:
RAYNIER INSTITUTE & FOUNDATION
EIN:
91-1644205
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
LEGAL 2,645 0   2,645


TY 2025 OtherExpensesSchedule
Name:
RAYNIER INSTITUTE & FOUNDATION
EIN:
91-1644205
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
BANK CHARGES 25 25   0
INSURANCE 4,969 0   4,969
OFFICE SUPPLIES 1,563 0   1,563
POSTAGE 3,196 0   3,196
SOFTWARE 215 0   215
STATE FILING FEES 110 0   110
WEBSITE COSTS 1,019 0   1,019


TY 2025 OtherProfessionalFeesSchedule
Name:
RAYNIER INSTITUTE & FOUNDATION
EIN:
91-1644205
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT SERVICES 223,288 223,288   0
WEBSITE DESIGN 3,150 0   3,150
ADMINISTRATIVE FEES 52,424 0   52,424


TY 2025 TaxesSchedule
Name:
RAYNIER INSTITUTE & FOUNDATION
EIN:
91-1644205
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FOREIGN TAXES 912 912   0
EXCISE TAXES 132,670 0   0