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
SAGE FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address) PO Box 1919
  Room/suite
City or town
BRIGHTON
State or province
MI
Country  
ZIP or foreign postal code
481165719
A Employer identification number

38-6041518
B Telephone number (see instructions)

8102277660
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)$65,314,189J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check .................
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 1,503,137 1,503,137  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 1,017,613
b Gross sales price for all assets on line 6a 44,164,593
7 Capital gain net income (from Part IV, line 2)... 1,017,613
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
171 171  
12 Total. Add lines 1 through 11........ 2,520,921 2,520,921  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 102,000 0   102,000
14 Other employee salaries and wages......        
15 Pension plans, employee benefits....... 7,803 0   7,803
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
214,496 75,073   139,422
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
11,248 0   11,248
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
210,597 182,169   28,428
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
10,000 0   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
5,902 0   5,902
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 562,046 257,242   294,803
25 Contributions, gifts, grants paid....... 1,626,000 1,626,000
26 Total expenses and disbursements. Add lines 24 and 25 ................ 2,188,046 257,242   1,920,803
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 332,875
b Net investment income (if negative, enter -0-) 2,263,679
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............. 27,731 37,059 37,059
2 Savings and temporary cash investments......... 3,611,061 3,102,917 3,102,917
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) 8,953,208 Click to see attachment
List of Attached Documents:
// Content
12,315,616 		12,408,214
b Investments—corporate stock (attach schedule)....... 19,355,002 Click to see attachment
List of Attached Documents:
// Content
20,662,813 		38,643,998
c Investments—corporate bonds (attach schedule)....... 14,904,637 Click to see attachment
List of Attached Documents:
// Content
11,053,717 		11,122,001
11 Investments—land, buildings, and equipment: basis  
Less: accumulated depreciation (attach schedule)        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........      
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) 46,851,639 47,172,122 65,314,189
Liabilities 17 Accounts payable and accrued expenses..........   527
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)......... 0 527
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 0 0
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 46,851,639 47,171,595
29 Total net assets or fund balances (see instructions)..... 46,851,639 47,171,595
30 Total liabilities and net assets/fund balances (see instructions). 46,851,639 47,172,122
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
46,851,639
2
Enter amount from Part I, line 27a .....................
2
332,875
3
Other increases not included in line 2 (itemize)
3
0
4
Add lines 1, 2, and 3 ..........................
4
47,184,514
5
Decreases not included in line 2 (itemize) Click to see attachment
List of Attached Documents:
// Content
5
12,919
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, line 29, column (b) ..
6
47,171,595
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 Comerica Acct 1-101192 Sale of Securites P    
b Capital Gains Dividends P    
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 44,084,043   43,146,980 937,063
b 80,550     80,550
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       937,063
b       80,550
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 1,017,613
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 31,465
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 31,465
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 31,465
6 Credits/Payments:
a 2025 estimated tax payments and 2024 overpayment credited to 2025 6a 72,338
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 72,338
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed....... 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid... 10 40,873
11 Enter the amount of line 10 to be: Credited to 2026 estimated tax40,873 Refunded 11 0
For Refunded amount, also complete and attach Form 8050. See instructions.
Form 990-PF (2025)
Form 990-PF (2025)
Page 4
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. $ 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)
MI
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
8b
Yes
 
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2025 or the taxable year beginning in 2025? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
 
No
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
11
 
No
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressN/A
14
The books are in care ofLAW OFFICES OF JOHN J AYAUB PC Telephone no. (810) 227-7660

Located atPO BOX 1919BRIGHTONMI ZIP+4481165719
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........
and enter the amount of tax-exempt interest received or accrued during the year ........
15
 
16 At any time during calendar year 2025, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country
Form 990-PF (2025)
Form 990-PF (2025)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
Yes
 
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
No
c
Organizations relying on a current notice regarding disaster assistance check here ........
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2025? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2025, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2025?....................
2a
 
No
If "Yes," list the years 20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2025 as a result of (1) any purchase by the foundation
or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Form 4720, Schedule C, to determine
if the foundation had excess business holdings in 2025.).....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2025? ..
4b
 
No
Form 990-PF (2025)
Form 990-PF (2025)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
No
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
(a) Name and address (b) Title, and average
hours per week
devoted to position 		(c) Compensation
 (If not paid, enter
-0-) 		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
other allowances
Melissa Sage Fadim Chairprson,President,Secretary,Treasur
20.00 		102,000 0 0
PO Box 1919
Brighton,MI481165719
Emily M Booth Trustee
1.00 		0 0 0
PO Box 1919
Brighton,MI481165719
Amanada J Weidenaar Trustee
1.00 		0 0 0
PO Box 1919
Brighton,MI481165719
James E Van Doren Vice President, Trustee
2.00 		0 0 0
PO Box 1919
Brighton,MI481165719
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
Law Offices of John J Ayaub PC Legal Services 214,496
PO Box 1919
Brighton,MI48116
Integrated Investment Consultants Investment Consultants 86,675
40950 Woodward 350
Bloomfield Hills,MI48304
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
62,377,197
b
Average of monthly cash balances.......................
1b
107,572
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, 1b, and 1c).......................
1d
62,484,769
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
62,484,769
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
937,272
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
61,547,497
6
Minimum investment return. Enter 5% (0.05) of line 5 ................
6
3,077,375
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
3,077,375
2a
Tax on investment income for 2025 from Part V, line 5 .......
2a
31,465
b
Income tax for 2025. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
31,465
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
3,045,910
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
3,045,910
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
3,045,910
Part XI
Qualifying Distributions (see instructions)
1
Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
a
Expenses, contributions, gifts, etc.—total from Part I, line 26, column (d) ..........
1a
1,920,803
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
1,920,803
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 3,045,910
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only....... 0
b Total for prior years:20 , 20, 20 0
3 Excess distributions carryover, if any, to 2025:
a From 2020...... 235,846
b From 2021...... 498,483
c From 2022......  
d From 2023......  
e From 2024......  
f Total of lines 3a through e ........ 734,329
4Qualifying distributions for 2025 from Part
XI, line 4: $ 1,920,803
a Applied to 2024, but not more than line 2a 0
b Applied to undistributed income of prior years
(Election required—see instructions) ..... 		0
c Treated as distributions out of corpus (Election
required—see instructions) ........ 		0
d Applied to 2025 distributable amount..... 1,920,803
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2025. 734,329 734,329
(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 .......... 		390,778
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 e-mail address of the person to whom applications should be addressed:
President or Secretary Sage Foundat
PO Box 1919
Brighton,MI481165719
(810) 227-7660
bThe form in which applications should be submitted and information and materials they should include:
Amount of grant requested. What the applicant intends to accomplish. How the applicant intends to reach the stated objectives, and how such objectives will further the applicant's tax-exempt purposes. What procedures the applicant has implemented to evaluate the results achieved. Any additional information which would aid the Sage Foundation Board of Trustees in making its decision. A photocopy of the Internal Revenue Service determination letter or ruling indicating the applicant's tax-exempt status under Section 501(c)(3) of the Internal Revenue Code. Name of the applicant's contact person.
cAny submission deadlines:
No deadlines.
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
No restrictions.
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

Adrian Center For the Arts

PO Box 951
Adrian,MI49221 		    General, charitable, educational 10,000

Adrian College

110 South Madison Street
Adrian,MI49221 		    General, charitable, educational 7,500

After School Matters

66 East Randolph Street
Chicago,IL60601 		    General, charitable, educational 10,000

AfterImage Public Media

39 Mesa Street Suite 206
San Francisco,CA94129 		    General, charitable, educational 52,500

Alice Lloyd College

100 Purpose Road
Pippa Passes,KY41844 		    General, charitable, educational 10,000

Alphonsus Academy & Center for the Arts

1439 West Wellington Avenue
Chicago,IL60657 		    General, charitable, educational, religious 25,000

Big Shoulders Fund

212 West Van Buren Street Suite 900
Chicago,IL60607 		    General, charitable, educational 30,000

Boys & Girls Club of Lenawee

340 East Church Street Suite A
Adrian,MI49221 		    General, charitable, educational 25,000

Catholic Church Extension Society

150 South Wacker Drive Suite 2000
Chicago,IL60606 		    General, charitable, educational, religious 10,000

Cedille Chicago NFP

4311 N Ravenswood Avenue 202
Chicago,IL60613 		    General, charitable, educational 25,000

Center for Intuitive and Outsider Art

756 N Milwaukee Avenue
Chicago,IL60642 		    General, charitable, educational 20,000

Chicago Lighthouse

1850 West Roosevelt Road
Chicago,IL60608 		    General, charitable, educational 7,500

Chicago Multi-Cultural Dance Center

47 West Polk Street Lower Level
Chicago,IL60605 		    General, charitable, educational 25,000

City of Tecumseh Downtown Development Authority

309 East Chicago Blvd
Tecumseh,MI49286 		    Public, charitable - Art Trail Tecumseh 15,000

Cleveland High School - Booster Club

8140 Vanalden Avenue
Reseda,CA91335 		    General, charitable, educational - Band & Music Program 10,000

Community TV Network

2418 West Bloomingdale Avenue C1
Chicago,IL60647 		    General, charitable, educational 25,000

Dental Lifeline Network - Illinois

PO Box 10342
Peoria,IL60612 		    General, charitable, educational 10,000

Disabled Patriot Fund

7808 W College Drive Unit 4SW
Palos Heights,IL60463 		    General, charitable, educational 5,000

District 64 Band and Orchestra Parents Association - Lincoln Middle School

200 S Lincoln Avenue
Park Ridge,IL60068 		    General, charitable, educational 25,000

Epilepsy Foundation of Michigan

25200 Telegraph Road Suite 110
Southfield,MI48033 		    General, charitable, educational - Camp Programs 5,000

Evans Scholars Foundation

2501 Patriot Boulevard
Glenview,IL60026 		    General, charitable, educational 7,500

Eversight

924 West 19th Place Suite 350
Chicago,IL60608 		    General, charitable, educational 3,000

Fill a Heart 4 Kids

1 Market Square
Lake Forest,IL60045 		    General, charitable, educational 7,500

Flossmoor Service League

PO Box 131
Flossmoor,IL60422 		    General, charitable, educational 1,000

Grant Park Orchestral Association

205 East Randolph Street
Chicago,IL60601 		    General, charitable, educational 100,000

Grant to Heroin Epidemic Relief Organization returned

8101 167th Place
Tinley Park,IL60477 		    General -5,000

Habitat For Humanity Of Lenawee County

1043 East US-223
Adrian,MI49221 		    General, charitable, educational 25,000

Hadley Institute For the Blind and Visually Impaired

700 Elm Street
Winnetka,IL60093 		    General, charitable, educational 20,000

Hillsdale College

33 East College Street
Hillsdale,MI49242 		    General, charitable, educational - Choral Scholars Program Scholarships 200,000

Hope Community Center

431 Baker Street
Adrian,MI49221 		    General, charitable, educational 15,000

Housing Help of Lenawee

PO Box 692
Adrian,MI49221 		    General, charitable, educational 10,000

Joffrey Ballet

10 East Randolph Street
Chicago,IL60601 		    General, charitable, educational - Live Music Program 100,000

Joffrey Ballet

10 East Randolph Street
Chicago,IL60601 		    General, charitable, educational - Winning Works Documentary Films 25,000

Lenawee Chamber Foundation

5285 West US-223 Suite A
Adrian,MI49221 		    General, charitable, educational 50,000

Lenawee Community Foundation

1440 W Maumee Street
Adrian,MI49221 		    General, charitable, educational - KKE Project Fund 7,500

Lenawee County Education Foundation

4107 North Adrian Highway
Adrian,MI49221 		    General, charitable, educational 10,000

Lenawee County Education Foundation

4107 North Adrian Highway
Adrian,MI49221 		    General, charitable, educational - Scholarships 10,000

Lenawee United Hockey Boosters Inc

110 S Madison Street
Adrian,MI49221 		    General, charitable, educational 5,000

Lifeline Pilots

4507 N Sterling Avenue Suite 402
Peoria,IL61615 		    General, charitable, educational 20,000

Manitou Beach Historic Renovation Society

PO Box 178
Manitou Beach,WI49253 		    General, charitable, educational 7,500

Marian Catholic High School

700 Ashland Avenue
Chicago Heights,IL60411 		    General, charitable, educational & religious - Scholarship Fund 35,000

Math Circles of Chicago

1034 North Wells Street
Chicago,IL60610 		    General, charitable, educational 5,000

Mental Health Association In Michigan

PO Box 11118
Lansing,MI48901 		    General, charitable, educational 10,000

Mercy Housing Lakefront

120 South LaSalle Street Suite 1915
Chicago,IL60603 		    General, charitable, educational 10,000

Merit School of Music

38 South Peoria Street
Chicago,IL60607 		    General, charitable, educational 15,000

Misericordia Heart of Mercy

6300 North Ridge Avenue
Chicago,IL60660 		    General, charitable, educational & religious 20,000

Orchestral Association Chicago Symphony Orchestra

220 South Michigan Avenue
Chicago,IL60604 		    General, charitable, educational 50,000

Orchestral Association Chicago Symphony Orchestra

220 South Michigan Avenue
Chicago,IL60604 		    General, charitable, educational 25,000

Park Ridge Fine Arts Society

PO Box 89A
Park Ridge,IL60068 		    General, charitable, educational - Concerts in the Park program 5,000

Patient Airlift Services

7110 Republic Airport Suite 202
Farmingdale,NY11735 		    General, charitable, educational 10,000

Providence St Mel School

119 South Central Park Blvd
Chicago,IL60624 		    General, charitable, educational - Scholarships 25,000

Ravinia Festival

418 Sheridan Road
Highland Park,IL60035 		    General, charitable, educational 120,000

Refuge For Women Chicago

620 Dakota Street
Crystal Lake,IL60012 		    General, charitable, educational 15,000

Ryan Licht Sang Bipolar Foundation Inc

875 North Michigan Avenue Suite
3100
Chicago,IL60611 		    General, charitable, educational 5,000

San Diego Symphony Orchestra

1245 Seventh Avenue
San Diego,CA92101 		    General, charitable, educational 25,000

Shedd Aquarium Society

1200 South DuSable Lake Shore Drive
Chicago,IL60605 		    General, charitable, educational 25,000

South Suburban PADS

414 W Lincoln Highway
Chicago Heights,IL60411 		    General, charitable, educational 7,500

St Elizabeth Catholic Church

506 North Union Street
Tecumseh,MI49286 		    General, charitable, educational, religious Knights of Columbus ministry 12,000

St James Episcopal Church

PO Box 268
Taylor,TX76574 		    General, charitable, educational, religious 5,000

St Mary's Home Little Sisters Of the Poor

2325 North Lakewood Avenue
Chicago,IL60614 		    General, charitable, educational, religious 15,000

Tecumseh Pops Orchestra

PO Box 125
Tecumseh,MI49286 		    General, charitable, educational 10,000

The College FundUNCF

18701 Grand River Suite 329
Detroit,MI48233 		    General, charitable, educational 20,000

The Croswell

129 East Maumee Street
Adrian,MI49221 		    General, charitable, educational 25,000

The Night Ministry

1735 N Ashland Avenue Suite 2000
Chicago,IL60622 		    General, charitable, educational 15,000

Thresholds

4101 North Ravenswood Ave
Chicago,IL60613 		    General, charitable, educational - Veterans Project 5,000

USA Cares

11760 Commonwealth Drive
Louisville,KY40299 		    General, charitable, educational 10,000

Window to the World Communications Inc

5400 North St Louis Avenue
Chicago,IL60625 		    General, charitable, educational - Lisdoonvarna Matchmaking Festival film 95,000

Window to the World Communications Inc

5400 North St Louis Avenue
Chicago,IL60625 		    General, charitable, educational 25,000

YMCA of Greater Toledo

5660 N Adrian Highway
Adrian,MI49221 		    General, charitable, educational 10,000
Total ................................. 3a 1,626,000
bApproved for future payment

Hillsdale College
33 East College Street
Hillsdale,MI49242 		    General, charitable, educational - Choral Scholars Program Scholarships 400,000
Total ................................. 3b 400,000
Form 990-PF (2025)
Form 990-PF (2025)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		         
4 Dividends and interest from securities ....     14 1,503,137  
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 .....     14 171  
8 Gain or (loss) from sales of assets other than
inventory ............ 		    14 1,017,613  
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 2,520,921 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
2,520,921
(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:
SAGE FOUNDATION
EIN:
38-6041518
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Accounting Fees 11,248 0   11,248

TY 2025 InvestmentsCorpBondsSchedule
Name:
SAGE FOUNDATION
EIN:
38-6041518
Name of Bond End of Year Book Value End of Year Fair Market Value
16000 shs CITIGROUP INC 4.45% 09/29/2027 16,280 16,103
57000 shs BK OF AMERICA CORP FR 3.419% DTD 12/20/2017 0.00% 12/20/2028 57,000 56,283
81000 shs EDWARDS LIFESCIENCES CORP 4.3% 06/15/2028-2028 80,771 81,512
52000 shs GENERAL MTRS FINL CO INC 5.85% 04/06/2030-2030 51,897 54,627
69000 shs FORTINET INC 2.2% 03/15/2031-2030 63,351 61,790
30000 shs PHILLIPS 66 CO. 5.3% 06/30/2033-2033 29,808 30,938
97000 shs NVR INC 3% 05/15/2030-2029 91,439 91,810
31000 shs OSHKOSH CORP 3.1% SNR PIDI NTS 01/03/2030 USD (SEC REGD) 3.1% 30,527 29,431
54000 shs GOLDMAN SACHS GROUP VAR 10/24/2034 DTD 10/24/2023 0.00% 10/24/2034 58,530 60,151
47000 shs BANK AMERICA CORP VAR 01/23/2035 DTD 1/23/2024 0.00% 1/23/2035 46,910 48,961
94000 shs REALTY INCOME CORP SR 3.2% 01/15/2027 DTD 1/15/2024 3.20% 90,513 93,238
75000 shs MORGAN STANLEY FR VAR 04/19/2035 DTD 4/19/2024 0.00% 4/19/2035 76,869 79,700
87000 shs DUKE ENERGY PROGRESS LLC DTD 3/6/2025 5.05% 3/15/2035 87,175 88,461
20000 shs EOG RES INC SR NT DTD 11/24/2025 4.40% 1/15/2031 19,988 20,078
59000 shs AMERICAN TOWER REIT 3.6% 01/15/2028-2027 57,870 58,445
116000 shs AT&T INC 4.3% 02/15/2030-2029 115,544 116,146
66000 shs ALLEGHANY CORP NEW 3.625% 05/15/2030-2030 67,246 64,431
62000 shs CARRIER GLOBAL CORPORATION 2.722% 02/15/2030-2029 57,601 58,371
60000 shs BK OF AMERICA CORP FR 2.572% 10/20/2032-2031 59,775 54,114
172000 shs BK OF AMERICA CORP DTD 7/22/2022 0.00% 7/22/2033 173,762 175,380
90000 shs DELTA AIR LINES INC 4.375% 04/19/2028-2028 88,328 90,274
118000 shs GOLDMAN SACHS GROUP INC 3.814% DTD 1/23/2018 3.814% 4/23/2029 116,068 117,309
39000 shs REXFORD INDUSTRIAL REALTY L P 2.15% 09/01/2031-2031 36,727 34,160
43000 shs T-MOBILE USA INC 3.875% 04/15/2030-2030 39,597 42,285
30000 shs T-MOBILE USA INC 3.875% 04/15/2030-2030 30,798 29,501
26000 shs RELIANCE STEEL & ALUMINUM CO 2.15% 08/15/2030-2030 26,238 23,533
33000 shs TYSON FOODS INC 3.55% 06/02/2027-2027 32,382 32,769
64000 shs WELLTOWER INC 2.8% 06/01/2031-2031 58,040 59,284
70000 shs PUBLIC SVC ELEC & GAS 5.2% 08/01/2033 Ser P DTD 8/7/2023 5.20% 71,229 72,618
9000 shs KITE RLTY GROUP 4.95% 12/15/2031 DTD 8/15/2024 4.95% 12/15/2031 8,940 9,150
37000 shs STEEL DYNAMICS INC SR 5.375% 08/15/2034 DTD 7/3/2024 5.375% 36,596 38,331
115000 shs DTE ENERGY CO 4.95% 07/01/2027 DTD 8/2/2024 4.95% 7/1/2027 115,982 116,515
18000 shs ORACLE CORP SR 4.7% 09/27/2034 DTD 9/27/2024 4.70% 9/27/2034 17,947 16,691
56000 shs GOLDMAN SACHS GROUP INC SR NT DTD 1/28/2025 0.00% 1/28/2031 56,423 57,828
32000 shs T MOBILE USA INC SR NT DTD 3/27/2025 5.125% 5/15/2032 31,962 32,930
14000 shs PACKAGING CORP AMER SR GLBL DTD 8/15/2025 5.20% 8/15/2035 13,997 14,214
36000 shs META PLATFORMS INC SR NT DTD 11/3/2025 4.20% 11/15/2030 35,958 36,076
54000 shs AMERICAN EXPRESS CO 4.989% DTD 5/26/2022 4.989% 5/26/2033 54,000 54,839
13000 shs AMGEN INC 2% 01/15/2032-2031 12,927 11,326
30000 shs AFLAC INC 2.875% 10/15/2026-2026 29,954 29,756
70000 shs ACUITY BRANDS LTG INC 2.15% 12/15/2030-2030 64,368 62,900
104000 shs CITIGROUP INC 2.572% DTD 6/3/2020 2.572% 6/3/2031 97,876 96,359
37000 shs CITIGROUP INC 6.27% DTD 11/17/2022 6.27% 11/17/2033 38,538 40,284
32000 shs DELL INTERNATIONAL L.L.C. AND EM 5.25% 02/01/2028 31,986 32,721
39000 shs JPMORGAN CHASE & CO 2.545% DTD 11/8/2021 2.545% 11/8/2032 39,000 35,194
74000 shs JPMORGAN CHASE & CO 5.717% 09/14/2033-2032 74,670 78,232
46000 shs INGREDION INC SR NT 3.2% 10/01/2026-2026 46,261 45,687
41000 shs KITE RLTY GROUP L P DTD 9/26/2016 4.00% 10/1/2026 41,433 40,931
8000 shs MICRON TECHNOLOGY INC 5.327% 02/06/2029-2028 8,786 8,249
32000 shs PUBLIC SERVICE ELEC & GAS .95% 03/15/2026-2026 31,930 31,809
23000 shs TRUIST FINANCIAL CORPORATION DTD 6/7/2021 1.887% 6/7/2029 23,000 21,851
13000 shs VERIZON COMMNS INC 3.15% 03/22/2030-2029 12,960 12,449
28000 shs WELLS FARGO & CO SR NT 2.572% BDS 11/02/31 USD1000 2.572% 25,150 26,152
101000 shs PROLOGIS L P DTD 1/25/2024 5.00% 3/15/2034 100,403 102,866
113000 shs BP CAP MKTS AMER INC 4.97% 10/17/2029 DTD 5/17/2024 4.97% 115,451 116,279
55000 shs WASTE MGMT INC 4.95% 07/03/2031 DTD 7/3/2024 4.95% 7/3/2031 55,934 56,932
96000 shs CINTAS CORP NO 2 SR NT DTD 5/2/2025 4.20% 5/1/2028 95,877 96,476
40000 shs BIOGEN INC SR NT DTD 5/12/2025 5.05% 1/15/2031 40,017 41,266
64000 shs ILLUMINA INC SR NT DTD 11/25/2025 4.75% 12/12/2030 64,043 64,611
47000 shs NOVARTIS CAPITAL CORP SR DTD 11/5/2025 4.10% 11/5/2030 46,918 46,950
85000 shs B A T CAP CORP 4.7% 04/02/2027-2027 85,432 85,587
27000 shs AMERICAN EXPRESS CR CORP 3.3% 05/03/2027-2027 27,635 26,846
117000 shs AMGEN INC 4.05% 08/18/2029-2029 115,557 116,904
85000 shs AMGEN INC 5.15% 03/02/2028-2023 84,974 86,988
35000 shs APTIV IRSH HOLDINGS LIMITED 30,849 32,705
57000 shs ENERGY TRANSFER PARTNERS L P NEW 4.95% 06/15/2028-2028 57,681 57,942
49000 shs CITIGROUP INC 3.887% DTD 1/10/2017 3.887% 1/10/2028 49,000 48,906
28000 shs CAMDEN PPTY TR 4.1% 10/15/2028-2028 28,269 28,106
30000 shs CAPITAL ONE FINL CORP GLBL FLT DTD 5/9/2022 4.927% 5/10/2028 30,000 30,353
55000 shs CAPITAL ONE FINL CORP GLBL FLT DTD 2/1/2023 5.817% 2/1/2034 55,412 57,565
52000 shs COMCAST CORP NEW 6.5% 11/15/2035 59,293 57,662
60000 shs GENERAL MTRS FINL CO INC 2.7% 08/20/2027-2027 57,203 58,648
55000 shs NATIONAL RURAL UTILS COOP FIN 3.05% 04/25/2027-2022 55,470 54,409
13000 shs ORACLE CORPORATION 3.25% DTD 11/9/2017 3.25% 11/15/2027 12,730 12,718
51000 shs WELLS FARGO & CO VR 4.3% 07/22/2027 52,156 51,199
55000 shs L3HARRIS TECHNOLOGIES 5.05% 06/01/2029 DTD 3/13/2024 5.05% 55,003 56,489
113000 shs CVS HEALTH CORP SR NT 5.4% 06/01/2029 DTD 5/9/2024 5.40% 6/1/2029 115,762 117,034
112000 shs CITIZEN FINL VAR 07/23/2032 DTD 7/23/2024 0.00% 7/23/2032 115,591 117,422
44000 shs OCCIDENTAL 5.375% 01/01/2032 DTD 7/26/2024 5.375% 1/1/2032 44,120 45,056
113000 shs WELLS FARGO & CO SR -W NT5 Ser W DTD 1/24/2025 0.00% 1/24/2031 115,558 117,014
71000 shs D R HORTON INC SR NT DTD 5/5/2025 4.85% 10/15/2030 72,564 72,537
49000 shs BANK NEW YORK MELLON CORP MEDIUM 3.25% 05/16/2027-2027 47,755 48,665
59000 shs AT&T INC 1.65% 02/01/2028-2027 DTD 8/4/2020 1.65% 2/1/2028 57,975 56,241
58000 shs ALEXANDRIA REAL ESTATE 4.9% 12/15/2030-2030 58,379 58,774
58000 shs ALTRIA GROUP INC 4.8% 02/14/2029-2028 57,737 58,991
64000 shs BEST BUY INC 4.45% 10/01/2028-2028 64,963 64,575
53000 shs BROADCOM INC 4.15% 11/15/2030-2030 49,666 52,783
45000 shs CHEVRON U.S.A. INC. 3.85% 01/15/2028-2027 47,207 45,069
65000 shs GOLDMAN SACHS GROUP INC 4.223% DTD 4/23/2018 4.223% 5/1/2029 65,000 65,135
55000 shs MORGAN STANLEY 4.431% 01/23/2030-2029 57,184 55,305
45000 shs MORGAN STANLEY 3.125% 07/27/2026 45,004 44,798
49000 shs NEXTERA ENERGY CAP HLDGS INC 5% 07/15/2032-2032 48,963 50,189
49000 shs PRINCIPAL FINANCIAL GROUP 5.375% 03/15/2033-2032 48,947 51,177
86000 shs REALTY INCOME CORP 4.85% 03/15/2030-2030 87,300 88,307
85000 shs REGENERON PHARMACEUTICALS INC 1.75% 09/15/2030-2030 83,919 75,830
70000 shs WEC ENERGY GROUP INC 5.15% 10/01/2027-2027 69,856 71,375
115000 shs TOYOTA MTR CR CORP FR 4.625% 01/12/2028-2023 115,984 116,789
45000 shs BAT CAPITAL CORP SR 6.00% 02/20/2034 DTD 2/20/2024 6.00% 2/20/2034 44,747 48,182
17000 shs STRYKER CORPORATION 4.625% 09/11/2034 DTD 9/11/2024 4.625% 16,910 16,900
76000 shs IDEX CORP SR GLBL 4.95% 09/01/2029 DTD 8/21/2024 4.95% 9/1/2029 76,789 77,516
12000 shs MONDELEZ INTL 4.75% 08/28/2034 DTD 8/28/2024 4.75% 8/28/2034 11,973 11,943
34000 shs STATE STR CORP SR NT DTD 10/23/2025 0.00% 10/23/2036 34,082 33,823
30000 shs AMEREN ILLINOIS COMPANY 1.55% DTD 11/23/2020 1.55% 11/15/2030 29,873 26,489
60000 shs AEP TRANSMISSION CO LLC 3.1% 12/01/2026-2026 60,808 59,549
71000 shs AT&T INC 4.25% 03/01/2027-2026 DTD 2/9/2017 4.25% 3/1/2027 72,829 71,158
20000 shs AT&T INC 2.3% 06/01/2027 19,970 19,543
20000 shs CITIGROUP INC 4.6% 03/09/2026 20,059 20,014
18000 shs ESSENTIAL PROPERTIES LP 2.95% 07/15/2031-2031 17,444 16,431
60000 shs IDEX CORP 3% 05/01/2030-2030 52,426 56,704
107000 shs MORGAN STANLEY FR 6.342% DTD 10/18/2022 6.342% 10/18/2033 115,505 117,269
45000 shs REGENCY 2.95% 09/15/2029-2029 45,787 43,155
40000 shs REGIONS FINL CORP 1.8% 08/12/2028-2028 39,898 37,848
116000 shs TRUIST FINANCIAL CORPORATION 4.123% 06/06/2028 115,638 116,292
22000 shs WEC ENERGY GROUP INC 2.2% 12/15/2028 21,947 20,896
57000 shs ABBVIE INC SR NT 5.05% 03/15/2034 DTD 2/26/2024 5.05% 3/15/2034 56,545 58,578
50000 shs GEORGIA PWR CO SR 5.25% 03/15/2034 DTD 2/23/2024 5.25% 3/15/2034 49,863 51,621
55000 shs HOME DEPOT INC SR GLBL 4.85% 06/25/2031 DTD 6/25/2024 4.85% 55,343 56,872
170000 shs JOHN DEERE CAPITAL 5.1% 04/11/2034 Ser I DTD 4/11/2024 5.10% 173,225 175,789
114000 shs UNITEDHEALTH GROUP 4.9% 04/15/2031 DTD 3/21/2024 4.90% 115,638 117,053
60000 shs NETFLIX INC. SR NT 4.9% 08/15/2034 DTD 8/1/2024 4.90% 8/15/2034 59,856 61,442
57000 shs DARDEN RESTAURANTS 4.35% 10/15/2027 DTD 10/3/2024 4.35% 56,534 57,266
84000 shs CADENCE DESIGN SYSTEM 4.3% 09/10/2029 DTD 9/10/2024 4.30% 84,374 84,430
105000 shs PNC FINL SVCS GROUP INC SR GLBL NT DTD 1/29/2025 0.00% 1/29/2031 106,423 108,641
28000 shs BOEING CO CR SEN SR DTD 11/1/2024 6.528% 5/1/2034 29,114 30,978
43000 shs EXPEDIA GROUP INC SR NT DTD 2/21/2025 5.40% 2/15/2035 42,768 44,106
27000 shs VALERO ENERGY CORP SR NT DTD 2/7/2025 5.15% 2/15/2030 26,963 27,787
114000 shs BANK NEW YORK MELLON CORP FR Ser J DTD 2/11/2025 0.00% 116,005 117,225
37000 shs NUCOR CORP SR NT DTD 3/5/2025 4.65% 6/1/2030 36,641 37,774
75000 shs COMCAST CORP 2.65% 02/01/2030-2029 75,151 70,785
117000 shs ELEVANCE HEALTH INC 3.65% 12/01/2027-2027 115,560 116,441
176000 shs CITIGROUP INC 4.075% DTD 4/23/2018 4.075% 4/23/2029 174,180 175,879
62000 shs ENERGY TRANSFER PARTNERS L P NEW 3.75% 05/15/2030-2030 54,337 60,337
86000 shs MERCK & CO INC 3.4% 03/07/2029-2028 84,523 84,630
125000 shs JPMORGAN CHASE & CO 3.509% 01/23/2029-2028 128,662 123,814
15000 shs PULTE 5% 01/15/2027-2026 15,476 15,111
45000 shs PIONEER NATURAL RESOURCES CO 1.9% 08/15/2030-2030 44,380 40,756
28000 shs ABBVIE INC SR NT 4.95% 03/15/2031 DTD 2/26/2024 4.95% 3/15/2031 28,106 28,952
59000 shs COTERRA ENERGY INC SR 5.6% 03/15/2034 DTD 3/13/2024 5.60% 58,926 60,791
44000 shs OLD REP INTL CORP SR 5.75% 03/28/2034 DTD 3/28/2024 5.75% 44,077 45,710
57000 shs HCA INC SR NT 5.45% 09/15/2034 DTD 8/12/2024 5.45% 9/15/2034 57,089 58,656
85000 shs BROADCOM INC 5.05% 07/12/2027 DTD 7/12/2024 5.05% 7/12/2029 86,790 87,514
58000 shs MICRON TECHNOLOGY INC SR NT DTD 1/16/2025 5.80% 1/15/2035 57,908 61,123
29000 shs GEORGIA PWR CO SR -2025B NT Ser 2025B DTD 3/3/2025 4.85% 3/15/2031 28,951 29,754
22000 shs BLACK HILLS CORP SR NT DTD 10/2/2025 4.55% 1/31/2031 21,986 22,004
25000 shs CHURCH DWIGHT CO. INC. 2.3% 12/15/2031-2031 24,949 22,215
118000 shs CAPITAL ONE FINL CORP GLBL FLT 3.8% 01/31/2028-2027 116,468 117,519
93000 shs ABBVIE INC 3.2% 11/21/2029-2029 88,842 90,190
83000 shs FIFTH THIRD BANCORP 6.361% 10/27/2028-2027 86,064 86,347
50000 shs CF INDS INC SR NT DTD 11/26/2025 5.30% 11/26/2035 49,962 49,827
82000 shs SCHWAB CHARLES CORP VAR 05/19/2034 DTD 5/19/2023 0.00% 5/19/2034 86,768 87,838
60000 shs WELLS FARGO & CO SR NT 2.879% DTD 10/31/2019 2.879% 10/30/2030 58,619 57,077
40000 shs OKLAHOMA GAS & ELEC 3.25% 04/01/2030-2029 39,980 38,360
20000 shs PHYSICIANS RLTY L P 3.95% 01/15/2028-2027 20,378 19,886
14000 shs LAM RESH CORP 4% 03/15/2029-2028 14,294 14,004
36000 shs O REILLY AUTOMOTIVE INC NEW 4.7% 06/15/2032-2022 35,951 36,312
169000 shs JPMORGAN CHASE & CO SR NT DTD 1/24/2025 0.00% 1/24/2036 173,536 176,625
48000 shs ARROW ELECTRONICS INC DTD 4/10/2024 5.875% 4/10/2034 48,038 50,072
61000 shs DIAMONDBACK ENERGY INC SR GLBL NT DTD 3/20/2025 5.55% 4/1/2035 60,962 62,698
20000 shs HUNT J B TRANS SVCS INC SR NT DTD 3/13/2025 4.90% 3/15/2030 19,958 20,433
43000 shs ARCELORMITTAL SA LUXEMBOURG SR NT DTD 6/17/2024 6.00% 6/17/2034 43,000 46,225
145000 shs PFIZER INVT ENTERPRISES SR GLBL NT 33 DTD 5/19/2023 4.75% 5/19/20 144,371 146,537
49000 shs ROYAL BK CDA FR DTD 10/18/2024 0.00% 10/18/2030 48,711 49,683
85000 shs BHP BILLITON FIN USA LTD SR GLBL NT DTD 2/21/2025 5.00% 2/21/2030 86,779 87,700
58000 shs ENBRIDGE INC DTD 11/9/2023 6.00% 11/15/2028 60,452 60,951
116000 shs CANADIAN IMPERIAL BK COMM SR COCO 27 DTD 9/11/2024 0.00% 116,131 116,365
56000 shs JBS USA LUX SA/JBS USA FOOD COMP DTD 4/1/2023 5.75% 4/1/2033 56,821 58,504
113000 shs BANK NOVA SCOTIA B C FR DTD 6/4/2024 5.40% 6/4/2027 114,929 115,383
61000 shs TYCO ELECTRONICS GROUP S DTD 8/2/2024 4.625% 2/1/2030 61,228 62,166
115000 shs BANK MONTREAL MEDIUM VR DTD 9/10/2024 0.00% 9/10/2030 115,886 116,456
43000 shs NXP B V/NXP FUNDING LLC/NXP USA DTD 5/12/2022 5.00% 1/15/2033 43,129 43,681
116000 shs HONDA MOTOR CO LTD. DTD 7/2/2025 4.436% 7/8/2028 115,979 117,117
225000 shs FEDERAL HOME LOAN MTG CORP 4.000 2052-10-01 USD 4% 10/01/2052 158,403 164,134
170000 shs FNMA PASS-THRU I MBS 4.5% 03/01/2053 130,031 130,564
215000 shs FNMA PASS-THRU I 4.000 2052-05-01 USD 4% 05/01/2052 156,536 161,306
130000 shs GOVERNMENT NATL MTG ASSN CMO DTD 9/1/2016 1.75% 11/20/2044 22,238 21,950
145000 shs FEDERAL NATL MTG ASSN GTD MTG PA 2.500 2040-07-01 USD 2.5% 54,241 47,805
120000 shs FEDERAL NATL MTG ASSN CMO 3% DTD 1/1/2019 3.00% 2/25/2049 16,917 15,399
190000 shs FEDERAL NATL MTG ASSN GTD REMIC DTD 7/1/2013 2.75% 9/25/2042 13,260 12,936
285000 shs FEDERAL HOME LN MTG CORP MULTICL DTD 12/1/2012 1.25% 7,030 7,058
300000 shs FEDERAL HOME LN MTG CORP MULTICL DTD 4/1/2015 2.50% 7/15/2039 31,803 31,214
217000 shs FEDERAL NATL MTG ASSN GTD MTG PA DTD 6/1/2009 6.00% 2/1/2037 9,877 9,049
106000 shs FEDERAL HOME LN MTG CORP MULTICL DTD 9/1/2015 2.50% 9/15/2045 7,204 6,975
65000 shs FEDERAL NATL MTG ASSN GTD REMIC DTD 5/1/2015 2.50% 6/25/2030 4,265 4,259

TY 2025 InvestmentsCorpStockSchedule
Name:
SAGE FOUNDATION
EIN:
38-6041518
Name of Stock End of Year Book Value End of Year Fair Market Value
8700 shs SPDR GOLD TRUST 1,208,425 3,447,897
35829 shs ISHARES TR RUSSELL 2000 VALUE 6,263,697 6,492,573
90252.802 shs VANGUARD FTSE DEVELOPED DEV MKT INDX-ADM 1,342,758 1,811,374
108458.086 shs VANGUARD VALUE INDEX FUND 3,620,480 8,081,212
12470.775 shs EUROPACIFIC GROWTH FD AMERICAN 721,434 752,611
43594.655 shs VANGUARD EMERGING MARKETS STOCK INDEX-ADM 1,807,916 1,944,758
37052.05 shs WASATCH EMERGING MARKETS SELECT INSTL 910,369 696,579
34855.134 shs VANGUARD GROWTH INDEX FUND 1,932,585 8,753,867
52482.399 shs VANGUARD M/C GROW INDEX-ADM 2,501,462 6,306,810
250000 shs PROVIDENT BANK HOME EQ LN TR SER 1998-4 CL A7 6.2% 01/25/2030 6 6
62000 shs JPMCC COML MTG SECS TR 2016-JP2 CMO 2.8218% 08/15/2049 61,884 61,566
66000 shs WELLS FARGO COML MTG TR 2016-NXS CMO 2.918% 11/15/2049 63,220 65,426
82000 shs CITIGROUP COML MTG TR 2016-P4 CMO 2.902% 07/12/2049 79,554 81,363
29000 shs GS MTG SECS TR 2016-GS2 CMO 3.05% 05/10/2049 30,000 28,908
52000 shs WELLS FARGO COML MTG TR 2017-RC1 CMO 3.631% 01/15/2060 48,657 51,662
30000 shs CFCRE 2016-C4 MTG TR CMO 3.283% 05/10/2058 15,066 14,794
28000 shs MORGAN STANLEY BK AMER MERRILL L CMO 3.72% 12/15/2049 29,302 27,776
25000 shs CSAIL 2016-C7 COML MTG TR CMO DTD 11/1/2016 3.502% 11/15/2049 25,998 24,816

TY 2025 InvestmentsGovtObligationsSch
Name:
SAGE FOUNDATION
EIN:
38-6041518
US Government Securities - End of Year Book Value:

10,058,511
US Government Securities - End of Year Fair Market Value:

10,114,766
State & Local Government Securities - End of Year Book Value:


2,257,105
State & Local Government Securities - End of Year Fair Market Value:


2,293,448


TY 2025 LegalFeesSchedule
Name:
SAGE FOUNDATION
EIN:
38-6041518
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Legal Fees 214,496 75,073   139,422


TY 2025 OtherDecreasesSchedule
Name:
SAGE FOUNDATION
EIN:
38-6041518
Description Amount
Amortization 12,919


TY 2025 OtherExpensesSchedule
Name:
SAGE FOUNDATION
EIN:
38-6041518
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Insurance 2,200 0   2,200
Postage 871 0   871
Trustee Travel Expense 2,676 0   2,676
Stationary 155 0   155


TY 2025 OtherIncomeSchedule2
Name:
SAGE FOUNDATION
EIN:
38-6041518
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
Net class action proceeds 171 171 171


TY 2025 OtherProfessionalFeesSchedule
Name:
SAGE FOUNDATION
EIN:
38-6041518
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Investment Management Fees 182,169 182,169   0
Custodian Fees 28,428 0   28,428


TY 2025 TaxesSchedule
Name:
SAGE FOUNDATION
EIN:
38-6041518
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Excise Tax - 2025 Estimated Payments 10,000 0   0