TY 2025 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Trust Treated as Private Foundation

Do not enter social security numbers on this form as it may be made public.
Go to www.irs.gov/Form990PF for instructions and the latest information.

OMB No. 1545-0047

2025

Open to Public Inspection

For calendar year 2025, or tax year beginning 01 - 01 2025, and ending 12 - 31, 20 25

Name of foundation
The Frank De Angeli Family Foundation

% Foundation Source

Number and street (or P.O. box number if mail is not delivered to street address) Foundation Source 501 Silverside Rd
Room/suite

City or town
Wilmington

State or province
DE

Country

ZIP or foreign postal code
198091377

A Employer identification number

88-3770360

B Telephone number (see instructions)

8008391754

C If exemption application is pending, check here

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

Address change Name change

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

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

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

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

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

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)$11,692,463J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

	Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).)	(a) Revenue and expenses per books		(b) Net investment income	(c) Adjusted net income	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)	0
2	Check .................
3	Interest on savings and temporary cash investments	18,556		18,556
4	Dividends and interest from securities...	253,353		253,353
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		545,711
b	Gross sales price for all assets on line 6a 5,812,676
7	Capital gain net income (from Part IV, line 2)...			545,711
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........	817,620		817,620
13	Compensation of officers, directors, trustees, etc.	0
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	80,843	80,843
17	Interest...............
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	7,812	286
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	35,130	29		35,101
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	123,785		81,158		35,101
25	Contributions, gifts, grants paid.......	319,031				319,031
26	Total expenses and disbursements. Add lines 24 and 25 ................	442,816		81,158		354,132
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	374,804
b	Net investment income (if negative, enter -0-)			736,462
c	Adjusted net income (if negative, enter -0-)...				0

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2025)

Form 990-PF (2025)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............
	2	Savings and temporary cash investments.........	639,466	709,216	709,216
	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)		List of Attached Documents: // Content 87,255	87,544
	b	Investments—corporate stock (attach schedule).......	6,124,741	List of Attached Documents: // Content 6,161,744	7,233,744
	c	Investments—corporate bonds (attach schedule).......	3,089,836	List of Attached Documents: // Content 3,245,892	3,366,613
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	280,087	List of Attached Documents: // Content 304,827	295,346
	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)	10,134,130	10,508,934	11,692,463
	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
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........
	27	Paid-in or capital surplus, or land, bldg., and equipment fund
	28	Retained earnings, accumulated income, endowment, or other funds	10,134,130	10,508,934
	29	Total net assets or fund balances (see instructions).....	10,134,130	10,508,934
	30	Total liabilities and net assets/fund balances (see instructions).	10,134,130	10,508,934

Part III

Analysis of Changes in Net Assets or Fund Balances

Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............

10,134,130

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

374,804

Other increases not included in line 2 (itemize)

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

10,508,934

Decreases not included in line 2 (itemize)

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

10,508,934

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	Publicly-traded Securities
b
c
d
e

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	5,812,676	5,266,965	545,711
b
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			545,711
b
c
d
e

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	545,711
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 .........................		3

Part V

Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)	1	10,237
b	All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2
3	Add lines 1 and 2...........................	3	10,237
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	10,237
6	Credits/Payments:

a	2025 estimated tax payments and 2024 overpayment credited to 2025	6a	4,100
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c
d	Backup withholding erroneously withheld ..........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	4,100
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 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	6,137
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2026 estimated tax	Refunded	11	0
	For Refunded amount, also complete and attach Form 8050. See instructions.

Form 990-PF (2025)

Page 4

Part VI-A

Statements Regarding Activities

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

Yes

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

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

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

If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials

published or distributed by the foundation in connection with the activities.

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

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

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

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

on foundation managers.$

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

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

Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles

of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....

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

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

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

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

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

By language in the governing instrument, or

By state legislation that effectively amends the governing instrument so that no mandatory directions

that conflict with the state law remain in the governing instrument? ................

Yes

Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),

and Part XIV..................................

Yes

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

If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney

General (or designate) of each state as required by General Instruction G? If "No," attach explanation .

Yes

Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)

or 4942(j)(5) for calendar year 2025 or the taxable year beginning in 2025? See the instructions for Part XIII.

If "Yes," complete Part XIII .............................

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

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

At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the

meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............

Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had

advisory privileges? If "Yes," attach statement. See instructions.................

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

Yes

Website address

The books are in care ofFoundation Source Telephone no. (800) 839-1754

Located at501 Silverside Road Suite 123WilmingtonDE ZIP+4198091377

Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........

and enter the amount of tax-exempt interest received or accrued during the year ........

16 At any time during calendar year 2025, did the foundation have an interest in or a signature or other authority over YesNo

a bank, securities, or other financial account in a foreign country? .................

16 No

See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country

Form 990-PF (2025)

Page 5

Part VI-B

Statements Regarding Activities for Which Form 4720 May Be Required

File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.

Yes

During the year did the foundation (either directly or indirectly):

(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........

1a(1)

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

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

1a(2)

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

1a(3)

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

1a(4)

(5) Transfer any income or assets to a disqualified person (or make any of either available

for the benefit or use of a disqualified person)? ......................

1a(5)

(6) Agree to pay money or property to a government official? (Exception. Check "No"

if the foundation agreed to make a grant to or to employ the official for a period

after termination of government service, if terminating within 90 days.) ...............

1a(6)

If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations

section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........

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

Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,

that were not corrected before the first day of the tax year beginning in 2025? .............

Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private

operating foundation defined in section 4942(j)(3) or 4942(j)(5)):

At the end of tax year 2025, did the foundation have any undistributed income (Part XII, lines 6d

and 6e) for tax year(s) beginning before 2025?....................

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

Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)

(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)

to all years listed, answer "No" and attach statement—see instructions.) ..............

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

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

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

If "Yes," did it have excess business holdings in 2025 as a result of (1) any purchase by the foundation

or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved

by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)

the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Form 4720, Schedule C, to determine

if the foundation had excess business holdings in 2025.).....................

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

Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its

charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2025? ..

Form 990-PF (2025)

Page 6

Part VI-B

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

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

Yes

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

5a(1)

(2) Influence the outcome of any specific public election (see section 4955); or to carry

on, directly or indirectly, any voter registration drive? ....................

5a(2)

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

5a(3)

Yes

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

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

5a(4)

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals? .............

5a(5)

If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in

Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........

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

If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the

tax because it maintained expenditure responsibility for the grant? .................

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

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

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

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

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

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

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

Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or

excess parachute payment during the year? .........................

Part VII

Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors

1 List all officers, directors, trustees, foundation managers and their compensation. See instructions

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
Jane De Angeli	Pres, Dir, Sec 1.0	0	0	0
Foundation Source 501 Silverside Rd Wilmington,DE198091377	Pres, Dir, Sec 1.0	0	0	0
Kazuko De Angeli	Dir, VP 1.0	0	0	0
Foundation Source 501 Silverside Rd Wilmington,DE198091377	Dir, VP 1.0	0	0	0
Kieran Mark Kindig	Dir 1.0	0	0	0
Foundation Source 501 Silverside Rd Wilmington,DE198091377	Dir 1.0	0	0	0
James Meredith Ashmore Tait	Dir, Treas 1.0	0	0	0
Foundation Source 501 Silverside Rd Wilmington,DE198091377	Dir, Treas 1.0	0	0	0

2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."


(a) Name and address of each employee paid more than $50,000	(b) Title, and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances










Total number of other employees paid over $50,000...................

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
Rockefeller Capital Management	Investment Mgmt	51,626
PO BOX 145458 CINCINNATI,OH452505458	Investment Mgmt	51,626

Total number of others receiving over $50,000 for professional services............. right arrow

Part VIII-A

Summary of Direct Charitable Activities

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.	Expenses
1


2


3


4

Part VIII-B

Summary of Program-Related Investments (see instructions)

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.	Amount
1


2


All other program-related investments. See instructions.
3

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

Form 990-PF (2025)

Page 8

Part IX

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

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

purposes:

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

10,191,960

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

796,765

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

282,695

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

11,271,420

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

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

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

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

11,271,420

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

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

169,071

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

11,102,349

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

555,117

Part X

Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here and do not complete this part.)

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

555,117

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

10,237

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

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

10,237

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

544,880

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

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

544,880

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

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

544,880

Part XI

Qualifying Distributions (see instructions)

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

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

354,132

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

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

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

Amounts set aside for specific charitable projects that satisfy the:

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

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

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

354,132

Form 990-PF (2025)

Page 9

Part XII

Undistributed Income (see instructions)

		(a) Corpus	(c) 2024	(d) 2025
1 Distributable amount for 2025 from Part X, line 7				544,880
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only.......			306,224
b Total for prior years:2023, 2022, 2021
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 ........
4Qualifying distributions for 2025 from Part
XI, line 4: $ 354,132
a Applied to 2024, but not more than line 2a			306,224
b Applied to undistributed income of prior years (Election required—see instructions) .....
c Treated as distributions out of corpus (Election required—see instructions) ........
d Applied to 2025 distributable amount.....				47,908
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2025.
(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 ..........
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........
e Undistributed income for 2024. Subtract line 4a from line 2a. Taxable amount—see instructions .............
f Undistributed income for 2025. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2026 ..........				496,972
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......
8 Excess distributions carryover from 2020 not applied on line 5 or line 7 (see instructions) ...
9 Excess distributions carryover to 2026. Subtract lines 7 and 8 from line 6a ......		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 ....	0

Form 990-PF (2025)

Page 10

Part XIII

Private Operating Foundations (see instructions and Part VI-A, question 9)

1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2025, enter the date of the ruling ......

b Check box to indicate whether the organization is a private operating foundation described in section 4942(j)(3) or4942(j)(5)

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part IX for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2025	(b) 2024	(c) 2023	(d) 2022	(e) Total

b 85% (0.85) of line 2a .......
c Qualifying distributions from Part XI, line 4 for each year listed .....
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....
3 Complete 3a, 3b, or 3c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part IX, line 6 for each year listed ..
c “Support" alternative test—enter:
(1) Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) ....
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....
(3) Largest amount of support from an exempt organization
(4) Gross investment income

Part XIV

Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)

1Information Regarding Foundation Managers:

aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)

Kazuko De Angeli

bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.

2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:

Check here if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, 2b, 2c, and 2d. See instructions

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

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

cAny submission deadlines:

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

Form 990-PF (2025)

Page 11

Part XIV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
BIG FLUFFY DOG RESCUE 196 JEFFERSON PIKE LA VERGNE,TN37086	N/A		General & Unrestricted	6,000
B Diallo GEORGE WASHINGTON UNIVERSITY 44983 KNOLL SQ ENT HALL STE 290 ASHBURN,VA20147	none		Scholarship Grant	3,000
N Mehari GEORGE WASHINGTON UNIVERSITY 44983 KNOLL SQ ENT HALL STE 290 ASHBURN,VA20147	none		Scholarship Grant	6,000
N Mehari GEORGE WASHINGTON UNIVERSITY 44983 KNOLL SQ ENT HALL STE 290 ASHBURN,VA20147	none		Scholarship Grant	10,000
GEORGETOWN UNIVERSITY 2115 WISCONSIN AVE NW STE 500 WASHINGTON,DC20007	N/A		MBA Class of 1989 Memorial Scholarship Fund	10,000
R S Mulugeta LOYOLA UNIVERSITY MARYLAND INC 4501 NORTH CHARLES ST BALTIMORE,MD21210	none		Scholarship grant	5,000
N Morales LOYOLA UNIVERSITY MARYLAND INC 4501 NORTH CHARLES ST BALTIMORE,MD21210	none		Scholarship grant	10,500
K Gomez LOYOLA UNIVERSITY MARYLAND INC 4501 NORTH CHARLES ST BALTIMORE,MD21210	none		scholarship grant	6,000
N Morales LOYOLA UNIVERSITY MARYLAND INC 4501 NORTH CHARLES ST BALTIMORE,MD21210	none		scholarship grant	10,500
D Juarez LOYOLA UNIVERSITY MARYLAND INC 4501 NORTH CHARLES ST BALTIMORE,MD21210	none		scholarship grant	10,500
D Juarez LOYOLA UNIVERSITY MARYLAND INC 4501 NORTH CHARLES ST BALTIMORE,MD21210	none		scholarship grant	10,500
P DJOKO LOYOLA UNIVERSITY MARYLAND INC 4501 NORTH CHARLES ST BALTIMORE,MD21210	none		scholarship grant	6,500
MEADOWVIEW BIOLOGICAL RESEARCH STATION 8390 FREDERICKSBURG TPKE WOODFORD,VA22580	N/A		General & Unrestricted	20,000
A Fofana MORGAN STATE COLLEGE 1700 EAST COLD SPRING LN BALTIMORE,MD21251	none		scholarship grant	1,000
G Ebobola NOTRE DAME OF MARYLAND UNIVERSITY 4701 N CHARLES ST BALTIMORE,MD21210	none		scholarship grant	12,000
RAINBOW COMMUNITY DEVELOPMENT CENTER INC 2120 INDUSTRIAL PKWY STE A SILVER SPRING,MD20904	N/A		General & Unrestricted	10,000
G Kasongo SALISBURY UNIVERSITY PO BOX 2195 SALISBURY,MD21802	none		scholarship grant	6,000
G Kasongo SALISBURY UNIVERSITY PO BOX 2195 SALISBURY,MD21802	none		scholarship grant	1,000
G Coronado STEVENSON UNIVERSITY 1525 GREENSPRING VALLEY RD STEVENSON,MD21153	none		scholarship grant	2,000
A TEWOLDE THE CATHOLIC UNIVERSITY OF AMERICA 620 MICHIGAN AVE OCONNELL HALL E200 WASHINGTON,DC20064	none		scholarship grant	5,000
A JEAN PAUL THE CATHOLIC UNIVERSITY OF AMERICA 620 MICHIGAN AVE OCONNELL HALL E200 WASHINGTON,DC20064	none		scholarship grant	8,000
S Colvin TOWSON UNIVERSITY 8000 YORK RD TOWSON,MD21252	none		scholarship grant	3,500
A Asamoah TOWSON UNIVERSITY 8000 YORK RD TOWSON,MD21252	none		scholarship grant	5,000
M Bah TOWSON UNIVERSITY 8000 YORK RD TOWSON,MD21252	none		scholarship grant	4,000
S Gomez TOWSON UNIVERSITY 8000 YORK RD TOWSON,MD21252	none		scholarship grant	3,500
G D Thomas TOWSON UNIVERSITY 8000 YORK RD TOWSON,MD21252	none		scholarship grant	8,000
M R Porta TOWSON UNIVERSITY 8000 YORK RD TOWSON,MD21252	none		scholarship grant	4,200
E T Taye TOWSON UNIVERSITY 8000 YORK RD TOWSON,MD21252	none		scholarship grant	10,000
S Cisneros TOWSON UNIVERSITY 8000 YORK RD TOWSON,MD21252	none		scholarship grant	10,500
J Ramos TRINITY COLLEGE 125 MICHIGAN AVE NE WASHINGTON,DC20017	none		scholarship grant	13,800
K G W Biye TRINITY COLLEGE 125 MICHIGAN AVE NE WASHINGTON,DC20017	none		scholarship grant	3,000
C Ramos TRINITY COLLEGE 125 MICHIGAN AVE NE WASHINGTON,DC20017	none		scholarship grant	13,800
D Akuchie UNIV MD SCH OF NURSING BALTIMORE 620 W LEXINGTON ST BALTIMORE,MD21201	none		Scholarship Grant	7,000
V URIOSTEGUI UNIV OF MARYLAND BALTIMORE COUNTY OFC OF FINANCIAL AID SCHOLARSHIPS BALTIMORE,MD21250	none		Scholarship Grant	4,000
E Rodriguez UNIV OF MARYLAND BALTIMORE COUNTY OFC OF FINANCIAL AID SCHOLARSHIPS BALTIMORE,MD21250	none		Scholarship Grant	10,000
N Gizaw UNIV OF MARYLAND BALTIMORE COUNTY OFC OF FINANCIAL AID SCHOLARSHIPS BALTIMORE,MD21250	none		Scholarship Grant	10,000
V URIOSTEGUI UNIV OF MARYLAND BALTIMORE COUNTY OFC OF FINANCIAL AID SCHOLARSHIPS BALTIMORE,MD21250	none		Scholarship Grant	7,231
B MELAKU UNIV OF MARYLAND BALTIMORE COUNTY OFC OF FINANCIAL AID SCHOLARSHIPS BALTIMORE,MD21250	none		Scholarship Grant	11,000
E Niftalem UNIV OF MARYLAND BALTIMORE COUNTY OFC OF FINANCIAL AID SCHOLARSHIPS BALTIMORE,MD21250	none		Scholarship Grant	2,500
A ABARCA UNIV OF MARYLAND BALTIMORE COUNTY OFC OF FINANCIAL AID SCHOLARSHIPS BALTIMORE,MD21250	none		Scholarship Grant	5,000
A Medrano UNIV OF MD COLLEGE PARK BURSAR 1109 LEE BLDG COLLEGE PARK,MD20742	none		Scholarship Grant	5,000
N Asamoah UNIV OF MD COLLEGE PARK BURSAR 1109 LEE BLDG COLLEGE PARK,MD20742	none		Scholarship Grant	2,500
A ABARCA 1109 UNIV OF MD COLLEGE PARK BURSAR 1109 LEE BLDG COLLEGE PARK,MD20742	none		Scholarship Grant	5,000
Z Felix UNIV OF MD COLLEGE PARK BURSAR 1109 LEE BLDG COLLEGE PARK,MD20742	none		Scholarship Grant	5,000
A MANZANO UNIV OF MD COLLEGE PARK BURSAR 1109 LEE BLDG COLLEGE PARK,MD20742	none		Scholarship Grant	6,000
Total ................................. 3a				319,031

bApproved for future payment

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

Form 990-PF (2025)

Page 12

Part XV-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments ....
3 Interest on savings and temporary cash investments ...........			14	18,556
4 Dividends and interest from securities ....			14	253,353
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	545,711
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) ..				817,620

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

817,620

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

Part XV-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See instructions.)

Form 990-PF (2025)

Page 13

Part XVI

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

Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?

Yes

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

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

1a(1)

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

1a(2)

Other transactions:

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

1b(1)

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

1b(2)

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

1b(3)

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

1b(4)

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

1b(5)

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

1b(6)

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

If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

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

Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........Yes No

If "Yes," complete the following schedule.

(a) Name of organization	(b) Type of organization	(c) Description of relationship

Sign Here

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
				May the IRS discuss this return with the preparer shown below? See instructions. Yes No
	Signature of officer or trustee	Date	Title

Paid Preparer Use Only	Preparer's name	Preparer's Signature	Date	Check if self- employed	PTIN
	Firm's name				Firm's EIN
	Firm's address				Phone no.

Form 990-PF (2025)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

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

TY 2025 DepreciationSchedule

Name:

The Frank De Angeli Family Foundation

EIN:

88-3770360

Description of Property	Date Acquired	Cost or Other Basis	Prior Years' Depreciation	Computation Method	Rate / Life (# of years)	Current Year's Depreciation Expense	Net Investment Income	Adjusted Net Income	Cost of Goods Sold Not Included

- TIN:

TY 2025 InvestmentsCorpBondsSchedule

Name:

The Frank De Angeli Family Foundation

EIN:

88-3770360

Name of Bond	End of Year Book Value	End of Year Fair Market Value
ABBVIE INC NOTE - 4.800% - 03/	38,032	38,401
AIR PRODUCTS - 4.850% - 02/08/	33,832	34,625
ALLEGION US HOLDING COMPANY IN	22,113	22,943
ALTRIA GROUP INC - 6.875% - 11	34,409	35,070
AMAZON COM INC - 1.500% - 06/0	30,782	31,574
AMERICAN TOWER CORP - 2.900% -	35,031	35,156
AMEX - 5.280% - 07/26/2035	52,214	53,673
AT&T INC - 2.750% - 06/01/2031	18,303	20,224
AT&T INC - 4.350% - 03/01/2029	11,685	12,063
AT&T, INC - 2.550% - 12/01/203	6,333	6,840
AVALONBAY CMNTYS INC - 5.000%	44,341	45,123
BANK NEW YORK MELLON - 3.442%	39,460	39,811
BAT CAPITAL CORP - 2.726% - 03	13,767	13,842
BAT CAPITAL CORP - 6.241% - 08	6,360	6,631
BAT CAPITAL CORP MTN CALL MAKE	13,148	14,438
BATH & BODY WORKS - 5.250% - 0	14,700	15,107
BK OF AMERICA CORP SER N MTN -	21,191	21,456
BLACKROCK INC - 2.400% - 04/30	31,178	31,848
BLOCK FINL LLC - 3.875% - 08/1	28,164	29,881
BOYD GAMING - 4.750% - 12/01/2	42,318	42,945
BRISTOL-MYERS SQUIBB CO - 2.95	30,780	31,493
BROADCOM - 4.300% - 11/15/2032	18,078	19,758
BROWN & BROWN INC - 5.250% - 0	5,059	5,119
BROWN & BROWN INC - 5.550% - 0	30,008	29,809
CARLISLE COS INC - 2.200% - 03	16,846	18,337
CCO HLDGS LLC / CCO HLDGS CAP	22,750	22,438
CDW FIN CORP SR NOTE CPN - 3.5	7,189	7,461
CDW LLC - 3.276% - 12/01/2028	27,003	28,182
CISCO SYS INC - 4.950% - 02/26	36,232	37,376
CISCO SYSTEMS INC - 5.050% - 0	21,499	21,652
CITIGROUP INC NOTE - 6.270% -	14,676	15,243
CITIGROUP INC NOTE CALL MAKE -	23,579	24,780
COCA COLA CO NT - 2.000% - 03/	9,821	9,977
COMCAST CORP NOTE - 4.150% - 1	26,172	26,138
CONAGRA BRANDS INC - 5.000% -	9,105	9,113
CONAGRA BRANDS INC SR NOTE - 4	21,651	22,267
CONSUMERS ENERGY CO - 5.050% -	14,200	14,264
CROWN CASTLE INC - 5.800% - 03	35,056	35,702
DICKS SPORTING GOODS INC NOTE	28,912	31,288
DISNEY WALT CO - 2.000% - 09/0	24,297	26,201
EAGLE MATLS INC - 2.500% - 07/	29,341	31,815
ENCOMPASS - 4.750% - 02/01/203	34,601	36,873
ENCOMPASS HEALTH CORP - 4.500%	8,653	8,984
EXPEDIA GROUP INC NOTE CALL MA	17,056	17,001
EXPEDIA GROUP INC SER B NOTE C	10,546	11,518
FISERV INC - 5.650% - 08/21/20	30,035	29,948
FLEXTRONICS INTL LTD NOTE - 4.	34,620	35,538
FORTUNE BRANDS - 5.875% - 06/0	17,591	17,988
FORTUNE BRANDS HOME & SECURITY	12,634	13,464
GENUINE PARTS CO - 6.500% - 11	21,819	22,217
GENUINE PARTS CO - 6.875% - 11	12,506	12,245
GLOBAL PAYMENTS - 2.900% - 05/	29,629	31,551
HCA 3.5% 09/01/2030 - 3.500% -	19,000	20,195
HOME DEPOT INC - 2.950% - 06/1	30,950	30,994
HOME DEPOT INC NOTE - 3.900% -	13,033	13,052
HP INC - 5.500% - 01/15/2033	18,440	18,595
HSBC BANK USA MLCD INDU - 0.00	75,000	92,107
HSBC BANK USA MLCD RSP - 0.000	100,000	100,859
INTL BUSINESS MACHINES - 4.400	26,443	26,971
JPMORGAN CHASE &CO NT - 1.470%	20,151	21,600
L BRANDS INC - 6.875% - 11/01/	16,765	16,187
L BRANDS INC - 7.500% - 06/15/	13,130	13,321
LKQ CORP - 5.750% - 06/15/2028	21,427	21,697
LKQ CORP - 6.250% - 06/15/2033	8,409	8,579
LOWE'S COMPANIES, INC - 5.150%	30,164	31,038
MARRIOTT INTERNATIONAL INC. CL	34,444	35,558
META PLATFORMS INC SER B NOTE	25,754	26,225
MOLSON COORS BEVERAGE CO NOTE	34,588	35,803
MORGAN STANLEY - 3.622% - 04/0	47,750	50,563
MOTOROLA SOLUTIONS INC NOTE -	34,074	34,431
NETAPP INC - 5.500% - 03/17/20	4,095	4,166
NETAPP INC - 5.700% - 03/17/20	22,732	24,123
NIKE INC NOTE CALL - 2.375% -	43,023	43,489
NVIDIA CORP NT - 1.550% - 06/1	39,159	39,939
OLIN CORP SR NOTE - 5.000% - 0	30,461	31,465
ORACLE CORP - 2.300% - 03/25/2	19,585	20,985
ORACLE CORP NOTE - 6.250% - 11	20,901	20,904
PAYCHEX INC - 5.600% - 04/15/2	30,774	31,460
PEPSICO INC - 4.800% - 07/17/2	33,934	34,764
PFIZER INVT - 4.750% - 05/19/2	41,548	42,525
PHILP MORRIS - 5.375% - 02/15/	29,076	30,375
PNC FINL SVCS - 6.615% - 10/20	37,083	36,720
QORVO INC - 4.350% - 10/15/202	29,589	31,533
QUANTA SVCS INC - 2.350% - 01/	12,455	13,232
QUANTA SVCS INC - 2.900% - 10/	16,123	17,798
REALTY INCOME CORP - 3.250% -	20,728	20,963
SBA COMMUNICATIONS CORP SER B	35,944	36,723
SERVICE CORP - 5.750% - 10/15/	10,000	10,177
SERVICE CORP INTL - 5.125% - 0	13,265	14,092
SERVICE CORPORATION INTERNATIO	20,615	21,984
STATE STR CORP NOTE - 5.272% -	41,379	41,262
STEEL DYNAMICS INC - 0.000% -	8,086	8,565
STEEL DYNAMICS INC - 3.450% -	10,945	11,605
TARGET - 2.350% - 02/15/2030	23,868	24,349
TELEDYNE FLIR LLC - 2.500% - 0	18,246	19,440
TELEDYNE TECHNOLOGIES INC - 2.	11,202	12,042
TENET HEALTHCARE CORP - 6.120%	18,315	18,419
TENET HEALTHCARE CORP SER B NO	17,813	18,081
THE BANK OF NOVA SCOTIA - 2.45	28,690	29,510
TRANSDIGM - 4.625% - 01/15/202	10,890	10,927
TRANSDIGM INC SER B NOTE - 4.8	27,294	27,928
TRIMBLE - 4.900% - 06/15/2028	10,581	11,162
TRIMBLE INC NOTE - 6.100% - 03	17,571	18,333
TRUIST FINL CORP SER G MTN - 5	33,300	34,104
TRUST FINL CORP - 6.047% - 06/	25,002	25,202
UNITED STATES TREAS - 0.000% -	197,749	211,982
UNITED STATES TREASURY - 0.000	161,087	171,382
US BANCORP - 5.775% - 06/12/20	36,635	37,430
VERIZON COMMS - 4.329% - 09/21	34,475	35,298
VISA INC - 4.150% - 12/14/2035	51,853	53,653
WABTEC NOTE - 5.611% - 03/11/2	11,408	11,551
WELLS FARGO & CO - 3.000% - 10	34,705	34,744
WELLS FARGO & CO SER W MTN - 5	25,131	25,903
WESTINGHOUSE AIR BRAKE TECHNOL	22,254	23,287
WILLIS NORTH AMER - 5.350% - 0	7,009	7,233
YUM BRANDS INC NOTE - 5.375% -	24,865	25,313
ZIMMER BIOMET HOLDINGS INC - 5	35,622	35,325

- TIN:

TY 2025 InvestmentsCorpStockSchedule

Name:

The Frank De Angeli Family Foundation

EIN:

88-3770360

Name of Stock	End of Year Book Value	End of Year Fair Market Value
ABBOTT LABS	24,662	29,443
ABBVIE INC	31,917	39,986
ACCENTURE PLC	17,194	15,830
AEGON FUNDING 5.100% PFD DUE 1	2,852	2,813
AFFILIATED MANAGERS GROUP INC	1,364	1,340
AFFILIATED MANAGERS GROUP INC	2,761	2,773
AGNC INVESTMENT CORP	2,907	2,822
AGNC INVESTMENT CORP CUML 6.87	1,435	1,397
AGNC INVT CORP 6.500% PFD	1,437	1,401
AGNC INVT PREF SHS SER C	2,938	2,880
AGREE REALTY CORP	6,449	6,483
ALGONQUIN PWR &UTILITY PFD - 0	7,543	7,559
ALIBABA GROUP HOLDING LTD	1,338	1,612
ALLEGION PLC	2,379	3,025
ALLIANCEBERNSTEIN SELECT US LO	276,149	279,029
ALLIANT CORP	6,933	6,956
ALLSTATE CORP SUB DEB 53	6,195	6,185
ALLSTATE CORPORATION PFD 7.37	3,484	3,341
ALLSTATE PFD SER H	1,575	1,424
ALPHABET INC CL A	90,934	174,231
ALPHABET INC CL C	63,132	107,353
ALTRIA GROUP INC	26,049	24,794
AMAZON COM	119,896	153,957
AMDOCS LIMITED	6,934	6,280
AMER FIN GRP HLD	5,589	6,014
AMEREN CORPORATION	13,308	13,381
AMERICAN ELECTRIC POWER INC	17,059	18,104
AMERICAN EXPRESS CO	16,701	18,128
AMERICAN FINANCIAL GROUP 5.625	1,393	1,389
AMERICAN FINANCIAL GROUP INC	561	560
AMERICAN HOMES 4 R	1,399	1,434
AMERICAN NATIONAL GROUP INC NO	4,614	4,402
ANALOG DEVICES INC	38,298	50,671
ANNALY CAPITAL MANAGEMENT PFD	6,117	6,162
APOLLO GLOBAL MGMT INC NT 7.6	6,120	6,111
ARCH CAP GROUP LTD NON CUM DEP	2,814	2,716
ARCH CAPITAL GROUP 4.55% SER-G	1,402	1,353
ASPEN INSURANCE HOLDINGS PREF	2,680	2,604
ASPEN INSURANCE PERP	6,088	5,998
ASSURANT 5.25% SUBORDINATED NO	7,514	7,080
ASTRAZENECA PLC SP ADR	18,110	19,213
AT & T INC 5.000% PFD SER A	4,485	4,189
AT&T DEPO SHA REP 1000 PREFERR	10,547	10,005
AT&T INC GLOBAL 66 5.35000% 11	7,583	7,483
AT&T, INC	38,874	35,049
ATHENE HLDG DS LTD PFD SER A	2,853	2,829
ATHENE HLDG LTD 5.625% PFD SER	4,254	4,080
ATHENE HOLDING 7.25%	4,578	4,554
ATHENE HOLDING LTD 7.75%DP RT	4,348	4,316
ATMOS ENERGY CORP	5,843	6,202
AUTODESK, INC	57,573	58,314
AUTOMATIC DATA PROCESSING INC	23,410	24,437
AVALONBAY CMNTYS INC	9,433	8,522
AVERY DENNISON CORP	14,454	14,732
AVNET INC	4,177	3,606
AXIS CAPITAL HLDGS LTD NON-CUM	1,398	1,356
BAC CAPITAL TR X - 6.250% - 03	2,852	2,861
BANK AMER DS PFD SER KK	5,502	5,146
BANK NEW YORK MELLON CORP COM	33,455	45,972
BANK NEW YORK MELLON CORP NON	5,662	5,694
BANK OF AMERICA CORP	46,265	53,295
BANK OF AMERICA CORP - 7.250%	13,262	13,772
BANK OF AMERICA CORP 4.375% PF	6,079	6,149
BANK OF AMERICA CORP COM EQUIV	3,122	2,875
BANK OF AMERICA CORP PFD	4,243	4,244
BANK OF AMERICA CORPORATION DE	6,975	7,100
BANK OF NOVA SCOTIA T-GEARS RL	150,000	156,000
BERKLEY W R CORP - 5.100% - 12	2,887	2,786
BIP BERMUDA HLDGS I LTD PFD -	1,370	1,339
BLACKROCK INC	22,499	30,260
BLOCK INC	20,357	17,509
BOEING CO	124,395	120,936
BRISTOL-MYERS SQUIBB CO	14,322	16,452
BROADCOM INC	143,756	340,561
BROADRIDGE FINANCIAL	11,358	10,489
BROOKFIELD - 4.625% - 10/16/20	2,856	2,930
BROOKFIELD BRP HOLDINGS 4625%	2,863	2,738
BROOKFIELD FINANCE I 450% PERP	2,848	2,799
BROOKFIELD INFRA FINULC - 5.00	2,838	2,769
CAPITAL ONE FINCL CORP 5.000%	8,884	8,516
CAPITAL ONE FINL DS REPRESENTI	4,904	4,559
CARLYLE FIN LLC NT CAL 61 - 4.	2,697	2,668
CBOE HOLDINGS INC	4,769	5,020
CHARLES SCHWAB PFD STK SER D 5	6,727	6,775
CHEVRON CORP	40,342	40,389
CHS INC - PFD CLASS B	6,119	6,112
CHS INC PFD - 6.750% - 12/31/2	12,821	13,121
CHS INC PFD 7.10% CL B	11,337	11,434
CHUBB LIMITED	41,880	49,939
CISCO SYSTEMS INC	42,342	47,836
CITIZENS FINANCIAL GROUP INC P	1,386	1,377
CITIZENS FINANCIAL GROUP, 7.37	5,689	5,744
CME GROUP, INC	27,243	31,515
CMS ENERGY CORP 5.875 NTS 79 5	13,983	14,191
CMS ENERGY CORPORATION PFD - 5	2,750	2,718
CMS ENERGY CP	11,695	11,329
COMCAST CORP	34,932	30,876
CONOCOPHILLIPS	27,592	23,653
COREBRIDGE FINANCIAL INC CAL 6	13,753	13,811
CSX CORP	16,663	17,509
CUMMINS INC	7,378	10,719
DANAHER CORP	11,270	12,591
DEERE CO	25,009	23,744
DEUTSCHE BK CONTINGENT CAP TR	7,086	6,994
DIGITAL REALTY PFD SER L	2,794	2,784
DIGITAL RLTY RED PREF SHS SERI	2,752	2,769
DT MIDSTREAM INC	8,169	9,694
DTE ENERGY CO CAL DEB 81 PFD -	2,240	2,215
DTE ENERGY CO COM	6,888	6,449
DTE ENERGY PFD SHARES - 5.25%	6,116	6,088
EBAY INC	14,258	15,765
EMERSON ELECTRIC CO	12,092	12,210
ENTERGY CORP	26,766	28,376
EQUITABLE HOLDINGS INC PFD SER	3,078	2,788
EQUITY LIFESTYLE PRP	5,177	5,091
EVERCORE PARTNERS INC	9,851	11,228
EXPEDITORS INTL WASH INC	24,042	31,494
EXXON MOBIL CORP	51,977	54,995
F&G ANNUITIES & LIFE INC - 7.9	7,545	7,381
F&G ANNUITIES & LIFE INC CAL 6	7,634	6,949
FACTSET RESH SYST INC	23,742	15,971
FIFTH THIRD BANCORP PFD SER A	1,438	1,454
FIRST FINANCIAL BANCORP	3,522	3,553
FIRST HORIZON NATL PFE SER E	1,391	1,402
FITB - 6.625% - PFD SER 1	5,872	5,758
FORD MTR CO DEL CALLNT 62 08/1	3,031	2,958
GEN DYNAMICS CP	27,159	30,636
GILDAN ACTIVEWEAR INC	10,453	12,242
GILEAD SCIENCES INC	23,056	25,284
GLOBAL NET LEASE CUM RED PRF S	838	864
GOLDMAN SACHS ABSOLUTE RETURN	219,168	241,359
GS FINANCE BA-GEARS RTY	100,000	136,700
HARTFORD FINANCIALSERVICES GRO	10,289	11,575
HOME DEPOT INC	36,524	36,856
HONEYWELL INTL	21,572	22,045
HUBBELL INCORPORATED	10,734	11,103
HUNTINGTON BANCSHARES SER C 5.	1,421	1,413
HUNTINGTON BNCSH.A 8.5% CV PFD	1,469	1,384
ILLINOIS TOOL WORKS	21,045	20,197
ILLUMINA INC COM	15,649	20,723
INTER PARFUMS INC	7,991	5,175
INTERNATIONAL BUSINESS MACHINE	43,175	46,505
INTUITIVE SURGICAL	24,155	36,247
JACKSON FINANCIAL INC 8.00% DE	2,875	2,920
JOHNSON & JOHNSON	68,156	86,285
JP MORGAN CHASE	67,332	108,910
JP MORGAN CHASE & CO PFD SER D	775	773
JPMORGAN CHASE & CO 4.550% PFD	7,628	7,159
JPMORGAN CHASE & CO 6 DEP NCM	2,825	2,816
JPMORGAN CHASE 4.625% PFD SER	15,721	14,573
KEMPER CORP 5.875% DUE 03/15/2	1,429	1,404
KEYCORP 6.125% DEP PFD SERIES	3,771	3,990
KEYCORP PFD SER G DRC	1,349	1,424
KEYCORP SER H 6.2%	4,309	4,492
KKRS	2,741	2,708
KLA TENCOR CORP	19,190	34,129
L3HARRIS TECHNOLOGIES	11,313	11,449
LAM RESEARCH CORP	19,053	32,011
LINCOLN NATL CORP SER D 9.0%	4,887	4,910
LINDE PLC COM	25,463	24,554
M&T BANK - 5.625% - PFD SER H	5,544	5,714
M&T BANK CORP PREFERRED J 7.5%	2,995	2,867
MARSH AND MCLENNAN COMPANIES I	25,801	21,706
MARZETTI COMPANY COM	4,492	4,111
MCDONALD'S CORP	36,178	36,851
MEDTRONIC PLC	24,409	25,936
MERCK & CO INC	20,829	27,368
MERITAGE CORPORATION	1,201	1,119
META PLATFORMS INC	136,476	186,805
MGRE	6,070	6,269
MICROSOFT CORP	390,940	458,471
MONDELEZ INTERNATIONAL INC	26,733	20,671
MONSTER BEVERAGE CORP	55,030	72,376
MORGAN STANLEY	25,866	45,448
MORGAN STANLEY - 6.375% PFD CL	9,152	9,050
MORGAN STANLEY 6.5% DP SH PFD	6,755	6,546
MORGAN STANLEY 6.625 PFD SER Q	9,203	9,119
MORGAN STANLEY PFD K	4,476	4,365
MORGAN STANLEY PFD SER F - 6.8	7,171	7,056
NATIONAL STORAGE AFFILIATES TR	1,444	1,326
NETAPP, INC	1,826	1,821
NETFLIX INC	166,752	140,640
NEXTERA ENERGY CAP HOLDINGS IN	5,680	5,722
NEXTERA ENERGY PFD - 5.650% -	2,840	3,000
NEXTERA ENERGY, INC	10,031	11,419
NIKE INC-CL B	22,065	19,519
NISOURCE INC	8,602	8,644
NORTHROP GRUMMAN CORP	19,260	21,098
NOVARTIS AG ADR	23,982	29,366
NOVO NORDISK A S	43,060	34,853
NVIDIA CORP	184,928	292,826
ORACLE CORP	156,703	214,596
OSHKOSH CORP	1,503	1,382
PACKAGING CORP AMER	21,108	21,448
PARKER HANNIFIN CP	33,843	50,101
PAYPAL HOLDINGS, INC	17,163	13,778
PENSKE AUTOMOTIVE GROUP, INC	3,513	3,324
PEPSICO INC	12,962	13,204
PERRIGO CO PLC	8,010	4,120
PHILIP MORRIS INTL	9,881	9,784
PINNACLE FINL PRTNRS PFD B 6.7	1,681	1,701
PLAINS GP HOLDINGS LP	3,108	3,139
PNC FINANCIAL GROUP INC	27,816	29,431
PROCTER GAMBLE CO	53,046	46,289
PROLOGIS	10,553	11,106
PRUDENTIAL FINANCIAL INC PFD -	1,388	1,382
PRUDENTIAL FINL INC CAL NT 62	1,410	1,383
PRUDENTIAL FINL INC PFD DUE 09	2,860	2,812
PUBLIC STORAGE 4.125% SER M	1,433	1,410
PUBLIC STORAGE DEP	3,179	2,831
PUBLIC STORAGE INC	8,293	7,526
PUBLIC STORAGE PFD 4.875% SER	839	830
PUBLIC STORAGE PFD G 5.05% 12/	1,408	1,391
PUBLIC STORAGE PFD SER A 6.125	1,661	1,452
PUBLIC STORAGE SERIES K PRF SH	2,860	2,850
PUBLIC STORAGE, 4.00% SER P	4,610	4,598
QUALCOMM INC	35,448	37,843
QUEST DIAGNOSTICS	4,496	4,685
REGENERON PHARMACEUTICALS INC	43,052	55,595
REGIONS FINANCIAL CORP DEP PF	3,535	3,456
REGIONS FINANCIAL SER C	1,360	1,386
REINSURANCE GROUP AMER INC	7,185	7,528
REINSURANCE GROUP OF AMERICA I	6,109	6,155
REINSURANCE GRP OF AMERICA INC	4,614	4,605
ROCHE HOLDING LTD ADR	19,151	25,321
RPM INTERNATIONAL INC	6,227	5,824
RYDER SYSTEM	4,927	5,550
SALESFORCE.COM	72,612	73,645
SCHWAB CHARLES NEW 40 DS REPST	1,564	1,406
SEI INVESTMENTS	28,267	26,203
SELECTIVE INSURANCE GROUP INC	1,405	1,371
SEMPRA ENERGY 5.75 01/07/2079	4,113	4,223
SHOPIFY INC	60,604	82,900
SNAP ON INC	11,390	11,716
SOUTHERN CO	27,210	25,026
SOUTHERN CO - 6.500% - 03/15/2	7,645	7,569
SOUTHERN CO CAL - 0.000% - 10/	6,934	6,936
STARBUCKS CORP COM	33,781	30,147
STATE STREET 5.35% - CLASS B	3,730	3,502
STIFEL FINL CORP SER B 5.200%	1,588	1,515
T MOBILE USA INC CAL NT 69	3,852	3,833
T MOBILE USA INC CAL NT 70	10,166	10,435
T MOBILE USA INC CAL NT 701	5,345	5,419
TARGA RESOURCES CORP	11,180	12,362
TE CONNECTIVITY LTD	20,022	24,799
TERRENO RLTY CORPCOM	2,571	2,642
TESLA MOTORS INC	150,622	220,363
TEXAS INSTRUMENTS INC	13,408	11,277
TEXAS ROADHOUSE, INC	6,926	6,308
THE COCA-COLA CO	26,350	28,803
THE SOUTHERN COMPANY	6,048	6,092
THERMO FISHER SCIENTIFIC INC	23,779	31,870
TJX COMPANIES INC	20,858	27,803
TPG OPERATING GROUP II, LP 6.9	4,577	4,448
TRACTOR SUPPLY CO COM	1,330	1,150
TRANE TECHNOLOGIES PLC	18,867	22,261
TRANSCANADA PIPELINE STRIP CAL	1,253	1,252
TRUIST FIN PFD SER R	4,625	4,301
TRUIST FINANCIAL CORP PFD SER	2,857	2,823
U.S. PHYSICAL THERAPY INC	8,221	7,965
UNION PACIFIC	25,984	26,678
UNITEDHEALTH GROUP INC	38,616	28,059
US BANCORP PFD SER M	1,586	1,422
UTZ BRANDS	1,515	1,111
VALERO ENERGY CORP	17,196	19,046
VERTEX PHARMCTLS INC	68,452	69,364
VICTORY CAPITAL HOLDINGS, INC.	10,754	9,842
VISA INC	133,667	154,312
WAL-MART STORES INC	34,403	59,604
WALT DISNEY HOLDINGS CO	102,882	97,160
WASTE MANAGEMENT INC	25,632	24,827
WATSCO INC	8,180	6,402
WEC ENERGY GROUP, INC	11,916	11,601
WELLS FARGO & CO	27,004	42,499
WELLS FARGO & CO 4.700% PFD SE	7,218	6,695
WELLS FARGO & CO. PRFD 'L'	16,401	16,968
WELLS FARGO & COM 4.25 SER-DD	4,723	4,407
WELLS FARGO COMPANY PREFERRED	7,788	7,270
WELLS FARGO PFD CL A SER Z 4.7	2,689	2,690
WELLTOWER INC.	6,404	7,424
WINTRUST FINANCIAL CORP 7.875	2,851	2,822
WORKDAY INC	17,693	16,109
XCEL ENERGY INC NT 85	7,021	7,014
YUM BRANDS INC	20,106	22,217
YUM CHINA HOLDINGS INC	5,696	6,027

- TIN:

TY 2025 InvestmentsGovtObligationsSch

Name:

The Frank De Angeli Family Foundation

EIN:

88-3770360

US Government Securities - End of Year Book Value:

87,255

US Government Securities - End of Year Fair Market Value:

87,544

State & Local Government Securities - End of Year Book Value:

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

- TIN:

TY 2025 InvestmentsOtherSchedule2

Name:

The Frank De Angeli Family Foundation

EIN:

88-3770360

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
BLACKSTONE PRIVATE CREDIT FUND		304,827	295,346

- TIN:

TY 2025 OtherExpensesSchedule

Name:

The Frank De Angeli Family Foundation

EIN:

88-3770360

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
Administrative Fees	35,014		35,014
Bank Charges	29	29
Postage/Delivery Service	62		62
State or Local Filing Fees	25		25

- TIN:

TY 2025 OtherProfessionalFeesSchedule

Name:

The Frank De Angeli Family Foundation

EIN:

88-3770360

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Investment Management Services	80,843	80,843

- TIN:

TY 2025 TaxesSchedule

Name:

The Frank De Angeli Family Foundation

EIN:

88-3770360

Category	Amount	Net Investment Income
990-PF Estimated Tax for 2025	4,100
990-PF Excise Tax for 2024	3,426
Foreign Tax Paid	286	286