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
VITAL PROJECTS FUND INC
C/O MCDERMOTT WILL & SCHULTE LLP
Number and street (or P.O. box number if mail is not delivered to street address) 1 VANDERBILT AVE
  Room/suite
City or town
NEW YORK
State or province
NY
Country  
ZIP or foreign postal code
100173852
A Employer identification number

13-3711340
B Telephone number (see instructions)

9734726250
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)$384,319,086J 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 1,505,951 1,505,951  
4 Dividends and interest from securities... 9,621,573 9,621,573  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 50,547,522
b Gross sales price for all assets on line 6a 52,381,579
7 Capital gain net income (from Part IV, line 2)... 50,547,522
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
70,194 70,194  
12 Total. Add lines 1 through 11........ 61,745,240 61,745,240  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 50,000 12,500   37,500
14 Other employee salaries and wages...... 584,220 292,110   292,110
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
21,224 10,612   10,612
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
63,300 31,650   31,650
c Other professional fees (attach schedule)....        
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
126,144 126,144   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
822,011 176,343   645,668
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 1,666,899 649,359   1,017,540
25 Contributions, gifts, grants paid....... 15,638,500 15,638,500
26 Total expenses and disbursements. Add lines 24 and 25 ................ 17,305,399 649,359   16,656,040
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 44,439,841
b Net investment income (if negative, enter -0-) 61,095,881
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2025)
Form 990-PF (2025)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 12,189,309 4,295,069 4,295,069
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) 74,789,952 Click to see attachment
List of Attached Documents:
// Content
126,203,808 		126,203,808
b Investments—corporate stock (attach schedule)....... 274,544,884 Click to see attachment
List of Attached Documents:
// Content
253,322,027 		253,322,027
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis  
Less: accumulated depreciation (attach schedule)        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........      
14 Land, buildings, and equipment: basis  
Less: accumulated depreciation (attach schedule)        
15 Other assets (describe ) Click to see attachment
List of Attached Documents:
// Content
1,423,592 		Click to see attachment
List of Attached Documents:
// Content
498,182 		Click to see attachment
List of Attached Documents:
// Content
498,182
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 362,947,737 384,319,086 384,319,086
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable................. 50,000  
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 ) Click to see attachment
List of Attached Documents:
// Content
3,684,211 		Click to see attachment
List of Attached Documents:
// Content
2,295,037
23 Total liabilities (add lines 17 through 22)......... 3,734,211 2,295,037
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 359,213,526 382,024,049
29 Total net assets or fund balances (see instructions)..... 359,213,526 382,024,049
30 Total liabilities and net assets/fund balances (see instructions). 362,947,737 384,319,086
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
359,213,526
2
Enter amount from Part I, line 27a .....................
2
44,439,841
3
Other increases not included in line 2 (itemize)
3
0
4
Add lines 1, 2, and 3 ..........................
4
403,653,367
5
Decreases not included in line 2 (itemize) Click to see attachment
List of Attached Documents:
// Content
5
21,629,318
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, line 29, column (b) ..
6
382,024,049
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 LONG-TERM GAINS FROM GOLDMAN SACHS P 2024-01-01 2025-12-31
b LONG-TERM GAINS FROM VANGUARD P 2024-01-01 2025-12-31
c SHORT-TERM GAINS FROM VANGUARD P 2025-01-01 2025-12-31
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 51,855,177   1,834,057 50,021,120
b 503,955     503,955
c 22,447     22,447
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       50,021,120
b       503,955
c       22,447
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 50,547,522
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) 1 849,233
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........................... 3 849,233
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- ..... 5 849,233
6 Credits/Payments:
a 2025 estimated tax payments and 2024 overpayment credited to 2025 6a 860,392
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.............. 7 860,392
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment
List of Attached Documents:
// Content
8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed....... 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid... 10 11,159
11 Enter the amount of line 10 to be: Credited to 2026 estimated tax11,159 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)
NY, OR
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 instructionsClick to see attachment
List of Attached Documents:
// Content
.................
12
Yes
 
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 ofMCDERMOTT WILL SCHULTE LLP Telephone no. (212) 547-5400

Located at1 VANDERBILT AVENUENEW YORKNY ZIP+4100173852
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
DAVID F MENSCHEL PRESIDENT/DIRECTOR/TREASURER
25.00 		50,000 0 0
C/O VITAL PROJECTS 811 SE STARK ST
PORTLAND,OR97214
JAY RIVLIN DIRECTOR
2.00 		0 0 0
1 VANDERBILT AVE
NEW YORK,NY10017
LAUREN E MENSCHEL SECRETARY/DIRECTOR
0.25 		0 0 0
1 VANDERBILT AVE
NEW YORK,NY10017
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
NANCY ERTAG-BRAND CFO/CIO
40.00 		260,100 46,500 0
1 VANDERBILT AVE
NEW YORK,NY10017
SOPHIE CULL EXECUTIVE DIRECTOR
40.00 		160,501 11,750 0
1 VANDERBILT AVE
NEW YORK,NY10017
LANEY BETH ELLISOR CRIMINAL JUSTICE PRO
40.00 		120,022 11,750 0
811 SE STARK STREET
PORTLAND,OR97214
ARIEL JACOBS DIRECTOR OF ADMINIST
40.00 		110,000 8,450 0
1 VANDERBILT AVE
NEW YORK,NY10017
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
JULIA AARON CONSULTING 132,160
102 DIXIE DRIVE
CHAPEL HILL,NC72514
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 PLEASE NOTE THE FOUNDATION IS NOT INVOLVED IN ANY DIRECT CHARITABLE ACTIVITIES. ITS PRIMARY PURPOSE IS TO SUPPORT, BY CONTRIBUTIONS, OTHER CHARITABLE ORGANIZATIONS EXEMPT UNDER 0
2 INTERNAL REVENUE CODE SECTION 501(C)(3). 0
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
369,952,181
b
Average of monthly cash balances.......................
1b
909,623
c
Fair market value of all other assets (see instructions)................
1c
1,011,615
d
Total (add lines 1a, 1b, and 1c).......................
1d
371,873,419
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
371,873,419
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
5,578,101
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
366,295,318
6
Minimum investment return. Enter 5% (0.05) of line 5 ................
6
18,314,766
Part X
Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here and do not complete this part.)
1
Minimum investment return from Part IX, line 6..................
1
18,314,766
2a
Tax on investment income for 2025 from Part V, line 5 .......
2a
849,233
b
Income tax for 2025. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
849,233
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
17,465,533
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
17,465,533
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
17,465,533
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
16,656,040
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
16,656,040
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 17,465,533
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only....... 15,064,597
b Total for prior years:20 , 20, 20 0
3 Excess distributions carryover, if any, to 2025:
a From 2020......  
b From 2021......  
c From 2022......  
d From 2023......  
e From 2024......  
f Total of lines 3a through e ........ 0
4Qualifying distributions for 2025 from Part
XI, line 4: $ 16,656,040
a Applied to 2024, but not more than line 2a 15,064,597
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..... 1,591,443
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2025. 0 0
(If an amount appears in column (d), the
same amount must be shown in column (a).)
6Enter the net total of each column as
indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
b Prior years’ undistributed income. Subtract
line 4b from line 2b .......... 		0
c Enter the amount of prior years’ undistributed
income for which a notice of deficiency has
been issued, or on which the section 4942(a)
tax has been previously assessed...... 		0
d Subtract line 6c from line 6b. Taxable amount
—see instructions ........... 		0
e Undistributed income for 2024. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		0
f Undistributed income for 2025. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2026 .......... 		15,874,090
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		0
8 Excess distributions carryover from 2020 not
applied on line 5 or line 7 (see instructions) ... 		0
9 Excess distributions carryover to 2026.
Subtract lines 7 and 8 from line 6a ...... 		0
10 Analysis of line 9:
a Excess from 2021 ....  
b Excess from 2022 ....  
c Excess from 2023 ....  
d Excess from 2024 ....  
e Excess from 2025 ....  
Form 990-PF (2025)
Form 990-PF (2025)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2025, enter the date of the ruling ......
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2025 (b) 2024 (c) 2023 (d) 2022
         
b 85% (0.85) of line 2a .......          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, 3b, or 3c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, 2b, 2c, and 2d. See instructions
aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
bThe form in which applications should be submitted and information and materials they should include:
cAny submission deadlines:
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
Form 990-PF (2025)
Form 990-PF (2025)
Page 11
Part XIV
Supplementary Information (continued)
3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient If recipient is an individual,
show any relationship to
any foundation manager
or substantial contributor
 Foundation
status of
recipient 		Purpose of grant or
contribution 		Amount
Name and address (home or business)
aPaid during the year

ABILITY CENTER OF VIRGINIA

5825 ARROWHEAD DR 201
VIRGINIA BEACH,VA23462 		NONE   GENERAL SUPPORT 15,000

ACLU OF MICHIGAN FOUNDATION

2966 WOODWARD AVENUE
DETROIT,MI48201 		NONE   GENERAL SUPPORT 210,000

ACLU OF NEW JERSEY FOUNDATION

PO BOX 32159
NEWARK,NJ07102 		NONE   GENERAL SUPPORT 25,000

ACLU OF PENNSYLVANIA FOUNDATION

PO BOX 60173
PHILADELPHIA,PA19102 		NONE   GENERAL SUPPORT 100,000

ADVANCING REAL CHANGE

309 N CHARLES ST
BALTIMORE,MD21201 		NONE   GENERAL SUPPORT 100,000

ADVERTISING COUNCIL

815 SECOND AVENUE 9TH FLOOR
NEW YORK,NY10017 		NONE   GENERAL SUPPORT 25,000

ALABAMA APPLESEED

400 S UNION ST
MONTGOMERY,AL36104 		NONE   GENERAL SUPPORT 120,000

ARIZONA CAPITAL REPRESENTATION PROJECT

25 S GRANDE AVE
TUCSON,AZ85745 		NONE   GENERAL SUPPORT 200,000

ASOLO THEATER INC

5555 N TAMIAMI TRAIL
SARASOTA,FL34243 		NONE   GENERAL SUPPORT 15,000

ASSOCIATION FOR THE PUBLIC DEFENDER OF MARYLAND

6 ST PAUL STREET 14TH FLOOR
BALTIMORE,MD21202 		NONE   GENERAL SUPPORT 500,000

ATLANTIC CENTER FOR CAPITAL REPRESENTATION

1315 WALNUT ST 1331
PHILADELPHIA,PA19107 		NONE   GENERAL SUPPORT 110,000

BEST OF THE BATCH FOUNDATION

2000 WEST ST
MUNHALL,PA15120 		NONE   GENERAL SUPPORT 15,000

BRADY CENTER TO PREVENT GUN VIOLENCE (WAS CENTER TO PREV)

840 FIRST STREET NE SUITE 400
WASHINGTON,DC20002 		NONE   GENERAL SUPPORT 10,000

BRAIN & BEHAVIOR RESEARCH FDN

747 THIRD AVENUE 33RD FLOOR
NEW YORK,NY10017 		NONE   GENERAL SUPPORT 25,000

BRIDGEHAMPTON CHAMBER MUSIC FESTIVAL

135 E 57TH STREET 14TH FL
NEW YORK,NY10022 		NONE   GENERAL SUPPORT 40,000

CENTER FOR COMMUNITY ALTERNATIVES

25 CHAPEL STREET 7TH FLOOR
BROOKLYN,NY11201 		NONE   GENERAL SUPPORT 100,000

CENTER FOR JUSTICE AND HUMAN DIGNITY

2307 S RURAL RD
TEMPE,AZ85282 		NONE   GENERAL SUPPORT 50,000

CHEF ANN FOUNDATION

5485 CONESTOGA CT 110F
BOULDER,CO80301 		NONE   GENERAL SUPPORT 1,250,000

CHOOSING JUSTICE INITIATIVE

1623 HAYNES MEADE CIR
NASHVILLE,TN37207 		NONE   GENERAL SUPPORT 125,000

CITY HARVEST INC

6 EAST 32ND STREET 5TH FLOOR
NEW YORK,NY10016 		NONE   GENERAL SUPPORT 25,000

CITY UNIVERSITY OF NY SCHOOL OF LAW

2 CT SQUARE W
QUEENS,NY11101 		NONE   GENERAL SUPPORT 150,000

CIVIL RIGHTS CORPS

1601 CONNETICUT AVENUE NW SUITE 800
WASHINGTON,DC20009 		NONE   GENERAL SUPPORT 350,000

COALITION FOR THE HOMELESS

1300 S FOURTH STREET 250
LOUISVILLE,KY40208 		NONE   GENERAL SUPPORT 15,000

COLUMBIA UNIVERSITY

615 W 131ST ST
NEW YORK,NY10027 		NONE   GENERAL SUPPORT 50,000

COMMITTEE TO PROTECT JOURNALISTS

PO BOX 2675
NEW YORK,NY10108 		NONE   GENERAL SUPPORT 20,000

COMMUNITY FUNDS INC

909 3RD AVE FL 22
NEW YORK,NY10022 		NONE   GENERAL SUPPORT 3,850,000

CONGREGATION OF ST JOSEPH'S MINISTRY

3430 ROCKY RIVER DRIVE
CLEVELAND,OH441112954 		NONE   GENERAL SUPPORT 90,000

DEEP SOUTH TODAY

PO BOX 12267
JACKSON,MS39236 		NONE   GENERAL SUPPORT 175,000

DEFENDER ASSOCIATION OF PHILADELPHIA

1441 SANSOM ST
PHILADELPHIA,PA19102 		NONE   GENERAL SUPPORT 25,000

DESERVING LIFE

1300G EL PASEO RD UNIT 310
LAS CRUCES,NM880016024 		NONE   GENERAL SUPPORT 100,000

DONNIE SHELL SCHOLARSHIP FOUNDATION

2945 SHANDON RD
ROCK HILL,SC29730 		NONE   GENERAL SUPPORT 7,500

DRAWBRIDGE

PO BOX 2698
SAN RAFAEL,CA94912 		NONE   GENERAL SUPPORT 10,000

DUKE UNIVERSITY

ALUMNI DEVELOPMENT
DURHAM,NC27708 		NONE   GENERAL SUPPORT 206,000

FAMILIES AGAINST MANDATORY MINIMUMS

1100 H STREET NW SUITE 1000
WASHINGTON,DC20005 		NONE   GENERAL SUPPORT 50,000

FEEDING AMERICA

161 NORTH CLARK STREET SUITE 700
CHICAGO,IL60601 		NONE   GENERAL SUPPORT 25,000

FELONY MURDER ELIMINATION PROJECT

PO BOX 441
CLAYTON,CA94517 		NONE   GENERAL SUPPORT 90,000

FOOD BANK FOR NEW YORK CITY

39 BROADWAY
NEW YORK,NY10006 		NONE   GENERAL SUPPORT 110,000

FOOD BANK OF THE ROCKIES

10700 E 45TH AVENUE
DENVER,CO80239 		NONE   GENERAL SUPPORT 10,000

FRIENDS OF GEORGICA POND FOUNDATION

PO BOX 1393
WAINSCOTT,NY11975 		NONE   GENERAL SUPPORT 25,000

GLIDE FOUNDATION

330 ELLIS ST
SAN FRANCISCO,CA94102 		NONE   GENERAL SUPPORT 50,000

GOODNATION FOUNDATION

1120 AVENUE OF THE AMERICAS FL 4
NEW YORK,NY10036 		NONE   GENERAL SUPPORT 100,000

GUILD HALL OF EAST HAMPTON

158 MAIN ST
EAST HAMPTON,NY11937 		NONE   GENERAL SUPPORT 25,000

HIRAM HALLE LIBRARY FOUNDATION

PO BOX 515
POUND RIDGE,NY10576 		NONE   GENERAL SUPPORT 5,000

HOMELESS PRENATAL PROGRAM

2500 18TH ST
SAN FRANCISCO,CA94110 		NONE   GENERAL SUPPORT 25,000

I HAVE A DREAM FOUNDATION OF BOULDER COUNTY

322 8TH AVENUE SUITE 202
NEW YORK,NY10001 		NONE   GENERAL SUPPORT 50,000

ILLINOIS PRISON PROJECT

53 W JACKSON SUITE 452
CHICAGO,IL60604 		NONE   GENERAL SUPPORT 100,000

INVESTIGATIVE REPORTS & EDITORS INC

141 NEFF ANNEX
COLUMBIA,MO65211 		NONE   GENERAL SUPPORT 100,000

KATONAH VILLAGE LIBRARY

26 BEDFORD RD
KATONAH,NY10536 		NONE   GENERAL SUPPORT 5,000

LONG HOUSE RESERVE

133 HANDS CREEK RD
EAST HAMPTON,NY11937 		NONE   GENERAL SUPPORT 40,000

LOOK2JUSTICE

PO BOX 30624
SEATTLE,WA98113 		NONE   GENERAL SUPPORT 50,000

LOUISIANA PAROLE PROJECT INC

251 FLORIDA STREET SUITE 400
BATON ROUGE,LA70801 		NONE   GENERAL SUPPORT 470,000

LOYOLA UNIVERSITY NEW ORLEANS

6363 SAINT CHARLES AVE
NEW ORLEANS,LA70118 		NONE   GENERAL SUPPORT 110,000

MAD AGRICULTURE

728 PEARL ST
BOULDER,CO80302 		NONE   GENERAL SUPPORT 100,000

MEL BLOUNT YOUTH HOME OF PA INC

6 MEL BLOUNT DRIVE
CLAYSVILLE,PA15323 		NONE   GENERAL SUPPORT 100,000

MESTIZO DANCE INC

8520 ELMHURST AVE APT 2F
ELMHURST,NY113733310 		NONE   GENERAL SUPPORT 25,000

MITCHELL HAMLINE SCHOOL OF LAW

875 SUMMIT AVE
ST PAUL,MN55105 		NONE   GENERAL SUPPORT 230,000

MONTANA INNOCENCE PROJECT

PO BOX 7607
MISSOULA,MT59807 		NONE   GENERAL SUPPORT 100,000

NACDL FOUNDATION FOR CRIMINAL JUSTICE

1660 L ST NW FL 12
WASHINGTON,DC20036 		NONE   GENERAL SUPPORT 50,000

NATIONAL RELIGIOUS CAMPAIGN AGAINST TORTURE

PO BOX 91820
WASHINGTON,DC20090 		NONE   GENERAL SUPPORT 105,000

NEIGHBORHOOD RESILIENCE PROJECT

2038 BEDFORD AVE
PITTSBURGH,PA15219 		NONE   GENERAL SUPPORT 7,500

NEW YORK CITY BALLET

20 LINCOLN CENTER PLAZA
NEW YORK,NY10023 		NONE   GENERAL SUPPORT 75,000

NEW YORK CITY CENTER

131 W 55TH ST
NEW YORK,NY10019 		NONE   GENERAL SUPPORT 30,000

NEW YORK FOCUS NEWS

361 WARREN ST
BROOKLYN,NY11201 		NONE   GENERAL SUPPORT 55,000

NEW YORK PRESBYTERIAN HOSPITAL - WEILL CORNELL MEDICAL SCHOOL

5141 BRAODWAY
NEW YORK,NY10034 		NONE   GENERAL SUPPORT 50,000

NURSE FAMILY PARTNERSHIP

1900 GRANT ST 4TH FLOOR
DENVER,CO80203 		NONE   GENERAL SUPPORT 125,000

OUTWARD BOUND BAY AREA

1539 PERSHING DR
SAN FRANCISCO,CA94129 		NONE   GENERAL SUPPORT 10,000

PAROLE PREPARATION PROJECT INC

135 W 20TH ST SUITE 401
NEW YORK,NY10011 		NONE   GENERAL SUPPORT 150,000

PARTNERS FOR JUSTICE INC

244 5TH AVE STE R277
NEW YORK,NY10001 		NONE   GENERAL SUPPORT 56,000

PLAYERS PHILANTHROPY FUND

1122 KENILWORTH DR SUITE 201
TOWSON,MD21204 		NONE   GENERAL SUPPORT 53,000

PRISON JOURNALISM PROECT INCORPORATED

1449 S MICHIGAN AVE SUITE 13306
CHICAGO,IL60605 		NONE   GENERAL SUPPORT 50,000

PROTEUS FUND

15 RESEARCH DRIVE SUITE B
AMHERST,MA01002 		NONE   GENERAL SUPPORT 2,753,000

RECLAIM

3815 S ORTHELLO ST SUITE 100 PMB
390
SEATTLE,WA98118 		NONE   GENERAL SUPPORT 30,000

RINGLING COLLEGE OF ART AND DESIGN

2700 N TAMIAMI TRL
SARASOTA,FL34234 		NONE   GENERAL SUPPORT 20,000

SAFE AND JUST MICHIGAN

521 SEYMOUR AVE
LANSING,MI48933 		NONE   GENERAL SUPPORT 150,000

SCHOOLS THAT CAN

25 BROADWAY 12TH FLOOR
NEW YORK,NY10004 		NONE   GENERAL SUPPORT 15,000

SCRAP

1736 SW ALDER STREET
PORTLAND,OR97205 		NONE   GENERAL SUPPORT 15,000

SECOND LOOK ALLIANCE

4204 PINE PARK DR
BATON ROUGE,LA70809 		NONE   GENERAL SUPPORT 100,000

SOCIAL AND ENVIORMENTAL ENTREPRENEURS

23564 CALABASAS ROAD SUITE 201
CALABASAS,CA91302 		NONE   GENERAL SUPPORT 50,000

SOUTHERN POVERTY LAW CENTER

400 WASHINGTON AVENUE
MONTGOMERY,AL36104 		NONE   GENERAL SUPPORT 60,000

STATEN ISLAND UNIVERSITY HOSPITAL

475 SEAVIEW AVE
STATEN ISLAND,NY10305 		NONE   GENERAL SUPPORT 50,000

TEXAS DEFENDER SERVICE

1927 BLODGETT ST
HOUSTON,TX77004 		NONE   GENERAL SUPPORT 400,000

THE HADANOU COLLECTIVE

3533 N MARION ST
DENVER,CO80205 		NONE   GENERAL SUPPORT 125,000

THE POLITICAL REPORT INC

1250 CONNECTICUT AVE NW STE 700
WASHINGTON,DC200362657 		NONE   GENERAL SUPPORT 200,000

THERE WITH CARE

2825 WILDERNESS PLACE SUITE 100
BOULDER,CO80301 		NONE   GENERAL SUPPORT 15,000

TIDES CENTER (POWELL PROJECT)

1312 17TH ST SUITE 642
DENVER,CO80202 		NONE   GENERAL SUPPORT 100,000

TIDES FOUNDATION

1012 TORNEY AVENUE
SAN FRANCISCO,CA941291755 		NONE   GENERAL SUPPORT 60,000

TRANSFORMATIVE JUSTICE COMMUNITY

5441 S MACADAM AVE STE 4125
PORTLAND,OR97239 		NONE   GENERAL SUPPORT 30,000

TULANE UNIVERSITY

6823 ST CHARLES AVE
NEW ORLEANS,LA70118 		NONE   GENERAL SUPPORT 50,000

TYPE MEDIA CENTER INC

30 IRVING PLACE 10TH FLOOR
NEW YORK,NY10003 		NONE   GENERAL SUPPORT 50,000

UNIVERSITY OF SAN FRANCISCO

2130 FULTON ST
SAN FRANCISCO,CA94117 		NONE   GENERAL SUPPORT 100,000

VERMONTERS FOR CRIMINAL JUSTICE REFORM

PO BOX 8753
BURLINGTON,VT05402 		NONE   GENERAL SUPPORT 75,000

WEILL MEDICAL COLLEGE OF CORNELL UNIV

418 E 71ST ST 21
NEW YORK,NY10021 		NONE   GENERAL SUPPORT 50,000

WOODHULL FREEDOM FOUNDATION

201 YORK ROAD SUITE 1-512
JENKINTOWN,PA19046 		NONE   GENERAL SUPPORT 50,000

YALE UNIVERSITY

PO BOX 2038
NEW HAVEN,CT06520 		NONE   GENERAL SUPPORT 170,500
Total ................................. 3a 15,638,500
bApproved for future payment
Total ................................. 3b 0
Form 990-PF (2025)
Form 990-PF (2025)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		    14 1,505,951  
4 Dividends and interest from securities ....     14 9,621,573  
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 .....     01 70,194  
8 Gain or (loss) from sales of assets other than
inventory ............ 		    18 50,547,522  
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 61,745,240 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
61,745,240
(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:
VITAL PROJECTS FUND INC
 
C/O MCDERMOTT WILL & SCHULTE LLP
EIN:
13-3711340
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
SAX ADVISORS LLC 40,000 20,000   20,000
CONDON O'MEARA, MCGINTY 23,300 11,650   11,650

TY 2025 InvestmentsCorpStockSchedule
Name:
VITAL PROJECTS FUND INC
 
C/O MCDERMOTT WILL & SCHULTE LLP
EIN:
13-3711340
Name of Stock End of Year Book Value End of Year Fair Market Value
GOLDMAN SACHS ACCOUNT NO. 6795 144,173,203 144,173,203
FIDELITY ACCOUNT NO. 8141 109,148,824 109,148,824

TY 2025 InvestmentsGovtObligationsSch
Name:
VITAL PROJECTS FUND INC
 
C/O MCDERMOTT WILL & SCHULTE LLP
EIN:
13-3711340
US Government Securities - End of Year Book Value:

126,203,808
US Government Securities - End of Year Fair Market Value:

126,203,808
State & Local Government Securities - End of Year Book Value:


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


0


TY 2025 LegalFeesSchedule
Name:
VITAL PROJECTS FUND INC
 
C/O MCDERMOTT WILL & SCHULTE LLP
EIN:
13-3711340
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
MCDERMOTT, WILL, & SCHULTE 5,000 2,500   2,500
PERKINS COIE LLP 14,884 7,442   7,442
OTHER LEGAL EXPENSES 1,340 670   670


TY 2025 OtherAssetsSchedule
Name:
VITAL PROJECTS FUND INC
 
C/O MCDERMOTT WILL & SCHULTE LLP
EIN:
13-3711340
Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
DIVIDEND RECEIVABLE 436,518 400,953 400,953
DUE FROM CHARINA ENDOWMENT FUND 36,250 36,037 36,037
RIGHT TO USE ASSET - LEASE 950,824 61,192 61,192


TY 2025 OtherDecreasesSchedule
Name:
VITAL PROJECTS FUND INC
 
C/O MCDERMOTT WILL & SCHULTE LLP
EIN:
13-3711340
Description Amount
UNREALIZED APPRECIATION FROM INVESTMENTS 21,025,594
ADJUSTMENT FOR DEFERRED FEDERAL EXCISE TAXES 603,724


TY 2025 OtherExpensesSchedule
Name:
VITAL PROJECTS FUND INC
 
C/O MCDERMOTT WILL & SCHULTE LLP
EIN:
13-3711340
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
CONSULTING EXPENSE 163,680 0   163,680
INSURANCE 12,192 0   12,192
MISCELLANEOUS OFFICE EXPENSE 7,632 0   7,632
PAYROLL TAXES AND OTHER PR EXP 200,083 100,041   100,042
RENT EXPENSE 305,208 76,302   228,906
SUBSCRIPTIONS 5,824 0   5,824
SUPPLIES 6,311 0   6,311
RESEARCH, EDUCATION AND TRAVEL 56,225 0   56,225
POSTAGE 701 0   701
SOFTWARE 33,643 0   33,643
TELEPHONE 7,100 0   7,100
FILING FEES 2,202 0   2,202
IT SERVICES 21,210 0   21,210


TY 2025 OtherIncomeSchedule2
Name:
VITAL PROJECTS FUND INC
 
C/O MCDERMOTT WILL & SCHULTE LLP
EIN:
13-3711340
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
FOREIGN RECLAIMABLE TAXABLE REFUND 70,194 70,194 70,194


TY 2025 OtherLiabilitiesSchedule
Name:
VITAL PROJECTS FUND INC
 
C/O MCDERMOTT WILL & SCHULTE LLP
EIN:
13-3711340
Description Beginning of Year - Book Value End of Year - Book Value
DUE TO HORACE W. GOLDSMITH FDN 75,819 73,076
DEFERRED FEDERAL EXCISE TAXES 2,291,960 2,095,684
STATE TAXES PAYABLE 585 585
ACCRUED ACCOUNTING FEES 50,000 50,000
ACCOUNTS PAYABLE 11,000 0
DUE TO GOLDMAN SACHS 107,500 14,500
RIGHT TO USE - OPERATING LEASE LIABILITY 1,147,347 61,192


TY 2025 TaxesSchedule
Name:
VITAL PROJECTS FUND INC
 
C/O MCDERMOTT WILL & SCHULTE LLP
EIN:
13-3711340
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FOREIGN TAX THRU GOLDMAN SACHS 126,144 126,144   0