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
NORMAN AND EVANGELINE HAGFORS FOUNDATION
ATTN TERRY L SLYE
Number and street (or P.O. box number if mail is not delivered to street address) 80 SOUTH 8TH STREET 2200
  Room/suite
City or town
MINNEAPOLIS
State or province
MN
Country  
ZIP or foreign postal code
55402
A Employer identification number

47-2030913
B Telephone number (see instructions)

6129778131
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)$35,184,750J 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) 508,085
2 Check .................
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 762,257 762,257  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 2,041,941
b Gross sales price for all assets on line 6a 6,017,029
7 Capital gain net income (from Part IV, line 2)... 2,041,941
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........ 3,312,283 2,804,198  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0   0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
18,416 9,208   9,208
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
38,637 38,637   0
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
44,774 3,927   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
199 199   0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 102,026 51,971   9,208
25 Contributions, gifts, grants paid....... 1,635,000 1,635,000
26 Total expenses and disbursements. Add lines 24 and 25 ................ 1,737,026 51,971   1,644,208
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 1,575,257
b Net investment income (if negative, enter -0-) 2,752,227
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............. 1,119,340 412,931 412,931
2 Savings and temporary cash investments......... 195,301 1,919,120 1,919,120
3 Accounts receivable  
Less: allowance for doubtful accounts        
4 Pledges receivable  
Less: allowance for doubtful accounts        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule)  
Less: allowance for doubtful accounts        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 19,971,447 Click to see attachment
List of Attached Documents:
// Content
19,884,147 		31,534,543
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).......... 489,750 Click to see attachment
List of Attached Documents:
// Content
1,134,897 		1,318,156
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) 21,775,838 23,351,095 35,184,750
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe )    
23 Total liabilities (add lines 17 through 22)......... 0 0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions........... 21,775,838 23,351,095
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds    
29 Total net assets or fund balances (see instructions)..... 21,775,838 23,351,095
30 Total liabilities and net assets/fund balances (see instructions). 21,775,838 23,351,095
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
21,775,838
2
Enter amount from Part I, line 27a .....................
2
1,575,257
3
Other increases not included in line 2 (itemize)
3
0
4
Add lines 1, 2, and 3 ..........................
4
23,351,095
5
Decreases not included in line 2 (itemize)
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, line 29, column (b) ..
6
23,351,095
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 EPLUS INC   2024-06-06 2025-01-02
b FIFTH THIRD BANCORP   2024-11-12 2025-01-02
c KB HOME   2024-06-06 2025-01-02
d MRC GLOBAL INC   2024-06-06 2025-01-02
e UFP INDS INC   2024-06-06 2025-01-02
WEX INC   2024-06-06 2025-01-02
ALLISON TRANSMISSION   2024-06-06 2025-02-11
AMGEN INC   2019-12-30 2025-02-11
APPLE INC   2020-08-28 2025-02-11
AVERY DENNISON CORP   2015-12-31 2025-02-11
ELI LILLY AND CO   2015-12-31 2025-02-11
ILLINOIS TOOL WORKS   2015-12-31 2025-02-11
JOHNSON & JOHNSON   2015-12-31 2025-02-11
PROCTER & GAMBLE   2015-12-31 2025-02-11
SHERWIN WILLIAMS CO   2015-12-31 2025-02-11
TARGET CORP   2015-12-31 2025-02-11
THERMO FISHER SCNTFC   2015-12-31 2025-02-11
WALMART INC   2015-12-31 2025-02-11
WD-40 CO   2015-12-31 2025-02-11
WILLIAMS SONOMA   2024-08-06 2025-02-11
SCHWAB GOVERNMENT MONEY     2025-03-06
AMGEN INC   2019-12-30 2025-03-18
CARDINAL HEALTH INC   2019-09-30 2025-03-18
NICE LTD   2024-06-10 2025-03-18
SPDR FUND CONSUMER DISCRE SELECT ETF   2025-02-11 2025-03-18
CARDINAL HEALTH INC   2019-09-30 2025-04-25
CPI CARD GROUP INC   2024-06-06 2025-04-25
ELI LILLY AND CO   2015-12-31 2025-04-25
JOHNSON & JOHNSON   2015-12-31 2025-04-25
NESTLE S A   2015-12-31 2025-04-25
NETFLIX INC   2024-06-06 2025-04-25
NIKE INC CLASS B   2025-03-18 2025-04-25
PACER US SMALL CAP CASH   2022-12-28 2025-04-25
PAYPAL HOLDINGS INCORPOR   2020-12-22 2025-04-25
PPG INDUSTRIES INC   2017-12-18 2025-04-25
PROCTER & GAMBLE   2018-12-21 2025-04-25
SCHWAB US LARGE CAP GROWTH ETF     2025-04-25
TECHNOLOGY SELECT SECTOR SPDR ETF IV   2025-02-11 2025-04-25
VANGUARD INTERNATNL HGH   2022-12-28 2025-04-25
WALMART INC   2015-12-31 2025-04-25
US TREASUR NT 4.25%05/25 UST NOTE DUE 05/31/25   2024-06-06 2025-06-02
APPLIED MATERIALS INC   2015-12-31 2025-07-15
HONEYWELL INTL INC   2015-12-16 2025-07-15
PROCTER & GAMBLE   2018-12-21 2025-07-15
RTX CORP   2015-12-31 2025-07-15
TEXAS INSTRUMENTS   2015-12-31 2025-07-15
BROADCOM INC   2024-07-18 2025-08-14
DOVER CORP   2015-12-31 2025-08-14
MICROSOFT CORP   2025-04-25 2025-08-14
SALESFORCE INC     2025-08-14
SCHWAB GOVERNMENT MONEY     2025-08-14
SCHWAB TREASURY OBLIG MO     2025-08-14
ALPHABET INC     2025-09-19
APPLE INC   2015-12-31 2025-09-19
SHERWIN WILLIAMS CO   2015-12-31 2025-09-19
TEXAS INSTRUMENTS   2015-12-31 2025-09-19
T ROWE PRICE GLOBAL MUL TI-SECTOR BD I   2025-09-19 2025-10-14
VICTORY INCOME INSTITUTI ONAL   2024-06-06 2025-10-14
SCHWAB TREASURY OBLIG MO NEY ULTRA     2025-10-15
AMGEN INC   2019-12-30 2025-11-12
APPLE INC   2015-12-31 2025-11-12
APPLIED MATERIALS INC   2015-02-11 2025-11-12
CARDINAL HEALTH INC   2019-09-30 2025-11-12
DOVER CORP   2015-12-31 2025-11-12
ELI LILLY AND CO   2015-12-31 2025-11-12
CAPITAL GAINS DIVIDENDS P    
(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 49,387   50,025 -638
b 22,968   25,576 -2,608
c 23,330   24,232 -902
d 48,303   48,589 -286
e 48,200   49,223 -1,023
47,141   49,170 -2,029
7,805   5,123 2,682
58,555   47,988 10,567
39,682   5,500 34,182
216,390   74,349 142,041
165,462   14,879 150,583
89,890   32,820 57,070
45,965   30,085 15,880
117,567   64,452 53,115
89,069   23,597 65,472
71,031   44,445 26,586
164,283   42,144 122,139
17,417   4,150 13,267
58,758   28,904 29,854
7,232   4,550 2,682
200,000   200,000 0
79,140   59,984 19,156
64,336   23,584 40,752
44,189   50,128 -5,939
127,208   147,692 -20,484
67,763   23,584 44,179
49,512   51,446 -1,934
85,187   7,790 77,397
61,832   40,113 21,719
63,329   45,461 17,868
30,529   17,685 12,844
20,254   25,509 -5,255
48,829   48,714 115
217,916   268,420 -50,504
181,050   199,246 -18,196
157,106   82,632 74,474
43,851   49,950 -6,099
91,610   106,360 -14,750
24,838   19,719 5,119
38,165   9,707 28,458
250,000   247,871 2,129
98,855   11,886 86,969
71,282   29,796 41,486
76,852   40,136 36,716
72,403   26,759 45,644
109,396   31,730 77,666
31,063   16,225 14,838
152,477   51,766 100,711
53,008   15,507 37,501
121,989   169,768 -47,779
384,838   384,838 0
400,885   400,885 0
125,210   86,250 38,960
119,013   15,896 103,117
123,158   33,035 90,123
45,506   15,865 29,641
50,000   50,000 0
50,000   48,307 1,693
50,000   50,000 0
49,131   35,991 13,140
218,488   25,434 193,054
114,771   11,886 102,885
20,476   4,717 15,759
45,814   15,225 30,589
97,333   7,790 89,543
2     2
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       -638
b       -2,608
c       -902
d       -286
e       -1,023
      -2,029
      2,682
      10,567
      34,182
      142,041
      150,583
      57,070
      15,880
      53,115
      65,472
      26,586
      122,139
      13,267
      29,854
      2,682
      0
      19,156
      40,752
      -5,939
      -20,484
      44,179
      -1,934
      77,397
      21,719
      17,868
      12,844
      -5,255
      115
      -50,504
      -18,196
      74,474
      -6,099
      -14,750
      5,119
      28,458
      2,129
      86,969
      41,486
      36,716
      45,644
      77,666
      14,838
      100,711
      37,501
      -47,779
      0
      0
      38,960
      103,117
      90,123
      29,641
      0
      1,693
      0
      13,140
      193,054
      102,885
      15,759
      30,589
      89,543
      2
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 2,041,941
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 38,256
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 38,256
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 38,256
6 Credits/Payments:
a 2025 estimated tax payments and 2024 overpayment credited to 2025 6a 26,480
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 26,480
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed....... 9 11,776
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid... 10  
11 Enter the amount of line 10 to be: Credited to 2026 estimated tax   Refunded 11  
For Refunded amount, also complete and attach Form 8050. See instructions.
Form 990-PF (2025)
Form 990-PF (2025)
Page 4
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. $ 0(2) On foundation managers.$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
MN
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. Click to see attachment
List of Attached Documents:
// Content
...............................
10
Yes
 
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
11
 
No
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressN/A
14
The books are in care ofNORMAN HAGFORS Telephone no. (651) 494-9135

Located at18 EVERGREEN ROADST PAULMN ZIP+455127
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)
 
No
(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
 
 
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
NORMAN HAGFORS DIRECTOR/PRESIDENT/TREASURER
0.00 		0 0 0
C/O TERRY SLYE 80 S 8TH STREET
SUITE 2200
MINNEAPOLIS,MN55402
MARK HAGFORS DIRECTOR/VICE-PRESIDENT
0.00 		0 0 0
C/O TERRY SLYE 80 S 8TH STREET
SUITE 2200
NORTH OAKS,MN55402
RACHEL PICKERIGN DIRECTOR/VICE-PRESIDENT/SECRETARY
0.00 		0 0 0
C/O TERRY SLYE 80 S 8TH STREET
SUITE 2200
NORTH OAKS,MN55402
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
NONE
Total number of other employees paid over $50,000................... 0
Form 990-PF (2025)
Form 990-PF (2025)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
NONE
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 THE FOUNDATION MAKES GRANTS TO VARIOUS IRC 501(C)(3) ORGANIZATIONS. ALL EXPENSES WILL BE DIRECTLY RELATED TO THAT ACTIVITY. 1,737,026
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................0
Form 990-PF (2025)
Form 990-PF (2025)
Page 8
Part IX
Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
1
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:
a
Average monthly fair market value of securities...................
1a
32,025,179
b
Average of monthly cash balances.......................
1b
1,302,602
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, 1b, and 1c).......................
1d
33,327,781
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
33,327,781
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
499,917
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
32,827,864
6
Minimum investment return. Enter 5% (0.05) of line 5 ................
6
1,641,393
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
1,641,393
2a
Tax on investment income for 2025 from Part V, line 5 .......
2a
38,256
b
Income tax for 2025. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
38,256
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
1,603,137
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
1,603,137
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
1,603,137
Part XI
Qualifying Distributions (see instructions)
1
Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
a
Expenses, contributions, gifts, etc.—total from Part I, line 26, column (d) ..........
1a
1,644,208
b
Program-related investments—total from Part VIII-B..................
1b
0
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
 
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
 
b
Cash distribution test (attach the required schedule) .................
3b
 
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
1,644,208
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 1,603,137
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only....... 1,195,760
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: $ 1,644,208
a Applied to 2024, but not more than line 2a 1,195,760
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..... 448,448
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 .......... 		1,154,689
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

ALLINA HEALTH FOUNDATION

2925 CHICAGO AVENUE
MINNEAPOLIS,MN55407 		NONE   GENERAL OPERATIONS 100,000

AUGSBURG UNIVERSITY

2211 RIVERSIDE AVENUE
MINNEAPOLIS,MN55454 		NONE   EVANGELINE HAGFORS FUND 100,000

BETHEL UNIVERSITY

3900 BETHEL DRIVE
ST PAUL,MN55112 		NONE   GENERAL OPERATIONS 100,000

CRU CAMPUS CRUSADE FOR CHRIST

PO BOX 628222
ORLANDO,FL32862 		NONE   GENERAL OPERATIONS 32,000

ECHO

17391 DURRANCE ROAD
NORTH FORT MYERS,FL33917 		NONE   GENERAL OPERATIONS 10,000

FIRST COVENANT CHURCH

1280 ARCADE STREET
ST PAUL,MN55106 		NONE   GENERAL OPERATIONS 100,000

FRIENDS OF MADAGASCAR MISSION

PO BOX 46381
EDEN PRAIRIE,MN55344 		NONE   GENERAL OPERATIONS 30,000

LUTHER SEMINARY

2481 COMO AVENUE
ST PAUL,MN55108 		NONE   GENERAL OPERATIONS 125,000

MAGNUSON CHRISTIAN SCHOOL

4000 LINDEN STREET
WHITE BEAR LAKE,MN55110 		NONE   GALA MATCH GRANT 300,000

MINNEAPOLIS HEART INSTITUTE

920 E 28 STREET SUITE 100
MINNEAPOLIS,MN55407 		NONE   GENERAL OPERATIONS 243,000

MINNEHAHA ACADEMY

3100 WEST RIVER PARKWAY
MINNEAPOLIS,MN55406 		NONE   GENERAL OPERATIONS 50,000

NORWAY HOUSE

913 E FRANKLIN AVENUE
MINNEAPOLIS,MN55404 		NONE   GENERAL OPERATIONS 75,000

POINT LOMA NAZARENE UNIVERSITY

3900 LOMALAND DRIVE
SAN DIEGO,CA92106 		NONE   GENERAL OPERATIONS 100,000

SALVATION ARMY

2445 PRIOR AVENUE NORTH
ROSEVILLE,MN55113 		NONE   GENERAL OPERATIONS 10,000

ST ANDREWS LUTHERAN CHURCH

900 STILLWATER RD
MAHTOMEDI,MN55115 		NONE   GENERAL OPERATIONS 150,000

UNION GOSPEL MISSION

77 NINTH ST EAST
ST PAUL,MN55101 		NONE   GENERAL OPERATIONS 10,000

WESTMONT COLLEGE

955 LA PAZ ROAD
SANTA BARBARA,CA93108 		NONE   GENERAL OPERATIONS 100,000
Total ................................. 3a 1,635,000
bApproved for future payment
Total ................................. 3b 0
Form 990-PF (2025)
Form 990-PF (2025)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		         
4 Dividends and interest from securities ....     14 762,257  
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 ............ 		    14 2,041,941  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. 0 2,804,198 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
2,804,198
(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
Schedule B
(Form 990)
(Rev. January 2025)
Department of the Treasury
Internal Revenue Service
Schedule of Contributors

Attach to Form 990, 990-EZ, or 990-PF.
Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
Name of the organization
NORMAN AND EVANGELINE HAGFORS FOUNDATION
ATTN TERRY L SLYE
Employer identification number

47-2030913
Organization type (check one):
Filers of:
Section:
Form 990 or 990-EZ
501(c)( ) (enter number) organization

4947(a)(1) nonexempt charitable trust not treated as a private foundation

527 political organization


Form 990-PF
501(c)(3) exempt private foundation

4947(a)(1) nonexempt charitable trust treated as a private foundation

501(c)(3) taxable private foundation
Check if your organization is covered by the General Rule or a Special Rule.  
Note:  Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
General Rule
For an organization filing Form 990, 990-EZ, or 990-PF that received, during the year, contributions totaling $5,000 or more (in money or other property) from any one contributor. Complete Parts I and II. See instructions for determining a contributor's total contributions.
Special Rules
For an organization described in section 501(c)(3) filing Form 990 or 990-EZ that met the 331/3% support test of the regulations
under sections 509(a)(1) and 170(b)(1)(A)(vi), that checked Schedule A (Form 990 or 990-EZ), Part II, line 13, 16a, or 16b, and that received from any one contributor, during the year, total contributions of the greater of (1) $5,000 or (2) 2% of the amount on (i) Form 990, Part VIII, line 1h, or (ii) Form 990-EZ, line 1. Complete Parts I and II.
For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, total contributions of more than $1,000 exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals. Complete Parts I, II, and III.
For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, contributions exclusively for religious, charitable, etc., purposes, but no such contributions totaled more than $1,000. If this box is checked, enter here the total contributions that were received during the year for an exclusively religious, charitable, etc., purpose. Don't complete any of the parts unless the General Rule applies to this organization because it received nonexclusively religious, charitable, etc., contributions totaling $5,000 or more during the year ......... $  
Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).
For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.
Cat. No. 30613XSchedule B (Form 990) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 2025) Page 2
Name of organization
NORMAN AND EVANGELINE HAGFORS FOUNDATION
ATTN TERRY L SLYE 		Employer identification number
47-2030913
Part I
Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
1
NORMAN HAGFORS
C/O TERRY L SLYE
 
S TH STREET SUITE, MN55402

$ 508,085


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
Schedule B (Form 990) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 1-2025)
Page 3
Name of organization
NORMAN AND EVANGELINE HAGFORS FOUNDATION
ATTN TERRY L SLYE 		Employer identification number

47-2030913
Part II
Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
1
 ASTRAZENECA PLC $ 36,155 2025-12-10
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
1
 BWX TECH $ 136,313 2025-12-10
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
1
 CISCO SYS INC $ 60,409 2025-12-10
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
1
 TERMO FISHER SCIENTIFIC $ 114,849 2025-12-10
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
1
 WEST PHARMACEUTICLS $ 160,359 2025-12-10
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
Schedule B (Form 990) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 1-2025)
Page 4
Name of organization
NORMAN AND EVANGELINE HAGFORS FOUNDATION
ATTN TERRY L SLYE 		Employer identification number

47-2030913
Part III
Exclusively religious, charitable, etc., contributions to organizations described in section 501(c) (7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $  
Use duplicate copies of Part III if additional space is needed.
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
Schedule B (Form 990) (Rev. 1-2025)
Additional Data


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Software Version:  

TY 2025 InvestmentsCorpStockSchedule
Name:
NORMAN AND EVANGELINE HAGFORS FOUNDATION
 
ATTN TERRY L SLYE
EIN:
47-2030913
Name of Stock End of Year Book Value End of Year Fair Market Value
ALLISON TRANSMISSION (ALSN) 44,544 58,740
ALPHABET INC (GOOGL) 363,081 628,943
AMERICAN ELEC PWR CO INC (AEP) 26,531 28,828
AMERICAN EXPRESS CO (AXP) 101,090 144,305
AMGEN INC 143,963 196,386
APPLE INC 143,066 1,223,370
APPLIED MATERIALS INC 106,971 1,156,455
ASTRAZENECA PLC ORDF (AZN) 36,155 37,054
AVERY DENNISON CORP 123,915 363,760
BANK NEW YORK MELLON COR (BK) 59,111 87,068
BOOKING HLDGS INC (BKNG) 71,957 80,330
BROADCOM INC 146,025 311,490
BWX TECHNOLOGIES INC (BWXT) 136,313 129,630
CARDINAL HEALTH 66,036 287,700
CISCO SYS INC (CSCO) 60,409 57,773
CITIGROUP INC (C) 85,409 145,863
CROWDSTRIKE HLDGS 77,517 140,628
DOVER CORP 76,126 244,050
EBAY INC (EBAY) 136,320 174,200
ECOLAB INC 153,035 341,539
ELI LILLY & CO 77,901 1,074,680
EXXON MOBIL CORP 199,146 270,765
FISERVE INC 45,285 20,554
FORD MTR CO DEL (F) 24,713 32,800
FORTINET INC 65,245 79,410
HONEYWELL INTL 149,674 312,144
ILLINOIS TOOL WORKS 112,526 295,560
ISHARES GLOBAL INFRASTRUCTURE ETF (IGF) 50,062 52,217
ISHARES MSCI USA MOMNTUM FCT ETF (MTUM) 49,867 60,074
JOHNSON & JOHNSON 129,738 269,035
LOWES COS INC (LOW) 77,895 84,406
MASTERCARD INC 152,219 171,264
MEDTRONIC, INC. 13,312,350 16,618,380
META PLATFORMS (META) 213,148 264,698
MICROSOFT CORP 177,901 483,620
NESTLE SA SPONSORED ADR 151,536 197,560
NETFLIX INC 31,581 46,880
NVIDIA CORP 363,250 559,654
ORACLE CORP (ORCL) 178,735 194,910
PROCTOR & GAMBLE 120,408 214,965
PULTEGROUP INC 60,197 67,425
RALPH LAUREN CORP 24,273 47,384
RTX CORP 246,978 825,300
S&P GLOBAL 24,581 29,788
SHERWIN WILLIAMS CO 117,984 405,038
SIEMENS AG 160,537 447,840
SOLSTICE ADVANCED MATLS (SOLS) 9,237 19,432
T ROWE PRICE LOBAL MUL TI-SECTOR BD I 215,657 216,541
TARGET CORP 41,077 48,875
TEXAS INSTRUMENTS 142,784 390,353
THERMO FISHER SCIENTIFIC 140,480 579,450
THERMO FISHER SCIENTIFIC 114,849 115,890
T-MOBILE US INC (TMUS) 52,498 40,608
US BANCORP DEL (USB) 66,818 80,040
VICTORY INCOME INST ONAL 103,754 106,300
VODAFONE GROUP PLC NEW F SPONSORED ADR (VOD) 76,497 92,470
WALMART INC 89,785 412,217
WD-40 CO 132,957 226,435
WEST PHARMACEUTICAL SVCS (WST) 160,359 165,084
WILLIAMS SONOMA 62,091 76,385

TY 2025 InvestmentsOtherSchedule2
Name:
NORMAN AND EVANGELINE HAGFORS FOUNDATION
 
ATTN TERRY L SLYE
EIN:
47-2030913
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
SELECT STR FINANCIAL SELECT SPDR ETF (XLF) AT COST 72,038 82,155
SPDR FUND CONSUMER DISCRE SELECT ETF (XLY) AT COST 57,704 71,646
TAIWAN SEMICONDUCTOR M F SPONSORED ADR (TSM) AT COST 76,629 126,418
US TREASU NT 3.625%05/26 UST NOTE DUE 05/15/26 (91282CHB0) AT COST 244,697 244,697
VANGUARD GROWTH ETF (VUG) AT COST 73,577 97,572
VANGUARD INFORMATION TECHNOLOGY ETF (VGT) AT COST 80,051 113,067
VANGUARD INTERNATNL HGH (VYMI) AT COST 29,698 45,000
VANGUARD S&P 500 ETF (VOO) AT COST 149,720 188,139
XTRACKRS SHRT DUR HGH YLD BND ETF (SHYL) AT COST 350,783 349,462

TY 2025 LegalFeesSchedule
Name:
NORMAN AND EVANGELINE HAGFORS FOUNDATION
 
ATTN TERRY L SLYE
EIN:
47-2030913
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
TAFT STETTINIUS & HOLLISTER LLP 18,416 9,208   9,208


TY 2025 OtherExpensesSchedule
Name:
NORMAN AND EVANGELINE HAGFORS FOUNDATION
 
ATTN TERRY L SLYE
EIN:
47-2030913
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
CHARLES SCHWAB TRADE FEES 199 199   0


TY 2025 OtherProfessionalFeesSchedule
Name:
NORMAN AND EVANGELINE HAGFORS FOUNDATION
 
ATTN TERRY L SLYE
EIN:
47-2030913
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
CHARLES SCHWAB MANAGEMENT FEES (NET OF REBATE) 38,637 38,637   0


TY 2025 SubstantialContributorsSch
Name:
NORMAN AND EVANGELINE HAGFORS FOUNDATION
 
ATTN TERRY L SLYE
EIN:
47-2030913
Name Address
NORMAN HAGFORS C/O TERRY SLYE 80 S 8TH STREET
SUITE 2200
MINNEAPOLIS,MN55402
MARK HAGFORS C/O TERRY SLYE 80 S 8TH STREET
SUITE 2200
MINNEAPOLIS,MN55402


TY 2025 TaxesSchedule
Name:
NORMAN AND EVANGELINE HAGFORS FOUNDATION
 
ATTN TERRY L SLYE
EIN:
47-2030913
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FOREIGN TAXES 3,927 3,927   0
2025 ESTIMATED TAXES 26,480 0   0
2024 EXCISE TAX DUE 14,367 0   0