TY 2022 Form 990PF

efile Public Visual Render ObjectId: 202321309349103912 - Submission: 2023-05-10 TIN: 57-1027898

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.
right arrow

Go to www.irs.gov/Form990PF for instructions and the latest information.

OMB No. 1545-0047

2022

Open to Public Inspection

For calendar year 2022, or tax year beginning 01-01-2022 , and ending 12-31-2022

Name of foundation
THE LOWNDES FOUNDATION INC

Number and street (or P.O. box number if mail is not delivered to street address)100 FEDERAL ST 37TH FLOOR
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
BOSTON, MA02110

A Employer identification number

57-1027898

B Telephone number (see instructions)

(864) 583-3635

C If exemption application is pending, check here right arrow

G Check all that apply: Initial returnInitial return of a former public charity
Final returnAmended return
Address change Name change

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

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

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

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

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

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16) right arrow

$17,434,603J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

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


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .............
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	285,564		273,745
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		-118,723
b	Gross sales price for all assets on line 6a 3,799,913
7	Capital gain net income (from Part IV, line 2)...			0
8	Net short-term capital gain.........				0
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).......	List of Attached Documents: // Content	6,761	6,761
12	Total. Add lines 1 through 11........	173,602		280,506
13	Compensation of officers, directors, trustees, etc.
14	Other employee salaries and wages......			0	0	0
15	Pension plans, employee benefits.......			0	0
16a	Legal fees (attach schedule).........					0
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	1,900	1,425	0	475
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	59,750	44,812		14,937
17	Interest...............					0
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	27,539	2,403		0
19	Depreciation (attach schedule) and depletion...		0	0
20	Occupancy..............
21	Travel, conferences, and meetings.......			0	0
22	Printing and publications..........			0	0
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	109,542	64		21
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	198,731		48,704	0	15,433
25	Contributions, gifts, grants paid.......	955,000				955,000
26	Total expenses and disbursements. Add lines 24 and 25	1,153,731		48,704	0	970,433
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-980,129
b	Net investment income (if negative, enter -0-)			231,802
c	Adjusted net income (if negative, enter -0-)...				0

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2022)

Page 2

Form 990-PF (2022)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............
	2	Savings and temporary cash investments.........	716,961	875,762	875,762
	3	Accounts receivable
		Less: allowance for doubtful accounts		0	0
	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 0
	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).......	11,382,171	List of Attached Documents: // Content 10,238,948	14,906,583
	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)..........	859,457	List of Attached Documents: // Content 859,457	1,652,258
	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)	12,958,589	11,974,167	17,434,603
	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
		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........	12,958,589	11,974,167
	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).....	12,958,589	11,974,167
	30	Total liabilities and net assets/fund balances (see instructions).	12,958,589	11,974,167

Part III

Analysis of Changes in Net Assets or Fund Balances

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

12,958,589

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

-980,129

Other increases not included in line 2 (itemize) right arrow

List of Attached Documents:

// Content

1,722

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

11,980,182

Decreases not included in line 2 (itemize) right arrow

List of Attached Documents:

// Content

6,015

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

11,974,167

Form 990-PF (2022)

Page 3

Form 990-PF (2022)

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	147. CHURCH & DWIGHT INC COM		2009-08-24	2022-01-19
b	37. EPAM SYS INC COM			2022-01-19
c	200. ECOLAB INC COM			2022-01-27
d	176. ECOLAB INC COM		2019-01-02	2022-01-27
e	16. ECOLAB INC COM		2019-01-02	2022-01-27
	8. ECOLAB INC COM		2019-01-02	2022-01-27
	20. BOOKING HLDGS INC COM			2022-02-25
	413. JPMORGAN CHASE & CO COM			2022-02-25
	15. JPMORGAN CHASE & CO COM		2010-01-26	2022-02-25
	214. SKYWORKS SOLUTIONS INC COM		2010-09-24	2022-03-02
	861. GOODRX HLDGS INC COM CL A			2022-03-11
	306. GOODRX HLDGS INC COM CL A		2020-12-04	2022-03-11
	43. GOODRX HLDGS INC COM CL A		2020-12-04	2022-03-11
	7736.944 HARDING LOEVNER INSTITUTIONAL EMERGING MARKETS PORTFOLIO CL I		2021-08-18	2022-03-17
	28566.886 HARDING LOEVNER INSTITUTIONAL EMERGING MARKETS PORTFOLIO CL			2022-03-17
	81. COSTCO WHSL CORP NEW COM		2021-03-11	2022-04-01
	58. PTC INC COM			2022-04-13
	46. PTC INC COM		2015-06-19	2022-04-13
	121. AUTOMATIC DATA PROCESSING INC COM			2022-04-18
	37. AUTOMATIC DATA PROCESSING INC COM		2008-10-28	2022-04-18
	7. AUTOZONE INC COM		2008-02-04	2022-04-29
	285. CHEWY INC CL A		2021-09-27	2022-04-29
	215. EDWARDS LIFESCIENCES CORP COM			2022-05-03
	244. T MOBILE US INC COM			2022-05-24
	711. MEDTRONIC PLC SHS		2015-01-26	2022-05-27
	243. MEDTRONIC PLC SHS			2022-05-27
	111. EDWARDS LIFESCIENCES CORP COM		2016-01-20	2022-06-08
	199. ENCOMPASS HEALTH CORP COM			2022-06-08
	23. ENCOMPASS HEALTH CORP COM		2011-11-03	2022-06-08
	27. ENCOMPASS HEALTH CORP COM		2011-11-03	2022-06-08
	39. ENCOMPASS HEALTH CORP COM		2011-11-03	2022-06-08
	143. JAZZ PHARMACEUTICALS PLC SHS USD			2022-06-08
	262. ENCOMPASS HEALTH CORP COM		2011-11-03	2022-06-09
	12. ENCOMPASS HEALTH CORP COM		2011-11-03	2022-06-09
	59. ENCOMPASS HEALTH CORP COM		2011-11-03	2022-06-09
	50. D R HORTON INC COM		2022-02-25	2022-06-16
	333. D R HORTON INC COM			2022-06-16
	35. D R HORTON INC COM		2021-05-17	2022-06-16
	67. D R HORTON INC COM		2021-05-17	2022-06-16
	506. SMARTSHEET INC COM CL A			2022-06-16
	176. SMARTSHEET INC COM CL A		2020-09-03	2022-06-16
	361. VARONIS SYS INC COM			2022-06-16
	293. VARONIS SYS INC COM			2022-06-16
	82. D R HORTON INC COM		2021-05-17	2022-06-17
	245. D R HORTON INC COM			2022-06-17
	119. VARONIS SYS INC COM			2022-06-17
	236. VARONIS SYS INC COM			2022-06-17
	177. VARONIS SYS INC COM		2021-05-04	2022-06-17
	155. AUTODESK INC COM		2017-07-05	2022-06-22
	373. MARVELL TECHNOLOGY GROUP LTD COM			2022-06-28
	1. PTC INC COM		2015-06-19	2022-06-28
	36. PTC INC COM		2015-06-19	2022-06-28
	244. PTC INC COM		2015-06-19	2022-06-28
	72. PTC INC COM			2022-06-29
	27. PTC INC COM		2015-06-19	2022-06-29
	44. PTC INC COM		2015-06-19	2022-06-29
	54. KLA CORPORATION			2022-07-06
	626. ON SEMICONDUCTOR CORP COM			2022-07-06
	6076.254 MATTHEWS PACIFIC TIGER FUND- IS #102			2022-07-25
	2777.221 MATTHEWS PACIFIC TIGER FUND- IS #102			2022-07-25
	40214.477 PIMCO COMMODITY REALRETURN STRATEGY FUND INST #45		2022-03-17	2022-07-25
	20533.881 T ROWE PRICE INSTITUTIONAL FLOATING RATE FUND #170		2021-08-18	2022-07-25
	11898.551 T ROWE PRICE INSTITUTIONAL FLOATING RATE FUND #170		2021-06-30	2022-07-25
	171. DOLLAR GEN CORP NEW COM		2013-01-09	2022-07-26
	176. STANLEY BLACK & DECKER INC COM		2021-09-16	2022-07-28
	252. STANLEY BLACK & DECKER INC COM			2022-07-28
	6. STANLEY BLACK & DECKER INC COM			2022-07-28
	43. STANLEY BLACK & DECKER INC COM		2021-03-03	2022-07-28
	157. STANLEY BLACK & DECKER INC COM			2022-07-28
	15. STANLEY BLACK & DECKER INC COM		2021-03-02	2022-07-29
	68. STANLEY BLACK & DECKER INC COM		2021-03-02	2022-07-29
	27. TELEFLEX INC COM			2022-08-04
	77. TELEFLEX INC COM		2017-04-06	2022-08-04
	168. GENPACT LIMITED SHS			2022-08-04
	91. TWILIO INC CL A		2022-03-02	2022-08-22
	103. TWILIO INC CL A			2022-08-22
	223.985 COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND INC CLASS		2021-12-16	2022-09-01
	34891.835 COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND INC CLAS		2020-12-03	2022-09-01
	173. T MOBILE US INC COM			2022-09-16
	389. AZEK CO INC CL A			2022-09-23
	195. AZEK CO INC CL A			2022-09-23
	145. INGERSOLL RAND INC COM			2022-09-23
	119. LIBERTY BROADBAND CORP COM SER C			2022-09-23
	45. TANDEM DIABETES CARE INC COM NEW		2021-07-16	2022-09-29
	44. TANDEM DIABETES CARE INC COM NEW			2022-09-29
	109. TANDEM DIABETES CARE INC COM NEW		2021-07-14	2022-09-29
	22. BOOKING HLDGS INC COM		2021-12-15	2022-09-30
	13. BOOKING HLDGS INC COM		2021-03-26	2022-09-30
	15. BOOKING HLDGS INC COM		2021-03-26	2022-09-30
	89. TANDEM DIABETES CARE INC COM NEW		2021-07-14	2022-09-30
	176. AVALARA INC COM			2022-10-06
	367. WESTERN ALLIANCE BANCORP COM			2022-10-19
	132. WESTERN ALLIANCE BANCORP COM		2021-06-21	2022-10-20
	146. CATALENT INC COM		2022-03-11	2022-11-07
	317. CATALENT INC COM			2022-11-07
	304. CROWDSTRIKE HLDGS INC CL A			2022-12-08
	677. ZOOMINFO TECHNOLOGIES INC COM			2022-12-08
	104. AMERICAN WTR WKS CO INC NEW COM			2022-12-12
	7. AMERICAN WTR WKS CO INC NEW COM			2022-12-12
	86. LINDE PLC COM			2022-12-12
	49513.936 T ROWE PRICE INSTITUTIONAL FLOATING RATE FUND #170		2021-06-30	2022-12-14
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
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	CAPITAL GAIN DIVIDENDS	P
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	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
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(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	15,233	2,143	13,090
b	18,650	1,183	17,467
c	36,747	30,952	5,795
d	32,321	25,458	6,863
e	2,931	2,314	617
	1,469	1,157	312
	45,482	47,728	-2,246
	61,114	16,513	44,601
	2,208	589	1,619
	29,253	4,439	24,814
	12,109	34,782	-22,673
	4,303	11,972	-7,669
	599	1,682	-1,083
	154,120	200,000	-45,880
	569,052	590,000	-20,948
	46,678	26,664	20,014
	5,920	3,002	2,918
	4,668	1,957	2,711
	27,545	3,531	24,014
	8,402	1,079	7,323
	13,819	826	12,993
	8,383	19,926	-11,543
	22,767	6,566	16,201
	31,304	19,533	11,771
	69,543	53,800	15,743
	23,799	18,387	5,412
	10,690	2,739	7,951
	12,017	4,172	7,845
	1,402	424	978
	1,623	498	1,125
	2,338	720	1,618
	21,900	21,931	-31
	15,585	4,835	10,750
	716	221	495
	3,516	1,089	2,427
	3,073	4,260	-1,187
	20,395	28,331	-7,936
	2,144	3,331	-1,187
	4,099	6,376	-2,277
	13,808	26,809	-13,001
	4,823	9,003	-4,180
	10,370	19,973	-9,603
	8,485	13,419	-4,934
	4,961	7,804	-2,843
	14,843	23,277	-8,434
	3,466	5,296	-1,830
	6,874	11,661	-4,787
	5,176	8,700	-3,524
	26,334	15,869	10,465
	17,061	9,190	7,871
	110	43	67
	3,848	1,532	2,316
	26,112	10,380	15,732
	7,611	3,062	4,549
	2,834	1,141	1,693
	4,639	1,859	2,780
	15,888	14,608	1,280
	29,349	37,045	-7,696
	137,263	167,219	-29,956
	62,737	88,138	-25,401
	256,568	300,000	-43,432
	189,938	200,000	-10,062
	110,062	116,249	-6,187
	41,451	7,334	34,117
	17,618	33,022	-15,404
	25,226	47,106	-21,880
	619	1,113	-494
	4,316	7,948	-3,632
	15,559	28,872	-13,313
	1,447	2,758	-1,311
	6,474	12,501	-6,027
	6,806	6,733	73
	19,501	14,936	4,565
	8,102	6,209	1,893
	6,635	15,101	-8,466
	7,510	27,249	-19,739
	2,726	3,140	-414
	424,634	499,623	-74,989
	24,169	11,780	12,389
	6,319	16,674	-10,355
	3,155	8,350	-5,195
	6,300	7,803	-1,503
	9,516	14,597	-5,081
	2,253	4,416	-2,163
	2,183	4,188	-2,005
	5,401	10,193	-4,792
	36,970	46,863	-9,893
	21,846	29,899	-8,053
	25,178	34,499	-9,321
	4,429	8,323	-3,894
	16,288	18,581	-2,293
	22,633	36,780	-14,147
	7,998	12,412	-4,414
	6,044	14,195	-8,151
	13,124	30,884	-17,760
	35,018	53,315	-18,297
	19,450	31,861	-12,411
	16,232	13,309	2,923
	1,097	874	223
	28,848	14,057	14,791
	455,528	483,751	-28,223
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233
			130,233

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			13,090
b			17,467
c			5,795
d			6,863
e			617
			312
			-2,246
			44,601
			1,619
			24,814
			-22,673
			-7,669
			-1,083
			-45,880
			-20,948
			20,014
			2,918
			2,711
			24,014
			7,323
			12,993
			-11,543
			16,201
			11,771
			15,743
			5,412
			7,951
			7,845
			978
			1,125
			1,618
			-31
			10,750
			495
			2,427
			-1,187
			-7,936
			-1,187
			-2,277
			-13,001
			-4,180
			-9,603
			-4,934
			-2,843
			-8,434
			-1,830
			-4,787
			-3,524
			10,465
			7,871
			67
			2,316
			15,732
			4,549
			1,693
			2,780
			1,280
			-7,696
			-29,956
			-25,401
			-43,432
			-10,062
			-6,187
			34,117
			-15,404
			-21,880
			-494
			-3,632
			-13,313
			-1,311
			-6,027
			73
			4,565
			1,893
			-8,466
			-19,739
			-414
			-74,989
			12,389
			-10,355
			-5,195
			-1,503
			-5,081
			-2,163
			-2,005
			-4,792
			-9,893
			-8,053
			-9,321
			-3,894
			-2,293
			-14,147
			-4,414
			-8,151
			-17,760
			-18,297
			-12,411
			2,923
			223
			14,791
			-28,223

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	-118,723
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3

Form 990-PF (2022)

Page 4

Form 990-PF (2022)

Page 4

Part V

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

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)	1	3,222
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	3,222
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	3,222
6	Credits/Payments:

a	2022 estimated tax payments and 2021 overpayment credited to 2022	6a	9,000
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

7	Total credits and payments. Add lines 6a through 6d..............		7	9,000
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2221 is attached. List of Attached Documents: // Content		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	5,778
11	Enter the amount of line 10 to be: Credited to 2023 estimated tax3,224	Refunded	11	2,554

Part VI-A

Statements Regarding Activities

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

Yes

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

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

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

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

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

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

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

(1) On the foundation. right arrow

$ (2) On foundation managers. right arrow

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

on foundation managers. right arrow

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

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

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

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

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

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

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

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

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

By language in the governing instrument, or

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

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

Yes

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

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

Yes

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

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

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

Yes

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

or 4942(j)(5) for calendar year 2022 or the taxable year beginning in 2022? See the instructions for Part XIII.

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

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

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

Form 990-PF (2022)

Page 5

Form 990-PF (2022)

Page 5

Part VI-A

Statements Regarding Activities (continued)

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

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

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

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

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

Yes

Website address right arrow

The books are in care of right arrow

CIBC National Trust Company Telephone no. right arrow

(617) 357-9600

Located at right arrow

100 FEDERAL ST 37TH FLBOSTONMA ZIP+4 right arrow

02110

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

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

16 At any time during calendar year 2022, 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 right arrow

Part VI-B

Statements Regarding Activities for Which Form 4720 May Be Required

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

Yes

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

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

1a(1)

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

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

1a(2)

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

1a(3)

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

1a(4)

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

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

1a(5)

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

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

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

1a(6)

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

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

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

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 2022? .............

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

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

At the end of tax year 2022, did the foundation have any undistributed income (Part XII, lines 6d

and 6e) for tax year(s) beginning before 2022?....................

If "Yes," list the years right arrow

20, 20, 20, 20

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

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

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

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

20, 20, 20, 20

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

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

If "Yes," did it have excess business holdings in 2022 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 Schedule C, Form 4720, to determine

if the foundation had excess business holdings in 2022.) .....................

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

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

charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2022? ..

Form 990-PF (2022)

Page 6

Form 990-PF (2022)

Page 6

Part VI-B

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

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

Yes

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

5a(1)

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

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

5a(2)

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

5a(3)

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

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

5a(4)

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

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

5a(5)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Part VII

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

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

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
WILLIAM LOWNDES III	PRES/TREAS, AS REQUIRED 0	0
PO BOX 5042 SPARTANBURG,SC29304	PRES/TREAS, AS REQUIRED 0	0
HENRIETTA M LOWNDES	SEC/TRUSTEE, AS REQUIRED 0	0
PO BOX 5042 SPARTANBURG,SC29304	SEC/TRUSTEE, AS REQUIRED 0	0

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


(a) Name and address of each employee paid more than $50,000	(b) Title, and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
NONE









Total number of other employees paid over $50,000...................				0

Form 990-PF (2022)

Page 7

Form 990-PF (2022)

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 arrow

Part VIII-A

Summary of Direct Charitable Activities

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


2


3


4

Part VIII-B

Summary of Program-Related Investments (see instructions)

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


2


All other program-related investments. See instructions.
3

Total. Add lines 1 through 3......................... right arrow

Form 990-PF (2022)

Page 8

Form 990-PF (2022)

Page 8

Part IX

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

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

purposes:

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

18,481,818

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

879,074

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

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

19,360,892

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

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

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

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

19,360,892

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

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

290,413

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

19,070,479

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

953,524

Part X

Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow

and do not complete this part.)

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

953,524

Tax on investment income for 2022 from Part V, line 5.......

3,222

Income tax for 2022. (This does not include the tax from Part V.) ...

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

3,222

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

950,302

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

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

950,302

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

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

950,302

Part XI

Qualifying Distributions (see instructions)

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

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

970,433

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

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

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

Amounts set aside for specific charitable projects that satisfy the:

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

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

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

970,433

Form 990-PF (2022)

Page 9

Form 990-PF (2022)

Page 9

Part XII

Undistributed Income (see instructions)

		(a) Corpus	(b) Years prior to 2021	(c) 2021	(d) 2022
1 Distributable amount for 2022 from Part X, line 7					950,302
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2021 only.......				952,318
b Total for prior years:20, 20, 20			0
3 Excess distributions carryover, if any, to 2022:
a From 2017......	0
b From 2018......	0
c From 2019......	0
d From 2020......	0
e From 2021......	0
f Total of lines 3a through e ........		0
4Qualifying distributions for 2022 from Part
XI, line 4: $ 970,433
a Applied to 2021, but not more than line 2a				952,318
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 2022 distributable amount.....					18,115
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2022.		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 2021. Subtract line 4a from line 2a. Taxable amount—see instructions .............				0
f Undistributed income for 2022. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2023 ..........					932,187
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 2017 not applied on line 5 or line 7 (see instructions) ...		0
9 Excess distributions carryover to 2023. Subtract lines 7 and 8 from line 6a ......		0
10 Analysis of line 9:
a Excess from 2018....	0
b Excess from 2019....	0
c Excess from 2020....	0
d Excess from 2021....	0
e Excess from 2022....	0

Form 990-PF (2022)

Page 10

Form 990-PF (2022)

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 2022, enter the date of the ruling ...... right arrow

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

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part IX for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2022	(b) 2021	(c) 2020	(d) 2019	(e) Total

b 85% (0.85) of line 2a .........
c Qualifying distributions from Part XI, line 4 for each year listed .....
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....
3 Complete 3a, b, or c 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).)

NONE

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.

NONE

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

Check here right arrow

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, b, c, and d. 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 (2022)

Page 11

Form 990-PF (2022)

Page 11

Part XIV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
MERCATUS CENTER George Washington Univ 3434 WASHINGTON BLVD 4TH FLOOR ARLINGTON,VA222014433	NONE	PC	CONTRIBUTION	50,000
THE INDEPENDENT INSTITUTE 100 SWAN WAY SUITE 200 OAKLAND,CA946211428	NONE	PC	CONTRIBUTION	75,000
INSTITUTE FOR JUSTICE 901 N GLEBE ROAD SUITE 900 ARLINGTON,VA22203	NONE	PC	CONTRIBUTION	30,000
HERITAGE FOUNDATION 214 WASHINGTON AVE NE WASHINGTON,DC200024999	NONE	PC	CONTRIBUTION	50,000
FOUNDATION FOR ECONOMIC EDUCATION 1819 PEACHTREE ST NE 300 Atlanta,GA30309	NONE	PC	CONTRIBUTION	100,000
HILLSDALE COLLEGE 33 EAST COLLEGE STREET HILLSDALE,MI492421205	NONE	PC	CONTRIBUTION	50,000
CATO INSTITUTE 1000 MASSACHUSETTS AVENUE NW WASHINGTON,DC20001	NONE	PC	CONTRIBUTION	80,000
STUDENTS FOR LIBERTY 2221 S CLARKE ST 12TH FLOOR Arlington,VA22202	NONE	PC	CONTRIBUTION	50,000
THE LUDWIG VON MISES INSTITUTE 518 W MAGNOLIA AVENUE AUBURN,AL36832	NONE	PC	CONTRIBUTION	50,000
SC PUBLIC INTEREST FOUNDATION PO BOX 25999 Greenville,SC29616	NONE	PC	CONTRIBUTION	25,000
THE CLEMSON INSTITUTE FOR THE STUDY OF CAPITALISM CLEMSON UNIV PO BOX 1889 CLEMSON,SC29633	NONE	PC	CONTRIBUTION	100,000
INSTITUTE OF HUMANE STUDIES AT GEORGE MASON UNIVERSITY 3434 WASHINGTON BLVD - MS 1C5 ARLINGTON,VA22201	NONE	PC	CONTRIBUTION	50,000
Palmetto Promise Institute PO BOX 12676 Columbia,SC29211	NONE	PC	CONTRIBUTION	100,000
ATLAS NETWORK TWO LIBERTY CENTER 4075 WILSON BOULEVARD SUITE 310 ARLINGTON,VA22203	NONE	PC	CONTRIBUTION	50,000
US TERM LIMITS FOUNDATION 1250 CONNECTICUT AVENUE SUITE 200 Washington,DC20036	NONE	PC	CONTRIBUTION	15,000
Judicial Watch 425 THIRD STREET SW SUITE 800 Washington,DC20024	NONE	PC	CONTRIBUTION	30,000
THE FEDERALIST SOCIETY 1776 I STREET NW SUITE 300 Washington,DC20006	NONE	PC	CONTRIBUTION	50,000
Total ................................. 3a				955,000

bApproved for future payment

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

Form 990-PF (2022)

Page 12

Form 990-PF (2022)

Page 12

Part XV-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments ....
3 Interest on savings and temporary cash investments ...........
4 Dividends and interest from securities ....			14	285,564
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....
6 Net rental income or (loss) from personal property
7 Other investment income .....
8 Gain or (loss) from sales of assets other than inventory ............			18	-118,723
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aOTHER INCOME	900099		14	6,761
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..				173,602

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

173,602

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

Part XV-B

Relationship of Activities to the Accomplishment of Exempt Purposes

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

Form 990-PF (2022)

Page 13

Form 990-PF (2022)

Page 13

Part XVI

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

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

Yes

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

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

1a(1)

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

1a(2)

Other transactions:

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

1b(1)

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

1b(2)

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

1b(3)

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

1b(4)

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

1b(5)

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

1b(6)

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

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

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

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

If "Yes," complete the following schedule.

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

Sign Here

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
		2023-05-10		May the IRS discuss this return with the preparer shown below? See instructions. Yes No
	Signature of officer or trustee	Date	Title

Paid Preparer Use Only	Print/Type preparer's name KELLY KOWALCZYK	Preparer's Signature	Date2023-05-10	Check if self- employed	PTIN P01387686
	Firm's name ERNST & YOUNG US LLP				Firm's EIN 34-6565596
	Firm's address 155 N WACKER DRIVE CHICAGO, IL60606				Phone no. (312) 879-2000

Form 990-PF (2022)

Additional Data

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