Sealed proof · filed Form 990-PF
THE SERR CHARITABLE ACTION TRUST
EIN 36-7391628, tax year January 1, 2025 to December 31, 2025. The return the foundation filed, as the IRS published it, with its arithmetic re-done exactly and sealed September 28, 2026.
Listed in the IRS register as SERR CHARITABLE ACTION TR UW 09242002. The name above is as written on the return; the EIN is the same foundation.
This is the latest return the IRS has published for this foundation, for the tax year ended 2025-12-31. The IRS received it on May 7, 2026.
The answer
Nothing carried into the next year: the return shows the year’s amount paid within the year.
Every line we re-do agrees with the return as filed.
Keep this record for the foundation, year on year: the Filing Record, the foundation’s own order, cancellable in writing for a full refund until thirty days after the filing deadline.
Qualifying distributions9.12×
the distributable amount (Part XI ÷ Part X)
Carried to next year$0
undistributed income, Part XII: nothing carried into the next year
Distributions as a rate45.1%
of net noncharitable-use assets; the legal test is the distributable amount, not this rate
Assets at fair market value$36.2M
end of the tax year, Part II
Largest listed stock2.7%
C037833100 APPLE INC COM STK
If that stock halved−1.4%
of total assets, from that one name
Filing Record: $2,600 a year, direct or at cost through the firm that prepares the return. This page stays whether or not the foundation buys anything. Cancel in writing for any reason, any time up to 30 days after your statutory 990-PF filing deadline (or 12 months from invoice, whichever is earlier): the year is refunded in full to the payer, and seals already generated remain checkable. Or write to a person →
Nothing here can be changed quietly. Try it
THE SERR CHARITABLE ACTION TRUST · Form 990-PF, year ended December 31, 2025checking
Recomputing the seal in your browser…
The foundation’s own public return, sealed through the same free action as yours. Your edits stay in this page: nothing is sent and nothing is saved. A sealed copy shows nothing changed; it does not show the original was correct.
This page’s own short link: paretoalphasystems.com/p/3c0171bed971 — it fits on a printed page, and whoever opens it can run the same check.
The return’s own arithmetic, re-done
| Line | As filed | Recomputed | Result |
|---|---|---|---|
| Minimum investment return: 5% of net noncharitable-use assets (Part IX line 6) | $2,050,191 | $2,050,190.5 | recomputes, within the form's whole-dollar rounding (difference $0.5) |
| Excise tax: 1.39% of net investment income (Part V line 1) | $24,681 | $24,680.6871 | recomputes, within the form's whole-dollar rounding (difference $0.3129) |
| Distributable amount: minimum investment return − taxes + recoveries − deduction (Part X line 7) | $2,025,510 | $2,025,510 | recomputes exactly |
Where the assets sit, at fair market value
| Part II line | Fair market value | Share of assets |
|---|---|---|
| Savings and temporary cash investments (line 2) | $998,427 | 2.8% |
| Corporate stock (line 10b) | $21.3M | 59.0% |
| Corporate bonds (line 10c) | $13.8M | 38.2% |
The ten largest listed stocks, of 108 on the schedule
The schedule ties to Part II line 10b exactly. It behaves like 61.6 equal holdings; the ten largest are 30.3% of the listed stock.
| Stock, as listed | Fair market value | Share of assets |
|---|---|---|
| C037833100 APPLE INC COM STK | $993,105 | 2.7% |
| C02079K107 ALPHABET INC CAP ST | $876,443 | 2.4% |
| C594918104 MICROSOFT CORP COM | $811,514 | 2.2% |
| C67066G104 NVIDIA CORP COM | $801,577 | 2.2% |
| C023135106 AMAZON COM INC COM | $691,998 | 1.9% |
| C808513105 SCHWAB CHARLES CORP | $567,389 | 1.6% |
| C038222105 APPLIED MATERIALS I | $483,655 | 1.3% |
| C030420103 AMERICAN WTR WKS CO | $473,193 | 1.3% |
| C756255204 ADR RECKITT BENCKIS | $394,211 | 1.1% |
| C000375204 ADR ABB LTD SPONSOR | $370,664 | 1.0% |
What the foundation answered on the form
- Part VI-B 4a: did the foundation invest during the year in a manner that would jeopardize its charitable purposes? No
- Part VI-B 4b: did it make any investment in a prior year that could jeopardize its charitable purpose and that had not been removed from jeopardy? No
- Part VI-B 3a: did it hold more than a 2% direct or indirect interest in any business enterprise? No
- Part VI-B 3b: did it have excess business holdings? Not answered (3a is “No”, so the form does not ask 3b. Our note; not part of the seal.)
- Part VI-B 2a: did it have undistributed income for prior years? No
Quoted as filed. These are the foundation’s own answers; this page does not test them.
Control statement · nine controls
Nine controls, read from the return.
Each control reads one part of the filed return and states a fact in a fixed vocabulary: agrees, differs, reported, not reported, not applicable, not checked. Whether any of it met a requirement is counsel’s question, not this page’s.
Recomputed each time the page is read; not part of the seal. The seal covers the body above (controls v2, kernel@2026-09-15.1).
This return: 4 agree, 4 reported, 1 not checked.
| Control | Reads | Result | Detail |
|---|---|---|---|
| Minimum investment return | Part IX line 6 against 5% of line 5, prorated for a short year | agrees | Filed $2,050,191; recomputed $2,050,190.5; agrees within the form's whole-dollar rounding. |
| Excise tax | Part V line 1 against 1.39% of net investment income | agrees | Filed $24,681; recomputed $24,680.68; agrees within the form's whole-dollar rounding. |
| Distributable amount | Part X line 7 against the form's own chain from line 1 | agrees | Filed $2,025,510; recomputed $2,025,510; agrees to the dollar. |
| Payout coverage | Part XI total against Part X line 7 | reported | Qualifying distributions $18,475,715 against a distributable amount of $2,025,510 (9.12×). |
| Payout deadline | Part XII undistributed income and the date it falls due | reported | Part XII reports $0 undistributed income for the year ended 31 December 2025: nothing carried into the next year, so nothing from this year falls due by 31 December 2026. |
| Holdings tie-out | The corporate-stock schedule against Part II line 10b | agrees | 108 listed holdings sum to Part II line 10b exactly; the largest is 2.7% of total assets. |
| The foundation's own answers | Part VI-B 2a, 3a, 3b, 4a and 4b, each answered | reported | All 4 answered No (3b not asked: 3a is No). |
| Filing timeliness | The e-file timestamp beside the original due date and the extension window, each with its IRC §7503 roll to the next business day | reported | Return timestamped 7 May 2026; the original due date was 15 May 2026; the six-month extension window ended 15 November 2026 (a Sunday, so 16 November 2026 under IRC §7503). Whether an extension was granted is not visible in the e-file; the timestamp is the preparer software's, not the IRS receipt. |
| Year-to-year continuity | This year's opening balances against last year's closing | not checked | Needs the prior year's return; one sealed year cannot check itself. |
A line that differs is the return’s figure beside the recomputed one, as filed and as recomputed. The return may carry a reason this page cannot read: a schedule filed on paper, an election, a later amendment. It is not a finding. The page is not indexed. It is read by whoever holds the link: the person who asked for it, and anyone the foundation sends it to, its preparer first.
Year-to-year continuity needs two filed years on record. The years, below, reads this foundation’s filed returns in order and holds each against the one before.
The calendar ahead
A payout is owed on last year’s assets, whatever this year’s market does.
Recomputed each time the page is read; not part of the seal. The seal covers the body above (forward v2, kernel@2026-09-15.1). Read against October 8, 2026.
| By | What | Amount | Basis |
|---|---|---|---|
| May 17, 2027 | Excise tax on the year ending 31 December 2026, due with that return by 15 May 2027 (a Saturday, so 17 May 2027 under IRC §7503) | $24,680 | Projected under the assumptions below |
| December 31, 2027 | Distributable amount for the year ending 31 December 2026, to be paid out | $2,025,509 | Projected under the assumptions below |
If net noncharitable-use assets fell 20% over the coming year: what is owed now, nothing from Part XII, is unchanged; the following year’s minimum investment return would be $1,640,152, $410,038 less than the projection.
The assumptions, the forward kernel proof, and what was refused
- Net noncharitable-use assets for the year ending 31 December 2026 equal this return's Part IX line 5, $41003810; the thirteen-month average is not observable from a filing.
- Net investment income for that year equals this return's, $1775589.
- No recoveries, income tax or deduction next year; the rates stay 5% and 1.39%; a full tax year.
- The fall shown is 20% of net noncharitable-use assets, applied to next year's average only; what is already owed was computed on this year's average and is unchanged.
- Forward kernel proof (the projection’s own, recomputed, not sealed)
674ee8860429bb16…· kernel@2026-09-15.1 · forward v2, controls v2
- A projection under the stated assumptions, from the foundation's own filed figures; not a forecast, not advice.
- The foundation's preparer computes the actual amounts from the year's monthly values; this page states what the last return implies if nothing changes.
- What is already owed was computed on last year's average assets and does not change with this year's market.
The years · carryover chain
One return is one year. The payout is kept across six.
What a foundation leaves undistributed is due by the end of the next tax year, and what it distributes beyond the year’s amount may be applied in the five years after. So what is owed, and what may be set against it, is only readable across the filed years. The IRS publishes those years; this reads them in order, re-adds each Part XII, and holds each year’s opening lines against the year before’s closing lines.
Sealed under a hash of their own the first time they are opened; not part of the seal above.
Up to six filed returns, read from the IRS and sealed under one hash, at a page of their own. Nothing about you is recorded.
The seal
Recomputed just now: it matches what was sealed on September 28, 2026. Anyone can check it without us.
For your auditor: what this hash is over, and how to check it from the IRS’s own file
proof
3c0171bed971476fa5df569951fd7dfc7e596eafa8002a4a1bf4afb138b7f06f · recomputed now, matchesreturn Form 990-PF, IRS object
202631279349103553, schema 2025v4.0 — the file as the IRS published it hashes to 3fcd18eb6b75e41f…source file
202631279349103553_public.xml inside 2026_TEOS_XML_05B.zip at irs.gov — not part of the seal; fetch it yourself with verify_proof.py 3c0171bed971 --fetcharithmetic
kernel@2026-09-15.1 · kernel proof c10020be8e54f56a…rules
b839212b6742304a91af2ff9e04e24acdb32ac9fd48760e6b89289b532c4c45b · commit 7dd856f88a5e — the digest of the 990-PF rules this proof was sealed under (body v2); a proof of the same return under later rules names this hash as supersededThis page is not listed on this site and asks search engines not to index it. It is reached by its link, which whoever asked for it holds.
This foundation’s finance lead or counsel: to add a note beside this page, ask for a correction, or keep the record, write to us.
11,842 foundation returns re-done by the same code; in 11,827 every line we recompute agrees. The study.
This page stays whether or not the foundation buys anything.
Filing Record: $2,600 a year, direct or carried at cost by the firm that prepares the return.
The program, and the full body that was hashed
let total_assets_fmv = 36151271 USD let mix_savings = share(998427 USD, total_assets_fmv) let mix_stock = share(21339301 USD, total_assets_fmv) let mix_bonds = share(13813543 USD, total_assets_fmv) let net_noncharitable_assets = 41003810 USD let mir_filed = 2050191 USD let mir_recomputed = net_noncharitable_assets * 5% let mir_difference = mir_filed - mir_recomputed let net_investment_income = 1775589 USD let excise_filed = 24681 USD let excise_recomputed = net_investment_income * 1.39% let excise_difference = excise_filed - excise_recomputed let distributable_filed = 2025510 USD let distributable_recomputed = 2050191 USD - 24681 USD + 0 USD - 0 USD let distributable_difference = distributable_filed - distributable_recomputed let qualifying_distributions = 18475715 USD let payout_coverage = qualifying_distributions / distributable_filed let payout_rate = share(qualifying_distributions, net_noncharitable_assets) let undistributed_to_next_year = 0 USD let stocks = [993105 USD, 876443 USD, 811514 USD, 801577 USD, 691998 USD, 567389 USD, 483655 USD, 473193 USD, 394211 USD, 370664 USD, 344921 USD, 341342 USD, 339769 USD, 331668 USD, 301977 USD, 298793 USD, 280458 USD, 259959 USD, 254094 USD, 246851 USD, 246376 USD, 245572 USD, 241788 USD, 228277 USD, 226804 USD, 224541 USD, 218154 USD, 216234 USD, 213500 USD, 212977 USD, 207451 USD, 203528 USD, 203363 USD, 203077 USD, 197690 USD, 196287 USD, 193946 USD, 193929 USD, 187879 USD, 187872 USD, 182425 USD, 181917 USD, 172761 USD, 171510 USD, 171327 USD, 170485 USD, 165635 USD, 164086 USD, 159745 USD, 157418 USD, 155848 USD, 153624 USD, 153260 USD, 153161 USD, 153005 USD, 150889 USD, 148830 USD, 146426 USD, 144395 USD, 143241 USD, 142484 USD, 141475 USD, 141446 USD, 141311 USD, 137995 USD, 135571 USD, 132107 USD, 132050 USD, 130184 USD, 118936 USD, 112850 USD, 111596 USD, 107824 USD, 105534 USD, 105214 USD, 105093 USD, 104675 USD, 103734 USD, 102934 USD, 101667 USD, 100914 USD, 96720 USD, 94972 USD, 94657 USD, 89625 USD, 89086 USD, 86455 USD, 81159 USD, 80904 USD, 80110 USD, 79848 USD, 78735 USD, 76212 USD, 76088 USD, 73057 USD, 72702 USD, 71769 USD, 70586 USD, 69091 USD, 61415 USD, 61406 USD, 60807 USD, 58133 USD, 56983 USD, 49191 USD, 44748 USD, 35725 USD, 20709 USD] let stock_count = count(stocks) let largest_stock = max(stocks) let largest_stock_share_of_assets = share(largest_stock, total_assets_fmv) let top10_share_of_stock = share(sum([993105 USD, 876443 USD, 811514 USD, 801577 USD, 691998 USD, 567389 USD, 483655 USD, 473193 USD, 394211 USD, 370664 USD]), sum(stocks)) let stock_concentration = hhi(stocks) let effective_stock_holdings = 1 / stock_concentration let largest_stock_halved_share_of_assets = share(largest_stock * 50%, total_assets_fmv)
{
"mix": [
{
"fmv": "998427",
"line": "savings",
"label": "Savings and temporary cash investments (line 2)",
"share": "0.0276180331253083743584008429468"
},
{
"fmv": "21339301",
"line": "stock",
"label": "Corporate stock (line 10b)",
"share": "0.590278029228903182961395741798"
},
{
"fmv": "13813543",
"line": "bonds",
"label": "Corporate bonds (line 10c)",
"share": "0.382103937645788442680203415255"
}
],
"kind": "public-filing-990pf",
"lens": "AXIOM",
"build": {
"commit": "7dd856f88a5ecf553ea48f52397c50a503af0e0d",
"digest": "b839212b6742304a91af2ff9e04e24acdb32ac9fd48760e6b89289b532c4c45b"
},
"filer": {
"ein": "367391628",
"name": "THE SERR CHARITABLE ACTION TRUST"
},
"scope": [
"Every figure here is the foundation's own filed return or exact arithmetic on it; nothing is estimated.",
"A 990-PF is a year-end snapshot. Prudence is judged at the time of each decision, which a filing cannot show.",
"This page neither establishes nor rules out any tax consequence, and no return is prepared or amended here.",
"A line that differs is the return's figure beside the recomputed one, as filed and as recomputed. The return may carry a reason this page cannot read: a schedule filed on paper, an election, a later amendment. It is not a finding."
],
"checks": [
{
"id": "minimum_investment_return",
"note": null,
"filed": "2050191",
"label": "Minimum investment return: 5% of net noncharitable-use assets (Part IX line 6)",
"verdict": "rounding",
"difference": "0.5",
"recomputed": "2050190.5"
},
{
"id": "excise_tax",
"note": null,
"filed": "24681",
"label": "Excise tax: 1.39% of net investment income (Part V line 1)",
"verdict": "rounding",
"difference": "0.3129",
"recomputed": "24680.6871"
},
{
"id": "distributable_amount",
"note": null,
"filed": "2025510",
"label": "Distributable amount: minimum investment return − taxes + recoveries − deduction (Part X line 7)",
"verdict": "exact",
"difference": "0",
"recomputed": "2025510"
}
],
"engine": "kernel@2026-09-15.1",
"source": {
"form": "990-PF",
"lines": {
"netInvestmentIncome": "1775589",
"grossInvestmentIncome": "2023822",
"netNoncharitableAssets": "41003810",
"undistributedCurrentYear": "0"
},
"period": {
"end": "2025-12-31",
"days": 365,
"begin": "2025-01-01"
},
"amended": false,
"foreign": {
"organization": false,
"meets85PctTest": false
},
"objectId": "202631279349103553",
"returnTs": "2026-05-07T18:01:06-04:00",
"operating": false,
"sourceSha256": "3fcd18eb6b75e41f7c45b93714d10f8cfd228f084a1e6ba5da82482ee91b9ccc",
"returnVersion": "2025v4.0",
"partXBoxChecked": false
},
"answers": [
{
"answer": "No",
"question": "Part VI-B 4a: did the foundation invest during the year in a manner that would jeopardize its charitable purposes?"
},
{
"answer": "No",
"question": "Part VI-B 4b: did it make any investment in a prior year that could jeopardize its charitable purpose and that had not been removed from jeopardy?"
},
{
"answer": "No",
"question": "Part VI-B 3a: did it hold more than a 2% direct or indirect interest in any business enterprise?"
},
{
"answer": "Not answered",
"question": "Part VI-B 3b: did it have excess business holdings?"
},
{
"answer": "No",
"question": "Part VI-B 2a: did it have undistributed income for prior years?"
}
],
"program": "let total_assets_fmv = 36151271 USD\nlet mix_savings = share(998427 USD, total_assets_fmv)\nlet mix_stock = share(21339301 USD, total_assets_fmv)\nlet mix_bonds = share(13813543 USD, total_assets_fmv)\nlet net_noncharitable_assets = 41003810 USD\nlet mir_filed = 2050191 USD\nlet mir_recomputed = net_noncharitable_assets * 5%\nlet mir_difference = mir_filed - mir_recomputed\nlet net_investment_income = 1775589 USD\nlet excise_filed = 24681 USD\nlet excise_recomputed = net_investment_income * 1.39%\nlet excise_difference = excise_filed - excise_recomputed\nlet distributable_filed = 2025510 USD\nlet distributable_recomputed = 2050191 USD - 24681 USD + 0 USD - 0 USD\nlet distributable_difference = distributable_filed - distributable_recomputed\nlet qualifying_distributions = 18475715 USD\nlet payout_coverage = qualifying_distributions / distributable_filed\nlet payout_rate = share(qualifying_distributions, net_noncharitable_assets)\nlet undistributed_to_next_year = 0 USD\nlet stocks = [993105 USD, 876443 USD, 811514 USD, 801577 USD, 691998 USD, 567389 USD, 483655 USD, 473193 USD, 394211 USD, 370664 USD, 344921 USD, 341342 USD, 339769 USD, 331668 USD, 301977 USD, 298793 USD, 280458 USD, 259959 USD, 254094 USD, 246851 USD, 246376 USD, 245572 USD, 241788 USD, 228277 USD, 226804 USD, 224541 USD, 218154 USD, 216234 USD, 213500 USD, 212977 USD, 207451 USD, 203528 USD, 203363 USD, 203077 USD, 197690 USD, 196287 USD, 193946 USD, 193929 USD, 187879 USD, 187872 USD, 182425 USD, 181917 USD, 172761 USD, 171510 USD, 171327 USD, 170485 USD, 165635 USD, 164086 USD, 159745 USD, 157418 USD, 155848 USD, 153624 USD, 153260 USD, 153161 USD, 153005 USD, 150889 USD, 148830 USD, 146426 USD, 144395 USD, 143241 USD, 142484 USD, 141475 USD, 141446 USD, 141311 USD, 137995 USD, 135571 USD, 132107 USD, 132050 USD, 130184 USD, 118936 USD, 112850 USD, 111596 USD, 107824 USD, 105534 USD, 105214 USD, 105093 USD, 104675 USD, 103734 USD, 102934 USD, 101667 USD, 100914 USD, 96720 USD, 94972 USD, 94657 USD, 89625 USD, 89086 USD, 86455 USD, 81159 USD, 80904 USD, 80110 USD, 79848 USD, 78735 USD, 76212 USD, 76088 USD, 73057 USD, 72702 USD, 71769 USD, 70586 USD, 69091 USD, 61415 USD, 61406 USD, 60807 USD, 58133 USD, 56983 USD, 49191 USD, 44748 USD, 35725 USD, 20709 USD]\nlet stock_count = count(stocks)\nlet largest_stock = max(stocks)\nlet largest_stock_share_of_assets = share(largest_stock, total_assets_fmv)\nlet top10_share_of_stock = share(sum([993105 USD, 876443 USD, 811514 USD, 801577 USD, 691998 USD, 567389 USD, 483655 USD, 473193 USD, 394211 USD, 370664 USD]), sum(stocks))\nlet stock_concentration = hhi(stocks)\nlet effective_stock_holdings = 1 / stock_concentration\nlet largest_stock_halved_share_of_assets = share(largest_stock * 50%, total_assets_fmv)",
"results": {
"mir_filed": "2050191 USD",
"mix_bonds": "0.382103937645788442680203415255",
"mix_stock": "0.590278029228903182961395741798",
"mix_savings": "0.0276180331253083743584008429468",
"payout_rate": "0.450585323656508992700922182597",
"stock_count": "108",
"excise_filed": "24681 USD",
"largest_stock": "993105 USD",
"mir_difference": "0.5 USD",
"mir_recomputed": "2050190.5 USD",
"payout_coverage": "9.1215126067015220857956761507",
"total_assets_fmv": "36151271 USD",
"excise_difference": "0.3129 USD",
"excise_recomputed": "24680.6871 USD",
"distributable_filed": "2025510 USD",
"stock_concentration": "0.0162387244187443164217377137772",
"top10_share_of_stock": "0.302903501853223777104976400117",
"net_investment_income": "1775589 USD",
"distributable_difference": "0 USD",
"distributable_recomputed": "2025510 USD",
"effective_stock_holdings": "61.5811916141456689022194716871",
"net_noncharitable_assets": "41003810 USD",
"qualifying_distributions": "18475715 USD",
"undistributed_to_next_year": "0 USD",
"largest_stock_share_of_assets": "0.0274708183842277633890105827814",
"largest_stock_halved_share_of_assets": "0.0137354091921138816945052913907"
},
"version": 2,
"holdings": {
"tie": "exact",
"top": [
{
"fmv": "993105",
"name": "C037833100 APPLE INC COM STK",
"shareOfAssets": "0.0274708183842277633890105827814"
},
{
"fmv": "876443",
"name": "C02079K107 ALPHABET INC CAP ST",
"shareOfAssets": "0.0242437672523325666751799680847"
},
{
"fmv": "811514",
"name": "C594918104 MICROSOFT CORP COM",
"shareOfAssets": "0.0224477308142222717425343081299"
},
{
"fmv": "801577",
"name": "C67066G104 NVIDIA CORP COM",
"shareOfAssets": "0.0221728580441888198066397167613"
},
{
"fmv": "691998",
"name": "C023135106 AMAZON COM INC COM",
"shareOfAssets": "0.0191417336336528804201655869859"
},
{
"fmv": "567389",
"name": "C808513105 SCHWAB CHARLES CORP",
"shareOfAssets": "0.015694856205747233617318738254"
},
{
"fmv": "483655",
"name": "C038222105 APPLIED MATERIALS I",
"shareOfAssets": "0.0133786444188919388200763397779"
},
{
"fmv": "473193",
"name": "C030420103 AMERICAN WTR WKS CO",
"shareOfAssets": "0.0130892493378725190602565536354"
},
{
"fmv": "394211",
"name": "C756255204 ADR RECKITT BENCKIS",
"shareOfAssets": "0.0109044852115987844521427752844"
},
{
"fmv": "370664",
"name": "C000375204 ADR ABB LTD SPONSOR",
"shareOfAssets": "0.0102531388177195761664921822527"
}
],
"count": 108,
"schedule": "Corporate stock (line 10b)"
},
"refusals": [],
"blankLines": [],
"kernelProof": "c10020be8e54f56a2c8e82b788bf211ad7fa293774378cbeafce747369f861c7",
"otherInvestments": []
}The seal’s own scope:
- Every figure here is the foundation's own filed return or exact arithmetic on it; nothing is estimated.
- A 990-PF is a year-end snapshot. Prudence is judged at the time of each decision, which a filing cannot show.
- This page neither establishes nor rules out any tax consequence, and no return is prepared or amended here.
- A line that differs is the return's figure beside the recomputed one, as filed and as recomputed. The return may carry a reason this page cannot read: a schedule filed on paper, an election, a later amendment. It is not a finding.
We don’t prepare or file a 990-PF. We read the one the foundation filed, re-do its arithmetic exactly, and seal what it says.