Sealed proof · filed Form 990-PF

THE HUBBARD BROADCASTING FOUNDATION

EIN 41-6022291, 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.

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 14, 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 distributions1.00×

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 rate4.9%

of net noncharitable-use assets; the legal test is the distributable amount, not this rate

Assets at fair market value$48.1M

end of the tax year, Part II

Largest listed stock3.2%

NVIDIACORPORATION (NVDA)

If that stock halved−1.6%

of total assets, from that one name

Keep This Record

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 HUBBARD BROADCASTING FOUNDATION · Form 990-PF, year ended December 31, 2025checking

Minimum investment return (the 5% figure)Excise tax on investment incomeDistributable amount (what had to be paid out)Qualifying distributions (what was paid out)

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/94e33d7d8cca — it fits on a printed page, and whoever opens it can run the same check.

The return’s own arithmetic, re-done

Each line as filed and as recomputed
Line	As filed	Recomputed	Result
Minimum investment return: 5% of net noncharitable-use assets (Part IX line 6)	$2,314,122	$2,314,122.15	recomputes, within the form's whole-dollar rounding (difference −$0.15)
Excise tax: 1.39% of net investment income (Part V line 1)	$50,736	$50,735.7367	recomputes, within the form's whole-dollar rounding (difference $0.2633)
Distributable amount: minimum investment return − taxes + recoveries − deduction (Part X line 7)	$2,263,386	$2,263,386	recomputes exactly

Where the assets sit, at fair market value

Assets by Part II line, at fair market value
Part II line	Fair market value	Share of assets
Cash (line 1)	$2.9M	6.0%
U.S. and state government obligations (line 10a)	$79,558	0.2%
Corporate stock (line 10b)	$36.1M	75.0%
Corporate bonds (line 10c)	$8.9M	18.6%

The ten largest listed stocks, of 346 on the schedule

The schedule ties to Part II line 10b exactly. It behaves like 125.3 equal holdings; the ten largest are 20.3% of the listed stock.

The ten largest listed stocks
Stock, as listed	Fair market value	Share of assets
NVIDIACORPORATION (NVDA)	$1.6M	3.2%
MICROSOFT CORP (MSFT)	$1.1M	2.4%
APPLE INC (AAPL)	$887,079	1.8%
ALPHABET INC CL C (GOOG)	$685,967	1.4%
MICROSOFT CORP (MSFT)	$595,820	1.2%
BROADCOM INC (AVGO)	$589,754	1.2%
APPLE INC (AAPL)	$531,486	1.1%
TESLAINC (TSLA)	$464,561	1.0%
NVIDIA CORPORATION (NVDA)	$440,327	0.9%
ALPHABET INC CL A(GOOGL)	$431,627	0.9%

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 $2,314,122; recomputed $2,314,122.15; agrees within the form's whole-dollar rounding.
Excise tax	Part V line 1 against 1.39% of net investment income	agrees	Filed $50,736; recomputed $50,735.73; 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 $2,263,386; recomputed $2,263,386; agrees to the dollar.
Payout coverage	Part XI total against Part X line 7	reported	Qualifying distributions $2,266,866 against a distributable amount of $2,263,386 (1.00×).
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	346 listed holdings sum to Part II line 10b exactly; the largest is 3.2% 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 14 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)	$50,735	Projected under the assumptions below
December 31, 2027	Distributable amount for the year ending 31 December 2026, to be paid out	$2,263,386	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 $1,851,297, $462,824 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, $46282443; the thirteen-month average is not observable from a filing.
Net investment income for that year equals this return's, $3650053.
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) dabc2450ab667059… · 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.

Walk through it with a person →

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 94e33d7d8ccad4ba9542f48b88e1fd507a32cf31799952d638c84242024aa16d · recomputed now, matches

return Form 990-PF, IRS object 202631349349104108, schema 2025v4.1 — the file as the IRS published it hashes to 1dabb3913cc35771…

source file 202631349349104108_public.xml inside 2026_TEOS_XML_05B.zip at irs.gov — not part of the seal; fetch it yourself with verify_proof.py 94e33d7d8cca --fetch

arithmetic kernel@2026-09-15.1 · kernel proof 06cddc1e19a8eb32…

rules b839212b6742304a91af2ff9e04e24acdb32ac9fd48760e6b89289b532c4c45b · commit bb0c3ac309b9 — 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 superseded

This 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.

Check It at /verifyKeep This Record

The program, and the full body that was hashed

let total_assets_fmv = 48059577 USD
let mix_cash = share(2861969 USD, total_assets_fmv)
let mix_government = share(79558 USD, total_assets_fmv)
let mix_stock = share(36051052 USD, total_assets_fmv)
let mix_bonds = share(8921313 USD, total_assets_fmv)
let net_noncharitable_assets = 46282443 USD
let mir_filed = 2314122 USD
let mir_recomputed = net_noncharitable_assets * 5%
let mir_difference = mir_filed - mir_recomputed
let net_investment_income = 3650053 USD
let excise_filed = 50736 USD
let excise_recomputed = net_investment_income * 1.39%
let excise_difference = excise_filed - excise_recomputed
let distributable_filed = 2263386 USD
let distributable_recomputed = 2314122 USD - 50736 USD + 0 USD - 0 USD
let distributable_difference = distributable_filed - distributable_recomputed
let qualifying_distributions = 2266866 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 = [1554851 USD, 1148114 USD, 887079 USD, 685967 USD, 595820 USD, 589754 USD, 531486 USD, 464561 USD, 440327 USD, 431627 USD, 403473 USD, 369635 USD, 355658 USD, 347846 USD, 306942 USD, 268136 USD, 250351 USD, 249794 USD, 246102 USD, 245027 USD, 231581 USD, 231032 USD, 229923 USD, 227661 USD, 211599 USD, 206949 USD, 206250 USD, 206192 USD, 198273 USD, 192359 USD, 190623 USD, 187154 USD, 186815 USD, 179220 USD, 177117 USD, 177006 USD, 176477 USD, 176403 USD, 173991 USD, 169136 USD, 168709 USD, 165486 USD, 165231 USD, 164770 USD, 163272 USD, 161870 USD, 161844 USD, 157095 USD, 153936 USD, 152897 USD, 152864 USD, 151855 USD, 150024 USD, 149776 USD, 147957 USD, 142272 USD, 141217 USD, 141196 USD, 140815 USD, 140312 USD, 139357 USD, 139221 USD, 138385 USD, 138006 USD, 135556 USD, 133674 USD, 133009 USD, 132139 USD, 131956 USD, 131702 USD, 131629 USD, 131182 USD, 131174 USD, 131152 USD, 130923 USD, 130042 USD, 129952 USD, 128604 USD, 128563 USD, 127211 USD, 126898 USD, 122851 USD, 122555 USD, 122064 USD, 120426 USD, 119913 USD, 119857 USD, 117885 USD, 117848 USD, 117685 USD, 117324 USD, 116684 USD, 116306 USD, 116280 USD, 114870 USD, 114735 USD, 114126 USD, 113547 USD, 113247 USD, 113135 USD, 112528 USD, 112280 USD, 111249 USD, 111247 USD, 110378 USD, 109530 USD, 107238 USD, 107013 USD, 107003 USD, 106642 USD, 103745 USD, 103701 USD, 103524 USD, 102052 USD, 101298 USD, 100470 USD, 100307 USD, 97748 USD, 97487 USD, 96921 USD, 96630 USD, 96128 USD, 95744 USD, 95662 USD, 95554 USD, 95518 USD, 95169 USD, 94899 USD, 94193 USD, 93681 USD, 92511 USD, 91552 USD, 91488 USD, 91145 USD, 91097 USD, 91058 USD, 90426 USD, 90313 USD, 87826 USD, 87578 USD, 87197 USD, 87035 USD, 86472 USD, 86026 USD, 85126 USD, 84738 USD, 84691 USD, 83746 USD, 83042 USD, 82928 USD, 82839 USD, 82528 USD, 82046 USD, 81540 USD, 80084 USD, 80034 USD, 78823 USD, 78495 USD, 78264 USD, 77990 USD, 77830 USD, 77394 USD, 77317 USD, 77092 USD, 76204 USD, 75516 USD, 75489 USD, 75138 USD, 74532 USD, 74384 USD, 73452 USD, 72870 USD, 72782 USD, 72152 USD, 72064 USD, 71496 USD, 71117 USD, 70789 USD, 70611 USD, 70260 USD, 70208 USD, 70182 USD, 69853 USD, 69788 USD, 69052 USD, 68735 USD, 68199 USD, 68032 USD, 67625 USD, 67531 USD, 67513 USD, 67033 USD, 66123 USD, 66081 USD, 65728 USD, 65694 USD, 64388 USD, 64380 USD, 64338 USD, 64153 USD, 62885 USD, 62845 USD, 62785 USD, 62711 USD, 62017 USD, 60974 USD, 60572 USD, 60326 USD, 60110 USD, 59702 USD, 59540 USD, 59063 USD, 58836 USD, 58681 USD, 58341 USD, 57659 USD, 56522 USD, 56337 USD, 54872 USD, 54215 USD, 53833 USD, 52840 USD, 52371 USD, 52309 USD, 52027 USD, 51998 USD, 50958 USD, 50663 USD, 50529 USD, 50455 USD, 50411 USD, 50088 USD, 49801 USD, 49520 USD, 49015 USD, 48918 USD, 48730 USD, 48216 USD, 47882 USD, 47764 USD, 47762 USD, 47719 USD, 47125 USD, 46886 USD, 46860 USD, 46002 USD, 45466 USD, 45086 USD, 44708 USD, 44432 USD, 44420 USD, 44355 USD, 43186 USD, 42448 USD, 42437 USD, 42346 USD, 42095 USD, 42004 USD, 41641 USD, 41315 USD, 40256 USD, 40209 USD, 40135 USD, 39613 USD, 39559 USD, 38941 USD, 38814 USD, 38326 USD, 38093 USD, 37488 USD, 37351 USD, 36913 USD, 36459 USD, 36301 USD, 36119 USD, 35387 USD, 35170 USD, 34645 USD, 34307 USD, 33969 USD, 33956 USD, 33534 USD, 32644 USD, 32611 USD, 32584 USD, 32227 USD, 32100 USD, 32001 USD, 31582 USD, 30996 USD, 30930 USD, 30393 USD, 29422 USD, 29211 USD, 29003 USD, 28844 USD, 28596 USD, 28419 USD, 28262 USD, 26747 USD, 26535 USD, 26332 USD, 26129 USD, 25725 USD, 24652 USD, 24477 USD, 24372 USD, 24238 USD, 24189 USD, 24075 USD, 23614 USD, 22197 USD, 21922 USD, 21660 USD, 21395 USD, 20805 USD, 20756 USD, 20750 USD, 20381 USD, 19625 USD, 19561 USD, 18061 USD, 17165 USD, 16591 USD, 16171 USD, 16050 USD, 16033 USD, 14805 USD, 14297 USD, 14289 USD, 13788 USD, 13674 USD, 12548 USD, 11080 USD, 11030 USD, 10753 USD, 10391 USD, 9870 USD, 9463 USD, 8580 USD, 8214 USD, 7447 USD, 6390 USD, 5375 USD, 3814 USD, 3368 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([1554851 USD, 1148114 USD, 887079 USD, 685967 USD, 595820 USD, 589754 USD, 531486 USD, 464561 USD, 440327 USD, 431627 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": "2861969",
      "line": "cash",
      "label": "Cash (line 1)",
      "share": "0.0595504409037973846503060149697"
    },
    {
      "fmv": "79558",
      "line": "government",
      "label": "U.S. and state government obligations (line 10a)",
      "share": "0.00165540366699440571439070302263"
    },
    {
      "fmv": "36051052",
      "line": "stock",
      "label": "Corporate stock (line 10b)",
      "share": "0.750132528215968276208506787315"
    },
    {
      "fmv": "8921313",
      "line": "bonds",
      "label": "Corporate bonds (line 10c)",
      "share": "0.185630285510003552465723949256"
    }
  ],
  "kind": "public-filing-990pf",
  "lens": "AXIOM",
  "build": {
    "commit": "bb0c3ac309b908a3322a65d096f5a7ca733df4c2",
    "digest": "b839212b6742304a91af2ff9e04e24acdb32ac9fd48760e6b89289b532c4c45b"
  },
  "filer": {
    "ein": "416022291",
    "name": "THE HUBBARD BROADCASTING FOUNDATION"
  },
  "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": "2314122",
      "label": "Minimum investment return: 5% of net noncharitable-use assets (Part IX line 6)",
      "verdict": "rounding",
      "difference": "-0.15",
      "recomputed": "2314122.15"
    },
    {
      "id": "excise_tax",
      "note": null,
      "filed": "50736",
      "label": "Excise tax: 1.39% of net investment income (Part V line 1)",
      "verdict": "rounding",
      "difference": "0.2633",
      "recomputed": "50735.7367"
    },
    {
      "id": "distributable_amount",
      "note": null,
      "filed": "2263386",
      "label": "Distributable amount: minimum investment return − taxes + recoveries − deduction (Part X line 7)",
      "verdict": "exact",
      "difference": "0",
      "recomputed": "2263386"
    }
  ],
  "engine": "kernel@2026-09-15.1",
  "source": {
    "form": "990-PF",
    "lines": {
      "netInvestmentIncome": "3650053",
      "grossInvestmentIncome": "4022922",
      "netNoncharitableAssets": "46282443",
      "undistributedCurrentYear": "0"
    },
    "period": {
      "end": "2025-12-31",
      "days": 365,
      "begin": "2025-01-01"
    },
    "amended": false,
    "foreign": {
      "organization": false,
      "meets85PctTest": false
    },
    "objectId": "202631349349104108",
    "returnTs": "2026-05-14T14:24:09-05:00",
    "operating": false,
    "sourceSha256": "1dabb3913cc35771a8c90d834ca08b2986228bca116d37ff363b940104d0aa0c",
    "returnVersion": "2025v4.1",
    "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 = 48059577 USD\nlet mix_cash = share(2861969 USD, total_assets_fmv)\nlet mix_government = share(79558 USD, total_assets_fmv)\nlet mix_stock = share(36051052 USD, total_assets_fmv)\nlet mix_bonds = share(8921313 USD, total_assets_fmv)\nlet net_noncharitable_assets = 46282443 USD\nlet mir_filed = 2314122 USD\nlet mir_recomputed = net_noncharitable_assets * 5%\nlet mir_difference = mir_filed - mir_recomputed\nlet net_investment_income = 3650053 USD\nlet excise_filed = 50736 USD\nlet excise_recomputed = net_investment_income * 1.39%\nlet excise_difference = excise_filed - excise_recomputed\nlet distributable_filed = 2263386 USD\nlet distributable_recomputed = 2314122 USD - 50736 USD + 0 USD - 0 USD\nlet distributable_difference = distributable_filed - distributable_recomputed\nlet qualifying_distributions = 2266866 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 = [1554851 USD, 1148114 USD, 887079 USD, 685967 USD, 595820 USD, 589754 USD, 531486 USD, 464561 USD, 440327 USD, 431627 USD, 403473 USD, 369635 USD, 355658 USD, 347846 USD, 306942 USD, 268136 USD, 250351 USD, 249794 USD, 246102 USD, 245027 USD, 231581 USD, 231032 USD, 229923 USD, 227661 USD, 211599 USD, 206949 USD, 206250 USD, 206192 USD, 198273 USD, 192359 USD, 190623 USD, 187154 USD, 186815 USD, 179220 USD, 177117 USD, 177006 USD, 176477 USD, 176403 USD, 173991 USD, 169136 USD, 168709 USD, 165486 USD, 165231 USD, 164770 USD, 163272 USD, 161870 USD, 161844 USD, 157095 USD, 153936 USD, 152897 USD, 152864 USD, 151855 USD, 150024 USD, 149776 USD, 147957 USD, 142272 USD, 141217 USD, 141196 USD, 140815 USD, 140312 USD, 139357 USD, 139221 USD, 138385 USD, 138006 USD, 135556 USD, 133674 USD, 133009 USD, 132139 USD, 131956 USD, 131702 USD, 131629 USD, 131182 USD, 131174 USD, 131152 USD, 130923 USD, 130042 USD, 129952 USD, 128604 USD, 128563 USD, 127211 USD, 126898 USD, 122851 USD, 122555 USD, 122064 USD, 120426 USD, 119913 USD, 119857 USD, 117885 USD, 117848 USD, 117685 USD, 117324 USD, 116684 USD, 116306 USD, 116280 USD, 114870 USD, 114735 USD, 114126 USD, 113547 USD, 113247 USD, 113135 USD, 112528 USD, 112280 USD, 111249 USD, 111247 USD, 110378 USD, 109530 USD, 107238 USD, 107013 USD, 107003 USD, 106642 USD, 103745 USD, 103701 USD, 103524 USD, 102052 USD, 101298 USD, 100470 USD, 100307 USD, 97748 USD, 97487 USD, 96921 USD, 96630 USD, 96128 USD, 95744 USD, 95662 USD, 95554 USD, 95518 USD, 95169 USD, 94899 USD, 94193 USD, 93681 USD, 92511 USD, 91552 USD, 91488 USD, 91145 USD, 91097 USD, 91058 USD, 90426 USD, 90313 USD, 87826 USD, 87578 USD, 87197 USD, 87035 USD, 86472 USD, 86026 USD, 85126 USD, 84738 USD, 84691 USD, 83746 USD, 83042 USD, 82928 USD, 82839 USD, 82528 USD, 82046 USD, 81540 USD, 80084 USD, 80034 USD, 78823 USD, 78495 USD, 78264 USD, 77990 USD, 77830 USD, 77394 USD, 77317 USD, 77092 USD, 76204 USD, 75516 USD, 75489 USD, 75138 USD, 74532 USD, 74384 USD, 73452 USD, 72870 USD, 72782 USD, 72152 USD, 72064 USD, 71496 USD, 71117 USD, 70789 USD, 70611 USD, 70260 USD, 70208 USD, 70182 USD, 69853 USD, 69788 USD, 69052 USD, 68735 USD, 68199 USD, 68032 USD, 67625 USD, 67531 USD, 67513 USD, 67033 USD, 66123 USD, 66081 USD, 65728 USD, 65694 USD, 64388 USD, 64380 USD, 64338 USD, 64153 USD, 62885 USD, 62845 USD, 62785 USD, 62711 USD, 62017 USD, 60974 USD, 60572 USD, 60326 USD, 60110 USD, 59702 USD, 59540 USD, 59063 USD, 58836 USD, 58681 USD, 58341 USD, 57659 USD, 56522 USD, 56337 USD, 54872 USD, 54215 USD, 53833 USD, 52840 USD, 52371 USD, 52309 USD, 52027 USD, 51998 USD, 50958 USD, 50663 USD, 50529 USD, 50455 USD, 50411 USD, 50088 USD, 49801 USD, 49520 USD, 49015 USD, 48918 USD, 48730 USD, 48216 USD, 47882 USD, 47764 USD, 47762 USD, 47719 USD, 47125 USD, 46886 USD, 46860 USD, 46002 USD, 45466 USD, 45086 USD, 44708 USD, 44432 USD, 44420 USD, 44355 USD, 43186 USD, 42448 USD, 42437 USD, 42346 USD, 42095 USD, 42004 USD, 41641 USD, 41315 USD, 40256 USD, 40209 USD, 40135 USD, 39613 USD, 39559 USD, 38941 USD, 38814 USD, 38326 USD, 38093 USD, 37488 USD, 37351 USD, 36913 USD, 36459 USD, 36301 USD, 36119 USD, 35387 USD, 35170 USD, 34645 USD, 34307 USD, 33969 USD, 33956 USD, 33534 USD, 32644 USD, 32611 USD, 32584 USD, 32227 USD, 32100 USD, 32001 USD, 31582 USD, 30996 USD, 30930 USD, 30393 USD, 29422 USD, 29211 USD, 29003 USD, 28844 USD, 28596 USD, 28419 USD, 28262 USD, 26747 USD, 26535 USD, 26332 USD, 26129 USD, 25725 USD, 24652 USD, 24477 USD, 24372 USD, 24238 USD, 24189 USD, 24075 USD, 23614 USD, 22197 USD, 21922 USD, 21660 USD, 21395 USD, 20805 USD, 20756 USD, 20750 USD, 20381 USD, 19625 USD, 19561 USD, 18061 USD, 17165 USD, 16591 USD, 16171 USD, 16050 USD, 16033 USD, 14805 USD, 14297 USD, 14289 USD, 13788 USD, 13674 USD, 12548 USD, 11080 USD, 11030 USD, 10753 USD, 10391 USD, 9870 USD, 9463 USD, 8580 USD, 8214 USD, 7447 USD, 6390 USD, 5375 USD, 3814 USD, 3368 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([1554851 USD, 1148114 USD, 887079 USD, 685967 USD, 595820 USD, 589754 USD, 531486 USD, 464561 USD, 440327 USD, 431627 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": {
    "mix_cash": "0.0595504409037973846503060149697",
    "mir_filed": "2314122 USD",
    "mix_bonds": "0.185630285510003552465723949256",
    "mix_stock": "0.750132528215968276208506787315",
    "payout_rate": "0.0489789616334643354932668528323",
    "stock_count": "346",
    "excise_filed": "50736 USD",
    "largest_stock": "1554851 USD",
    "mir_difference": "-0.15 USD",
    "mir_recomputed": "2314122.15 USD",
    "mix_government": "0.00165540366699440571439070302263",
    "payout_coverage": "1.00153751945094650227579387696",
    "total_assets_fmv": "48059577 USD",
    "excise_difference": "0.2633 USD",
    "excise_recomputed": "50735.7367 USD",
    "distributable_filed": "2263386 USD",
    "stock_concentration": "0.00798275391119630287326125662058",
    "top10_share_of_stock": "0.203311293107341222663904509638",
    "net_investment_income": "3650053 USD",
    "distributable_difference": "0 USD",
    "distributable_recomputed": "2263386 USD",
    "effective_stock_holdings": "125.270052305813730952526272795",
    "net_noncharitable_assets": "46282443 USD",
    "qualifying_distributions": "2266866 USD",
    "undistributed_to_next_year": "0 USD",
    "largest_stock_share_of_assets": "0.0323525735567751667893373260443",
    "largest_stock_halved_share_of_assets": "0.0161762867783875833946686630221"
  },
  "version": 2,
  "holdings": {
    "tie": "exact",
    "top": [
      {
        "fmv": "1554851",
        "name": "NVIDIACORPORATION (NVDA)",
        "shareOfAssets": "0.0323525735567751667893373260443"
      },
      {
        "fmv": "1148114",
        "name": "MICROSOFT CORP (MSFT)",
        "shareOfAssets": "0.0238893904538527253371372785907"
      },
      {
        "fmv": "887079",
        "name": "APPLE INC (AAPL)",
        "shareOfAssets": "0.0184579027817910257512254009227"
      },
      {
        "fmv": "685967",
        "name": "ALPHABET INC CL C (GOOG)",
        "shareOfAssets": "0.0142732633705868863556581032746"
      },
      {
        "fmv": "595820",
        "name": "MICROSOFT CORP (MSFT)",
        "shareOfAssets": "0.0123975290086302673866646807982"
      },
      {
        "fmv": "589754",
        "name": "BROADCOM INC (AVGO)",
        "shareOfAssets": "0.0122713106692553702667836631188"
      },
      {
        "fmv": "531486",
        "name": "APPLE INC (AAPL)",
        "shareOfAssets": "0.0110588988330047099665483947143"
      },
      {
        "fmv": "464561",
        "name": "TESLAINC (TSLA)",
        "shareOfAssets": "0.00966635640592508752209783286274"
      },
      {
        "fmv": "440327",
        "name": "NVIDIA CORPORATION (NVDA)",
        "shareOfAssets": "0.0091621072736449594635425109963"
      },
      {
        "fmv": "431627",
        "name": "ALPHABET INC CL A(GOOGL)",
        "shareOfAssets": "0.00898108196000143738260534419602"
      }
    ],
    "count": 346,
    "schedule": "Corporate stock (line 10b)"
  },
  "refusals": [],
  "blankLines": [],
  "kernelProof": "06cddc1e19a8eb32d74fcd6469c08086a99dec2c2c40d6b9e7c3393524c8f812",
  "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.