THE FLETCHER FOUNDATION
EIN 04-6470890, tax year January 1, 2024 to December 31, 2024. 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 FLETCHER FOUNDATION. 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. Its tax year ended 21 months ago, so a later one may have been filed since and not yet appear in the public file. The IRS received it on November 13, 2025.
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.
the distributable amount (Part XI ÷ Part X)
undistributed income, Part XII: nothing carried into the next year
of net noncharitable-use assets; the legal test is the distributable amount, not this rate
end of the tax year, Part II
BROADCOM INC COM (FUND M)
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
This page’s own short link: paretoalphasystems.com/p/bc49197dd6b7 — 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) | $3,429,146 | $3,429,145.5 | recomputes, within the form's whole-dollar rounding (difference $0.5) |
| Excise tax: 1.39% of net investment income (Part V line 1) | $20,739 | $20,739.3699 | recomputes, within the form's whole-dollar rounding (difference −$0.3699) |
| Distributable amount: minimum investment return − taxes + recoveries − deduction (Part X line 7) | $3,408,407 | $3,408,407 | 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) | $1M | 1.4% |
| Corporate stock (line 10b) | $65.9M | 90.6% |
The ten largest listed stocks, of 90 on the schedule
The schedule ties to Part II line 10b within whole-dollar rounding. It behaves like 57.0 equal holdings; the ten largest are 29.9% of the listed stock.
| Stock, as listed | Fair market value | Share of assets |
|---|---|---|
| BROADCOM INC COM (FUND M) | $3.4M | 4.6% |
| APPLE INC COM (FUND P) | $2.3M | 3.1% |
| APPLE INC COM (FUND M) | $2.2M | 3.0% |
| BLACKSTONE INC COM (FUND M) | $2.1M | 2.9% |
| MICROSOFT CORP COM (FUND M) | $1.9M | 2.6% |
| ALPHABET INC CAP STK CL A (FUN | $1.8M | 2.4% |
| MICROSOFT CORP COM (FUND P) | $1.7M | 2.3% |
| FAIRFAX FINL HLDGS LTD SUB VTG | $1.6M | 2.2% |
| JPMORGAN CHASE & CO COM (FUND | $1.5M | 2.0% |
| IRON MTN INC DEL COM (FUND M) | $1.4M | 1.9% |
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.
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 $3,429,146; recomputed $3,429,145.5; agrees within the form's whole-dollar rounding. |
| Excise tax | Part V line 1 against 1.39% of net investment income | agrees | Filed $20,739; recomputed $20,739.36; 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 $3,408,407; recomputed $3,408,407; agrees to the dollar. |
| Payout coverage | Part XI total against Part X line 7 | reported | Qualifying distributions $3,530,050 against a distributable amount of $3,408,407 (1.04×). |
| 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 2024: nothing carried into the next year, so nothing from this year falls due by 31 December 2025. |
| Holdings tie-out | The corporate-stock schedule against Part II line 10b | agrees | 90 listed holdings sum to Part II line 10b within rounding; the largest is 4.6% 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 13 November 2025; the original due date was 15 May 2025; the six-month extension window ended 15 November 2025 (a Saturday, so 17 November 2025 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.
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 15, 2026 Passed | Excise tax on the year ending 31 December 2025, due with that return by 15 May 2026. That date has passed; the figure for that year is on its own return, not this one. | $20,739 | Projected under the assumptions below |
| December 31, 2026 | Distributable amount for the year ending 31 December 2025, to be paid out | $3,408,406 | Projected under the assumptions below |
If net noncharitable-use assets fell 20% over the year ending December 31, 2025: what is owed now, nothing from Part XII, is unchanged; the following year’s minimum investment return would be $2,743,316, $685,829 less than the projection.
The assumptions, the forward kernel proof, and what was refused
- Net noncharitable-use assets for the year ending 31 December 2025 equal this return's Part IX line 5, $68582910; the thirteen-month average is not observable from a filing.
- Net investment income for that year equals this return's, $1492041.
- 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)
8f8b5e51d22378d2…· 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.
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
bc49197dd6b79c1d6464eddded8ca6394be15a817c912d01ea24f73c80abc85c · recomputed now, matches202523179349103537, schema 2024v5.2 — the file as the IRS published it hashes to 8c5ee22cb59ab380…202523179349103537_public.xml inside 2025_TEOS_XML_11C.zip at irs.gov — not part of the seal; fetch it yourself with verify_proof.py bc49197dd6b7 --fetchkernel@2026-09-15.1 · kernel proof 55fc38f426359f9f…b839212b6742304a91af2ff9e04e24acdb32ac9fd48760e6b89289b532c4c45b · commit f80886675d1e — 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 = 72677923 USD let mix_savings = share(1022858 USD, total_assets_fmv) let mix_stock = share(65871122 USD, total_assets_fmv) let net_noncharitable_assets = 68582910 USD let mir_filed = 3429146 USD let mir_recomputed = net_noncharitable_assets * 5% let mir_difference = mir_filed - mir_recomputed let net_investment_income = 1492041 USD let excise_filed = 20739 USD let excise_recomputed = net_investment_income * 1.39% let excise_difference = excise_filed - excise_recomputed let distributable_filed = 3408407 USD let distributable_recomputed = 3429146 USD - 20739 USD + 0 USD - 0 USD let distributable_difference = distributable_filed - distributable_recomputed let qualifying_distributions = 3530050 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 = [3373272 USD, 2253780 USD, 2178654 USD, 2108697 USD, 1854600 USD, 1760490 USD, 1707075 USD, 1570429 USD, 1486202 USD, 1405531 USD, 1362118 USD, 1316340 USD, 1167155 USD, 1129485 USD, 1115399 USD, 1111068 USD, 1095570 USD, 1075700 USD, 1045545 USD, 1011199 USD, 971880 USD, 940030 USD, 885074 USD, 860272 USD, 843183 USD, 839796 USD, 829148 USD, 813150 USD, 795485 USD, 789540 USD, 787379 USD, 761760 USD, 757200 USD, 731825 USD, 731825 USD, 726553 USD, 718308 USD, 715903 USD, 711144 USD, 688200 USD, 666407 USD, 641600 USD, 604170 USD, 596880 USD, 592998 USD, 590092 USD, 586575 USD, 583197 USD, 581120 USD, 556661 USD, 528109 USD, 525961 USD, 511920 USD, 510237 USD, 508674 USD, 489600 USD, 468474 USD, 467197 USD, 467048 USD, 455680 USD, 448900 USD, 414400 USD, 408984 USD, 393120 USD, 378300 USD, 345068 USD, 340340 USD, 339735 USD, 333222 USD, 330397 USD, 316656 USD, 313920 USD, 299322 USD, 296241 USD, 267467 USD, 266156 USD, 261933 USD, 243945 USD, 240345 USD, 233544 USD, 189045 USD, 177935 USD, 176399 USD, 175560 USD, 153200 USD, 138836 USD, 127772 USD, 120704 USD, 117590 USD, 63526 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([3373272 USD, 2253780 USD, 2178654 USD, 2108697 USD, 1854600 USD, 1760490 USD, 1707075 USD, 1570429 USD, 1486202 USD, 1405531 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": "1022858",
"line": "savings",
"label": "Savings and temporary cash investments (line 2)",
"share": "0.01407384743232136669618365401"
},
{
"fmv": "65871122",
"line": "stock",
"label": "Corporate stock (line 10b)",
"share": "0.906342934428657241622053508601"
}
],
"kind": "public-filing-990pf",
"lens": "AXIOM",
"build": {
"commit": "f80886675d1e9841aaf04d9ad7d91262ed5fee38",
"digest": "b839212b6742304a91af2ff9e04e24acdb32ac9fd48760e6b89289b532c4c45b"
},
"filer": {
"ein": "046470890",
"name": "THE FLETCHER 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": "3429146",
"label": "Minimum investment return: 5% of net noncharitable-use assets (Part IX line 6)",
"verdict": "rounding",
"difference": "0.5",
"recomputed": "3429145.5"
},
{
"id": "excise_tax",
"note": null,
"filed": "20739",
"label": "Excise tax: 1.39% of net investment income (Part V line 1)",
"verdict": "rounding",
"difference": "-0.3699",
"recomputed": "20739.3699"
},
{
"id": "distributable_amount",
"note": null,
"filed": "3408407",
"label": "Distributable amount: minimum investment return − taxes + recoveries − deduction (Part X line 7)",
"verdict": "exact",
"difference": "0",
"recomputed": "3408407"
}
],
"engine": "kernel@2026-09-15.1",
"source": {
"form": "990-PF",
"lines": {
"netInvestmentIncome": "1492041",
"grossInvestmentIncome": "1773551",
"netNoncharitableAssets": "68582910",
"undistributedCurrentYear": "0"
},
"period": {
"end": "2024-12-31",
"days": 366,
"begin": "2024-01-01"
},
"amended": false,
"foreign": {
"organization": false,
"meets85PctTest": false
},
"objectId": "202523179349103537",
"returnTs": "2025-11-13T16:01:33-06:00",
"operating": false,
"sourceSha256": "8c5ee22cb59ab380d97a2f7b34d621d7dca1fa351cf7c49f32057c43f5e8214c",
"returnVersion": "2024v5.2",
"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 = 72677923 USD\nlet mix_savings = share(1022858 USD, total_assets_fmv)\nlet mix_stock = share(65871122 USD, total_assets_fmv)\nlet net_noncharitable_assets = 68582910 USD\nlet mir_filed = 3429146 USD\nlet mir_recomputed = net_noncharitable_assets * 5%\nlet mir_difference = mir_filed - mir_recomputed\nlet net_investment_income = 1492041 USD\nlet excise_filed = 20739 USD\nlet excise_recomputed = net_investment_income * 1.39%\nlet excise_difference = excise_filed - excise_recomputed\nlet distributable_filed = 3408407 USD\nlet distributable_recomputed = 3429146 USD - 20739 USD + 0 USD - 0 USD\nlet distributable_difference = distributable_filed - distributable_recomputed\nlet qualifying_distributions = 3530050 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 = [3373272 USD, 2253780 USD, 2178654 USD, 2108697 USD, 1854600 USD, 1760490 USD, 1707075 USD, 1570429 USD, 1486202 USD, 1405531 USD, 1362118 USD, 1316340 USD, 1167155 USD, 1129485 USD, 1115399 USD, 1111068 USD, 1095570 USD, 1075700 USD, 1045545 USD, 1011199 USD, 971880 USD, 940030 USD, 885074 USD, 860272 USD, 843183 USD, 839796 USD, 829148 USD, 813150 USD, 795485 USD, 789540 USD, 787379 USD, 761760 USD, 757200 USD, 731825 USD, 731825 USD, 726553 USD, 718308 USD, 715903 USD, 711144 USD, 688200 USD, 666407 USD, 641600 USD, 604170 USD, 596880 USD, 592998 USD, 590092 USD, 586575 USD, 583197 USD, 581120 USD, 556661 USD, 528109 USD, 525961 USD, 511920 USD, 510237 USD, 508674 USD, 489600 USD, 468474 USD, 467197 USD, 467048 USD, 455680 USD, 448900 USD, 414400 USD, 408984 USD, 393120 USD, 378300 USD, 345068 USD, 340340 USD, 339735 USD, 333222 USD, 330397 USD, 316656 USD, 313920 USD, 299322 USD, 296241 USD, 267467 USD, 266156 USD, 261933 USD, 243945 USD, 240345 USD, 233544 USD, 189045 USD, 177935 USD, 176399 USD, 175560 USD, 153200 USD, 138836 USD, 127772 USD, 120704 USD, 117590 USD, 63526 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([3373272 USD, 2253780 USD, 2178654 USD, 2108697 USD, 1854600 USD, 1760490 USD, 1707075 USD, 1570429 USD, 1486202 USD, 1405531 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": "3429146 USD",
"mix_stock": "0.906342934428657241622053508601",
"mix_savings": "0.01407384743232136669618365401",
"payout_rate": "0.0514712776112882932497323312761",
"stock_count": "90",
"excise_filed": "20739 USD",
"largest_stock": "3373272 USD",
"mir_difference": "0.5 USD",
"mir_recomputed": "3429145.5 USD",
"payout_coverage": "1.03568910637726069685926592687",
"total_assets_fmv": "72677923 USD",
"excise_difference": "-0.3699 USD",
"excise_recomputed": "20739.3699 USD",
"distributable_filed": "3408407 USD",
"stock_concentration": "0.0175439191118349201480009570339",
"top10_share_of_stock": "0.299049541069026207324890726781",
"net_investment_income": "1492041 USD",
"distributable_difference": "0 USD",
"distributable_recomputed": "3408407 USD",
"effective_stock_holdings": "56.9998068063031502462822439148",
"net_noncharitable_assets": "68582910 USD",
"qualifying_distributions": "3530050 USD",
"undistributed_to_next_year": "0 USD",
"largest_stock_share_of_assets": "0.0464139846153831336099134258418",
"largest_stock_halved_share_of_assets": "0.0232069923076915668049567129209"
},
"version": 2,
"holdings": {
"tie": "within_rounding",
"top": [
{
"fmv": "3373272",
"name": "BROADCOM INC COM (FUND M)",
"shareOfAssets": "0.0464139846153831336099134258418"
},
{
"fmv": "2253780",
"name": "APPLE INC COM (FUND P)",
"shareOfAssets": "0.0310105174579631286381147683596"
},
{
"fmv": "2178654",
"name": "APPLE INC COM (FUND M)",
"shareOfAssets": "0.0299768335426976910168442760809"
},
{
"fmv": "2108697",
"name": "BLACKSTONE INC COM (FUND M)",
"shareOfAssets": "0.0290142716378947703279852947917"
},
{
"fmv": "1854600",
"name": "MICROSOFT CORP COM (FUND M)",
"shareOfAssets": "0.0255180655066325987329054519073"
},
{
"fmv": "1760490",
"name": "ALPHABET INC CAP STK CL A (FUN",
"shareOfAssets": "0.0242231743469058685125055100983"
},
{
"fmv": "1707075",
"name": "MICROSOFT CORP COM (FUND P)",
"shareOfAssets": "0.0234882193867868238336970636874"
},
{
"fmv": "1570429",
"name": "FAIRFAX FINL HLDGS LTD SUB VTG",
"shareOfAssets": "0.0216080610889224228380879844351"
},
{
"fmv": "1486202",
"name": "JPMORGAN CHASE & CO COM (FUND",
"shareOfAssets": "0.0204491534520049506643165903351"
},
{
"fmv": "1405531",
"name": "IRON MTN INC DEL COM (FUND M)",
"shareOfAssets": "0.0193391740157461571927420105277"
}
],
"count": 90,
"schedule": "Corporate stock (line 10b)"
},
"refusals": [],
"blankLines": [],
"kernelProof": "55fc38f426359f9fa96c0994db4143d78a39ab884f6eef0a861602c803fa281e",
"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.