2023-05-05T16:52:03-05:00 2022-06-30 366055558 GRANT THORNTON LLP 757 THIRD AVENUE 3RD FLOOR NEW YORK NY 100172013 990 2021-07-01 942747262 SAN FRANCISCO BALLET ENDOWMENT FOUNDATION SANF 4158615600 455 FRANKLIN STREET SAN FRANCISCO CA 94102 ROBERT H FORE III CHIEF FINANCIAL OFFICER 4158615600 2023-05-05 1 ROBERT FORE III 999009999 DANIEL ROMANO P00504182 2125990100 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z NANCY KUKACKA 455 FRANKLIN STREET SAN FRANCISCO CA 94102 664441 0 X WWW.SFBALLET.ORG/SUPPORT-US/WAYS-TO-GIVE X 1980 CA HOLDING AND MANAGING FUNDS FOR THE BENEFIT OF THE SAN FRANCISCO BALLET ASSOCIATION. 8 8 3 8 39568 15242 746461 2333710 0 0 23220171 -8289343 111 0 23966743 -5955633 4954344 5370721 0 0 416611 363066 0 0 294247 1066086 937446 6437041 6671233 17529702 -12626866 139886048 115604092 2160030 3680845 137726018 111923247 X THE SAN FRANCISCO BALLET ENDOWMENT FOUNDATION WAS ESTABLISHED IN 1980 AND IN 1981 MADE ITS FIRST DISTRIBUTION TO THE SAN FRANCISCO BALLET ASSOCIATION (THE ASSOCIATION), A CALIFORNIA NONPROFIT PUBLIC BENEFIT CORPORATION. (SEE SCHEDULE O) SINCE THEN, STRONG INVESTMENT RETURNS AND CONTRIBUTIONS, PRIMARILY FROM ESTATES AND FROM DONORS HAVE GROWN SIGNIFICANTLY AND INCREASED THE IMPORTANCE OF THE ENDOWMENT TO THE ASSOCIATION'S REVENUE STREAM. THE FOUNDATION IS INCORPORATED AS A SEPARATE NONPROFIT PUBLIC BENEFIT CORPORATION FOR THE PURPOSE OF HOLDING AND MANAGING ENDOWMENT FUNDS FOR THE BENEFIT OF THE ASSOCIATION. IT SEEKS TO PROVIDE THE ASSOCIATION WITH A RELIABLE SOURCE OF SUPPORT WHILE PROTECTING ITS INVESTMENTS AGAINST INFLATION AND WIDE SWINGS IN THE CAPITAL MARKETS SO THAT THE ASSOCIATION MAY CONTINUE ITS MISSION TO SHARE THE JOY OF DANCE WITH THE WIDEST POSSIBLE AUDIENCE IN THE COMMUNITY AND AROUND THE GLOBE. 0 0 6161283 5370721 SEE SCHEDULE O 6161283 1 1 0 0 0 0 0 0 0 1 0 1 0 0 1 1 0 1 0 0 1 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 3 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 0 0 0 CA X ROBERT H FORE III 4158615600 455 FRANKLIN STREET SAN FRANCISCO CA 94102 NANCY KUKACKA PRESIDENT 5.00 5.00 X X 0 0 0 JOHN S OSTERWEIS PRESIDENT EMERITUS 2.00 10.00 X 0 0 0 THOMAS E HORN TREASURER 5.00 2.00 X X 0 0 0 HILARY C PIERCE DIRECTOR 2.00 0.00 X 0 0 0 LARISSA K ROESCH DIRECTOR 2.00 0.00 X 0 0 0 RICHARD C BARKER DIRECTOR 2.00 2.00 X 0 0 0 SALLY X YU DIRECTOR 2.00 0.00 X 0 0 0 SUSAN S BRIGGS DIRECTOR 2.00 5.00 X 0 0 0 ROBERT H FORE III CHIEF FINANCIAL OFFICER 10.00 40.00 X 39957 159826 25102 ELIZABETH LANI SECRETARY (THRU 08/21) 28.00 12.00 X 68699 29443 5466 KATHARINE CHAMBERS SECRETARY (AS OF 08/21) 5.00 35.00 X 7006 49043 7646 115662 238312 38214 0 0 1 0 HALL CAPITAL PARTNERS LLC ONE MARITIME PLAZA SUITE 500 SAN FRANCISCO CA 94111 INVESTMENT MANAGEMENT 241624 1 2333710 2333710 -11962793 39568 -12002361 10293524 6620074 3673450 3673450 3673450 -5955633 0 39568 -8328911 5370721 5370721 148723 104869 43854 177253 27700 149553 5974 3244 2730 14645 11055 3590 16471 9213 7258 150 150 35182 35182 719612 719612 80795 70950 9630 215 53020 53020 10446 10446 8875 8875 2042 2042 7315 7315 DUES AND SUBSCRIPTIONS 14074 14074 UBI TAXES 5360 5360 MISCELLANEOUS 575 575 6671233 6161283 215703 294247 18824316 19525998 22045 829186 44144076 34207612 74482659 59043944 2412952 1997352 139886048 115604092 33690 49890 2126340 3630955 2160030 3680845 X 36881156 28970568 100844862 82952679 137726018 111923247 139886048 115604092 X -12626866 -12720535 -455370 X 0 1 X 1 0 X X 1 SAN FRANCISCO BALLET ASSOCIATION 941415298 7 1 5370721 0 1 5370721 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 137456934 5064092 -21036485 8699663 112784878 113923812 2740493 29074149 8281520 137456934 124452193 499569 457454 9340468 2144936 113923812 125015507 2516119 6070692 8334967 815158 124452193 119047942 7701230 6198570 7932235 125015507 0.31480 0.68520 0 0 0 CREDIT STRATEGIES HEDGE FUND 6666654 F EVENT-DRIVEN HEDGE FUND 7441441 F LONG-BIASED HEDGE FUND 34082622 F REAL ESTATE PARTNERSHIP FUND 5007865 F DOMESTIC EQUITIES 5845362 F 59043944 DUE TO SAN FRANCISCO BALLET ASSOCIATION 2988214 CHARITABLE GIFT ANNUITY PAYMENT 642741 3630955 X PART V, LINE 4: INTENDED USE OF ORGANIZATION'S ENDOWMENT FUNDS THE FOUNDATION IS INCORPORATED AS A SEPARATE NONPROFIT PUBLIC BENEFIT CORPORATION FOR THE PURPOSE OF HOLDING AND MANAGING ENDOWMENT FUNDS FOR THE BENEFIT OF THE ASSOCIATION. IT SEEKS TO PROVIDE THE ASSOCIATION WITH A RELIABLE SOURCE OF SUPPORT WHILE PROTECTING ITS INVESTMENTS AGAINST INFLATION AND WIDE SWINGS IN THE CAPITAL MARKETS SO THAT THE ASSOCIATION MAY CONTINUE ITS MISSION TO SHARE THE JOY OF DANCE WITH THE WIDEST POSSIBLE AUDIENCE IN THE COMMUNITY AND AROUND THE GLOBE. PART V, LINE 1G: THE ENDOWMENT FUNDS BALANCE IS COMPRISED OF BOTH THE ASSOCIATION'S QUASI-ENDOWMENT BALANCE COMBINED WITH THE ENDOWMENT FOUNDATION FUND'S BALANCE. PART X, LINE 2: LIABILITY FOR UNCERTAIN TAX POSITIONS (ASC 740) THE FOUNDATION FOLLOWS GUIDANCE THAT CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, INCLUDING ISSUES RELATING TO FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT. THIS GUIDANCE PROVIDES THAT THE TAX EFFECTS FROM AN UNCERTAIN TAX POSITION CAN ONLY BE RECOGNIZED IN THE FINANCIAL STATEMENTS IF THE POSITION IS "MORE-LIKELY-THAN-NOT" TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY A TAXING AUTHORITY. THE ASSESSMENT OF THE TAX POSITION IS BASED SOLELY ON THE TECHNICAL MERITS OF THE POSITION, WITHOUT REGARD TO THE LIKELIHOOD THAT THE TAX POSITION MAY BE CHALLENGED. THE FOUNDATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER IRC SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, THOUGH IT IS SUBJECT TO TAX ON INCOME UNRELATED TO ITS EXEMPT PURPOSE, UNLESS THAT INCOME IS OTHERWISE EXCLUDED BY THE CODE. THE FOUNDATION IS ALSO EXEMPT FROM CALIFORNIA FRANCHISE TAXES UNDER REVENUE AND TAXATION CODE SECTION 23701D ON ITS INCOME OTHER THAN UNRELATED BUSINESS INCOME. THE FOUNDATION HAS PROCESSES PRESENTLY IN PLACE TO ENSURE THE MAINTENANCE OF ITS TAX-EXEMPT STATUS; TO IDENTIFY AND REPORT UNRELATED INCOME; TO DETERMINE ITS FILING AND TAX OBLIGATIONS IN JURISDICTIONS FOR WHICH IT HAS NEXUS; AND TO IDENTIFY AND EVALUATE OTHER MATTERS THAT MAY BE CONSIDERED TAX POSITIONS. THE FOUNDATION HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 25178927 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 10232922 0 0 0 0 0 0 35411849 0 35411849 0 0 1 1 1 0 PART III ACCOUNTING METHOD: SCHEDULE F, PART IV: THE FOUNDATION INVESTS DIRECTLY IN VARIOUS ALTERNATIVE INVESTMENTS THAT MAY BE ORGANIZED AS EITHER FOREIGN CORPORATIONS OR PARTNERSHIPS. IN ADDITION, THE FOUNDATION INVESTS IN DOMESTIC LIMITED PARTNERSHIPS THAT MAY, IN TURN INVEST IN FOREIGN CORPORATIONS OR PARTNERSHIPS. NEVERTHELESS, THE FOUNDATION'S INVESTMENT ACTIVITIES MAY NOT REACH THE THRESHOLDS REQUIRED FOR THE FILING OF FORMS 926, 5471, 8621, OR 8865. TO THE EXTENT THAT THE FOUNDATION IS REQUIRED TO COMPLETE ONE (OR MORE) OF THESE FOREIGN FORMS, IT IS FILED WITH THE FOUNDATION'S FORM 990-T. INVESTMENTS ARE RECORDED AT THEIR FAIR MARKET VALUE USING THE ACCRUAL METHOD OF ACCOUNTING. 1 SAN FRANCISCO BALLET ASSOCIATION 455 FRANKLIN STREEET SAN FRANCISCO CA 94102 941415298 501(C)(3) 5370721 0 THE PURPOSE IS TO SUPPORT SAN FRANCISCO BALLET ASSOCIATION GENERAL OPERATIONS 1 PART I, LINE 2: PROCEDURE FOR MONITORING THE USE OF GRANT FUNDS IN THE U.S. THE PURPOSE OF THE SAN FRANCISCO BALLET ENDOWMENT FOUNDATION IS TO HOLD AND MANAGE ENDOWMENT FOR THE BENEFIT OF THE SAN FRANCISCO BALLET ASSOCIATION. GRANTS ARE MADE TO SUPPORT THE RELATED TAX EXEMPT ORGANIZATION'S EXEMPT PURPOSE. ENDOWMENT OPERATING TRANSFERS ARE APPROVED AND BUDGETED IN ACCORDANCE WITH THE FOUNDATION'S SPENDING POLICY. USE OF GRANT FUNDS IS MONITORED BY THE FOUNDATION'S CFO THROUGH REVIEW AND AUDIT OF FINANCIAL STATEMENTS. 0 0 0 0 0 0 0 0 0 ROBERT H FORE III CHIEF FINANCIAL OFFICER 39957 159826 0 0 0 0 0 0 5020 20082 44977 179908 0 0 PART I, LINE 3 THE FOUNDATION RELIES ON A RELATED ORGANIZATION, SAN FRANCISCO BALLET ASSOCIATION, TO DETERMINE COMPENSATION FOR ITS OFFICERS. THE ASSOCIATION USED A COMPENSATION COMMITTEE, WRITTEN EMPLOYMENT CONTRACT AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE TO ESTABLISH COMPENSATION. FORM 990, PART III, LINE 4A THE SAN FRANCISCO BALLET ENDOWMENT FOUNDATION (THE FOUNDATION) IS RESPONSIBLE FOR MANAGEMENT AND OVERSIGHT-HOLDING OF ENDOWMENT FUNDS FOR THE BENEFIT OF SAN FRANCISCO BALLET ASSOCIATION. THE BALLET HAS A POLICY OF APPROPRIATING FOR DISTRIBUTION EACH YEAR UP TO A MAXIMUM OF 5% OF ITS ENDOWMENT FUNDS' AVERAGE FAIR VALUE OVER THE PRIOR TWELVE QUARTERS YEARS AS OF JUNE 30, PRECEDING THE FISCAL YEAR IN WHICH THE DISTRIBUTION IS PLANNED. TYPICALLY, THE DISTRIBUTION SUPPORTS NEW SAN FRANCISCO BALLET WORKS AND PRODUCTIONS, THE BALLET'S ORCHESTRA AND MUSIC, ARTISTIC INNOVATION, TOURING, DANCE EDUCATION, SCHOLARSHIPS, AND THE SAN FRANCISCO BALLET SCHOOL. DEPENDING UPON MARKET CONDITIONS AND THE NEEDS AND AVAILABLE RESOURCES OF THE ASSOCIATION, APPROPRIATIONS FOR EXPENDITURE FROM INDIVIDUAL ENDOWMENTS MAY BE TEMPORARILY SUSPENDED TO FACILITATE PRESERVATION OF THE ENDOWMENT. FORM 990, PART VI, SECTION A, LINE 6 MEMBERS OR STOCKHOLDERS THE MEMBERS OF THE FOUNDATION SHALL BE THOSE PERSONS, AND ONLY THOSE PERSONS, WHO ARE FROM TIME TO TIME MEMBERS OF THE SAN FRANCISCO BALLET ASSOCIATION'S BOARD OF TRUSTEES, AND EACH SUCH PERSON UPON ELECTION OR APPOINTMENT TO SAID BOARD OF TRUSTEES SHALL AUTOMATICALLY BECOME A MEMBER OF THE FOUNDATION AND UPON CEASING TO BE A MEMBER OF SAID BOARD OF TRUSTEES SHALL AUTOMATICALLY CEASE TO BE A MEMBER OF THE FOUNDATION. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OR STOCKHOLDERS TRUSTEES OF THE ASSOCIATION ARE ELECTED BY THE MEMBERS FOR A TERM OF THREE YEARS. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OR STOCKHOLDERS MEMBERS SHALL HAVE, IN ADDITION TO ANY OTHER RIGHTS WHICH MAY BE GRANTED TO THEM UNDER THE BY-LAWS OR BY THE LAW, THE RIGHT TO VOTE (1) FOR THE ELECTION OF TRUSTEES, (2) ON A DISPOSITION OF ALL OR SUBSTANTIALLY ALL OF THE FOUNDATION'S ASSETS, (3) ON A MERGER OF THE FOUNDATION WITH ANOTHER CORPORATION, (4) ON A DISSOLUTION OF THE FOUNDATION, (5) ON AN AMENDMENT OF THE ARTICLES OF INCORPORATION AND, (6) ON AN AMENDMENT OF THE BY-LAWS (UNLESS THE BY-LAW AMENDMENT IS APPROVED BY THE BOARD ALONE IN ACCORDANCE WITH THE TERMS OF THE BY-LAWS). FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS THE FORM 990 WAS PREPARED BASED ON AUDITED FINANCIAL STATEMENTS BY AN INDEPENDENT ACCOUNTING FIRM, WHICH WAS THEN REVIEWED BY FINANCE MANAGEMENT. THE FOUNDATION PROVIDED A COMPLETE COPY OF THIS FORM TO ALL MEMBERS OF ITS GOVERNING BODY WITH A REDACTION OF DONOR NAMES AND ADDRESSES FROM FORM 990, SCHEDULE B, AT THE REQUEST OF THE DONOR. THE FORM 990 WAS REVIEWED AND APPROVED AT A MEETING OF THE AUDIT COMMITTEE. SUBSEQUENT TO THAT REVIEW, THE FORM 990 WAS POSTED ON THE FOUNDATION'S TRUSTEE INTRANET WEBSITE AND TRUSTEES WERE NOTIFIED IN WRITING OF THE AVAILABILITY OF THE FORM 990 FOR THEIR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY MONITORING & ENFORCEMENT THE FOUNDATION DISTRIBUTES THE POLICY AND RELATED QUESTIONNAIRE TO BOARD MEMBERS AT THE BEGINNING OF EACH BOARD YEAR. RETURN OF THE QUESTIONNAIRE IS MONITORED AND ENFORCED BY THE BOARD RELATIONS MANAGER. RETURNED QUESTIONNAIRES ARE REVIEWED BY THE CFO FOR ANY POTENTIAL ISSUES OR REQUIRED DISCLOSURES. BOARD MEMBERS WITH A CONFLICT ARE RECUSED FROM DISCUSSIONS AND DO NOT VOTE ON RESOLUTIONS THAT PERTAIN DIRECTLY TO THEIR CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 PROCESS FOR DETERMINING COMPENSATION THE FOUNDATION OFFICERS (CHIEF FINANCIAL OFFICER AND SECRETARY) ARE COMPENSATED BY A RELATED ORGANIZATION, SAN FRANCISCO BALLET ASSOCIATION. THE ASSOCIATION'S PROCESS FOR DETERMINING THE COMPENSATION OF THE CHIEF FINANCIAL OFFICER INVOLVED ANALYSIS OF THE COMPENSATION BY THE ASSESSMENT COMMITTEE. THE PROCESS USED TO DETERMINE THE COMPENSATION OF THE CHIEF FINANCIAL OFFICER IS DISCLOSED ON THE ASSOCIATION'S FORM 990. FORM 990, PART VI, SECTION C, LINE 19 HOW DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC DUE TO THE AGE OF THE ORGANIZATION, FORM 1023 IS CURRENTLY UNAVAILABLE FOR THE GENERAL PUBLIC AND THE ORGANIZATION IS EXEMPT FROM THE REQUIREMENT TO PROVIDE FORM 1023, AS IT WAS FILED PRIOR TO THE JULY 15, 1987 REQUIREMENT DATE. THE ORGANIZATION CURRENTLY MAKES ITS AUDITED FINANCIAL STATEMENTS FOR THE MOST RECENT TEN YEARS AVAILABLE TO THE PUBLIC VIA ITS WEBSITE. FORM 990, GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE ALSO AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT -357,221. CHANGE IN DISCOUNT -62,859. CHANGE IN VALUE - POOLED INCOME FUND -25,290. UNCOLLECTIBLE RECEIVABLE WRITE OFF -10,000. SAN FRANCISCO BALLET ASSOCIATION 455 FRANKLIN STREET SAN FRANCISCO CA 94102 941415298 BALLET CA 501(C)(3) LINE 7 N/A 0 CHARITABLE GIFT ANNUITIES (40) 455 FRANKLIN STREET SAN FRANCISCO CA 94102 INVESTMENT COMPANY CA N/A T 0 CHARITABLE REMAINDER UNITRUSTS (4) 455 FRANKLIN STREET SAN FRANCISCO CA 94102 INVESTMENT COMPANY CA N/A T 0 POOLED INCOME FUND (6) 455 FRANKLIN STREET SAN FRANCISCO CA 94102 INVESTMENT COMPANY CA N/A T 0 POOLED INCOME FUND (1) 455 FRANKLIN STREET SAN FRANCISCO CA 94102 INVESTMENT COMPANY IL N/A T 0 POOLED INCOME FUND (1) 455 FRANKLIN STREET SAN FRANCISCO CA 94102 INVESTMENT COMPANY OR N/A T 0 0 1 0 1 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0