2025-05-08T08:22:31-05:00 2024-06-30 991856619 GRANT THORNTON ADVISORS LLC 757 THIRD AVENUE 3RD FLOOR NEW YORK NY 100172013 990 2023-07-01 942747262 SAN FRANCISCO BALLET ENDOWMENT FOUNDATION SANF 4158615600 455 FRANKLIN STREET SAN FRANCISCO CA 94102 LYNDA GUSTAFSON INTERIM CFO 4158615600 2025-05-07 1 1 DANIEL ROMANO P00504182 2125990100 2023 2025-03-06 01:10:19Z NANCY KUKACKA 455 FRANKLIN STREET SAN FRANCISCO CA 94102 71700901 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 0 8 16957 11252 475558 50984813 0 0 7753403 6663857 0 974 8228961 57649644 10813438 5280468 0 0 361449 277248 0 0 189452 598610 642009 11773497 6199725 -3544536 51449919 111913362 158954966 630602 1039453 111282760 157915513 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 INCEPTION, 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 5800137 5280468 SEE SCHEDULE O 5800137 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 1 0 0 0 0 1 0 0 0 1 0 0 0 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 LYNDA GUSTAFSON 4158615600 455 FRANKLIN STREET SAN FRANCISCO CA 94102 NANCY KUKACKA PRESIDENT 5.00 5.00 X X 0 0 0 THOMAS E HORN TREASURER 5.00 2.00 X X 0 0 0 JOHN S OSTERWEIS PRESIDENT EMERITUS 2.00 10.00 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 0.00 X 0 0 0 SALLY X YU DIRECTOR 2.00 0.00 X 0 0 0 SUSAN S BRIGGS DIRECTOR 2.00 0.00 X 0 0 0 ROBERT H FORE III CHIEF FINANCIAL OFFICER 10.00 40.00 X 52647 210589 8248 KATHARINE CHAMBERS SECRETARY (THRU 07/2023) 2.00 38.00 X 658 12493 5214 CARMEN CREEL SECRETARY (AS OF 08/2023) 2.00 38.00 X 5253 99800 8361 58558 322882 21823 0 0 1 0 HALL CAPITAL PARTNERS LLC ONE MARITIME PLAZA SUITE 650 SAN FRANCISCO CA 94111 INVESTMENT MANAGEMENT 268070 1 50984813 5024297 50984813 1579370 16957 1562413 19135744 14051257 5084487 5084487 5084487 TAX REFUND 900099 974 974 974 57649644 0 16957 6647874 5280468 5280468 64270 64270 184812 73246 111566 6889 4077 2812 3784 1506 2278 17493 9522 7971 2708 2708 11235 11235 443969 443969 113128 75700 37428 42461 15 42446 12222 12222 5591 5591 14 14 DUES AND SUBSCRIPTIONS 10143 10143 MISCELLANEOUS 538 538 6199725 5800137 210136 189452 15731877 20209889 619540 37594135 35471724 46167233 56552978 49831141 3537243 5152568 111913362 158954966 45545 24499 585057 1014954 630602 1039453 X 32687434 34790884 78595326 123124629 111282760 157915513 111913362 158954966 X 51449919 2995671 -7812837 X 0 1 X 1 0 X X 1 SAN FRANCISCO BALLET ASSOCIATION 941415298 7 1 5280468 0 1 5280468 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 107764068 6148239 9667116 7363671 116215752 112784878 532343 10973098 16487855 38396 107764068 137456934 5064092 -21036485 8699663 112784878 113923812 2740493 29074149 8281520 137456934 124452193 499569 457454 9340468 2144936 113923812 0.27450 0.72550 0 0 0 LONG-BIASED HEDGE FUND 30783724 F CREDIT STRATEGIES HEDGE FUND 8625031 F DOMESTIC EQUITIES 7074121 F EVENT-DRIVEN HEDGE FUND 1876368 F REAL ESTATE PARTNERSHIP FUND 1471896 F 49831141 CHARITABLE GIFT ANNUITY PAYMENT 1014954 1014954 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 18143277 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 14100831 0 0 0 0 0 0 32244108 0 32244108 0 0 1 1 1 0 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 FRANKLIN STREET SAN FRANCISCO CA 94102 941415298 501(C)(3) 5280468 0 THE PURPOSE IS TO SUPPORT SAN FRANCISCO BALLET ASSOCIATION GENERAL OPERATIONS 1 0 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 52647 210589 0 0 0 0 1463 5851 187 747 54297 217187 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. X 1 5024297 FMV 0 1 0 PART I, COLUMN (B): FOR CONTRIBUTIONS OF SECURITIES, SUCH AS PUBLICLY TRADED STOCK, THE FOUNDATION TREATS EACH SEPARATE GIFT AS AN ITEM FOR THIS PURPOSE. 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, 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 FOUNDATION 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 DISCOUNT -7,825,405. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT 34,095. CHANGE IN VALUE - POOLED INCOME FUND -21,527. 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