﻿<?xml version="1.0" encoding="utf-8"?>
<Return returnVersion="2016v3.1" xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2018-03-15T23:00:18-05:00</ReturnTs>
    <TaxPeriodEndDt>2017-04-30</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>263397213</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>EICHSTAEDT CPA &amp; ACCOUNTING LLC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>1200 HOSFORD ST STE 106</AddressLine1Txt>
        <CityNm>HUDSON</CityNm>
        <StateAbbreviationCd>WI</StateAbbreviationCd>
        <ZIPCd>540169316</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2016-05-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>396043312</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>WILLIAM H PHIPPS FOUNDATION</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>WILL</BusinessNameControlTxt>
      <PhoneNum>6126556050</PhoneNum>
      <USAddress>
        <AddressLine1Txt>PO BOX 653</AddressLine1Txt>
        <CityNm>HUDSON</CityNm>
        <StateAbbreviationCd>WI</StateAbbreviationCd>
        <ZIPCd>54016</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>JOHN CLYMER</PersonNm>
      <PersonTitleTxt>PRESIDENT&amp;TREASURER</PersonTitleTxt>
      <PhoneNum>6123436561</PhoneNum>
      <SignatureDt>2015-06-30</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>KAY EICHSTAEDT</PreparerPersonNm>
      <PTIN>P00492467</PTIN>
      <PhoneNum>7153865166</PhoneNum>
      <PreparationDt>2018-03-15</PreparationDt>
    </PreparerPersonGrp>
    <FilingSecurityInformation>
      <AtSubmissionCreationDeviceId>5FFE779C02ED89F10C2945F763B599D72B9E88E6</AtSubmissionCreationDeviceId>
      <AtSubmissionFilingDeviceId>639E43D7064DA110D86365B3D40C5518D435221F</AtSubmissionFilingDeviceId>
    </FilingSecurityInformation>
    <TaxYr>2016</TaxYr>
    <BuildTS>2021-01-29 14:40:06Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="8">
    <IRS990PF documentId="RetDoc1">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>6778361</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <InterestOnSavRevAndExpnssAmt>33381</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>32916</InterestOnSavNetInvstIncmAmt>
        <InterestOnSavingsAdjNetIncmAmt>33381</InterestOnSavingsAdjNetIncmAmt>
        <DividendsRevAndExpnssAmt>98487</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>98487</DividendsNetInvstIncmAmt>
        <DividendsAdjNetIncmAmt>98487</DividendsAdjNetIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt referenceDocumentId="RetDoc4">28620</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>3056371</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>53892</CapGainNetIncmNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>160488</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>185295</TotalNetInvstIncmAmt>
        <TotalAdjNetIncmAmt>131868</TotalAdjNetIncmAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="RetDoc3">1540</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>770</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesChrtblPrpsAmt>770</AccountingFeesChrtblPrpsAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="RetDoc8">22250</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>8834</OtherProfFeesNetInvstIncmAmt>
        <OtherProfFeesDsbrsChrtblAmt>13416</OtherProfFeesDsbrsChrtblAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc9">7085</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>3543</TaxesNetInvstIncmAmt>
        <TaxesDsbrsChrtblAmt>3542</TaxesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>30875</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>13147</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>17728</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>270094</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>270094</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>300969</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>13147</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>287822</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>-140481</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>172148</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>131868</AdjustedNetIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>317235</CashBOYAmt>
        <CashEOYAmt>453974</CashEOYAmt>
        <CashEOYFMVAmt>453974</CashEOYFMVAmt>
        <CorporateStockBOYAmt>2947668</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="RetDoc6">2412884</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>2475385</CorporateStockEOYFMVAmt>
        <CorporateBondsBOYAmt>1659377</CorporateBondsBOYAmt>
        <CorporateBondsEOYAmt referenceDocumentId="RetDoc5">1893915</CorporateBondsEOYAmt>
        <CorporateBondsEOYFMVAmt>1892772</CorporateBondsEOYFMVAmt>
        <OtherInvestmentsBOYAmt>1576627</OtherInvestmentsBOYAmt>
        <OtherInvestmentsEOYAmt referenceDocumentId="RetDoc7">1599653</OtherInvestmentsEOYAmt>
        <OtherInvestmentsEOYFMVAmt>1956230</OtherInvestmentsEOYFMVAmt>
        <TotalAssetsBOYAmt>6500907</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>6360426</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>6778361</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrganizationFollowsSFAS117Ind>X</OrganizationFollowsSFAS117Ind>
        <UnrestrictedBOYAmt>6500907</UnrestrictedBOYAmt>
        <UnrestrictedEOYAmt>6360426</UnrestrictedEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>6500907</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>6360426</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>6500907</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>6360426</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>6500907</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-140481</ExcessRevenueOverExpensesAmt>
        <SubtotalAmt>6360426</SubtotalAmt>
        <TotNetAstOrFundBalancesEOYAmt>6360426</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapitalGainNetIncomeAmt>53892</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <QlfyUndSect4940eReducedTaxGrp>
        <LiableSection4942TaxInd>false</LiableSection4942TaxInd>
        <AdjustedQlfyDistriYr1Amt>330909</AdjustedQlfyDistriYr1Amt>
        <NetVlNoncharitableAssetsYr1Amt>4010273</NetVlNoncharitableAssetsYr1Amt>
        <DistributionYr1Rt>0.082515</DistributionYr1Rt>
        <AdjustedQlfyDistriYr2Amt>248051</AdjustedQlfyDistriYr2Amt>
        <NetVlNoncharitableAssetsYr2Amt>4583669</NetVlNoncharitableAssetsYr2Amt>
        <DistributionYr2Rt>0.054116</DistributionYr2Rt>
        <AdjustedQlfyDistriYr3Amt>379114</AdjustedQlfyDistriYr3Amt>
        <NetVlNoncharitableAssetsYr3Amt>6677455</NetVlNoncharitableAssetsYr3Amt>
        <DistributionYr3Rt>0.056775</DistributionYr3Rt>
        <AdjustedQlfyDistriYr4Amt>290827</AdjustedQlfyDistriYr4Amt>
        <NetVlNoncharitableAssetsYr4Amt>5758095</NetVlNoncharitableAssetsYr4Amt>
        <DistributionYr4Rt>0.050508</DistributionYr4Rt>
        <AdjustedQlfyDistriYr5Amt>291593</AdjustedQlfyDistriYr5Amt>
        <NetVlNoncharitableAssetsYr5Amt>6567074</NetVlNoncharitableAssetsYr5Amt>
        <DistributionYr5Rt>0.044402</DistributionYr5Rt>
        <TotalDistributionRt>0.288316</TotalDistributionRt>
        <AverageDistributionRt>0.057663</AverageDistributionRt>
        <NetVlNoncharitableAssetsAmt>4093567</NetVlNoncharitableAssetsAmt>
        <AdjNetVlNoncharitableAssetsAmt>236047</AdjNetVlNoncharitableAssetsAmt>
        <NetInvestmentIncomePctAmt>1721</NetInvestmentIncomePctAmt>
        <AdjNonchrtblNetInvstIncmPctAmt>237768</AdjNonchrtblNetInvstIncmPctAmt>
        <QualifyingDistributionsAmt>287822</QualifyingDistributionsAmt>
      </QlfyUndSect4940eReducedTaxGrp>
      <ExciseTaxBasedOnInvstIncmGrp>
        <DomesticOrgMeetingSect4940eInd>X</DomesticOrgMeetingSect4940eInd>
        <InvestmentIncomeExciseTaxAmt>1721</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>1721</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>1721</TaxBasedOnInvestmentIncomeAmt>
        <Form2220AttachedInd referenceDocumentId="RetDoc2">X</Form2220AttachedInd>
        <EsPenaltyAmt>52</EsPenaltyAmt>
        <TaxDueAmt>1773</TaxDueAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>WI</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <IndividualWithBooksNm>JOHN CLYMER</IndividualWithBooksNm>
        <PhoneNum>6126556050</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>829 THIRD STREET</AddressLine1Txt>
          <AddressLine2Txt>829 THIRD STREET</AddressLine2Txt>
          <CityNm>HUDSON</CityNm>
          <StateAbbreviationCd>WI</StateAbbreviationCd>
          <ZIPCd>54016</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>false</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <UndistributedIncomePYInd>false</UndistributedIncomePYInd>
        <BusinessHoldingsInd>false</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>KEN HEISER</PersonNm>
          <USAddress>
            <AddressLine1Txt>100 PROEHLS TRAIL</AddressLine1Txt>
            <CityNm>HUDSON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>54016</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>000.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JOHN CLYMER</PersonNm>
          <USAddress>
            <AddressLine1Txt>829 THIRD STREET</AddressLine1Txt>
            <CityNm>HUDSON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>54016</ZIPCd>
          </USAddress>
          <TitleTxt>PRESIDENT&amp;TR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>000.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ERIC G JOHNSON</PersonNm>
          <USAddress>
            <AddressLine1Txt>205 STATION CIRCLE N</AddressLine1Txt>
            <CityNm>HUDSON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>54016</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>000.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>MONICA WEEKES</PersonNm>
          <USAddress>
            <AddressLine1Txt>342 N COVE RD</AddressLine1Txt>
            <AddressLine2Txt>342 N COVE RD</AddressLine2Txt>
            <CityNm>HUDSON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>54016</ZIPCd>
          </USAddress>
          <TitleTxt>SECRETARY&amp;TR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>000.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>CHARLES HUNTLEY</PersonNm>
          <USAddress>
            <AddressLine1Txt>601 MALLALIEU DRIVE</AddressLine1Txt>
            <CityNm>HUDSON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>54016</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>000.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JILL BURCHILL</PersonNm>
          <USAddress>
            <AddressLine1Txt>314 N COVE RD</AddressLine1Txt>
            <CityNm>HUDSON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>54016</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>000.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>N/A</Description1Txt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>2179289</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>178174</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>1798443</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>4155906</TotalFMVOfUnusedAssetsAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>4155906</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>62339</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>4093567</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>204678</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>204678</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>1721</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>1721</TotalTaxAmt>
        <DistributableBeforeAdjAmt>202957</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>202957</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>202957</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>287822</ExpensesAndContributionsAmt>
        <QualifyingDistributionsAmt>287822</QualifyingDistributionsAmt>
        <PctSect4940eOrgNetInvstIncmAmt>1721</PctSect4940eOrgNetInvstIncmAmt>
        <AdjustedQualifyingDistriAmt>286101</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>202957</DistributableAsAdjustedAmt>
        <ExcessDistributionCyovYr4Amt>6613</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>49453</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr2Amt>23690</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>134847</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>214603</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>287822</QualifyingDistributionsAmt>
        <AppliedToCurrentYearAmt>202957</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>84865</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>299468</TotalCorpusAmt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovToNextYrAmt>299468</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>6613</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>49453</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>23690</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>134847</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>84865</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ApplicationSubmissionInfoGrp>
          <RecipientPersonNm>WILLIAM H PHIPPS FOUNDATION</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 653</AddressLine1Txt>
            <CityNm>HUDSON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>54016</ZIPCd>
          </RecipientUSAddress>
          <RecipientPhoneNum>7153863352</RecipientPhoneNum>
          <FormAndInfoAndMaterialsTxt>APPLICATIONS FOR GRANTS MAY BE SUBMITTED IN THE FORM OF A LETTER OUTLINING THE NATURE OF THE REQUEST AND A COPY OF THE APPLICANT'S INTERNAL REVENUE SERVICE EXEMPTION LETTER.</FormAndInfoAndMaterialsTxt>
          <SubmissionDeadlinesTxt>NO SUBMISSION DEADLINES</SubmissionDeadlinesTxt>
          <RestrictionsOnAwardsTxt>FOUNDATION AWARDS ARE LIMITED TO PROMOTING AND ADMINISTERING CHARITABLE, BENEVOLENT, EDUCATIONAL AND RELIGIOUS AIM AND THE PROMOTION OF CULTURAL ADVANTAGES WITHIN THE STATE OF WISCONSIN, AND PARTICULARLY ST CROIX COUNTY, WISCONSIN. THE AWARDS THAT ARE GIVEN TO MINNESOTA ORGANIZATIONS ARE FOR SPECIFIC ACTIVITIES WITHIN WISCONSIN AND PARTICULARLY ST CROIX COUNTY. THE FOUNDATION MAY MAKE GRANTS TO THE HUDSON WISCONSIN AREA SCHOOL DISTRICT FOR SCHOLARSHIPS TO GRADUATING HIGH SCHOOL SENIORS.</RestrictionsOnAwardsTxt>
        </ApplicationSubmissionInfoGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FREE CLINIC OF PIERCE AND ST CROIX</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>FEE CLINIC OF PIERCE AND ST CROIX COUNTIES</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>MAIN STREET</AddressLine1Txt>
            <AddressLine2Txt>MAIN STREET</AddressLine2Txt>
            <CityNm>RIVER FALLS</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>54022</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PUBLIC CHAR</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>HEALTH SERVICES</GrantOrContributionPurposeTxt>
          <Amt>15000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>GIRL SCOUTS RIVER VALLEYS</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>GIRL SCOUTS RIVER VALLEYS</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>400 ROBERT STREET S</AddressLine1Txt>
            <AddressLine2Txt>400 ROBERT STREET S</AddressLine2Txt>
            <CityNm>ST PAUL</CityNm>
            <StateAbbreviationCd>MN</StateAbbreviationCd>
            <ZIPCd>55107</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PUBLIC CHAR</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUPPORT CHILDREN</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>HUDSON SR HIGH SCHOOL</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>HUDSON SR HIGH SCHOOL</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1501 VINE ST</AddressLine1Txt>
            <AddressLine2Txt>1501 VINE ST</AddressLine2Txt>
            <CityNm>HUDSON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>54016</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PUBLIC CHAR</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>EDUCATION</GrantOrContributionPurposeTxt>
          <Amt>15000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>NORTHERN STAR COUNCIL OF BSA</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>NORTHERN STAR COUNCIL OF BSA</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>393 MARSHALL AVE</AddressLine1Txt>
            <AddressLine2Txt>393 MARSHALL AVE</AddressLine2Txt>
            <CityNm>ST PAUL</CityNm>
            <StateAbbreviationCd>MN</StateAbbreviationCd>
            <ZIPCd>55102</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PUBLIC CHAR</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>OPERATING</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>OPERATION HELP</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>OPERATION HELP</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>502 CTY RD UU</AddressLine1Txt>
            <AddressLine2Txt>502 CTY RD UU</AddressLine2Txt>
            <CityNm>HUDSON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>54016</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PUBLIC CHAR</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>COMMUNITY NEEDS</GrantOrContributionPurposeTxt>
          <Amt>18000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>PHIPPS CENTER FOR THE ART</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>PHIPPS CENTER FOR THE ARTS</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1ST LOCUST</AddressLine1Txt>
            <AddressLine2Txt>1ST LOCUST</AddressLine2Txt>
            <CityNm>HUDSON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>54016</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PUBLIC CHAR</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>ANNUAL SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>180000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>YOUTH ACTION HUDSON</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>YOUTH ACTION HUDSON</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>911 4TH ST 218</AddressLine1Txt>
            <AddressLine2Txt>911 4TH ST 218</AddressLine2Txt>
            <CityNm>HUDSON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>54016</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PUBLIC CHAR</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PROGRAM SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MINNESOTA ORCHESTRA</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>MINNESOTA ORCHESTRA</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1111 NICOLLET MALL</AddressLine1Txt>
            <AddressLine2Txt>1111 NICOLLET MALL</AddressLine2Txt>
            <CityNm>MINNEAPOLIS</CityNm>
            <StateAbbreviationCd>MN</StateAbbreviationCd>
            <ZIPCd>55403</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PUBLIC CHAR</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PROGRAM SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>TURNINGPOINT</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>TURNINGPOINT</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>117 N MAIN ST</AddressLine1Txt>
            <AddressLine2Txt>117 N MAIN ST</AddressLine2Txt>
            <CityNm>RIVER FALLS</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>54022</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PUBLIC CHAR</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PROGRAM SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>SPACE ST CROIX</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>900 4TH STREET</AddressLine1Txt>
            <CityNm>HUDSON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>54016</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PUBLIC CHAR</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PROGRAM SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>2094</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>270094</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <RelatedOrExemptFunctionIncmAmt>33381</RelatedOrExemptFunctionIncmAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DivAndIntFromSecPartVIIGrp>
          <RelatedOrExemptFunctionIncmAmt>98487</RelatedOrExemptFunctionIncmAmt>
        </DivAndIntFromSecPartVIIGrp>
        <GainSalesAstOthThanInvntryGrp>
          <RelatedOrExemptFunctionIncmAmt>28620</RelatedOrExemptFunctionIncmAmt>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <RelatedOrExemptFunctionIncmAmt>160488</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>160488</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>false</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>false</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>false</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>false</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>false</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>false</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>false</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <AccountingFeesSchedule documentId="RetDoc3">
      <AccountingFeesDetail>
        <CategoryTxt>TAX PREPARATION FEES</CategoryTxt>
        <Amt>1540</Amt>
        <NetInvestmentIncomeAmt>770</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>770</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <GainLossSaleOtherAssetsSch documentId="RetDoc4">
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>CHARLES SCHWAB 6383, SEE ATTACHED S</AssetDesc>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <GrossSalesPriceAmt>51246</GrossSalesPriceAmt>
        <BasisAmt>48981</BasisAmt>
        <TotalNetAmt>2265</TotalNetAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>CHARLES SCHWAB 6383, SEE ATTACHED S</AssetDesc>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <GrossSalesPriceAmt>76605</GrossSalesPriceAmt>
        <BasisAmt>80682</BasisAmt>
        <TotalNetAmt>-4077</TotalNetAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>CHARLES SCHWAB 8191, SEE ATTACHED S</AssetDesc>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <GrossSalesPriceAmt>537426</GrossSalesPriceAmt>
        <BasisAmt>531144</BasisAmt>
        <TotalNetAmt>6282</TotalNetAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>CHARLES SCHWAB 8191, SEE ATTACHED S</AssetDesc>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <GrossSalesPriceAmt>2337202</GrossSalesPriceAmt>
        <BasisAmt>2366944</BasisAmt>
        <TotalNetAmt>-29742</TotalNetAmt>
      </GainLossSaleOtherAssetGrp>
    </GainLossSaleOtherAssetsSch>
    <InvestmentsCorpBondsSchedule documentId="RetDoc5">
      <InvestmentsCorporateBondsGrp>
        <BondNm>FIXED INCOME BONDS</BondNm>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>FIXED INCOME BONDS-ADD'L BASIS</BondNm>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>BOND FUNDS</BondNm>
        <EOYBookValueAmt>710146</EOYBookValueAmt>
        <EOYFMVAmt>718163</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>FIXED INCOME 6638</BondNm>
        <EOYBookValueAmt>1138869</EOYBookValueAmt>
        <EOYFMVAmt>1129589</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>PENDING TRANSACTION AT 4/30/17</BondNm>
        <EOYBookValueAmt>44900</EOYBookValueAmt>
        <EOYFMVAmt>45020</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc6">
      <InvestmentsCorporateStockGrp>
        <StockNm>CORPORATE EQUITY INVESTMENTS</StockNm>
        <EOYBookValueAmt>2157665</EOYBookValueAmt>
        <EOYFMVAmt>2475385</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>STOCKS-ADD'L BASIS</StockNm>
        <EOYBookValueAmt>255219</EOYBookValueAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="RetDoc7">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>REAL ESTATE INVESTMENT TRUSTS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>1312985</BookValueAmt>
        <EOYFMVAmt>1956230</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>REIT-ADD'L BASIS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>286668</BookValueAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <OtherProfessionalFeesSchedule documentId="RetDoc8">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>MANAGEMENT FEES/SCHWAB</CategoryTxt>
        <Amt>14159</Amt>
        <NetInvestmentIncomeAmt>7080</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>7079</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>PROFESSIONAL FEES</CategoryTxt>
        <Amt>4583</Amt>
        <DisbursementsCharitablePrpsAmt>4583</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>MANAGEMENT FEES/SCWAB 6638</CategoryTxt>
        <Amt>3508</Amt>
        <NetInvestmentIncomeAmt>1754</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>1754</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc9">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAX</CategoryTxt>
        <Amt>2244</Amt>
        <NetInvestmentIncomeAmt>1122</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>1122</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>INCOME TAX</CategoryTxt>
        <Amt>4841</Amt>
        <NetInvestmentIncomeAmt>2421</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>2420</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>