2022-11-04T11:47:26-05:00 2021-12-31 861065772 Deloitte Tax LLP 50 South Sixth Street Suite 2800 Minneapolis MN 55402 990PF 2021-01-01 205938416 Glenstone Foundation GLEN 3019835001 12100 Glen Road Potomac MD 20854 C Scott Brannan Vice President/Treasurer 3012992225 2022-11-04 0 C Scott Brannan XXX-XX-XXXX Anne Fulton P00941863 6123974000 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z X 4844067061 X 1887406255 313863 313863 313863 3826175 3826175 3826175 3992407 74468590 3992407 1242902 664060 724945 -60885 -60885 30000 -110310 -80310 1895507815 8022135 5241745 409469 0 0 409469 5687221 0 0 5687221 1640404 0 0 1640404 3711745 0 0 3711745 45231 33051 0 12180 5800308 0 0 5800308 1972538 0 0 1972538 321444 0 0 321444 10172174 0 0 593271 0 0 593271 41298 0 0 41298 35400 0 0 35400 4296178 0 0 4296178 34726681 33051 0 24521456 8510012 8510012 43236693 33051 0 33031468 1852271122 7989084 5241745 153411 36690 36690 195322715 62127571 62127571 602343 798049 798049 30408520 330694664 2379571475 35104357 185061569 207811697 414879571 39422661 370872995 375456910 375456910 1715176200 1818264669 1818264669 2347640541 2772440122 4844067061 139698 416814 141095847 219914123 141235545 220330937 X 0 0 0 0 2206404996 2552109185 2206404996 2552109185 2347640541 2772440122 2206404996 1852271122 0 4058676118 1506566933 2552109185 6,780 shares TMO common stock 2021-02-23 2021-02-24 3126031 3080567 45464 45464 26,780 shares TMO common stock 2021-02-25 2021-03-01 12216425 12090557 125868 125868 25,000 shares TMO common stock 2021-03-05 2021-03-05 11111521 10867000 244521 244521 50,000 shares DHR common stock 2021-11-02 2021-11-30 16398636 15650100 748536 748536 43,220 shares TMO common stock 2021-02-23 2021-03-01 19715977 19637464 78513 78513 Sale of Artwork NAUMAN "MODEL FOR TRENCH" P 2015-07-31 2021-08-10 9200000 7650495 1549505 1549505 Sale of Artwork NAUMAN "RUN FROM FEAR" P 2013-06-05 2021-10-08 2700000 1500000 1200000 1200000 3992407 1242902 111048 0 111048 0 111048 474346 0 0 0 474346 X 0 363298 363298 0 0 0 0 0 0 0 1 0 0 0 1 1 DE MD 1 1 0 1 0 1 www.Glenstone.org C Scott Brannan 3012992225 12100 Glen Road Potomac MD 20854 0 1 0 1 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 MITCHELL P RALES 12100 GLEN ROAD POTOMAC MD 20854 CHAIRMAN/DIRECTOR 30.00 0 0 0 EMILY W RALES 12100 GLEN ROAD POTOMAC MD 20854 PRESIDENT 50.00 0 0 0 C SCOTT BRANNAN 12100 GLEN ROAD POTOMAC MD 20854 VICE PRES./TREASURER/DIRECTOR 20.00 0 0 0 RACHEL L S PLUMLEY 12100 GLEN ROAD POTOMAC MD 20854 SECRETARY/DIRECTOR 10.00 0 0 0 ANTHONY CERVENY 12100 GLEN ROAD POTOMAC MD 20854 CHIEF OPERATING OFFICER 50.00 272291 17341 0 HEATHER F NOLAN 12100 GLEN ROAD POTOMAC MD 20854 DIRECTOR OF FINANCE 50.00 137178 6106 0 MARTIN LOTZ 12100 GLEN ROAD POTOMAC MD 20854 DIRECTOR OF FACILITI 50.00 150160 20297 0 ALICIA DAVIS 12100 GLEN ROAD POTOMAC MD 20854 DIRECTOR OF HR 50.00 153985 15455 0 PAUL TUKEY 12100 GLEN ROAD POTOMAC MD 20854 CHIEF SUSTAINABILITY 50.00 148865 16621 0 STOCKTON TOLER 12100 GLEN ROAD POTOMAC MD 20854 DIRECTOR OF VISITOR 50.00 146158 12204 0 VALENTINA NAHON 12100 GLEN ROAD POTOMAC MD 20854 SNR DIRECTOR - PUBLI 50.00 143131 6687 0 56 The Whiting-Turner Contracting Company PO Box 17596 Baltimore MD 21297 Construction services 5288614 Katten Muchin LLP 2900 K St NW Washington DC 20007 Legal services 3640953 Budco Enterprises Inc 145 Plant Ave Hauppauge NY 11788 Delivery and rigging services 1378000 Tanenholz & Associates PLLC 1100 H St NW 440 Washington DC 20005 Document services 1312541 WF Wilson & Sons Inc 6586 Meadowridge Rd Elkridge MD 21075 Professional services - water project 1161728 45 Glenstone Foundation was created as a non-profit corporation to support public and educational exhibitions of art, to promote the study, improvement and advancement of the arts, and to foster research of art.The Foundation, which includes a museum of contemporary art and outdoor sculptures, is located in Montgomery County, MD, near Washington, DC and provides a contemplative, intimate setting for experiencing works of art, architecture, and nature. Open to the public four days weekly, the museum presents selections from an art collection of significant depth and breadth, as well as monumental outdoor sculptures within its landscape. Admission is free to all visitors and its school program also provides transportation for local students. An active loan program makes its artwork available to museums around the world. The Foundation does not accept grant applications. 32796456 In 2021, the Foundation began engaging diverse communities within our geographic areas of focus by creating lasting positive psychological, emotional, social, and economic impact over time, by supporting the communities or partnering with other organizations to support them. Objectives include: Youth Engagement - Facilitate access to information and opportunities for future generations through youth engagement initiatives and partnerships. Health & Wellbeing - Through civic engagement, enhance and exchange knowledge, skills and expertise that improves the public health and well-being of target communities. Inequality - Support organizations through partnerships to advance research and programs to address inequities, reduce poverty, protect human rights and provide equitable access to resources. Environmental Justice - Through research and partnerships support organizations advance equitable policies that address the impact of climate change primarily on minority communities. 235012 0 1106088804 70168993 136635744 1312893541 0 0 1312893541 19693403 1293200138 64660007 X 33031468 0 115540897 148572365 2007-07-31 X 5241745 7335051 0 0 12576796 4455483 6234793 0 0 10690277 148572365 193532146 162849474 153971750 658925735 8510012 5280455 544607 543100 14878174 140062353 188251691 162304867 153428650 644047561 4844067061 2365207220 1935323274 1802445216 10947042771 2402331326 2086651538 1935323274 1802445216 8226751354 0 0 0 0 0 MITCHELL P RALES X Foundation for Contemporary Arts 820 Greenwich St NY NY 10014 N/A PUBLIC CHARITY SUPPORT THE ARTS 50000 Manna Food Center 12301 Old Columbia Pike Suite 200 Silver Spring MD 20904 N/A PUBLIC CHARITY FEED THE HUNGRY 2400 Food and Friends Inc 219 Riggs Rd NE Washington DC 20011 N/A PUBLIC CHARITY FEED THE HUNGRY 1600 United Way of National Capital Area 1101 15th St NW Suite 1000 Washington DC 20005 N/A PUBLIC CHARITY GENERAL SUPPORT 6012 Metropolitan Museum of Art 1000 Fifth Avenue NY NY 10028 N/A PUBLIC CHARITY SUPPORT THE ARTS 50000 National Gallery of Art Constitution Ave NW Washington DC 20565 N/A PUBLIC CHARITY SUPPORT THE ARTS 3150000 Hammer Museum 10899 Wilshire Blvd Los Angeles CA 90024 N/A PUBLIC CHARITY SUPPORT THE ARTS 15000 Shelburne Museum 6000 Shelburne Rd Shelburne VT 05482 N/A PUBLIC CHARITY SUPPORT THE ARTS 10000 Scotland AME Church 10902 Seven Locks Rd Potomac MD 20854 N/A PUBLIC CHARITY GENERAL SUPPORT 225000 Studio Museum Harlem 144 W 125th St NY NY 10027 N/A PUBLIC CHARITY SUPPORT THE ARTS 5000000 8510012 Shelburne Museum 6000 Shelburne Rd Shelburne VT 05482 N/A PUBLIC CHARITY SUPPORT THE ARTS 40000 Studio Museum Harlem 144 W 125th St NY NY 10027 N/A PUBLIC CHARITY SUPPORT THE ARTS 5000000 5040000 14 313863 14 3826175 18 3992407 -60885 Art loan fees 30000 0 8132445 -30885 8101560 10 Bookstore items related to exhibits and 2 cafes serve only visitors 11 Art loan fees related to exhibits 0 0 0 0 0 0 0 0 0 0 X X 1 MITCHELL P RALES 12002 GLEN ROAD POTOMAC MD 20854 1505724000 X X 2 MITCHELL P RALES 12002 GLEN ROAD POTOMAC MD 20854 108300000 X 3 MITCHELL P RALES 12002 GLEN ROAD POTOMAC MD 20854 165119865 X 4 MITCHELL P RALES 12002 GLEN ROAD POTOMAC MD 20854 105778890 X 5 ACA GALLERIES 529 W 20TH ST NY NY 10011 7000 X 6 ANDREA ROSEN GALLERY 544 W 24TH ST NY NY 10011 2476500 X 1 6,100,000 SHARES OF DANAHER CORP COMMON STOCK 1505724000 2021-06-11 5 2 FAITH RINGGOLD SILKSCREENS 7000 2021-04-19 6 FELIX GONZALEZ-TORRES WORKS 2476500 2021-12-15 Audit and consulting fees 45231 33051 0 12180 In 2021, the Foundation began engaging diverse communities within our geographic areas of focus by creating lasting positive psychological, emotional, social, and economic impact over time, by supporting the communities or partnering with other organizations to support them. Objectives include: Youth Engagement Facilitate access to information and opportunities for future generations through youth engagement initiatives and partnerships. Health & Wellbeing Through civic engagement, enhance and exchange knowledge, skills and expertise that improves the public health and well-being of target communities. Inequality Support organizations through partnerships to advance research and programs to address inequities, reduce poverty, protect human rights and provide equitable access to resources. Environmental Justice Through research and partnerships support organizations advance equitable policies that address the impact of climate change primarily on minority communities including access to clean air and water, restoring land, upgrading energy infrastructure and building community resiliency. 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RALES FAMILY FOUNDATIONEIN: 54-1739159ADDRESS: 11790 GLEN ROAD POTOMAC, MD 20854THE CONTROLLED ENTITY IS NOT AN EXCESS BUSINESS HOLDING.2.NAME: HANNIBAL FARMS, INCEIN: 52-1163098ADDRESS: 12001 GLEN ROAD POTOMAC, MD 20854THE CONTROLLED ENTITY IS NOT AN EXCESS BUSINESS HOLDING. Section 1033 Election Form 990-PF GLENSTONE FOUNDATION EIN: 20-5938416 Election Statement Under Section 1033 Statement to accompany 2021 Form 990-PF Corner Prop by Artist Richard Serra On October 22, 2018 the Foundation's Corner Prop artwork by artist Richard Serra was damaged while on exhibition. Glenstone Foundation received $3,500,000.00 from AIG Property Casualty Company (the covering insurance company) for damage. Glenstone Foundation elects, in accordance with the provisions of Section 1033(a)(2) of the Internal Revenue Code of 1986, not to have any gain recognized with respect to the insurance proceeds received for its damaged artwork and hereby designates replacement property within the meaning of Section 1033(a)(2) as follows: 2020 $3,500,000.00 All insurance proceeds were reinvested in 2021. 200,000 shares Colfax Common Stock 5408520 9194000 25,000 shares Danaher Preferred B 25000000 43454250 7,072,500 shares Danaher Corp common stock 300286144 2326923225 Celonis SE Preferred Stock AT COST 10100000 25834269 Filtration Group Common Units AT COST 25004357 40850679 Net Return Fund Ltd common shares AT COST 5000000 4116115 NRMA Ltd common shares AT COST 25000000 16056000 D1 Capital common shares AT COST 25000000 26574050 Hillhouse Capital Ltd common shares AT COST 192755 148169 Sequoia China Ltd common shares AT COST 10000000 9718443 Sator Grove limited partner AT COST 36000000 35969657 Madison Safety Technology common shares AT COST 6750000 6790128 Durable Capital Opportunity Fund limited partner AT COST 6614457 6408677 National Center for Faculty Dev & Diversity common shares AT COST 6400000 6345510 Datacor Inc common shares AT COST 29000000 29000000 Equipment 62596 62596 0 0 Equipment 313031 313031 0 0 Building imp. - 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blower 8609 2798 5811 5811 Equipment - table 8960 2912 6048 6048 Equipment - table 3840 1216 2624 2624 Equipment - lift 21906 6938 14968 14968 Equipment - Kobota 12500 9635 2865 2865 Equipment - Toro 28795 22197 6598 6598 Equipment - Pol. A 119840 119840 0 0 Equipment - Pol. C 14678 14678 0 0 Equipment - Pol. E 35440 35440 0 0 Equipment - Club 5 112705 112705 0 0 Equipment - Club 7 21605 21605 0 0 Equipment - signs 3391 1074 2317 2317 Equipment - AH furnishings 38105 12703 25402 25402 CIP 24981574 0 24981574 24981574 ADA Cart 36487 25085 11402 11402 Security cameras 137125 62849 74276 74276 Display cases - art storage 47827 14349 33478 33478 Forklift - indoor 26627 18307 8320 8320 Forklift - outdoor 18453 13839 4614 4614 Fuel tank 4199 1260 2939 2939 Polaris GEM cart 20836 14325 6511 6511 IT server upgrade 190681 84747 105934 105934 Models 18726 4214 14512 14512 Security system 30031 15015 15016 15016 Signage 16435 4384 12051 12051 ST Trailer 7515 3341 4174 4174 Toro 33449 25086 8363 8363 Walk-in refrigerator 8544 2349 6195 6195 Workstation - admin 6200 1550 4650 4650 Workstation - security 8493 2335 6158 6158 Security cameras 11160 4340 6820 6820 Security cameras 19638 7364 12274 12274 Polaris GEM cart 22704 14190 8514 8514 Signage 2740 799 1941 1941 Security system 4376 1701 2675 2675 Land 9969825 0 9969825 9969825 BT - Land improvements 4188 575 3613 3613 Irr. system - Land improvements 27485 3664 23821 23821 GR Fence - Land improvements 31719 4097 27622 27622 HR - Land improvements 85503 10688 74815 74815 Road - Land improvements 32576 3665 28911 28911 Entrance - Land improvements 55378 6230 49148 49148 SRB - Land improvements 19951 2245 17706 17706 Trails - Land improvements 2318 251 2067 2067 Building 19.1 48924 3762 45162 45162 Building 19.2 356441 26658 329783 329783 Building 19.3 5122789 372169 4750620 4750620 Building 19.4 73000 5148 67852 67852 Building 19.7 567668 36390 531278 531278 Building 19.10 225000 12980 212020 212020 Building 19.11 150000 8333 141667 141667 Building improvements 19.2 180408 13492 166916 166916 Building improvements 19.3 173427 12600 160827 160827 Building improvements 19.4-1 425824 27657 398167 398167 Building improvements 19.5 124214 8493 115721 115721 Building improvements 19.6 104578 6926 97652 97652 Building improvements 19.7 112221 7193 105028 105028 Building improvements 19.9 27868 1668 26200 26200 Building improvements 19.10 153324 8845 144479 144479 Building improvements 19.11 6000 334 5666 5666 Building improvements 19.12 109564 5852 103712 103712 Land improvements 20.1 6371 638 5733 5733 Land improvements 20.3 107192 9826 97366 97366 Land improvements 20.12 335946 18197 317749 317749 Equipment - hot water boiler 6298 892 5406 5406 Equipment - IAQ instruments 7288 911 6377 6377 Equipment - grinder pump 9000 1200 7800 7800 Land 402676 0 402676 402676 Land 516910 0 516910 516910 Land improvements 21.10 68600 572 68028 68028 Equipment - Toro 7110 1185 5925 5925 Equipment - Bipolar ion system 15265 1527 13738 13738 Equipment - Soil / compost screener 8910 594 8316 8316 Equipment - Eye scanner 8661 722 7939 7939 Equipment - media storage 123099 6839 116260 116260 Litigation defense fees 3711745 0 0 3711745 Morgan Stanley Smith Barney None 141095847 69914123 2020-01 2023-08 Due at maturity 0.670000000000 Stock held by a single-member LLC, whose trustee is chairman of Glenstone. Purchase of art, capital assets, and general operating expenses N/A JP Morgan Chase None 50000000 50000000 2021-05 2031-05 Accrued interest payable quarterly, principal due at maturity 2.210000000000 Secured by shares of stock owned by the Foundation Purchase of art, capital assets, and general operating expenses N/A JP Morgan Chase None 50000000 50000000 2021-05 2031-05 Accrued interest payable quarterly, principal due at maturity 2.210000000000 Secured by shares of stock owned by the Foundation Purchase of art, capital assets, and general operating expenses N/A JP Morgan Chase None 50000000 50000000 2021-12 2033-12 Accrued interest payable quarterly, principal due at maturity 2.400000000000 Secured by shares of stock owned by the Foundation Purchase of art, capital assets, and general operating expenses N/A Artwork 1698454188 1802096818 1802096818 Surety bonds and other 891903 1038002 1038002 Installments receivable 700260 Investment in Hannibal Farms 15129849 15129849 15129849 ADJUST FMV VS BASIS OF DONATIONS 1506566933 Art storage and handling 1083394 0 0 1083394 Supplies - art and other 549624 0 0 549624 Minor equipment and rentals 242415 0 0 242415 Insurance 480881 0 0 480881 Licenses, fees and memberships 173694 0 0 173694 Maintenance and repairs 418545 0 0 418545 Contract labor 1065906 0 0 1065906 Catering and food 122542 0 0 122542 Uniforms 26382 0 0 26382 Other 132795 0 0 132795 Income/(Loss) from Partnership Investments -110310 -110310 Art loan fees 30000 30000 Art photography and videography 200890 0 0 200890 Information technology 403163 0 0 403163 Art conservation and consulting 900259 0 0 900259 Litigation support and other 4295996 0 0 4295996 Cafe 588023 661308 -73285 Bookstore 76037 63637 12400 0 Excise taxes 200000 0 0 200000 Real estate taxes 121444 0 0 121444