BETA

PUFFIN BAY FOUNDATION: Form 990PF, tax year 2024

View the entire original 990 at ProPublica ↗

Organization
PUFFIN BAY FOUNDATION (EIN 99-1989779)
Tax period
2024-03-15 to 2024-12-31
Filed
2025-11-14
IRS object ID
202543189349105244
Schema version
2024v5.2
Source
Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header ReturnHeader

FieldValueIRS element (for citing)
Return2025-11-14T19:08:14-08:00ReturnTs
Tax Period End2024-12-31TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

FieldValueIRS element (for citing)
Preparer Firm EIN371420474PreparerFirmEIN

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1Fontanello Duffield & Otake LLPBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line1111 Pine Street Suite 1750AddressLine1Txt
CitySan FranciscoCityNm
State AbbreviationCAStateAbbreviationCd
ZIP94111ZIPCd
FieldValueIRS element (for citing)
Return Type990PFReturnTypeCd
Tax Period Begin2024-03-15TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN991989779EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1Puffin Bay FoundationBusinessNameLine1Txt
FieldValueIRS element (for citing)
Business Name ControlPUFFBusinessNameControlTxt
Phone2074155714PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line1319 Main StreetAddressLine1Txt
CityBiddefordCityNm
State AbbreviationMEStateAbbreviationCd
ZIP04005ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonBrewster KahlePersonNm
Person TitleChairmanPersonTitleTxt
Signature2025-11-14SignatureDt
Discuss With Paid PreparerYes (true)DiscussWithPaidPreparerInd
FieldValueIRS element (for citing)
IRS Responsible Prty Info CurrYes (true)IRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonErik SatowPreparerPersonNm
PTINP01410341PTIN
Phone4159830200PhoneNum
FieldValueIRS element (for citing)
Tax2024TaxYr
Build TS2025-03-06 01:10:19ZBuildTS

Form 990-PF IRS990PF

FieldValueIRS element (for citing)
Initial ReturnYes (X)InitialReturnInd
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
FMV Assets EOY$679,013,244FMVAssetsEOYAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Contri Rcvd Rev And Expnss$639,300,553ContriRcvdRevAndExpnssAmt
Schedule B Not RequiredYes (X)ScheduleBNotRequiredInd
Dividends Rev And Expnss$494,096DividendsRevAndExpnssAmt
Dividends Net Invst Incm$494,096DividendsNetInvstIncmAmt
Net Gain Sale Ast Rev And Expnss$354,103NetGainSaleAstRevAndExpnssAmt
Gross Sales Price$144,432,122GrossSalesPriceAmt
Cap Gain Net Incm Net Invst Incm$90,286,371CapGainNetIncmNetInvstIncmAmt
Total Rev And Expnss$640,148,752TotalRevAndExpnssAmt
Total Net Invst Incm$90,780,467TotalNetInvstIncmAmt
Legal Fees Rev And Expnss$1,188LegalFeesRevAndExpnssAmt
Legal Fees Dsbrs Chrtbl$1,188LegalFeesDsbrsChrtblAmt
Other Prof Fees Rev And Expnss$35,923OtherProfFeesRevAndExpnssAmt
Other Prof Fees Net Invst Incm$35,923OtherProfFeesNetInvstIncmAmt
Tot Opr Expenses Rev And Expnss$37,111TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$35,923TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$1,188TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$90,000,000ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$90,000,000ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$90,037,111TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$35,923TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl$90,001,188TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses$550,111,641ExcessRevenueOverExpensesAmt
Net Investment Income$90,744,544NetInvestmentIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Cash EOY$50,000CashEOYAmt
Cash EOYFMV$50,000CashEOYFMVAmt
Sav And Temp Cash Invst EOY$5,067SavAndTempCashInvstEOYAmt
Sav And Temp Cash Invst EOYFMV$5,067SavAndTempCashInvstEOYFMVAmt
Corporate Stock EOY$676,655,801CorporateStockEOYAmt
Corporate Stock EOYFMV$676,655,801CorporateStockEOYFMVAmt
Other Investments EOY$2,302,376OtherInvestmentsEOYAmt
Other Investments EOYFMV$2,302,376OtherInvestmentsEOYFMVAmt
Total Assets EOY$679,013,244TotalAssetsEOYAmt
Total Assets EOYFMV$679,013,244TotalAssetsEOYFMVAmt
Accounts Payable EOY$1,187AccountsPayableEOYAmt
Total Liabilities EOY$1,187TotalLiabilitiesEOYAmt
Organization Follows FASB117Yes (X)OrganizationFollowsFASB117Ind
No Donor Rstr Net Assests EOY$679,012,057NoDonorRstrNetAssestsEOYAmt
Tot Net Ast Or Fund Balances EOY$679,012,057TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$0TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$679,013,244TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Excess Revenue Over Expenses$550,111,641ExcessRevenueOverExpensesAmt
Other Increases$128,900,416OtherIncreasesAmt
Subtotal$679,012,057SubtotalAmt
Tot Net Ast Or Fund Balances EOY$679,012,057TotNetAstOrFundBalancesEOYAmt

Cap Gains Loss Tx Invst Incm Detail CapGainsLossTxInvstIncmDetail

Cap Gains Loss Tx Invst Incm CapGainsLossTxInvstIncmGrp (2 entries)

PropertyPropertyDescHow AcquiredHowAcquiredCdAcquiredAcquiredDtSoldSoldDtGross Sales PriceGrossSalesPriceAmtCost Or Other BasisCostOrOtherBasisAmtGain Or LossGainOrLossAmtGains Minus Excess Or LossesGainsMinusExcessOrLossesAmt
Sale of Contributed StockD2000-01-012024-12-31$91,818,482$4,206,508$87,611,974$87,611,974
Sale of Publicly Traded SecuritesP2000-01-012024-12-31$52,613,640$49,939,243$2,674,397$2,674,397
FieldValueIRS element (for citing)
Capital Gain Net Income$90,286,371CapitalGainNetIncomeAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$1,261,349InvestmentIncomeExciseTaxAmt
Subtotal$1,261,349SubtotalAmt
Tax Based On Investment Income$1,261,349TaxBasedOnInvestmentIncomeAmt
Form2220 AttachedYes (X)Form2220AttachedInd
Es Penalty$447EsPenaltyAmt
Tax Due$1,261,796TaxDueAmt
Applied To ES Tax$0AppliedToESTaxAmt

Statements Regarding Acty StatementsRegardingActyGrp

FieldValueIRS element (for citing)
Legislative Political ActyfalseLegislativePoliticalActyInd
More Than100 SpentfalseMoreThan100SpentInd
Form1120 POL FiledfalseForm1120POLFiledInd
Activities Not Previously RptfalseActivitiesNotPreviouslyRptInd
Changes To Articles Or BylawsfalseChangesToArticlesOrBylawsInd
Unrelated Bus Incm Over LimitfalseUnrelatedBusIncmOverLimitInd
Organization Dissolved EtcfalseOrganizationDissolvedEtcInd
Section508e Rqr SatisfiedfalseSection508eRqrSatisfiedInd
At Least5000 In AssetsYes (true)AtLeast5000InAssetsInd
Org Report Or Register StateDEOrgReportOrRegisterStateCd
Form990 PF Filed With Atty GenYes (true)Form990PFFiledWithAttyGenInd
Private Operating FoundationfalsePrivateOperatingFoundationInd
New Substantial ContributorsfalseNewSubstantialContributorsInd
Own Controlled EntityfalseOwnControlledEntityInd
Donor Advised FundYes (true)DonorAdvisedFundInd
Comply With Public Insp RqrYes (true)ComplyWithPublicInspRqrInd
Website AddressN/AWebsiteAddressTxt

Persons With Books Name PersonsWithBooksName

FieldValueIRS element (for citing)
Business Name Line1Peter MontanoBusinessNameLine1Txt
FieldValueIRS element (for citing)
Phone2074155714PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

FieldValueIRS element (for citing)
Address Line1319 Main StreetAddressLine1Txt
CityBiddefordCityNm
State AbbreviationMEStateAbbreviationCd
ZIP04005ZIPCd
FieldValueIRS element (for citing)
Foreign Accounts QuestionfalseForeignAccountsQuestionInd

Statements Regarding Acty4720 StatementsRegardingActy4720Grp

FieldValueIRS element (for citing)
Sale Or Exch Disqualified PrsnfalseSaleOrExchDisqualifiedPrsnInd
Brrw Or Lend Disqualified PrsnfalseBrrwOrLendDisqualifiedPrsnInd
Furn Goods Disqualified PrsnfalseFurnGoodsDisqualifiedPrsnInd
Pay Comp Disqualified PrsnfalsePayCompDisqualifiedPrsnInd
Transfer Ast Disqualified PrsnfalseTransferAstDisqualifiedPrsnInd
Payment To Government OfficialfalsePaymentToGovernmentOfficialInd
Acts Fail To Qlfy As ExceptionsfalseActsFailToQlfyAsExceptionsInd
Uncorrected Prior ActsfalseUncorrectedPriorActsInd
Undistributed Income PYfalseUndistributedIncomePYInd
Business HoldingsfalseBusinessHoldingsInd
Jeopardy InvestmentsfalseJeopardyInvestmentsInd
Uncorrected PY Jeopardy InvstfalseUncorrectedPYJeopardyInvstInd
Influence LegislationfalseInfluenceLegislationInd
Influence ElectionfalseInfluenceElectionInd
Grants To IndividualsfalseGrantsToIndividualsInd
Grants To OrganizationsfalseGrantsToOrganizationsInd
Noncharitable PurposefalseNoncharitablePurposeInd
Rcv Fnds To Pay Prsnl Bnft CntrctfalseRcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft CntrctfalsePayPremiumsPrsnlBnftCntrctInd
Prohibited Tax Shelter TransfalseProhibitedTaxShelterTransInd
Subj To Tax Rmnrtn Ex Prcht PymtfalseSubjToTaxRmnrtnExPrchtPymtInd

Officer Dir Trst Key Empl Info OfficerDirTrstKeyEmplInfoGrp

Officer Dir Trst Key Empl OfficerDirTrstKeyEmplGrp (2 entries)

Address Line1USAddress/AddressLine1TxtCityUSAddress/CityNmState AbbreviationUSAddress/StateAbbreviationCdZIPUSAddress/ZIPCdTitleTitleTxtAverage Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRtCompensationCompensationAmt
Brewster Kahle
319 Main StreetBiddefordME04005Chairman1.00$0
Mary Austin
319 Main StreetBiddefordME04005Secretary/Treas1.00$0
FieldValueIRS element (for citing)
Comp Of Hghst Pd Empl Or NONENONECompOfHghstPdEmplOrNONETxt
Comp Of Hghst Pd Cntrct Or NONENONECompOfHghstPdCntrctOrNONETxt

Minimum Investment Return MinimumInvestmentReturnGrp

FieldValueIRS element (for citing)
Average Monthly FMV Of Sec$404,881,889AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$3,964,938AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$0FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$408,846,827TotalFMVOfUnusedAssetsAmt
Reduction Claimed$0ReductionClaimedAmt
Adjusted Total FMV Of Unused Ast$408,846,827AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$6,132,702CashDeemedCharitableAmt
Net Vl Noncharitable Assets$402,714,125NetVlNoncharitableAssetsAmt
Minimum Investment Return$16,064,669MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$16,064,669MinimumInvestmentReturnAmt
Tax Based On Investment Income$1,261,349TaxBasedOnInvestmentIncomeAmt
Total Tax$1,261,349TotalTaxAmt
Distributable Before Adj$14,803,320DistributableBeforeAdjAmt
Distributable Before Ded$14,803,320DistributableBeforeDedAmt
Distributable As Adjusted$14,803,320DistributableAsAdjustedAmt

PF Qualifying Distributions PFQualifyingDistributionsGrp

FieldValueIRS element (for citing)
Expenses And Contributions$90,001,188ExpensesAndContributionsAmt
Qualifying Distributions$90,001,188QualifyingDistributionsAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$14,803,320DistributableAsAdjustedAmt
Qualifying Distributions$90,001,188QualifyingDistributionsAmt
Treated As Distri From Corpus$0TreatedAsDistriFromCorpusAmt
Applied To Current Year$14,803,320AppliedToCurrentYearAmt
Remaining Distri From Corpus$75,197,868RemainingDistriFromCorpusAmt
Total Corpus$75,197,868TotalCorpusAmt
Undistributed Income CY$0UndistributedIncomeCYAmt
Excess Distri Cyov To Next Yr$75,197,868ExcessDistriCyovToNextYrAmt
Excess From Current Year$75,197,868ExcessFromCurrentYearAmt

Supplementary Information SupplementaryInformationGrp

FieldValueIRS element (for citing)
Only Contri To PreselectedYes (X)OnlyContriToPreselectedInd

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp

FieldValueIRS element (for citing)
Recipient PersonMS GiftRecipientPersonNm

Recipient US Address RecipientUSAddress

FieldValueIRS element (for citing)
Address Line12000 Westchester AvenueAddressLine1Txt
CityPurchaseCityNm
State AbbreviationNYStateAbbreviationCd
ZIP10577ZIPCd
FieldValueIRS element (for citing)
Recipient RelationshipN/ARecipientRelationshipTxt
Recipient Foundation StatusPCRecipientFoundationStatusTxt
Grant Or Contribution PurposeGeneral SupportGrantOrContributionPurposeTxt
Amt$90,000,000Amt
FieldValueIRS element (for citing)
Total Grant Or Contri Pd Dur Yr$90,000,000TotalGrantOrContriPdDurYrAmt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Dividends And Interest From Sec Dtl DividendsAndInterestFromSecDtl

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$494,096ExclusionAmt

Gain Sales Ast Oth Than Invntry GainSalesAstOthThanInvntryGrp

FieldValueIRS element (for citing)
Exclusion18ExclusionCd
Exclusion$354,103ExclusionAmt

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

FieldValueIRS element (for citing)
Exclusion$848,199ExclusionAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$848,199TotalIncomeProducingActyAmt

Trnsfr Trans Rln Nonchrtbl EO TrnsfrTransRlnNonchrtblEOGrp

FieldValueIRS element (for citing)
Trnsfr Of Cash To Nonchrtbl EOfalseTrnsfrOfCashToNonchrtblEOInd
Trnsfr Other Asset Nonchrtbl EOfalseTrnsfrOtherAssetNonchrtblEOInd
Sales Or Exchanges Of AssetsfalseSalesOrExchangesOfAssetsInd
Purchase Of Assets Nonchrtbl EOfalsePurchaseOfAssetsNonchrtblEOInd
Rental Of Facilities Oth AssetsfalseRentalOfFacilitiesOthAssetsInd
Reimbursement ArrangementsfalseReimbursementArrangementsInd
Loans Or Loan GuaranteesfalseLoansOrLoanGuaranteesInd
Performance Of Services EtcfalsePerformanceOfServicesEtcInd
Sharing Of Facilities EtcfalseSharingOfFacilitiesEtcInd
Relationships Nonchrtbl EOfalseRelationshipsNonchrtblEOInd

Investments Corp Stock Schedule InvestmentsCorpStockSchedule

Investments Corporate Stock InvestmentsCorporateStockGrp

FieldValueIRS element (for citing)
StockStocksStockNm
EOY Book Value$676,655,801EOYBookValueAmt
EOYFMV$676,655,801EOYFMVAmt

Investments Other Schedule2 InvestmentsOtherSchedule2

Investments Other InvestmentsOtherGrp

FieldValueIRS element (for citing)
Category Or ItemMutual FundsCategoryOrItemTxt
Listed At Cost Or FMVFMVListedAtCostOrFMVCd
Book Value$2,302,376BookValueAmt
EOYFMV$2,302,376EOYFMVAmt

Legal Fees Schedule LegalFeesSchedule

Legal Fees LegalFeesGrp

FieldValueIRS element (for citing)
CategoryLegal FeesCategoryTxt
Legal Fees$1,188LegalFeesAmt
Net Investment Income$0NetInvestmentIncomeAmt
Adjusted Net Income$0AdjustedNetIncomeAmt
Disbursements Charitable Prps$1,188DisbursementsCharitablePrpsAmt

Other Professional Fees Schedule OtherProfessionalFeesSchedule

Other Professional Fees Detail OtherProfessionalFeesDetail

FieldValueIRS element (for citing)
CategoryInvestment Management FeesCategoryTxt
Amt$35,923Amt
Net Investment Income$35,923NetInvestmentIncomeAmt
Adjusted Net Income$0AdjustedNetIncomeAmt
Disbursements Charitable Prps$0DisbursementsCharitablePrpsAmt

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