2026-08-11T10:33:25-05:00 2025-12-31 331374517 PKF O'CONNOR DAVIES ADVISORY LLC 500 MAMARONECK AVENUE SUITE 301 HARRISON NY 105281633 990PF 2025-01-01 611156309 SUSAN S DONALDSON FOUNDATION INC SUSA 8594751471 4985 BETHEL ROAD LEXINGTON KY 40511 ELIZABETH S HUGHES PRESIDENT 8594751471 2026-08-11 1 THOMAS BLANEY P00234022 9143818900 2026-08-07 2025 2025-03-06 01:10:19Z X 43806222 X 16000 17599 17599 17599 568203 568203 568203 1696807 9886310 1696807 12056 4410 4410 4410 2303019 2287019 602268 155000 0 0 155000 357872 0 0 357872 156795 0 0 156795 94140 0 0 94140 29378 0 0 29378 275072 139064 139064 136008 33311 0 0 33311 828061 0 0 828061 1929629 139064 139064 1790565 0 0 1929629 139064 139064 1790565 373390 2147955 463204 164640 76885 76885 1193000 1432270 1432270 8456 0 10789 8456 8456 2803315 3063466 2994573 7874378 745939 981428 2125256 1708186 1693055 11813285 19322851 24766055 11800000 11800000 11800000 11800000 53500 53500 53500 37838163 38211553 43806222 0 0 X 37838163 38211553 37838163 38211553 37838163 38211553 37838163 373390 0 38211553 0 38211553 SALE OF PUBLICLY TRADED SECURITIES P 2281915 2269859 12056 12056 SALE OF PUBLICLY TRADED SECURITIES P 7060051 5919644 1140407 1140407 CAPITAL GAINS DIVIDENDS P 544344 544344 544344 1696807 12056 29857 0 29857 0 29857 20000 0 11000 0 31000 X 98 1045 1045 0 0 0 0 0 0 0 0 0 0 0 1 1 KY DE 1 1 0 0 0 1 N/A LIANNE LAZETERA ESQ 2126523800 535 MADISON AVE 27TH FLOOR NEW YORK NY 10022 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ELIZABETH S HUGHES SEE STMT 15 4985 BETHEL ROAD LEXINGTON KY 40511 PRES./DIR./DIR. OF OPS./GEN. COUNSEL 40.00 155000 13625 0 SANFORD J SCHLESINGER SEE STMT 15 535 MADISON AVE 27TH FLOOR NEW YORK NY 10022 VICE PRESIDENT/DIRECTOR 2.00 0 0 0 LIANNE LAZETERA SEE STMT 15 535 MADISON AVE 27TH FLOOR NEW YORK NY 10022 TREASURER/SECRETARY/DIRECTOR 4.00 0 0 0 JAMES BOYD SEE STMT 16 C/O 4985 BETHEL ROAD LEXINGTON KY 40511 FARM MANAGER 48.00 104470 32 0 0 CENTRAL KENTUCKY VETERINARY CENTER PSC 930 SOUTH BROADWAY GEORGETOWN KY 40324 VETERINARY SERVICES 113852 SCHLESINGER LAZETERA & AUCHINCLOSS LLP 535 MADISON AVE 27TH FLOOR NEW YORK NY 10022 OPERATIONAL AND LEGAL SERVICES 94140 ROCKEFELLER CAPITAL MANAGEMENT 45 ROCKEFELLER PLAZA 5TH FLOOR NEW YORK NY 10111 INVESTMENT MANAGEMENT 75261 NORTHERN TRUST 40 W 57TH ST 21ST FLOOR NEW YORK NY 10019 INVESTMENT MANAGEMENT 63803 0 CARE AND MAINTENANCE (INCLUDING SHELTER, FOOD, GROOMING ANDVETERINARY CARE) FOR HORSES AND OTHER ANIMALS WHICH, BECAUSEOF ADVANCED AGE, INJURY OR OTHERWISE, HAVE BEEN ABANDONED,NEGLECTED OR ARE IN DANGER OF BEING PUT TO DEATH. 1679095 0 29475581 1474253 0 30949834 0 0 30949834 464248 30485586 1524279 X 1790565 0 1790565 X 463204 695880 776140 551107 2486331 393723 591498 659719 468441 2113381 1790565 1591066 1718227 1445838 6545696 0 0 0 0 0 1790565 1591066 1718227 1445838 6545696 0 0 1016186 974245 900611 938004 3829046 0 0 0 0 X 0 0 14 17599 14 568203 18 1696807 PATRONAGE INCOME 01 4410 0 2287019 0 2287019 0 0 0 0 0 0 0 0 0 0 X X 1 CONGIE BLACK & GOLD FUND INC 2 SMITH BRIDGE RD SARATOGA SPRINGS NY 12866 10000 X BOOKKEEPING AND TAX PREP 28628 0 0 28628 OTHER ACCOUNTING SERVICES 750 0 0 750 INFORMATION ABOUT OFFICERS AND DIRECTORS 990-PF, PART VII ELIZABETH S. HUGHES, PRESIDENT AND DIRECTOR - IS THE DIRECTOR OF OPERATIONS AND GENERAL COUNSEL OF MEREWORTH FARM, LLC, A WHOLLY-OWNED DISREGARDED ENTITY OF THE SUSAN S. DONALDSON FOUNDATION, INC. FOR WHICH SHE RECEIVED COMPENSATION OF $155,000 IN 2025. PART VII, LINE 1 COMPENSATION AND HOURS REFLECT BOTH HER ROLES AS PRESIDENT/DIRECTOR OF THE FOUNDATION AS WELL AS HER SEPARATE ROLE AT MEREWORTH FARM, LLC.SANFORD J. SCHLESINGER - PARTNER AT SCHLESINGER LAZETERA AND AUCHINCLOSS LLP, A LAW FIRM WHICH RECEIVED TOTAL COMPENSATION OF $94,140 FOR OPERATIONAL AND LEGAL SERVICES, AS WELL AS RELATED REIMBURSEMENTS, DURING 2025.LIANNE LAZETERA - PARTNER AT SCHLESINGER LAZETERA AND AUCHINCLOSS LLP, A LAW FIRM WHICH RECEIVED TOTAL COMPENSATION OF $94,140 FOR OPERATIONAL AND LEGAL SERVICES, AS WELL AS RELATED REIMBURSEMENTS, DURING 2025. INFORMATION ABOUT EMPLOYEES 990-PF, PART VII JAMES BOYD - FARM MANAGER OF MEREWORTH FARM, LLC, A DISREGARDED ENTITY, WHOLLY-OWNED BY THE FOUNDATION AERCAP IRELAND CAPITAL LIMITED NOTE 3.00 % DUE OCT 29, 2028 80 UNITS 81780 77558 AT&T INC NOTE CALL MAKE WHOLE 1.70 % DUE MAR 25, 2026 97 UNITS 97135 96508 BANK AMERICA CORP MTN CALL MAKE WHOLE 3.974 % DUE FEB 7, 2030 82 UNITS 78803 81537 BOEING CO NOTE CALL MAKE WHOLE 5.15 % DUE MAY 1, 2030 23 UNITS 22450 23632 BOOZ ALLEN HAMILTON INC NOTE 5.95 % DUE APR 15, 2035 22 UNITS 22021 22793 BRISTOL-MYERS SQUIBB CO NOTE 5.10 % DUE FEB 22, 2031 17 UNITS 16973 17701 CISCO SYSTEMS INC NOTE CALL MAKE WHOLE 5.05 % DUE FEB 26, 2034 45 UNITS 44955 46307 CITIGROUP INC NOTE CALL MAKE WHOLE 3.75 % DUE MAR 17, 2033 100 UNITS 110260 95348 COMCAST CORP NEW NOTE CALL MAKE WHOLE 3.30 % DUE FEB 1, 2027 71 UNITS 70149 70584 COPT DEFENSE PROP LP 4.50 % DUE OCT 15, 2030 36 UNITS 35738 35825 CVS HEALTH CORP NOTE CALL MAKE WHOLE 3.75 % DUE APR 1, 2030 65 UNITS 67047 63470 DOMINION ENERGY INC 3.375% 04/01/2030 USD SER C SR LIEN 25 UNITS 24023 24121 FEDERAL FARM CREDIT BANKS BOND 4.47 % DUE MAR 5, 2030 91 UNITS 91102 91317 FIFTH THIRD BANCORPV V/R 10/27/28 6.361 % DUE OCT 27, 2028 35 UNITS 36777 36412 GOLDMAN SACHS GROUP INC 5.3300 07232035 5.33 % DUE JUL 23, 2035 72 UNITS 72897 73977 HOME DEPOT INC NOTE CALL MAKE WHOLE 3.25 % DUE APR 15, 2032 53 UNITS 49698 49893 JPMORGAN CHASE & CO VAR RT 5.576 % DUE JUL 23, 2036 46 UNITS 47100 47719 JPMORGAN CHASE &CO NOTE CALL MAKE WHOLE 2.963 % DUE JAN 25, 2033 52 UNITS 47041 47585 LOWES COS INC NOTE CALL MAKE WHOLE 3.65 % DUE APR 5, 2029 51 UNITS 50170 50342 META PLATFORMS INC SR NTS DTD 4.20 % DUE NOV 15, 2030 33 UNITS 32961 33070 MORGAN STANLEY MTN CALL MAKE WHOLE 3.622 % DUE APR 1, 2031 96 UNITS 110414 93276 PFIZER INVITE ENTER 4.65 % DUE MAY 19, 2030 37 UNITS 38919 37731 PNC FINANCIAL SERVICES GROUP INC 5.582 % DUE JUN 12, 2029 35 UNITS 36864 36299 UNIFORM MBS POOL #SD8420 5.50 % DUE APR 1, 2054 107 UNITS 86154 87614 UNIFORM MBS POOL #SD8474 5.00 % DUE NOV 1, 2054 100 UNITS 89925 91270 US BANCORP MTN 2.215 % DUE JAN 27, 2028 38 UNITS 38003 37322 US BANCORP NOTE CALL MAKE WHOLE 5.775 % DUE JUN 12, 2029 36 UNITS 38360 37418 VERIZON COMMUNICATIONS INC 2.355 % DUE MAR 15, 2032 123 UNITS 96187 108394 WELLS FARGO & CO SER W MTN 5.389 % DUE APR 24, 2034 75 UNITS 74280 78032 AAON, INC. PAR 375.628 SHS 17508 28642 AGILYSYS INC 280 SHS 29849 33275 BADGER METER, INC. 208.879 SHS 23645 36431 BIOLIFE SOLUTIONS 966 SHS 25780 23358 CHEMED, CORP. 47.461 SHS 15368 20307 DXP ENTERPRISES INC 125 SHS 12467 13724 EPLUS INC 258.7 SHS 19060 22688 FACTSET RESEARCH SYSTEMS, INC. 47.489 SHS 9601 13781 FIRSTCASH HOLDINGS 298.62 SHS 20941 47594 HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. 768.37 SHS 24006 24150 HERC HLDGS, INC. COM. 147.566 SHS 20601 21896 HEXCEL CORP COM 230.144 SHS 14311 17008 INSULET, CORP. 54 SHS 8751 15349 INTEGER HLDGS, CORP. 211 SHS 10715 16549 IPG PHOTONICS 208 SHS 14989 14893 IRON MOUNTAIN, INC. 123.489 SHS 6350 10243 KORN FERRY COM NEW 425 SHS 28498 28059 LEMAITRE VASCULAR, INC. 252.789 SHS 22956 20501 LIMBACH HOLDINGS, INC. 272 SHS 23498 21175 LITTELFUSE, INC. 87.695 SHS 12999 22180 MASIMO, CORP. 150 SHS 14461 19509 MEDNAX INC COM 1077 SHS 19630 23037 MERIT MED SYS INC 448 SHS 21246 39487 MUELLER INDS, INC. 434.352 SHS 17985 49864 OLLIES BARGAIN 225 SHS 20603 24662 PJT PARTNERS, INC. - A W/I 242.533 SHS 21050 40552 PROCEPT BIOROBOTICS CORP 287 SHS 10051 9029 PROGYNY INC COM 422 SHS 8826 10837 RADNET INC 522 SHS 34684 37245 SIMPSON 197.234 SHS 17149 31847 SLM CORP COM USD0.20 1146.386 SHS 17464 31021 STONEX GROUP, INC. 468 SHS 23442 44521 STRIDE INC COM 381 SHS 26731 24738 SUNOPTA INC COM 4058 SHS 25185 15420 TETRA TECH, INC. 946.615 SHS 19571 31749 TRIMBLE, INC. 279 SHS 8966 21860 UFP TECH INC 125 SHS 26428 27754 WALKER & DUNLOP INC 343.616 SHS 26649 20669 WINMARK CORP 63.772 SHS 23925 25824 2318121 2286395 745345 708178 ARTISAN INTERNATIONAL VALUE FUND 43781.802 UNITS AT COST 2235000 2354585 BAIRD ULTRA SHORT BOND FUND 124783.739 UNITS AT COST 1261648 1262811 BLACKROCK EQ DIVIDEND I 107456.101 UNITS AT COST 2090000 2239385 COLUMBIA CONTRARIAN (CORE FUND CL I) 28662.174 UNITS AT COST 888798 1109513 ISHARES MSCI EAFE ETF 8535 UNITS AT COST 734607 819616 MFB NORTHERN EQUITY INDEX INTL 28,160.390 SHRS AT COST 365271 494778 MFB NORTHERN EQUITY INDEX MID CAP 39,661.920 SHRS AT COST 761295 824968 MFB NORTHERN FUNDS STK INDEX FD 104,689.060 SHRS AT COST 3173032 7131419 MFC ISHARES TR 1-5 YR INVT GRADE 71,635.000 SHRS AT COST 3710385 3788059 MFC ISHARES TRUST CORE 18,629.000 SHRS AT COST 1966243 1860665 MFO BLACKROCK FDS V HIGH YIELD BD PORT 113,243.780 SHRS AT COST 764710 817620 MFO MFS INSTL EQUITY FD 12,236.970 SHRS AT COST 380187 496576 NUVEEN PREFERRED SECURITIES FUND CLASS I 39016.735 UNITS AT COST 690795 635192 SPDR GOLD TRUST 1632 UNITS AT COST 200007 646778 VANGUARD S&P 500 ETF 453 UNITS AT COST 100873 284090 LAND 11800000 0 11800000 11800000 OPERATIONAL AND LEGAL SERVICES 94140 0 0 94140 TROPHIES 53500 53500 53500 BANK FEES 90 0 0 90 CAR REPAIR AND MAINTENANCE 12710 0 0 12710 CONTRACT REPAIRS AND GROUND MAINTENANCE 209889 0 0 209889 FARM EQUIPMENT 106303 0 0 106303 FARM INSURANCE 27895 0 0 27895 HARDWARE AND SUPPLY 45961 0 0 45961 HORSE FOOD AND SUPPLIES 236274 0 0 236274 HORSE MAINTENANCE 55469 0 0 55469 INSURANCE 2005 0 0 2005 MISCELLANEOUS FARM EXPENSE 14078 0 0 14078 PAYROLL FEES 3425 0 0 3425 PEST CONTROL 2460 0 0 2460 POSTAGE & DELIVERY 131 0 0 131 STATE FILING FEES 600 0 0 600 UTILITIES 104857 0 0 104857 WASTE SERVICES 5914 0 0 5914 PATRONAGE INCOME 4410 4410 4410 INVESTMENT MANAGEMENT FEES 139064 139064 139064 0 VETERINARY SERVICES 136008 0 0 136008 FEDERAL EXCISE TAX 33311 0 0 33311