I Mmmmmmm I I Mmmmmmmmm I M I M I

PUBLIC DISCLOSURE COPY

OMB No. 1545-0052

Return of Private Foundation

or Section 4947(a)(1) Trust Treated as Private Foundation

Do not enter social security numbers on this form as it may be made public.

Form

990-PF

À ¾ µ ¸

Open to Public Inspection

, 20

I

Department of the Treasury Internal Revenue Service

www.irs.gov/form990pf

Information about Form 990-PF and its separate instructions is at

.

I

For calendar year 2014 or tax year beginning

, 2014, and ending

Name of foundation

AB
Employer identification number

THE WILLIAM & FLORA HEWLETT FOUNDATION

Number and street (or P.O. box number if mail is not delivered to street address)

94-1655673

Room/suite

Telephone number (see instructions)

(650) 234-4500
2121 SAND HILL ROAD

City or town, state or province, country, and ZIP or foreign postal code

CD

If exemption application is

m m m m m m m

_{1. Foreign organizations, check here}m m

pending, check here

IIII

MENLO PARK, CA 94025

G Check all that apply:

Initial return

Final return
Initial return of a former public charity Amended return

2. Foreign organizations meeting the
85% test, check here and attach

Address change

Name change

m m m m m m m m m

computation

X

H Check type of organization:

Section 501(c)(3) exempt private foundation

EF

If private foundation status was terminated under section 507(b)(1)(A), check here

Section 4947(a)(1) nonexempt charitable trust

Other taxable private foundation

mm

X

I

Fair market value of all assets at J Accounting method:

Cash

Accrual

If the foundation is in a 60-month termination under section 507(b)(1)(B), check here

end of year (from Part II, col. (c), line

Other (specify)

(Part I, column (d) must be on cash basis.)

I

9,042,503,665.

16)

$

I

(d) Disbursements

for charitable purposes

Analysis of Revenue and Expenses (The

total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).)

Part I

(a) Revenue and

expenses per books

(b) Net investment

(c) Adjusted net

income

(cash basis only)

12

Contributions, gifts, grants, etc., received (attach schedule)

m

_{Interest on savings and temporary cash investments}m

if the foundation is not required to

X

Check

I

attach Sch. B

m m m m m m m m m m m m m

34

33,040,374. 138,728,266.

5a Gross rents

^{Dividends an}m^dmⁱⁿm^tem^rem^stm^from^mm ^smêcmûrmîtimêsm m m m m

b

Net rental income or (loss)

553,277,079.
660,557,154.

6a Net gain or (loss) from sale of assets not on line 10

b

Gross sales price for all assets on line 6a

78

Capital gain net income (from Part IV, line 2)

m m m m m m m m m m m

Net short-term capital gain

_{Income modifications}m m m m m m m m m m m m

9

10

a

Gross sales less returns

_{and allowances}m m m m m

bc

Less: Cost of goods sold

m

Gross profit or (loss) (attach schedule)

m m m m

_{Total. Add lines 1 through 11}m m m m m m m m

38,294,702. -58,654,213.
624,612,155. 740,631,207.

11 Other income (attach schedule)

ATCH 1

m m m m m m m

12

3,610,185.
17,479,317.
7,910,231.
761,253.
2,383,593. 5,600,015. 1,043,329.
353,207.
1,244,458.

13 14

Compensation of officers, directors, trustees, etc.

m m

12,151,210.
5,256,996.
408,046. 278,878.
10,285,172.
253,688.

^{Other employee salaries and wages}m m m m m m

m m m m m

15 Pension plans, employee benefits

ATCH 2

16a Legal fees (attach schedule)

m m m m m m m m m

588,234.

309,356.

b Accounting fees (attach schedule)ATCH 3

m m m m m m

12,934,424.
667,575.
2,669,093.
413,887.

_{Other professional fees (attach schedule)}[4]

c

m m m

17 Interest

m m m m m m m m m m m m m m m m m m m

5,332,639. 1,443,856.
673,617.
3,744,445.
20,722.

18 Taxes (attach schedule) (see instructions )[5] 19 Depreciation (attach schedule) and depletion

m m m

173,014.
80,718.
271,973.

m

592,899.
3,465,573.
20,722.

20 Occupancy

m m m m m m m m m m m m m m m m m

21

m m m m m m

23 Other expenses (attach schedule)ATCH 6

^{Travel, conferences, and m}m^eem^tinm^gsm m m m m m m

22 Printing and publications

3,160,333.

666,275.

13,964,460. 13,964,460.
2,494,058.

m m m m m m

24

Add lines 13 through 23
25 Contributions, gifts, grants paid

26

27 Subtract line 26 from line 12:

^{Total operating and adm}mⁱⁿmîsm^tram ^tim^vem êm^xpmênm ^smêsm^.

58,326,831.
361,328,779. 419,655,610.
36,451,700.
434,179,489. 470,631,189.

m m m m m m m

0

Total expenses and disbursements. Add lines 24 and 25

204,956,545.

abc

Excess of revenue over expenses and disbursements

m m

726,666,747.

Adjusted net income (if negative, enter -0-)

^{Net investment income (if negative, enter -0}m^-)m

JSA For Paperwork Reduction Act Notice, see instructions.

Form 990-PF (2014)

^{4E1410 1.000}18104U 1673 10/31/2015 11:39:21 AM V 14-7.3F

PAGE 1

94-1655673

End of year

Form 990-PF (2014)

Page 2

Attached schedules and amounts in the description column should be for end-of-year

Beginning of year

Part II Balance Sheets

(a) Book Value

(b) Book Value

(c) Fair Market Value

amounts only. (See instructions.)

500.
626,899,620.
500.
633,623,196.
500.
633,623,196.

123

Cash - non-interest-bearing

m m m m m m m m m m m m m m m m m m

Savings and temporary cash investments

9,683,606.

Accounts receivable

II

4,936,185.

9,683,606.

Less: allowance for doubtful accounts

II

4

Pledges receivable Less: allowance for doubtful accounts Grants receivable

56

m m m m m m m m m m m m m m m m m m m m m m

Receivables due from officers, directors, trustees, and other disqualified persons (attach schedule) (see instructions)

m m m m

7

Other notes and loans receivable (attach schedule)

I

Less: allowance for doubtful accounts

I

89

Inventories for sale or use

m m m m m m m m m m m m m m m m m m

1,804,911.
218,918,878.
2,742,778,912. 3,134,347,385. 3,134,347,385.
182,019,259. 209,892,490. 209,892,490.
1,965,141.
107,424,544.
1,965,141.
107,424,544.

Prepaid expenses and deferred charges

m m m m m m m m m m m m

[7]

10 a Investments - U.S. and state government obligations (attach schedule)

m m m m m m m m m m

_{Investments - corporate stock (attach schedule)}ATCH 8 _{Investments - corporate bonds (attach schedule)}ATCH 9

bc

m m m m m m m m

11 12 13 14

Investments - land, buildings,

I

and equipment: basis Less: accumulated depreciation (attach schedule)

I

Investments - mortgage loans

m m m m m m m m m m m m m m m m

4,801,602,454. 4,916,279,414. 4,916,279,414.
ATCH 10
43,434,349. 17,291,023. ATCH 11

Land, buildings, and equipment: basis

^{Investments - other (attach sc}I^hedule)

Less: accumulated depreciation (attach schedule)

26,743,352.
1,369,025.
26,143,326.
3,144,063.
26,143,326.
3,144,063.

I

15 16

Other assets (describe

)

I

Total assets (to be completed by all filers

-

see the

instructions. Also, see page 1, item I)

8,607,073,096. 9,042,503,665. 9,042,503,665.

10,364,102.
250,743,151.
8,473,270.
179,786,426.

17 18 19 20 21 22

Accounts payable and accrued expenses

m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m

Grants payable Deferred revenue

Loans from officers, directors, trustees, and other disqualified persons

Mortgages and other notes payable (attach schedule)

mm m m m m

41,445,897.
302,553,150.
47,867,313.
236,127,009.
ATCH 12

Other liabilities (describe

)

I

23

Total liabilities (add lines 17 through 22)

I

X

Foundations that follow SFAS 117, check here

m

and complete lines 24 through 26 and lines 30 and 31.

8,304,519,946. 8,806,376,656.

24 25 26

Unrestricted

m m m m m m m m m m m m m m m m m m m m m m m m m

Temporarily restricted

m m m m m m m m m m m m m m m m m m m m
_{Permanently restricted}m m m m m m m m m m m m m m m m m m m m

_{Foundations that do not follow SFAS 117,}m m m

check here and complete lines 27 through 31.

Capital stock, trust principal, or current funds

I

27 28 29 30 31

m m m m m m m m m

Paid-in or capital surplus, or land, bldg., and equipment fund

Retained earnings, accumulated income, endowment, or other funds

m m

8,304,519,946. 8,806,376,656. 8,607,073,096. 9,042,503,665.

Total net assets or fund balances (see instructions) Total liabilities and net assets/fund balances (see

instructions)

m m m m m m m m m m m m m m m m m m m m m m m m m

Analysis of Changes in Net Assets or Fund Balances

Part III

1 Total net assets or fund balances at beginning of year - Part II, column (a), line 30 (must agree with

8,304,519,946.
204,956,545. 296,900,165.
8,806,376,656.

end-of-year figure reported on prior year's return)

123456

m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m

2 Enter amount from Part I, line 27a

m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m

ATCH 13

3 Other increases not included in line 2 (itemize)

I

4 Add lines 1, 2, and 3

m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m

5 Decreases not included in line 2 (itemize)

I

8,806,376,656.

Form 990-PF (2014)

6 Total net assets or fund balances at end of year (line 4 minus line 5) - Part II, column (b), line 30

m m m m

JSA

^{4E1420 1.000}18104U 1673 10/31/2015 11:39:21 AM V 14-7.3F

PAGE 2

94-1655673

Form 990-PF (2014)

Page 3

Capital Gains and Losses for Tax on Investment Income

Part IV

(b) How

acquired P - Purchase D - Donation

(c) Date

(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)

(d) Date sold

(mo., day, yr.) acquired
(mo., day, yr.)

SEE PART IV SCHEDULE

1

a

bcde

(g) Cost or other basis

plus expense of sale

(f) Depreciation allowed

(h) Gain or (loss)

(e) plus (f) minus (g)

(e) Gross sales price

(or allowable)

abcde

Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69
(l) Gains (Col. (h) gain minus

col. (k), but not less than -0-) or
Losses (from col. (h))

(j) Adjusted basis

(k) Excess of col. (i)

(i) F.M.V. as of 12/31/69

as of 12/31/69

over col. (j), if any

abcde

If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7
Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):

2

Capital gain net income or (net capital loss)

660,557,154.

$

&

23
3

^{If gain, also e}m ⁿm^tem^rmⁱⁿm m^Pam^rtm Îm^,m^linmêm ⁸m^,m^cmôlmûmm ⁿm m^(cm⁾m^(smêem mⁱⁿm^stm^rum^ctmîom^nsm^).m Îm^fm^(lom^sm^s)m^,mênm^tem^rm^-0m^-mⁱⁿ

0

Part I, line 8

Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income

Part V

(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.) If section 4940(d)(2) applies, leave this part blank.

X

Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period? If "Yes," the foundation does not qualify under section 4940(e). Do not complete this part.

Yes

No

1

Enter the appropriate amount in each column for each year; see the instructions before making any entries.

(a)

(d)

(b)

(c)

Base period years

Distribution ratio

Adjusted qualifying distributions

Net value of noncharitable-use assets

Calendar year (or tax year beginning in)

(col. (b) divided by col. (c))

271,356,172. 408,458,507. 381,213,752. 388,787,740. 376,851,581.
8,006,395,858. 7,241,449,902. 7,445,596,107. 7,080,015,921. 6,478,223,745.
0.033892 0.056406 0.051200 0.054913 0.058172

2013 2012 2011 2010 2009

0.254583 0.050917

2345678

2

Total of line 1, column (d)

m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m

3

Average distribution ratio for the 5-year base period - divide the total on line 2 by 5, or by the number of years the foundation has been in existence if less than 5 years