Return of Private Foundation OMB No
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Return of Private Foundation OMB No. 1545-0047 Form 990-PF or Section 4947(a)(1) Trust Treated as Private Foundation 2019 Department of the Treasury a Do not enter social security numbers on this form as it may be made public. Internal Revenue Service a Go to www.irs.gov/Form990PF for instructions and the latest information. Open to Public Inspection For calendar year 2019 or tax year beginning , 2019, and ending , 20 Name of foundation A Employer identification number THE ANNENBERG FOUNDATION 23-6257083 Number and street (or P.O. box number if mail is not delivered to street address) Room/suite B Telephone number (see instructions) 101 WEST ELM STREET STE 510 (610) 341-9268 City or town, state or province, country, and ZIP or foreign postal code C If exemption application is pending, check here a CONSHOHOCKEN, PA 19428-2075 G Check all that apply: Initial return Initial return of a former public charity D 1. Foreign organizations, check here . a Final return Amended return 2. Foreign organizations meeting the 85% test, Address change Name change check here and attach computation ..a H Check type of organization: ✔ Section 501(c)(3) exempt private foundation E If private foundation status was terminated under Section 4947(a)(1) nonexempt charitable trust Other taxable private foundation section 507(b)(1)(A), check here ....a ✔ I Fair market value of all assets at J Accounting method: Cash Accrual F If the foundation is in a 60-month termination end of year (from Part II, col. (c), Other (specify) under section 507(b)(1)(B), check here . a line 16) a $ 1,471,021,146 (Part I, column (d), must be on cash basis.) Disbursements Part I Analysis of Revenue and Expenses (The total of (a) Revenue and (d) expenses per (b) Net investment (c) Adjusted net for charitable amounts in columns (b), (c), and (d) may not necessarily equal income income purposes the amounts in column (a) (see instructions).) books (cash basis only) 1 Contributions, gifts, grants, etc., received (attach schedule) 47,652 2 Check a if the foundation is not required to attach Sch. B 3 Interest on savings and temporary cash investments 738,722 738,722 0 4 Dividends and interest from securities .... 11,645,913 22,353,103 0 5a Gross rents ............. 339,937 339,937 0 b Net rental income or (loss) 68,068 6a Net gain or (loss) from sale of assets not on line 10 47,365,654 b Gross sales price for all assets on line 6a 1,139,966,506 7 Capital gain net income (from Part IV, line 2) . 49,185,724 Revenue 8 Net short-term capital gain ........ 9 Income modifications ......... 10a Gross sales less returns and allowances 284,864 b Less: Cost of goods sold . 102,796 c Gross profit or (loss) (attach schedule) .... 182,068 182,068 11 Other income (attach schedule) ...... 99,146 12,458,683 70,173 12 Total. Add lines 1 through 11 ....... 60,419,092 85,076,169 252,241 13 Compensation of officers, directors, trustees, etc. 1,143,515 323,446 1,093,514 14 Other employee salaries and wages ..... 8,685,777 110,128 252,241 8,437,886 15 Pension plans, employee benefits ..... 4,979,353 162,326 3,737,089 16a Legal fees (attach schedule) ....... 1,187,714 86,376 0 1,092,331 b Accounting fees (attach schedule) ..... 167,424 27,103 0 119,003 c Other professional fees (attach schedule) . 28,510,182 14,500,530 0 14,845,006 17 Interest .............. 18 Taxes (attach schedule) (see instructions) . 926,557 139,746 0 346,846 19 Depreciation (attach schedule) and depletion . 2,660,781 8,153 0 20 Occupancy ............. 3,723,028 392,295 3,766,227 21 Travel, conferences, and meetings ..... 1,173,025 52,400 1,111,806 22 Printing and publications ........ 305,828 528 308,502 23 Other expenses (attach schedule) ..... 8,044,340 17,249 0 8,025,508 24 Total operating and administrative expenses. Add lines 13 through 23 ......... 61,507,524 15,820,280 252,241 42,883,718 25 Contributions, gifts, grants paid ...... 63,169,279 65,930,653 Operating and Administrative Expenses 26 Total expenses and disbursements. Add lines 24 and 25 124,676,803 15,820,280 252,241 108,814,371 27 Subtract line 26 from line 12: a Excess of revenue over expenses and disbursements (64,257,711) b Net investment income (if negative, enter -0-) . 69,255,889 c Adjusted net income (if negative, enter -0-) . 0 For Paperwork Reduction Act Notice, see instructions. Cat. No. 11289X Form 990-PF (2019) THE ANNENBERG FOUNDATION 1 11/16/2020 8:25:02 AM 23-6257083 Form 990-PF (2019) Page 2 Part II Balance Sheets Attached schedules and amounts in the description column Beginning of year End of year should be for end-of-year amounts only. (See instructions.) (a) Book Value (b) Book Value (c) Fair Market Value 1 Cash—non-interest-bearing ........... 1,700 1,700 1,700 2 Savings and temporary cash investments ....... 46,853,776 47,320,017 47,320,017 3 Accounts receivable a Less: allowance for doubtful accounts a 0 0 0 4 Pledges receivable a Less: allowance for doubtful accounts a 0 0 0 5 Grants receivable ............... 6 Receivables due from officers, directors, trustees, and other disqualified persons (attach schedule) (see instructions) . 0 0 0 7 Other notes and loans receivable (attach schedule) a 0 Less: allowance for doubtful accounts a 0 0 0 0 8 Inventories for sale or use ............ 14,847 3,934 3,934 9 Prepaid expenses and deferred charges ....... 274,863 1,911,363 1,911,363 Assets 10a Investments—U.S. and state government obligations (attach schedule) 38,363,977 52,751,119 52,751,119 b Investments—corporate stock (attach schedule) ..... 419,482,964 490,621,392 490,621,392 c Investments—corporate bonds (attach schedule) .... 133,876,010 100,220,706 100,220,706 11 Investments—land, buildings, and equipment: basis a 0 Less: accumulated depreciation (attach schedule) a 0 0 0 0 12 Investments—mortgage loans ........... 0 13 Investments—other (attach schedule) ........ 717,202,247 736,771,973 736,771,973 14 Land, buildings, and equipment: basis a 49,440,483 Less: accumulated depreciation (attach schedule) a 11,486,940 37,364,142 37,953,543 37,953,543 15 Other assets (describe a (SEE STATEMENT) ) 8,888,239 3,465,399 3,465,399 16 Total assets (to be completed by all filers—see the instructions. Also, see page 1, item I) ........ 1,402,322,765 1,471,021,146 1,471,021,146 17 Accounts payable and accrued expenses ....... 6,295,984 5,256,800 18 Grants payable ................ 103,763,944 32,353,382 19 Deferred revenue ............... 20 Loans from officers, directors, trustees, and other disqualified persons 0 0 21 Mortgages and other notes payable (attach schedule) . 0 0 Liabilities 22 Other liabilities (describe a (SEE STATEMENT) ) 13,358,145 12,800,910 23 Total liabilities (add lines 17 through 22) ....... 123,418,073 50,411,092 Foundations that follow FASB ASC 958, check here a ✔ and complete lines 24, 25, 29, and 30. 24 Net assets without donor restrictions ........ 1,278,903,692 1,420,609,054 25 Net assets with donor restrictions ......... 1,000 1,000 Foundations that do not follow FASB ASC 958, check here a and complete lines 26 through 30. 26 Capital stock, trust principal, or current funds ...... 27 Paid-in or capital surplus, or land, bldg., and equipment fund 28 Retained earnings, accumulated income, endowment, or other funds 29 Total net assets or fund balances (see instructions) . 1,278,904,692 1,420,610,054 30 Total liabilities and net assets/fund balances (see Net Assets or Fund Balances instructions) ................. 1,402,322,765 1,471,021,146 Part III Analysis of Changes in Net Assets or Fund Balances 1 Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ................. 1 1,278,904,692 2 Enter amount from Part I, line 27a ...................... 2 (64,257,711) 3 Other increases not included in line 2 (itemize) a (SEE STATEMENT) 3 205,963,073 4 Add lines 1, 2, and 3 ........................... 4 1,420,610,054 5 Decreases not included in line 2 (itemize) a 5 0 6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 . 6 1,420,610,054 Form 990-PF (2019) THE ANNENBERG FOUNDATION 2 11/16/2020 8:25:02 AM 23-6257083 Form 990-PF (2019) Page 3 Part IV Capital Gains and Losses for Tax on Investment Income (a) List and describe the kind(s) of property sold (for example, real estate, (b) How acquired (c) Date acquired (d) Date sold P—Purchase 2-story brick warehouse; or common stock, 200 shs. MLC Co.) D—Donation (mo., day, yr.) (mo., day, yr.) 1a PUBLICLY TRADED SECURITIES PURCHASE b ALTERNATIVE INVESTMENTS PURCHASE c ADAGE PURCHASE d BAUPOST PURCHASE e (SEE STATEMENT) (f) Depreciation allowed (g) Cost or other basis (h) Gain or (loss) (e) Gross sales price (or allowable) plus expense of sale ((e) plus (f) minus (g)) a 904,873,897 900,377,918 4,495,979 b 233,688,800 237,804,613 (4,115,813) c 24,050,573 24,050,573 d 547,727 547,727 e Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69.