Reader's Guide Michael & Susan Dell Foundation 2019 Form 990PF The annual Form 990-PF is a public document that provides useful financial information about a private foundation's financial and charitable activities. In order to facilitate our mission of transforming the lives of children living in urban poverty through better education, family economic stability, health and community support the Michael & Susan Dell Foundation had $167M in qualified distributions in 2019. The information below details that amount and provides a reference to the related sections of the 2019 Form 990PF. For more information about the Michael & Susan Dell Foundation's initiatives, please visit www.dell.org. Explanation of Qualified Distributions Amount Form 990PF Reference Grants $ 103.7M Page 1, Col (d), Line 25 Direct Charitable Activities* $ 23.0M Supplement to Page 1, Col (d); Statement 21 Program Related Investments $ 16.1M Part XII, Line 1b Charitable Disbursements $ 142.8M Operating Expenses* $ 22.0M Supplement to Page 1, Col (d), Line 24; Statement 21 Capital Investments $ 2.5M Part XII, Line 2 Total Distributions $ 167.3M Part XII, Line 4 * Explanation of Operating & Administrative Expenses Direct Charitable Activities $ 23.0M Supplement to Page 1, Col (d), Line 24; Statement 21 Operating Expenses $ 22.0M Supplement to Page 1, Col (d), Line 24; Statement 22 $ 45.0M Page 1, Col (d), Line 24 * This page not filed with IRS * OMB No. 1545-0047 Form 990-PF Return of Private Foundation or Section 4947(a)(1) Trust Treated as Private Foundation 2019 G Do not enter social security numbers on this form as it may be made public. Department of the Treasury Internal Revenue Service G 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 , A Employer identification number Michael & Susan Dell Foundation 36-4336415 4417 Westlake Drive B Telephone number (see instructions) Austin, TX 78746 512-600-5500 C If exemption application is pending, check here.. G G Check all that apply: Initial return Initial return of a former public charity D 1 Foreign organizations, check here. G Final return Amended return Address change Name change 2 Foreign organizations meeting the 85% test, check here and attach computation. G H Check type of organization: X Section 501(c)(3) exempt private foundation Section 4947(a)(1) nonexempt charitable trust Other taxable private foundation E If private foundation status was terminated under section 507(b)(1)(A), check here. G I Fair market value of all assets at end of year J Accounting method: Cash X Accrual (from Part II, column (c), line 16) Other (specify) F If the foundation is in a 60-month termination G $ 1,824,808,520. (Part I, column (d), must be on cash basis.) under section 507(b)(1)(B), check here. G Part I Analysis of Revenue and (d) Disbursements Expenses (The total of amounts in (a) Revenue and (b) Net investment (c) Adjusted net for charitable columns (b), (c), and (d) may not expenses per books income income purposes necessarily equal the amounts in (cash basis only) column (a) (see instructions).) 1 Contributions, gifts, grants, etc., received (attach schedule). 137,349,908. 2 Check G if the foundation is not required to attach Sch. B 3 Interest on savings and temporary cash investments. 81,244. 81,244. 4 Dividends and interest from securities. 9,393,367. 9,393,367. 5 a Gross rents . b Net rental income or (loss). 6 a Net gain or (loss) from sale of assets not on line 10. 159,958,545. See Stmt 19 b Gross sales price for all assets on line 6a . 781,748,899. 7 Capital gain net income (from Part IV, line 2) . 159,948,287. 8 Net short-term capital gain. 9 Income modifications . Gross sales less 10 a returns and allowances. b Less: Cost of goods sold. c Gross profit or (loss) (attach schedule). 11 Other income (attach schedule) . See Statement 1 14,773,434. 14,658,850. 212,995. 12 Total. Add lines 1 through 11. 321,556,498. 184,081,748. 212,995. 13 Compensation of officers, directors, trustees, etc. 466,800. 23,428. 443,372. 14 Other employee salaries and wages. 14,631,571. 48,657. 212,995. 10,844,773. 15 Pension plans, employee benefits. 4,457,727. 15,369. 3,688,932. 16 a Legal fees (attach schedule). .See . .St . 2. 213,201. 202,665. b Accounting fees (attach sch) . .See . .St . 3. 220,353. 55,925. 141,518. c Other professional fees (attach sch). .See . .St . 4. 28,667,528. 3,529,607. 25,114,977. 17 Interest. 18 Taxes (attach schedule)(see instrs). .See . .St . 5. 6,285,086. 323,755. 141,264. 19 Depreciation (attach schedule) and depletion. See. St. .20 . 1,671,084. 20 Occupancy. 1,390,401. 1,308,675. 21 Travel, conferences, and meetings. 1,409,477. 1,102,182. 22 Printing and publications. 6,857. 5,662. 23 Other expenses (attach schedule) See Statement 6 9,996,286. 3,956,625. 2,029,504. 24 Total operating and administrative expenses. Add lines 13 through 23. 69,416,371. 7,953,366. 212,995. 45,023,524. 25 Contributions, gifts, grants paid. Part. .XV . 83,173,479. 103,700,162. 26 Total expenses and disbursements. Add lines 24 and 25 . 152,589,850. 7,953,366. 212,995. 148,723,686. 27 Subtract line 26 from line 12: See Stmt 21 a Excess of revenue over expenses and disbursements . 168,966,648. b Net investment income (if negative, enter -0-). 176,128,382. c Adjusted net income (if negative, enter -0-) . 0. BAA For Paperwork Reduction Act Notice, see instructions. TEEA0301L 08/22/19 Form 990-PF (2019) Form 990-PF (2019) Michael & Susan Dell Foundation 36-4336415 Page 2 Attached schedules and amounts in the description Beginning of year End of year Part II Balance Sheets column 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 . 10,658,938. 13,769,291. 13,769,291. 2 Savings and temporary cash investments. 65,557,404. 96,926,916. 96,926,916. 3 Accounts receivable . G 2,971,381. Less: allowance for doubtful accounts G 3,895,705. 2,971,381. 2,971,381. 4 Pledges receivable . G Less: allowance for doubtful accounts G 5 Grants receivable. 6 Receivables due from officers, directors, trustees, and other disqualified persons (attach schedule) (see instructions). 7 Other notes and loans receivable (attach sch). G Less: allowance for doubtful accounts G 8 Inventories for sale or use . 9 Prepaid expenses and deferred charges . 1,456,627. 863,300. 863,300. 10 a Investments ' U.S. and state government obligations (attach schedule). .Statement . 7. 24,929,789. 24,962,138. 24,962,138. b Investments ' corporate stock (attach schedule) . .Statement . 8. 265,387,227. 516,099,516. 516,099,516. c Investments ' corporate bonds (attach schedule) . 5,871,938. 11 Investments ' land, buildings, and equipment: basis. G Less: accumulated depreciation (attach schedule) . G 12 Investments ' mortgage loans. 13 Investments ' other (attach schedule). .Statement . 9. 1,165,596,297. 1,093,249,426. 1,093,249,426. 14 Land, buildings, and equipment: basisG 22,883,768. Less: accumulated depreciation (attach schedule) . .See . Stmt. .10 . G 8,307,266. 13,811,096. 14,576,502. 14,576,502. 15 Other assets (describe G See Statement 11 ) 55,217,312. 61,390,050. 61,390,050. 16 Total assets (to be completed by all filers ' see the instructions. Also, see page 1, item I). 1,612,382,333. 1,824,808,520. 1,824,808,520. 17 Accounts payable and accrued expenses. 1,378,450. 3,139,675. 18 Grants payable. 167,426,770. 151,323,063. 19 Deferred revenue. 107,602. 108,294. 20 Loans from officers, directors, trustees, & other disqualified persons. 21 Mortgages and other notes payable (attach schedule). 22 Other liabilities (describeG See Statement 12 ) 4,752,431. 7,613,536. 23 Total liabilities (add lines 17 through 22). 173,665,253. 162,184,568. Foundations that follow FASB ASC 958, check here G X and complete lines 24, 25, 29, and 30. 24 Net assets without donor restrictions. 1,436,398,771. 1,660,383,170. 25 Net assets with donor restrictions. 2,318,309. 2,240,782. Foundations that do not follow FASB ASC 958, check here G 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). 1,438,717,080. 1,662,623,952. 30 Total liabilities and net assets/fund balances (see instructions). 1,612,382,333. 1,824,808,520. 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 1,438,717,080. 2 Enter amount from Part I, line 27a. 2 168,966,648. 3 Other increases not included in line 2 (itemize) G See Statement 13 3 55,032,754. 4 Add lines 1, 2, and 3. 4 1,662,716,482. 5 Decreases not included in line 2 (itemize) G See Statement 14 5 92,530. 6 Total net assets or fund balances at end of year (line 4 minus line 5) ' Part II, column (b), line 29.