Part VIII-B. Summary of Program-Related Investments

Program-related investment. Section 4944(c) and corresponding regulations define a program-related investment as one that is made primarily to accomplish a charitable purpose of the foundation and no substantial purpose of which is to produce investment income or a capital gain from the sale of the investment. Examples of program-related investments include educational loans to individuals and low-interest loans to other section 501(c)(3) organizations.

General instructions. Report all program-related investments made in the current tax year. Don't report any investments made in a prior year even if they were still held by the foundation in the current tax year.

Report in the amount column only the amounts of program-related investments that may be treated as qualifying

distributions. Don't report in the amount column (1) the amount of a loan guarantee except to the extent that the foundation makes a guarantee payment that would be a qualifying distribution, or (2) the amount of a program-related investment in an organization described in the exceptions set forth in the Part I, line 25, column (d), instructions. If an amount isn't reportable in the amount column, then report it in the column describing the program-related investment.

Investments consisting of loans to individuals (such as educational loans) aren't required to be listed separately but may be grouped with other program-related investments of the same type. Loans to other section 501(c)(3) organizations and all other types of program-related investments must be listed separately on lines 1 through 3 or on an attachment.

Lines 1 and 2. List the two largest program-related investments made by the foundation in 2025, if any, whether or not the investments were still held by the foundation at the end of the year. If none, enter “NONE.”

Line 3. Combine all other program-related investments and enter the total on line 3 in the Amount column. List the individual investments or groups of investments included (attach a schedule, if necessary).

Tip: The total of lines 1 through 3 in the Amount column must equal the amount reported on line 1b of Part XI.