SCHEDULE D
(Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Financial Statements
SchDMd Bullet Complete if the organization answered "Yes," on Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b.
SchDMd Bullet Attach to Form 990.
SchDMd Bullet Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
2020
Open to Public Inspection
Name of the organization
THE SAN DIEGO FOUNDATION
 
Employer identification number

95-2942582
Part I
Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" on Form 990, Part IV, line 6.
(a) Donor advised funds (b) Funds and other accounts
1 Total number at end of year ......... 674 1,628
2 Aggregate value of contributions to (during year) 52,886,429 68,788,046
3 Aggregate value of grants from (during year) 37,646,881 61,080,589
4 Aggregate value at end of year ........ 663,529,452 485,908,214
5
Did the organization inform all donors and donor advisors in writing that the assets held in donor advised funds are the organization’s property, subject to the organization’s exclusive legal control? ............
6
Did the organization inform all grantees, donors, and donor advisors in writing that grant funds can be used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit? ...................................
Part II
Conservation Easements.
Complete if the organization answered "Yes" on Form 990, Part IV, line 7.
1
Purpose(s) of conservation easements held by the organization (check all that apply).
2
Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.
Held at the End of the Year
a Total number of conservation easements ...................... 2a  
b Total acreage restricted by conservation easements .................... 2b  
c Number of conservation easements on a certified historic structure included in (a) ..... 2c  
d Number of conservation easements included in (c) acquired after 7/25/06, and not on a historic structure listed in the National Register ... 2d  
3
Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during the
tax year SchDMd Bullet  
4
Number of states where property subject to conservation easement is located SchDMd Bullet  
5
Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and enforcement of the conservation easements it holds? ............
6
Staff and volunteer hours devoted to monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
SchDMd Bullet  
7
Amount of expenses incurred in monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
SchDMd Bullet $  
8
Does each conservation easement reported on line 2(d) above satisfy the requirements of section 170(h)(4)(B)(i) and section 170(h)(4)(B)(ii)? .............................
9
In Part XIII, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.
Part III
Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" on Form 990, Part IV, line 8.
1a
If the organization elected, as permitted under FASB ASC 958, not to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide, in Part XIII, the text of the footnote to its financial statements that describes these items.
b
If the organization elected, as permitted under FASB ASC 958, to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide the following amounts relating to these items:
(i)
Revenue included on Form 990, Part VIII, line 1 .........................SchDMd Bullet $  
(ii)
Assets included in Form 990, Part X ...............................SchDMd Bullet $  
2
If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under FASB ASC 958 relating to these items:
a
Revenue included on Form 990, Part VIII, line 1 ..........................SchDMd Bullet $  
b
Assets included in Form 990, Part X ...............................SchDMd Bullet $  
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 52283D
Schedule D (Form 990) 2020

Schedule D (Form 990) 2020
Page 2
Part III
Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)
3
Using the organization’s acquisition, accession, and other records, check any of the following that are a significant use of its collection items (check all that apply):
a
d
b
e
 
c
4
Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIII.
5
During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?...
Part IV
Escrow and Custodial Arrangements. Complete if the organization answered "Yes" on Form 990, Part IV, line 9, or reported an amount on Form 990, Part X, line 21.
1a
Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................
b If "Yes," explain the arrangement in Part XIII and complete the following table: Amount
c Beginning balance ............................. 1c  
d Additions during the year ............................ 1d  
e Distributions during the year .......................... 1e  
f Ending balance ................................ 1f  
2a
Did the organization include an amount on Form 990, Part X, line 21, for escrow or custodial account liability? ...
b
If "Yes," explain the arrangement in Part XIII. Check here if the explanation has been provided in Part XIII ....
Part V
Endowment Funds.
Complete if the organization answered "Yes" on Form 990, Part IV, line 10.
(a) Current year (b) Prior year (c) Two years back (d) Three years back (e) Four years back
1a Beginning of year balance .... 542,902,596 531,411,766 507,999,312 438,067,946 392,402,224
b Contributions ... 14,702,601 17,856,613 16,688,952 48,963,519 12,341,619
c Net investment earnings, gains, and losses 155,533,627 10,582,218 22,737,231 34,523,932 47,139,911
d Grants or scholarships ... 10,589,177 9,646,166 9,395,058 8,206,254 6,924,363
e Other expenditures for facilities
and programs ... 		3,626,310 3,015,532 2,584,391 1,477,680 3,323,885
f Administrative expenses .... 4,439,898 4,286,303 4,034,281 3,872,152 3,567,560
g End of year balance ...... 694,483,439 542,902,596 531,411,766 507,999,312 438,067,946
2
Provide the estimated percentage of the current year end balance (line 1g, column (a)) held as:
a
Board designated or quasi-endowment SchDMd Bullet1.570 %
b
Permanent endowment SchDMd Bullet68.060 %
c
Term endowment SchDMd Bullet30.370 %
The percentages on lines 2a, 2b, and 2c should equal 100%.
3a
Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes
No
(i) Unrelated organizations .......................
3a(i)
 
No
(ii) Related organizations .......................
3a(ii)
 
No
b
If "Yes" on 3a(ii), are the related organizations listed as required on Schedule R? .........
3b
 
 
4
Describe in Part XIII the intended uses of the organization's endowment funds.
Part VI
Land, Buildings, and Equipment.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11a. See Form 990, Part X, line 10.
Description of property (a) Cost or other basis
(investment) 		(b) Cost or other basis (other) (c) Accumulated depreciation (d) Book value
1a Land .....   1,215,000 1,215,000
b Buildings ....   12,271,380 7,651,480 4,619,900
c Leasehold improvements        
d Equipment ....   1,507,318 1,212,392 294,926
e Other .....   1,131,900 1,010,801 121,099
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..SchDMdBullet 6,250,925
Schedule D (Form 990) 2020

Schedule D (Form 990) 2020
Page 3
Part VII
Investments - Other Securities.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11b. See Form 990, Part X, line 12.
(a) Description of security or category
(including name of security)		 (b) Book value (c) Method of valuation:
Cost or end-of-year market value
(1) Financial derivatives.........    
(2) Closely-held equity interests........    
(3) Other
(A) AG CAPITAL RECOVERY VIII HOLDINGS, L.P.		 517,401 F

(B) ANGELES EQUITY PARTNERS I, LP		 3,230,210 F

(C) AREOF III PARALLEL A DREIT AIV FEEDER, L.P		 706,619 F

(D) ARES US REAL ESTATE OPPORTUNITY PARALLELFUND III-A, L.P		 1,296,567 F

(E) AUDAX MEZZANINE FUND III LP		 423,744 F

(F) AUDAX PRIVATE EQUITY FUND VI-A LP		 2,982,789 F

(G) AURELIUS CAPITAL MANAGEMENT, LP		 13,268,731 F

(H) BCP II		 1,579,177 F

(I) CANVAS VENTURES 3, LP		 1,681,742 F

(J) CARRONADE CAPITAL OFFSHORE, LP		 8,932,509 F

(K) CF ANCHORAGE CAPITAL PARTNERS OFFSHORE LTD CL M STAGGERED SER 943 FUND		 9,076,720 F

(L) CF ANCHORAGE CAPITAL PARTNER OFFSHORE LTD SER K		 3,074,268 F

(M) CF DAVID KEMPNER INTL (BVI) (BVI)CL C 3 01 JAN 20		 11,718,797 F

(N) CF DAVIDSON KEMPNER INTERNATIONAL BVI TRANCHE 3 1OCT18		 3,490,768 F

(O) DAVIDSON KEMPNER LONG-TERM DISTRESSED OPPORTUNITIES INTERNATIONAL V LP		 4,957,775 F

(P) CF ELLIOTT INTL LTD CL B FD		 8,358,014 F

(Q) CF ELLIOTT INTL LTD CL C FD		 716,838 F

(R) ELLIOTT INTERMEDIATE CO-INVESTMENT II LP		 11,371,216 F

(S) CF RIPOSTE GLOBAL OPPORTUNITY FUND, LTD F-2021-03		 7,067,544 F

(T) CF RIPOSTE GLOBAL OPPORTUNITY FUND, LTD F-2021-03		 2,524,123 F

(U) CF RREEF AMERICA REIT II		 17,285,711 F

(V) CF SOUTHPOINT QUALIFIED OFFSHORE FUND, LTD CL NON RESTRICTED SER 03 2021		 7,394,511 F

(W) CF SOUTHPOINT QUALIFIED OFFSHORE FUND, LTD CL NON-RESTRICTED SER 03 2021		 2,610,957 F

(X) CF STATE STREET GLOBAL ADVISORS REAL ASSET NL CTF (CM5Q)		 44,490,975 F

(Y) CF STATE STREET GLOBAL ADVISORS REAL ASSET NL CTF (CM5Q)		 10,275,658 F

(Z) CF TACONIC OPPORTUNITY OFFSHORE FUND LTD. A-NR SER 97400		 2,803,324 F

(AA) CF TACONIC OPPORTUNITY OFFSHORE FUND LTDCLASS U-NR SERIES 57810		 9,415,026 F

(AB) DOVER STREET VIII CAYMAN FUND LP		 1,752,850 F

(AC) ENERGY SPECTRUM PARTNERS VIII LP		 1,338,737 F

(AD) FIR TREE INTERNATIONAL VALUE FUND (USTE), LP		 8,665,224 F

(AE) GREAT HILL EQUITY PARTNERS VI,LP		 7,812,206 F

(AF) GREAT HILL EQUITY PARTNERS VII LP		 699,174 F

(AG) INDUS PACIFIC OPPORTUNITIES FUND		 6,925,709 F

(AH) LANSDOWNE EUROPEAN ABSOLUTE OPP FUND LP		 6,160,306 F

(AI) OAKTREE OPPORTUNITIES FUND IX, LP		 3,301,290 F

(AJ) OAKTREE OPPORTUNITIES FUND X		 2,445,703 F

(AK) OAKTREE REAL ESTATE OPPORTUNITIES FUND VI LP		 1,744,679 F

(AL) OAKTREE REAL ESTATE OPPORTUNITIES FUND VII, LP		 3,045,355 F

(AM) OAKTREE OPPORTUNITIES FUND XB FEEDER (CAYMAN), LP		 8,726,797 F

(AN) PENN SQUARE GLOBAL REAL ESTATE FUND I		 47,203 F

(AO) PENN SQUARE GLOBAL REAL ESTATE FUND II		 64,949 F

(AP) REALTY ASSOCIATES FUND X LP		 477,138 F

(AQ) REALTY ASSOCIATES FUND XI UTP, LP		 9,813,258 F

(AR) THE REALTY ASSOCIATES FUND XII UTP, LP		 7,247,453 F

(AS) SCULPTOR REAL ESTATE PARALLEL FUND IV B LP		 1,173,267 F

(AT) STEPSTONE SECONDARY OPPORTUNITIES FUND II LP		 2,301,337 F

(AU) STEPSTONE TACTICAL GROWTH FUND OFFSHORE LP		 6,623,763 F

(AV) STEPSTONE TACTICAL GROWTH FUND OFFSHORE II LP		 19,222,383 F

(AW) STEPSTONE TACTICAL GROWTH FUND III OFFSHORE, L.P		 3,562,143 F

(AX) TAMARACK GLOBAL HEALTHCARE FUND QP, LP		 9,648,089 F

(AY) TAMARACK GLOBAL HEALTHCARE FUND QP, LP LT		 2,947,023 F

(AZ) TAURUS MINING FINANCE FUND NO.2, LP		 513,133 F

(BA) WELLSPRING CAPITAL PARTNERS VI LP		 8,212,674 F

(BB) MFO PIMCO FDS PAC INVT MGMT SER FOR FUTURE I ALL ASSET ALL AUTH FD INSTL		 2,238,619 F

(BC) AMERICAN FUNDSMARTIN		 9,315 F

(BD) JP MORGAN JOINT VENTURE -BEYSTER		 56,793 F

(BE) GOLDMAN SACHS - ALL		 509,200 F

(BF) SCHWABDIANE JOHNSON		 69,797 F

(BG) MORGANSTANLEYBARTLETT FAMILY		 104,785 F

(BH) CROWELL, WEEDON - YOUNG		 52,014 F

(BI) MORGAN STANLEY - TAV		 2,757,564 F

(BJ) HUMAN LONGEVITY PRIVATELY HELD STOCK		 1,264,561 F

(BK) MISSION DRIVEN FINANCE - IMPACT INVESTING		 4,225,744 F

(BL) SD GRANTMAKERS - IMPACT INVESTING		 96,500 F
Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)Small Bullet 327,108,449
Part VIII
Investments - Program Related. Complete if the organization answered 'Yes' on Form 990, Part IV, line 11c. See Form 990, Part X, line 13.
(a) Description of investment (b) Book value (c) Method of valuation:
Cost or end-of-year market value
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)Small Bullet  
Part IX
Other Assets.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11d. See Form 990, Part X, line 15.
(a) Description (b) Book value
(1)PRESENT VALUE OF DEFERRED GIFT 26,688,863
(2)LIFE INSURANCE POLICIES 1,056,338
(3)OTHER RECEIVABLES 4,939,088
(4)OTHER ASSETS 382,924
(5)UNITS IN LIMITED PARTNERSHIP 159,527,809
(6)
(7)
(8)
(9)
(10)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........Small Bullet 192,595,022
Part X
Other Liabilities.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11e or 11f. See Form 990, Part X, line 25.
1.(a) Description of liability (b) Book value
(1) Federal income taxes  
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)Small Bullet 4,559,083
2. Liability for uncertain tax positions. In Part XIII, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC 740). Check here if the text of the footnote has been provided in Part XIII
Schedule D (Form 990) 2020

Schedule D (Form 990) 2020
Page 4
Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1 Total revenue, gains, and other support per audited financial statements ....... 1  
2 Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a Net unrealized gains (losses) on investments .... 2a  
b Donated services and use of facilities ......... 2b  
c Recoveries of prior year grants ........... 2c  
d Other (Describe in Part XIII.) ............ 2d  
e Add lines 2a through 2d ..................... 2e  
3 Subtract line 2e from line 1.................. 3  
4 Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a Investment expenses not included on Form 990, Part VIII, line 7b . 4a  
b Other (Describe in Part XIII.) ........... 4b  
c Add lines 4a and 4b.................... 4c  
5 Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ...... 5  
Part XII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1 Total expenses and losses per audited financial statements ........... 1  
2 Amounts included on line 1 but not on Form 990, Part IX, line 25:
a Donated services and use of facilities ......... 2a  
b Prior year adjustments ............ 2b  
c Other losses ................ 2c  
d Other (Describe in Part XIII.) ............ 2d  
e Add lines 2a through 2d.................... 2e  
3 Subtract line 2e from line 1................... 3  
4 Amounts included on Form 990, Part IX, line 25, but not on line 1:
a Investment expenses not included on Form 990, Part VIII, line 7b .. 4a  
b Other (Describe in Part XIII.) ............ 4b  
c Add lines 4a and 4b..................... 4c  
5 Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ...... 5  
Part XIII
Supplemental Information
Provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, lines 1b and 2b; Part V, line 4; Part X, line 2; Part XI, lines 2d and 4b; and Part XII, lines 2d and 4b. Also complete this part to provide any additional information.
Return Reference Explanation
PART IV, LINE 2B: THE ORGANIZATION HOLDS AMOUNTS ON BEHALF OF OTHERS. THE FUNDS ARE SET UP BY UNAFFILIATED NON-PROFIT ORGANIZATIONS FOR THEIR OWN BENEFIT WITH THE FOUNDATION AS CUSTODIAN.
PART V, LINE 4: THE SAN DIEGO FOUNDATION ENCOURAGES DONORS AND AGENCIES TO OPEN ENDOWMENT FUNDS FOR THE PURPOSE OF ENSURING FUTURE SUPPORT FOR THE NON-PROFIT AGENCIES WITHIN THE SAN DIEGO REGION. AS A PERMANENT ENDOWMENT, A PORTION OF THE EARNINGS OF THE FUND ARE GRANTED TO NON-PROFITS FOR EITHER GENERAL OR SPECIFIC SUPPORT. THE AMOUNT OF EARNINGS DISTRIBUTED IS DETERMINED BY THE FOUNDATION'S SPENDING POLICY, WHICH AT THIS TIME IS TO DISBURSE 5% ANNUALLY, BASED UPON ENDOWMENT PRINCIPAL AND MARKET VALUE OVER THE LAST 36 MONTHS. IF THE MARKET VALUE OF THE ENDOWMENT PRINCIPAL OF ANY FUND IS LESS THAN THE INITIAL VALUE OF ALL THE CONTRIBUTIONS MADE TO THE ENDOWMENT PRINCIPAL, THEN DISTRIBUTIONS WILL BE LIMITED TO INTEREST AND DIVIDENDS RECEIVED IN THE CURRENT MONTH. THIS ENSURES CONTINUAL SUPPORT RATHER THAN NON-PROFITS RECEIVING LARGE ONE-TIME GRANTS THAT MAKE BUDGETING FOR THEIR ANNUAL OPERATIONS DIFFICULT.
PART X, LINE 2: THE FOUNDATION IS EXEMPT FROM INCOME TAXES UNDER THE CURRENT PROVISIONS OF THE INTERNAL REVENUE CODE SECTION 501(C)(3) AND SECTION 23701(D) OF THE CALIFORNIA FRANCHISE TAX CODE. ALL TAX-EXEMPT ENTITIES ARE SUBJECT TO REVIEW AND AUDIT BY FEDERAL, STATE AND OTHER APPLICABLE AGENCIES. SUCH AGENCIES MAY REVIEW THE TAXABILITY OF UNRELATED BUSINESS INCOME, OR THE QUALIFICATION OF THE TAX-EXEMPT ENTITY UNDER THE INTERNAL REVENUE CODE AND APPLICABLE STATE STATUTES. THE FOUNDATION DOES NOT HAVE ANY MATERIAL UNCERTAIN TAX POSITIONS.
Schedule D (Form 990) 2020


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