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DLN:93491128009798
OMB No 1545-0052

Return of Private Foundation

Form990-PF
DepJrtmc-nt of the TreJ~un
Intem~d Re\ c-nuc- ~en tee

2016

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.
Information about Form 990-PF and its instructions is at www.irs.gov/form990pf.

Open to Public
Inspection

, and ending 06-30-2017

For calendar year 2016, or tax year beginning 07-01-2016
Name of foundation
MUSK FOUNDATION

A Employer 1dent1f1cat1on number

77-0587507
% RONALD F GONG
Number and street (or P 0 box number 1f mall 1s not del1vered to street address)
PO BOX 10195 DEPT 863

I Roomjsu1te

B Telephone number (see mstruct1ons)

(650) 210-5000
City or town, state or provmce, country, and ZIP or fore1gn postal code
PALO ALTO, CA 94303
G Check all that apply

C If exemption appl1cat1on 1s pendmg, check here
~

D In1t1al return
D In1t1al return of a former public chanty
D F1nal return
D Amended return
D Address change D Name change

H Check type of organ1zat1on

D 1. Fore1gn organ1zat1ons, check here

~

D
D
D

~

D

~

2. Fore1gn organ1zat1ons meetmg the 85%
test, check here and attach computation

~

E If pnvate foundation status was termmated

~ Sect1on 501(c)(3) exempt pnvate foundation

under sect1on 507(b)(1)(A), check here

D Sect1on 4947(a)(1) nonexempt chantable trust D Other taxable pnvate foundation
I Fa1r market value of all assets at end
J Accounting method
~Cash D Accrual
of year (from Part II, col (c),
D
Other
(spec1fy)
/me 16)~$ 362,932,713

1n a 60-month termmat1on
under sect1on 507(b)(1)(B), check here

D

F If the foundation 1s

(Part I, column (d) must be on cash bas1s)

•:rn••

Analysis of Revenue and Expenses (The total

(a)

of amounts m columns (b), (c), and (d) may not necessanly

3

Check~
1f the foundation 1s not requ1red to attach
Sch B
Interest on sav1ngs and temporary cash mvestments

4

D1v1dends and Interest from secunt1es

b
Cll

6a

2Cll

b

>

~

Net gam or (loss) from sale of assets not on Ime 10

Net short-term cap1tal ga1n

9

Income mod1f1cat1ons
Gross sales less returns and allowances

b

Less Cost of goods sold

c

Gross prof1t or (loss) (attach schedule)

11

Other mcome (attach schedule)

12

Total. Add lmes 1 through 11

0

Other employee salanes and wages

15

Pens1on plans, employee benef1ts

16a

Legal fees (attach schedule)

~

9,000

0

0

9,000

Accounting fees (attach schedule)

~

10,000

5,000

0

5,000

~

220,330

b
c

Other professional fees (attach schedule)

Taxes (attach schedule) (see 1nstruct1ons)

19

Deprec1at1on (attach schedule) and deplet1on

20

Occupancy

21

Travel, conferences, and meet1ngs

22

Pnntmg and publ1cat1ons

g.

23

Other expenses (attach schedule)

('::

24

Total operating and administrative expenses.

0

16
11,039,815

Compensation of off1cers, directors, trustees, etc

18

-~

16
11,039,815

14

~
'J(

('::

~

13

Interest

.....

11,039,556

I
I

17

"0

11,039,556

Gross sales pnce for all assets on Ime 6a

>
z;

c::(

76

Net rental 1ncome or (loss)

8

)(

"0

167

76

11,143,507

L.iJ
Cll

=
.....

for chantable
purposes
(cash bas1s only)

mcome

167

Cap1tal gam net mcome (from Part IV, line 2)

7

lOa

,J'>

mcome

Adjusted net

Gross rents

Cll

,J'>

(c)

D

Sa

Cll

Net mvestment

0

Contnbut1ons, g1fts, grants, etc , rece1ved (attach
schedule)

2

a:

(b)

books

equal the amounts m column (a) (see mstruct1ons))

1

(d) Disbursements

Revenue and
expenses per

Add l1nes 13 through 23

25

Contnbut1ons, g1fts, grants pa1d

26

Total expenses and disbursements. Add l1nes 24 and

27

Subtract line 26 from line 12

25

b

Excess of revenue over expenses and
disbursements
Net investment income (1f negat1ve, enter -0-)

c

Adjusted net income(1f negat1ve, enter -0-)

a

For Paperwork Reduct1on Act Not1ce, see mstruct1ons.

239,330

330

5,000

0

47,798,322

48,037,652

14,330
47,798,322

5,000

0

47,812,652

-36,997,837
11,034,815

Cat No 11289X

Form 990-PF (2016)

 Form 990-PF (2016)

Iiiii II

Balance Sheets

Page
Attached schedules and amounts 1n the descnpt1on column
should be for end-of-year amounts only (See mstruct1ons )

1

Cash-non-1 nterest-bea nng

2

Savmgs and temporary cash Investments

3

Accounts receivable~

4

Pledges receivable~

5

Grants receivable •

6

Receivables due from off1cers, directors, trustees, and other

7

Other notes and loans receivable (attach schedule)~

8

Inventones for sale or use

Begmnmg of year

2

End of year

(a) Book Value

(b) Book Value

150,324

(c) Fa1r Market Value

1,054,760

1,054, 760

2,660,570

361,877,953

3,340,644

3, 715,330

362,932,713

0

0

Less allowance for doubtful accounts~

Less allowance for doubtful accounts~

d1squal1f1ed persons (attach schedule) (see mstruct1ons)

Less allowance for doubtful accounts~
oJ'

c:;

oJ'
oJ'

<(

Prepaid expenses and deferred charges

9
lOa

Investments-U 5 and state government obligations (attach schedule)

b

Investments-corporate stock (attach schedule)

c

Investments-corporate bonds (attach schedule)

11

Investments-land, bu1ld1ngs, and equipment baSIS~

12

Investments-mortgage loans

13

Investments-other (attach schedule)

14

Land, bu1ld1ngs, and equipment baSIS~

15

Other assets (descnbe ~

16

Total assets (to be completed by all f1lers-see the

3,190,320

~

Less accumulated deprec1at1on (attach schedule)~

Less accumulated deprec1at1on (attach schedule)~
)

1nstruct1ons Also, see page 1, 1tem I)

oJ'o

(J)

;1

.0
r.;

..:J

17

Accounts payable and accrued expenses •

18

Grants payable.

19

Deferred revenue

20

Loans from off1cers, directors, trustees, and other d1squal1f1ed persons

21

Mortgages and other notes payable (attach schedule).

22

Other liab111t1es (descnbe ~

23

Total liabilities(add l1nes 17 through 22)
Foundations that follow SFAS 117, check here ~

oJ'o

~

co
...,
....

D

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

(J)

r.;
r.;

)

24

Unrestncted

25

Temporanly restncted

26

Permanently restncted

~

Foundations that do not follow SFAS 117, check here ~

0

and complete lines 27 through 31.

....

zoJ'

( J)

oJ'o
oJ'o

27

~

Cap1tal stock, trust pnnc1pal, or current funds

28

Pa1d-1n or cap1tal surplus, or land, bldg , and equipment fund

29

Retamed earnmgs, accumulated mcome, endowment, or other funds

3,340,644

3, 715,330

30

Total net assets or fund balances (see mstruct1ons)

3,340,644

3, 715,330

31

Total liabilities and net assets/fund balances (see 1nstruct1ons)

3,340,644

3, 715,330

1:1' Iii . . . .

Analysis of Changes in Net Assets or Fund Balances

<(
(J)

1

Total net assets or fund balances at begmnmg of year-Part II, column (a), Ime 30 (must agree w1th endof-year f1gure reported on pnor year's return)

1

3,340,644

2

Enter amount from Part I, line 27a

2

-36,997,837

~

3

Other Increases not mcluded 1n lme 2 (1tem1ze) ~

3

37,372,523

4

Add lines 1, 2, and 3

4

3, 715,330

5

Decreases not mcluded 1n line 2 (1tem1ze) ~

5

6

Total net assets or fund balances at end of year (I me 4 m1nus Ime 5)-Part II, column (b), Ime 30

6

3, 715,330
Form 990-PF (2016)

 Form 990-PF (2016)

I:F.tiiN

Page

3

Capital Gains and Losses for Tax on Investment Income
(b)

(a)

How acqu1red
P-Purchase
D-Donat1on

L1st and descnbe the kmd(s) of property sold (e g , real estate,
2-story bnck warehouse, or common stock, 200 shs MLC Co )

(c)

(d)

Date acqu1red
(mo , day, yr )

Date sold
(mo , day, yr )

2010-07-02

2017-02-08

2010-07-02

2017-05-19

1 a 20,000 SHRS TESLA INC
b 19,100 SHRS TESLA INC

c
d
e

a
b
c
d
e

(g)

(f)
Deprec1at1on allowed
(or allowable)

(e)
Gross sales pnce

(h)
Gam or (loss)
(e) plus (f) mmus (g)

Cost or other bas1s
plus expense of sale

5,151,582

53,172

5,098,410

5,991,925

50,779

5,941,146

Complete only for assets show1ng gam

1n

column (h) and owned by the foundation on 12/31/69

(j)

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

(I)
Gams (Col (h) gam m1nus
col (k), but not less than -0-) or
Losses (from col (h))

(k)
Excess of col (1)
over col (j), 1f any

Adjusted bas1s
as of 12/31/69

5,098,410

a
b
c

5,941,146

d
e
2

Cap1tal gam net 1ncome or (net cap1tal loss)

3

Net short-term cap1tal gam or (loss) as defmed
If gam, also enter
1n Part I, line 8

I@Q

1n

I

I
1n

If gam, also enter 1n Part I, Ime 7
If (loss), enter -0- 1n Part I, lme 7

(
I

2

(

3

11,039,556

sect1ons 1222(5) and (6)

Part I, l1ne 8, column (c) (see mstruct1ons) If (loss). enter -0-

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

(For opt1onal use by domestic pnvate foundations subject to the sect1on 4940(a) tax on net mvestment 1ncome )
If sect1on 4940(d)(2) applies, leave th1s part blank
Was the foundation l1able for the sect1on 4942 tax on the d1stnbutable amount of any year
If "Yes," the foundation does not qualify under sect1on 4940(e) Do not complete th1s part

1

1n

the base penod?

D

Yes

~

No

Enter the appropnate amount 1n each column for each year, see mstruct1ons before mak1ng any entnes
(a)

Base penod years Calendar
year (or tax year beg1nn1ng 1n)

(d)

(b)

(c)

AdJusted qual1fy1ng d1stnbut1ons

Net value of nonchantable-use assets

D1stnbut1on rat1o
(col (b) d1v1ded by col (c))

2015
2014

52,369
570,648

29,907,702
109,360

0001751
5 218069

2013

1,297,976

146,665

8 849937

2012

794,547

150,717

5 271781

2011

835,189

215,491

2 Total of lme 1, column (d)
3 Average d1stnbut1on rat1o for the 5-year base penod-d1v1de the total on line 2 by 5, or by the

3 875749

2

23 217287

4 Enter the net value of nonchantable-use assets for 2016 from Part X, line 5
5 Multiply Ime 4 by line 3

3
4
5

4 643457
268,042,160

6 Enter 1% of net mvestment 1ncome ( 1% of Part I, line 27b)

6

110,348

7 Add lines 5 and 6

7

1,244, 752,592

number of years the foundation has been

1n

ex1stence 1f less than 5 years

8 Enter qualifying d1stnbut1ons from Part XII, line 4
I
If Ime 8 1s equal to or greater than Ime 7, check the box
mstruct1ons

1n

1,244,642,244

8
47,812,652
Part VI, line 1b, and complete that part usmg a 1% tax rate See the Part VI
Form 990-PF (2016)

 Form 990-PF (2016)

•:F.r.l;a•••

Page 4

Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948

see instructions)

2

All other domestic foundations enter 2% of Ime 27b Exempt fore1gn organ1zat1ons enter 4% of Part I, Ime 12,
col (b)
Tax under sect1on 511 (domestic sect1on 4947(a)(1) trusts and taxable foundations only Others enter -0-)

3

Add lines 1 and 2.

4

Subtitle A (1ncome) tax (domestic sect1on 4947(a)(1) trusts and taxable foundations only Others enter -0-)

5

Tax based on investment income. Subtract line 4 from Ime 3 If zero or less, enter -0- •

6

Credits/Payments

c

a 2016 est1mated tax payments and 2015 overpayment cred1ted to 2016
b Exempt fore1gn organ1zat1ons-tax w1thheld at source
c

6a

220,696
3
f---'4-f----------

5

220,696

7

223,100

223,100

6b

Tax pa1d w1th application for extension of t1me to file (Form 8868)

6c

d Backup w1thhold1ng erroneously w1thheld •

7

2

6d

Total cred1ts and payments Add l1nes 6a through 6d.

~

8

Enter any penalty for underpayment of est1mated tax Check here

9

Tax due. If the total of lines 5 and 8 1s more than Ime 7, enter amount owed .

1f Form 2220 1s attached

8

'!iJ

9

10

Overpayment. If Ime 7 1s more than the total of l1nes 5 and 8, enter the amount overpaid.

~

10

11

Enter the amount of Ime 10 to be Credited to 2017 est1mated tax~

~

11

•:c.n••,.CJ!W
1a

2,404

IRefunded

Statements Regarding Activities

Dunng the tax year, d1d the foundation attempt to Influence any nat1onal, state, or local leg1slat1on or d1d
1t part1c1pate or mtervene 1n any polit1cal campaign?

b

2,404

Yes

No

1a

No

1b

No

1c

No

2

No

D1d 1t spend more than $100 dunng the year (e1ther directly or 1nd1rectly) for pol1t1cal purposes (see Instructions
for defm1t1on)?,
If the answer ts "Yes" to la or 1b, attach a detatled descnptton of the acttvtttes and coptes of any matenals
publtshed or dtstnbuted by the foundatton tn connectton wtth the acttvtttes

c

D1d the foundation file Form 1120-POL for th1s year?,

d

Enter the amount (1f any) of tax on pol1t1cal expenditures (sect1on 4955) 1m posed dunng the year

e

Enter the reimbursement (1f any) pa1d by the foundation dunng the year for pol1t1cal expenditure tax Imposed

(1) On the foundation

~ $

on foundation managers ~ $

0 (2) On foundation managers ~ $

0

0

Has the foundation engaged 1n any act1v1t1es that have not previously been reported to the IRS?

2

If "Yes," attach a detatfed descnptton of the acttvtttes

3

Has the foundation made any changes, not previously reported to the IRS, 1n 1ts govern1ng mstrument, art1cles
of mcorporat1on, or bylaws, or other s1m1lar mstruments? If "Yes," attach a conformed copy of the changes

4a
b

5

3

No

D1d the foundation have unrelated busmess gross mcome of $1,000 or more dunng the year?,

4a

No

If "Yes," has 1t f1led a tax return on Form 990-T for th1s year?,

4b

Was there a l1qu1dat1on, term1nat1on, d1ssolut1on, or substantial contraction dunng the year?

5

No

If "Yes," attach the statement requtred by General Instructton T

6

Are the requirements of sect1on 508(e) (relat1ng to sect1ons 4941 through 4945) sat1sf1ed e1ther
• By language 1n the govern1ng Instrument, or
•

By state leg1slat1on that effectively amends the govern1ng mstrument so that no mandatory d1rect1ons
that confl1ct w1th the state law remam 1n the governmg Instrument?

7

6

Yes

7

Yes

Sb

Yes

D1d the foundation have at least $5,000 1n assets at any t1me dunng the year? If "Yes," complete Part II, col (c),
and Part XV

Sa

Enter the states to wh1ch the foundation reports or w1th wh1ch 1t 1s reg1stered (see 1nstruct1ons)
~CA

b

If the answer 1s "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or des1gnate) of each state as requ1red by General Instruction G? If "No," attach explanatton.

9

Is the foundation cla1m1ng status as a pnvate operat1ng foundation w1th1n the mean1ng of sect1on 4942(J)(3)
or 4942(J)(5) for calendar year 2016 or the taxable year beg1nnmg 1n 2016 (see mstruct1ons for Part XIV)?
If "Yes," complete Part XIV

10

9

No

10

No

D1d any persons become substantial contnbutors dunng the tax year? If "Yes," attach a schedule ltsttng thetr names
and addresses

Form 990-PF (2016)

 Form 990-PF (2016)

•:r.n••••cr·•
11

Page 5

Statements Regarding Activities (continued)

At any t1me dunng the year, d1d the foundation, directly or 1nd1rectly, own a controlled ent1ty w1th1n the
mean1ng of sect1on 512(b)(13)? If "Yes," attach schedule (see mstruct1ons).

12
13

11

No

D1d the foundation make a d1stnbut1on to a donor adv1sed fund over wh1ch the foundation or a d1squalif1ed person had
adv1sory pnv1leges? If "Yes," attach statement (see 1nstruct1ons)

12

Yes

D1d the foundation comply w1th the public 1nspect1on requirements for 1ts annual returns and exemption application?

13

Yes

Webs1te address ~WWW MUSKFOUNDATION ORG

14

The books are 1n care of ~,_,R.:::O-'-'N"'-A"'LD"-'-F-"G'-"0"-N'-'G'-------------------------- Telephone no ~(650) 210-5000
ZIP+4 ~=-94.:..:3:..:0:..=3'---------

Located at ~2200 GENG ROAD SUITE 100 PALO ALTO CA

15

Sect1on 4947(a)(1) nonexempt chantable trusts fllmg Form 990-PF 1n lieu of Form 1041 -Check here.
and enter the amount of tax-exempt Interest rece1ved or accrued dunng the year.

16

At any t1me dunng calendar year 2016, d1d the foundation have an mterest 1n or a s1gnature or other authonty over

Yes

a bank, secunt1es, or other fmanc1al account 1n a fore1gn country?

16

No
No

See mstruct1ons for exceptions and fllmg requirements for FmCEN Form 114, Report of Fore1gn Bank and Fmanc1al Accounts
(FBAR) If "Yes", enter the name of the fore1gn country~

•:r.Tii•'niC '•

Statements Regarding Activities for Which Form 4720 May Be Required

File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.

Yes

No

1a Dunng the year d1d the foundation (e1ther directly or 1nd1rectly)
(1) Engage

1n

the sale or exchange, or leasmg of property w1th a d1squal1f1ed person?

D

(2) Borrow money from, lend money to, or otherw1se extend cred1t to (or accept 1t from)
a d1squal1f1ed person?,

Yes

(4) Pay compensation to, or pay or reimburse the expenses of, a d1squalif1ed person?
(5) Transfer any 1ncome or assets to a d1squalif1ed person (or make any of e1ther available
for the benef1t or use of a d1squal1f1ed person)?,

(6) Agree to pay money or property to a government off1c1al? (Exception. Check "No"

No

Yes

~
~
~

D

Yes

~

D

Yes

~ No

D
D
D

(3) Furn1sh goods, serv1ces, or fac1l1t1es to (or accept them from) a d1squal1f1ed person?

~

Yes
Yes

No
No
No
No

1f the foundation agreed to make a grant to or to employ the off1c1al for a penod
after term1nat1on of government serv1ce, 1f termmatmg w1th1n 90 days ).

b

If any answer 1s "Yes" to 1a(1)-(6), d1d any of the acts fall to qualify under the exceptions descnbed

1n

Regulations

1b

sect1on 53 4941(d)-3 or 1n a current not1ce regardmg disaster assistance (see 1nstruct1ons)?.
Organ1zat1ons relymg on a current not1ce regarding disaster assistance check here.
c

2

D1d the foundation engage

any of the acts descnbed

1n

1a, other than excepted acts,

that were not corrected before the f1rst day of the tax year begmnmg

1n

2016?,

1n

a pnor year

1n

D
1c

No

Taxes on fa1lure to d1stnbute mcome (sect1on 4942) (does not apply for years the foundation was a pnvate
operat1ng foundation defmed

a

1n

sect1on 4942(J)(3) or 4942(J)(5))

At the end of tax year 2016, d1d the foundation have any und1stnbuted mcome (lines 6d
and 6e, Part XIII) for tax year(s) begmnmg before 2016?,
If "Yes," I1st the

b

years~

20 _ _ ,

Are there any years listed

1n

20 _ _ ,

20 _ _ ,

DYes

20 _ _

~No

2a for wh1ch the foundation 1s not applymg the prov1s1ons of sect1on 4942(a)(2)

(relatmg to mcorrect valuation of assets) to the year's und1stnbuted mcome? (If applymg sect1on 4942(a)(2)
to all years l1sted, answer "No" and attach statement-see 1nstruct1ons ) •
c

If the prov1s1ons of sect1on 4942(a)(2) are bemg applied to any of the years listed
~

3a

20 _ _ '

20 _ _ '

20 _ _ '

2b
1n

2a, I1st the years here

20 _ _

D1d the foundation hold more than a 2% d1rect or 1nd1rect Interest

1n

any busmess enterpnse at

any t1me dunng the year?,

b

If "Yes," d1d 1t have excess bus1ness holdings

1n

2016 as a result of (1) any purchase by the foundation

DYes

~No

or d1squal1f1ed persons after May 26, 1969, (2) the lapse of the 5-year penod (or longer penod approved
by the Comm1ss1oner under sect1on 4943(c)(7)) to dispose of holdmgs acqu1red by g1ft or bequest, or (3)
the lapse of the 10-, 15-, or 20-year f1rst phase holdmg penod?(Use Schedule C, Form 4720, to determtne
1f the foundation had excess bustness holdtngs tn 2016 ).

4a

b

D1d the foundation 1nvest dunng the year any amount
D1d the foundation make any mvestment

1n

1n

3b
a manner that would Jeopardize 1ts chantable purposes?

4a

No

4b

No

a pnor year (but after December 31, 1969) that could Jeopardize 1ts

chantable purpose that had not been removed from Jeopardy before the f1rst day of the tax year beg1nn1ng

1n

2016?

Form 990-PF (2016)

 Form 990-PF (2016)

'''CI;.

.:F.Ti ..
Sa

Page

Dunng the year d1d the foundation pay or 1ncur any amount to

(1) Carry on propaganda, or otherw1se attempt to Influence leg1slat1on (sect1on 4945(e))?

D

(2) Influence the outcome of any spec1f1c public elect1on (see sect1on 4955), or to carry
on, directly or 1nd1rectly, any voter reg1strat1on dnve?,

Yes

~

No

Yes

~
~

Yes

~

No

educational purposes, or for the prevention of cruelty to children or animals?,
DYes
If any answer 1s "Yes" to Sa( 1)-(5), d1d any of the transactions fall to qualify under the exceptions descnbed 1n

~

No

D
D

(3) Prov1de a grant to an 1nd1v1dual for travel, study, or other s1m1lar purposes?
(4) Prov1de a grant to an orgamzat1on other than a chantable, etc, organ1zat1on descnbed
1n

sect1on 4945(d)(4)(A)? (see mstruct1ons).

D

(5) Prov1de for any purpose other than rel1g1ous, chantable, sc1ent1f1c, literary, or
b

Yes

No
No

Regulations sect1on 53 4945 or 1n a current not1ce regarding disaster assistance (see mstruct1ons)? •

Sb

.... D

Organ1zat1ons relymg on a current not1ce regarding disaster assistance check here.

c

If the answer 1s "Yes" to quest1on Sa( 4 ), does the foundation cia 1m exemption from the
tax because 1t mamta1ned expenditure respons1b11ity for the grant?,

DYes

If "Yes," attach the statement reqwred by Regulattons sectton 53 4945-S(d)
6a

D

No

~

No

~

No

D1d the foundation, dunng the year, rece1ve any funds, directly or 1nd1rectly, to pay prem1ums on
a personal benef1t contract?.

b

6

Statements Regarding Activities for Which Form 4720 May Be Required (Contmued)

DYes
D1d the foundation, dunng the year, pay prem1ums, directly or 1nd1rectly, on a personal benef1t contract?,

6b

No

If "Yes" to 6b, ftle Form 8870
7a
b

At any t1me dunng the tax year, was the foundation a party to a proh1b1ted tax shelter transaction?
If yes, d1d the foundation rece1ve any proceeds or have any net mcome attnbutable to the transaction? •

l@flitl
1

Yes

7b

Information About Off1cers, Directors, Trustees, Foundation Managers, H1ghly Pa1d Employees,
and Contractors

List all officers, directors, trustees, foundation manaqers and their compensation see instructions).
(d)
T1tle, and average
(c) Compensation (If
Contnbut1ons to employee
(a) Name and address
hours per week
not paid, enter
benef1t plans and deferred
-0-)
(b) devoted to pos1t1on
compensation

ELON MUSK
PO BOX 10195 DEPT 863
PALO ALTO, CA 94303
KIMBAL MUSK
PO BOX 10195 DEPT 863
PALO ALTO, CA 94303

2

D

Expense account,
(e) other allowances

PRESIDENT & DIRECTOR
10

0

0

0

SECRETARY, TREASURER & DIR
10

0

0

0

Compensation of f1ve h1ghest-pa1d employees (other than those mcluded on hne 1-see mstruct1ons). If none, enter " NONE. "
(a)
Name and address of each employee pa1d
more than $50,000

T1tle, and average
hours per week
(b) devoted to pos1t1on

Total number of other employees pa1d over $50,000.

(c) Compensation

Contnbut1ons to
employee benef1t
plans and deferred
(d)
compensation

Expense account,
(e) other allowances

....
Form 990-PF (2016)

 Form 990-PF (2016)

l@fihl
3

Page 7

Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)

Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person pa1d more than $50,000
(b) Type of serv1ce
(c) Compensation

Total number of others rece1v1ng over $50,000 for professional serv1ces.

~

•:r.Tii•,.c .:.w Summary of Direct Charitable Activities
L1st the foundation's four largest d1rect chantable act1v1t1es dunng the tax year Include relevant stat1st1cal mformat1on such as the number of

Expenses

organ1zat1ons and other benef1c1anes served, conferences convened, research papers produced, etc

1

2

3

4

• :.F.r.l. ':CI ,.

Summary of Program-Related Investments (see mstruct1ons)

Descnbe the two largest program-related mvestments made by the foundation dunng the tax year on lmes 1 and 2

Amount

1

2

All other program-related Investments See 1nstruct1ons

3

Total. Add lines 1 through 3

~

Form 990-PF (2016)

 Form 990-PF (2016)

•:r.n•:•
1

Page

8

Minimum Investment Return (All domest1c foundations must complete th1s part Fore1gn foundat1ons,see mstruct1ons )

Fa1r market value of assets not used (or held for use) directly

1n

carrymg out chantable, etc,

purposes

a

Average monthly fa1r market value of secunt1es.

1a

271,809,780

b

Average of monthly cash balances.

1b

314,240

c

Fa1r market value of all other assets (see 1nstruct1ons).

1c

0

d

Total (add lmes 1a, b, and c).

1d

272,124,020

e

Reduct1on cla1med for blockage or other factors reported on l1nes 1a and

I 1e I

1c (attach deta1led explanation).

2

Acqu1s1t1on Indebtedness applicable to line 1 assets.

2

0

3

Subtract lme 2 from line 1d.

3

272,124,020

4

Cash deemed held for chantable act1v1t1es Enter 1 1/2% of line 3 (for greater amount, see
mstruct1ons).

4

4,081,860

5

Net value of noncharitable-use assets. Subtract Ime 4 from line 3 Enter here and on Part V, line 4

5

268,042,160

6

Minimum investment return. Enter 5% of line 5.
6
D1stnbutable Amount (see mstruct1ons) (Sect1on 4942(j)(3) and (j)(5) pnvate operatmg foundations and certain fore1gn

lifil!fl

organ1zat1ons check

here~

D

13,402,108

and do not complete th1s part )

1

M1n1mum mvestment return from Part X, lme 6.

2a

Tax on mvestment 1ncome for 2016 from Part VI, line 5.

.I
I

~a

.I
I

1

13,402,108

220,696

b

Income tax for 2016 (Th1s does not Include the tax from Part VI ).

c

Add lines 2a and 2b.

2c

D1stnbutable amount before adJustments Subtract Ime 2c from line 1.

3

4

Recovenes of amounts treated as qualifying d1stnbut1ons.

4

5

Add lines 3 and 4.

5

6

Deduct1on from d1stnbutable amount (see 1nstruct1ons).

6

7

Distributable amount as adjusted Subtract line 6 from lme 5 Enter here and on Part XIII, line 1.

7

13,181,412

3

I:F.tiS:Ui
1

2b

220,696
13,181,412
13,181,412

Qualifying Distributions (see mstruct1ons)

Amounts pa1d (1nclud1ng adm1n1strat1ve expenses) to accomplish chantable, etc , purposes

a

Expenses, contnbut1ons, g1fts, etc -total from Part I, column (d), lme 26.

1a

47,812,652

b

Program-related Investments-total from Part IX-B.

1b

0

2

0

0

2

Amounts pa1d to acqu1re assets used (or held for use) directly

3

Amounts set as1de for spec1f1c chantable projects that sat1sfy the

1n

carrymg out chantable, etc,

purposes.

a

Su1tab11ity test (pnor IRS approval requ1red).

3a

b

Cash d1stnbut1on test (attach the requ1red schedule).

3b

0

4

Qualifying distributions. Add l1nes 1a through 3b Enter here and on Part V, line 8, and Part XIII, line 4

5

Foundations that qual1fy under sect1on 4940(e) for the reduced rate of tax on net Investment

6

Adjusted qualifying distributions. Subtract line 5 from lme 4.
6
47,812,652
Note: The amount on line 6 w1ll be used 1n Part V, column (b), 1n subsequent years when calculatmg whether the foundation qual1f1es for
the sect1on 4940(e) reduct1on of tax 1n those years
Form 990-PF (2016)

mcome Enter 1% of Part I, line 27b (see mstruct1ons).

4

47,812,652

5

 Form 990-PF (2016)

Page 9

Undistributed Income (see mstruct1ons)
(a)
Corpus
1

(b)
Years pnor to 2015

(c)
2015

(d)
2016
13,181,412

D1stnbutable amount for 2016 from Part XI, line 7

2 Und1stnbuted 1ncome, 1f any, as of the end of 2016
a Enter amount for 2015 only.
b Total for pnor years
2014 ' 2013' 2012
3 Excess d1stnbut1ons carryover, 1f any, to 2016
211,859
a From 2011.
787,011
b From 2012.
1,290,643
c From 2013.
565,180
d From 2014.
e From 2015.
f Total of lmes 3a through e.

0
0

2,854,693

4 Qualifymg d1stnbut1ons for 2016 from Part
XII, line 4 ~ $
47 812 652
0

a Applied to 2015, but not more than lme 2a
b Applied to und1stnbuted 1ncome of pnor years
(Eiect1on requ1red-see mstruct1ons).
c Treated as d1stnbut1ons out of corpus (Eiect1on
requ1red-see mstruct1ons).
d Applied to 2016 d1stnbutable amount.
e Rema1n1ng amount d1stnbuted out of corpus
5

13,181,4121
34,631,240

Excess d1stnbut1ons carryover applied to 2016

(If an amount appears m column (d), the
same amount must be shown m column (a))
6 Enter the net total of each column as
indicated below:
a Corpus Add lines 3f, 4c, and 4e Subtract lme 5

b Pnor years' und1stnbuted 1ncome Subtract
lme 4b from line 2b •
c Enter the amount of pnor years' und1stnbuted
mcome for wh1ch a not1ce of def1c1ency has
been 1ssued, or on wh1ch the sect1on 4942(a)
tax has been previously assessed.
d Subtract line 6c from lme 6b Taxable amount
-see mstruct1ons •
e Und1stnbuted mcome for 2015 Subtract line
4a from Ime 2a Taxable amount-see
1nstruct1ons •
f Und1stnbuted mcome for 2016 Subtract
l1nes 4d and 5 from line 1 Th1s amount must
be d1stnbuted 1n 2017 •
7 Amounts treated as d1stnbut1ons out of
corpus to sat1sfy requirements Imposed by
sect1on 170(b)(1)(F) or 4942(g)(3) (Eiect1on may
be requ1red - see mstruct1ons) •
8 Excess d1stnbut1ons carryover from 2011 not
applied on line 5 or line 7 (see 1nstruct1ons) •
9 Excess distributions carryover to 2017.
Subtract lines 7 and 8 from lme 6a •
10 Analysis of Ime 9
787,011
a Excess from 2012.
1,290,643
b Excess from 2013.
565,180
c Excess from 2014.
d Excess from 2015.
34,631,240
e Excess from 2016.

37,485,933
0

0

0

0

211,859
37,274,074

Form 990-PF (2016)

 Form 990-PF (2016)

Page

10

~~--~~--~~~--~~--~------------~--~~------~~------------------~~~

Private Operating Foundations (see mstruct1ons and Part VII-A, quest1on 9)

1a

If the foundation has rece1ved a rulmg or determmat1on letter that 1t 1s a pnvate operat1ng
foundation, and the rulmg 1s effect1ve for 2016, enter the date of the rul1ng.

~'------------------

b Check box to 1nd1cate whether the organ1zat1on 1s a pnvate operat1ng foundation descnbed 1n sect1on
2a

b
c
d

e

3
a

b

c

1

1

Enter the lesser of the adJusted net
1ncome from Part I or the m1n1mum
Investment return from Part X for each
year listed •
85% of line 2a •
Qualifying d1stnbut1ons from Part XII,
line 4 for each year listed •
Amounts mcluded 1n lme 2c not used
directly for act1ve conduct of exempt
act1v1t1es
Qualifying d1stnbut1ons made directly
for act1ve conduct of exempt act1v1t1es
Subtract line 2d from lme 2c •
Complete 3a, b, or c for the
alternative test rel1ed upon
"Assets" alternative test-enter
(1) Value of all assets •
(2) Value of assets qualifying
under sect1on 4942(J){3)(B)(1)
"Endowment" alternative test- enter 2/3
of m1n1mum Investment return shown 1n
Part X, Ime 6 for each year listed.
"Support" alternative test-enter
( 1) Total support other than gross
mvestment 1ncome (mterest,
d1v1dends, rents, payments
on secunt1es loans (sect1on
512(a)(5)), or royalt1es) •
(2) Support from general public
and 5 or more exempt
organ1zat1ons as prov1ded 1n
sect1on 4942(J){3)(B)(111).
(3) Largest amount of support
from an exempt organ1zat1on
(4) Gross mvestment 1ncome

i'illl¥f

Tax year

(a) 2016

D

4942(]){3) or

D

4942(]){5)

Pnor 3 years

(b) 2015

(c) 2014

(e) Total
(d) 2013

Supplementary Information (Complete th1s part only 1f the orgamzat1on had $5,000 or more m
assets at any time during the year see instructions.}

Information Regarding Foundation Managers:

a L1st any managers of the foundation who have contnbuted more than 2% of the total contnbut1ons rece1ved by the foundation
before the close of any tax year (but only 1f they have contnbuted more than $5,000) (See sect1on 507(d)(2) )
ELON MUSK

b L1st any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large port1on of the
ownership of a partnership or other ent1ty) of wh1ch the foundation has a 10% or greater mterest
NONE

2

Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here~ ~ 1f the foundation only makes contnbut1ons to preselected chantable organ1zat1ons and does not accept
unsolicited requests for funds If the foundation makes g1fts, grants, etc (see 1nstruct1ons) to 1nd1v1duals or organ1zat1ons under
other cond1t1ons, complete 1tems 2a, b, c, and d

a The name, address, and telephone number or ema1l address of the person to whom applications should be addressed

b The form 1n wh1ch appl1cat1ons should be submitted and 1nformat1on and matenals they should Include

c Any subm1ss1on deadlines

d Any restnct1ons or lim1tat1ons on awards, such as by geographical areas, chantable f1elds, kmds of mst1tut1ons, or other
factors

Form 990-PF (2016)

 Form 990-PF (2016)

l@f:j'l

Page 11

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Rec1p1ent
Name and address (home or bus1ness)
a Pa1d dunng the year
YCORG
335 PIONEER WAY
MOUNTAIN VIEW, CA 94041

VANGUARD CHARITABLE
PO BOX 9509
WARWICK, RI 028899509

If rec1p1ent 1s an md1v1dual,
show any relat1onsh1p to
any foundation manager
or substantial contributor

Foundation
status of
rec1p1ent

Purpose of grant or
contribution

Amount

NONE

PC

FOR SCIENTIFIC RESEARCH

10,000,000

NONE

PC

FOR PUBLIC CHARITY
SUPPORT

37,798,322

Total.

~

3a

~

3b

47,798,322

b Approved for future payment

I
Total.

Form 990-PF (2016)

 Form 990-PF (2016)

Page

12

.:F.Ti.:t.''I:J'• Analysis of Income-Producing Activities
Unrelated busmess 1ncome

Enter gross amounts unless otherw1se 1nd1cated

1 Program serv1ce revenue
a
b
c
d
e
f

(e)

Excluded by sect1on 512, 513, or 514

(a)

(b)

(c)

(d)

Busmess code

Amount

Exclus1on code

Amount

Related or exempt
funct1on 1ncome
(See mstruct1ons )

g Fees and contracts from government agenc1es

2 Membership dues and assessments.
3 Interest on sav1ngs and temporary cash
1nvestments

4 D1v1dends and Interest from secunt1es.

14

167

14

76

18

11,039,556

14

16

5 Net rental 1ncome or (loss) from real estate

a Debt-fma need property.
b Not debt-financed property.
6

Net rental mcome or (loss) from personal property

7 Other mvestment mcome.
8

Gam or (loss) from sales of assets other than
mventory
9 Net mcome or (loss) from spec1al events
10 Gross prof1t or (loss) from sales of Inventory
11 Other revenue
a PFIZER INC SECURITIES

b
c
d
e
12 Subtotal Add columns (b), (d), and (e).
13 Total. Add line 12, columns (b), (d), and (e).

11,039,815

13 _ _ _ _ _ _ _ _---=.1.=.1L::.,0:.::3c::9.t..:,8::..::1:..::c5

(See worksheet 1n line 13 1nstruct1ons to venfy calculations )

.:F.Ti.:t.''
Line No.

•

c:~:•

Relationship of Activities to the Accomplishment of Exempt Purposes

Explain below how each act1v1ty for wh1ch mcome 1s reported 1n column (e) of Part XVI-A contnbuted Importantly to
the accomplishment of the foundation's exempt purposes (other than by prov1d1ng funds for such purposes) (See
mstruct1ons )

Form 990-PF (2016)

 Form 990-PF (2016)

M:F.iiS:MiM

Page

13

Information Regarding Transfers To and Transactions and Relationships With Noncharitable
Exempt Organizations

1 D1d the organ1zat1on directly or 1nd1rectly engage 1n any of the followmg w1th any other organ1zat1on descnbed 1n sect1on 501
Yes

(c) of the Code (other than sect1on 501(c)(3) organ1zat1ons) or 1n sect1on 527, relat1ng to pol1t1cal organ1zat1ons?

No

a Transfers from the reportmg foundation to a nonchantable exempt organ1zat1on of

(1) Cash.
(2) Other assets.
b Other tra nsact1ons
(1) Sales of assets to a nonchantable exempt organ1zat1on.
(2) Purchases of assets from a nonchantable exempt organ1zat1on.
(3) Rental of fac11it1es, equipment, or other assets.
(4) Reimbursement arrangements.
(5) Loans or loan guarantees.
(6) Performance of serv1ces or membership or fundra1s1ng solic1tat1ons.
c Shanng of fac1l1t1es, equipment, ma11ing lists, other assets, or pa1d employees.

1a(1)
1a(2)

No
No

1b(1)
1b(2)
1b(3)
1b(4)
1b(5)
1b(6)
1c

No
No
No
No
No
No
No

d If the answer to any of the above 1s "Yes," complete the followmg schedule Column (b) should always show the fa1r market value
of the goods, other assets, or serv1ces g1ven by the reportmg foundation If the foundation rece1ved less than fa1r market value
1n any transaction or shanng arrangement, show 1n column (d) the value of the goods, other assets, or serv1ces rece1ved
(a) Lme No

(b) Amount mvolved

(c) Name of nonchantable exempt organ1zat1on

(d) Desmpt1on of transfers, transactions, and shanng arrangements

2a Is the foundation directly or 1nd1rectly affiliated w1th, or related to, one or more tax-exempt organ1zat1ons
descnbed 1n sect1on 501(c) of the Code (other than sect1on 501(c)(3)) or 1n sect1on 527?,

b If "Yes," complete the follow1ng schedule
on

Sign
H

n1zat1on

Under penalt1es of perJury, I declare that I have exammed th1
of my knowledge and belief, 1t 1s true, correct, and complete
wh1ch preparer has any knowledge

******
Signature of off1cer or trustee
Pnnt/Type preparer's name

Paid
Pre parer
Use Only

Preparer's Signature

RONALD F GONG
F1rm's

name~

CTC myCFO LLC

1-=---:---:---:----:-:-:-::--::-=-::-:-::--::-c:-:-::---::-:-c==---:-:---Firm's address ~ 2200 GENG ROAD SUITE 100

PALO ALTO, CA 94303

DYes

~No

 letile GRAPHIC print- DO NOT PROCESS

I As Filed Data -I

DLN:9349112800979BI

TV 2016 Accounting Fees Schedule
Name: MUSK FOUNDATION

EIN: 77-0587507
Category

ACCOUNTING FEES

Amount

Net Investment
Income
10,000

5,000

Adjusted Net
Income

Disbursements
for Charitable
Purposes
5,000

 lefile GRAPHIC print- DO NOT PROCESS

I As Filed Data - I

Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

TV 2016 Depreciation Schedule
Name: MUSK FOUNDATION

EIN: 77-0587507

DLN:9349112800979SI

 lefile GRAPHIC print- DO NOT PROCESS

I As Filed Data - I

DLN:9349112800979SI

TV 2016 Investments Corporate Stock Schedule
Name: MUSK FOUNDATION

EIN: 77-0587507
Name of Stock

GOLDMAN SACHS X143-0
MORGAN STANLEY

End of Year Book
Value

End of Year Fair
Market Value

0

0

2,660,570

361,877,953

 letile GRAPHIC print- DO NOT PROCESS

I As Filed Data -I

DLN:9349112800979BI

TV 2016 Legal Fees Schedule
Name: MUSK FOUNDATION

EIN: 77-0587507
Category

LEGAL FEES

Amount

Net Investment
Income
9,000

Adjusted Net
Income

Disbursements
for Charitable
Purposes
9,000

 lefile GRAPHIC print- DO NOT PROCESS

I As Filed Data - I

DLN:9349112800979SI

TV 2016 Other Income Schedule
Name: MUSK FOUNDATION

EIN: 77-0587507
Other Income Schedule
Description

PFIZER INC SECURITIES

Revenue And
Expenses Per Books

16

Net Investment
Income

Adjusted Net Income

16

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I As Filed Data -I

DLN:9349112800979BI

TV 2016 Other Increases Schedule
Name: MUSK FOUNDATION

EIN: 77-0587507
Description
UNREALIZED GAIN/(LOSS) OF STOCK TRANSFER

Amount

37,372,523

 letile GRAPHIC print- DO NOT PROCESS

I As Filed Data -I

DLN:9349112800979BI

TV 2016 Taxes Schedule
Name: MUSK FOUNDATION
EIN: 77-0587507
Category

FILING FEE-FORM 199
FILING FEE-FORM RRF-1
FILING FEE-SECRETARY OF STATE
FEDERAL ESTIMATED TAX

Amount

Net Investment
Income

Adjusted Net
Income

Disbursements
for Charitable
Purposes

10

10

300

300

20

20

220,000