﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2024v5.0">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2025-11-17T18:18:28-05:00</ReturnTs>
    <TaxPeriodEndDt>2024-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>820496415</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>WILLIAMS &amp; SCHILLER PC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>708 SUPERIOR ST STE A</AddressLine1Txt>
        <CityNm>SANDPOINT</CityNm>
        <StateAbbreviationCd>ID</StateAbbreviationCd>
        <ZIPCd>838641656</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2024-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>881357492</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>THE WATNEY FOUNDATION</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>WATN</BusinessNameControlTxt>
      <PhoneNum>2082648238</PhoneNum>
      <USAddress>
        <AddressLine1Txt>3037 E DUFORT RD</AddressLine1Txt>
        <CityNm>SAGLE</CityNm>
        <StateAbbreviationCd>ID</StateAbbreviationCd>
        <ZIPCd>83860</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>JOCELYN BYRNE</PersonNm>
      <PersonTitleTxt>PRESIDENT</PersonTitleTxt>
      <PhoneNum>2082648238</PhoneNum>
      <SignatureDt>2025-11-15</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <IRSResponsiblePrtyInfoCurrInd>false</IRSResponsiblePrtyInfoCurrInd>
    <PreparerPersonGrp>
      <PreparerPersonNm>MARIAH R WILLIAMS MBA CPA CMA</PreparerPersonNm>
      <PTIN>P02382501</PTIN>
      <PhoneNum>2082655959</PhoneNum>
      <PreparationDt>2025-11-14</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2024</TaxYr>
    <BuildTS>2025-03-06 01:10:19Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="6">
    <IRS990PF documentId="RetDoc11">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>2254537</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <InterestOnSavRevAndExpnssAmt>75</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>75</InterestOnSavNetInvstIncmAmt>
        <DividendsRevAndExpnssAmt>29917</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>29917</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>462648</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>1823122</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>462648</CapGainNetIncmNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>492640</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>492640</TotalNetInvstIncmAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="RetDoc5">5018</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>5018</OtherProfFeesNetInvstIncmAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc7">570</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>570</TaxesNetInvstIncmAmt>
        <TotOprExpensesRevAndExpnssAmt>5588</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>5588</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>0</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>0</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>0</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>5588</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>5588</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>0</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>487052</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>487052</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashEOYAmt>38012</CashEOYAmt>
        <CashEOYFMVAmt>38012</CashEOYFMVAmt>
        <CorporateStockEOYAmt referenceDocumentId="RetDoc2">1852691</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>1891525</CorporateStockEOYFMVAmt>
        <OtherAssetsEOYAmt referenceDocumentId="RetDoc3">325000</OtherAssetsEOYAmt>
        <OtherAssetsEOYFMVAmt referenceDocumentId="RetDoc3">325000</OtherAssetsEOYFMVAmt>
        <TotalAssetsEOYAmt>2215703</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>2254537</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrganizationFollowsFASB117Ind>X</OrganizationFollowsFASB117Ind>
        <NoDonorRstrNetAssestsEOYAmt>2215703</NoDonorRstrNetAssestsEOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>2215703</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>0</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>2215703</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <ExcessRevenueOverExpensesAmt>487052</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt referenceDocumentId="RetDoc4">1728651</OtherIncreasesAmt>
        <SubtotalAmt>2215703</SubtotalAmt>
        <TotNetAstOrFundBalancesEOYAmt>2215703</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>NONCOVERED LOTS TRANSF. FROM SKYLARK</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <SoldDt>2024-06-25</SoldDt>
          <GrossSalesPriceAmt>1823122</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>1360474</CostOrOtherBasisAmt>
          <GainOrLossAmt>462648</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>462648</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>462648</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>6770</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>6770</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>6770</TaxBasedOnInvestmentIncomeAmt>
        <Form2220AttachedInd referenceDocumentId="RetDoc1">X</Form2220AttachedInd>
        <EsPenaltyAmt>381</EsPenaltyAmt>
        <TaxDueAmt>7151</TaxDueAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <IndividualWithBooksNm>JOCELYN BYRNE</IndividualWithBooksNm>
        <PhoneNum>2082648238</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>3037 E DUFORT RD</AddressLine1Txt>
          <CityNm>SAGLE</CityNm>
          <StateAbbreviationCd>ID</StateAbbreviationCd>
          <ZIPCd>83860</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>false</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <UndistributedIncomePYInd>true</UndistributedIncomePYInd>
        <UndistributedIncomePY1Yr>2023</UndistributedIncomePY1Yr>
        <UndistrIncmSect4942a2NotAppInd referenceDocumentId="RetDoc6">false</UndistrIncmSect4942a2NotAppInd>
        <UndistrIncmSect4942a2AppYr1Yr>2023</UndistrIncmSect4942a2AppYr1Yr>
        <BusinessHoldingsInd>false</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
        <SubjToTaxRmnrtnExPrchtPymtInd>false</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JOCELYN BYRNE</PersonNm>
          <USAddress>
            <AddressLine1Txt>3037 E DUFORT RD</AddressLine1Txt>
            <CityNm>SAGLE</CityNm>
            <StateAbbreviationCd>ID</StateAbbreviationCd>
            <ZIPCd>83860</ZIPCd>
          </USAddress>
          <TitleTxt>PRESIDENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>3.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>N/A</Description1Txt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>2224198</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>33246</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>250000</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>2507444</TotalFMVOfUnusedAssetsAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>2507444</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>37612</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>2469832</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>123492</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>123492</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>6770</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>6770</TotalTaxAmt>
        <DistributableBeforeAdjAmt>116722</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>116722</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>116722</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>0</ExpensesAndContributionsAmt>
        <QualifyingDistributionsAmt>0</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>116722</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>29654</UndistributedIncomePYAmt>
        <Taxable2Amt>29654</Taxable2Amt>
        <UndistributedIncomeCYAmt>116722</UndistributedIncomeCYAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>JOHN BYRNE</ContributingManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <RelatedOrExemptFunctionIncmAmt>75</RelatedOrExemptFunctionIncmAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <RelatedOrExemptFunctionIncmAmt>29917</RelatedOrExemptFunctionIncmAmt>
        </DividendsAndInterestFromSecDtl>
        <GainSalesAstOthThanInvntryGrp>
          <RelatedOrExemptFunctionIncmAmt>462648</RelatedOrExemptFunctionIncmAmt>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <RelatedOrExemptFunctionIncmAmt>492640</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>492640</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>false</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>false</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>false</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>false</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>false</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>false</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>true</RelationshipsNonchrtblEOInd>
        <RelationshipScheduleDetail>
          <OrganizationBusinessName>
            <BusinessNameLine1Txt>THE SKYLARK FOUNDATION</BusinessNameLine1Txt>
          </OrganizationBusinessName>
          <OrganizationTypeDesc>PF</OrganizationTypeDesc>
          <RelationshipDescriptionTxt>PREDECESSOR FOUNDATION</RelationshipDescriptionTxt>
        </RelationshipScheduleDetail>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <InvestmentsCorpStockSchedule documentId="RetDoc2">
      <InvestmentsCorporateStockGrp>
        <StockNm>PUBLICLY TRADED SECURITIES</StockNm>
        <EOYBookValueAmt>1852691</EOYBookValueAmt>
        <EOYFMVAmt>1891525</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <OtherAssetsSchedule documentId="RetDoc3">
      <OtherAssetsScheduleGrp>
        <Desc>COLLECTIBLE PAINTINGS</Desc>
        <EOYBookValueAmt>325000</EOYBookValueAmt>
        <EOYFMVAmt>325000</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherIncreasesSchedule documentId="RetDoc4">
      <OtherIncreasesDetail>
        <Desc>TRANSFER OF ASSETS FROM SKYLARK FOUNDATION</Desc>
        <Amt>1728651</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <OtherProfessionalFeesSchedule documentId="RetDoc5">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT ADVISOR FEES</CategoryTxt>
        <Amt>5018</Amt>
        <NetInvestmentIncomeAmt>5018</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc7">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAX</CategoryTxt>
        <Amt>570</Amt>
        <NetInvestmentIncomeAmt>570</NetInvestmentIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>