Cal Farley's Boys Ranch Foundation

Cal Farley's Boys Ranch Foundation is a separate legal entity that exists solely to manage endowment assets for Cal Farley's Boys Ranch and its subsidiaries. The operating entity runs the residential programs, while the Foundation holds the real estate, mineral interests, and investment portfolio. Both file separate IRS Form 990s, and each has its own leadership — Dan Adams leads the Foundation, while Richard Nedelkoff runs the operating organization. The Foundation does not make grants to external organizations; all distributions support the ranch.

The Foundation generates revenue primarily from directly owned assets concentrated in Texas and Oklahoma. This includes surface land holdings in Oldham County and the Permian Basin, oil and gas mineral royalties operated by firms including Mewbourne Oil Company, and commercial real estate in Amarillo. Perpetual trust interests and cash-value life insurance policies add additional ballast. Because the Foundation rejects state and federal funding by design, these hard-asset cash flows are the organization's sole financial engine.

No. The Foundation is a single-purpose endowment that manages its own balance sheet exclusively for the benefit of Cal Farley's Boys Ranch. It does not accept outside limited partners, participate in fund commitments, or pursue co-investment opportunities alongside external GPs. Its investment activity is limited to stewarding the land, minerals, and trust interests it already owns.

The portfolio is almost entirely illiquid by design. The largest asset categories are directly owned Texas real estate — including the ranch campus, commercial property, and undeveloped land — plus subsurface mineral interests that produce royalty income over decades. There is no evidence of a traded securities portfolio or liquid alternatives allocation. This illiquidity matches the Foundation's permanent-capital structure and its goal of funding operations across generations rather than maximizing short-term returns.

A volunteer board of directors drawn heavily from Texas energy, banking, and legal circles governs the Foundation. Recent chairs have included Joseph Wm. Foran, the founder and former CEO of Matador Resources, and Greg Mitchell, CEO of Toot'n Totum and an Amarillo National Bank director. The board oversees asset stewardship and distributions to the operating entity, while the operating entity's board — currently chaired by Lance Purcell — governs program delivery. The Foundation president reports to the Foundation board, not to the operating CEO, maintaining structural separation.

No. The Foundation exists solely to hold and manage assets for Cal Farley's Boys Ranch. It does not operate donor-advised funds, participate in collaborative philanthropic initiatives, or make grants to unrelated charities. Private donors contribute to the operating entity directly through a development function, not through the Foundation. The Foundation's role is endowment stewardship, not grantmaking or philanthropic advisory work.

The relationship is structural and long-standing. Mineral interests across Texas and Oklahoma — including Permian Basin acreage in Andrews County — form a material part of the endowment. Mewbourne Oil Company is named as a business partner and operator for Oklahoma interests. Board leadership has historically included executives from Matador Resources, a publicly traded Permian-focused E&P company, creating deep connective tissue between the Foundation's governance and the regional oil and gas economy.