TY 2010 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Nonexempt Charitable Trust
Treated as a Private Foundation

Note. The foundation may be able to use a copy of this return to satisfy state reporting requirements.

OMB No. 1545-0052

2010

For calendar year 2010, or tax year beginning 01-01-2010 , and ending 12-31-2010

Check all that apply:Initial returnInitial return of a former public charityFinal return

Amended returnAddress changeName change

Name of foundation
ESTHER & ROBERT ARMSTRONG CHARITABLE TR
BETTY J GOOD TRUSTEE

Number and street (or P.O. box number if mail is not delivered to street address)6350 QUAIL RIDGE DRIVE SW Room/suite

City or town, state, and ZIP code
CEDAR RAPIDS, IA52404

A Employer identification number

42-6503703

B Telephone number (see page 10 of the instructions)

(319) 396-7235

C If exemption application is pending, check here bullet

D 1. Foreign organizations, check here . bullet

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trustOther taxable private foundation 2. Foreign organizations meeting the 85% test,
check here and attach computation bullet

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16) bullet

$3,724,446J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

E If private foundation status was terminated
under section 507(b)(1)(A), check here bullet

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here bullet

	Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see page 11 of the instructions).)	(a) Revenue and expenses per books		(b) Net investment income	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check
3	Interest on savings and temporary cash investments	46,227		46,227
4	Dividends and interest from securities......	37,866		37,662
5a	Gross rents..............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		52,952
b	Gross sales price for all assets on line 6a 1,475,814
7	Capital gain net income (from Part IV, line 2)...			52,952
8	Net short-term capital gain.........
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......
12	Total. Add lines 1 through 11........	137,045		136,841
13	Compensation of officers, directors, trustees, etc.	0		0	0
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........		2,755	2,755	0
b	Accounting fees (attach schedule).......		3,300	3,300	0
c	Other professional fees (attach schedule)....		23,927	23,927	0
17	Interest...............
18	Taxes (attach schedule) (see page 14 of the instructions)		2,128	2,128	0
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............	445		445	0
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......		9	9	0
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	32,564		32,564	0
25	Contributions, gifts, grants paid........	515,000			515,000
26	Total expenses and disbursements. Add lines 24 and 25	547,564		32,564	515,000
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-410,519
b	Net investment income (if negative, enter -0-)			104,277
c	Adjusted net income (if negative, enter -0-)...

For Privacy Act and Paperwork Reduction Act Notice, see page 30 of the instructions.

Cat. No. 11289X Form 990-PF (2010)

Form 990-PF (2010)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing...............
	2	Savings and temporary cash investments..........	167,318	261,061	261,061
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see page 15 of the
		instructions)....................
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use...............
	9	Prepaid expenses and deferred charges...........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule)........	2,408,252	1,436,066	1,436,066
	c	Investments—corporate bonds (attach schedule)........	1,264,348	824,103	824,103
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans..............
	13	Investments—other (attach schedule)...........	0	1,203,216	1,203,216
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	3,839,918	3,724,446	3,724,446
	17	Accounts payable and accrued expenses..........
	18	Grants payable...................
	19	Deferred revenue..................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22)..........	0	0
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted....................
	25	Temporarily restricted................
	26	Permanently restricted................
		Foundations that do not follow SFAS 117, check here
		and complete lines 27 through 31.
	27	Capital stock, trust principal, or current funds.........	0	0
	28	Paid-in or capital surplus, or land, bldg., and equipment fund	0	0
	29	Retained earnings, accumulated income, endowment, or other funds	3,839,918	3,724,446
	30	Total net assets or fund balances (see page 17 of the
		instructions)....................	3,839,918	3,724,446
	31	Total liabilities and net assets/fund balances (see page 17 of
		the instructions)..................	3,839,918	3,724,446

Part III	Analysis of Changes in Net Assets or Fund Balances
1	Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree
	with end-of-year figure reported on prior year’s return)...............	1	3,839,918
2	Enter amount from Part I, line 27a......................	2	-410,519
3	Other increases not included in line 2 (itemize)	3	295,047
4	Add lines 1, 2, and 3..........................	4	3,724,446
5	Decreases not included in line 2 (itemize)	5	0
6	Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30..	6	3,724,446

Form 990-PF (2010)

Page 3

Part IV

Capital Gains and Losses for Tax on Investment Income

(a) List and describe the kind(s) of property sold (e.g., real estate, 2-story brick warehouse; or common stock, 200 shs. MLC Co.)		(b) How acquired P—Purchase D—Donation	(c) Date acquired (mo., day, yr.)	(d) Date sold (mo., day, yr.)
1 a	47 SH ALLERGAN INC	P	2010-09-10	2010-11-03
b	47 SH ALLERGAN INC	P	2010-03-25	2010-11-10
c	22 SH AMAZON.COM	P	2010-07-23	2010-10-28
d	26 SH AMAZON.COM	P	2010-07-23	2010-11-03
e	59 SH AMAZON.COM	P	2010-07-02	2010-11-10
	134 SH BAXTER INTL	P	2010-06-15	2010-04-22
	129 SH BAXTER INTL	P	2009-06-15	2010-04-23
	166 SH CVS CAREMARK CORP	P	2009-03-31	2010-01-21
	166 SH COGNIZANT TECH	P	2009-06-15	2010-03-08
	217 SH COLGATEPALMOLIVE CO	P	2010-06-15	2010-10-28
	71 SH DOLBY LABORATORIES INC	P	2009-06-15	2010-05-03
	94 SH DOLBY LABORATORIES INC	P	2009-08-14	2010-05-14
	51 SH DOLBY LABORATORIES INC	P	2009-08-14	2010-07-02
	5 SH DOLBY LABORATORIES INC	P	2009-08-14	2010-08-03
	82 SH DOLBY LABORATORIES INC	P	2009-09-02	2010-08-24
	142 SH EXPEDITORS INTL WASH INC	P	2010-06-15	2010-10-19
	60 SH EXPEDITORS INTL WASH INC	P	2010-03-19	2010-12-09
	55 SH F5 NETWORKS INC	P	2010-04-23	2010-10-27
	25 SH F5 NETWORKS INC	P	2010-04-23	2010-12-03
	122 SH GENZYME CORP	P	2009-03-31	2010-03-25
	87 SH MCDONALDS CORP	P	2010-02-10	2010-03-19
	94 SH MCDONALDS CORP	P	2010-02-10	2010-03-29
	84 SH NETAPP INC	P	2010-03-04	2010-08-24
	80 SH NETAPP INC	P	2010-06-15	2010-11-24
	279 SH PHARMA PRODUCT DEV INC	P	2009-03-31	2010-02-10
	14 SH PRICELINE.COM	P	2010-03-25	2010-08-06
	16 SH PRICELINE.COM	P	2010-06-15	2010-08-26
	321 SH PROCTER & GAMBLE CO	P	2009-03-31	2010-01-06
	73 SH QUALCOMM INC	P	2009-06-15	2010-02-08
	63 SH ROCKWELL COLLINS	P	2010-04-23	2010-09-15
	153 SH ROCKWELL COLLINS	P	2010-04-07	2010-12-03
	302 SH SEI INVESTMENTS CO	P	2009-03-31	2010-03-29
	139 SH SABMILLER PLC	P	2010-06-15	2010-10-21
	106 SH ST JUDE MEDICAL INC	P	2009-06-17	2010-01-19
	155 SH ST JUDE MEDICAL INC	P	2009-03-31	2010-01-20
	93 SH STATE STREET CORP	P	2009-06-05	2010-04-06
	82 SH TARGET CORP	P	2010-04-08	2010-07-23
	63 SH TARGET CORP	P	2010-06-15	2010-12-21
	75 SH VARIAN MED SYS INC	P	2009-11-03	2010-05-07
	126 SH VISA INC	P	2010-06-15	2010-05-14
	3 SH VISA INC	P	2010-02-08	2010-05-25
	1048 SH WESTERN UNION CO	P	2009-03-31	2010-02-08
	41 SH BARD CR INC	P	2008-02-27	2010-05-07
	75 SH BARD CR INC	P	2008-06-15	2010-06-28
	89 SH BARD CR INC	P	2009-06-15	2010-07-02
	887 SH CISCO SYSTEMS INC	P	2009-06-15	2010-11-16
	58 SH COGNIZANT TECH	P	2009-05-05	2010-08-24
	65 SH COGNIZANT TECH	P	2009-05-05	2010-11-03
	62 SH DOLBY LABORATORIES INC	P	2009-06-26	2010-08-03
	74 SH DOLBY LABORATORIES INC	P	2009-06-26	2010-08-24
	43 SH GEN PROBE INC	P	2009-03-31	2010-09-13
	64 SH GEN PROBE INC	P	2009-03-31	2010-09-15
	78 SH GEN PROBE INC	P	2009-03-31	2010-09-24
	93 SH GEN PROBE INC	P	2009-03-31	2010-10-05
	94 SH GEN PROBE INC	P	2009-03-31	2010-10-15
	127 SH GENZYME CORP	P	2009-06-15	2010-03-25
	274 SH GENZYME CORP	P	2009-03-31	2010-04-07
	45 SH INTUITIVE SURGICAL	P	2009-03-31	2010-04-16
	70 SH MONSANTO CO	P	2008-06-15	2010-04-08
	145 SH MONSANTO CO	P	2009-06-15	2010-04-15
	126 SH MONSANTO CO	P	2009-06-15	2010-05-07
	119 SH NORTHERN TRUST CORP	P	2009-06-15	2010-06-24
	75 SH NOVO NORDISK	P	2009-03-31	2010-04-28
	58 SH NOVO NORDISK	P	2009-03-31	2010-05-20
	81 SH NOVO NORDISK	P	2009-03-31	2010-05-28
	347 SH QUALCOMM INC	P	2006-06-15	2010-02-08
	124 SH SEI INVESTMENTS CO	P	2009-03-31	2010-04-28
	104 SH SEI INVESTMENTS CO	P	2009-03-31	2010-06-04
	552 SH SEI INVESTMENTS CO	P	2009-03-31	2010-07-23
	157 SH SCHWAB CHARLES CORP	P	2009-03-31	2010-04-06
	317 SH SCHWAB CHARLES CORP	P	2009-03-31	2010-06-07
	351 SH SCHWAB CHARLES CORP	P	2009-03-31	2010-06-15
	69 SH STRYKER CORP	P	2009-03-31	2010-05-07
	172 SH STRYKER CORP	P	2009-03-31	2010-07-22
	186 SH STRYKER CORP	P	2009-03-31	2010-10-29
	57 SH VARIAN MED SYS INC	P	2009-06-15	2010-12-07
	54 SH VARIAN MED SYS INC	P	2009-07-30	2010-12-09
	50 SH VARIAN MED SYS INC	P	2009-06-15	2010-12-21
	119 SH VISA INC	P	2009-03-31	2010-05-25
	251 SH ASTELLAS PHARMA INC	P	2010-06-15	2010-11-01
	59 SH AUSTRALIA & NEW ZEALAND	P	2010-11-01	2010-11-19
	211 SH AXA SA SPONSORED	P	2010-11-01	2010-11-19
	44 SH BOC HONG KONG HLDGS	P	2010-01-19	2010-11-01
	93 SH BROOKFIELD ASSET MGMT	P	2010-11-01	2010-11-19
	42 SH E N I SPA	P	2010-06-15	2010-11-01
	134 SH ENCANA CORP	P	2010-11-01	2010-11-19
	361 SH FRANCE TELECOM	P	2010-06-15	2010-07-09
	49 SH IBERDROLA SA REPSTG	P	2010-03-12	2010-11-01
	213 SH ING GROEP NV	P	2010-06-07	2010-11-01
	4 SH NATIONAL GRID PLC	P	2010-08-18	2010-11-01
	32 SH PETROLEO BRASIL SPNS	P	2010-11-01	2010-11-19
	434 SH ROYAL DSM NV	P	2010-11-01	2010-11-19
	306 SH SANOFI AVENTIS	P	2010-06-15	2010-11-01
	81 SH SEVEN & I HLDGS CO	P	2010-06-15	2010-11-01
	173 SH SWIRE PAC LTD	P	2010-11-01	2010-11-19
	29 SH TELEFONICA S A SPONS	P	2010-05-18	2010-11-01
	101 SH TELSTRA LTD	P	2010-03-12	2010-11-01
	418 SH VINCI S A ADR	P	2010-06-15	2010-11-01
	90 SH VODAFONE GRP	P	2009-11-20	2010-11-01
	83 SH ZURICH FIN SVCS	P	2009-11-05	2010-11-01
	362 SH AGEAS	P	2005-06-15	2010-08-26
	185 SH AMCOR LIMITED	P	2005-02-01	2010-11-01
	92 SH BG GROUP PLC	P	2005-02-01	2010-11-01
	228 SH BP PLC SPONS	P	2007-06-15	2010-11-01
	49 SH BNP PARIBAS SPONS	P	2005-07-06	2010-01-13
	75 SH BANCO SANTANDER	P	2005-02-01	2010-11-01
	12 SH BAYER A G SPONS	P	2008-11-19	2010-02-26
	14 SH BAYER A G SPONS	P	2009-06-15	2010-03-10
	48 SH BAYER A G SPONS	P	2005-02-01	2010-11-01
	26 SH CANON INC	P	2005-06-15	2010-03-29
	299 SH CANON INC	P	2004-06-15	2010-11-01
	729 SH CARREFOUR SA	P	2009-06-15	2010-11-01
	822 SH DEUTSCHE TELEKOM	P	2007-06-15	2010-11-01
	1221 SH FOSTERS BREWING	P	2005-02-01	2010-11-01
	380 SH GLAZOSMITHKLINE PLC	P	2007-06-15	2010-11-01
	954 SH HONG KONG ELEC HLDG	P	2005-02-01	2010-11-01
	291 SH IBERDROLA SA	P	2009-06-15	2010-11-01
	492 SH ING GROEP	P	2008-06-15	2010-11-01
	490 SH KAO CORP	P	2007-06-15	2010-11-01
	77 SH NTL AUSTRALIA BK	P	2005-02-01	2010-03-01
	71 SH NTL AUSTRALIA BK	P	2005-02-01	2010-03-11
	76 SH NTL AUSTRALIA BK	P	2005-02-01	2010-03-17
	74 SH NTL AUSTRALIA BK	P	2005-02-01	2010-04-14
	50 SH NTL AUSTRALIA BK	P	2005-02-01	2010-04-20
	95 SH NATIONAL GRID PLC	P	2005-06-15	2010-11-01
	69 SH NIPPON TEL & TEL	P	2005-02-01	2010-06-07
	70 SH NIPPON TEL & TEL	P	2005-02-01	2010-06-18
	27 SH NOVARTIS AG	P	2007-04-25	2010-02-10
	150 SH NOVARTIS AG	P	2007-06-15	2010-11-01
	101 SH RWE AG	P	2005-02-01	2010-11-01
	286 SH REED ELSVR	P	2006-06-15	2010-11-01
	130 SH ROYAL DUTCH SHELL	P	2007-06-15	2010-11-01
	46 SH SASOL LIMITED	P	2005-02-01	2010-08-31
	49 SH SASOL LIMITED	P	2005-02-01	2010-09-23
	60 SH SASOL LIMITED	P	2005-02-01	2010-10-20
	128 SH SEVEN & I HLDGS CO	P	2009-06-15	2010-11-01
	19 SH SIEMENS A G	P	2008-09-22	2010-09-24
	18 SH SIEMENS A G	P	2008-09-26	2010-10-20
	27 SH SIEMENS A G	P	2008-09-26	2010-11-01
	51 SH SINGAPORE TELECM	P	2008-06-05	2010-11-01
	685 SH SOCIETE GENL FRANCE	P	2009-06-15	2010-11-01
	291 SH STORA ENSO CORP	P	2005-06-15	2010-06-11
	208 SH STORA ENSO CORP	P	2007-06-15	2010-06-22
	761 SH TAIWAN SEMICON MFG	P	2008-06-15	2010-11-01
	418 SH TAKEDA PHARMA CO	P	2008-06-15	2010-11-01
	246 SH TELECOM CORP	P	2006-06-15	2010-11-01
	173 SH TELEFONICA S A	P	2005-06-15	2010-11-01
	549 SH TELSTRA LTD	P	2005-06-15	2010-11-01
	354 SH TOKIO MARINE HLDGS	P	2007-06-15	2010-11-01
	251 SH TOTAL S A SPONS	P	2007-06-15	2010-11-01
	20 SH TOYOTA MTR CORP	P	2005-02-01	2010-01-12
	102 SH TOYOTA MTR CORP	P	2005-06-15	2010-11-01
	65 SH UNILEVER PLC	P	2006-06-15	2010-08-02
	522 SH UNILEVER PLC	P	2006-06-15	2010-11-01
	58 SH UPM KYMMENE CORP	P	2005-02-01	2010-03-25
	136 SH UPM KYMMENE CORP	P	2005-02-01	2010-04-22
	150 SH UPM KYMMENE CORP	P	2005-02-01	2010-08-19
	330 SH VODAFONE GRP	P	2009-06-15	2010-11-01
	158 SH ZURICH FIN SVCS	P	2009-06-15	2010-11-01
	CASH IN LIEU BANK OF CHINA	P		2010-12-14
	CASH IN LIEU NATIONAL GRID PLC	P	2005-06-15	2010-06-23
	CASH IN LIEU FURIEX PHARMA	P	2004-01-14	2010-07-15
	CASH IN LIEU AARONS INC	P		2010-04-15
	6 SH FIRST POTOMAC REALTY	P	2009-10-07	2010-07-15
	6 SH GEOEYE INC	P	2010-05-13	2010-07-15
	81 SH GEOEYE INC	P	2010-06-15	2010-09-09
	2 SH ITRON INC	P	2010-02-19	2010-07-15
	18 SH SONIC CORP	P	2010-07-15	2010-11-01
	2 SH JERSEY INDUSTRIES INC	P	2010-05-12	2010-07-15
	4 SH VALSPAR CORP	P	2009-12-17	2010-07-15
	10 SH WATSCO INC	P	2010-02-19	2010-12-06
	10 SH AAR CORP	P	2007-10-29	2010-07-15
	8 SH AMEDISYS INC	P	2007-08-24	2010-02-19
	12 SH ASTORIA FINANCIAL CORP	P	2005-06-15	2010-07-15
	10 SH BRINKER INTL INC	P	2004-01-14	2010-07-15
	125 SH BRINKER INTL INC	P	2004-01-14	2010-11-23
	8 SH BUCYRUS INTL INC	P	2005-03-30	2010-02-19
	24 SH BUCYRUS INTL INC	P	2005-03-30	2010-12-30
	10 SH CASH AMER INTL INC	P	2007-02-27	2010-02-19
	4 SH DIGITAL RIV INC	P	2008-08-20	2010-07-15
	6 SH FLIR SYSTEMS INC	P	2004-01-14	2010-07-15
	16 SH FURIEX PHARMA INC	P	2004-01-14	2010-06-22
	76 SH GRANITE CONSTR INC	P	2007-09-28	2010-02-10
	9 SH GRANITE CONSTR INC	P	2007-09-28	2010-02-17
	16 SH HEXCEL CORP	P	2006-05-18	2010-07-15
	16 SH JEFFERIES GROUP INC	P	2004-01-14	2010-02-19
	18 SH LIFE TIME FITNESS INC	P	2008-04-22	2010-02-19
	6 SH MEDNAX INC	P	2008-09-04	2010-07-15
	10 SH PROTECTIVE LIFE CORP	P	2007-04-03	2010-07-15
	2 SH REINSURANCE GRP AMER	P	2009-02-24	2010-07-15
	4 SH SBA COMMUNICATIONS	P	2009-03-06	2010-07-15
	6 SH SRA INTL INC	P	2008-04-22	2010-07-15
	8 SH ST MARY LAND & EXPLORATION	P	2008-06-13	2010-02-19
	117 SH ST MARY LAND & EXPLORATION	P	2008-06-15	2010-04-14
	70 SH SCHOOL SPECIALTY INC	P	2005-06-15	2010-08-31
	2 SH SCOTTS MIRACLE-GRO	P	2004-01-14	2010-07-15
	2 SH SNAP ON INC	P	2004-01-14	2010-07-15
	152 SH SONIC CORP	P	2004-01-14	2010-11-01
	45 SH STUDENT LOAN CORP	P	2009-06-15	2010-04-26
	10 SH SWIFT ENERGY CO	P	2008-11-12	2010-02-19
	2 TELEDYNE TECH INC	P	2007-04-27	2010-07-15
	6 SH TIMKEN COMPANY	P	2007-06-15	2010-07-15
	10 SH TORO COMPANY	P	2008-05-27	2010-02-19
	77 SH TORO COMPANY	P	2008-05-27	2010-12-27
	23 SH TORO COMPANY	P	2008-05-27	2010-12-28
	6 SH TRUSTMARK CORP	P	2008-12-11	2010-07-15
	4 SH URS CORP	P	2006-03-20	2010-07-15
	8 SH UNITED BANKSHARES INC	P	2008-11-25	2010-07-15
	4 SH UNITED FIRE & CASUALTY	P	2005-09-21	2010-07-15
	50 SH WATSCO INC	P	2004-01-14	2010-12-06
	4 SH CORE LABORATORIES	P	2009-02-12	2010-02-19
	50000 AMCORE BK CD	P	2007-06-14	2010-04-28
	20000 CAPITAL ONE BK3	P	2009-02-03	2010-05-26
	25000 FHLMC MTN	P	2006-11-14	2010-11-15
	50000 FIRST MERCHNT	P	2008-04-24	2010-04-30
	25000 FNB DAMRSCTTA	P	2005-02-10	2010-02-23
	10000 GREENWOOD TR	P	2005-02-10	2010-02-16
	25000 JOHN HANCOCK	P	2005-02-10	2010-02-16
	50000 HOMESTREET BK	P	2009-02-05	2010-09-20
	6000 INVS CMNTY BK1	P	2009-05-03	2010-05-28
	20000 LEHMN BROS BK4	P	2008-04-24	2010-04-14
	40000 M&I MARSHALL	P	2008-04-24	2010-08-16
	5000 TOWNE BANK AZ	P	2009-02-03	2010-02-23
	50000 WACHOVIA BK	P	2008-01-24	2010-02-16
	95000 WESTERNBANK	P	2008-01-24	2010-05-10
	6336.851 SH DIAMOND HILL LONG	P	2007-06-07	2010-10-27
	GENERAL MOTORS SEC SETTLEMENT	P		2010-11-19
	ISHARES S & P K-1	P		2010-12-31
	CAPITAL GAINS DIVIDENDS	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	3,411	3,065	346
b	3,270	3,042	228
c	3,642	2,418	1,224
d	4,248	2,852	1,396
e	10,107	6,433	3,674
	6,771	7,888	-1,117
	6,481	6,532	-51
	5,562	4,590	972
	8,306	5,170	3,136
	16,254	16,997	-743
	4,894	2,927	1,967
	6,103	3,731	2,372
	3,158	2,024	1,134
	316	198	118
	4,422	3,033	1,389
	6,867	5,582	1,285
	3,375	2,310	1,065
	6,487	3,920	2,567
	3,530	1,782	1,748
	6,268	7,331	-1,063
	5,777	5,525	252
	6,281	5,969	312
	3,326	2,635	691
	4,082	2,489	1,593
	5,909	6,681	-772
	4,134	3,571	563
	4,615	3,941	674
	19,475	15,296	4,179
	2,769	3,277	-508
	3,638	4,103	-465
	8,876	9,690	-814
	6,516	3,690	2,826
	4,513	4,072	441
	4,103	4,107	-4
	5,944	5,678	266
	4,277	4,424	-147
	4,190	4,570	-380
	3,734	3,199	535
	3,863	3,183	680
	9,861	11,145	-1,284
	220	251	-31
	17,115	13,234	3,881
	3,415	3,983	-568
	5,941	7,202	-1,261
	6,787	7,556	-769
	17,265	16,084	1,181
	3,366	1,563	1,803
	4,178	1,752	2,426
	3,914	2,294	1,620
	3,991	2,738	1,253
	2,026	1,966	60
	3,069	2,926	143
	3,728	3,566	162
	4,523	4,252	271
	4,503	4,297	206
	6,525	8,904	-2,379
	14,314	16,466	-2,152
	16,264	4,340	11,924
	4,838	9,025	-4,187
	9,541	12,815	-3,274
	7,431	10,486	-3,055
	5,717	6,657	-940
	5,891	3,629	2,262
	4,368	2,807	1,561
	6,286	3,920	2,366
	13,163	13,838	-675
	2,784	1,515	1,269
	2,215	1,271	944
	11,029	6,745	4,284
	2,950	2,426	524
	5,039	4,897	142
	5,563	5,423	140
	3,787	2,373	1,414
	8,101	5,915	2,186
	9,214	6,396	2,818
	3,893	2,275	1,618
	3,626	1,835	1,791
	3,511	1,582	1,929
	8,721	6,578	2,143
	9,299	8,875	424
	1,309	1,460	-151
	3,667	3,842	-175
	2,849	1,890	959
	2,788	2,795	-7
	1,895	1,909	-14
	3,819	3,843	-24
	8,597	7,067	1,530
	1,635	1,698	-63
	2,313	1,563	750
	189	144	45
	1,067	1,106	-39
	5,793	5,803	-10
	10,729	10,384	345
	3,724	3,671	53
	2,685	2,526	159
	2,331	1,666	665
	1,348	1,429	-81
	5,539	5,346	193
	2,472	2,005	467
	2,008	1,869	139
	905	9,719	-8,814
	4,941	4,101	840
	8,978	3,210	5,768
	9,346	11,755	-2,409
	2,058	1,674	384
	934	889	45
	791	574	217
	1,003	638	365
	3,632	1,530	2,102
	1,186	863	323
	13,681	9,604	4,077
	7,800	5,700	2,100
	11,861	14,008	-2,147
	7,216	4,945	2,271
	14,972	17,184	-2,212
	6,105	4,293	1,812
	9,711	10,275	-564
	5,343	10,260	-4,917
	12,392	12,480	-88
	1,763	1,773	-10
	1,739	1,635	104
	1,879	1,750	129
	1,930	1,704	226
	1,334	1,151	183
	4,494	5,028	-534
	1,369	1,442	-73
	1,405	1,463	-58
	1,435	1,572	-137
	8,622	8,487	135
	7,156	5,949	1,207
	7,487	9,108	-1,621
	8,533	6,985	1,548
	1,737	933	804
	2,111	994	1,117
	2,746	1,217	1,529
	5,885	5,808	77
	2,022	1,905	117
	2,066	1,761	305
	3,083	2,603	480
	1,242	1,354	-112
	8,062	12,356	-4,294
	2,275	4,718	-2,443
	1,710	2,749	-1,039
	8,295	7,418	877
	9,844	10,880	-1,036
	1,921	4,419	-2,498
	13,907	8,940	4,967
	7,324	8,904	-1,580
	10,036	10,589	-553
	13,722	11,482	2,240
	1,777	1,570	207
	7,104	7,921	-817
	1,881	1,525	356
	15,164	11,405	3,759
	739	1,245	-506
	1,979	2,920	-941
	2,170	3,221	-1,051
	9,063	7,111	1,952
	3,822	3,787	35
	227		227
	402		402
	2		2
	12		12
	93	68	25
	191	186	5
	3,025	2,503	522
	125	134	-9
	161	150	11
	91	90	1
	123	110	13
	621	581	40
	168	314	-146
	481	301	180
	170	303	-133
	160	223	-63
	2,417	2,785	-368
	500	99	401
	2,148	295	1,853
	380	410	-30
	104	170	-66
	183	59	124
	172	98	74
	2,257	4,027	-1,770
	268	477	-209
	268	340	-72
	413	273	140
	470	519	-49
	317	341	-24
	208	443	-235
	95	57	38
	140	79	61
	124	156	-32
	273	468	-195
	4,455	4,204	251
	918	2,639	-1,721
	92	59	33
	87	66	21
	1,356	2,298	-942
	1,339	4,478	-3,139
	300	260	40
	78	91	-13
	169	181	-12
	447	384	63
	4,854	2,957	1,897
	1,451	883	568
	128	112	16
	158	164	-6
	207	259	-52
	79	159	-80
	3,102	1,124	1,978
	502	260	242
	50,000	50,000	0
	20,000	20,000	0
	25,000	25,000	0
	50,000	50,000	0
	25,000	25,000	0
	10,000	10,000	0
	25,000	25,000	0
	50,000	50,000	0
	6,000	6,000	0
	20,000	20,000	0
	40,000	40,000	0
	5,000	5,008	-8
	50,000	50,000	0
	95,000	95,000	0
	100,249	117,980	-17,731
	29		29
		10	-10
	114		114

Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69			(l) Gains (Col. (h) gain minus col. (k), but not less than -0-) or Losses (from col.(h))
(i) F.M.V. as of 12/31/69	(j) Adjusted basis as of 12/31/69	(k) Excess of col. (i) over col. (j), if any
a			346
b			228
c			1,224
d			1,396
e			3,674
			-1,117
			-51
			972
			3,136
			-743
			1,967
			2,372
			1,134
			118
			1,389
			1,285
			1,065
			2,567
			1,748
			-1,063
			252
			312
			691
			1,593
			-772
			563
			674
			4,179
			-508
			-465
			-814
			2,826
			441
			-4
			266
			-147
			-380
			535
			680
			-1,284
			-31
			3,881
			-568
			-1,261
			-769
			1,181
			1,803
			2,426
			1,620
			1,253
			60
			143
			162
			271
			206
			-2,379
			-2,152
			11,924
			-4,187
			-3,274
			-3,055
			-940
			2,262
			1,561
			2,366
			-675
			1,269
			944
			4,284
			524
			142
			140
			1,414
			2,186
			2,818
			1,618
			1,791
			1,929
			2,143
			424
			-151
			-175
			959
			-7
			-14
			-24
			1,530
			-63
			750
			45
			-39
			-10
			345
			53
			159
			665
			-81
			193
			467
			139
			-8,814
			840
			5,768
			-2,409
			384
			45
			217
			365
			2,102
			323
			4,077
			2,100
			-2,147
			2,271
			-2,212
			1,812
			-564
			-4,917
			-88
			-10
			104
			129
			226
			183
			-534
			-73
			-58
			-137
			135
			1,207
			-1,621
			1,548
			804
			1,117
			1,529
			77
			117
			305
			480
			-112
			-4,294
			-2,443
			-1,039
			877
			-1,036
			-2,498
			4,967
			-1,580
			-553
			2,240
			207
			-817
			356
			3,759
			-506
			-941
			-1,051
			1,952
			35
			227
			402
			2
			12
			25
			5
			522
			-9
			11
			1
			13
			40
			-146
			180
			-133
			-63
			-368
			401
			1,853
			-30
			-66
			124
			74
			-1,770
			-209
			-72
			140
			-49
			-24
			-235
			38
			61
			-32
			-195
			251
			-1,721
			33
			21
			-942
			-3,139
			40
			-13
			-12
			63
			1,897
			568
			16
			-6
			-52
			-80
			1,978
			242
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			-8
			0
			0
			-17,731
			29
			-10
			114

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	52,952
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see pages 13 and 17 of the instructions). If (loss), enter -0- in Part I, line 8 . . . . . . . . . . . . .		3

Part V

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

(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.

Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period? Yes No

If “Yes,” the foundation does not qualify under section 4940(e). Do not complete this part.

1 Enter the appropriate amount in each column for each year; see page 18 of the instructions before making any entries.
(a) Base period years Calendar year (or tax year beginning in)	(b) Adjusted qualifying distributions	(c) Net value of noncharitable-use assets	(d) Distribution ratio (col. (b) divided by col. (c))
2009	225,242	3,659,229	0.061554
2008	214,099	4,279,231	0.050032
2007	194,077	4,748,387	0.040872
2006	236,778	4,460,086	0.053088
2005	278,274	4,342,388	0.064083

2	Total of line 1, column (d) ......................	2	0.269629
3	Average distribution ratio for the 5-year base period—divide the total on line 2 by 5, or by the number of years the foundation has been in existence if less than 5 years. . .	3	0.053926
4	Enter the net value of noncharitable-use assets for 2010 from Part X, line 5.....	4	3,830,854
5	Multiply line 4 by line 3.......................	5	206,583
6	Enter 1% of net investment income (1% of Part I, line 27b)...........	6	1,043
7	Add lines 5 and 6.........................	7	207,626
8	Enter qualifying distributions from Part XII, line 4..............	8	515,000
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See the Part VI instructions on page 18.

Form 990-PF (2010)

Page 4

Part VI

Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)

1a	Exempt operating foundations described in section 4940(d)(2), check hereand enter “N/A” on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Domestic foundations that meet the section 4940(e) requirements in Part V, check	1	1,043
	hereand enter 1% of Part I, line 27b...................
c	All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2	0
3	Add lines 1 and 2............................	3	1,043
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-).	4	0
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	1,043
6	Credits/Payments:

a	2010 estimated tax payments and 2009 overpayment credited to 2010	6a	760
b	Exempt foreign organizations—tax withheld at source.......	6b
c	Tax paid with application for extension of time to file (Form 8868)	6c
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	760
8	Enter any penalty for underpayment of estimated tax. Check hereif Form 2220 is attached.		8
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9	283
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2011 estimated tax	Refunded	11

Part VII-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of

the instructions for definition)?.............................

If the answer is “Yes” to 1a or 1b, attach a detailed description of the activities and copies of any materials

published or distributed by the foundation in connection with the activities.

Did the foundation file Form 1120-POL for this year?.....................

Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:

(1) On the foundation. bullet

$ 0(2) On foundation managers. bullet

$ 0

Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed

on foundation managers. bullet

$ 0

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If “Yes,” attach a detailed description of the activities.

Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles

of incorporation, or bylaws, or other similar instruments? If “Yes,” attach a conformed copy of the changes....

Did the foundation have unrelated business gross income of $1,000 or more during the year?........

If “Yes,” has it filed a tax return on Form 990-T for this year?...................

Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........

If “Yes,” attach the statement required by General Instruction T.

Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:

By language in the governing instrument, or

By state legislation that effectively amends the governing instrument so that no mandatory directions

that conflict with the state law remain in the governing instrument?................

Yes

Did the foundation have at least $5,000 in assets at any time during the year? If “Yes,” complete Part II, col. (c), and Part XV.

Yes

Enter the states to which the foundation reports or with which it is registered (see page 19 of the

instructions) bullet

If the answer is “Yes” to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney

General (or designate) of each state as required by General Instruction G? If “No,” attach explanation .

Yes

Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)

or 4942(j)(5) for calendar year 2010 or the taxable year beginning in 2010 (see instructions for Part XIV on

page 27)? If “Yes,” complete Part XIV...........................

Did any persons become substantial contributors during the tax year? If “Yes,” attach a schedule listing their names and addresses.

At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the

meaning of section 512(b)(13)? If "Yes," attach schedule. (see page 20 of the instructions) .......

Did the foundation acquire a direct or indirect interest in any applicable insurance contract before August 17, 2008?

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website address bullet

N/A

The books are in care of bullet

CLIFTON GUNDERSON LLP Telephone no. bullet

(319) 363-2697

Located at bullet

1715 FIRST AVE SE CEDAR RAPIDS IACEDAR RAPIDSIA ZIP+4 bullet

52402

Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —Check here......... bullet

and enter the amount of tax-exempt interest received or accrued during the year ...... bullet

At any time during calendar year 2010, did the foundation have an interest in or a signature or other authority over

a bank, securities, or other financial account in a foreign country? .................

See page 20 of the instructions for exceptions and filing requirements for Form TD F 90-22.1. If "Yes", enter the name of the foreign country bullet

Form 990-PF (2010)

Page 5

Part VII-B

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

During the year did the foundation (either directly or indirectly):

(1) Engage in the sale or exchange, or leasing of property with a disqualified person? YesNo

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person?.........................YesNo

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? YesNo

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? YesNo

(5) Transfer any income or assets to a disqualified person (or make any of either available

for the benefit or use of a disqualified person)?.................YesNo

(6) Agree to pay money or property to a government official? (Exception. Check “No”

if the foundation agreed to make a grant to or to employ the official for a period

after termination of government service, if terminating within 90 days.).........YesNo

If any answer is “Yes” to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations

section 53.4941(d)-3 or in a current notice regarding disaster assistance (see page 20 of the instructions)?...

Organizations relying on a current notice regarding disaster assistance check here......... bullet

Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,

that were not corrected before the first day of the tax year beginning in 2010?.............

Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private

operating foundation defined in section 4942(j)(3) or 4942(j)(5)):

At the end of tax year 2010, did the foundation have any undistributed income (lines 6d

and 6e, Part XIII) for tax year(s) beginning before 2010?...............YesNo

If “Yes,” list the years bullet

20, 20, 20, 20

Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)

(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)

to all years listed, answer “No” and attach statement—see page 20 of the instructions.) .........

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business

enterprise at any time during the year?.....................YesNo

If “Yes,” did it have excess business holdings in 2010 as a result of (1) any purchase by the foundation

or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved

by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)

the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine

if the foundation had excess business holdings in 2010.)....................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its

charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2010?

During the year did the foundation pay or incur any amount to:

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? YesNo

(2) Influence the outcome of any specific public election (see section 4955); or to carry

on, directly or indirectly, any voter registration drive?...............YesNo

(3) Provide a grant to an individual for travel, study, or other similar purposes? YesNo

(4) Provide a grant to an organization other than a charitable, etc., organization described

in section 509(a)(1), (2), or (3), or section 4940(d)(2)? (see page 22 of the instructions)...YesNo

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals?........YesNo

If any answer is “Yes” to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in

Regulations section 53.4945 or in a current notice regarding disaster assistance (see page 22 of the instructions)?

Organizations relying on a current notice regarding disaster assistance check here......... bullet

If the answer is “Yes” to question 5a(4), does the foundation claim exemption from the

tax because it maintained expenditure responsibility for the grant?............YesNo

If “Yes,” attach the statement required by Regulations section 53.4945–5(d).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay

premiums on a personal benefit contract?....................YesNo

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....

If “Yes” to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction? YesNo

If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....

Form 990-PF (2010)

Page 6

Part VIII

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

1 List all officers, directors, trustees, foundation managers and their compensation (see page 22 of the instructions).
(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
BETTY J GOOD	TRUSTEE 0.00	0	0	0
6350 QUAIL RIDGE DR SW CEDAR RAPIDS,IA52404	TRUSTEE 0.00	0	0	0
SUSAN MCDERMOTT	TRUSTEE 0.00	0	0	0
2012 BLAKE BLVD SE CEDAR RAPIDS,IA52403	TRUSTEE 0.00	0	0	0
KATHY LAMB	TRUSTEE 0.00	0	0	0
311 25TH ST DR SE CEDAR RAPIDS,IA52403	TRUSTEE 0.00	0	0	0
CHARLES W GARDNER	TRUSTEE 0.00	0	0	0
1560 HAVENWOOD CT NE CEDAR RAPIDS,IA52402	TRUSTEE 0.00	0	0	0
ROBERT W ALSOP	TRUSTEE 0.00	0	0	0
173 KYRIE SE CEDAR RAPIDS,IA52403	TRUSTEE 0.00	0	0	0

2 Compensation of five highest-paid employees (other than those included on line 1—see page 23 of the instructions). If none, enter “NONE.”
(a) Name and address of each employee paid more than $50,000	(b) Title, and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
NONE









Total number of other employees paid over $50,000...................				0

3 Five highest-paid independent contractors for professional services (see page 23 of the instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
NONE

Total number of others receiving over $50,000 for professional services............. bullet

Part IX-A

Summary of Direct Charitable Activities

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.		Expenses
1


2


3


4

Form 990-PF (2010)

Page 7

Part IX-B

Summary of Program-Related Investments (see page 23 of the instructions)

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.		Amount
1


2


All other program-related investments. See page 24 of the instructions.
3

Total. Add lines 1 through 3........................... bullet

Part X

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
see page 24 of the instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

3,403,756

Average of monthly cash balances.......................

485,436

Fair market value of all other assets (see page 24 of the instructions)............

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

3,889,192

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) ..............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d..........................

3,889,192

Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25

of the instructions) ............................

58,338

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

3,830,854

Minimum investment return. Enter 5% of line 5...................

191,543

Part XI

Distributable Amount (see page 25 of the instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here bullet

and do not complete this part.)

Minimum investment return from Part X, line 6....................

191,543

Tax on investment income for 2010 from Part VI, line 5......

1,043

Income tax for 2010. (This does not include the tax from Part VI.)...

Add lines 2a and 2b............................

1,043

Distributable amount before adjustments. Subtract line 2c from line 1............

190,500

Recoveries of amounts treated as qualifying distributions................

Add lines 3 and 4.............................

190,500

Deduction from distributable amount (see page 25 of the instructions)...........

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

line 1.................................

190,500

Part XII

Qualifying Distributions (see page 25 of the instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........

515,000

Program-related investments—total from Part IX-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes................................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

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

515,000

Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment

income. Enter 1% of Part I, line 27b (see page 26 of the instructions)............

1,043

Adjusted qualifying distributions. Subtract line 5 from line 4...............

513,957

Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
the section 4940(e) reduction of tax in those years.

Form 990-PF (2010)

Page 8

Part XIII

Undistributed Income (see page 26 of the instructions)

		(a) Corpus	(b) Years prior to 2009	(c) 2009	(d) 2010
1 Distributable amount for 2010 from Part XI, line 7					190,500
2 Undistributed income, if any, as of the end of 2010:
a Enter amount for 2009 only.......				0
b Total for prior years:20, 20, 20			0
3 Excess distributions carryover, if any, to 2010:
a From 2005.......	27,193
b From 2006.......	17,646
c From 2007.......
d From 2008.......	1,939
e From 2009.......	43,797
fTotal of lines 3a through e.........		90,575
4Qualifying distributions for 2010 from Part
XII, line 4: $ 515,000
a Applied to 2009, but not more than line 2a				0
b Applied to undistributed income of prior years (Election required—see page 26 of the instructions)			0
c Treated as distributions out of corpus (Election required—see page 26 of the instructions)...		0
d Applied to 2010 distributable amount.....					190,500
e Remaining amount distributed out of corpus		324,500
5 Excess distributions carryover applied to 2010.		0			0
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5		415,075
b Prior years’ undistributed income. Subtract line 4b from line 2b ...........			0
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......			0
d Subtract line 6c from line 6b. Taxable amount—see page 27 of the instructions ...			0
e Undistributed income for 2009. Subtract line 4a from line 2a. Taxable amount—see page 27 of the instructions ...........				0
f Undistributed income for 2010. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2011 ..........					0
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (see page 27 of the instructions) ...........		0
8Excess distributions carryover from 2005 not applied on line 5 or line 7 (see page 27 of the instructions) .............		27,193
9Excess distributions carryover to 2011. Subtract lines 7 and 8 from line 6a ......		387,882
10 Analysis of line 9:
a Excess from 2006....	17,646
b Excess from 2007....
c Excess from 2008....	1,939
d Excess from 2009....	43,797
e Excess from 2010....	324,500

Form 990-PF (2010)

Page 9

Part XIV

Private Operating Foundations (see page 27 of the instructions and Part VII-A, question 9)

1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2010, enter the date of the ruling....... bullet

b Check box to indicate whether the organization is a private operating foundation described in section4942(j)(3) or4942(j)(5)

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part X for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2010	(b) 2009	(c) 2008	(d) 2007	(e) Total

b 85% of line 2a .........
c Qualifying distributions from Part XII, line 4 for each year listed .....
d Amounts included in line 2c not used directly for active conduct of exempt activities ....
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets” alternative test—enter:
(1) Value of all assets ......
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)
b “Endowment” alternative test— enter 2⁄3 of minimum investment return shown in Part X, line 6 for each year listed...
c “Support” alternative test—enter:
(1) Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) ....
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....
(3) Largest amount of support from an exempt organization
(4) Gross investment income

Part XV

Supplementary Information (Complete this part only if the organization had $5,000 or more in
assets at any time during the year—see page 27 of the instructions.)

1Information Regarding Foundation Managers:

aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)

bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.

2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:

Check here bullet

if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. (see page 28 of the instructions) to individuals or organizations
under other conditions, complete items 2a, b, c, and d.

aThe name, address, and telephone number of the person to whom applications should be addressed:

bThe form in which applications should be submitted and information and materials they should include:

cAny submission deadlines:

dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:

Form 990-PF (2010)

Page 10

Part XV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
COE COLLEGE 1220 1ST AVE NE CEDAR RAPIDS,IA52402	NONE	OTHER PUBLIC CHARITY	ESTHER & ROBERT AMRSTRONG PROFESSORSHIP OF RHETORIC	75,000
CORNELL COLLEGE 600 1ST ST SW MT VERNON,IA52314	NONE	OTHER PUBLIC CHARITY	REMODEL STUDENT UNION BLDG & NEW BOOK STORE	50,000
UNITED WAY OF EAST CENTRAL IOWA 1030 5TH AVE SE CEDAR RAPIDS,IA52403	NONE	OTHER PUBLIC CHARITY	ANNUAL FUNDING CAMPAIGN AND FLOOD RELIEF FUND	15,000
CEDAR RAPIDS MUSEUM OF ART 410 3RD AVE SE CEDAR RAPIDS,IA52401	NONE	OTHER PUBLIC CHARITY	ENDOWMENT TO GRANT WOOD STUDIO	375,000
Total ................................. 3a				515,000

bApproved for future payment

Total .................................. 3b				0

Form 990-PF (2010)

Page 11

Part XVI-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See page 28 of the instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments....
3Interest on savings and temporary cash investments			14	46,227
4 Dividends and interest from securities....			14	37,866
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....
6Net rental income or (loss) from personal property
7 Other investment income.....
8Gain or (loss) from sales of assets other than inventory			14	52,952
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..		0		137,045	0

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

13137,045

(See worksheet in line 13 instructions on page 28 to verify calculations.)

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to the accomplishment of the organization’s exempt purposes (other than by providing funds for such purposes). (See page 28 of the instructions.)

Form 990-PF (2010)

Page 12

Part XVII

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

Did the organization directly or indirectly engage in any of the following with any other organization described in section

Yes

501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash....................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

(4) Reimbursement arrangements............................

1b(4)

(5) Loans or loan guarantees..............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

If the answer to any of the above is “Yes,” complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

(a) Line No.	(b) Amount involved	(c) Name of noncharitable exempt organization	(d) Description of transfers, transactions, and sharing arrangements

Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........YesNo

If “Yes,” complete the following schedule.

(a) Name of organization	(b) Type of organization	(c) Description of relationship

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer or fiduciary) is based on all information of which preparer has any knowledge.

	Signature of officer or trustee	Date	Title

Preparer's Signature	Date	Check if self- employed	PTIN
Firm's name Firm's address		Firm's EIN
		Phone no.

Form 990-PF (2010)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2010 AccountingFeesSchedule

Name:

ESTHER & ROBERT ARMSTRONG CHARITABLE TR

BETTY J GOOD TRUSTEE

EIN: 42-6503703

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ACCOUNTING	3,300	3,300		0

- TIN:

TY 2010 InvestmentsCorpBondsSchedule

Name:

ESTHER & ROBERT ARMSTRONG CHARITABLE TR

BETTY J GOOD TRUSTEE

EIN: 42-6503703

Name of Bond	End of Year Book Value	End of Year Fair Market Value
BAIRD INVESTMENTS - BONDS	824,103	824,103

- TIN:

TY 2010 InvestmentsCorpStockSchedule

Name:

ESTHER & ROBERT ARMSTRONG CHARITABLE TR

BETTY J GOOD TRUSTEE

EIN: 42-6503703

Name of Stock	End of Year Book Value	End of Year Fair Market Value
BAIRD INVESTMENTS - STOCKS	1,436,066	1,436,066

- TIN:

TY 2010 InvestmentsOtherSchedule2

Name:

ESTHER & ROBERT ARMSTRONG CHARITABLE TR

BETTY J GOOD TRUSTEE

EIN: 42-6503703

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
BAIRD INVESTMENTS - STOCK/MUTUAL FUNDS	FMV	1,203,216	1,203,216

- TIN:

TY 2010 LegalFeesSchedule

Name:

ESTHER & ROBERT ARMSTRONG CHARITABLE TR

BETTY J GOOD TRUSTEE

EIN: 42-6503703

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
LEGAL FEES	2,755	2,755		0

- TIN:

TY 2010 OtherExpensesSchedule

Name:

ESTHER & ROBERT ARMSTRONG CHARITABLE TR

BETTY J GOOD TRUSTEE

EIN: 42-6503703

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
SUPPLIES	9	9		0

- TIN:

TY 2010 OtherIncreasesSchedule

Name:

ESTHER & ROBERT ARMSTRONG CHARITABLE TR

BETTY J GOOD TRUSTEE

EIN: 42-6503703

Description	Amount
UNREALIZED GAIN ON INVESTMENTS	295,047

- TIN:

TY 2010 OtherProfessionalFeesSchedule

Name:

ESTHER & ROBERT ARMSTRONG CHARITABLE TR

BETTY J GOOD TRUSTEE

EIN: 42-6503703

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
MANAGEMENT	23,391	23,391		0
INVESTMENT FEE	536	536		0

- TIN:

TY 2010 TaxesSchedule

Name:

ESTHER & ROBERT ARMSTRONG CHARITABLE TR

BETTY J GOOD TRUSTEE

EIN: 42-6503703

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
FEDERAL TAXES	598	598		0
FOREIGN TAXES	1,530	1,530		0