Frada L Fine Scholarship Fund — Form 990PF, tax year 2010

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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 04-01-2010 , and ending 03-31-2011
G
Check all that apply:
Name of foundation
FRADA L FINE SCHOLARSHIP FUND
 

Number and street (or P.O. box number if mail is not delivered to street address)148 SOUTH QUEEN STREET   Room/suite
City or town, state, and ZIP code
MARTINSBURG, WV25401
A Employer identification number

55-6164208
B Telephone number (see page 10 of the instructions)

(304) 264-2263
C bullet
D 1. bullet
H Check type of organization:
2. bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$5,005,164J Accounting method:
 
(Part I, column (d) must be on cash basis.)
E bullet
F bullet
Part I 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 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet
3 Interest on savings and temporary cash investments 72,008 72,008  
4 Dividends and interest from securities...... 54,306 54,306  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 Click to see attachment 200,090
b Gross sales price for all assets on line 6a 1,736,606
7 Capital gain net income (from Part IV, line 2)...  
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........ 326,404 126,314  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc.        
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment 477 239   239
b Accounting fees (attach schedule)....... Click to see attachment 4,398 2,199   2,199
c Other professional fees (attach schedule).... Click to see attachment 29,221 14,611   14,610
17 Interest...............        
18 Taxes (attach schedule) (see page 14 of the instructions) Click to see attachment 2,149 2,149    
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule).......        
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 36,245 19,198   17,048
25 Contributions, gifts, grants paid........ 281,784 281,784
26 Total expenses and disbursements. Add lines 24 and 25 318,029 19,198   298,832
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 8,375
b Net investment income (if negative, enter -0-) 107,116
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 Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............... 209 169 169
2 Savings and temporary cash investments.......... 109,637 112,312 112,312
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
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) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges...........      
10a Investments—U.S. and state government obligations (attach schedule) 1,005,323 Click to see attachment808,225 859,581
b Investments—corporate stock (attach schedule)........ 1,919,265 Click to see attachment2,022,981 2,782,343
c Investments—corporate bonds (attach schedule)........ 906,223 Click to see attachment1,031,223 1,072,104
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 164,303 Click to see attachment138,425 178,655
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 4,104,960 4,113,335 5,005,164
Liabilities 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 bullet)    
23 Total liabilities (add lines 17 through 22)..........   0
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted....................    
25 Temporarily restricted................    
26 Permanently restricted................    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds.........    
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds 4,104,960 4,113,335
30 Total net assets or fund balances (see page 17 of the
instructions).................... 4,104,960 4,113,335
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 4,104,960 4,113,335
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 4,104,960
2 Enter amount from Part I, line 27a...................... 2 8,375
3 Other increases not included in line 2 (itemize) bullet 3  
4 Add lines 1, 2, and 3.......................... 4 4,113,335
5 Decreases not included in line 2 (itemize) bullet 5  
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.. 6 4,113,335
Form 990-PF (2010)
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.)
1a
b
c
d
e
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a
b
c
d
e
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
b
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2  
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 . . . . . . . . . . . . . 		Bracket 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?
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 300,007 4,652,830 0.064478
2008 336,527 4,526,052 0.074353
2007 271,410 5,335,798 0.050866
2006 203,660 5,173,949 0.039363
2005 158,245 3,824,260 0.041379
2 Total of line 1, column (d) ...................... 2 0.270439
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 0.054088
4 Enter the net value of noncharitable-use assets for 2010 from Part X, line 5..... 4 4,772,562
5 Multiply line 4 by line 3....................... 5 258,138
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 1,071
7 Add lines 5 and 6......................... 7 259,209
8 Enter qualifying distributions from Part XII, line 4.............. 8 298,832
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)
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 Bulletand enter “N/A” on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 1,071
hereBulletand 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  
3 Add lines 1 and 2............................ 3 1,071
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-). 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 1,071
6 Credits/Payments:
a 2010 estimated tax payments and 2009 overpayment credited to 2010 6a 367
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.............. 7 367
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. Click to see attachment 8 16
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 720
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2011 estimated taxBullet0 Refunded Bullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of
the instructions for definition)?.............................
1b
 
No
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.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If “Yes,” attach a detailed description of the activities.
3
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....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If “Yes,” has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
 
If “Yes,” attach the statement required by General Instruction T.
6
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?................
    6
    Yes
     
    7
    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.
    7
     
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see page 19 of the
    instructions)bulletWV
    b
    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 .
    8b
    Yes
     
    9
    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...........................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If “Yes,” attach a schedule listing their names and addresses.
    10
     
    No
    11
    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) .......
    11
     
    No
    12
    Did the foundation acquire a direct or indirect interest in any applicable insurance contract before August 17, 2008?
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletMARTIN KEESECKER Telephone no.bullet (304) 264-2263
    Located atbullet148 S QUEEN STMARTINSBURGWV ZIP+4bullet25401
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16
    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? .................
    16
     
     
    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)
    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
    No
    1a
    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?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?.........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (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)?.................
    (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.).........
    b
    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)?...
    1b
     
     
    .........bullet
    c
    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?.............
    1c
     
     
    2
    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)):
    a
    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?...............
    If “Yes,” list the years bullet20, 20, 20, 20
    b
    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.) .........
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business
    enterprise at any time during the year?.....................
    b
    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.)....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    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?
    4b
     
     
    5a
    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))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?...............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (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)...
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?........
    b
    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)?
    5b
     
     
    .........bullet
    c
    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?............
    If “Yes,” attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay
    premiums on a personal benefit contract?....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If “Yes” to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2010)
    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
    BRANCH BANKING & TRUST COMPANYClick to see attachment TRUST OFFICE
    12.00     		0 0 0
    148 SOUTH QUEEN STREET
    MARTINSBURG,WV25401
    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...................bullet  
    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 AWARDING OF SCHOLARSHIPS TO SHEPHERD UNIVERSITY TO GRADUATES OF MARTINSBURG HIGH SCHOOL 240,725
    2 GRANT TO EASTERN WEST VIRGINIA COMMUNITY FOUNDATION - FRADA FINE EDUCATION FUND FOR EDUCATIONAL SCHOLARSHIPS. 41,059
    3  
    4  
    Form 990-PF (2010)
    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 N/A  
    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.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    4,769,329
    b
    Average of monthly cash balances.......................
    1b
    75,912
    c
    Fair market value of all other assets (see page 24 of the instructions)............
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    4,845,241
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) ..............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
     
    3
    Subtract line 2 from line 1d..........................
    3
    4,845,241
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) ............................
    4
    72,679
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    4,772,562
    6
    Minimum investment return. Enter 5% of line 5...................
    6
    238,628
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    238,628
    2a
    Tax on investment income for 2010 from Part VI, line 5......
    2a
    1,071
    b
    Income tax for 2010. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    1,071
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    237,557
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4.............................
    5
    237,557
    6
    Deduction from distributable amount (see page 25 of the instructions)...........
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,
    line 1.................................
    7
    237,557
    Part XII
    Qualifying Distributions (see page 25 of the instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    298,832
    b
    Program-related investments—total from Part IX-B..................
    1b
     
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes................................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    298,832
    5
    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)............
    5
    1,071
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4...............
    6
    297,761
    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)
    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 7 237,557
    2 Undistributed income, if any, as of the end of 2010:
    a Enter amount for 2009 only.......  
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2010:
    a From 2005....... 87,055
    b From 2006....... 51,115
    c From 2007....... 68,580
    d From 2008....... 112,964
    e From 2009....... 69,831
    fTotal of lines 3a through e......... 389,545
    4Qualifying distributions for 2010 from Part
    XII, line 4: bullet$ 298,832
    a Applied to 2009, but not more than line 2a  
    b Applied to undistributed income of prior years
    (Election required—see page 26 of the instructions)    		  
    c Treated as distributions out of corpus (Election
    required—see page 26 of the instructions)...     		 
    d Applied to 2010 distributable amount..... 237,557
    e Remaining amount distributed out of corpus 61,275
    5 Excess distributions carryover applied to 2010.    
    (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 5 450,820
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ...........     		 
    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......     		 
    d Subtract line 6c from line 6b. Taxable
    amount—see page 27 of the instructions ...     		 
    e Undistributed income for 2009. Subtract line
    4a from line 2a. Taxable amount—see page 27
    of the instructions ...........     		 
    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) ...........     		 
    8Excess distributions carryover from 2005 not
    applied on line 5 or line 7 (see page 27 of the
    instructions) .............     		87,055
    9Excess distributions carryover to 2011.
    Subtract lines 7 and 8 from line 6a ......     		363,765
    10 Analysis of line 9:
    a Excess from 2006.... 51,115
    b Excess from 2007.... 68,580
    c Excess from 2008.... 112,964
    d Excess from 2009.... 69,831
    e Excess from 2010.... 61,275
    Form 990-PF (2010)
    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 section or
    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
             
    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
    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)
    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)
    aPaid during the year
    SHEPHERD UNIVERSITY
    OFFICE OF FINANCIAL AID
    SHEPHERDSTOWN,WV254433210     		NONE 509(A)1 TUTION 240,725
    EASTERN WV COMMUNITY FOUN
    229 EAST MARTIN ST SUITE
    MARTINSBURG,WV25401     		NONE 509(A)2 CHARITABLE EDUCATION 41,059
    Total .................................bullet 3a 281,784
    bApproved for future payment
    Total ..................................bullet 3b  
    Form 990-PF (2010)
    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     25 72,008  
    4 Dividends and interest from securities....     25 54,306  
    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         200,090
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: aIRS FEDERAL EXCISE TAX REFUND     25    
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   126,314 200,090
    13Total. Add line 12, columns (b), (d), and (e)...................
    13326,404
    (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.
    DownArrow     		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)
    Form 990-PF (2010)
    Page 12
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section
    Yes
    No
    501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash....................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements............................
    1b(4)
     
    No
    (5) Loans or loan guarantees..............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    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
    2a
    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?...........
    b
    If “Yes,” complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    SignHere
    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.
    Bullet Bullet
    Signature of officer or trustee Date Title
    PaidPreparersUseOnly Preparer's SignatureBullet Date PTIN
    Firm's namebullet



    Firm's addressbullet







         		Firm's EINbullet
    Phone no.
    Form 990-PF (2010)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2010 AccountingFeesSchedule
    Name:
    FRADA L FINE SCHOLARSHIP FUND
    EIN: 55-6164208
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 4,398 2,199   2,199

    TY 2010 CompensationExplanation
    Name:
    FRADA L FINE SCHOLARSHIP FUND
    EIN: 55-6164208
    Person Name Explanation
    BRANCH BANKING TRUST COMPANY  

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

    TY 2010 GainLossSaleOtherAssetsSch
    Name:
    FRADA L FINE SCHOLARSHIP FUND
    EIN: 55-6164208
    Name Date Acquired How Acquired Date Sold Purchaser Name Gross Sales Price Basis Basis Method Sales Expenses Total (net) Accumulated Depreciation
    170.00 AT&T INC 2006-06 PURCHASE 2011-02   4,772 4,698     74  
    150.00 ABBOTT LABORATORIES 2009-10 PURCHASE 2011-02   6,969 7,440     -471  
    140.00 ACUITY BRANDS INC 2009-09 PURCHASE 2010-10   6,997 4,697     2,300  
    375.00 AEROPOSTALE 2010-01 PURCHASE 2010-10   9,128 8,533     595  
    120.00 AGILENT TECHNOLOGIES 2010-10 PURCHASE 2011-02   4,936 4,177     759  
    370.00 AMERICAN MEDICAL SYS HLDGS 2010-01 PURCHASE 2010-10   7,526 7,326     200  
    460.00 AMTEK INC COMMON 2009-04 PURCHASE 2010-10   24,858 14,849     10,009  
    110.00 AMPHENOL CORP CL A 2009-04 PURCHASE 2010-10   5,476 3,488     1,988  
    175.00 ANADARKO PETE CORP 2006-05 PURCHASE 2010-10   10,824 8,836     1,988  
    140.00 ANSYS INC COMMON 2010-10 PURCHASE 2011-02   7,566 6,380     1,186  
    .1180 AON CORP 2010-04 PURCHASE 2010-10   5 5        
    248.00 AON CORP 2010-04 PURCHASE 2010-10   9,793 9,730     63  
    1320.00 APPLIED MATERIALS 2009-04 PURCHASE 2010-10   16,197 14,744     1,453  
    130.00 ARCELORMITTAL 2010-01 PURCHASE 2010-10   4,209 5,577     -1,368  
    270.00 ATLAS COPCO AS SPONS 2009-04 PURCHASE 2010-10   5,103 2,268     2,835  
    150.00 AVERY DENNISON CORP 2009-02 PURCHASE 2010-10   5,454 3,063     2,391  
    430.00 ADR AXA-UAP 2009-04 PURCHASE 2011-02   8,690 6,549     2,141  
    250.00 BANCO BRADESCO S A 2010-10 PURCHASE 2011-02   4,687 5,207     -520  
    1110.00 BANCO SANTANDER 2009-04 PURCHASE 2010-10   14,198 9,454     4,744  
    240.00 BARCLAYS PLC 2009-09 PURCHASE 2011-02   4,954 5,640     -686  
    340.00 BAXTER INTERNATIONAL INC COMM 2009-09 PURCHASE 2011-02   17,594 18,999     -1,405  
    300.00 BERKSHIRE HATHAWAY INC 2009-09 PURCHASE 2010-10   23,911 17,668     6,243  
    330.00 BRIGGS & STRATTON CORP 2010-01 PURCHASE 2011-02   6,557 5,574     983  
    340.00 BROADRIDGE FINANCIAL SOLUTION 2009-09 PURCHASE 2010-10   7,446 7,267     179  
    370.00 CIT GROUP INC 2010-10 PURCHASE 2011-02   16,065 16,100     -35  
    85.00 CME GROUP INC COMMON 2010-10 PURCHASE 2011-02   25,272 24,708     564  
    430.00 CVS CORP 2009-04 PURCHASE 2011-02   13,895 12,573     1,322  
    470.00 CAMPBELL SOUP COMPANY 2009-09 PURCHASE 2010-10   17,000 15,115     1,885  
    120.00 CAPELLA EDUCATION COMPANY 2009-04 PURCHASE 2010-10   6,610 6,192     418  
    170.00 CENTRAL EUROPEAN DISTRIBUTION 2009-09 PURCHASE 2011-02   3,811 5,413     -1,602  
    80.00 CHEVRON TEXACO CORP COMMON 2009-04 PURCHASE 2010-10   6,559 5,177     1,382  
    180.00 CISCO SYS INC 2006-02 PURCHASE 2011-02   3,318 3,517     -199  
    80.00 COCA - COLA CO COM STK 2010-10 PURCHASE 2011-02   5,124 4,910     214  
    310.00 COMTECH TELECOMMUNICATIONS 2009-04 PURCHASE 2010-10   9,513 9,981     -468  
    130.00 CONOCOPHILLIPS COM 2003-12 PURCHASE 2010-10   7,674 3,522     4,152  
    130.00 CROWN HOLDINGS INC COMMON 2009-10 PURCHASE 2011-02   4,871 3,735     1,136  
    80.00 DIAGEO PLC SPONSORED ADR 2009-04 PURCHASE 2010-10   5,909 3,667     2,242  
    170.00 DISCOVERY COMMUNICATIONS 2009-10 PURCHASE 2010-10   7,580 5,107     2,473  
    120.00 DOLBY LABORATORIES INC 2009-04 PURCHASE 2010-10   7,367 4,239     3,128  
    180.00 DREAMWORKS ANIMATION SKG INC 2009-04 PURCHASE 2011-02   5,085 3,280     1,805  
    390.00 E I DUPONT + CO COM STK 2009-02 PURCHASE 2010-10   18,318 7,394     10,924  
    180.00 E ON AG SPONSORED ADR 2009-04 PURCHASE 2010-10   5,610 5,312     298  
    410.00 EXCO REOURCES INC COMMON 2009-10 PURCHASE 2010-10   6,015 8,323     -2,308  
    200.00 EBAY INC 2010-01 PURCHASE 2010-10   5,948 4,720     1,228  
    290.00 EBAY INC 2010-01 PURCHASE 2011-02   9,631 6,844     2,787  
    160.00 EDISON INTERNATIONAL 2009-01 PURCHASE 2010-10   5,906 4,936     970  
    310.00 EMERSON ELECTRIC CO 2009-02 PURCHASE 2010-10   17,000 8,810     8,190  
    200.00 EXELON CORPORATION 2009-04 PURCHASE 2010-10   8,144 9,116     -972  
    440.00 FEI COMPANY COMMON 2010-01 PURCHASE 2011-02   13,928 9,604     4,324  
    290.00 FLIR SYSTEMS INC COMMON 2009-09 PURCHASE 2010-10   8,013 6,792     1,221  
    160.00 FTI CONSULTING INC 2010-01 PURCHASE 2010-10   5,672 6,619     -947  
    100000.00 FED HOME LOAN MTG 2/24/04 2005-07 PURCHASE 2011-02   100,000 98,329     1,671  
    100000.00 FED HOME LN DTD 8/4/05 2005-10 PURCHASE 2010-09   100,000 98,769     1,231  
    150.00 FISERV 2009-04 PURCHASE 2010-10   8,160 5,351     2,809  
    810.00 FLOWERS FOOD INC 2009-10 PURCHASE 2010-10   20,645 19,470     1,175  
    140.00 FOSSIL INC COM 2010-01 PURCHASE 2010-10   8,267 4,763     3,504  
    70.00 FOSSIL INC COM 2010-01 PURCHASE 2011-02   5,209 2,381     2,828  
    140.00 GENUINE PARTS 2009-10 PURCHASE 2010-10   6,699 5,386     1,313  
    210.00 GRUPO TELEVISA SA DE 2010-01 PURCHASE 2011-02   4,987 4,175     812  
    380.00 HANOVER INS GROUP INC 2009-04 PURCHASE 2010-10   17,219 11,292     5,927  
    80.00 HASBRO INC 2010-10 PURCHASE 2011-02   3,528 3,666     -138  
    110.00 HOSPIRA INC 2010-10 PURCHASE 2011-02   5,799 6,518     -719  
    280.00 IDEXX LABORATORIES 2009-04 PURCHASE 2010-10   16,806 10,680     6,126  
    180.00 IHS INC COMMON 2009-04 PURCHASE 2010-10   12,995 7,326     5,669  
    70.00 INTERCONTINENTALEXCHANGE INC 2010-01 PURCHASE 2010-10   8,057 7,169     888  
    470.00 INTERVAL LEISURE GROUP COMMON 2009-04 PURCHASE 2010-10   6,739 3,296     3,443  
    200.00 INTESA SANPAOLO 2009-09 PURCHASE 2010-10   4,204 5,122     -918  
    980.00 ISHARES SILVER TRUST 2009-09 PURCHASE 2010-10   23,539 16,072     7,467  
    170.00 ITC HOLDINGS CORP COMMON 2009-04 PURCHASE 2010-10   10,613 7,369     3,244  
    340.00 KEPPEL CORP LTD SPONS ADR 2009-04 PURCHASE 2010-10   5,192 2,773     2,419  
    240.00 KRAFT FOODS INC - A COMMON 2010-10 PURCHASE 2011-02   7,682 7,735     -53  
    590.00 KROGER COMPANY COMMON 2010-01 PURCHASE 2010-10   12,986 12,874     112  
    60.00 LABORATORY CORP OF AMERICAN 2009-04 PURCHASE 2010-10   4,876 3,696     1,180  
    822.4930 LAZARD EMERGING MKTS 2008-01 PURCHASE 2011-02   16,804 20,451     -3,647  
    360.00 LEUCADIA NATIONAL CORP 2009-10 PURCHASE 2010-10   9,103 9,148     -45  
    70.00 LOCKHEED MARTIN CORP 2010-01 PURCHASE 2011-02   5,597 5,409     188  
    35.00 MARKEL CORP 2009-04 PURCHASE 2010-10   11,702 9,781     1,921  
    220.00 MCKESSON HBOC INC 2009-04 PURCHASE 2010-10   14,322 7,753     6,569  
    340.00 MEDTRONIC INC 2006-10 PURCHASE 2011-02   13,386 16,803     -3,417  
    190.00 MERCK & CO INC 2006-05 PURCHASE 2010-10   6,840 6,369     471  
    190.00 MERCK & CO INC 2006-05 PURCHASE 2011-02   6,133 6,369     -236  
    330.00 MERIDIAN BIOSCIENCE INC 2009-04 PURCHASE 2010-10   7,572 5,425     2,147  
    410.00 MICROSOFT CORP 2003-09 PURCHASE 2011-02   10,840 11,689     -849  
    1440.00 MITSUBISHI UJF FINANCIAL GR 2009-04 PURCHASE 2010-10   6,667 7,042     -375  
    250.00 MONSANTO CO COMMON 2009-02 PURCHASE 2010-10   14,892 18,765     -3,873  
    310.00 MTN GROUP LTD ADR 2009-09 PURCHASE 2010-10   5,617 5,155     462  
    230.00 NALCO HOLDING CO COMMON 2010-01 PURCHASE 2010-10   6,483 5,699     784  
    210.00 NALCO HOLDING CO COMMON 2010-01 PURCHASE 2011-02   5,381 5,203     178  
    390.00 NASDAQ OMX GROUP COMMON 2009-10 PURCHASE 2010-10   8,299 7,929     370  
    790.00 NATIONAL BANK OF GREECE ADR 2009-09 PURCHASE 2010-10   1,738 5,285     -3,547  
    240.00 NATIONAL GRID GROUP-SPON ADR   PURCHASE 2010-06   1,026       1,026  
    240.00 NATIONAL GRID GROUP-SPON ADR 2009-04 PURCHASE 2010-10   11,371 9,480     1,891  
    110.00 NOBLE ENERGY INC 2010-10 PURCHASE 2011-02   9,773 8,933     840  
    250.00 NORTHERN TRUST GROUP 2010-01 PURCHASE 2010-10   12,362 13,000     -638  
    120.00 OCEANEERING INTERNATIONAL INC 2010-01 PURCHASE 2010-10   7,415 6,715     700  
    240.00 ORACLE SYS CORP 2009-01 PURCHASE 2010-10   7,037 3,941     3,096  
    220.00 PATTERSON COMPANIES INC COMMO 2010-01 PURCHASE 2010-10   6,052 6,411     -359  
    360.00 PENSKE AUTOMOTIVE GROUP INC 2010-01 PURCHASE 2010-10   4,813 5,443     -630  
    80.00 PEPSICO INC 2010-10 PURCHASE 2011-02   5,072 5,211     -139  
    840.00 PHASE FORWARD INC COMMON 2009-09 PURCHASE 2010-08   14,280 11,332     2,948  
    170.00 QUALCOMM INC 2007-03 PURCHASE 2010-10   7,694 6,741     953  
    130.00 RWE AG 2009-04 PURCHASE 2010-10   9,282 8,948     334  
    210.00 REINSURANCE GROUP OF AMERICA 2009-04 PURCHASE 2010-10   10,497 6,362     4,135  
    80.00 RIO TINTO PLC ADR 2010-01 PURCHASE 2011-02   5,500 4,222     1,278  
    580.00 ROCHESTER MEDICAL CORP COMMON 2009-04 PURCHASE 2010-10   6,322 6,566     -244  
    150.00 ROVI CORPORATION COMMON 2010-01 PURCHASE 2010-10   7,633 4,502     3,131  
    90.00 ROVI CORPORATION COMMON 2010-01 PURCHASE 2011-02   4,795 2,701     2,094  
    260.00 RUDDICK CORPORATION 2009-04 PURCHASE 2010-10   9,091 6,328     2,763  
    110.00 SPDR GOLD TRUST 2009-04 PURCHASE 2010-10   14,579 9,807     4,772  
    350.00 AMEX FINANCIAL SELECT SPDR 2009-04 PURCHASE 2010-10   5,079 3,637     1,442  
    230.00 UTILITIES SELECT SECTOR SPDR 2010-10 PURCHASE 2011-02   7,305 7,306     -1  
    100.00 SIGMA ALDRICH CORP 2010-10 PURCHASE 2011-02   6,203 6,330     -127  
    270.00 SOLERA HOLDINGS INC COMMON 2009-09 PURCHASE 2010-10   12,997 7,434     5,563  
    300.00 STATE STR CORP 2010-01 PURCHASE 2011-02   13,193 13,068     125  
    510.00 STEEL DYNAMICS INC COMMON 2010-01 PURCHASE 2010-10   7,441 8,512     -1,071  
    250.00 STERICYCLE INC 2009-09 PURCHASE 2010-10   17,930 12,394     5,536  
    96471.91 STERLING CAPITAL PRIME MMF 2010-09 PURCHASE 2011-02   96,472 96,472        
    23871.09 STRELING CAPITAL PRIME MMF 2004-09 PURCHASE 2011-02   23,871 23,871        
    10000.00 STERLING CAPITAL PRIME MMF 2004-09 PURCHASE 2011-02   10,000 10,000        
    121543.75 STERLING CAPITAL PRIME MMF 2011-02 PURCHASE 2011-03   121,544 121,544        
    4703.84 STERLING CAPITAL PRIME MMF 2011-02 PURCHASE 2011-03   4,704 4,704        
    450.00 STERLITE IND LTD 2009-09 PURCHASE 2010-10   6,862 6,817     45  
    320.00 SYNOPSYS INC 2009-09 PURCHASE 2010-10   8,201 6,928     1,273  
    630.00 SYSCO 2009-04 PURCHASE 2010-10   18,560 14,080     4,480  
    120.00 TECHNE CORP 2009-04 PURCHASE 2010-10   7,334 6,247     1,087  
    210.00 TELEFONICA S A 2009-04 PURCHASE 2011-02   5,143 4,108     1,035  
    190.00 TENARIS S A 2010-01 PURCHASE 2010-10   7,849 8,647     -798  
    90.00 TEVA PHARMACEUTICALS INDS 2010-01 PURCHASE 2010-10   4,666 5,138     -472  
    110.00 FINA S A SPONS 2009-04 PURCHASE 2010-10   5,971 5,279     692  
    90.00 TOYOTA MOTOR CORPORATION ADR 2009-04 PURCHASE 2010-10   6,363 7,097     -734  
    190.00 THE TRAVELERS COMPANIES INC 2009-04 PURCHASE 2010-10   10,452 7,531     2,921  
    420.00 US BANCORP 2009-02 PURCHASE 2010-10   10,126 4,649     5,477  
    590.00 UNILEVER PLC-SPONSORED ADR 2009-09 PURCHASE 2011-02   17,347 16,107     1,240  
    210.00 VALSPAR CORP COMMON 2009-04 PURCHASE 2010-10   6,745 4,771     1,974  
    510.00 VIRGIN MEDIA INC COMMON 2010-10 PURCHASE 2011-02   13,785 12,929     856  
    650.00 VODAFONE GROUP PLC NEW SP ADR 2009-09 PURCHASE 2010-10   17,916 14,722     3,194  
    130.00 WABTEC CORP COMMON 2010-01 PURCHASE 2011-02   7,076 5,165     1,911  
    270.00 WASHINGTON FEDERAL INC 2010-01 PURCHASE 2010-10   4,055 5,180     -1,125  
    290.00 WELLPOINT INC 2009-04 PURCHASE 2010-10   15,758 11,792     3,966  
    320.00 ZENITH NATIONAL INSURANCE 2009-04 PURCHASE 2010-05   12,160 7,211     4,949  
    290.00 CENTRAL EUROPEAN MEDIA ENT 2009-04 PURCHASE 2010-10   6,698 5,269     1,429  
    110.00 INGERSOLL-RAND PLC 2010-10 PURCHASE 2011-02   4,905 4,336     569  
    170.00 LAZARD LTD 2009-09 PURCHASE 2010-10   6,280 6,633     -353  
    230.00 XL CAPITAL LTD 2010-10 PURCHASE 2011-02   5,403 4,846     557  
    380.00 FOSTER WHEELER AG 2010-01 PURCHASE 2010-10   8,871 11,955     -3,084  
    190.00 NOBLE CORPORATION 2009-09 PURCHASE 2010-10   6,532 6,936     -404  
    190.00 TRANSOCEAN LTD 2009-01 PURCHASE 2010-10   11,987 9,418     2,569  
    140.00 TYCO ELECTRONICS LTD 2010-10 PURCHASE 2011-02   4,962 4,448     514  

    TY 2010 InvestmentsCorpBondsSchedule
    Name:
    FRADA L FINE SCHOLARSHIP FUND
    EIN: 55-6164208
    Name of Bond End of Year Book Value End of Year Fair Market Value
    GOLDMAN SACHS GROUP INC DTD 11/15/02 97,373 108,783
    WALT DISNEY COMPANY DTD 12/22/08 4.5 102,680 108,367
    PIMCO FOREIGN BOND FUND - CLASS I NO 363,050 385,323
    PFIZER INC DTD 03/24/09 4.45% 03/15/ 79,133 77,777
    BEAR STEARNS CO INC 10/31/05 5.3% 80,351 80,831
    CHEVRON CORP DTD 03/03/09 3.95% 183,636 187,143
    DODGE & COX INCOME FUND 147 125,000 123,880

    TY 2010 InvestmentsCorpStockSchedule
    Name:
    FRADA L FINE SCHOLARSHIP FUND
    EIN: 55-6164208
    Name of Stock End of Year Book Value End of Year Fair Market Value
    ABB LTD SPONS ADR 18,928 38,704
    ABBOTT LABORATORIES COMMON 9,856 9,810
    ACTUANT CORP CL A NEW 5,181 6,670
    ACUITY BRANDS INC., COMMON    
    ADR AXA-UAP F/K/A AXA SA SPONS ADR    
    AEROPOSTALE INC    
    AGILENT TECHNOLOGIES 7,310 9,404
    AGRIUM INC 6,912 16,607
    ALBEMARLE CORP COMMON 12,462 14,943
    ALCOA INC COMMON 27,497 30,199
    ALLIED WORLD ASSURANCE HOLDINGS LTD 10,427 14,419
    AMERICAN EXPRESS COMPANY COMMON 10,245 11,300
    AMERICAN MEDICAL SYS HLDGS    
    AMETEK INC COMMON 3,228 6,581
    AMPHENOL CORP CL A 11,731 20,124
    ANADARKO PETE CORP. COMMON 1,080 2,048
    ANGLO AMERICAN PLC UNSPONSORED ADR 5,217 7,968
    ANSYS INC COMMON 5,547 11,380
    AON CORPORATION COMMON 21,796 22,243
    APACHE CORPORATION COMMON 9,258 18,329
    APPLE COMPUTER CORPORATION COMMON 25,683 29,623
    APPLIED MATERIALS COMMON    
    ARCELORMITTAL    
    ARCH CAPITAL GROUP LTD 6,108 10,911
    ARCH COAL INC COMMON 10,682 11,893
    ASTRAZENECA PLC 7,703 10,608
    AT&T INC 9,119 10,101
    ATLAS COPCO AB SPONS 2,772 7,983
    AVERY DENNISON CORP COMMON 7,147 14,686
    AVNET INC COMMON 12,665 12,613
    B. F. GOODRICH COMMON 10,700 11,119
    BANCO SANTANDER CENT HISPANO S A ADR    
    BANK OF AMERICA CORP COMMON 7,220 8,398
    BARCLAYS PLC- SPONS ADR COMMON    
    BASF AG SPONSORED ADR COMMON 7,274 8,675
    BAXTER INTERNATIONAL INC COMMON    
    BAYERISCHE MOTOREN WERKE UNSPONS ADR 5,254 6,119
    BERKSHIRE HATHAWAY INC DEL CL B COMM 8,420 12,545
    BIO-RAD LABS CLASS A 16,642 25,229
    BNP PARIBAS 7,338 7,324
    BOC HONG KONG HOLDINGS LTD 5,426 12,385
    BRIGGS & STRATTON CORP COMMON    
    BRITISH AMERICAN TOB COMMON 11,787 20,248
    BROADRIDGE FINANCIAL SOLUTIONS LLC    
    BRUKER BIOSCIENCES CORP COMMON 8,566 11,885
    CAMPBELL SOUP CO COMMON    
    CANON INC COMMON 7,831 7,370
    CAPELLA EDUCATION CO COMMON    
    CENOVUS ENERGY INC 22,536 29,535
    CENTRAL EUROPEAN DISTRIBUTION CORP    
    CENTRAL EUROPEAN MEDIA ENT    
    CHECKPOINT SOFTWARE TECHNOLOGY COMMO 14,868 16,847
    CHEVRON CORP COMMON 14,236 23,648
    CISCO SYSTEMS COMMON 10,792 9,518
    CIT GROUP INC COMMON 5,222 5,106
    CNOOC LTD-ADR 4,177 5,061
    COCA COLA COMPANY COMMON 7,979 8,624
    COMCAST CORP CLASS A 21,561 25,462
    COMTECH TELECOMMUNICATIONS CORP COMM    
    CONOCOPHILLIPS 9,348 27,552
    COOPER TIRE & RUBBER CO.COMMON 15,921 18,283
    CORNING INC COMMON 4,585 10,315
    COVIDIEN PLC 16,001 20,776
    CROWN HOLDINGS INC COMMON 16,182 23,148
    CVS CAREMARK CORP COMMON 5,141 5,834
    DBS GROUP HLDGS LTD SPONSORED ADR 5,069 9,756
    DESARROLLADORA HOMEX SA DE CV 5,024 6,540
    DIAGEO PLC SPONSORED ADR 3,209 5,335
    DISCOVER FINANCIAL SERVICES 23,313 31,838
    DISCOVERY COMMUNICATIONS A COMMON    
    DOLBY LABORATORIES INC CL A COMMON 10,400 12,303
    DREAMWORKS ANIMATION SKG INC COMMON 4,191 6,424
    E I DUPONT DE NEMOURS COMPANY 2,086 6,047
    E ON AG SPONSORED ADR F/K/A VEBA AG    
    EBAY INC    
    EDISON INTL COM    
    EMERSON ELECTRIC COMPANY COMMON 2,558 5,259
    ENSTAR GROUP LTD 6,897 10,987
    EXCO RESOURCES INC COMMON    
    EXELON CORP    
    EXXON MOBIL CORP 29,107 36,176
    FEDEX CORPORATION COMMON 7,033 7,484
    FEI COMPANY COMMON 11,135 17,197
    FIDELITY NATIONAL INFORMATION SERV 16,125 16,999
    FINANCIAL SELECT SECTOR SPDR FUND 4,572 7,212
    FISERV COMMON 6,422 11,290
    FLIR SYSTEMS INC COMMON    
    FLOWERS FOOD INC WI COMMON    
    FOCUS MEDIA HOLDING LIMITED 5,713 7,054
    FOMENTO ECONOMICO MEXICANO SA DE CV 6,560 12,914
    FOSSIL INC COM 3,742 10,302
    FOSTER WHEELER AG    
    FTI CONSULTING INC    
    FUJIFILM HOLDINGS CORPORATION 10,900 11,500
    GENERAL ELECTRIC COMPANY 15,367 30,075
    GENUINE PARTS COMPANY COMMON 4,232 5,900
    GLAXOSMITHKLINE PLC SPONSORED ADR 5,802 7,682
    GOOGLE INC COMMON 7,307 11,148
    GRUPO TELEVISA SA DE CV SPONS 5,368 6,623
    GUESS INC COMMON 10,523 9,051
    HANOVER INSURANCE GROUP INC COMMON    
    HASBRO INC COMMON 17,873 18,268
    HELMERICH & PAYNE INC COMMON 14,134 22,668
    HEWITT ASSOCIATES INC CL A COMMON    
    HEWLETT PACKARD COMPANY COMMON 14,464 13,110
    HONDA MTR LTD ADR 10 ORD 12,346 15,004
    HOSPIRA INC COMMON 13,036 12,144
    HUBBELL INCORPORATED CL B 9,740 12,785
    HUNTINGTON BANCSHARES INC COMMON 11,543 11,354
    ICON PLC SPONS ADR 8,575 9,500
    IHS INC COMMON 8,140 17,750
    INDEX LABORATORIES COMMON    
    INFINEON TECHNOLOGY COMMON 9,908 9,679
    INGERSOLL - RAND PLC 9,066 11,111
    INTEL COMMON 15,604 17,758
    INTERCONTINENTALEXCHANGE INC COMMON 15,270 17,296
    INTERCONTINENTAL HOTELS GROUP PLC AD 5,044 5,390
    INTERNATIONAL BUSINESS MACHINES COMM 14,022 19,568
    INTERNATIONAL PAPER COMPANY COMMON 15,838 19,013
    INTERVAL LEISURE GROUP COMMON 4,908 11,445
    INTESA SANPAOLO    
    ITC HOLDINGS CORP COMMON    
    J P MORGAN CHASE & CO COMMON 25,882 27,199
    JOHN WILEY & SONS INC CLASS A 14,461 20,336
    JOHNSON & JOHNSON COMMON 12,135 14,516
    KBR INC COMMON 14,826 17,752
    KEPPEL CORP LTD SPONS ADR 9,544 22,834
    KONINKLIJKE KPN NV COMMON 6,530 9,041
    KRAFT FOODS INC CLASS A COMMON 12,187 13,171
    KROGER COMPANY COMMON    
    LABORATORY CORP OF AMERICAN HOLDINGS 9,241 13,820
    LANDSTAR SYSTEM INC COMMON 6,416 6,852
    LAZARD EMERGING MKTS PORTFOLIO INST 93,305 178,086
    LAZARD LTD    
    LEUCADIA NATIONAL CORP COMMON    
    LIBERTY MEDIA STARZ SERIES A COMMON 6,269 6,984
    LIFE TECHNOLOGIES CORP COMMON 11,183 11,008
    LOCKHEED MARTIN CORP COMMON 9,994 11,256
    LOWE'S COMPANIES INC COMMON 17,040 21,144
    LUKOIL COMMON 5,053 7,152
    MARKEL CORPORATION COMMON    
    MCKESSON CORPORATION 2,819 6,324
    MEDNAX INC COMMON 11,774 13,322
    MEDTRONIC INC. COMMON 11,473 9,247
    MERCK & CO INC 12,402 12,214
    MERIDIAN BIOSCIENCE INC COMMON    
    METLIFE INC COMMON 24,369 27,733
    MICROCHIP TECHNOLOGY INC COMMON 20,997 24,707
    MICROSOFT CORP COMMON 19,905 23,740
    MITSUBISHI UJF FINANCIAL GROUP INC    
    MITSUI & CO LTD 10,178 14,364
    MONOTYPE IMAGING HOLDINGS INC COMMON 5,188 18,415
    MONSANTO CO COMMON    
    MORGAN STANLEY COMMON 14,768 16,119
    MTN GROUP LTD ADR    
    NALCO HOLDING CO COMMON    
    NASDAQ OMX GROUP COMMON    
    NATIONAL BANK OF GREECE ADR    
    NATIONAL GRID GROUP-SPON ADR    
    NESTLE SA ADR 13,833 24,747
    NISSAN 4,900 4,987
    NOBLE CORPORATION    
    NOBLE ENERGY INC 6,947 10,632
    NORTHERN TRUST GROUP COMMON    
    NOVARTIS A G ADR 13,775 20,653
    OCEANEERING INTERNATIONAL INC    
    ORACLE SYS CORP COMMON 6,075 12,370
    ORIX SPONSORED ADR 5,039 6,054
    OSHKOSH TRUCK B CL B 20,158 24,058
    PALL CORPORATION COMMON 13,458 31,109
    PATTERSON COMPANIES INC COMMON    
    PENSKE AUTOMOTIVE GROUP INC COMMON    
    PEPSICO INC COMMON 10,104 12,882
    PETROLEO BRASILIER PREFERENCE SHARE 9,699 13,150
    PFIZER INC COMMON 12,535 14,623
    PHASE FORWARD INC COMMON    
    PLEXUS CORP COMMON 15,811 18,231
    PROASSURANCE CORP COMMON 5,134 6,337
    PROCTER AND GAMBLE 7,155 9,548
    PROGRESS SOFTWARE COMMON 14,600 17,018
    QUALCOMM INC    
    QUEST SOFTWARE INC 9,716 9,398
    RAYONIER INC COMMON 5,777 8,723
    REINSURANCE GROUP OF AMERICA COMMON 3,332 6,906
    RIO TINTO PLC ADR    
    ROCHE HOLDING LTD ADR 5,278 6,454
    ROCHESTER MEDICAL CORP COMMON    
    ROCK-TENN COMPANY "A" 14,790 20,805
    ROPER INDS INC COMMON 7,102 14,698
    ROVI CORPORATION COMMON 4,202 7,511
    RUDDICK CORPORATION COMMON    
    RWE AG    
    SAFEWAY INC COMMON 13,160 14,124
    SANOFI SYNTHELABO SA-ADR 3,935 5,283
    SCHLUMBERGER LTD COMMON 15,796 32,641
    SEI INVESTMENTS COMPANY COMMON 5,155 6,686
    SIEMENS AG SPONSORED ADR 4,568 5,494
    SLM CORPORATION COMMON 13,040 16,524
    SOCIETE GENERALE FRANCE SPONSORED 6,977 7,548
    SOLERA HOLDINGS INC COMMON    
    SOLUTIA INC COMMON 13,396 27,432
    SOUTHWEST AIRLINES COMMON 17,238 15,788
    ST JUDE MEDICAL INC COMMON 17,581 23,580
    STAPLES INC COMMON 16,804 15,536
    STATE STREET CORP COMMON    
    STATOIL ASA ADR COMMON 5,143 8,016
    STEEL DYNAMICS INC COMMON    
    STERICYCLE INC COMMON    
    STERLITE IND LTD    
    STRYKER CORP COMMON 7,904 9,728
    SUNCOR ENERGY INC 8,525 11,658
    SWISS REINSURANCE CO ADR 5,294 6,092
    SYNOPSYS INC    
    SYSCO CORPORATION COMMON    
    TARGET CORPORATION COMMON 25,629 25,005
    TE CONNECTIVITY LTD 23,828 26,115
    TECHINE CORP    
    TELEDYNE TECHNOLOGIES INC COM 7,233 11,893
    TELEFONICA S A 4,695 6,053
    TENARIS S A    
    TESCO CORP 7,504 13,158
    TEVA PHARMACEUTICAL INDS LTD ADR COM    
    TEXAS INSTRUMENTS COMMON 9,791 11,405
    THE TRAVELERS COMPANIES INC COMMON 9,117 13,680
    THE WALT DISNEY COMPANY COMMON 13,754 31,887
    THERMO FISHER SCIENTIFIC INC COMMON 11,045 11,110
    THOMPSON CREEK METALS INC COMMON 10,564 10,283
    TIDEWATER INC COMMON 5,601 5,387
    TOKIO MARINE HOLDINGS INC 8,844 8,855
    TOTAL S A SPONSORED 10,078 12,804
    TOYOTA MOTOR CORPORATION ADR    
    TRANSOCEAN LTD    
    TURKCELL ILETISIM HIZMETLERI 9,571 11,874
    TYCO INTERNATIONAL LTD 23,314 27,310
    UBS AG 5,103 5,415
    UNILEVER PLC-SPONSORED ADR 7,833 12,860
    UNITED RENTALS INC 9,226 10,317
    US BANCORP - COMMON 2,989 7,136
    V F CORP COMMON 15,933 19,706
    VALE SA SP PREF ADR 5,949 12,989
    VALSPAR CORP COMMON 3,635 6,256
    VARIAN SEMICONDUCTOR EQUIPMENT ASSOC 5,009 5,354
    VERIZON COMMUNICATIONS INC. 7,805 9,250
    VIVO PARTICIPACOES S A 4,986 6,057
    VODAFONE GROUP PLC COMMON 5,209 6,613
    VOLVO AKTIEBOLAGET ADR B 5,556 7,214
    WABTEC CORP COMMON    
    WAL-MART STORES COMMON 20,951 20,300
    WASHINGTON FEDERAL INC    
    WASTE CONNECTIONS COMMON 8,725 14,683
    WELLPOINT INC COMMON    
    WELLS FARGO & CO. COMMON 8,947 24,892
    WHITING PETROLEUM CORP COMMON 16,771 33,787
    WOLVERINE WORLD WIDE INC COMMON 12,483 18,267
    WYNDHAM WORLDWIDE CORPORATION COMMON 5,171 5,408
    XL CAPITAL LTD 7,585 8,856
    ZENITH NATIONAL INSURANCE GROUP COMM    
    ZURICH PINANCIAL SVCS ADR 4,945 8,712

    TY 2010 InvestmentsGovtObligationsSch
    Name:
    FRADA L FINE SCHOLARSHIP FUND
    EIN: 55-6164208
    US Government Securities - End of Year Book Value:

    808,225
    US Government Securities - End of Year Fair Market Value:

    859,581
    State & Local Government Securities - End of Year Book Value:


     
    State & Local Government Securities - End of Year Fair Market Value:


     


    TY 2010 InvestmentsOtherSchedule2
    Name:
    FRADA L FINE SCHOLARSHIP FUND
    EIN: 55-6164208
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    ISHARES SILVER TRUST AT COST    
    PIMCO COMMODITY REAL RETURN STRATEGY AT COST 135,750 174,459
    SPDR GOLD TRUST AT COST 2,675 4,196

    TY 2010 LegalFeesSchedule
    Name:
    FRADA L FINE SCHOLARSHIP FUND
    EIN: 55-6164208
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 477      


    TY 2010 OtherExpensesSchedule
    Name:
    FRADA L FINE SCHOLARSHIP FUND
    EIN: 55-6164208
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXPENSES        
    ADVERTISING        
    ADR FEES        


    TY 2010 OtherProfessionalFeesSchedule
    Name:
    FRADA L FINE SCHOLARSHIP FUND
    EIN: 55-6164208
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FIDUCIARY FEES 29,221 14,611   14,610


    TY 2010 TaxesSchedule
    Name:
    FRADA L FINE SCHOLARSHIP FUND
    EIN: 55-6164208
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAX PAID 1,668 1,668    
    FOREIGN TAXES ON QUALIFIED FOREI 412 412    
    FOREIGN TAXES ON NON- QUALIFIED 69 69