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
G
Check all that apply:
Name of foundation
THE JOE R AND JOELLA F UTLEY FOUNDATION INC
 

Number and street (or P.O. box number if mail is not delivered to street address)P O BOX 8367   Room/suite
City or town, state, and ZIP code
SPARTANBURG, SC293058367
A Employer identification number

57-0974104
B Telephone number (see page 10 of the instructions)

(864) 560-5271
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$1,815,515J 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 237 237 237
4 Dividends and interest from securities...... 23,885 23,885 23,885
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 111,128
b Gross sales price for all assets on line 6a 600,301
7 Capital gain net income (from Part IV, line 2)... 111,128
8 Net short-term capital gain......... 33,345
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........ 135,250 135,250 57,467
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 59,562 53,606 53,606 2,978
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment 19,725 19,725 19,725 0
17 Interest...............        
18 Taxes (attach schedule) (see page 14 of the instructions) Click to see attachment 140 140 140 0
19 Depreciation (attach schedule) and depletion... Click to see attachment 953 0 953
20 Occupancy..............        
21 Travel, conferences, and meetings....... 1,559 0 0 1,559
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 85,308 350 350 84,958
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 167,247 73,821 74,774 89,495
25 Contributions, gifts, grants paid........ 32,000 32,000
26 Total expenses and disbursements. Add lines 24 and 25 199,247 73,821 74,774 121,495
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -63,997
b Net investment income (if negative, enter -0-) 61,429
c Adjusted net income (if negative, enter -0-)... 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...............      
2 Savings and temporary cash investments.......... 271,978 93,706 93,706
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)      
b Investments—corporate stock (attach schedule)........      
c Investments—corporate bonds (attach schedule)........      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 1,176,991 Click to see attachment1,292,219 1,569,021
14 Land, buildings, and equipment: basis bullet86,648
Less: accumulated depreciation (attach schedule) bullet83,691 3,910 Click to see attachment2,957 86,648
15 Other assets (describe bullet) Click to see attachment66,140 Click to see attachment66,140 Click to see attachment66,140
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 1,519,019 1,455,022 1,815,515
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 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......... 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 1,519,019 1,455,022
30 Total net assets or fund balances (see page 17 of the
instructions).................... 1,519,019 1,455,022
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 1,519,019 1,455,022
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 1,519,019
2 Enter amount from Part I, line 27a...................... 2 -63,997
3 Other increases not included in line 2 (itemize) bullet 3 0
4 Add lines 1, 2, and 3.......................... 4 1,455,022
5 Decreases not included in line 2 (itemize) bullet 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 1,455,022
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.)
1 a 2,000 SHS AVX CORP P 2003-03-21 2010-02-16
b 500 SHS CREE INC. P 2007-09-13 2010-06-01
c 500 SHS CONOCO PHILLIPS P 2006-12-29 2010-12-29
d 1,000 SHS COVANTA HOLDING CORP P 2007-06-25 2010-12-29
e 550 SHS VIASAT INC. P 2006-08-15 2010-01-21
905 SHS CARRIZO OIL & CO P 2009-03-06 2010-02-03
945 SHS LEXMARK INT. P 2009-08-05 2010-02-03
900 SHS PIONEER DRILLING P 2010-01-04 2010-03-22
1,300 SHS PIONEER DRILLING P 2006-08-15 2010-03-22
645 SHS PLANTRONICS INC. P 2010-02-04 2010-03-22
1,900 SHS VENOCO INC. P 2007-07-06 2010-03-25
515 SHS SVB FINL GROUP P 2009-04-23 2010-05-21
50 SHS PARK ELECTROCHEMICAL P 2010-02-08 2010-05-25
575 SHS PARK ELECTROCHEMICAL P 2006-08-15 2010-05-24
150 SHS VISHAY PRECISION GROUP P 2008-08-27 2010-07-19
980 SHS HECLA MINING COMPANY P 2006-11-06 2010-08-06
750 SHS POLYONE CORP P 2006-08-15 2010-08-11
25 SHS COLLECTIVE BRANDS P 2010-02-08 2010-09-03
775 SHS COLLECTIVE BRANDS P 2009-05-07 2010-09-03
1,450 SHS COMPELLENT TECHNOLOGIES P 2010-05-24 2010-09-08
430 SHS TUPPERWARE BRANDS CORP P 2009-07-21 2010-09-08
1,725 SHS HECLA MINING COMPANY P 2006-11-06 2010-09-28
235 SHS MICROSTRATEGY INC. P 2010-05-25 2010-09-28
200 SHS KNOLL INCO P 2008-07-10 2010-09-29
190 SHS POLYONE CORP P 2006-08-15 2010-09-29
1,060 SHS SAVVIS INC. P 2008-09-09 2010-09-30
435 SHS STEINER LEISURE LIMITED P 2009-07-17 2010-10-08
100 SHS AAR CORP P 2010-04-13 2010-10-27
600 SHS AAR CORP P 2007-03-05 2010-10-27
1,900 SHS WILMINGTON TRUST CORP P 2010-09-30 2010-11-03
100 SHS DELUXE CORP P 2008-11-10 2010-11-04
20 SHS DRIL-QUIP INC P 2007-10-25 2010-11-04
370 SHS VISHAY INTERTECHNOLOGY P 2008-08-27 2010-11-04
250 SHS HECLA MINING COM P 2009-02-25 2010-11-04
1,760 SHS POLYONE CORP P 2006-08-15 2010-12-03
190 SHS CIMAREX ENERGY COMP P 2008-12-09 2010-01-08
225 SHS CENOVUS ENERGY P 2009-04-03 2010-01-13
390 SHS KEYCORP P 2009-05-22 2010-01-20
225 SHS DR. PEPPER SNAPPLE P 2008-06-18 2010-03-12
90 SHS ALLIANT ENERGY CORP P 2009-12-31 2010-05-13
425 SHS ALLIANT ENERGY CORP P 2008-10-07 2010-05-13
140 SHS LILLY ELI & COMP P 2006-12-05 2010-05-26
65 SHS TARGET CORP P 2008-11-19 2010-06-14
205 SHS BAXTER INTERNATIONAL P 2010-04-28 2010-06-29
215 SHS BROWN FORMAN CORP P 2009-06-22 2010-07-08
315 SHS DR. PEPPER SNAPPLE P 2008-06-18 2010-07-21
130 SHS INTUIT P 2008-10-14 2010-07-22
395 SHS INTUIT P 2008-10-14 2010-08-27
98 SHS FRONTIER COMM P 2008-09-17 2010-09-10
95 SHS CONOCOPHILLIPS P 2008-10-21 2010-12-14
65 SHS QUEST DIAGNOSTICS P 2009-12-31 2010-12-14
155 SHS EBAY INC P 2010-04-22 2010-12-15
80 SHS EBAY INC. P 2008-02-20 2010-12-15
(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 24,191   20,554 3,637
b 32,696   13,690 19,006
c 34,085   35,880 -1,795
d 17,511   23,440 -5,929
e 15,404   14,704 700
22,002   7,428 14,574
29,815   14,811 15,004
6,411   7,289 -878
9,260   16,662 -7,402
19,968   17,698 2,270
24,942   21,724 3,218
22,789   10,591 12,198
1,159   1,353 -194
13,828   14,892 -1,064
1,653   1,631 22
5,100   6,661 -1,561
7,660   6,112 1,548
316   481 -165
9,798   12,133 -2,335
26,594   17,899 8,695
17,927   12,818 5,109
10,843   10,138 705
20,329   17,500 2,829
3,115   2,660 455
2,279   1,548 731
22,144   16,196 5,948
16,194   12,465 3,729
2,173   2,454 -281
13,036   17,077 -4,041
7,886   17,137 -9,251
2,182   1,153 1,029
1,449   1,056 393
4,926   2,985 1,941
1,858   377 1,481
22,882   10,204 12,678
10,422   6,179 4,243
5,794   4,931 863
2,658   2,050 608
7,902   5,324 2,578
3,095   2,753 342
14,615   11,918 2,697
4,561   7,341 -2,780
3,520   1,717 1,803
8,472   9,860 -1,388
13,193   9,211 3,982
12,273   7,242 5,031
4,918   3,441 1,477
16,989   9,828 7,161
753   820 -67
6,257   5,243 1,014
3,380   3,960 -580
4,679   3,782 897
2,415   2,172 243
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       3,637
b       19,006
c       -1,795
d       -5,929
e       700
      14,574
      15,004
      -878
      -7,402
      2,270
      3,218
      12,198
      -194
      -1,064
      22
      -1,561
      1,548
      -165
      -2,335
      8,695
      5,109
      705
      2,829
      455
      731
      5,948
      3,729
      -281
      -4,041
      -9,251
      1,029
      393
      1,941
      1,481
      12,678
      4,243
      863
      608
      2,578
      342
      2,697
      -2,780
      1,803
      -1,388
      3,982
      5,031
      1,477
      7,161
      -67
      1,014
      -580
      897
      243
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 2 111,128
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 33,345
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 139,415 1,256,097 0.110991
2008 90,507 1,430,105 0.063287
2007 168,076 1,720,062 0.097715
2006 195,265 1,545,217 0.126367
2005 177,323 1,398,230 0.126820
2 Total of line 1, column (d) ...................... 2 0.525180
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 0.105036
4 Enter the net value of noncharitable-use assets for 2010 from Part X, line 5..... 4 1,480,655
5 Multiply line 4 by line 3....................... 5 155,522
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 614
7 Add lines 5 and 6......................... 7 156,136
8 Enter qualifying distributions from Part XII, line 4.............. 8 121,495
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 1,229
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 0
3 Add lines 1 and 2............................ 3 1,229
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 1,229
6 Credits/Payments:
a 2010 estimated tax payments and 2009 overpayment credited to 2010 6a  
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 0
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8 33
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 1,262
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 taxBullet   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$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
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
 
No
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
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see page 19 of the
    instructions)bulletSC
    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
    Yes
     
    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 ofbulletERIC H PETTIT Telephone no.bullet (864) 583-4420
    Located atbulletP O BOX 8367SPARTANBURGSC ZIP+4bullet293058367
    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
     
    No
    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
     
    No
    .........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
     
    No
    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
     
    No
    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
    JOELLA F UTLEY SECT/TRUST
    3.00     		0 0 0
    P O BOX 8367
    SPARTANBURG,SC29305
    ERIC PETTIT TRUSTEE
    15.00     		59,562 0 0
    P O BOX 8367
    SPARTANBURG,SC29305
    OLIN SANSBURY DIRECTOR
    1.00     		0 0 0
    P O BOX 8367
    SPARTANBURG,SC29305
    CRAIG A KRIDEL DIRECTOR
    1.00     		0 0 0
    P O BOX 8367
    SPARTANBURG,SC29305
    SARAH GUNN DIRECTOR
    1.00     		0 0 0
    P O BOX 8367
    SPARTANBURG,SC29305
    ERIC PETTIT DIRECTOR
    1.00     		0 0 0
    P O BOX 8367
    SPARTANBURG,SC29305
    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 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.............bullet0
    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 PURCHASE, PHOTOGRAPH, CATALOG, MAINTAIN, AND DISPLAY A COLLECTION OF MUSICAL INSTRUMENTS 89,495
    2  
    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 NONE 0
    2  
    All other program-related investments. See page 24 of the instructions.
    3  
    Total. Add lines 1 through 3...........................bullet0
    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
    1,366,144
    b
    Average of monthly cash balances.......................
    1b
    137,059
    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
    1,503,203
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) ..............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d..........................
    3
    1,503,203
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) ............................
    4
    22,548
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    1,480,655
    6
    Minimum investment return. Enter 5% of line 5...................
    6
    74,033
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
     
    2a
    Tax on investment income for 2010 from Part VI, line 5......
    2a
     
    b
    Income tax for 2010. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
     
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
     
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4.............................
    5
     
    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
     
    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
    121,495
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    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
    121,495
    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
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4...............
    6
    121,495
    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  
    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.......  
    b From 2006.......  
    c From 2007.......  
    d From 2008.......  
    e From 2009.......  
    fTotal of lines 3a through e.........  
    4Qualifying distributions for 2010 from Part
    XII, line 4: bullet$  
    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.....  
    e Remaining amount distributed out of corpus  
    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  
    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 ..........     		 
    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) .............     		 
    9Excess distributions carryover to 2011.
    Subtract lines 7 and 8 from line 6a ......     		 
    10 Analysis of line 9:
    a Excess from 2006....  
    b Excess from 2007....  
    c Excess from 2008....  
    d Excess from 2009....  
    e Excess from 2010....  
    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
    1993-09-19
    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
    0 0 0 79,470 79,470
    b 85% of line 2a ......... 0 0 0 67,550 67,550
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		121,495 139,415 90,507 168,076 519,493
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ....     		32,000 37,000 44,667 128,200 241,867
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		89,495 102,415 45,840 39,876 277,626
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets” alternative test—enter:
    (1) Value of all assets ...... 1,815,515 1,762,391 1,409,722 1,820,621 6,808,249
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		 66,140 66,140 66,140 66,140 264,560
    b “Endowment” alternative test— enter 2⁄3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		49,355 41,870 47,670 57,335 196,230
    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) ....     		        0
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		        0
    (3) Largest amount of support
    from an exempt organization    		         0
    (4) Gross investment income         0
    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).)
    JOELLA F UTLEY
    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
    BREVARD MUSIC CENTER
    349 ANDANTE LANE
    BREVARD,NC28712     		NONE 509(A)(2) PROMOTE MUSIC, SPONSOR CONCERTS 25,000
    WOFFORD COLLEGE
    429 NORTH CHURCH STREET
    SPARTANBURG,SC29303     		NONE 509 (A) (2) PROMOTE MUSIC 5,000
    THE NATIONAL TRUMPET COMPETITION ASSOCIATION
    3500 NORTH THIRD STREET
    ARLINGTON,VA22201     		NONE 509(A)(2) PROMOTE MUSIC 2,000
    Total .................................bullet 3a 32,000
    bApproved for future payment
    Total ..................................bullet 3b 0
    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     14 237  
    4 Dividends and interest from securities....     14 23,885  
    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     18 111,128  
    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).. 0 135,250 0
    13Total. Add line 12, columns (b), (d), and (e)...................
    13135,250
    (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


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    TY 2010 DepreciationSchedule
    Name:
    THE JOE R AND JOELLA F UTLEY FOUNDATION INC
    EIN: 57-0974104
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
    MUSIC REFERNCE BKS 1995-07-25 254 254 SL 12.000000000000 0 0 0  
    MUSIC REFERANCE BK 1995-09-08 114 114 SL 12.000000000000 0 0 0  
    MUSIC REFERENCE BK 1995-10-16 779 779 SL 12.000000000000 0 0 0  
    MUSIC REFERENCE BK 1995-12-07 311 311 SL 12.000000000000 0 0 0  
    MUSIC REFERENCE BK 1995-12-31 1,072 1,068 SL 12.000000000000 4 0 4  
    MUSIC & MEDICINE B 1996-02-20 39 39 SL 12.000000000000 0 0 0  
    MUSIC HISTORY REF 1996-03-21 813 813 SL 12.000000000000 0 0 0  
    MUSIC HISTORY REF 1996-05-30 314 314 SL 12.000000000000 0 0 0  
    GROVE DICTIONARIES 1996-06-12 911 911 SL 12.000000000000 0 0 0  
    BAND ENCYLCLOPEDIA 1996-06-20 100 96 SL 12.000000000000 4 0 4  
    MUSIC REF BK 1996-07-02 64 61 SL 12.000000000000 3 0 3  
    MUSIC DICTIONARIES 1996-08-21 940 936 SL 12.000000000000 4 0 4  
    MUSIC REF BK 1996-11-23 50 50 SL 12.000000000000 0 0 0  
    SPARTAN COPIER 1997-11-20 882 882 SL 10.000000000000 0 0 0  
    MUSIC REFERENCES 1997-10-20 305 300 SL 12.000000000000 5 0 5  
    MUSIC REFERENCES 1997-12-21 950 950 SL 12.000000000000 0 0 0  
    MUSIC REFERENCE 1998-02-09 30 30 SL 12.000000000000 0 0 0  
    MUSIC REFERENCE 1998-09-05 500 476 SL 12.000000000000 24 0 24  
    MUSIN REFERENCES 1998-09-26 181 169 SL 12.000000000000 12 0 12  
    MUSIC REFERENCE 1998-09-29 32 32 SL 12.000000000000 0 0 0  
    MUSIN REFERENCES 1998-11-08 1,841 1,709 SL 12.000000000000 132 0 132  
    MUSIC REFERENCES 1999-01-12 114 110 SL 12.000000000000 4 0 4  
    MUSIC REFERENCES 1999-02-07 369 338 SL 12.000000000000 31 0 31  
    MUSIC REFERENCES 1999-03-16 120 108 SL 12.000000000000 12 0 12  
    MUSIC REFERENCE 1999-04-13 385 344 SL 12.000000000000 32 0 32  
    MUSIC REFERENCE 1999-05-23 189 169 SL 12.000000000000 16 0 16  
    MUSIC REFERENCE 1999-06-16 52 42 SL 12.000000000000 4 0 4  
    MUSIC REFERENCE 1999-09-07 133 114 SL 12.000000000000 11 0 11  
    MUSIC REFERENCE 1999-10-10 18 18 SL 12.000000000000 0 0 0  
    MUSIC REFERENCES 1999-11-11 684 580 SL 12.000000000000 57 0 57  
    MUSIC REFERENCE 1999-12-12 28 20 SL 12.000000000000 2 0 2  
    MUSIC REFERENCE 2000-01-09 62 50 SL 12.000000000000 5 0 5  
    MUSIC REFERENCES 2000-05-14 719 580 SL 12.000000000000 60 0 60  
    MUSIC REFERENCES 2000-06-08 937 748 SL 12.000000000000 78 0 78  
    DIGITAL CAMERA 2002-09-25 1,033 631 SL 12.000000000000 86 0 86  
    EQUIPMENT 2002-08-29 304 304 SL 12.000000000000 0 0 0  
    DESK/HUTCH/TABLES 2002-08-29 2,976 2,976 SL 12.000000000000 0 0 0  
    FURNITURE & EQUIP. 2002-08-29 15,147 15,147 SL 12.000000000000 0 0 0  
    PRINTER 2002-08-29 240 240 SL 12.000000000000 0 0 0  
    COMPUTER/PRINTER 2002-08-29 11,466 11,466 SL 12.000000000000 0 0 0  
    COMPUTER 2002-08-29 3,101 3,101 SL 12.000000000000 0 0 0  
    EXHIBIT DISPLAY 2002-08-29 1,038 1,038 SL 12.000000000000 0 0 0  
    COMPUTER 2002-08-29 13,469 13,469 SL 12.000000000000 0 0 0  
    COMPUTER 2002-08-29 3,922 3,922 SL 12.000000000000 0 0 0  
    COMPUTER 2002-08-29 9,058 9,058 SL 12.000000000000 0 0 0  
    COMPUTER 2002-08-29 6,190 6,190 SL 12.000000000000 0 0 0  
    SAMSUNG LASER FAX 2003-07-06 314 169 SL 12.000000000000 26 0 26  
    MACINTOSH COMPUTER 2005-03-12 3,113 1,252 SL 12.000000000000 259 0 259  
    OFFICE EQUIPMENT 2006-11-03 985 260 SL 12.000000000000 82 0 82  

    TY 2010 InvestmentsOtherSchedule2
    Name:
    THE JOE R AND JOELLA F UTLEY FOUNDATION INC
    EIN: 57-0974104
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    SCHWAB MONEY MARKET FUND AT COST 101,235 101,235
    2,000 SHARES AVX CORP NEW AT COST 0 0
    500 SHS CONOCO PHILLIPS AT COST 0 0
    1,000 SHS COVANTA HOLDING CORP AT COST 19,581 17,190
    500 SHS CREE INC AT COST 0 0
    5,000 SHS CHIMERA INVESTMENT CORP AT COST 19,503 20,550
    RAYMOND JAMES MOMEY MKT 880 AT COST 11,563 11,563
    2,845 SHS AFFYMETRIX INC AT COST 22,904 14,310
    570 SHS ATWOOD OCEANICS INC AT COST 11,826 21,300
    225 SHS BIO RAD LABS AT COST 15,458 23,366
    2,200 SHS BOISE INC AT COST 14,373 17,446
    475 SHS BRISTOW GROUP INC AT COST 17,835 22,491
    900 SHS CHART INDUSTRIES AT COST 20,587 30,402
    415 SHS CHILDRENS PL RETAIL STORES AT COST 18,818 20,600
    1,050 SHS DELUXE CORP AT COST 13,259 24,171
    325 SHS DRIL-QUIP INC AT COST 17,445 25,259
    325 SHS EMERGENCY MEDICAL AT COST 13,074 20,998
    570 SHS ENPRO INDUSTRIES INC. AT COST 18,847 23,689
    2,200 SHS FORMFACTOR INC. AT COST 18,611 19,536
    1,750 SHS HEALTHWAYS INC. AT COST 19,366 19,530
    3,085 SHS HECLA MANAGED COMP AT COST 4,205 34,737
    660 SHS INTERDIGITAL INC. AT COST 16,868 27,482
    600 SHS INTREPID POTASH INC. AT COST 13,579 22,374
    1,050 SHS JOHN BEAN TECHNOLOGIES AT COST 18,587 21,136
    1,500 SHS KNOLL INC. AT COST 18,517 25,095
    1,150 SHS KNIGHT CAP GROUP INC. AT COST 18,096 15,858
    945 SHS LEXMARK INTERNATIONAL AT COST 0 0
    705 SHS LINCOLN EDL SVCS AT COST 19,683 10,934
    420 SHS LUFKIN INDUSTRIES INC. AT COST 18,552 26,203
    325 SHS MIDDLEBY CORPORATION AT COST 18,080 27,437
    690 SHS NORTHWESTERN CORP AT COST 20,653 19,893
    950 SHS ORION MARINE GROUP INC. AT COST 21,376 11,020
    575 SHS PARK ELECTROCHEMICAL AT COST 0 0
    1,300 SHS PIONEER DRILLING COM AT COST 0 0
    2,700 SHS POLYONE CORP AT COST 0 0
    325 SHS PORTFOLIO RECOVERY AT COST 18,952 24,440
    1,100 SHS RADIOSHACK CORP AT COST 21,206 20,339
    1,060 SHS SAVVIS INC AT COST 0 0
    515 SHS SVB FINL GROUP AT COST 0 0
    1,600 SHS SWS GROUP INC AT COST 21,617 8,080
    1,200 SHS SUNPOWER CORP AT COST 17,267 15,396
    1,275 SHS SYKES ENTERPRISES AT COST 16,548 25,832
    670 SHS SYNAPTICS INC. AT COST 17,391 19,685
    700 SHS T-3 ENERGY SRVS INC. AT COST 20,870 27,881
    430 SHS TUPPERWARE BRANDS CORP AT COST 0 0
    1,900 SHS VENOCO INC AT COST 0 0
    550 SHS VIASAT INC AT COST 0 0
    1,730 SHS VISHAY INTERTECHNOLOGY INC AT COST 12,661 25,396
    2,150 SHS VIVUS INC. AT COST 10,214 20,146
    950 SHS WASHINGTON FED INC. AT COST 18,520 16,074
    435 SHS STEINER LEISURE LIMITED AT COST 0 0
    RAYMOND JAMES MONEY MKT 903 AT COST 7,703 7,703
    425 SHS ALLIANT ENERGY CORP AT COST 0 0
    380 SHS AMERICAN EXPRESS COMPANY AT COST 6,564 16,310
    190 SHS BARD C R INC. AT COST 14,222 17,436
    455 SHS BARRICK GOLD CORPORATION AT COST 11,345 24,197
    355 SHS BAXTER INTERNATIONAL INC. AT COST 16,153 17,970
    215 SHS BROWN FORMAN CORP AT COST 0 0
    500 SHS CVS CAREMARK CORP AT COST 15,998 17,385
    225 SHS CENOVUS ENERGY INC. AT COST 0 0
    235 SHS CHEVRON CORP AT COST 16,593 21,444
    285 SHS CHUBB CORPORATION AT COST 13,492 16,997
    190 SHS CIMAREX ENERGY COMP AT COST 0 0
    350 SHS CISCO SYSTEMS INC. AT COST 6,808 7,081
    315 SHS CONOCO PHILLIPS AT COST 15,813 21,452
    308 SHS DR PEPPER SNAPPLE GROUP AT COST 8,052 10,829
    775 SHS DELL INC AT COST 8,967 10,501
    225 SHS DIAGEO P L C SPON AT COST 15,403 16,724
    560 SHS EBAY INC AT COST 9,670 15,585
    280 SHS ENCANA CORP AT COST 7,026 8,154
    445 SHS EXELON CORP AT COST 18,792 18,530
    305 SHS EXXON MOBIL CORP AT COST 20,787 22,302
    335 SHS GLAXOSMITHKLINE PLC AT COST 12,167 13,139
    35 SHS GOOGLE INC. AT COST 16,458 20,789
    525 SHS INTUIT AT COST 0 0
    175 SHS JOHNSON & JOHNSON AT COST 11,008 10,824
    390 SHS KEYCORP AT COST 0 0
    365 SHS KIMBERLY CLARK CORP AT COST 22,376 23,010
    270 SHS LILLY ELI & COMPANY AT COST 8,979 9,461
    680 SHS MEDTRONIC INC AT COST 22,172 25,221
    1,145 SHS MICROSOFT CORP AT COST 28,116 31,957
    625 SHS MOLSON COORS BREWING CO. AT COST 29,055 31,369
    400 SHS NABORS INDUSTRIES AT COST 6,146 9,384
    315 SHS NEWMONT MINING CORPORATION AT COST 13,415 19,350
    320 SHS NORTHROP GRUMMAN AT COST 19,697 20,730
    245 SHS PEPSICO INC AT COST 13,557 16,006
    295 SHS PROCTER & GAMBLE AT COST 14,522 18,977
    265 SHS QUEST DIAGNOSTICS AT COST 13,013 14,302
    235 SHS SIGMA ALDRICH CORP AT COST 8,690 15,642
    445 SHS SUNTRUST BKS INC AT COST 6,839 13,132
    370 SHS TARGET CORPORATION AT COST 12,255 22,248
    210 SHS TORCHMARK CORP AT COST 6,649 12,545
    220 SHS TRAVELERS COMPANIES AT COST 9,535 12,256
    430 SHS UNILEVER N V N Y SHS AT COST 11,956 13,502
    410 SHS VERIZON COMMUNICATIONS AT COST 12,406 14,670
    370 SHS WAL MART STORES AT COST 17,125 19,954
    635 SHS WELLS FARGO & COMPANY AT COST 16,515 19,679
    625 SHS ANNALY CAP MGMT AT COST 8,453 11,200

    TY 2010 LandEtcSchedule2
    Name:
    THE JOE R AND JOELLA F UTLEY FOUNDATION INC
    EIN: 57-0974104
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    MUSIC REFERNCE BKS 254 254   0
    MUSIC REFERANCE BK 114 114   0
    MUSIC REFERENCE BK 779 779   0
    MUSIC REFERENCE BK 311 311   0
    MUSIC REFERENCE BK 1,072 1,072   0
    MUSIC & MEDICINE B 39 39   0
    MUSIC HISTORY REF 813 813   0
    MUSIC HISTORY REF 314 314   0
    GROVE DICTIONARIES 911 911   0
    BAND ENCYLCLOPEDIA 100 100   0
    MUSIC REF BK 64 64   0
    MUSIC DICTIONARIES 940 940   0
    MUSIC REF BK 50 50   0
    SPARTAN COPIER 882 882   0
    MUSIC REFERENCES 305 305   0
    MUSIC REFERENCES 950 950   0
    MUSIC REFERENCE 30 30   0
    MUSIC REFERENCE 500 500   0
    MUSIN REFERENCES 181 181   0
    MUSIC REFERENCE 32 32   0
    MUSIN REFERENCES 1,841 1,841   0
    MUSIC REFERENCES 114 114   0
    MUSIC REFERENCES 369 369   0
    MUSIC REFERENCES 120 120   0
    MUSIC REFERENCE 385 376 9 0
    MUSIC REFERENCE 189 185 4 0
    MUSIC REFERENCE 52 46 6 0
    MUSIC REFERENCE 133 125 8 0
    MUSIC REFERENCE 18 18   0
    MUSIC REFERENCES 684 637 47 0
    MUSIC REFERENCE 28 22 6 0
    MUSIC REFERENCE 62 55 7 0
    MUSIC REFERENCES 719 640 79 0
    MUSIC REFERENCES 937 826 111 0
    DIGITAL CAMERA 1,033 717 316 0
    EQUIPMENT 304 304   0
    DESK/HUTCH/TABLES 2,976 2,976   0
    FURNITURE & EQUIP. 15,147 15,147   0
    PRINTER 240 240   0
    COMPUTER/PRINTER 11,466 11,466   0
    COMPUTER 3,101 3,101   0
    EXHIBIT DISPLAY 1,038 1,038   0
    COMPUTER 13,469 13,469   0
    COMPUTER 3,922 3,922   0
    COMPUTER 9,058 9,058   0
    COMPUTER 6,190 6,190   0
    SAMSUNG LASER FAX 314 195 119 0
    MACINTOSH COMPUTER 3,113 1,511 1,602 0
    OFFICE EQUIPMENT 985 342 643 0


    TY 2010 OtherAssetsSchedule
    Name:
    THE JOE R AND JOELLA F UTLEY FOUNDATION INC
    EIN: 57-0974104
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    TRUMPET ARTWORK 12,300 12,300 12,300
    TRUMPET 53,840 53,840 53,840


    TY 2010 OtherExpensesSchedule
    Name:
    THE JOE R AND JOELLA F UTLEY FOUNDATION INC
    EIN: 57-0974104
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    BANK CHARGE 350 350 350 0
    PROGRAM EXPENSE 84,958 0 0 84,958


    TY 2010 OtherProfessionalFeesSchedule
    Name:
    THE JOE R AND JOELLA F UTLEY FOUNDATION INC
    EIN: 57-0974104
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT MANAGEMENT FEES 19,725 19,725 19,725 0


    TY 2010 TaxesSchedule
    Name:
    THE JOE R AND JOELLA F UTLEY FOUNDATION INC
    EIN: 57-0974104
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAX PAID ON DIVIDENDS 140 140 140 0