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
W MARSHALL HUGHES JR SCHOLARSHIP FUND
 

Number and street (or P.O. box number if mail is not delivered to street address)2201 RIDGEWOOD RD STE 180   Room/suite
City or town, state, and ZIP code
WYOMISSING, PA19610
A Employer identification number

23-6934996
B Telephone number (see page 10 of the instructions)

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$3,215,751J 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 195 195  
4 Dividends and interest from securities...... 67,146 67,146  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 105,780
b Gross sales price for all assets on line 6a 1,093,018
7 Capital gain net income (from Part IV, line 2)... 105,780
8 Net short-term capital gain......... 0
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........ 173,121 173,121  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 25,593 25,593    
14 Other employee salaries and wages......   0 0 0
15 Pension plans, employee benefits.......   0 0  
16a Legal fees (attach schedule).........       0
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule)....       0
17 Interest...............       0
18 Taxes (attach schedule) (see page 14 of the instructions) 765     0
19 Depreciation (attach schedule) and depletion... 0 0  
20 Occupancy..............        
21 Travel, conferences, and meetings.......   0 0  
22 Printing and publications..........   0 0  
23 Other expenses (attach schedule).......        
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 26,358 25,593 0 0
25 Contributions, gifts, grants paid........ 136,390 136,390
26 Total expenses and disbursements. Add lines 24 and 25 162,748 25,593 0 136,390
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 10,373
b Net investment income (if negative, enter -0-) 147,528
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............... -2,152 5,813 5,813
2 Savings and temporary cash investments.......... 45,029 70,162 70,162
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet     0 0
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 bullet0      
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges........... 249    
10a Investments—U.S. and state government obligations (attach schedule) 333,767 Click to see attachment517,933 531,122
b Investments—corporate stock (attach schedule)........ 1,426,826 Click to see attachment1,234,111 1,673,459
c Investments—corporate bonds (attach schedule)........ 380,752 Click to see attachment277,601 302,185
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 539,829 Click to see attachment628,457 633,010
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) 2,724,300 2,734,077 3,215,751
Liabilities 17 Accounts payable and accrued expenses.......... 954 368
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).......... 954 368
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......... 2,723,346 2,733,709
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds    
30 Total net assets or fund balances (see page 17 of the
instructions).................... 2,723,346 2,733,709
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 2,724,300 2,734,077
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 2,723,346
2 Enter amount from Part I, line 27a...................... 2 10,373
3 Other increases not included in line 2 (itemize) bullet 3 0
4 Add lines 1, 2, and 3.......................... 4 2,733,719
5 Decreases not included in line 2 (itemize) bulletClick to see attachment 5 10
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.. 6 2,733,709
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 315. PHILLIPS-VAN HEUSEN CORP COM   2008-11-25 2010-02-22
b 215. POLYCOM, INC COM   2008-11-26 2010-02-22
c 125. CHEVRONTEXACO CORP COM   2007-04-18 2010-03-01
d 65. MDU RESOURCES GROUP INC COM   2008-11-25 2010-03-01
e 270. OCCIDENTAL PETROLEUM CORP COM   2006-09-08 2010-03-01
150. ONEOK INC COM   2008-11-25 2010-03-01
503. T ROWE PRICE GROUP INC COM   2005-05-23 2010-03-01
454. MDU RESOURCES GROUP INC COM   2008-11-25 2010-03-16
269. NOBLE ENERGY INC COM   2008-11-25 2010-03-17
10000. GEN ELEC CAP DTD 12/09/2008 3% 12/09/201   2009-02-24 2010-03-22
220. CAREER EDUCATION CORP COM   2009-07-14 2010-03-23
30000. CITIGROUP INC DTD 01/30/2009 2.125% 04/3   2009-08-03 2010-03-23
15000. J P MORGAN CHASE & CO DTD 02/23/2009 2.2   2009-03-04 2010-03-23
10000. CREDIT SUISSE FB USA INC 6.125% 11/15/20   2009-05-01 2010-04-06
105. SUPERIOR ENERGY SERVICES INC COM   2008-11-25 2010-04-07
90. NETFLIX INC COM   2008-07-24 2010-04-26
94. BARD (C.R.) INC COM   2008-11-25 2010-04-27
200. BROADRIDGE FINL SOL LLC COM   2008-11-05 2010-04-27
45. WESTERN DIGITAL CORP COM   2009-06-02 2010-04-27
15000. GOLDMAN SACHS GROUP INC DTD 11/15/2002 5   2008-07-30 2010-05-06
20000. SG STRUCTURED PRODUCTS ZERO COUPON BOND DTD 05/27/2005 LINKED T   2005-05-24 2010-05-27
15000. VERIZON PENNSYLVANIA SER A DTD 11/13/200   2007-05-11 2010-06-23
.917 FURIEX PHARMACEUTICALS INC COM   2007-11-16 2010-06-24
810. FOREST LABORATORIES INC COM   2009-10-12 2010-06-28
17. FURIEX PHARMACEUTICALS INC COM   2008-11-25 2010-07-02
155. GREIF INC CL A COM   2009-04-09 2010-07-14
110. ENERGEN CORP. COM   2009-10-12 2010-07-26
10000. FHLMC NOTE DTD 05/21/2009 1.75% 06/15/20   2010-03-22 2010-07-28
15000. FHLMC NOTE DTD 10/21/2009 1.125% 12/15/2   2009-12-07 2010-07-28
496. OCCIDENTAL PETROLEUM CORP COM   2006-09-08 2010-09-07
120. AFLAC INC COM   2005-11-09 2010-09-09
225. AT&T INC COM   2004-09-20 2010-09-09
35. ADTRAN INC COM   2009-07-14 2010-09-09
85. AEROPOSTALE INC COM   2009-03-19 2010-09-09
280. ALTERA CORPORATION COM   2009-03-12 2010-09-09
80. AMERICAN FINCL GROUP INC COM   2010-02-22 2010-09-09
85. AMETEK INC COM   2008-11-25 2010-09-09
175. AMGEN INC COM   2005-01-06 2010-09-09
75. AMPHENOL CORPORATION CL A   2008-11-25 2010-09-09
60. APPLE INC COM   2005-09-01 2010-09-09
45. BJ'S WHOLESALE CLUB INC COM   2009-04-09 2010-09-09
45. BMC SOFTWARE INC COM   2010-03-16 2010-09-09
50. BOB EVANS FARMS COM   2010-04-27 2010-09-09
95. BROADRIDGE FINL SOL LLC COM   2008-11-05 2010-09-09
80. C. H. ROBINSON WORLDWIDE INC COM   2009-06-02 2010-09-09
55. CALGON CARBON CORP COM   2010-04-27 2010-09-09
15. CATALYST HEALTH SOLUTIONS INC COM   2009-09-14 2010-09-09
45. CATALYST HEALTH SOLUTIONS INC COM   2010-03-16 2010-09-09
100. CHEVRONTEXACO CORP COM   2007-04-18 2010-09-09
45. COACH INC COM   2004-04-05 2010-09-09
80. CONSTELLATION ENERGY GROUP INC COM   2010-03-16 2010-09-09
40. COPART INC COM   2009-03-19 2010-09-09
30. COVANCE INC COM   2005-09-13 2010-09-09
30. CUBIC CORP COM   2009-09-14 2010-09-09
45. CULLEN/FROST BANKERS INC COM   2006-06-16 2010-09-09
525. DANAHER CORP COM   2001-10-18 2010-09-09
255. DARDEN RESTAURANTS INC COM   2005-01-06 2010-09-09
65. DENTSPLY INTERNATIONAL INC COM   2010-03-17 2010-09-09
45. EATON VANCE CORP COM   2008-08-01 2010-09-09
145. EXXON MOBIL CORPORATION COM   2001-08-21 2010-09-09
60. FMC CORP COM   2007-07-19 2010-09-09
25. FACTSET RESEARCH SYSTEMS INC COM   2008-04-03 2010-09-09
320. FEDERATED INVESTORS INC CL B FUNDS   2010-03-01 2010-09-09
225. GENERAL ELECTRIC CO COM   2001-08-21 2010-09-09
185. GENERAL MILLS INC COM   2009-10-12 2010-09-09
30. GYMBOREE CORP COM   2010-03-23 2010-09-09
80. HCC INSURANCE HOLDINGS INC COM   2009-10-12 2010-09-09
45. HARRIS CORPORATION COM   2007-01-11 2010-09-09
225. HEWLETT PACKARD CO COM   2007-10-19 2010-09-09
50. HORMEL FOODS CORP COM   2005-09-01 2010-09-09
30. HUBBELL INC CL B COM   2009-02-06 2010-09-09
70. INTERNATIONAL BUS MACHS CORP COM   2009-05-07 2010-09-09
220. INTUIT INC COM   2009-03-25 2010-09-09
75. J2 GLOBAL COMMUNICATIONS INC COM   2010-07-26 2010-09-09
190. JOHNSON & JOHNSON COM   2001-10-18 2010-09-09
30. L-3 COMMUNICATIONS HOLDINGS COM   2008-11-25 2010-09-09
60. LABORATORY CRP OF AMER HLDGS COM   2008-12-10 2010-09-09
30. LENNOX INTERNATIONAL INC COM   2009-04-09 2010-09-09
295. MCCORMICK & COMPANY INC NON VTG SHS COM   2008-04-28 2010-09-09
160. MCGRAW HILL COS INC COM   2004-06-01 2010-09-09
120. MCKESSON HBOC INC COM   2009-09-14 2010-09-09
310. MICROSOFT CORP COM   2001-08-21 2010-09-09
165. MURPHY OIL CORP COM   2010-09-07 2010-09-09
25. NETFLIX INC COM   2008-11-25 2010-09-09
135. NICOR INC COM   2009-12-28 2010-09-09
380. ORACLE CORP COM   2001-08-21 2010-09-09
25. PANERA BREAD COMPANY CL A COM   2010-02-22 2010-09-09
195. PEPSICO INC COM   2001-08-21 2010-09-09
50. PERRIGO CO COM   2009-03-20 2010-09-09
190. PFIZER INC COM   2001-08-21 2010-09-09
45. PHARMACEUTICAL PRODUCT DEVEL INC COM   2007-11-16 2010-09-09
290. PROGRESSIVE CORP OHIO COM   2010-06-28 2010-09-09
135. QUALCOMM INC COM   2008-02-25 2010-09-09
35. ROCK TENN COMPANY CL A   2010-07-14 2010-09-09
45. ROLLINS INC COM   2009-07-14 2010-09-09
55. ROSS STORES COM   2002-11-25 2010-09-09
85. SEI INVESTMENTS COMPANY COM   2008-03-25 2010-09-09
160. SIGMA ALDRICH CORP   2009-03-25 2010-09-09
330. STAPLES INC COM   2001-08-21 2010-09-09
45. STERIS CORP COM   2009-07-30 2010-09-09
135. STRYKER CORP COM   2008-11-21 2010-09-09
20. TECHNE CORP COM   2007-10-24 2010-09-09
45. TORO CO COM   2010-04-27 2010-09-09
30. TUPPERWARE BRANDS CORP COM   2007-08-08 2010-09-09
165. UNITED TECHNOLOGIES CORP COM   2002-08-13 2010-09-09
80. V F CORPORATION COM   2008-08-11 2010-09-09
400. WALGREEN CO COM   2008-10-17 2010-09-09
20. WESTERN DIGITAL CORP COM   2009-06-02 2010-09-09
100. WORLD FUEL SERVICES CORP COM   2010-03-17 2010-09-09
6368.795 ARTISAN INTERNATIONAL FD-INV   2007-06-08 2010-09-13
1321.463 CONESTOGA SMALL CAP FUND   2007-06-08 2010-09-13
270. INTUIT INC COM   2009-03-25 2010-09-13
109. COVANCE INC COM   2008-11-25 2010-09-21
40. PERRIGO CO COM   2009-03-20 2010-09-21
55. AMPHENOL CORPORATION CL A   2005-06-22 2010-09-23
10. FACTSET RESEARCH SYSTEMS INC COM   2008-04-03 2010-09-23
120. LENNOX INTERNATIONAL INC COM   2009-04-09 2010-09-23
15. NETFLIX INC COM   2008-11-25 2010-09-23
40000. FHLB NOTE DTD 07/23/2009 1.75% 08/22/201   2009-08-03 2010-09-28
20. GYMBOREE CORP COM   2010-03-23 2010-10-11
95. GYMBOREE CORP COM   2010-03-23 2010-10-12
55. APPLE INC COM   2005-09-01 2010-10-18
15000. CONSOLIDATED EDISON CO OF NY NOTE DTD 12/04/2008 7.125% 12/01/2   2009-01-20 2010-10-27
20000. US TREAS INFL IX NT 1.875% 07/15/2013   2008-12-17 2010-11-29
536. NICOR INC COM   2009-12-28 2010-12-03
265. NICOR INC COM   2010-09-13 2010-12-03
15000. FHLB NOTE DTD 06/22/2007 5.5% 08/13/2014   2007-08-10 2010-12-07
310. CONSTELLATION ENERGY GROUP INC COM   2010-03-16 2010-12-20
(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 13,312   6,660 6,652
b 5,617   3,886 1,731
c 9,084   9,665 -581
d 1,338   1,224 114
e 21,739   12,876 8,863
6,739   4,359 2,380
25,577   14,902 10,675
9,805   8,426 1,379
20,352   12,395 7,957
10,342   10,159 183
7,147   4,565 2,582
30,583   30,084 499
15,305   15,019 286
10,718   10,345 373
2,421   4,230 -1,809
9,715   2,432 7,283
7,978   6,247 1,731
4,597   2,452 2,145
1,927   1,091 836
15,386   15,069 317
20,000   20,000  
15,770   15,138 632
10   15 -5
22,616   24,338 -1,722
169   256 -87
8,891   6,184 2,707
5,132   5,112 20
10,190   10,087 103
15,124   15,031 93
37,975   23,654 14,321
6,038   5,791 247
6,253   5,909 344
1,169   761 408
1,861   1,474 387
7,299   4,814 2,485
2,350   2,078 272
3,804   2,631 1,173
9,394   10,427 -1,033
3,440   1,625 1,815
15,865   3,332 12,533
1,855   1,470 385
1,736   1,763 -27
1,341   1,661 -320
2,087   1,165 922
5,394   4,280 1,114
697   954 -257
635   434 201
1,904   1,873 31
7,739   7,732 7
1,757   945 812
2,451   2,898 -447
1,375   1,196 179
1,166   1,494 -328
1,153   1,185 -32
2,378   2,564 -186
20,699   8,783 11,916
11,161   6,414 4,747
1,914   2,256 -342
1,287   1,671 -384
8,845   7,874 971
3,881   2,824 1,057
1,982   1,369 613
7,005   8,046 -1,041
3,559   8,231 -4,672
6,771   6,017 754
1,140   1,609 -469
2,051   2,280 -229
1,919   2,256 -337
8,719   10,636 -1,917
2,206   1,623 583
1,410   964 446
8,848   7,173 1,675
9,640   5,806 3,834
1,606   1,830 -224
11,364   11,122 242
2,042   1,701 341
4,536   3,756 780
1,288   875 413
12,086   10,789 1,297
4,680   5,680 -1,000
7,145   6,985 160
7,462   9,153 -1,691
9,425   9,425  
3,642   557 3,085
5,987   5,845 142
9,217   4,103 5,114
2,135   1,836 299
12,856   9,829 3,027
2,933   1,128 1,805
3,186   6,572 -3,386
1,111   1,723 -612
5,916   5,676 240
5,486   5,608 -122
1,811   1,850 -39
950   766 184
2,833   1,255 1,578
1,607   2,206 -599
9,041   6,389 2,652
6,253   3,812 2,441
1,376   1,342 34
6,198   4,920 1,278
1,199   1,296 -97
2,353   2,511 -158
1,263   940 323
11,263   5,534 5,729
5,994   5,807 187
11,516   9,527 1,989
518   485 33
2,657   2,867 -210
125,593   188,129 -62,536
24,196   24,642 -446
11,890   7,125 4,765
4,618   5,057 -439
2,542   903 1,639
2,577   1,167 1,410
801   548 253
4,926   3,501 1,425
2,399   317 2,082
40,932   39,755 1,177
1,295   1,073 222
6,165   5,096 1,069
17,416   3,054 14,362
19,116   16,338 2,778
25,285   21,250 4,035
24,413   23,208 1,205
12,070   11,931 139
17,257   15,170 2,087
8,855   11,085 -2,230
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       6,652
b       1,731
c       -581
d       114
e       8,863
      2,380
      10,675
      1,379
      7,957
      183
      2,582
      499
      286
      373
      -1,809
      7,283
      1,731
      2,145
      836
      317
       
      632
      -5
      -1,722
      -87
      2,707
      20
      103
      93
      14,321
      247
      344
      408
      387
      2,485
      272
      1,173
      -1,033
      1,815
      12,533
      385
      -27
      -320
      922
      1,114
      -257
      201
      31
      7
      812
      -447
      179
      -328
      -32
      -186
      11,916
      4,747
      -342
      -384
      971
      1,057
      613
      -1,041
      -4,672
      754
      -469
      -229
      -337
      -1,917
      583
      446
      1,675
      3,834
      -224
      242
      341
      780
      413
      1,297
      -1,000
      160
      -1,691
       
      3,085
      142
      5,114
      299
      3,027
      1,805
      -3,386
      -612
      240
      -122
      -39
      184
      1,578
      -599
      2,652
      2,441
      34
      1,278
      -97
      -158
      323
      5,729
      187
      1,989
      33
      -210
      -62,536
      -446
      4,765
      -439
      1,639
      1,410
      253
      1,425
      2,082
      1,177
      222
      1,069
      14,362
      2,778
      4,035
      1,205
      139
      2,087
      -2,230
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 2 105,780
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      
2008      
2007      
2006      
2005      
2 Total of line 1, column (d) ...................... 2  
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  
4 Enter the net value of noncharitable-use assets for 2010 from Part X, line 5..... 4  
5 Multiply line 4 by line 3....................... 5  
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6  
7 Add lines 5 and 6......................... 7  
8 Enter qualifying distributions from Part XII, line 4.............. 8  
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 2,951
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 2,951
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 2,951
6 Credits/Payments:
a 2010 estimated tax payments and 2009 overpayment credited to 2010 6a 920
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868) 6c 0
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 920
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 2,031
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 0
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
 
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)bulletAL
    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 addressbullet  
    14
    The books are in care ofbulletNational Penn Investors Trust Co
    John Stirling     Telephone no.bullet (610) 371-2069
    Located atbullet2201 RIDGEWOOD ROAD SUITE 180WYOMISSINGPA ZIP+4bullet19610
    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
     
     
    .........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
     
    No
    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
    National Penn Investors Trust Co Trustee
    5     		25,593    
    2201 Ridgewood Road Suite 180
    Wyomissing,PA19610
    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 SCHOLARSHIP TO RIDER UNIVERSITY FOR JOSHUA STELL 4,820
    2 SCHOLARSHIP TO TEMPLE UNIVERSITY FOR ALEXANDER KAUFFMAN LEIBENSPERGER 3,820
    3 SCHOLARSHIP TO NEW YORK UNIVERSITY FOR DANIEL LEE 8,500
    4 SCHOLARSHIP TO PENN STATE UNIVERSITY FOR ERIC SCHEIDERHAN ANDROWICK 4,020
    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  
    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
    2,983,271
    b
    Average of monthly cash balances.......................
    1b
    64,979
    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
    3,048,250
    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
    3,048,250
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) ............................
    4
    45,724
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    3,002,526
    6
    Minimum investment return. Enter 5% of line 5...................
    6
    150,126
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    150,126
    2a
    Tax on investment income for 2010 from Part VI, line 5......
    2a
    2,951
    b
    Income tax for 2010. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    2,951
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    147,175
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4.............................
    5
    147,175
    6
    Deduction from distributable amount (see page 25 of the instructions)...........
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,
    line 1.................................
    7
    147,175
    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
    136,390
    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
    0
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    136,390
    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
    136,390
    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 7 147,175
    2 Undistributed income, if any, as of the end of 2010:
    a Enter amount for 2009 only....... 0
    b Total for prior years:2008, 20, 20 0
    3 Excess distributions carryover, if any, to 2010:
    a From 2005....... 0
    b From 2006....... 0
    c From 2007....... 0
    d From 2008....... 0
    e From 2009....... 0
    fTotal of lines 3a through e......... 0
    4Qualifying distributions for 2010 from Part
    XII, line 4: bullet$ 136,390
    a Applied to 2009, but not more than line 2a 0
    b Applied to undistributed income of prior years
    (Election required—see page 26 of the instructions)    		 0
    c Treated as distributions out of corpus (Election
    required—see page 26 of the instructions)...     		0
    d Applied to 2010 distributable amount..... 136,390
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2010. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ...........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable
    amount—see page 27 of the instructions ...     		0
    e Undistributed income for 2009. Subtract line
    4a from line 2a. Taxable amount—see page 27
    of the instructions ...........     		0
    f Undistributed income for 2010. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2011 ..........     		10,785
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (see page 27
    of the instructions) ...........     		0
    8Excess distributions carryover from 2005 not
    applied on line 5 or line 7 (see page 27 of the
    instructions) .............     		0
    9Excess distributions carryover to 2011.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2006.... 0
    b Excess from 2007.... 0
    c Excess from 2008.... 0
    d Excess from 2009.... 0
    e Excess from 2010.... 0
    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:
    Hughes Scholarship Foundations
    2201 Ridgewood Road Suite 180
    Wyomissing,PA19610
    (610) 372-6414
    bThe form in which applications should be submitted and information and materials they should include:
    Complete written scholarship application. Include high school transcript, verification of enrollment and certification of acceptance to Institution for which you are requesting award
    cAny submission deadlines:
    March 1
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Award is for tuition only
    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
    HUGHES SCHOLARSHIP FOUNDATION
    C/O NATIONAL PENN INVESTORS TRUST
    2201 RIDGEWOOD ROAD SUITE 180
    WYOMISSING,PA19610     		    ACADEMIC SCHOLARSHIPS 136,390
    Total .................................bullet 3a 136,390
    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     14 195  
    4 Dividends and interest from securities....     14 67,146  
    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     18 105,780  
    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)..   173,121  
    13Total. Add line 12, columns (b), (d), and (e)...................
    13173,121
    (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 InvestmentsCorpBondsSchedule
    Name:
    W MARSHALL HUGHES JR SCHOLARSHIP FUND
    EIN: 23-6934996
    Name of Bond End of Year Book Value End of Year Fair Market Value
    HOUSEHOLD FINANCE CORP DTD    
    WELLS FARGO & CO DTD 9/5/02    
    GOLDMAN SACHS GROUP INC DTD    
    VERIZON PENNSYLVANIA SER A    
    GENERAL ELECTRIC CO DTD 1/28/0 25,052 26,724
    CLOROX CO DTD 12/3/2004    
    COSTCO WHSL CORP NEW DTD 24,980 28,484
    WAL-MART STORES DTD 4/5/2007 25,043 28,262
    SG STRUCTURED PRODUCTS ZERO CP    
    ALLSTATE LIFE GL DTD 4/24/2008 20,062 21,779
    JP MORGAN CHASE & CO DTD 1/29 20,770 23,701
    GLAXOSMITHKLINE CAP INC 19,953 22,869
    INTERNATIONAL BUS MACHS CORP 25,330 28,694
    SBC COMMUNICATIONS DTD 8/18 30,420 33,638
    CONSOLIDATED EDISON CO OF NY 10,069 11,489
    CITIGROUP INC DTD 1/30/2009    
    GEN ELEC CAP DTD 12/9/2008    
    JP MORGAN CHASE & CO DTD 2/23    
    CREDIT SUISSE FB USA INC 6.125    
    WELLS FARGO COMPANY DTD 10/1 14,971 15,658
    ORACLE CORP DTD 7/8/2009 31,140 31,886
    CONSOLIDATED EDISON CO OF NY    
    US BANCORP DTD 7/27/2010 2.45% 15,099 14,904
    PEPSICO IND DTD 10/26/10 3.125 14,712 14,097

    TY 2010 InvestmentsCorpStockSchedule
    Name:
    W MARSHALL HUGHES JR SCHOLARSHIP FUND
    EIN: 23-6934996
    Name of Stock End of Year Book Value End of Year Fair Market Value
    FMC CORP 9,319 18,295
    AMETEK INC 4,136 20,371
    KORN/FERRY INTERNATIONAL    
    L-3 COMMUNICATIONS HOLDINGS 5,251 8,600
    LINCOLN ELECTRIC HOLDINGS INC    
    TORO CO 8,284 10,910
    COACH INC 3,320 9,292
    ROSS STORES 4,745 13,156
    TUPPERWARE BRANDS CORP 3,428 6,006
    HORMEL FOODS CORP 6,277 10,252
    NOBLE ENERGY INC    
    WR BERKLEY CORP    
    CULLEN/FROST BANKERS INC 10,624 11,674
    STANCORP FINANCIAL GROUP    
    BARD (C.R.) INC    
    COVANCE INC    
    PHARMACEUTICAL PRODUCT DEVEL 5,767 4,614
    TECHNE CORP 5,145 5,254
    VARIAN INC    
    AMPHENOL CORPORATION 5,134 12,773
    BMC SOFTWARE INC 5,192 8,061
    HARRIS CORPORATION 7,654 7,701
    LAM RESEARCH CORP    
    MDU RESOURCES GROUP INC    
    ONEOK INC    
    DANAHER CORP 20,996 59,198
    FEDEX CORPORATION    
    GENERAL ELECTRIC CO 32,556 16,278
    UNITED TECHNOLOGIES CORP 22,269 52,270
    DARDEN RESTAURANTS INC 25,530 47,137
    MCGRAW HILL COS INC 23,287 23,885
    STAPLES INC 14,969 29,510
    PEPSICO INC 38,156 49,455
    CHEVRON CORPORATION 42,605 49,184
    EXXON MOBIL CORPORATION 31,932 42,995
    OCCIDENTAL PETROLEUM CORP    
    AFLAC INC 23,406 27,369
    T ROWE PRICE GROUP INC    
    US BANCORP    
    WELLS FARGO & CO    
    AMGEN INC 40,874 37,661
    JOHNSON & JOHNSON 44,370 46,882
    PFIZER INC 25,907 13,115
    APPLE INC 7,330 42,578
    AUTODESK INC    
    HEWLITT-PACKARD COMPANY 42,638 37,974
    MICROSOFT CORP 35,993 34,022
    ORACLE CORP 16,294 47,232
    TEXAS INSTRUMENTS INC    
    AT&T INC 44,268 48,154
    PPL CORP    
    BROADRIDGE FINL SOL LLC 4,302 8,114
    CON-WAY INC    
    DENTSPLY INTERNATIONAL INC 8,350 9,055
    EATON VANCE CORP 5,800 5,441
    GRACO INC    
    FACTSET RESEARCH SYSTEMS INC 4,209 7,970
    LABORATORY CRP OF AMER HLDGS 14,712 20,661
    MCCORMICK & COMPANY INC    
    NETFLIX INC 1,583 13,178
    PPG INDS INC    
    PHILLIPS-VAN HEUSEN CORP    
    POLYCOM INC    
    QUALCOMM INC 22,225 26,477
    SEI INVESTMENTS COMPANY 7,834 8,327
    SCHLUMBERGER LTD    
    SMUCKER (J.M.) CO    
    SONOCO PRODUCTS CO    
    STRYKER CORP 19,864 29,267
    SUPERIOR ENERGY SERVICES INC    
    UNIT CORP    
    VF CORPORATION 22,865 27,147
    WALGREEN CO 36,321 59,414
    WILMINGTON TRUST CORP    
    ADTRAN INC 3,263 5,432
    AEROPOSTALE INC 5,810 8,254
    ALTERA CORPORATION 19,429 40,205
    BJ'S WHOLESALE CLUB INC 5,715 8,383
    CH ROBINSON WORLDWIDE INC 16,319 24,458
    CAREER EDUCATION CORP    
    CATALYST HEALTH SOLUTIONS INC 6,661 10,693
    COPART INC 4,635 5,789
    CUBIC CORP 5,135 6,130
    ENERGEN CORP    
    FOREST LABORATORIES INC    
    GENERAL MILLS INC 23,254 25,447
    GREIF INC CL A    
    HCC INSURANCE HOLDINGS INC 9,096 9,406
    HUBBELL INC CL B 3,533 6,614
    INTERNATIONAL BUS MACHS CORP 26,128 37,424
    INTUIT INC 16,097 30,073
    LENNOX INTERNATIONAL INC    
    MCCORMICK & COMPANY INC 42,243 53,742
    MCKESSON HBOC INC 27,942 33,782
    NICOR INC    
    PERRIGO CO 3,384 9,500
    WESTERN DIGITAL CORP 1,819 2,543
    ROLLINS INC 2,893 5,036
    SIGMA ALDRICH CORP 25,756 42,931
    STERIS CORP 5,072 6,198
    AMERICAN FNCL GRP INC COM 9,793 11,947
    AVISTA CORP COM 11,522 11,485
    BOB EVANS FARMS COM 6,645 6,592
    CALGON CARBON CORP COM 3,818 3,326
    FEDERATED INESTORS INC CL B 31,931 33,236
    J2 GLOBAL COMM INC COM 7,076 8,396
    MEDICIS PHARM - CL A 6,494 5,760
    MURPHY OIL CORP COM 37,987 49,576
    PANERA BREAD CO CL A 6,609 9,109
    PROGRESSIVE CORP OHIO COM 22,216 22,552
    ROCK TENN CO CL A 6,870 7,014
    WGL HOLDINGS INC 8,528 8,227
    JOHN WILEY & SONS, INC 7,193 7,510
    WISCONSIN ENERGY CORP COM 36,056 35,316
    WORLD FUEL SVCS CORP COM 11,468 14,464

    TY 2010 InvestmentsGovtObligationsSch
    Name:
    W MARSHALL HUGHES JR SCHOLARSHIP FUND
    EIN: 23-6934996
    US Government Securities - End of Year Book Value:

    517,933
    US Government Securities - End of Year Fair Market Value:

    531,122
    State & Local Government Securities - End of Year Book Value:


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


     


    TY 2010 InvestmentsOtherSchedule2
    Name:
    W MARSHALL HUGHES JR SCHOLARSHIP FUND
    EIN: 23-6934996
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    CONESTOGA SMALL CAP FUND AT COST 169,257 200,774
    ARTISAN INTERNATIONAL FUND AT COST 157,801 115,923
    GOLDMAN SACHS STRUC INTL EQUIT AT COST 101,716 109,331
    GOLDMAN SACHS SATELLITE STRAT AT COST 199,683 206,982

    TY 2010 OtherDecreasesSchedule
    Name:
    W MARSHALL HUGHES JR SCHOLARSHIP FUND
    EIN: 23-6934996
    Description Amount
    ROUNDING 10