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
DULANEY FA AND JF CHAR
 

Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 2907 - TRUST TAX DEPT   Room/suite
City or town, state, and ZIP code
WILSON, NC278942907
A Employer identification number

54-6487683
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$4,515,772J 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 30,558 30,558  
4 Dividends and interest from securities...... 95,547 95,547  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 49,165
b Gross sales price for all assets on line 6a 918,116
7 Capital gain net income (from Part IV, line 2)... 49,165
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)....... 346 346  
12 Total. Add lines 1 through 11........ 175,616 175,616  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 50,816 50,816    
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).... 4 4   0
17 Interest...............       0
18 Taxes (attach schedule) (see page 14 of the instructions) 2,464     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)....... 117 117    
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 53,401 50,937 0 0
25 Contributions, gifts, grants paid........ 200,225 200,225
26 Total expenses and disbursements. Add lines 24 and 25 253,626 50,937 0 200,225
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -78,010
b Net investment income (if negative, enter -0-) 124,679
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............... 2,452 111 111
2 Savings and temporary cash investments.......... 167,191 199,896 199,896
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) bullet150,000
Less: allowance for doubtful accounts bullet0 150,000 Click to see attachment150,000 150,000
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)........... 3,298,534 Click to see attachment3,187,448 4,165,765
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) 3,618,177 3,537,455 4,515,772
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable...................    
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)..........   0
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted....................    
25 Temporarily restricted................    
26 Permanently restricted................    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds......... 3,618,177 3,537,455
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).................... 3,618,177 3,537,455
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 3,618,177 3,537,455
Part III Analysis of Changes in Net Assets or Fund Balances
1 Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree
with end-of-year figure reported on prior year’s return)............... 1 3,618,177
2 Enter amount from Part I, line 27a...................... 2 -78,010
3 Other increases not included in line 2 (itemize) bulletClick to see attachment 3 67
4 Add lines 1, 2, and 3.......................... 4 3,540,234
5 Decreases not included in line 2 (itemize) bulletClick to see attachment 5 2,779
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.. 6 3,537,455
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 210. ABB LTD SPONSORED ADR   2008-11-19 2010-04-08
b 205. ABBOTT LABORATORIES   2008-11-19 2010-11-02
c 120. ACUITY BRANDS, INC. COMMON   2009-07-13 2010-01-25
d 310. AMERICAN MEDICAL SYS HLDGS   2010-01-25 2010-04-08
e 90. AMETEK INC COMMON   2009-10-27 2010-01-25
110. AMGEN INCORPORATED   2007-04-12 2010-01-25
.86 AON CORPORATION COMMON   2010-05-19 2010-10-29
190. AON CORPORATION COMMON   2010-05-19 2010-11-02
70. APACHE CORPORATION COMMON   2008-11-19 2010-01-25
240. APPLIED MATERIALS   2008-11-19 2010-01-25
70. ARCELORMITTAL   2010-04-08 2010-11-02
90. ARCELORMITTAL   2009-10-27 2010-11-02
115. ARCHER DANIELS MIDLAND COMPANY   2008-11-19 2010-01-25
100. BOK FINANCIAL CORP COMMON   2010-04-08 2010-11-02
50000. BANK OF AMERICA CORP DTD 11/18/03 4.375%   2005-04-13 2010-12-01
50. BAXTER INTERNATIONAL INCORPORATED   2009-10-27 2010-11-02
50. BECKMAN COULTER INC.   2010-04-08 2010-11-02
180. BERKSHIRE HATHAWAY INC DEL CL B COMMON   2008-11-19 2010-04-08
440. BRIGGS & STRATTON CORP COMMON   2009-10-27 2010-11-02
25. CME GROUP INC COMMON   2009-10-27 2010-01-25
390. CVS CORP COMMON   2008-11-19 2010-01-25
240. CAMPBELL SOUP COMPANY   2009-10-27 2010-11-02
140. CENTRAL EUROPEAN DISTRIBUTION CORP COMMO   2009-10-27 2010-11-02
190. COMCAST CORP NEW CL A   2007-10-31 2010-04-08
240. COMTECH TELECOMMUNICATIONS CORP COMMON   2009-04-27 2010-04-08
120. CONOCOPHILLIPS COM   2006-02-16 2010-11-02
640. CORNING INCORPORATED   2008-11-19 2010-01-25
250. CROWN HOLDINGS INC COMMON   2009-10-27 2010-04-08
300. DENBURY RESOURCES INC COMMON   2009-10-27 2010-01-25
180. DISNEY WALT COMPANY   2008-11-19 2010-01-25
90. DISCOVERY COMMUNICATIONS A COMMON   2009-10-27 2010-04-08
250. DU PONT E I DE NEMOURS & COMPANY   2008-11-19 2010-04-08
160. EXCO RESOURCES INC COMMON   2009-10-27 2010-04-08
250. EDISON INTERNATIONAL   2008-11-19 2010-04-08
270. EMERSON ELECTRIC COMPANY   2008-11-19 2010-04-08
140. ESCO TECHNOLOGIES INC COM   2009-10-27 2010-01-25
150. EXELON CORPORATEION   2009-04-27 2010-04-08
100. EXXON MOBIL CORPORATION   2009-10-27 2010-04-08
70. EXXON MOBIL CORPORATION   2009-10-27 2010-11-02
200. FLIR SYSTEMS INC COMMON   2009-10-27 2010-11-02
150. FTI CONSULTING INC   2009-10-27 2010-11-02
1170.796 FEDERATED MORTGAGE INSTITUTIONAL CLASS FUND #835   2010-01-25 2010-04-08
530. FLOWERS FOOD INC WI     2010-11-02
80. FOSSIL INC COM   2010-01-25 2010-04-08
150. FRANCE TELECOM SPONS ADR COMMON   2009-04-27 2010-01-25
50000. GENERAL DYNAMICS CORP DTD 8/14/03 4.5% 0   2005-09-28 2010-08-15
150. GENERAL ELECTRIC COMPANY   2004-03-16 2010-01-25
400. GRUPO TELEVISA SA DE CV SPONSORED ADR REPSTG ORD PARTN CTF (FREE   2009-10-27 2010-04-08
400. INTEL CORPORATION   2007-04-12 2010-01-25
260. INTESA SANPAOLO   2009-10-27 2010-04-08
180. ISHARES SILVER TRUST   2009-10-27 2010-01-25
540. ISHARES SILVER TRUST   2009-10-27 2010-04-08
130. ISHARES SILVER TRUST   2009-10-27 2010-11-02
290. KROGER COMPANY COMMON   2010-01-25 2010-11-02
378.972 LAZARD EMERGING MKTS PORTFOLIO INST CLAS   2008-12-18 2010-04-08
540. LIBERTY MEDIA INTERACTIVE A COMMON   2010-04-08 2010-11-02
330. LIVE NATION COMMON   2010-04-08 2010-11-02
110. LOCKHEED MARTIN CORP   2010-01-25 2010-11-02
250. MSCI INC A COMMON   2009-07-13 2010-01-25
185. MARATHON OIL CORPORATION COMMON   2008-11-19 2010-01-25
425. MEDTRONIC INC   2006-10-13 2010-11-02
190. MERCK & CO INC   2006-05-31 2010-01-25
110. MERCK & CO INC   2006-05-31 2010-04-08
350. MICROSOFT CORPORATION   2004-03-16 2010-01-25
1230. MITSUBISHI UJF FINANCIAL GROUP INC   2009-04-27 2010-11-02
100. MONSANTO CO COMMON   2008-11-19 2010-04-08
80. MONSANTO CO COMMON   2008-11-19 2010-11-02
190. MTN GROUP LTD ADR   2009-10-27 2010-04-08
170. NASDAQ OMX GROUP COMMON   2009-10-27 2010-04-08
800. NATIONAL BANK OF GREECE ADR   2009-10-27 2010-04-08
190. NATIONAL GRID GROUP-SPON ADR     2010-06-22
550. NEUTRAL TANDEM INC COMMON   2009-10-27 2010-01-25
340. NOKIA CORP   2010-04-08 2010-11-02
180. NORTHERN TRUST GROUP   2010-01-25 2010-11-02
100. NUCOR CORPORATION   2010-04-08 2010-11-02
60. OCEANEERING INTERNATIONAL INC   2010-04-08 2010-11-02
50. LUKOIL COMMON   2009-10-27 2010-01-25
520. ORACLE SYSTEM CORPORATION   2008-11-19 2010-01-25
170. OWENS ILLINOIS INC COM NEW   2010-04-08 2010-11-02
958.955 PIMCO PIMS FOREIGN BOND FUND   2009-10-27 2010-04-08
709.924 PIMCO PIMS FOREIGN BOND FUND   2008-10-06 2010-04-08
250. PATTERSON COMPANIES INC COMMON   2010-01-25 2010-04-08
220. PENSKE AUTOMOTIVE GROUP, INC COMMON   2010-01-25 2010-04-08
90. PEPSICO INCORPORATED   2008-11-25 2010-01-25
230. PETROHAWK ENERGY CORP   2009-10-27 2010-01-25
560. PHASE FORWARD INC COMMON     2010-04-08
70. PROCTOR AND GAMBLE COMPANY   2004-03-16 2010-01-25
105. PROCTOR AND GAMBLE COMPANY   2004-03-16 2010-04-08
50000. PROCTOR & GAMBLE DTD 12/18/08 4.6% 01/15   2009-06-01 2010-06-28
165. QUALCOMM INC COMMON   2007-04-12 2010-11-02
550. ROCHESTER MEDICAL CORP COMMON   2009-04-27 2010-11-02
80. ROVI CORPORATION COMMON   2009-10-27 2010-11-02
200. RUDDICK CORPORATION   2009-04-27 2010-01-25
30. SPDR GOLD TRUST   2008-11-19 2010-01-25
150. SILGAN HOLDINGS INC.   2009-04-27 2010-01-25
155. SMITH INTL INC COMMON   2008-11-19 2010-01-25
130. SNAP ON INC FKA SNAP ON TOOLS   2009-10-27 2010-01-25
70. SOLERA HOLDINGS INC COMMON   2009-10-27 2010-11-02
280. STAPLES INC COMMON   2008-11-19 2010-01-25
130. STAPLES INC COMMON   2008-11-19 2010-04-08
210. STEEL DYNAMICS INC COMMON   2010-01-25 2010-04-08
210. STEEL DYNAMICS INC COMMON   2010-01-25 2010-11-02
80. STERICYCLE INC   2009-10-27 2010-01-25
180. STERLITE IND LTD.   2009-10-27 2010-01-25
160. SUNCOR ENERGY, INC   2010-04-08 2010-11-02
260. SUNCOR ENERGY, INC   2009-07-13 2010-11-02
110. SYBASE INC COMMON   2009-10-27 2010-01-25
330. SYSCO CORPORATION   2008-11-19 2010-01-25
305. SYSCO CORPORATION   2008-11-19 2010-04-08
30. TENARIS S.A.   2010-01-25 2010-11-02
80. TENARIS S.A.   2009-10-27 2010-11-02
130. TEVA PHARMACEUTICAL INDS LTD ADR   2010-01-25 2010-11-02
90. THOMPSON CREEK METALS INC COMMON   2010-01-25 2010-11-02
270. THOMPSON CREEK METALS INC COMMON   2009-10-27 2010-11-02
110. THOR INDS INC COMMON   2010-04-08 2010-11-02
70. TOYOTA MOTOR CORP ADR 2   2009-04-27 2010-04-08
70. THE TRAVELERS COMPANIES INC.   2006-02-16 2010-01-25
400. US BANCORP   2008-11-19 2010-04-08
180. WASHINGTON FEDERAL INC   2010-01-25 2010-11-02
180. WELLPOINT INC   2008-11-19 2010-01-25
285. WELLS FARGO & CO NEW     2010-01-25
240. WESTERN UNION COMPANY COMMON   2009-10-27 2010-01-25
310. ZENITH NATIONAL INSURANCE CORP COMMON   2009-04-27 2010-05-21
140. LAZARD LTD   2009-10-27 2010-11-02
300. MARVELL TECHNOLOGY GROUP LTDORD   2009-10-27 2010-01-25
280. FOSTER WHEELER AG   2010-01-25 2010-04-08
170. NOBLE CORPORATION   2010-01-25 2010-04-08
155. TRANSOCEAN LTD     2010-11-02
. DEMAND NOTE-HENKEL 7.000 DTD 12/1/98 7%     2010-01-07
. DEMAND NOTE-HENKEL 7.000 DTD 12/1/98 7%     2010-02-03
. DEMAND NOTE-HENKEL 7.000 DTD 12/1/98 7%     2010-03-01
. DEMAND NOTE-HENKEL 7.000 DTD 12/1/98 7%     2010-04-05
. DEMAND NOTE-HENKEL 7.000 DTD 12/1/98 7%     2010-05-06
. DEMAND NOTE-HENKEL 7.000 DTD 12/1/98 7%     2010-06-10
. DEMAND NOTE-HENKEL 7.000 DTD 12/1/98 7%     2010-07-19
. DEMAND NOTE-HENKEL 7.000 DTD 12/1/98 7%     2010-08-02
. DEMAND NOTE-HENKEL 7.000 DTD 12/1/98 7%     2010-09-07
. DEMAND NOTE-HENKEL 7.000 DTD 12/1/98 7%     2010-10-06
. DEMAND NOTE-HENKEL 7.000 DTD 12/1/98 7%     2010-11-04
. DEMAND NOTE-HENKEL 7.000 DTD 12/1/98 7%     2010-12-03
(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 4,573   2,117 2,456
b 10,455   11,515 -1,060
c 4,435   3,094 1,341
d 5,708   6,138 -430
e 3,376   3,190 186
6,171   6,340 -169
35   34 1
7,556   7,455 101
7,299   5,229 2,070
3,055   2,129 926
2,363   3,140 -777
3,038   3,215 -177
3,420   2,755 665
4,640   5,243 -603
50,000   49,449 551
2,543   2,740 -197
2,698   3,094 -396
14,295   10,563 3,732
7,726   9,068 -1,342
7,744   7,923 -179
12,944   11,154 1,790
8,705   7,716 989
3,438   4,648 -1,210
3,485   3,977 -492
7,813   8,208 -395
7,059   7,174 -115
11,942   5,530 6,412
6,745   6,621 124
4,413   4,740 -327
5,391   3,692 1,699
3,075   2,619 456
9,666   6,625 3,041
3,074   2,821 253
8,550   8,005 545
13,568   8,748 4,820
4,635   5,769 -1,134
6,687   6,824 -137
6,714   7,499 -785
4,758   5,249 -491
5,592   5,855 -263
5,316   6,246 -930
11,544   11,626 -82
13,494   12,554 940
3,122   2,713 409
3,607   3,235 372
50,000   49,959 41
2,464   4,559 -2,095
8,380   8,094 286
8,152   8,224 -72
5,593   6,734 -1,141
3,022   2,949 73
9,552   8,847 705
3,143   2,130 1,013
6,531   6,325 206
7,367   4,483 2,884
7,943   8,672 -729
3,188   5,092 -1,904
7,849   8,497 -648
7,537   6,297 1,240
5,715   4,619 1,096
15,070   20,744 -5,674
7,484   6,268 1,216
4,061   3,629 432
10,290   8,832 1,458
5,547   6,630 -1,083
6,813   7,177 -364
4,735   5,742 -1,007
2,913   3,017 -104
3,641   3,173 468
2,792   5,921 -3,129
812     812
8,910   12,468 -3,558
3,601   5,191 -1,590
9,066   9,403 -337
3,870   4,716 -846
3,955   3,884 71
2,763   3,159 -396
12,542   8,663 3,879
4,692   6,236 -1,544
9,906   9,906  
7,334   6,943 391
7,660   7,282 378
3,406   3,311 95
5,424   4,810 614
5,702   6,064 -362
7,385   8,264 -879
4,245   3,602 643
6,529   5,403 1,126
54,599   52,540 2,059
7,476   7,026 450
6,137   5,953 184
4,142   2,236 1,906
5,376   5,006 370
3,218   2,180 1,038
7,996   7,607 389
4,740   4,138 602
5,602   4,755 847
3,356   2,312 1,044
6,745   4,460 2,285
3,158   2,071 1,087
3,711   3,446 265
3,177   3,446 -269
4,354   4,270 84
3,040   2,912 128
5,237   5,352 -115
8,510   6,911 1,599
4,504   4,485 19
9,134   7,596 1,538
8,997   7,021 1,976
1,277   1,362 -85
3,406   3,024 382
6,527   7,434 -907
1,107   1,129 -22
3,321   2,899 422
3,521   3,473 48
5,553   5,563 -10
3,391   3,046 345
10,687   9,936 751
2,707   3,465 -758
11,907   5,996 5,911
7,934   7,757 177
4,450   4,505 -55
11,780   6,998 4,782
5,026   5,394 -368
5,727   4,366 1,361
8,204   8,786 -582
6,979   7,163 -184
9,920   10,734 -814
       
       
       
       
       
       
       
       
       
       
       
       
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       2,456
b       -1,060
c       1,341
d       -430
e       186
      -169
      1
      101
      2,070
      926
      -777
      -177
      665
      -603
      551
      -197
      -396
      3,732
      -1,342
      -179
      1,790
      989
      -1,210
      -492
      -395
      -115
      6,412
      124
      -327
      1,699
      456
      3,041
      253
      545
      4,820
      -1,134
      -137
      -785
      -491
      -263
      -930
      -82
      940
      409
      372
      41
      -2,095
      286
      -72
      -1,141
      73
      705
      1,013
      206
      2,884
      -729
      -1,904
      -648
      1,240
      1,096
      -5,674
      1,216
      432
      1,458
      -1,083
      -364
      -1,007
      -104
      468
      -3,129
      812
      -3,558
      -1,590
      -337
      -846
      71
      -396
      3,879
      -1,544
       
      391
      378
      95
      614
      -362
      -879
      643
      1,126
      2,059
      450
      184
      1,906
      370
      1,038
      389
      602
      847
      1,044
      2,285
      1,087
      265
      -269
      84
      128
      -115
      1,599
      19
      1,538
      1,976
      -85
      382
      -907
      -22
      422
      48
      -10
      345
      751
      -758
      5,911
      177
      -55
      4,782
      -368
      1,361
      -582
      -184
      -814
       
       
       
       
       
       
       
       
       
       
       
       
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 49,165
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 212,519 4,020,741 0.052856
2008 234,029 4,289,754 0.054555
2007 228,777 4,745,934 0.048205
2006 233,717 4,665,375 0.050096
2005 193,521 4,748,343 0.040755
2 Total of line 1, column (d) ...................... 2 0.246467
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 0.049293
4 Enter the net value of noncharitable-use assets for 2010 from Part X, line 5..... 4 4,205,849
5 Multiply line 4 by line 3....................... 5 207,321
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 1,247
7 Add lines 5 and 6......................... 7 208,568
8 Enter qualifying distributions from Part XII, line 4.............. 8 200,225
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 2,494
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 2,494
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 2,494
6 Credits/Payments:
a 2010 estimated tax payments and 2009 overpayment credited to 2010 6a 620
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.............. 7 620
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8 2
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 1,876
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)bulletVA
    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 ofbulletBRANCH BANKING AND TRUST Telephone no.bullet (540) 665-4345
    Located atbullet148 S QUEEN STREETMARTINSBURGWV ZIP+4bullet25401
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16
    At any time during calendar year 2010, did the foundation have an interest in or a signature or other authority over
    a bank, securities, or other financial account in a foreign country? .................
    16
     
    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
     
    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
    BRANCH BANKING AND TRUST TRUSTEE
    10     		50,816    
    148 S QUEEN STREET
    MARTINSBURG,WV25401
    2 Compensation of five highest-paid employees (other than those included on line 1—see page 23 of the instructions).
    If none, enter “NONE.”
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 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
     
    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  
    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
    3,973,466
    b
    Average of monthly cash balances.......................
    1b
    146,431
    c
    Fair market value of all other assets (see page 24 of the instructions)............
    1c
    150,000
    d
    Total (add lines 1a, b, and c).........................
    1d
    4,269,897
    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
    4,269,897
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) ............................
    4
    64,048
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    4,205,849
    6
    Minimum investment return. Enter 5% of line 5...................
    6
    210,292
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    210,292
    2a
    Tax on investment income for 2010 from Part VI, line 5......
    2a
    2,494
    b
    Income tax for 2010. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    2,494
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    207,798
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4.............................
    5
    207,798
    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
    207,798
    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
    200,225
    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
    200,225
    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
    200,225
    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 7 207,798
    2 Undistributed income, if any, as of the end of 2010:
    a Enter amount for 2009 only....... 200,224
    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$ 200,225
    a Applied to 2009, but not more than line 2a 200,224
    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..... 1
    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 ..........     		207,797
    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:
    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
    CONGREGATIONAL COMMUNITY ACTION
    PROGRAM OF WINCHESTER
    PO BOX 2112
    WINCHESTER,VA22604     		NONE EXEMPT CHARITABLE 40,045
    BLUE RIDGE AREA FOOD BANK
    ATTN LAWRENCE ZIPPIN CEO
    P O BOX 937
    VERONA,VA24482     		NONE EXEMPT CHARITABLE 40,045
    1ST BAPTIST CHURCH OF WINCHESTER
    ATTN JOHN D BEAVERS TREASURER
    205 WEST PICCADILLY ST
    WINCHESTER,VA22601     		NONE EXEMPT CHARITABLE 40,045
    FREE MEDICAL CLINIC OF WINC
    ATTN VICKI MCCLELLAND EXEC DIR
    301 N CAMERON ST - SUITE 100
    WINCHESTER,VA22601     		NONE EXEMPT CHARITABLE 40,045
    ADULT CARE CENTER OF THE
    NORTHERN SHENANDOAH VALLEY
    115 WOLFE STREET
    WINCHESTER,VA22601     		NONE EXEMPT CHARITABLE 40,045
    Total .................................bullet 3a 200,225
    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 30,558  
    4 Dividends and interest from securities....     14 95,547  
    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 49,165  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: aFIRST DOMINION LIQ     14 346  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   175,616  
    13Total. Add line 12, columns (b), (d), and (e)...................
    13175,616
    (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 InvestmentsOtherSchedule2
    Name:
    DULANEY FA AND JF CHAR
    EIN: 54-6487683
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    BEGINNING BOOK VALUE      
    ABB LTD SPONS ADR AT COST 11,742 26,153
    AT&T INC AT COST 14,441 16,600
    ABBOTT LABORATORIES AT COST 5,498 4,790
    ACTUANT CORP CL A NEW AT COST 3,218 3,726
    ACUITY BRANDS, INC. AT COST 4,640 10,380
    AEROPOSTALE, INC AT COST 6,126 6,652
    AEGON NV ORD AT COST 3,218 3,554
    AGILENT TECHNOLOGIES AT COST 3,507 4,142
    AGRIUM INC AT COST 6,091 13,762
    AMERICAN EXPRESS CO AT COST 4,239 4,291
    AMETEK INC AT COST 14,251 25,904
    AMPHENOL CORP CL A AT COST 12,470 20,055
    ANADARKO PETE CORP AT COST 10,925 17,897
    ANGLO AMERICAN PLC AT COST 2,286 5,744
    ANSYS INC AT COST 5,467 10,414
    APACHE CORP AT COST 2,241 3,577
    APPLIED MATERIALS AT COST 8,959 14,191
    ASTRAZENECA PLC AT COST 7,640 9,700
    ATLAS COPCO AB SPONS AT COST 2,712 6,561
    AVERY DENNISON CORP AT COST 11,463 16,724
    ADR AXA-UAP F/K/A/ AXA SA AT COST 5,446 6,012
    BHP FINANCE USA LTD 5.5% 3/09 AT COST 55,805 55,332
    BAKER HUGHES INC AT COST 3,576 4,574
    BANCO BRADESCO SA AT COST 3,084 2,841
    BANCO SANTANDER CENT HISPANO AT COST 7,825 9,585
    BANK OF AMERICA CORP AT COST 10,716 12,540
    BANK OF AMER 6.65% 2/15/11 AT COST 53,059 50,269
    BARCLAYS PLC - SPONS ADR AT COST 4,043 3,469
    BARRICK GOLD CORP AT COST 6,454 8,509
    BAXTER INTERNATIONAL INC AT COST 10,195 9,618
    BERKSHIRE HATHAWAY 4.85% 2015 AT COST 51,542 54,680
    BERKSHIRE HATHAWAY, INC. COM AT COST 13,055 17,624
    BIO-RAD LABS CLASS A AT COST 6,198 9,347
    BOC HONG KONG HOLDINGS LTD AT COST 4,977 12,249
    BRITTISH AMERICAN TOB COM AT COST 9,776 16,317
    BROADRIDGE FINANCIAL SOLUTIONS AT COST 3,142 4,386
    BRUNKER BIOSCIENCES CORP AT COST 5,976 6,640
    CME GROUP INC AT COST 17,393 19,305
    CNOOC LTD - ADR AT COST 3,493 4,767
    CVS CAREMARK CORP AT COST 5,148 6,259
    CAMPBELL SOUP CO AT COST 7,716 8,340
    CANON INC AT COST 3,338 4,107
    CENOVUS ENERGY INC AT COST 11,620 13,296
    CHEVRON CORP AT COST 13,843 17,338
    CISCO SYSTEMS COM AT COST 12,942 13,150
    COMCAST CORP CL A AT COST 16,956 17,796
    CONOCOPHILLIPS AT COST 15,444 19,409
    CONOCOPHIL AU 5.5% 4/15/13 AT COST 53,147 54,826
    CORNING INC COM AT COST 4,190 9,370
    CROWN HOLDINGS INC AT COST 8,209 10,348
    DBS GROUP HLDGS SPONS ADR AT COST 5,046 9,390
    DESARROLLADORA HOMES SA DE CV AT COST 6,107 7,776
    DIAGEO PLC SPONSORED ADR AT COST 4,606 7,433
    THE WALT DISNEY CO COMMON AT COST 12,204 22,318
    DISCOVER FINANCIAL SVCS COMMON AT COST 16,002 16,492
    DISCOVERY COMMUNICATIONS AT COST 4,365 6,255
    DOLBY LABORATORIES INC CL AT COST 8,248 14,674
    DREAMWORKS ANIMATION SKG INC AT COST 6,238 9,725
    E I DUPONT DE NEMOURS CO AT COST 2,517 4,739
    E ON AG SPONS ADR F/K/A VEBA AT COST 5,157 4,908
    EXCO RESOURCES, INC AT COST 3,174 3,496
    EBAY INC AT COST 9,660 11,410
    EMERSON ELECTRIC CO AT COST 1,782 3,144
    EXXON MOBIL CORP AT COST 9,253 10,237
    FEI COMPANY COMMON AT COST 12,630 15,318
    FED HOME LOAN BK 4.5% 11/15/12 AT COST 50,773 53,563
    FED HOME LOAN BK 5.375%5.2016 AT COST 99,817 114,726
    FED HOME LOAN BK 4% 9/6/12 AT COST 105,762 107,686
    FED HOME LOAN BK 5% 7/15/14 AT COST 102,050 112,084
    FED NAT MTG 5% 4/15/15 AT COST 101,019 113,189
    FED MTG INST CLASS FD #835 AT COST 149,801 151,270
    FISERV COMMON AT COST 11,873 17,568
    FLOWERS FOOD INC AT COST 2,844 3,229
    FOCUS MEDIA HOLDING LTD AT COST 4,727 3,947
    FOMENTO ECONOMICO MEX SA DE CV AT COST 5,374 10,625
    FOSSIL INC COMMON AT COST 5,765 11,982
    FRANCE TEL SPONS ADR AT COST 3,667 3,584
    FUJIFILM HOLDINGS CORP AT COST 5,133 6,878
    GENERAL ELECTRIC CO AT COST 26,333 19,022
    GENERAL ELECTRIC CO 5% 2/1/13 AT COST 49,981 53,449
    GENUINE PARTS CO AT COST 13,288 18,482
    GLAXOSMITHKLINE PLC AT COST 6,229 7,844
    GOLDMAN SACH 5.7% 9/1/12 AT COST 51,942 53,368
    B F GOODRICH COMMON AT COST 5,840 6,165
    GOOGLE INC AT COST 6,176 9,504
    HANOVER INSURANCE GROUP AT COST 8,855 14,016
    HASBRO INC AT COST 8,247 8,964
    HEWLETT PACKARD CO AT COST 10,101 11,367
    HONDA MTR LTD ADR 10 ORD AT COST 5,870 8,295
    HOSPIRA INC AT COST 11,714 11,695
    ICON PLC SPONS ADR AT COST 3,247 2,628
    INDEX LABORATORIES AT COST 9,670 16,613
    IHS INC COMMON AT COST 13,142 25,725
    INTEL COMMON AT COST 14,311 16,824
    INERCONTINENTAL HOTELS AT COST 4,100 4,143
    INTERCONTINENTALEXCHANGE INC AT COST 13,267 15,490
    INTERNATIONAL BUSINESS MACHINE AT COST 8,225 11,741
    INTERNATIONAL PAPER CO COMMON AT COST 12,053 13,075
    INTERVAL LEISURE GROUP AT COST 6,402 15,656
    ISHARES SILVER TRUST AT COST 3,113 5,734
    J P MORGAN CHASE & CO AT COST 14,094 13,574
    JOHNSON & JOHNSON AT COST 10,650 15,463
    KEPPEL CORP LTD SPONS ADR AT COST 8,030 17,850
    KRAFT FOODS INC AT COST 13,974 16,543
    KROGER COMPANY AT COST 8,942 9,168
    LABORATORY CORP OF AMER HLDGS AT COST 10,489 14,946
    LAZARD EMERGING MKTS #638 AT COST 118,262 203,450
    LEUCADIA NATIONAL CORP AT COST 7,762 9,629
    LOWE'S COMPANIES INC AT COST 8,303 8,778
    MARKEL CORPORATION AT COST 8,557 11,344
    MCKESSON CORP AT COST 7,769 14,780
    MEDNAX INC AT COST 5,837 6,729
    MERCK & CO INC AT COST 13,335 15,677
    MERIDIAN BIOSCIENCE INC AT COST 5,654 7,411
    METLIFE INC AT COST 18,671 20,442
    MICROSOFT CORP AT COST 20,480 27,910
    MICROCHIP TECHNOLOGY AT COST 5,523 5,816
    MITSUI & CO LTD AT COST 8,646 11,470
    MONOTYPE IMAGING HLDGS AT COST 3,389 9,324
    MORGAN STANLEY AT COST 3,883 3,537
    NALCO HOLDING CO AT COST 8,878 11,498
    NASDAQ OMX GROUP AT COST 2,800 3,560
    NATIONAL GRID GROUP-SPON ADR AT COST 7,746 8,432
    NESTLE SA ADR AT COST 12,500 22,908
    NISSAN AT COST 3,126 3,622
    NOBLE ENERGY INC AT COST 8,453 12,051
    NOVARTIS A G ADR AT COST 13,273 21,222
    O'REILLY AUTOMOTIVE INC AT COST 6,213 9,063
    OCEANEERING INTERNATIONAL AT COST 5,666 7,363
    LUKOIL COMMON AT COST 3,282 4,512
    ORACLE SYS CORP AT COST 9,746 18,311
    ORIX-SPONSORED ADR AT COST 2,949 4,378
    OSHKOSH TRUCK B CL B AT COST 15,536 18,325
    PIMCO FOREIGN BD FD #103 AT COST 141,877 150,646
    PALL CORP AT COST 12,000 23,303
    PEPSICO INC AT COST 9,886 12,086
    PETROLEO BRASILEIR PREFERENCE AT COST 7,877 10,251
    PFIZER INC AT COST 9,582 9,806
    PIMCO COMMODITY REAL RET FD 45 AT COST 84,400 112,979
    PLEXUS CORP AT COST 8,706 8,973
    PROASSURANCE CORP AT COST 5,067 6,666
    PROGRESS SOFTWARE AT COST 3,078 3,392
    QUEST SOFTWARE INC AT COST 9,373 14,425
    RWE AG AT COST 7,523 7,380
    RAYONIER INC AT COST 4,824 7,353
    REINSURANCE GROUP OF AMERICA AT COST 6,077 11,279
    RIO TINTO PLC ADR AT COST 1,872 2,866
    ROCHE HOLDING LTD ADR AT COST 5,374 6,247
    ROCK-TENN COMPLANY A AT COST 12,593 15,106
    ROPER INDS INC AT COST 7,236 11,465
    ROVI CORP AT COST 6,989 15,503
    KONINLIJKE KPN NV AT COST 5,064 6,007
    SEI INVESTMENTS CO AT COST 4,809 6,423
    SLM CORP AT COST 9,692 10,324
    SPDR GOLD TRUST AT COST 6,540 12,485
    ST JUDE MEDICAL INC AT COST 8,125 8,550
    SANOFI SYNTHELABO SA-ADR AT COST 4,652 5,479
    SCHLUMBERGER LTD AT COST 13,645 22,963
    FINANCIAL SELECT SECTOR SPDR AT COST 15,601 22,809
    SIGMA ALDRICH CORP AT COST 3,827 4,659
    SNAP-ON INC AT COST 2,561 3,961
    SOCIETE GENERALE FRANCE SPONS AT COST 7,098 6,475
    SOLERA HOLDINGS INC AT COST 3,633 5,645
    SOLUTIA INC AT COST 10,877 20,310
    SOUTHWEST AIRLINES AT COST 9,233 8,567
    STAPLES INC AT COST 5,018 7,173
    STATE STREET CORP AT COST 11,888 12,512
    STATOIL ASA ADR AT COST 2,508 3,328
    STERICYCLE INC AT COST 7,397 12,138
    STERLITE IND LTD AT COST 3,227 4,466
    SUNCOR ENERGY, INC AT COST 8,697 9,955
    SWISS REINSURANCE CO ADR AT COST 3,934 4,317
    SYNOPSYS INC AT COST 6,818 8,880
    TECHNE CORP AT COST 5,936 7,224
    TELEDYNE TECHNOLOGIES AT COST 6,304 8,794
    TELEFONICA S A AT COST 9,306 10,947
    TENARIS S A AT COST 3,632 3,918
    TESCO CORP AT COST 3,069 3,811
    THOMPSON CREEK METALS INC AT COST 3,386 3,974
    TOKIO MARINE HOLDINGS INC AT COST 7,574 8,079
    TOTAL S A SPONSORED AT COST 11,491 12,300
    THE TRAVELERS COMPANIES AT COST 9,572 12,256
    TURKCELL ILETISIM AT COST 8,072 11,477
    UNILEVER PLC-SPONSORED ADR AT COST 18,540 26,248
    US TREASURY BD DTD 4.25% 8/13 AT COST 148,805 163,313
    US TREASURY BD DTD 4.25% 8/15 AT COST 50,021 55,364
    VF CORP AT COST 5,086 6,033
    VALE SA SP PREF ADR AT COST 4,907 10,879
    VALSPAR CORP AT COST 7,529 11,034
    VIRGIN MEDIA INC AT COST 9,888 10,351
    VODAFONE GROUP PLC AT COST 14,037 19,830
    VOLVO AKTIEBOLAGET ADR B AT COST 4,206 5,288
    WABTEC CORP AT COST 4,346 5,818
    WACHOVIA CORP 5.25% 8/1/14 AT COST 50,377 53,325
    WAL-MART STORES AT COST 7,951 8,090
    WAL-MART STORES 4.125% 2/11 AT COST 48,585 50,212
    WASTE CONNECTIONS AT COST 6,411 10,324
    WELLPOINT INC AT COST 8,494 14,499
    WELLS FARGO & CO AT COST 4,499 4,649
    WHITTING PETROLEUM CORP AT COST 13,909 23,438
    JOHN WILEY & SONS INC AT COST 7,001 9,500
    WOLVERINE WORLD WIDE INC AT COST 10,322 12,433
    ZURICH FINANCIAL SVC ADR AT COST 3,011 4,677
    SUN LIFE ASSURANCE CO AT COST 50,000 248,162
    HARTFORD LIFE ANN 3.5% AT COST 35,000 85,032
    ARCH CAPITAL GROUP LTD AT COST 7,248 11,447
    CENTRAL EUROPEAN MEDIA AT COST 3,136 2,442
    COVIDIEN PLC AT COST 12,353 14,155
    ENSTAR GROUP LTD AT COST 5,099 7,612
    INVESCO LTD AT COST 4,201 4,571
    XL CAPITAL LTD AT COST 9,039 9,383
    ALLIED WORLD ASSURANCE CO AT COST 9,060 11,887
    TYCO INT'L LTD AT COST 16,334 17,405
    TYCO ELECTRONICS LTD AT COST 20,973 24,780

    TY 2010 OtherDecreasesSchedule
    Name:
    DULANEY FA AND JF CHAR
    EIN: 54-6487683
    Description Amount
    ACCRUED INTEREST CARRYOVER TO 2011 527
    MUTUAL FUND ADJUSTMENT 2,252


    TY 2010 OtherIncreasesSchedule
    Name:
    DULANEY FA AND JF CHAR
    EIN: 54-6487683
    Description Amount
    ACCRUED INTEREST CAYYOVER FOR 2009 TO 2010 67


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    TY 2010 OtherNotesLoansRcvblLongSch
    Name:
    DULANEY FA AND JF CHAR
    EIN: 54-6487683

    Borrower's Name Relationship to Insider Original Amount of Loan Balance Due Date of Note Maturity Date Repayment Terms Interest Rate Security Provided by Borrower Purpose of Loan Description of Lender Consideration Consideration FMV
    WILLIAM M HENKEL DEMAND NOTE   150,000   1998-12   INTEREST PAYMENTS ONLY 7.000 % UNSECURED