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
GEORGE W NEILSON FOUNDATION
 

Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 692   Room/suite
City or town, state, and ZIP code
BEMIDJI, MN566190692
A Employer identification number

41-6022186
B Telephone number (see page 10 of the instructions)

(218) 444-4963
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$26,501,485J 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 770 770  
4 Dividends and interest from securities...... 990,108 990,108  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 741,790
b Gross sales price for all assets on line 6a 6,680,843
7 Capital gain net income (from Part IV, line 2)... 741,790
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 5,575 5,575  
12 Total. Add lines 1 through 11........ 1,738,243 1,738,243  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 50,000 0   50,000
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 4,795 0   4,795
c Other professional fees (attach schedule).... Click to see attachment 86,254 77,628   8,626
17 Interest...............        
18 Taxes (attach schedule) (see page 14 of the instructions) Click to see attachment 9,550 5,812   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 31,465 14,751   16,708
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 182,064 98,191   80,129
25 Contributions, gifts, grants paid........ 1,207,632 1,207,632
26 Total expenses and disbursements. Add lines 24 and 25 1,389,696 98,191   1,287,761
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 348,547
b Net investment income (if negative, enter -0-) 1,640,052
c Adjusted net income (if negative, enter -0-)...  
For Privacy Act and Paperwork Reduction Act Notice, see page 30 of the instructions.
Cat. No. 11289X Form 990-PF (2010)
Form 990-PF (2010)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............... -19,337 22,534 22,534
2 Savings and temporary cash investments.......... 954,022 7,786 7,786
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see page 15 of the
instructions)....................      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges...........      
10a Investments—U.S. and state government obligations (attach schedule) 1,268,482 Click to see attachment823,597 818,343
b Investments—corporate stock (attach schedule)........ 13,145,375 Click to see attachment14,479,316 18,854,102
c Investments—corporate bonds (attach schedule)........ 5,873,752 Click to see attachment6,064,502 6,402,411
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 120,722 Click to see attachment293,828 396,309
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) 21,343,016 21,691,563 26,501,485
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable...................    
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22).......... 0 0
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted.................... 21,343,016 21,691,563
25 Temporarily restricted................    
26 Permanently restricted................    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds.........    
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds    
30 Total net assets or fund balances (see page 17 of the
instructions).................... 21,343,016 21,691,563
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 21,343,016 21,691,563
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 21,343,016
2 Enter amount from Part I, line 27a...................... 2 348,547
3 Other increases not included in line 2 (itemize) bullet 3 0
4 Add lines 1, 2, and 3.......................... 4 21,691,563
5 Decreases not included in line 2 (itemize) bullet 5 0
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.. 6 21,691,563
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 SUPERVALU INC P 2009-04-27 2010-10-06
b GENERAL ELECTRIC CO P 2009-03-26 2010-02-03
c MORGAN STANLEY P 2009-06-04 2010-02-03
d GENERAL ELECTRIC CO P 2009-06-16 2010-02-03
e AUTOMATIC DATA PROCESING P 2009-11-05 2010-02-03
GENERAL ELECTRIC CO P 2010-01-06 2010-02-03
MORGAN STANLEY P 2010-01-06 2010-02-03
VENTAS INC P 2009-01-21 2010-02-04
RIO TINTO PLC A D R P 2009-06-16 2010-02-05
SCHWAB CHARLES CORP P 2009-10-21 2010-02-08
WILLIAMS COS INC P 2009-06-16 2010-03-15
PRIMERICA INC P 2010-03-31 2010-04-01
COVIDIEN PLC P 2009-06-08 2010-04-23
BAXTER INTL INC P 2009-06-09 2010-04-23
COVIDIEN PLC P 2009-10-21 2010-04-23
BAXTER INTL INC P 2010-01-06 2010-04-23
COVIDIEN PLC P 2010-01-06 2010-04-23
EXPEDIA INC P 2009-07-27 2010-05-26
TIME WARNER INC P 2009-06-16 2010-05-27
VERIZON COMMUNICATIONS INC P 2009-10-21 2010-05-27
LOCKHEED MARTIN CORP P 2009-08-25 2010-06-08
BP PLC SPONS A D R P 2009-10-21 2010-06-28
VODAFONE GROUP PLC A D R P 2010-05-27 2010-06-29
IESI BFC LTD P 2009-10-21 2010-07-07
HORMEL FOODS CORP P 2009-10-21 2010-07-26
KEYCORP NEW P 2009-10-21 2010-07-31
AUTOMATIC DATA PROCESING P 2009-11-05 2010-07-30
ANALOG DEVICES INC P 2010-01-06 2010-07-30
APPLIED MATLS INC P 2010-01-06 2010-07-30
BOEING CO P 2010-01-06 2010-07-30
BRUNSWICK CORP P 2010-01-06 2010-07-30
D R HORTON INC P 2010-01-06 2010-07-30
ORACLE CORPORATION P 2010-01-06 2010-07-30
PAYCHEX INC P 2010-01-06 2010-07-30
PRUDENTIAL FINANCIAL INC P 2010-01-06 2010-07-30
THOMSON REUTERS CORP P 2010-01-06 2010-07-30
FIFTH THIRD BANCORP P 2010-02-03 2010-07-30
KRAFT FOODS INC CL A P 2010-02-03 2010-07-30
REGIONS FINL CORP P 2010-02-03 2010-07-30
SUNTRUST BKS INC P 2010-02-03 2010-07-30
CENTERPOINT ENERGY INC P 2010-02-05 2010-07-30
PPG INDS INC P 2010-02-11 2010-07-30
FOOT LOCKER INC P 2010-03-12 2010-07-30
GENERAL ELECTRIC CO P 2010-03-15 2010-07-30
REDWOOD TR INC P 2010-03-26 2010-07-30
WEYERHAEUSER CO P 2010-04-23 2010-07-30
OLD REP INTL CORP P 2010-05-06 2010-07-30
NATIONAL RETAIL PROPERTIES INC P 2010-05-24 2010-07-30
ANADARKO PETROLEUM CORP P 2010-05-27 2010-07-30
CHESAPEAKE ENERGY CORP P 2010-05-27 2010-07-30
MATTEL INC P 2010-06-23 2010-07-30
DARDEN RESTAURANTS INC P 2010-06-28 2010-07-30
PENNY JC COMPANY INC P 2010-07-01 2010-07-30
FREEPORT MCMORAN COPPER GOLD P 2010-07-27 2010-07-30
KEYCORP NEW P 2009-10-14 2010-08-23
MANPOWER INC P 2009-10-20 2010-08-23
KEYCORP NEW P 2009-10-21 2010-08-23
ANALOG DEVICES INC P 2010-01-06 2010-08-23
APPLIED MATLS INC P 2010-01-06 2010-08-23
BOEING CO P 2010-01-06 2010-08-23
BRUNSWICK CORP P 2010-01-06 2010-08-23
D R HORTON INC P 2010-01-06 2010-08-23
ORACLE CORPORATION P 2010-01-06 2010-08-23
PAYCHEX INC P 2010-01-06 2010-08-23
QWEST COMMUNICATIONS INTL INC P 2010-01-06 2010-08-23
THOMSON REUTERS CORP P 2010-01-06 2010-08-23
FIFTH THIRD BANCORP P 2010-02-03 2010-08-23
KRAFT FOODS INC CL A P 2010-02-03 2010-08-23
REGIONS FINL CORP P 2010-02-03 2010-08-23
SUNTRUST BKS INC P 2010-02-03 2010-08-23
CENTERPOINT ENERGY INC P 2010-02-05 2010-08-23
PPG INDS INC P 2010-02-11 2010-08-23
FOOT LOCKER INC P 2010-03-12 2010-08-23
GENERAL ELECTRIC CO P 2010-03-15 2010-08-23
REDWOOD TR INC P 2010-03-26 2010-08-23
WEYERHAEUSER CO P 2010-04-23 2010-08-23
OLD REP INTL CORP P 2010-05-06 2010-08-23
TEXTRON INC P 2010-05-21 2010-08-23
NATIONAL RETAIL PROPERTIES INC P 2010-05-24 2010-08-23
TEVA PHARMACEUTICAL INDS LTD P 2010-05-26 2010-08-23
ANADARKO PETROLEUM CORP P 2010-05-27 2010-08-23
CHESAPEAKE ENERGY CORP P 2010-05-27 2010-08-23
MATTEL INC P 2010-06-23 2010-08-23
D R HORTON INC P 2010-06-28 2010-08-23
DARDEN RESTAURANTS INC P 2010-06-28 2010-08-23
PENNY JC COMPANY INC P 2010-07-01 2010-08-23
FREEPORT MCMORAN COOPER GOLD P 2010-07-27 2010-08-23
HUNTSMAN CORP P 2010-07-30 2010-08-23
WEYERHAEUSER CO P 2010-04-23 2010-09-15
ANADARKO PETROLEUM CORP P 2010-05-27 2010-10-01
PENNY JC COMPANY INC P 2010-07-01 2010-10-08
D R HORTON INC P 2009-12-02 2010-10-13
PENNY JC COMPANY INC P 2010-07-01 2010-10-13
REGIONS FINL CORP P 2010-02-03 2010-11-22
CHESAPEAKE ENERGY CORP P 2010-05-27 2010-12-13
PENNY JC COMPANY INC P 2010-07-06 2010-12-13
ATT INC P 2010-01-06 2010-12-28
AMERICAN ELECTRIC POWER CO P 2010-01-06 2010-12-29
DCT INDUSTRIAL TRUST INC P 2010-01-06 2010-12-29
SUPERVALU INC P 2008-11-11 2010-01-06
GENERAL DYNAMICS CORP P 2007-12-20 2010-02-02
GENERAL ELECTRIC CO P 1982-09-09 2010-02-03
GENERAL DYNAMICS CORP P 2003-07-01 2010-02-03
GENERAL ELECTRIC CO P 2006-06-21 2010-02-03
HOME DEPOT INC P 2008-10-22 2010-02-03
GENERAL ELECTRIC CO P 2008-10-28 2010-02-03
VENTAS INC P 2008-12-01 2010-02-03
JP MORGAN CHASE CO P 2009-01-16 2010-02-04
GOLDMAN SACHS GROUP INC P 2008-09-24 2010-02-08
EMERSON ELEC CO P 2007-12-20 2010-02-10
YUM BRANDS INC P 2007-12-20 2010-02-26
CONOCOPHILLIPS P 2007-12-20 2010-03-12
CHEVRON CORPORATION P 2007-12-20 2010-03-12
DU PONT E I DE NEMOURS & CO P 2006-02-03 2010-03-15
UNITED PARCEL SERVICE INC P 2005-09-19 2010-03-15
WILLIAMS COS INC P 2008-10-28 2010-03-15
WESTAR ENERGY INC P 2008-07-31 2010-03-22
EMERSON ELEC CO P 2010-05-21 2009-03-26
HORMEL FOODS CORP P 2009-05-01 2010-05-21
GOLDMAN SACHS GROUP INC P 2005-07-06 2010-05-27
TIME WARNER INC P 2005-08-30 2010-05-27
VERIZON COMMUNICATIONS INC P 2005-11-17 2010-05-27
TIME WARNER INC P 2007-10-09 2010-05-27
GOLDMAN SACHS GROUP INC P 2008-09-24 2010-05-27
TIME WARNER INC P 2009-02-27 2010-05-27
VERIZON COMMUNICATIONS INC P 2009-02-27 2010-05-27
BP PLC SPONS A D R P 2008-10-28 2010-06-11
IESI BFC LTD P 2009-06-04 2010-07-06
HORMEL FOODS CORP P 2009-07-10 2010-07-23
UNITED PARCEL SERVICE INC P 2003-07-01 2010-07-30
PFIZER INC P 2003-11-14 2010-07-30
DU PONT E I DE NEMOURS & CO P 2006-02-03 2010-07-30
MICROSOFT CORP P 2007-06-15 2010-07-30
MAXIM INTEGRATED PRODS INC P 2007-10-09 2010-07-30
3M CO P 2007-10-09 2010-07-30
WINDSTREAM CORP P 2007-10-09 2010-07-30
INTEL CORP P 2007-11-30 2010-07-30
WINDSTREAM CORP P 2007-11-30 2010-07-30
ALTRIA GROUP INC P 2007-12-20 2010-07-30
TEXAS INSTRUMENTS INC P 2007-12-20 2010-07-30
BRISTON MYERS SQUIBB P 2008-02-26 2010-07-30
ANNALY CAP MGMT INC P 2008-03-25 2010-07-30
P N M RESOURCES INC P 2008-06-30 2010-07-30
WESTAR ENERGY INC P 2008-08-01 2010-07-30
AFLAC INC P 2008-10-13 2010-07-30
ABBOTT LABORATORIES P 2008-10-22 2010-07-30
JOHNSON JOHNSON P 2008-10-22 2010-07-30
ATT INC P 2009-03-26 2010-07-30
HOME DEPOT INC P 2009-04-27 2010-07-30
SYSCO CORP P 2009-05-04 2010-07-30
MCKESSON CORPORATION P 2009-05-12 2010-07-30
TOTAL SA ADR P 2009-05-13 2010-07-30
CENTURYLINK INC P 2009-06-04 2010-07-30
COVIDIEN PLC P 2009-06-08 2010-07-30
AMERICAN ELECTRIC POWER CO P 2009-06-16 2010-07-30
BANK OF AMERICA CORP P 2009-06-16 2010-07-30
CHEVRON CORPORATION P 2009-06-16 2010-07-30
CONOCOPHILLIPS P 2009-06-16 2010-07-30
EMERSON ELEC CO P 2009-06-16 2010-07-30
EXXON MOBIL CORP P 2009-06-16 2010-07-30
GENERAL DYNAMICS CORP P 2009-06-16 2010-07-30
GOLDMAN SACHS GROUP INC P 2009-06-16 2010-07-30
JP MORGAN CHASE CO P 2009-06-16 2010-07-30
MCDONALDS CORP P 2009-06-16 2010-07-30
PHILIP MORRIS INTL P 2009-06-16 2010-07-30
PRAXAIR INC P 2009-06-16 2010-07-30
QUALCOMM INC P 2009-06-16 2010-07-30
UNILEVER NV ADR P 2009-06-16 2010-07-30
UNITED TECHNOLOGIES CORP P 2009-06-16 2010-07-30
VENTAS INC P 2009-06-16 2010-07-30
WELLS FARGO CO P 2009-06-16 2010-07-30
YUM BRANDS INC P 2009-06-16 2010-07-30
DCT INDUSTRIAL TRUST INC P 2009-06-23 2010-07-30
MID-AMER APT CMNTYS INC P 2009-06-24 2010-07-30
LIBERTY PPTY TR SBI P 2009-06-26 2010-07-30
CONAGRA FOODS INC P 2009-07-09 2010-07-30
ASTORIA FINL CORP P 2009-07-20 2010-07-30
HASBRO INC P 2009-07-27 2010-07-30
UNITED PARCEL SERVICE INC P 2003-07-01 2010-08-23
PFIZER INC P 2003-11-14 2010-08-23
DU PONT E I DE NEMOURS & CO P 2006-02-03 2010-08-23
EXTERRAN PARTNERS LP P 2007-05-24 2010-08-23
MICROSOFT CORP P 2007-06-15 2010-08-23
MAXIM INTEGRATED PRODS INC P 2007-10-09 2010-08-23
3M CO P 2007-10-09 2010-08-23
EXTERRAN PARTNERS LP P 2007-11-30 2010-08-23
INTEL CORP P 2007-11-30 2010-08-23
WINDSTREAM CORP P 2007-11-30 2010-08-23
ALTRIA GROUP INC P 2007-12-20 2010-08-23
TEXAS INSTRUMENTS INC P 2007-12-20 2010-08-23
WINDSTREAM CORP P 2007-12-20 2010-08-23
BRISTOL MYERS SCUIBB CO P 2008-02-26 2010-08-23
ANNALY CAP MGMT INC P 2008-03-25 2010-08-23
P N M RESOURCES INC P 2008-06-30 2010-08-23
WESTAR ENERGY INC P 2008-08-01 2010-08-23
AFLAC INC P 2008-10-13 2010-08-23
ABBOTT LABORATORIES P 2008-10-22 2010-08-23
JOHNSON JOHNSON P 2008-10-22 2010-08-23
ATT INC P 2009-03-26 2010-08-23
HOME DEPOT INC P 2009-04-27 2010-08-23
SYSCO CORP P 2009-05-04 2010-08-23
MCKESSON CORPORATION P 2009-05-12 2010-08-23
TOTAL SA ADR P 2009-05-13 2010-08-23
UNILEVER NV ADR P 2009-05-14 2010-08-23
BANK OF AMERICA CORP P 2009-05-20 2010-08-23
CENTURYLINK INC P 2009-06-04 2010-08-23
COVIDIEN PLC P 2009-06-08 2010-08-23
AMERICAN ELECTRIC POWER CO P 2009-06-16 2010-08-23
BANK OF AMERICA CORP P 2009-06-16 2010-08-23
CHEVRON CORPORATION P 2009-06-16 2010-08-23
CONOCOPHILLIPS P 2009-06-16 2010-08-23
EMERSON ELEC CO P 2009-06-16 2010-08-23
EXXON MOBIL CORP P 2009-06-16 2010-08-23
GENERAL DYNAMICS CORP P 2009-06-16 2010-08-23
GOLDMAN SACHS GROUP INC P 2009-06-16 2010-08-23
HUBBELL INC CL B P 2009-06-16 2010-08-23
JP MORGAN CHASE CO P 2009-06-16 2010-08-23
MCDONALDS CORP P 2009-06-16 2010-08-23
MOLEX INC CL A P 2009-06-16 2010-08-23
PHILIP MORRIS INTL P 2009-06-16 2010-08-23
PRAXAIR INC P 2009-06-16 2010-08-23
QUALCOMM INC P 2009-06-16 2010-08-23
UNILEVER NV ADR P 2009-06-16 2010-08-23
UNITED TECHNOLOGIES CORP P 2009-06-16 2010-08-23
VENTAS INC P 2009-06-16 2010-08-23
WELLS FARGO CO P 2009-06-16 2010-08-23
YUM BRANDS INC P 2009-06-16 2010-08-23
DCT INDUSTRIAL TRUST INC P 2009-06-23 2010-08-23
MID-AMER APT CMNTYS INC P 2009-06-24 2010-08-23
LIBERTY PPTY TR SBI P 2009-06-26 2010-08-23
CONAGRA FOODS INC P 2009-07-09 2010-08-23
ENBRIDGE ENERGY PARTNERS LP P 2009-07-13 2010-08-23
ASTORIA FINL CORP P 2009-07-20 2010-08-23
HASBRO INC P 2009-07-27 2010-08-23
AUTOMATIC DATA PROCESING P 2009-08-20 2010-08-23
PRUDENTIAL FINANCIAL INC P 2009-08-21 2010-08-23
MCDONALDS CORP P 2003-07-01 2010-09-29
YUM BRANDS INC P 2007-04-18 2010-09-29
MCDONALDS CORP P 2009-04-27 2010-09-29
YUM BRANDS INC P 2009-04-27 2010-09-29
BRISTOL MYERS SCUIBB CO P 2008-02-26 2010-11-12
REGIONS FINL CORP P 2009-10-14 2010-11-22
WELLS FARGO CO P 2009-10-21 2010-11-22
REGIONS FINL CORP P 2009-11-05 2010-11-22
HASBRO INC P 2009-10-21 2010-12-13
ATT INC P 2005-11-14 2010-12-28
QWEST COMMUNICATIONS INTL INC P 2009-12-22 2010-12-28
AMERICAN ELECTRIC POWER CO P 2009-04-01 2010-12-29
DCT INDUSTRIAL TRUST INC P 2009-06-25 2010-12-29
AMERICAN ELECTRIC POWER CO P 2009-10-21 2010-12-29
DCT INDUSTRIAL TRUST INC P 2009-10-21 2010-12-29
US TREASURY NT P 2010-03-31 2010-06-14
GENERAL DYNAMICS CORP P 2009-12-09 2010-08-10
US TREASURY NT P 2010-06-14 2010-10-20
US TREASURY NT P 2008-01-28 2010-02-08
FHLB DEB P 2008-09-15 2010-04-29
COCA COLA ENTRPRS P 2003-10-07 2010-09-15
FNMA MTN P 2008-06-23 2010-12-09
FHLB DEB P 2008-09-15 2010-12-17
EXPEDIA INC P 2010-02-17 2010-04-26
GOLDMAN SACHS GROUP INC P 2009-04-27 2010-05-27
GOLDMAN SACHS GROUP INC P 2009-03-26 2010-05-27
FIDELITY ADV DIVERSIFIED INTL P   2010-12-06
LT CAPITAL LOSS FROM K-1 P   2010-12-31
GAIN ADJUSTMENT FROM K-1 P   2010-12-31
LOSS ADJUSTMENT FROM K-1 P   2010-12-31
GAIN ADJUSTMENT FROM K-1 P   2010-12-31
MORGAN STANLEY P   2010-06-15
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 20,312   25,276 -4,964
b 17,834   11,642 6,192
c 58,978   66,351 -7,373
d 88,535   64,590 23,945
e 31,057   32,071 -1,014
4,000   3,737 263
1,143   1,311 -168
7,552   7,555 -3
120,229   123,568 -3,339
17,792   17,309 483
20,773   13,986 6,787
2,669   2,100 569
22,386   16,338 6,048
138,885   132,364 6,521
7,332   6,585 747
2,636   3,079 -443
4,546   4,444 102
65,709   69,086 -3,377
4,714   4,298 416
6,989   7,692 -703
161,399   155,666 5,733
45,740   84,300 -38,560
145,020   135,929 9,091
6,406   4,611 1,795
8,119   6,998 1,121
851   690 161
1,153   1,177 -24
1,862   1,999 -137
1,534   1,876 -342
1,419   1,221 198
1,030   843 187
1,071   1,167 -96
1,500   1,576 -76
596   709 -113
1,422   1,315 107
1,113   990 123
1,093   1,044 49
2,124   2,103 21
1,182   1,043 139
1,156   1,050 106
1,256   1,237 19
1,585   1,377 208
1,729   1,886 -157
3,391   3,656 -265
728   709 19
614   2,009 -1,395
1,536   1,707 -171
710   674 36
1,532   1,706 -174
335   353 -18
984   1,036 -52
1,832   1,756 76
1,481   1,302 179
853   839 14
23   20 3
881   1,250 -369
572   507 65
1,423   1,523 -100
1,104   1,446 -342
1,017   930 87
668   639 29
450   525 -75
1,121   1,206 -85
431   524 -93
1,687   1,379 308
803   759 44
780   804 -24
1,632   1,613 19
854   800 54
825   794 31
987   945 42
1,107   1,018 89
1,218   1,451 -233
2,451   2,815 -364
516   543 -27
462   1,534 -1,072
1,184   1,308 -124
977   1,140 -163
570   521 49
505   543 -38
1,144   1,321 -177
247   265 -18
775   793 -18
320   336 -16
1,410   1,357 53
969   982 -13
640   629 11
766   919 -153
3   10 -7
30,830   29,767 1,063
54,019   34,344 19,675
116,271   109,537 6,734
80,137   50,942 29,195
25,941   31,305 -5,364
39,085   37,653 1,432
82,294   52,998 29,296
4,565   4,347 218
1,375   1,317 58
691   688 3
135,729   134,391 1,338
52,119   48,388 3,731
85,499   8,087 77,412
39,279   20,654 18,625
10,949   22,152 -11,203
55,528   38,274 17,254
6,349   6,785 -436
104,026   54,174 49,852
21,634   12,468 9,166
32,313   25,953 6,360
136,711   104,832 31,879
73,461   70,241 3,220
75,280   99,256 -23,976
79,836   86,860 -7,024
185,770   219,950 -34,180
104,894   112,722 -7,828
73,763   60,285 13,478
40,050   39,547 503
115,337   67,697 47,640
63,697   49,580 14,117
4,296   3,118 1,178
34,623   42,216 -7,593
66,231   71,438 -5,207
22,568   26,941 -4,373
23,771   20,182 3,589
7,411   4,543 2,868
24,625   26,642 -2,017
79,924   105,551 -25,627
123,413   61,585 61,828
87,192   66,580 20,612
1,355   1,347 8
2,119   4,871 -2,752
1,659   1,600 59
3,512   4,221 -709
1,688   2,858 -1,170
2,384   2,667 -283
668   821 -153
2,494   3,133 -639
1,064   1,203 -139
1,431   1,531 -100
1,551   2,093 -542
2,923   2,768 155
1,494   1,472 22
1,424   1,452 -28
2,426   2,248 178
1,667   1,410 257
2,396   2,672 -276
2,196   2,343 -147
1,967   1,978 -11
1,905   1,763 142
1,969   1,478 491
683   445 238
2,217   2,451 -234
1,845   1,671 174
1,445   1,391 54
648   497 151
2,788   2,607 181
3,914   3,698 216
3,196   2,554 642
1,380   956 424
3,764   4,592 -828
1,220   1,162 58
1,362   1,312 50
2,699   2,289 410
2,837   2,360 477
1,930   1,633 297
1,475   1,240 235
1,704   1,996 -292
2,172   1,817 355
2,341   1,814 527
802   463 339
1,350   1,227 123
2,291   1,932 359
300   261 39
1,011   614 397
729   528 201
1,098   887 211
1,402   930 472
2,303   1,439 864
1,047   1,026 21
1,742   3,739 -1,997
1,252   1,210 42
477   680 -203
2,579   3,242 -663
1,234   2,187 -953
1,796   2,096 -300
477   695 -218
1,734   2,408 -674
475   550 -75
1,134   1,178 -44
1,172   1,594 -422
818   941 -123
2,402   2,135 267
1,171   1,129 42
1,068   1,116 -48
1,827   1,719 108
1,207   1,078 129
1,898   2,072 -174
1,709   1,788 -79
1,564   1,535 29
1,453   1,348 105
1,408   1,131 277
553   364 189
1,643   1,894 -251
615   552 63
1,733   1,605 128
1,439   1,285 154
1,157   1,070 87
492   387 105
246   249 -3
2,940   2,774 166
2,371   1,938 433
996   717 279
2,923   3,572 -649
893   872 21
1,031   1,020 11
766   583 183
1,927   1,777 150
2,289   1,785 504
789   765 24
1,501   1,246 255
1,142   948 194
1,310   1,508 -198
909   835 74
1,759   1,430 329
606   348 258
922   952 -30
1,819   1,484 335
215   197 18
711   444 267
509   391 118
773   680 93
220   157 63
969   711 258
1,786   1,099 687
861   829 32
996   946 50
17,676   5,214 12,462
10,275   6,779 3,496
71,073   40,660 30,413
12,266   9,130 3,136
163,733   143,028 20,705
33,243   38,604 -5,361
2,564   2,872 -308
32,790   29,654 3,136
57,208   31,317 25,891
235,555   180,516 55,039
253,033   134,828 118,205
67,677   45,925 21,752
34,448   26,437 8,011
2,171   1,880 291
1,114   1,104 10
310,799   301,596 9,203
126,462   127,101 -639
429,094   406,746 22,348
136,920   134,846 2,074
127,546   127,686 -140
100,000   99,640 360
432,866   372,773 60,093
175,000   178,760 -3,760
85,997   76,543 9,454
5,585   4,806 779
8,735   6,879 1,856
1,336     1,336
    20 -20
30     30
    1,928 -1,928
559     559
100,000   100,000 0
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       -4,964
b       6,192
c       -7,373
d       23,945
e       -1,014
      263
      -168
      -3
      -3,339
      483
      6,787
      569
      6,048
      6,521
      747
      -443
      102
      -3,377
      416
      -703
      5,733
      -38,560
      9,091
      1,795
      1,121
      161
      -24
      -137
      -342
      198
      187
      -96
      -76
      -113
      107
      123
      49
      21
      139
      106
      19
      208
      -157
      -265
      19
      -1,395
      -171
      36
      -174
      -18
      -52
      76
      179
      14
      3
      -369
      65
      -100
      -342
      87
      29
      -75
      -85
      -93
      308
      44
      -24
      19
      54
      31
      42
      89
      -233
      -364
      -27
      -1,072
      -124
      -163
      49
      -38
      -177
      -18
      -18
      -16
      53
      -13
      11
      -153
      -7
      1,063
      19,675
      6,734
      29,195
      -5,364
      1,432
      29,296
      218
      58
      3
      1,338
      3,731
      77,412
      18,625
      -11,203
      17,254
      -436
      49,852
      9,166
      6,360
      31,879
      3,220
      -23,976
      -7,024
      -34,180
      -7,828
      13,478
      503
      47,640
      14,117
      1,178
      -7,593
      -5,207
      -4,373
      3,589
      2,868
      -2,017
      -25,627
      61,828
      20,612
      8
      -2,752
      59
      -709
      -1,170
      -283
      -153
      -639
      -139
      -100
      -542
      155
      22
      -28
      178
      257
      -276
      -147
      -11
      142
      491
      238
      -234
      174
      54
      151
      181
      216
      642
      424
      -828
      58
      50
      410
      477
      297
      235
      -292
      355
      527
      339
      123
      359
      39
      397
      201
      211
      472
      864
      21
      -1,997
      42
      -203
      -663
      -953
      -300
      -218
      -674
      -75
      -44
      -422
      -123
      267
      42
      -48
      108
      129
      -174
      -79
      29
      105
      277
      189
      -251
      63
      128
      154
      87
      105
      -3
      166
      433
      279
      -649
      21
      11
      183
      150
      504
      24
      255
      194
      -198
      74
      329
      258
      -30
      335
      18
      267
      118
      93
      63
      258
      687
      32
      50
      12,462
      3,496
      30,413
      3,136
      20,705
      -5,361
      -308
      3,136
      25,891
      55,039
      118,205
      21,752
      8,011
      291
      10
      9,203
      -639
      22,348
      2,074
      -140
      360
      60,093
      -3,760
      9,454
      779
      1,856
      1,336
      -20
      30
      -1,928
      559
      0
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 2 741,790
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 1,254,916 22,171,968 0.056599
2008 1,273,011 25,427,835 0.050064
2007 1,414,167 29,195,585 0.048438
2006 1,246,434 26,634,990 0.046797
2005 1,198,389 25,213,075 0.047530
2 Total of line 1, column (d) ...................... 2 0.249428
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 0.049886
4 Enter the net value of noncharitable-use assets for 2010 from Part X, line 5..... 4 24,488,659
5 Multiply line 4 by line 3....................... 5 1,221,641
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 16,401
7 Add lines 5 and 6......................... 7 1,238,042
8 Enter qualifying distributions from Part XII, line 4.............. 8 1,287,761
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 16,401
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 16,401
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 16,401
6 Credits/Payments:
a 2010 estimated tax payments and 2009 overpayment credited to 2010 6a 8,500
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868) 6c  
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 8,500
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8 42
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 7,943
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2011 estimated taxBullet   Refunded Bullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of
the instructions for definition)?.............................
1b
 
No
If the answer is “Yes” to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If “Yes,” attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If “Yes,” attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If “Yes,” has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If “Yes,” attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If “Yes,” complete Part II, col. (c), and Part XV.
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see page 19 of the
    instructions)bulletMN
    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 addressbulletWWW.GWNF.ORG
    14
    The books are in care ofbulletMILLER MCDONALD INC Telephone no.bullet (218) 751-6300
    Located atbullet513 BELTRAMI AVENUEBEMIDJIMN ZIP+4bullet56601
    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
     
     
    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
    MARCUS WIECHMANN TRUSTEE
    0.25     		10,000 0 0
    8944 N GRACE LAKE RD SE
    BEMIDJI,MN56601
    SUZANNE LIAPIS TRUSTEE
    0.25     		10,000 0 0
    1122 MINNESOTA AVE NW
    BEMIDJI,MN56601
    LOWELL GILLETT TRUSTEE
    0.25     		10,000 0 0
    3005 SILVER BIRCH CT
    BEMIDJI,MN56601
    PAUL WELLE TRUSTEE
    0.25     		10,000 0 0
    3121 BIRCHMONT DR
    BEMIDJI,MN56601
    JAMES NAYLOR TRUSTEE
    0.25     		10,000 0 0
    4925 OAKDALE LANE NW
    BEMIDJI,MN56601
    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...........................bullet0
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see page 24 of the instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    24,734,353
    b
    Average of monthly cash balances.......................
    1b
    127,230
    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
    24,861,583
    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
    24,861,583
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) ............................
    4
    372,924
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    24,488,659
    6
    Minimum investment return. Enter 5% of line 5...................
    6
    1,224,433
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    1,224,433
    2a
    Tax on investment income for 2010 from Part VI, line 5......
    2a
    16,401
    b
    Income tax for 2010. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    16,401
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    1,208,032
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4.............................
    5
    1,208,032
    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
    1,208,032
    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
    1,287,761
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes................................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    1,287,761
    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
    16,401
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4...............
    6
    1,271,360
    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 1,208,032
    2 Undistributed income, if any, as of the end of 2010:
    a Enter amount for 2009 only....... 1,082,811
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2010:
    a From 2005.......  
    b From 2006.......  
    c From 2007.......  
    d From 2008.......  
    e From 2009.......  
    fTotal of lines 3a through e......... 0
    4Qualifying distributions for 2010 from Part
    XII, line 4: bullet$ 1,287,761
    a Applied to 2009, but not more than line 2a 1,082,811
    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..... 204,950
    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 ..........     		1,003,082
    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....  
    b Excess from 2007....  
    c Excess from 2008....  
    d Excess from 2009....  
    e Excess from 2010....  
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 9
    Part XIV
    Private Operating Foundations (see page 27 of the instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2010, enter the date of the ruling.......bullet
     
    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:
    SUZANNE LIAPIS
    PO BOX 692
    BEMIDJI,MN56619
    (218) 444-4963
    bThe form in which applications should be submitted and information and materials they should include:
    GENERAL OUTLINE OF PROPOSAL
    cAny submission deadlines:
    NONE
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    QUALIFIED CHARITABLE ORGANIZATIONS
    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
    ACADEMY OF LIFELONG LEARNING
    1500 BIRCHMONT DR NE
    BEMIDJI,MN56601     		NONE PUBLIC CHARITY PROGRAM EXPANSION 2,000
    BELTRAMI COUNTY DWI COURT
    600 MINNESOTA AVE NW
    BEMIDJI,MN56601     		NONE PUBLIC CHARITY PROGRAM EXPANSION 10,000
    ADULT DAY SERVICES INC
    620 CARR LAKE RD SE
    BEMIDJI,MN56601     		NONE PUBLIC CHARITY 13 PASSENGER VEHICLE MATCH 7,500
    BEMIDJI DOWNTOWN DEVELOPMENT AUTHORITY
    PO BOX 235
    BEMIDJI,MN56619     		NONE PUBLIC CHARITY WAYFINDING SIGN 10,000
    BEMIDJI AREA PREVENTION COLLABORATIVE
    201 3RD ST
    BEMIDJI,MN56619     		NONE PUBLIC CHARITY DRUG/ALCOHOL PREVENTION PROGRAM 172,000
    BEMIDJI POLICE DEPARTMENT
    613 MINNESOTA AVE NW
    BEMIDJI,MN56601     		NONE PUBLIC CHARITY VIDEO RECORDING EQUIPMENT 1,703
    BEMIDJI COMMUNITY FOOD SHELF
    310 4TH ST
    BEMIDJI,MN56601     		NONE PUBLIC CHARITY EQUIPMENT RENT/SUPPLIES 2,950
    BEMIDJI MIDDLE SCHOOL
    3300 GILLETT DR NW
    BEMIDJI,MN56601     		NONE PUBLIC SCHOOL DEEP PORTAGE 1,000
    BEMIDJI MIDDLE SCHOOL
    3300 GILLETT DR NW
    BEMIDJI,MN56601     		NONE PUBLIC SCHOOL CULTURAL AWARENESS 6,470
    BEMIDJI SYMPHONY
    PO BOX 3136
    BEMIDJI,MN56619     		NONE PUBLIC CHARITY THE DEFIANT REQUIEM 20,000
    BEMIDJI STATE UNIVERSITY FOUNDATION
    1500 BIRCHMONT DR NE
    BEMIDJI,MN56601     		NONE PUBLIC CHARITY FUND 25 SCHOLARSHIPS 25,000
    BEMIDJI YOUTH HOCKEY
    PO BOX 1141
    BEMIDJI,MN56619     		NONE PUBLIC CHARITY HOCKEY ARENA 130,000
    BEMIDJI YOUTH LEAGUE BASEBALL
    2221 MIDDLE SCHOOL DR NW
    BEMIDJI,MN56601     		NONE PUBLIC CHARITY FACILITY IMPROVEMENTS 90,000
    BOYS & GIRLS CLUB OF THE BEMIDJI AREA
    1600 MINNESOTA AVE NW
    BEMIDJI,MN56601     		NONE PUBLIC CHARITY PROGRAMMING 100,000
    BOYS & GIRLS CLUB OF THE BEMIDJI AREA
    1600 MINNESOTA AVE NW
    BEMIDJI,MN56601     		NONE PUBLIC CHARITY REPLACE 3 ROOFS 88,000
    CITY OF BEMIDJI
    317 4TH ST NW
    BEMIDJI,MN56601     		NONE PUBLIC CHARITY BEMIDJI EVENTS CENTER 200,000
    FIRST NATIONAL BANK BEMIDJI FOUNDATION
    502 MINNESOTA AVE
    BEMIDJI,MN56601     		NONE PUBLIC CHARITY DONATION 2,500
    HEADWATERS SCHOOL OF MUSIC
    519 MINNESOTA AVE NW
    BEMIDJI,MN56601     		NONE PUBLIC CHARITY BILLY COLLINS POET LAUREATE 10,000
    MISSISSIPPI HEADWATERS AUDUBON SOCIETY
    PO BOX 193
    BEMIDJI,MN56619     		NONE PUBLIC CHARITY CONFERENCE 1,650
    ISD#31
    3300 GILLETT DR NW
    BEMIDJI,MN56601     		NONE PUBLIC SCHOOL ACADEMIC SENIOR AWARDS 2,000
    MERITCARE CLINIC
    1233 34TH ST NW
    BEMIDJI,MN56601     		NONE PUBLIC CHARITY KINDNESS CAMPAIGN 1,500
    JEDC ECON DEV TRAINING PROGRAM
    300 BEMIDJI AVE N
    BEMIDJI,MN56601     		NONE PUBLIC CHARITY EQUIPMENT REPLACEMENT 4,359
    JEDC ECON DEV TRAINING PROGRAM
    300 BEMIDJI AVE N
    BEMIDJI,MN56601     		NONE PUBLIC CHARITY ECON DEV TRAINING PROGRAM 17,500
    MASK & ROSE WOMEN'S THEATER COLLECTIVE
    501 BEMIDJI AVE
    BEMIDJI,MN56601     		NONE PUBLIC CHARITY 2 YEAR TENT RENTAL 1,500
    PAUL BUNYAN PLAYHOUSE
    314 BELTRAMI AVE NW
    BEMIDJI,MN56601     		NONE PUBLIC CHARITY NEW HEATING & COOLING SYSTEM 22,500
    NORTH COUNTRY HEALTH SERVICE
    1300 ANNE ST NW
    BEMIDJI,MN56601     		NONE PUBLIC CHARITY CN HEALING GARDEN 150,000
    SALVATION ARMY
    2445 PRIOR AVENUE
    ROSEVILLE,MN55113     		NONE PUBLIC CHARITY EMERGENCY FUND 2,500
    WELLS ACADEMY
    4885 WINDSOR CT NW
    BEMIDJI,MN56601     		NONE PUBLIC CHARITY PROGRAMMING 25,000
    EVERGREEN HOUSE
    820 BELTRAMI AVE NW
    BEMIDJI,MN56601     		NONE PUBLIC CHARITY BEMIDJI SKATE PARK 100,000
    Total .................................bullet 3a 1,207,632
    bApproved for future payment
    NORTHERN COMMUNITY RADIO
    260 NE 2ND ST
    GRAND RAPIDS,MN55744     		NONE PUBLIC CHARITY BUILDING PLEDGE 150,000
    NORTHWEST INDIAN OIC
    1819 BEMIDJI AVE N 6
    BEMIDJI,MN56601     		NONE PUBLIC CHARITY BUILDING REMODEL 95,000
    BEMIDJI AREA PREVENTION COLLABORATIVE
    201 3RD ST
    BEMIDJI,MN56619     		NONE PUBLIC CHARITY DRUG/ALCOHOL PREVENTION PROGRAM 815,500
    BEMIDJI STATE UNIVERSITY FOUNDATION
    1500 BIRCHMONT DR NE
    BEMIDJI,MN56601     		NONE PUBLIC CHARITY FUND 25 SCHOLARSHIPS 50,000
    CITY OF BEMIDJI
    317 4TH ST NW
    BEMIDJI,MN56601     		NONE PUBLIC CHARITY BEMIDJI EVENTS CENTER 600,000
    BELTRAMI COUNTY HISTORICAL SOCIETY
    130 MINNESOTA AVE SW
    BEMIDJI,MN56601     		NONE PUBLIC CHARITY THE MIDDLE YEARS PROGRAM 50,000
    Total ..................................bullet 3b 1,760,500
    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     14 770  
    4 Dividends and interest from securities....     14 990,108  
    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.....     14 5,575  
    8Gain or (loss) from sales of assets other than inventory     18 741,790  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 0 1,738,243 0
    13Total. Add line 12, columns (b), (d), and (e)...................
    131,738,243
    (See worksheet in line 13 instructions on page 28 to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the organization’s exempt purposes (other than by providing funds for such purposes). (See
    page 28 of the instructions.)
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 12
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section
    Yes
    No
    501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash....................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements............................
    1b(4)
     
    No
    (5) Loans or loan guarantees..............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is “Yes,” complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If “Yes,” complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    SignHere
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer or fiduciary) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    Signature of officer or trustee Date Title
    PaidPreparersUseOnly Preparer's SignatureBullet Date PTIN
    Firm's namebullet



    Firm's addressbullet







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


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2010 AccountingFeesSchedule
    Name:
    GEORGE W NEILSON FOUNDATION
    EIN: 41-6022186
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    MILLER MCDONALD, INC. 4,795 0   4,795

    TY 2010 InvestmentsCorpBondsSchedule
    Name:
    GEORGE W NEILSON FOUNDATION
    EIN: 41-6022186
    Name of Bond End of Year Book Value End of Year Fair Market Value
    WELLS FARGO CORP 5.125% 9/01/12 100,424 105,622
    HOUSEHOLD FIN CORP 4.750% 7/15/13 94,973 105,467
    DU PONT E I DE NEMOURS & CO 5.250 12/15/2016 73,146 83,888
    GENERAL DYNAMICS 5.250% 02/01/2014 202,214 220,222
    GENERAL ELEC CO 5.450% 01/15/2013 178,355 188,195
    UNITED PARCEL 4.500% 01/15/2013 153,678 160,458
    JOHNSON & JOHNSON 5.150 07/15/2018 125,100 142,253
    WELLS FARGO BANK NA 4.750% 02/09/2015 97,479 106,088
    AT&T INC 4.950% 01/15/2013 176,342 187,577
    CATERPILLAR FIN SERV 5.125% 10/12/11 125,862 129,425
    WACHOVIA BANK NA 5.60% 3/15/16 227,071 244,817
    BRANCH BANKING TR 5.625% 9/15/16 101,679 109,173
    DEERE JOHN CAP 5.65% 07/25/11 125,831 128,656
    EMERSON ELEC CO 5.125% 12/01/16 168,085 184,795
    MCGRAW HILL INC 5.90% 11/15/17 100,747 108,240
    BANK NEW YORK INC 5.50% 12/01/17 100,734 107,236
    ORACLE CORP OZARK HLDG INC 5.0% 1/15/11 181,200 175,207
    BELLSOUTH CORP 4.75% 11/15/12 175,250 186,673
    HONEYWELL INTL 4.25% 3/1/13 178,686 187,161
    MBNA CORP 5.0% 6/15/15 120,544 128,589
    CISCO SYS INC 5.5% 2/22/16 126,860 142,639
    IBM CORP 5.700% 09/14/2017 181,931 200,856
    GLAXOSMITHKLINE CAP INC 5.650% 05/15/2018 151,989 171,515
    HELWETT PACKARD CO 2.95 8/15/12 154,901 154,656
    CONOCOPHILLIPS 4.75 10/15/12 156,000 160,634
    EMERSON ELECTRIC 4.5 5/15/13 72,678 75,352
    COLGATE PALMOLIVE CO 4.2 5/15/13 158,379 161,018
    BERKSHIRE HATHAWAY FIN 5.0 8/15/13 107,204 109,152
    DISNEY WALT CO 4.5 12/15/13 128,666 136,516
    PEPSICO INC 3.75 3/1/14 179,520 185,201
    BOEING CO 5.0 3/15/14 154,789 164,547
    SOUTHERN CAL EDISON 4.15 9/15/14 105,943 112,491
    MERCK CO INC 4.0 6/30/15 176,302 187,758
    TARGET CORP 5.375 5/1/17 149,444 168,102
    BERKSHIRE HATH 5.4 5/15/18 103,330 109,706
    ONTARIO PROVINCE OF 1.875 11/19/12 99,901 101,922
    BP CAPITAL MARKETS PLC 3.625 5/8/14 173,171 180,395
    SHELL INTERNATIONAL FIN 3.25 9/22/15 175,684 179,769
    TOTAL CAPITAL SA 3.125 10/2/15 124,749 128,070
    BHP BILLITON FINANCE 5.4 3/29/17 185,271 193,694
    TARGET CORP 3.875 7/15/10 128,494 124,458
    GOLDMAN SACHS GROUP LP 5.45 160,869 160,430
    DU PONT E I DE NEMOURS & CO 3.25 101,027 103,788

    TY 2010 InvestmentsCorpStockSchedule
    Name:
    GEORGE W NEILSON FOUNDATION
    EIN: 41-6022186
    Name of Stock End of Year Book Value End of Year Fair Market Value
    PRAXAIR INC 83,288 174,806
    3M CO 197,729 260,281
    EXXON MOBIL CORP 99,738 496,192
    MCDONALD'S CORP 81,544 246,553
    ALTRIA GROUP INC 91,125 170,641
    ABBOTT LABS 224,337 251,815
    PFIZER INC 490,375 434,598
    BANK OF AMERICA CORP 324,024 285,396
    VERIZON COMMUNICATIONS INC 531,392 533,829
    INTEL CORP 211,209 273,516
    MICROSOFT CORP 194,521 411,784
    TEXAS INSTRUMENTS INC 165,115 220,448
    QUALCOMM INC 154,038 237,206
    FIDELITY ADV DIVERSIFIED INTL CL A 787,169 630,075
    WINDSTREAM CORP 175,000 228,379
    LAUDUS INTL MARKETMASTERS FD 825,083 817,667
    HOME DEPOT INC 148,903 256,289
    MAXIM INTEGRATED PRODS 184,392 248,601
    YUM BRANDS INC 166,381 268,451
    AFLAC INC 145,676 207,550
    ANNALY CAP MGMT INC 149,033 165,455
    BRISTOL-MYERS SQUIBB CO 139,201 169,922
    GENERAL DYNAMICS CORP 86,819 151,216
    GENERAL ELEC CO 392,466 418,201
    JOHNSON & JOHNSON 105,501 252,534
    PHILIP MORRIS INTL INC 117,863 240,558
    PRUDENTIAL FINANCIAL INC 162,276 190,690
    UNITED PARCEL SERVICE INC CL B 133,600 163,378
    VENTAS INC 48,868 91,420
    WESTAR ENERGY INC 215,066 275,250
    ANALOG DEVICES INC 191,772 252,690
    APPLIED MATLS INC 193,370 198,077
    ASTORIA FINL CORP 88,718 158,324
    AUTOMATIC DATA PROCESSING 151,016 171,329
    BOEING CO 115,122 147,031
    BRUNSWICK CORP 72,643 123,797
    CONAGRA FOODS INC 95,390 113,013
    HASBRO INC 123,231 222,312
    HUBBELL INC CL B 83,630 144,973
    J P MORGAN CHASE & CO 191,225 305,679
    KEYCORP NEW 67,053 97,102
    LIBERTY PPTY TR 57,150 79,353
    MANPOWER INC 153,424 179,368
    MCKESSON CORPORATION 48,701 83,963
    MID-AMER APT CMNTYS INC 65,401 119,869
    MOLEX INC 93,012 134,185
    OLD REP INTL CORP 155,878 181,497
    ORACLE CORPORATION 153,658 214,906
    P N M RESOURCES INC 131,694 169,156
    PAYCHEX INC 87,047 88,557
    QWEST COMMUNICATIONS INTL INC 37,335 69,274
    SYSCO CORP 160,310 202,125
    UNITED TECHNOLOGIES CORP 192,261 282,369
    WELLS FARGO CO 130,632 161,241
    COVIDIEN PLC 148,976 191,452
    THOMSON REUTERS CORP 105,012 121,724
    TOTAL SA ADR 266,661 253,923
    UNILEVER NV ADR 203,524 248,123
    PPG INDS INC 145,491 204,458
    REDWOOD TR INC 78,370 77,860
    SUNTRUST BKS INC 110,668 142,533
    TEXTRON INC 156,040 185,267
    VISA INC CLASS A SHRS 95,080 87,975
    WEYERHAEUSER CO 293,073 189,016
    WHIRLPOOL CORP 197,004 218,611
    TEVA PHARMACEUTICAL INDS 91,806 88,934
    ISHARES MSCI EMERGING MKTS 48,840 57,170
    ANADARKO PETROLEUM CORP 114,724 212,182
    CENTERPOINT ENERGY INC 131,364 150,723
    CENTURY LINK INC 177,936 257,398
    CHEVRON CORPORATION 233,062 504,430
    DARDEN RESTAURANTS INC 165,079 220,126
    DU PONT E I DE NEMOURS & CO 149,093 216,928
    EMERSON ELEC CO 83,343 169,452
    FIFTH THIRD BANCORP 112,216 137,258
    FOOT LOCKER INC 198,601 274,484
    FREEPORT MCMORAN COPPER GOLD 89,081 152,995
    GOLDMAN SACHS GROUP INC 106,568 170,010
    HUNTSMAN CORP 123,374 190,723
    INTERNATIONAL GAME TECHNOLOGY 165,552 183,905
    KRAFT FOODS INC CL A 226,726 247,984
    MASTERCARD INC 167,416 163,824
    MATTELL INC 111,891 129,210
    NATIONAL RETAIL PROPERTIES INC 72,951 89,623
    TARGET CORPORATION 217,759 222,120
    CONOCOPHILLIPS 220,630 420,790

    TY 2010 InvestmentsGovtObligationsSch
    Name:
    GEORGE W NEILSON FOUNDATION
    EIN: 41-6022186
    US Government Securities - End of Year Book Value:

    823,597
    US Government Securities - End of Year Fair Market Value:

    818,343
    State & Local Government Securities - End of Year Book Value:


    0
    State & Local Government Securities - End of Year Fair Market Value:


    0


    TY 2010 InvestmentsOtherSchedule2
    Name:
    GEORGE W NEILSON FOUNDATION
    EIN: 41-6022186
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    EXTERRAN PARTNERS LP FMV 75,051 149,959
    ENBRIDGE ENERGY PARTNERS LP FMV 68,777 89,640
    CREDIT SUISSE COMMOD RET FMV 150,000 156,710

    TY 2010 OtherExpensesSchedule
    Name:
    GEORGE W NEILSON FOUNDATION
    EIN: 41-6022186
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ADMINISTRATIVE EXPENSES 9,600 0   9,600
    INSURANCE 4,011 0   4,011
    TELEPHONE 1,097 0   1,097
    OFFICE SUPPLIES 729 0   729
    DUES & SUBSCRIPTIONS 495 0   495
    NONDEDUCTIBLE EXP FROM K-1 6 0   0
    MISCELLANEOUS 776 0   776
    NET ORDINARY LOSS FROM K-1 2,069 2,069   0
    NET ORDINARY LOSS FROM K-1 12,682 12,682   0


    TY 2010 OtherIncomeSchedule2
    Name:
    GEORGE W NEILSON FOUNDATION
    EIN: 41-6022186
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    MISCELLANEOUS INCOME 5,575 5,575 5,575


    TY 2010 OtherProfessionalFeesSchedule
    Name:
    GEORGE W NEILSON FOUNDATION
    EIN: 41-6022186
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT ADVISORY FEES 86,254 77,628   8,626


    TY 2010 TaxesSchedule
    Name:
    GEORGE W NEILSON FOUNDATION
    EIN: 41-6022186
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXCISE TAXES 3,738 0   0
    FOREIGN TAXES 5,812 5,812   0