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
BISHOP FLEET FOUNDATION
 

Number and street (or P.O. box number if mail is not delivered to street address)1420 FIFTH AVENUE SUITE 3200   Room/suite
City or town, state, and ZIP code
SEATTLE, WA981012349
A Employer identification number

91-6031057
B Telephone number (see page 10 of the instructions)

(425) 453-8282
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$2,262,114J 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 22 14  
4 Dividends and interest from securities...... 63,055 63,055  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 16,105
b Gross sales price for all assets on line 6a 498,799
7 Capital gain net income (from Part IV, line 2)... 16,105
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule).......      
12 Total. Add lines 1 through 11........ 79,182 79,174  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 8,800 2,720   6,080
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 2,500 1,250   1,250
c Other professional fees (attach schedule).... Click to see attachment 15,934 15,934   0
17 Interest...............        
18 Taxes (attach schedule) (see page 14 of the instructions) Click to see attachment 809 656   153
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings....... 86 43   43
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 209 55   90
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 28,338 20,658   7,616
25 Contributions, gifts, grants paid........ 81,334 81,334
26 Total expenses and disbursements. Add lines 24 and 25 109,672 20,658   88,950
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -30,490
b Net investment income (if negative, enter -0-) 58,516
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...............      
2 Savings and temporary cash investments.......... 117,200 67,604 67,604
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) 324,630 Click to see attachment247,794 269,450
b Investments—corporate stock (attach schedule)........ 1,107,276 Click to see attachment1,180,793 1,505,813
c Investments—corporate bonds (attach schedule)........ 358,590 Click to see attachment379,349 417,581
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)...........      
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment0 Click to see attachment1,666 Click to see attachment1,666
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 1,907,696 1,877,206 2,262,114
Liabilities 17 Accounts payable and accrued expenses.......... 306 306
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).......... 306 306
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......... 1,907,390 1,876,900
28 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
29 Retained earnings, accumulated income, endowment, or other funds 0 0
30 Total net assets or fund balances (see page 17 of the
instructions).................... 1,907,390 1,876,900
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 1,907,696 1,877,206
Part III Analysis of Changes in Net Assets or Fund Balances
1 Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree
with end-of-year figure reported on prior year’s return)............... 1 1,907,390
2 Enter amount from Part I, line 27a...................... 2 -30,490
3 Other increases not included in line 2 (itemize) bullet 3 0
4 Add lines 1, 2, and 3.......................... 4 1,876,900
5 Decreases not included in line 2 (itemize) bullet 5 0
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.. 6 1,876,900
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 360 CHESAPEAKE ENERGY CORPORATION P 2009-09-18 2010-03-26
b 60.01 FRONTIER COMMUNICATIONS CORP P 2010-06-02 2010-08-05
c 210 GILEAD SCIENCES INC P 2010-03-26 2010-11-09
d 50 MASTERCARD INC P 2009-11-24 2010-05-27
e 100 TRAVELERS COS INC P 2009-08-05 2010-04-27
555 VANGUARD EMERGING MKTS VIPERS P 2010-06-02 2010-11-24
75 ALBEMARLE CORP P 2006-08-31 2010-09-02
50 AMAZON.COM INC P 2008-05-21 2010-01-22
20 APPLE COMPUTER INC P 2005-09-08 2010-06-02
95 BANK NEW YORK MELLON CORP P 2006-03-16 2010-06-02
130 BOEING CO P 2007-06-01 2010-09-14
105 CVS CORPORATION P 2005-11-02 2010-06-02
140 CVS CORPORATION P 2005-11-02 2010-09-14
120 CISCO SYSTEMS INC P 1996-03-25 2010-06-02
110 COGNIZANT TECH SOLUTIONS P 2006-01-03 2010-03-26
115 COMCAST CORP P 2009-03-26 2010-06-02
305 COMCAST CORP P 2009-03-26 2010-09-02
100 DEERE & CO P 2007-04-04 2010-11-24
40 EOG RES INC P 2006-10-30 2010-09-02
100 EOG RES INC P 2006-10-30 2010-12-14
59.99 FRONTIER COMMUNICATIONS CORP P 2007-11-13 2010-08-05
$25,000 GTE NORTHWEST INC DEB P 2008-08-07 2010-06-01
180 GENERAL ELEC CO P 2009-04-27 2010-06-02
40 GOLDMAN SACHS GROUP INC P 2006-03-16 2010-01-22
15 GOOGLE INC P 2005-06-03 2010-03-26
870 HUDSON CITY BANCORP INC P 2009-09-18 2010-10-12
100 INTEL CORP P 2009-08-05 2010-11-24
45 INTERNATIONAL BUSINESS MACHINES P 2008-05-08 2010-06-02
90 JP MORGAN CHASE & CO P 2008-01-25 2010-01-22
50 JOHNSON & JOHNSON P 2008-12-08 2010-03-15
75 L-3 COMMUNICATIONS HLDGS P 2005-05-03 2010-06-02
125 L-3 COMMUNICATIONS HLDGS P 2005-05-03 2010-07-08
110 MARATHON OIL CORP P 2007-02-08 2010-06-02
135 MARSH & MCLENNAN COS INC P 2008-07-28 2010-06-02
140 MONSANTO CO P 2008-09-24 2010-07-13
200 NORTHERN TRUST CORP P 2008-03-18 2010-05-27
150 RESEARCH IN MOTION P 2008-02-14 2010-08-02
$25,000 SLM CORP MTN P 2004-12-23 2010-01-20
600 STAPLES P 2006-12-05 2010-08-02
190 SYSCO CORP P 1996-01-08 2010-09-14
$25,000 TEXTRON FINL CORP MTN P 2008-04-10 2010-11-01
85 THERMO ELECTRON CORP P 2009-05-19 2010-06-02
150 TRAVELERS COS INC P 2009-03-26 2010-04-27
$20,000 UNITED STATES TREAS NTS P   2010-04-15
$20,000 UNITED STATES TREAS NTS P 2003-04-22 2010-09-10
$25,000 UNITED STATES TREAS NTS P 2004-07-20 2010-09-10
$25,000 UNITED STATES TREAS NTS P 2006-12-05 2010-09-10
390 VANGUARD EMERGING MKTS VIPERS P 2009-08-05 2010-11-24
380 WASTE MANAGEMENT INC P 2008-01-25 2010-03-15
280 XTO ENERGY INC P 2008-07-16 2010-01-22
135 YUM BRANDS INC P 2009-08-05 2010-11-24
420 AMDOCS LTD P 2005-05-03 2010-07-08
70 CONVIDIEN PLC P 2008-05-08 2010-03-26
200 TRANSOCEAN LIMITED P 2009-01-07 2010-04-27
SECURITIES LITIGATION SETTLEMENT - NORTEL P   2010-03-09
SECURITIES LITIGATION SETTLEMENT - HEALTH SOUTH P   2010-07-26
SECURITIES LITIGATION SETTLEMENT - HEALTH SOUTH P   2010-07-26
SECURITIES LITIGATION SETTLEMENT - TYCO P   2010-09-08
SECURITIES LITIGATION SETTLEMENT - AIG P   2010-09-22
SECURITIES LITIGATION SETTLEMENT - CARDINAL HEALTH P   2010-11-19
CAPITAL GAINS DIVIDENDS P    
(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 7,961   10,035 -2,074
b 443   430 13
c 8,082   9,512 -1,430
d 10,407   11,795 -1,388
e 5,151   4,647 504
25,807   21,773 4,034
3,151   2,066 1,085
6,251   3,996 2,255
5,244   1,000 4,244
2,536   3,533 -997
8,207   13,078 -4,871
3,603   2,530 1,073
4,087   3,373 714
2,737   577 2,160
5,587   2,775 2,812
2,072   1,663 409
5,453   4,412 1,041
7,597   5,467 2,130
3,563   2,692 871
9,125   6,731 2,394
443   676 -233
25,000   25,000 0
2,865   2,187 678
6,252   5,990 262
8,400   4,216 4,184
10,375   11,802 -1,427
2,126   1,898 228
5,615   5,530 85
3,572   3,983 -411
3,197   2,926 271
6,101   5,305 796
9,193   8,842 351
3,353   5,006 -1,653
2,872   3,617 -745
7,253   15,694 -8,441
10,280   13,541 -3,261
8,487   14,452 -5,965
22,365   25,082 -2,717
12,437   15,732 -3,295
5,458   1,483 3,975
25,000   25,000 0
4,271   3,053 1,218
7,727   5,978 1,749
20,000   20,000 0
21,467   20,303 1,164
27,461   24,734 2,727
25,956   25,160 796
18,135   12,749 5,386
12,650   13,667 -1,017
12,894   16,005 -3,111
6,795   4,920 1,875
11,688   11,577 111
3,460   3,456 4
17,183   11,045 6,138
72     72
182     182
174     174
11     11
35     35
85     85
845     845
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       -2,074
b       13
c       -1,430
d       -1,388
e       504
      4,034
      1,085
      2,255
      4,244
      -997
      -4,871
      1,073
      714
      2,160
      2,812
      409
      1,041
      2,130
      871
      2,394
      -233
      0
      678
      262
      4,184
      -1,427
      228
      85
      -411
      271
      796
      351
      -1,653
      -745
      -8,441
      -3,261
      -5,965
      -2,717
      -3,295
      3,975
      0
      1,218
      1,749
      0
      1,164
      2,727
      796
      5,386
      -1,017
      -3,111
      1,875
      111
      4
      6,138
      72
      182
      174
      11
      35
      85
      845
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 16,105
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 85,765 1,929,122 0.044458
2008 50,072 2,189,352 0.022871
2007 123,789 2,328,202 0.053169
2006 123,216 2,505,354 0.049181
2005 117,343 2,263,736 0.051836
2 Total of line 1, column (d) ...................... 2 0.221515
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 0.044303
4 Enter the net value of noncharitable-use assets for 2010 from Part X, line 5..... 4 2,105,684
5 Multiply line 4 by line 3....................... 5 93,288
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 585
7 Add lines 5 and 6......................... 7 93,873
8 Enter qualifying distributions from Part XII, line 4.............. 8 88,950
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See
the Part VI instructions on page 18.
Form 990-PF (2010)
Form 990-PF (2010)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)
1a Bulletand enter “N/A” on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 1,170
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2............................ 3 1,170
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-). 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 1,170
6 Credits/Payments:
a 2010 estimated tax payments and 2009 overpayment credited to 2010 6a 1,585
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 1,585
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 415
11 Enter the amount of line 10 to be: Credited to 2011 estimated taxBullet415 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$ 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)bulletWA
    b
    If the answer is “Yes” to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If “No,” attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2010 or the taxable year beginning in 2010 (see instructions for Part XIV on
    page 27)? If “Yes,” complete Part XIV...........................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If “Yes,” attach a schedule listing their names and addresses.
    10
     
    No
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see page 20 of the instructions) .......
    11
     
    No
    12
    Did the foundation acquire a direct or indirect interest in any applicable insurance contract before August 17, 2008?
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A - NONE
    14
    The books are in care ofbulletTHE FOUNDATION Telephone no.bullet (425) 453-8282
    Located atbullet1420 FIFTH AVENUE SUITE 3200SEATTLEWA ZIP+4bullet981012349
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16
    At any time during calendar year 2010, did the foundation have an interest in or a signature or other authority over
    a bank, securities, or other financial account in a foreign country? .................
    16
     
    No
    See page 20 of the instructions for exceptions and filing requirements for Form TD F 90-22.1. If "Yes", enter the name of the foreign country bullet  
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 5
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the “Yes” column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?.........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?.................
    (6) Agree to pay money or property to a government official? (Exception. Check “No”
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).........
    b
    If any answer is “Yes” to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see page 20 of the instructions)?...
    1b
     
    No
    .........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2010?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2010, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2010?...............
    If “Yes,” list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer “No” and attach statement—see page 20 of the instructions.) .........
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business
    enterprise at any time during the year?.....................
    b
    If “Yes,” did it have excess business holdings in 2010 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2010.)....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2010?
    4b
     
    No
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?...............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 509(a)(1), (2), or (3), or section 4940(d)(2)? (see page 22 of the instructions)...
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?........
    b
    If any answer is “Yes” to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see page 22 of the instructions)?
    5b
     
    No
    .........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
    JAMES R CALLAGHAN PRESIDENT & TRUSTEE
    6.00     		5,600 0 0
    1420 FIFTH AVENUE SUITE 3200
    SEATTLE,WA98101
    C LEIGH CALLAGHAN VICE PRESIDENT & TRUSTEE
    0.50     		1,600 0 0
    1420 FIFTH AVENUE SUITE 3200
    SEATTLE,WA98101
    CHRISTIAN W BIRKELAND SECRETARY/TREASURER & TRUSTEE
    0.50     		1,600 0 0
    1420 FIFTH AVENUE SUITE 3200
    SEATTLE,WA98101
    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
    2,055,737
    b
    Average of monthly cash balances.......................
    1b
    80,347
    c
    Fair market value of all other assets (see page 24 of the instructions)............
    1c
    1,666
    d
    Total (add lines 1a, b, and c).........................
    1d
    2,137,750
    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
    2,137,750
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) ............................
    4
    32,066
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    2,105,684
    6
    Minimum investment return. Enter 5% of line 5...................
    6
    105,284
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    105,284
    2a
    Tax on investment income for 2010 from Part VI, line 5......
    2a
    1,170
    b
    Income tax for 2010. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    1,170
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    104,114
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4.............................
    5
    104,114
    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
    104,114
    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
    88,950
    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
    88,950
    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
    88,950
    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 7 104,114
    2 Undistributed income, if any, as of the end of 2010:
    a Enter amount for 2009 only....... 66,434
    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$ 88,950
    a Applied to 2009, but not more than line 2a 66,434
    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..... 22,516
    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 ..........     		81,598
    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:
    JAMES R CALLAGHAN
    1420 FIFTH AVENUE SUITE 3200
    SEATTLE,WA98101
    (425) 453-8282
    bThe form in which applications should be submitted and information and materials they should include:
    SCHOLARSHIP APPLICATION FORM
    cAny submission deadlines:
    MAY 1 FOR GRANTS FOR THE FOLLOWING ACADEMIC YEAR
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    LIMITED TO STUDENTS ENROLLED IN A FOUR-YEAR ACADEMIC PROGRAM LEADING TO A DEGREE. SCHOLARSHIP IS LIMITED TO $2,500 PER STUDENT PER ACADEMIC YEAR.
    aThe name, address, and telephone number of the person to whom applications should be addressed:
    JAMES R CALLAGHAN
    1420 FIFTH AVENUE SUITE 3200
    SEATTLE,WA98101
    (425) 453-8282
    bThe form in which applications should be submitted and information and materials they should include:
    NO PARTICULAR FORM
    cAny submission deadlines:
    NONE
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    NONE
    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
    ALZHEIMER'S ASSOCIATION OF THE NORTHWEST
    100 W HARRISON STREET N 200
    SEATTLE,WA98119     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    ARTHRITIS FOUNDATION WASHINGTON STATE CHAPTER
    3876 BRIDGE WAY N 300
    SEATTLE,WA98103     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    BIG BROTHERS & BIG SISTERS
    1600 S GRAHAM STREET
    SEATTLE,WA98108     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    BOYS AND GIRLS CLUBS OF KING COUNTY
    603 STEWART STREET 300
    SEATTLE,WA98101     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    CHILDREN'S HOME SOCIETY OF WASHINGTON
    PO BOX 15190
    SEATTLE,WA981159959     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    CITY OF MONTESANO
    401 MAIN STREET N
    MONTESANO,WA98563     		NONE GOVERNMENT ENTITY GENERAL SUPPORT 1,000
    COMMUNITY HOMES
    6947 COAL CREEK PARKWAY SE
    RENTON,WA980593135     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    CONSERVATION NW
    1208 BAY STREET 201
    BELLINGHAM,WA98225     		NONE PUBLIC CHARITY LOOMIS FOREST LAND 1,000
    EASTERN WASHINGTON UNIVERSITY
    526 5TH STREET
    CHENEY,WA99004     		NONE PUBLIC CHARITY SCHOLARSHIP GRANT 2,500
    EXPERIMENTAL EDUCATION UNIT
    PO BOX 357925
    SEATTLE,WA98195     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    FORGOTTEN CHILDREN'S FUND
    PO BOX 9936
    SEATTLE,WA98109     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    FRED HUTCHINSON CANCER RESEARCH FOUNDATION
    PO BOX 19024 MAIL STOP 5200
    SEATTLE,WA981091024     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    GONZAGA UNIVERSITY
    502 E BOONE AVENUE
    SPOKANE,WA992580102     		NONE PUBLIC CHARITY SCHOLARSHIP GRANT 2,500
    KCTS TELEVISION
    401 MERCER STREET
    SEATTLE,WA98109     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    KUOW RADIO 949
    4518 UNIVERSITY WAY NE 310
    SEATTLE,WA981054535     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    LIFELONG AIDS ALLIANCE
    1002 E SENECA STREET
    SEATTLE,WA981224214     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    MAKE A WISH FOUNDATION
    811 FIRST AVENUE 520
    SEATTLE,WA98104     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    MASSACHUSETTS INSTITUTE OF TECHNOLOGY
    77 MASSACHUSETTS AVENUE
    CAMBRIDGE,MA021394307     		NONE PUBLIC CHARITY SCHOLARSHIP GRANT 2,500
    MUSEUM OF FLIGHT
    9404 E MARGINAL WAY S
    SEATTLE,WA98108     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    NORTHWEST HARVEST
    PO BOX 12272
    SEATTLE,WA98102     		NONE PUBLIC CHARITY GENERAL SUPPORT 4,000
    NORTHWEST SCHOOL FOR HEARING IMPAIRED CHILDREN
    PO BOX 31325
    SEATTLE,WA98103     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    OREGON STATE UNIVERSITY
    218 KERR ADMINISTRATION BUILDING
    CORVALLIS,OR97331     		NONE PUBLIC CHARITY SCHOLARSHIP GRANT 2,500
    PACIFIC SCIENCE CENTER
    200 SECOND AVENUE N
    SEATTLE,WA980194895     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    PLANNED PARENTHOOD OF SEATTLE-KING COUNTY
    2001 E MADISON
    SEATTLE,WA981221090     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    RECOVERY CAFE
    PO BOX 2441
    SEATTLE,WA98111     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    RONALD MCDONALD HOUSE SEATTLE
    5130 40TH AVENUE NE
    SEATTLE,WA98105     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    RYTHER FOUNDATION
    2400 NE 95TH STREET
    SEATTLE,WA981159959     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    SEATTLE CHILDREN'S HOME
    2142 TENTH AVENUE W
    SEATTLE,WA98119     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    SEATTLE CHILDREN'S HOSPITAL RESEARCH FOUNDATION
    PO BOX 5571 MAIL STOP S200
    SEATTLE,WA981455005     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    SEATTLE PACIFIC UNIVERSITY
    3307 THIRD AVENUE W
    SEATTLE,WA98119     		NONE PUBLIC CHARITY SCHOLARSHIP GRANT 2,500
    SEATTLE UNIVERSITY
    PO BOX 222000
    SEATTLE,WA981221090     		NONE PUBLIC CHARITY SCHOLARSHIP GRANT 7,500
    SOULUMINATION
    5201 11TH AVENUE NW
    SEATTLE,WA98107     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    SWEDISH MEDICAL CENTER FOUNDATION
    747 BROADWAY
    SEATTLE,WA981224307     		NONE PUBLIC CHARITY RIVKIN OVARIAN CANCER 1,000
    SWEDISH VISITNG NURSE SERVICES
    6100 219TH STREET 400
    MONTLAKE TERRACE,WA980432229     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    THE HOPE HEART INSTITUTE
    1380 112TH AVENUE NE
    BELLEVUE,WA98004     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    THE MILLIONAIR CLUB CHARITY INC
    2515 WESTERN AVENUE
    SEATTLE,WA98121     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    THE SALVATION ARMY
    PO BOX 9219
    SEATTLE,WA981090200     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    TREEHOUSE FOR KIDS
    2100 24TH AVENUE S 200
    SEATTLE,WA981444612     		NONE PUBLIC CHARITY GENERAL SUPPORT 2,000
    UNION GOSPEL MISSION
    PO BOX 202
    SEATTLE,WA981110202     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    UNIVERSITY OF PUGET SOUND
    1500 N WARNER STREET
    TACOMA,WA98416     		NONE PUBLIC CHARITY SCHOLARSHIP GRANT 2,500
    VILLAGE COMMUNITY SERVICES
    3210 SMOKEY POINT DRIVE 200
    ARLINGTON,WA982237805     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    VIRGINIA MASON FOUNDATION
    1218 TERRY AVENUE
    SEATTLE,WA98111     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    WASHINGTON STATE UNIVERSITY
    PO BOX 641068
    PULLMAN,WA991641068     		NONE PUBLIC CHARITY SCHOLARSHIP GRANT 2,500
    WENATCHEE VALLEY COLLEGE
    1300 FIFTH STREET
    WENATCHEE,WA98801     		NONE PUBLIC CHARITY SCHOLARSHIP GRANT 834
    WESTERN WASHINGTON UNIVERSITY
    516 HIGH STREET
    BELLINGHAM,WA98225     		NONE PUBLIC CHARITY SCHOLARSHIP GRANT 7,500
    WHITWORTH UNIVERSITY
    300 W HAWTHORNE ROAD
    SPOKANE,WA99251     		NONE PUBLIC CHARITY SCHOLARSHIP GRANT 5,000
    YMCA OF GREATER SEATTLE
    909 FOURTH AVENUE
    SEATTLE,WA981041194     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    YOUTH CARE
    2500 NE 54TH STREET 100
    SEATTLE,WA98105     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    YOUTH VENTURE - SEATTLE
    853 HIAWATHA PLACE S
    SEATTLE,WA98144     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    YWCA SEATTLE EMERGENCY HOUSING
    905 E SPRUCE STREET 100
    SEATTLE,WA98104     		NONE PUBLIC CHARITY GENERAL SUPPORT 1,000
    Total .................................bullet 3a 81,334
    bApproved for future payment
    Total ..................................bullet 3b 0
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 11
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See page 28 of
    the instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3Interest on savings and temporary cash investments     14 22  
    4 Dividends and interest from securities....     14 63,055  
    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 16,105  
    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 79,182 0
    13Total. Add line 12, columns (b), (d), and (e)...................
    1379,182
    (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:
    BISHOP FLEET FOUNDATION
    EIN: 91-6031057
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    TAX RETURN PREPARATION FEES - VON HARTEN & COMPANY INC 2,500 1,250   1,250

    TY 2010 InvestmentsCorpBondsSchedule
    Name:
    BISHOP FLEET FOUNDATION
    EIN: 91-6031057
    Name of Bond End of Year Book Value End of Year Fair Market Value
    ABBOTT LABORATORIES 5.15% 11/30/2012 10,912 10,812
    BECTON DICKINSON & CO 5% 5/15/2019 10,505 10,852
    BELLSOUTH CORP 5.2% 9/15/2014 24,746 27,292
    BOEING CO 6% 3/15/2019 10,984 11,505
    CATERPILLAR INC 7.9% 12/15/2018 25,217 32,177
    CISCO SYSTEMS INC 5.5% 2/22/2016 25,654 28,528
    COCA COLA CO 5.35% 11/15/2017 11,115 11,314
    CONOCOPHILLIPS 5.2% 5/15/2018 19,642 22,123
    DEERE JOHN CAP CORP 5.35% 4/3/2018 24,838 27,623
    DISNEY WALT COMPANY 4.7% 12/1/2012 10,621 10,720
    E I DU PONT 4.875% 4/30/2014 19,854 21,781
    ECOLAB INC 4.875% 2/15/2015 24,882 27,273
    EMERSON ELEC CO 4.5% 5/1/2013 24,222 26,911
    GOLDMAN SACHS GROUP INC 3.25% 6/15/2012 10,303 10,381
    GOLDMAN SACHS GROUP INC 5.625% 1/15/2017 24,415 26,436
    IBM CORP 4.75% 11/29/2012 10,834 10,736
    MCDONALDS CORP 5% 2/1/2019 10,948 10,936
    METLIFE INC 5% 6/15/2015 23,724 27,075
    PEPSICO INC 7.9% 11/1/2018 26,281 32,165
    PRAXAIR INC 5.25% 11/15/2014 15,460 16,725
    WELLS FARGO & CO 3% 12/9/2011 10,217 10,241
    ACCRUED INTEREST - CORPORATE BONDS 3,975 3,975

    TY 2010 InvestmentsCorpStockSchedule
    Name:
    BISHOP FLEET FOUNDATION
    EIN: 91-6031057
    Name of Stock End of Year Book Value End of Year Fair Market Value
    ALBEMARLE CORP 6,197 12,550
    AMAZON.COM INC 5,595 12,600
    AMERICAN TOWER CORP 9,919 13,943
    ANHEUSER-BUSCH INBEV ADR 10,559 9,705
    APPLE INC 4,000 25,805
    AVON PRODUCTS INC 12,460 11,421
    BAKER HUGHES INC 17,556 18,866
    BANK OF AMERICA CORP 9,175 8,938
    BANK NEW YORK MELLON CORP 12,235 9,936
    BARCLAYS DJ-UBS COMMODITY INDEX 43,751 58,944
    BECTON DICKINSON CO 16,296 16,904
    BLACKROCK INC 10,523 11,816
    BOEING CO 13,464 11,094
    CARMAX INC 9,115 14,537
    CHEVRON CORP 11,512 18,250
    CISCO SYS INC 2,738 11,531
    COGNIZANT TECH SOLUTIONS CORP 8,327 24,186
    COSTCO WHOLESALE CORP 4,120 15,886
    COVIDIEN PLC 11,350 10,502
    CVS CAREMARK CORP 7,349 10,605
    DEERE & COMPANY 8,280 14,118
    ECOLAB INC 4,449 14,622
    EDISON INTL 8,723 7,720
    EMC CORP 8,238 8,450
    EMERSON ELECTRIC CO 9,836 13,149
    EXXON MOBIL CORP 12,330 14,624
    FIDELITY NATIONAL INFORMATION SERVICES INC 8,313 9,313
    FIRSTENERGY CORP 10,731 7,404
    FRESENIUS MEDICAL CARE AG & CO 11,598 12,403
    GENERAL ELECTRIC CO 8,016 12,071
    GENERAL MILLS INC 10,494 14,236
    GOLDMAN SACHS GROUP INC 7,640 10,090
    GOOGLE INC 7,026 14,849
    HEWLETT-PACKARD CO 11,038 9,262
    HOME DEPOT INC 12,072 12,972
    INTEL CORP 9,650 10,200
    INTL BUSINESS MACH 8,002 11,007
    ISHARES MSCI PACIFIC EX JAPAN INDEX FD 46,448 62,483
    ISHARES MSCI EAFE INDEX FD 114,016 118,769
    ISHARES S&P MIDCAP 400 INDEX FD 45,319 54,867
    ISHARES S&P SMALLCAP 600 GROWTH INDEX FD 12,141 15,244
    JPMORGAN CHASE & CO 13,897 13,574
    JOHNSON & JOHNSON 7,022 7,422
    HJOHNSON CTLS INC 7,052 9,550
    KOHLS CORP 8,973 9,890
    KRAFT FOODS INC 13,230 15,597
    MARATHON OIL CORP 10,114 10,739
    MARSH & MCLENNAN COS 10,591 12,713
    MCDONALDS CORP 6,654 11,514
    METLIFE INC 18,636 17,776
    MICROSOFT CORP 10,410 13,955
    MORGAN STANLEY 10,615 9,524
    NATIONAL OILWELL VARCO INC 21,645 20,175
    NORFOLK SOUTHERN CORP 9,788 12,564
    NOVARTIS AG ADR 10,806 11,790
    OCCIDENTAL PETROLEUM CORP 7,753 9,319
    ORACLE CORPORATION 13,929 21,597
    PACCAR INC 9,126 11,468
    PEPSICO INC 11,624 17,639
    PFIZER INC 13,107 11,907
    POWERSHARES RAFI US 1500 SMALL-MID PORTFOLIO 23,181 29,979
    POWERSHARES EXCHANGE TRADED FD TR II 13,161 16,890
    PRAXAIR INC 5,619 19,094
    QUALCOMM INC 12,063 17,322
    QUEST DIAGNOSTICS INC 11,247 13,493
    RAYTHEON CO 6,865 6,951
    SCHLUMBERGER LTD 8,202 16,700
    SPDR INDEX S&P EMERGING ASIA PAC ETF 22,954 22,883
    SPDR INDEX S&P EMERGING LATIN AMER ETF 14,411 14,807
    STERICYCLE INC 7,316 16,184
    SWEDISH ROGERS INTL COMMODITY INDEX 64,382 87,780
    SYSCO CORP 2,420 9,114
    TEVA PHARMACEUTICAL INDUSTRIES 15,199 15,118
    THERMO FISHER SCIENTIFIC INC 7,722 11,902
    3M COMPANY 8,934 9,062
    TIME WARNER INC 11,336 11,774
    UNITED TECHNOLOGIES CORP 15,887 20,467
    VANGUARD WORLD EX USA SMALL CAP INDEX FD 27,052 33,373
    VANGUARD EMERGING MKTS VIPERS 18,997 35,628
    VERIZON COMMUNICATIONS 16,407 17,890
    VISA INC 9,732 9,220
    WELLS FARGO & CO 13,126 12,396
    WESTERN UNION CO 12,566 12,256
    WISCONSIN ENERGY CP 6,246 6,475
    YUM BRANDS INC 10,195 14,470

    TY 2010 InvestmentsGovtObligationsSch
    Name:
    BISHOP FLEET FOUNDATION
    EIN: 91-6031057
    US Government Securities - End of Year Book Value:

    247,794
    US Government Securities - End of Year Fair Market Value:

    269,450
    State & Local Government Securities - End of Year Book Value:


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


    0


    TY 2010 OtherAssetsSchedule
    Name:
    BISHOP FLEET FOUNDATION
    EIN: 91-6031057
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    GRANT TO BE RETURNED   1,666 1,666


    TY 2010 OtherExpensesSchedule
    Name:
    BISHOP FLEET FOUNDATION
    EIN: 91-6031057
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT EXPENSES - ADR FEES 1 1   0
    OFFICE SUPPLIES 109 54   55
    STATE REGISTRATION FEES 35 0   35
    OTHER EXPENSES 64 0   0


    TY 2010 OtherProfessionalFeesSchedule
    Name:
    BISHOP FLEET FOUNDATION
    EIN: 91-6031057
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT MANAGEMENT FEES - BADGLEY PHELPS AND BELL 15,684 15,684   0
    AGENCY FEES - FIDELITY INVESTMENTS 250 250   0


    TY 2010 TaxesSchedule
    Name:
    BISHOP FLEET FOUNDATION
    EIN: 91-6031057
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    PAYROLL TAXES 306 153   153
    FOREIGN INCOME TAXES 503 503   0