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
OLESON FOUNDATION
 

Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 904   Room/suite
City or town, state, and ZIP code
TRAVERSE CITY, MI496850904
A Employer identification number

38-6083080
B Telephone number (see page 10 of the instructions)

(231) 929-2605
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$20,490,528J 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) 1,014,764
2 Check bullet
3 Interest on savings and temporary cash investments 15,188 15,188  
4 Dividends and interest from securities...... 197,684 197,684  
5a Gross rents.............. 842,293 842,293  
b Net rental income or (loss) 454,083
6a Net gain or (loss) from sale of assets not on line 10 -56,791
b Gross sales price for all assets on line 6a 886,668
7 Capital gain net income (from Part IV, line 2)... 0
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 689 0  
12 Total. Add lines 1 through 11........ 2,013,827 1,055,165  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 41,936 10,484   31,452
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment 29,246 29,246   0
b Accounting fees (attach schedule)....... Click to see attachment 10,023 10,023   0
c Other professional fees (attach schedule).... Click to see attachment 93,809 93,809   0
17 Interest...............        
18 Taxes (attach schedule) (see page 14 of the instructions) Click to see attachment 107,172 99,048   2,406
19 Depreciation (attach schedule) and depletion... Click to see attachment 102,783 12,504  
20 Occupancy.............. 3,600 1,800   0
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 126,137 122,789   3,348
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 514,706 379,703   37,206
25 Contributions, gifts, grants paid........ 1,052,304 1,052,304
26 Total expenses and disbursements. Add lines 24 and 25 1,567,010 379,703   1,089,510
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 446,817
b Net investment income (if negative, enter -0-) 675,462
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............... 28,298 71,317 71,317
2 Savings and temporary cash investments.......... 7,708,104 8,201,137 8,261,081
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see page 15 of the
instructions)....................      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges...........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)........      
c Investments—corporate bonds (attach schedule)........      
11 Investments—land, buildings, and equipment: basis bullet4,273,616
Less: accumulated depreciation (attach schedule) bullet1,308,906 3,053,443 Click to see attachment2,964,710 5,000,000
12 Investments—mortgage loans.............. 7,058,130 7,058,130 7,058,130
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 attachment101,868 Click to see attachment101,868 Click to see attachment100,000
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 17,949,843 18,397,162 20,490,528
Liabilities 17 Accounts payable and accrued expenses..........   502
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) Click to see attachment5,541,596 Click to see attachment5,541,596
23 Total liabilities (add lines 17 through 22).......... 5,541,596 5,542,098
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted....................    
25 Temporarily restricted................    
26 Permanently restricted................    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds......... 0 0
28 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
29 Retained earnings, accumulated income, endowment, or other funds 12,408,247 12,855,064
30 Total net assets or fund balances (see page 17 of the
instructions).................... 12,408,247 12,855,064
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 17,949,843 18,397,162
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 12,408,247
2 Enter amount from Part I, line 27a...................... 2 446,817
3 Other increases not included in line 2 (itemize) bullet 3 0
4 Add lines 1, 2, and 3.......................... 4 12,855,064
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 12,855,064
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 IPEX/SCHWAB   2001-01-01 2010-12-31
b IPEX/SCHWAB ALTERNATIVE   2001-01-01 2010-12-31
c CAPITAL GAINS DIVIDENDS P    
d
e
(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 771,708   834,705 -62,997
b 91,878   108,754 -16,876
c 23,082     23,082
d
e
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       -62,997
b       -16,876
c       23,082
d
e
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 -56,791
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 1,018,091 17,809,424 0.057166
2008 1,046,735 18,650,864 0.056123
2007 1,209,875 18,697,919 0.064706
2006 890,740 17,394,483 0.051208
2005 907,843 16,979,169 0.053468
2 Total of line 1, column (d) ...................... 2 0.282671
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 0.056534
4 Enter the net value of noncharitable-use assets for 2010 from Part X, line 5..... 4 18,561,540
5 Multiply line 4 by line 3....................... 5 1,049,358
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 6,755
7 Add lines 5 and 6......................... 7 1,056,113
8 Enter qualifying distributions from Part XII, line 4.............. 8 1,089,510
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 6,755
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 6,755
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 6,755
6 Credits/Payments:
a 2010 estimated tax payments and 2009 overpayment credited to 2010 6a 9,000
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 9,000
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 2,245
11 Enter the amount of line 10 to be: Credited to 2011 estimated taxBullet2,245 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)bulletMI
    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 addressbulletNONE
    14
    The books are in care ofbulletKATHY HUSCHKE Telephone no.bullet (231) 929-2605
    Located atbulletPO BOX 904TRAVERSE CITYMI ZIP+4bullet496850904
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16
    At any time during calendar year 2010, did the foundation have an interest in or a signature or other authority over
    a bank, securities, or other financial account in a foreign country? .................
    16
     
    No
    See page 20 of the instructions for exceptions and filing requirements for Form TD F 90-22.1. If "Yes", enter the name of the foreign country bullet  
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 5
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the “Yes” column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?.........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?.................
    (6) Agree to pay money or property to a government official? (Exception. Check “No”
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).........
    b
    If any answer is “Yes” to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see page 20 of the instructions)?...
    1b
     
    No
    .........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2010?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2010, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2010?...............
    If “Yes,” list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer “No” and attach statement—see page 20 of the instructions.) .........
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business
    enterprise at any time during the year?.....................
    b
    If “Yes,” did it have excess business holdings in 2010 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2010.)....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2010?
    4b
     
    No
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?...............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 509(a)(1), (2), or (3), or section 4940(d)(2)? (see page 22 of the instructions)...
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?........
    b
    If any answer is “Yes” to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see page 22 of the instructions)?
    5b
     
     
    .........bullet
    c
    If the answer is “Yes” to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?............
    If “Yes,” attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay
    premiums on a personal benefit contract?....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If “Yes” to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 6
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation (see page 22 of the instructions).
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to
    employee benefit plans
    and deferred compensation     		(e) Expense account,
    other allowances
    DONALD W OLESON PRESIDENT
    1.00     		0 0 0
    8567 TIMBERS TRAIL
    TRAVERSE CITY,MI49684
    GERALD E OLESON VICE-PRESIDENT
    1.00     		0 0 0
    8521 TIMBERS TRAIL
    TRAVERSE CITY,MI49684
    RICHARD FORD SECRETARY/TREASURER
    1.00     		0 0 0
    PO BOX 686
    TRAVERSE CITY,MI49685
    JOHN TOBIN DIRECTOR
    1.00     		0 0 0
    400 E 8TH STREET
    TRAVERSE CITY,MI49684
    KATHY HUSCHKE EXECUTIVE DIRECTOR
    24.00     		41,936 0 0
    8620 S DUNNS FARM ROAD
    MAPLE CITY,MI49664
    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 N/A 0
    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 N/A 0
    2  
    All other program-related investments. See page 24 of the instructions.
    3  
    Total. Add lines 1 through 3...........................bullet0
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see page 24 of the instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    6,636,265
    b
    Average of monthly cash balances.......................
    1b
    49,808
    c
    Fair market value of all other assets (see page 24 of the instructions)............
    1c
    12,158,130
    d
    Total (add lines 1a, b, and c).........................
    1d
    18,844,203
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) ..............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d..........................
    3
    18,844,203
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) ............................
    4
    282,663
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    18,561,540
    6
    Minimum investment return. Enter 5% of line 5...................
    6
    928,077
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    928,077
    2a
    Tax on investment income for 2010 from Part VI, line 5......
    2a
    6,755
    b
    Income tax for 2010. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    6,755
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    921,322
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4.............................
    5
    921,322
    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
    921,322
    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
    1,089,510
    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
    1,089,510
    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
    6,755
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4...............
    6
    1,082,755
    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 7 921,322
    2 Undistributed income, if any, as of the end of 2010:
    a Enter amount for 2009 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2010:
    a From 2005....... 78,443
    b From 2006....... 10,086
    c From 2007....... 304,733
    d From 2008....... 137,476
    e From 2009....... 145,056
    fTotal of lines 3a through e......... 675,794
    4Qualifying distributions for 2010 from Part
    XII, line 4: bullet$ 1,089,510
    a Applied to 2009, but not more than line 2a 0
    b Applied to undistributed income of prior years
    (Election required—see page 26 of the instructions)    		 0
    c Treated as distributions out of corpus (Election
    required—see page 26 of the instructions)...     		0
    d Applied to 2010 distributable amount..... 921,322
    e Remaining amount distributed out of corpus 168,188
    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 5 843,982
    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 ..........     		0
    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) .............     		78,443
    9Excess distributions carryover to 2011.
    Subtract lines 7 and 8 from line 6a ......     		765,539
    10 Analysis of line 9:
    a Excess from 2006.... 10,086
    b Excess from 2007.... 304,733
    c Excess from 2008.... 137,476
    d Excess from 2009.... 145,056
    e Excess from 2010.... 168,188
    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).)
    DONALD W OLESON
    GERALD E OLESON
    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:
    MS KATHY HUSCHKE
    PO BOX 904
    TRAVERSE CITY,MI496850904
    (231) 929-2605
    bThe form in which applications should be submitted and information and materials they should include:
    LETTER FORM - INCLUDE NAME, PURPOSE, AMOUNT, ETC.
    cAny submission deadlines:
    NONE
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    PREFERENCE IS GIVEN TO CHARITABLE AND EXEMPT ORGANIZATIONS WHICH ARE LOCATED IN THE NORTHWESTERN AREA OF MICHIGAN.
    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
    ALLIANCE FOR ECONOMIC SUCCESS
    1361 US 31 SOUTH
    MANISTEE,MI49660     		NONE OTHER PUBLIC CHARITY GRANT FOR SPIRIT OF THE WOODS 25,000
    AMERICAN RED CROSS OF N LOWER MICHIGAN
    2350 MITCHELL PARK DRIVE
    PETOSKEY,MI49770     		NONE OTHER PUBLIC CHARITY GRANT FOR YOUTH PROGRAMS 3,000
    AMERICAN RED CROSS OF NORTHWEST MICHIGAN
    735 S GARFIELD AVENUE
    TRAVERSE CITY,MI49686     		NONE OTHER PUBLIC CHARITY GRANT FOR CHRISTMAS FOR MILITARY FAMILIES-DIRECTORS CHOICE 250
    AREA SENIORS INC
    P O BOX 614
    BELLAIRE,MI49615     		NONE OTHER PUBLIC CHARITY GRANT FOR ACTIVITY CENTER 10,000
    BIG BROTHERS BIG SISTERS
    521 S UNION ST B
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY YEAR END GRANT FOR OPERATING SUPPORT 5,000
    CAMP QUALITY MICHIGAN
    862 SPARTAN DRIVE
    ROCHESTER HILLS,MI48309     		NONE OTHER PUBLIC CHARITY GRANT FOR MEALS FOR CHILDREN WITH CANCER 983
    CARMELITE MONASTERY
    3501 SILVER LAKE RD
    TRAVERSE CITY,MI496848949     		NONE OTHER PUBLIC CHARITY GRANT FOR SUPPORT 5,000
    CHALLENGE MOUNTAIN OF WALLOON HILLS INC
    PO BOX 735
    BOYNE CITY,MI49712     		NONE OTHER PUBLIC CHARITY GRANT FOR NUTRITIONAL LUNCHES FOR YOUTH 5,000
    CHARLEVOIX VENETIAN FESTIVAL
    P O BOX 120
    CHARLEVOIX,MI49720     		NONE OTHER PUBLIC CHARITY GRANT FOR FIREWORKS 3,000
    CHERRYLAND HUMANE SOCIETY
    1750 AHLBERG ROAD
    TRAVERSE CITY,MI49686     		NONE OTHER PUBLIC CHARITY GRANT FOR OPERATIONAL SUPPORT DIRECTOR'S CHOICE 1,250
    CHILD & FAMILY SERVICES NW MI
    3785 VETERANS DRIVE
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY GRANT FOR FOSTER CARE PROGRAM 15,000
    CHILD & FAMILY SERVICES NW MI
    3785 VETERANS DRIVE
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY GRANT FOR BROWN BAG PROGRAM 2,800
    CHILD & FAMILY SERVICES NW MI
    3785 VETERANS DRIVE
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY DIRECTOR'S CHOICE GRANT 2,500
    CHILD & FAMILY SERVICES NW MI
    3785 VETERANS DRIVE
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY DIRECTOR'S CHOICE GRANT 2,500
    CHILD & FAMILY SERVICES NW MI
    3785 VETERANS DRIVE
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY YEAR END GRANT FOR OPERATING SUPPORT 10,000
    CITY OF TRAVERSE CITY
    851 WOODMERE AVENUE
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY GRANT FOR BAYFRONT PROJECT 50,000
    CONSERVATION RESOURCE ALLIANCE
    10850 TRAVERSE HWY SUITE 1111
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY GRANT FOR RIVERCARE PROGRAM IN THREE BENZIE COUNTY WATERSHEDS 20,000
    COUNCIL OF MICHIGAN FOUNDATIONS
    ONE SOUTH HARBOR DRIVE SUITE 3
    GRAND HAVEN,MI49417     		NONE OTHER PUBLIC CHARITY GRANT FOR CMF CONFERENCE 1,000
    COUNTY OF ANTRIM
    P O BOX 520
    BELLAIRE,MI49615     		NONE GOVERNMENT GRANT FOR GRANT RIVER CENTER 25,000
    CROOKED TREE ARTS COUNCIL
    461 E MITCHELL
    PETOSKEY,MI49770     		NONE OTHER PUBLIC CHARITY GRANT FOR ARTS PROGRAMMING FOR YOUTH 5,000
    FATHER FRED FOUNDATION
    PO BOX 2260
    TRAVERSE CITY,MI49685     		NONE OTHER PUBLIC CHARITY GRANT FOR PURCHASE OF ITEMS FOR NEEDY FAMILIES 10,000
    FATHER FRED FOUNDATION
    PO BOX 2260
    TRAVERSE CITY,MI49685     		NONE OTHER PUBLIC CHARITY CHALLEGE GRANT FOR FOOD DRIVE 5,000
    FATHER FRED FOUNDATION
    PO BOX 2260
    TRAVERSE CITY,MI49685     		NONE OTHER PUBLIC CHARITY DIRECTORS CHOICE AWARD 2,500
    FATHER FRED FOUNDATION
    PO BOX 2260
    TRAVERSE CITY,MI49685     		NONE OTHER PUBLIC CHARITY YEAR END GRANT FOR OPERATING AND PROGRAM SUPPORT 10,000
    FORGOTTEN MAN MINISTRIES
    3940 FRUIT RIDGE NW
    GRAND RAPIDS,MI49544     		NONE OTHER PUBLIC CHARITY JAIL MINISTRY PROGRAM 2,000
    FREEDOM BUILDERS
    880 MUNSON AVE
    TRAVERSE CITY,MI49686     		NONE OTHER PUBLIC CHARITY GRANT FOR SUPPORT AND PROGRAMS DIRECTORS CHOICE 2,500
    FRIENDSHIP CENTERS OF EMMET COUNTY
    1322 ANDERSON ROAD
    PETOSKEY,MI49770     		NONE OTHER PUBLIC CHARITY GRANT FOR VOLUNTEER PROGRAM 3,000
    FRIENDSHIP CENTERS OF EMMET COUNTY
    1322 ANDERSON ROAD
    PETOSKEY,MI49770     		NONE OTHER PUBLIC CHARITY GRANT FOR ESSENTIAL NEEDS PROGRAM 10,000
    GLEN ARBOR ART ASSOCIATION
    PO BOX 305
    GLEN ARBOR,MI49636     		NONE OTHER PUBLIC CHARITY GRANT FOR MANITOU MUSIC FESTIVAL FREE FAMILY CONCERT 2,000
    GOOD SAMARITAN FAMILY SERVICES
    9746 MAIN ST
    ELLSWORTH,MI49729     		NONE OTHER PUBLIC CHARITY GRANT FOR PURCHASE OF CRIBS AND CAR SEATS 4,000
    GOOD SAMARITAN FAMILY SERVICES
    9746 MAIN ST
    ELLSWORTH,MI49729     		NONE OTHER PUBLIC CHARITY OPERATING AND PROGRAM SUPPORT 10,000
    GOODWILL INDUSTRIES
    2279 S AIRPORT ROAD
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY GRANT FOR FOOD RESCUE REFRIGERATED TRUCK 20,000
    GOODWILL INDUSTRIES
    2279 S AIRPORT ROAD
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY DIRECTORS CHOICE GRANT FOR FOOD RESCUE 2,500
    GOODWILL INDUSTRIES
    2279 S AIRPORT ROAD
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY DIRECTORS CHOICE GRANT FOR FOOD RESCUE 2,500
    GRACE EPISCOPAL CHURCH
    341 WASHINGTON STREET
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY GRANT FOR FOOD PANTRY 5,000
    GRAND TRAVERSE AREA CATHOLIC SCHOOLS
    123 E 11TH STREET
    TRAVERSE CITY,MI49684     		NONE SCHOOL GRANT FOR RENOVATION OF SCIENCE CLASSROOMS 15,000
    GRAND TRAVERSE AREA CATHOLIC SCHOOLS
    123 E 11TH STREET
    TRAVERSE CITY,MI49684     		NONE SCHOOL GRANT FOR SCIENCE LABS 10,000
    GRAND TRAVERSE AREA CATHOLIC SCHOOLS
    123 E 11TH STREET
    TRAVERSE CITY,MI49684     		NONE SCHOOL GRANT FOR GLAD MEALS 2,000
    GRAND TRAVERSE AREA COMMUNITY LIVING
    935 BARLOW STREET
    TRAVERSE CITY,MI49686     		NONE OTHER PUBLIC CHARITY GRANT FOR ROOF FOR HOME FOR PEOPLE WITH DISABILITIES 10,000
    GRAND TRAVERSE CONSERVATION DISTRICT
    1450 CASS ROAD
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY GRANT FOR EDUCATION PROGRAMS 20,000
    GRAND TRAVERSE PAVILLIONS
    1000 PAVILLIONS CIRCLE
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY GRANT FOR NEW STEAMER FOR FOOD SERVICE DEPARTMENT 7,000
    GRAND TRAVERSE REGIONAL COMM FOUNDATION
    250 E FRONT STREET SUITE 310
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY GRANT FOR YMCA CAPITAL PROJECT 2,500
    GRAND TRAVERSE REGIONAL COMM FOUNDATION
    250 E FRONT STREET SUITE 310
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY FINAL PAYMENT OF GRANT FOR YMCA CAPITAL PROJECT 150,000
    GRAND TRAVERSE REGIONAL LAND CONSERVANCY
    3860 M LONG LAKE ROAD SUITE D
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY GRANT FOR TIMBERS APPRAISAL 2,400
    GRAND TRAVERSE REGIONAL LAND CONSERVANCY
    3860 M LONG LAKE ROAD SUITE D
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY GRANT FOR PYATT LAKE ACQUISITION, STEWARDSHIP PROGRAM 50,000
    GRAND TRAVERSE REGIONAL LAND CONSERVANCY
    3860 M LONG LAKE ROAD SUITE D
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY GRANT FROM DIRECTOR'S CHOICE FUND 5,000
    GRAND TRAVERSE REGIONAL LAND CONSERVANCY
    3860 M LONG LAKE ROAD SUITE D
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY GRANT FOR OPERATING SUPPORT, TIMBER TRAILS PROJECT AND ACME SHORELINE GRANT 40,000
    GREAT LAKES CHILDREN'S MUSEUM
    13240 SOUTH WEST BAY SHORE DRIVE
    TRAVERSE CITY,MI49685     		NONE OTHER PUBLIC CHARITY GRANT FOR CHILDRENS PROGRAMS 5,000
    HABITAT FOR HUMANITY
    PO BOX 5412
    TRAVERSE CITY,MI49686     		NONE OTHER PUBLIC CHARITY GRANT FOR DIRECT SERVICE 5,000
    HOLY CROSS CHILDREN'S SERVICES
    8759 CLINTON MACON ROAD
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY GRANT FOR TUTORING SERVICES 5,000
    HOMEWARD BOUND ANIMAL SHELTER
    736 PAWS TRAIL
    MANISTEE,MI49660     		NONE OTHER PUBLIC CHARITY YEAR END GRANT FOR OPERATING AND PROGRAM SUPPORT 3,000
    INTERLOCHEN CENTER FOR THE ARTS
    PO BOX 199
    INTERLOCHEN,MI496430199     		NONE OTHER PUBLIC CHARITY GRANT FOR UPTON MORLEY PAVILLION 10,000
    KALEVA HISTORICAL SOCIETY
    14551 WUOKSI AVENUE
    KALEVA,MI49645     		NONE OTHER PUBLIC CHARITY GRANT FOR RESTORATION OF KALEVA DEPOT 4,000
    LEELANAU CHRISTIAN NEIGHBORS
    P O BOX 32
    SUTTONS BAY,MI49682     		NONE OTHER PUBLIC CHARITY GRANT FOR PROGRAMS FOR NEEDY 3,000
    LEELANAU CONSERVANCY
    105 N FIRST ST PO BOX 1007
    LELAND,MI49654     		NONE OTHER PUBLIC CHARITY GRANT FOR BOARDWALK, DEYOUNG FARM 15,000
    LEELANAU CONSERVANCY
    105 N FIRST ST PO BOX 1007
    LELAND,MI49654     		NONE OTHER PUBLIC CHARITY GRANT FOR KEHL LAKE NATURAL AREA 5,000
    LIAA
    324 MUNSON AVENUE
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY GRANT FOR FRESH FOOD PARTNERSHIP 5,000
    LITTLE TRAVERSE CONSERVANCY
    3264 POWELL ROAD
    HARBOR SPRINGS,MI49740     		NONE OTHER PUBLIC CHARITY GRANT FOR OLSTROM PROPERTY 5,000
    LOVE INC
    PO BOX 28
    MANISTEE,MI49660     		NONE OTHER PUBLIC CHARITY GRANT FOR SUPPORT AND SERVICES YEAR END 5,000
    MANA FOOD PROJECT
    8791 MCBRIDE PARK COURT
    HARBOR SPRINGS,MI49740     		NONE OTHER PUBLIC CHARITY GRANT FOR FOOD DISTRIBUTION AND KIDS BACKPACKS PROGRAM 15,000
    MANISTEE AREA PUBLIC SCHOOLS
    550 MAPLE STREET
    MANISTEE,MI49660     		NONE SCHOOL YEAR END GRANT FOR PLAYGROUND AT KENNEDY SCHOOL 5,000
    MANISTEE CATHOLIC CENTRAL SCHOOLS
    1200 US 31 SOUTH
    MANISTEE,MI49660     		NONE SCHOOL GRANT FOR TECHNOLOGY UPGRADES 10,000
    MANISTEE CO CHILD ADVOCACY CENTER
    P O BOX 594
    MANISTEE,MI49660     		NONE OTHER PUBLIC CHARITY FOR LOVE OF CHOCOLATE AND CHILDREN EVENT 250
    MANISTEE PUBLIC SCHOOLS
    550 MAPLE STREET
    MANISTEE,MI49660     		NONE SCHOOL GRANT FOR WARMING HUT 5,000
    MICHAEL'S PLACE
    1055 CARRIAGE HILL DRIVE SUITE 4A
    TRAVERSE CITY,MI49686     		NONE OTHER PUBLIC CHARITY GRANT FOR HEALTHY HEALING PROGRAM 5,000
    MT HOLIDAY
    3100 HOLIDAY ROAD
    TRAVERSE CITY,MI49686     		NONE OTHER PUBLIC CHARITY GRANT FOR ELECTRICAL UPGRADE 19,000
    MUNSON HEALTHCARE REGIONAL FOUNDATION
    210 BEAUMONT PLACE
    TRAVERSE CITY,MI496842386     		NONE OTHER PUBLIC CHARITY GRANT FOR CARDIAC TESTING SERVICE CENTER FOR YEAR 1 50,000
    MUNSON HEALTHCARE REGIONAL FOUNDATION
    210 BEAUMONT PLACE
    TRAVERSE CITY,MI496842386     		NONE OTHER PUBLIC CHARITY SECOND PAYMENT FOR GRANT FOR CARDIAC SERVICES CENTER-PAID IN FULL 50,000
    NORTH CENTRAL MICHIGAN COLLEGE FOUNDATION
    1515 HOWARD STREET
    PETOSKEY,MI49770     		NONE OTHER PUBLIC CHARITY GRANT FOR NEW SCIENCE AND HEALTH LABS ON CAMPUS 5,000
    NORTHERN MICH HOSPITAL FOUNDATION
    360 CONNABLE AVENUE
    PETOSKEY,MI49770     		NONE OTHER PUBLIC CHARITY GRANT FOR DIALYSIS CENTER 10,000
    NORTHWESTERN MICHIGAN COLLEGE
    1701 E FRONT STREET
    TRAVERSE CITY,MI496863061     		NONE OTHER PUBLIC CHARITY GRANT FOR NMC BARBQ 39,346
    NORTHWESTERN MICHIGAN COLLEGE FOUNDATION
    1701 E FRONT STREET
    TRAVERSE CITY,MI49686     		NONE OTHER PUBLIC CHARITY GRANT FOR EXHIBIT AT DENNOS MUSEUM 10,000
    NORTHWESTERN MICHIGAN ORCHID SOCIETY
    5918 BEVERLY DRIVE
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY GRANT FOR ANNUAL ORCHID SHOW 2010 500
    PETOSKEY DISTRICT LIBRARY
    500 E MITCHELL
    PETOSKEY,MI49770     		NONE OTHER PUBLIC CHARITY GRANT FOR FRIENDS OF THE LIBRARY FOR CHRISTMAS OPEN HOUSE 300
    PINE REST CHRISTIAN HOSPITAL
    300 68TH STREET SOUTHEAST
    GRAND RAPIDS,MI49548     		NONE OTHER PUBLIC CHARITY GRANT FOR NEW WAITING ROOM FURNISHINGS 2,500
    PREGNANCY CARE CENTER
    121 S GARFIELD SUITE C
    TRAVERSE CITY,MI49686     		NONE OTHER PUBLIC CHARITY GRANT FOR SUPPLIES FOR CHILDREN 3,500
    SALVATION ARMY
    415 RIVER STREET
    MANISTEE,MI49660     		NONE OTHER PUBLIC CHARITY GRANT FOR SUPPORT AND SERVICES YEAR END 10,000
    SALVATION ARMY GRAND TRAVERSE
    1239 BARLOW STREET
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY YEAR END GRANT FOR OPERATING AND PROGRAM SUPPORT 5,000
    SCENIC TRAILS COUNCIL - BSA
    1499 BUSINESS PARK DRIVE
    TRAVERSE CITY,MI49686     		NONE OTHER PUBLIC CHARITY GRANT FOR LOCAL SCOUTING PROGRAMS 5,000
    SPECIAL OLYMPICS - MICHIGAN
    CENTRAL MICHIGAN UNIVERSITY
    MT PLEASANT,MI48859     		NONE OTHER PUBLIC CHARITY GRANT FOR SPECIAL OLYMPICS 1,000
    ST FRANCIC CATHOLIC CHURCH
    1025 S UNION
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY GRANT FOR FOOD PANTRY 3,000
    ST MARY SCHOOL
    PO BOX 340
    LAKE LEELANAU,MI49653     		NONE OTHER PUBLIC CHARITY GRANT FOR TECHNOLOGY UPGRADE 10,000
    ST PATRICK CATHOLIC CHURCH
    630 S W SILVER LAKE RD
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY GRANT FOR LAYETTE MINISTRY 500
    TART TRAILS
    PO BOX 252
    TRAVERSE CITY,MI496850252     		NONE OTHER PUBLIC CHARITY YEAR END GRANT FOR GROOMING EQUIPMENT 5,000
    THE WATERSHED CENTER
    13272 SOUTH WEST BAY SHORE DRIVE
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY GRANT FOR REFORESTATION OF BOARDMAN POND BOTTOMLANDS 6,000
    THIRD LEVEL CRISIS INTERVENTION CENTER I
    1022 E FRONT STREET
    TRAVERSE CITY,MI49685     		NONE OTHER PUBLIC CHARITY GRANT FOR SERVICES DIRECTORS CHOICE 2,500
    THIRD LEVEL CRISIS INTERVENTION CENTER I
    1022 E FRONT STREET
    TRAVERSE CITY,MI49685     		NONE OTHER PUBLIC CHARITY GRANT FOR SERVICES DIRECTORS CHOICE 1,250
    THIRD LEVEL CRISIS INTERVENTION CENTER I
    1022 E FRONT STREET
    TRAVERSE CITY,MI49685     		NONE OTHER PUBLIC CHARITY YEAR END GRANT FOR OPERATING AND PROGRAM SUPPORT 10,000
    TOP OF MICHIGAN TRAILS COUNCIL
    445 EAST MITCHELL STREET
    PETOSKEY,MI49770     		NONE OTHER PUBLIC CHARITY SIGNAGE FOR LITTLE TRAVERSE WHEELWAY PROJECT 10,000
    TRAVERSE BAY CHILD ADVOCACY CENTER
    121 EAST FRONT STREET SUITE 301
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY GRANT FOR WAITING ROOM IMPROVEMENTS 5,000
    TRAVERSE BAY UNITED METHODIST CHURCH
    1200 RAMSDELL ST
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY GRANT FOR MISSIONS 275
    TRAVERSE CITY AREA PUBLIC SCHOOLS
    412 WEBSTER PO BOX 32
    TRAVERSE CITY,MI49685     		NONE SCHOOL GRANT FOR SUPERINTENDENT SEARCH 5,000
    TRAVERSE CITY AREA PUBLIC SCHOOLS
    412 WEBSTER PO BOX 32
    TRAVERSE CITY,MI49684     		NONE SCHOOL FMV OF RENT CONCESSION 12,000
    TRAVERSE HEALTH CLINIC
    3155 LOGAN VALLEY ROAD
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY GRANT FOR DIABETES PROGRAM 10,000
    TRAVERSE SYMPHONY ORCHESTRA
    300 EAST FRONT STREET SUITE 230
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY YEAR END GRANT FOR OPERATING AND PROGRAM SUPPORT 5,000
    TROJAN BOOSTERSTCAPS ATHLETIC OFFICE
    412 WEBSTER PO BOX 32
    TRAVERSE CITY,MI49686     		NONE OTHER PUBLIC CHARITY GRANT FOR BANNER FOR TROJAN GIRLS CROSS COUNTRY TEAM 200
    UNITED WAY NW MICHIGAN
    521 SOUTH UNION STREET
    TRAVERSE CITY,MI49686     		NONE OTHER PUBLIC CHARITY GRANT FOR VOLUNTEER CENTER 15,000
    VILLAGE OF FIFE LAKE
    5311 LUND ROAD
    FIFE LAKE,MI49633     		NONE GOVERNMENT GRANT FOR SKATE BOARD PARK 500
    WALLOON LAKE TRUST AND CONSERVANCY
    P O BOX 621
    PETOSKEY,MI49770     		NONE OTHER PUBLIC CHARITY YEAR END GRANT FOR MUD LAKE PROTECTION PROJECT 10,000
    WEST SHORE HEALTH CARE FOUNDATION
    1465 E PARKDALE AVE
    MANISTEE,MI496609785     		NONE OTHER PUBLIC CHARITY YEAR END GRANT FOR INFANT SECURITY SYSTEM 8,000
    WINGS OF MERCY
    100 SO PINE STREET SUITE 393
    ZEELAND,MI49464     		NONE OTHER PUBLIC CHARITY GRANT FOR OPERATING SUPPORT 500
    WOMEN'S RESOURCE CENTER
    720 S ELMWOOD SUITE 2
    TRAVERSE CITY,MI49684     		NONE OTHER PUBLIC CHARITY GRANT FOR OPERATING SUPPORT DIRECTORS CHOICE 2,500
    WOMEN'S RESOURCE CENTER OF N MICHIGAN
    423 PORTER STREET
    PETOSKEY,MI49770     		NONE OTHER PUBLIC CHARITY OPERATING AND PROGRAM SUPPORT 5,000
    YMCA OF NORTHERN MICHIGAN
    622 HOWARD STREET
    PETOSKEY,MI49770     		NONE OTHER PUBLIC CHARITY GRANT FOR PROGRAMS FOR YOUTH 6,000
    YMCA OF NORTHERN MICHIGAN
    622 HOWARD STREET
    PETOSKEY,MI49770     		NONE OTHER PUBLIC CHARITY GRANT FOR FOUNDERS CAMPAIGN 500
    Total .................................bullet 3a 1,052,304
    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 15,188  
    4 Dividends and interest from securities....     14 197,684  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....     16 454,083  
    6Net rental income or (loss) from personal property          
    7 Other investment income.....          
    8Gain or (loss) from sales of assets other than inventory     18 -56,791  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: aEXCISE TAX REFUND FROM 2006     01 689  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 0 610,853 0
    13Total. Add line 12, columns (b), (d), and (e)...................
    13610,853
    (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
    Schedule B
    (Form 990, 990-EZ,
    or 990-PF)
    Department of the Treasury
    Internal Revenue Service
    Schedule of Contributors
    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    OMB No. 1545-0047
    2010
    Name of organization
    OLESON FOUNDATION
     
    Employer identification number

    38-6083080
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ





    Form 990-PF




    Check if your organization is covered by the General Rule or a Special Rule.  
    Note. Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
    General Rule—
    Special Rules
    ......................... Arrow Bullet   $    
    Caution. An Organization that is not covered by the General Rule and/or the Special Rules does not file Schedule B (Form 990,
    990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2 of its Form 990, or check the box in the heading of its
    Form 990-EZ, or on line 2 of its Form 990-PF, to certify that it does not meet the filing requirements of Schedule B (Form 990,
    990-EZ, or 990-PF).
    For Paperwork Reduction Act Notice, see the Instructions
    for Form 990, 990-EZ, or 990-PF.
    Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2010)

    Schedule B (Form 990, 990-EZ, or 990-PF) (2010)
    Page 1 of 3 of Part I
    Name of organization
    OLESON FOUNDATION
          		Employer identification number

    38-6083080
    Part I
    Contributors (see Instructions)
    		     
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Aggregate contributions    		 (d)
    Type of contribution
    1
     
     

    GDO INVESTMENTS LLC    
    P O BOX 72
       
    TRAVERSE CITY, MI   49685

    		$10,593




    (Complete Part II if there is
    a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Aggregate contributions    		 (d)
    Type of contribution
    2
     
     

    GDO INVESTMENTS LLC    
    P O BOX 72
       
    TRAVERSE CITY, MI   49685

    		$95,725




    (Complete Part II if there is
    a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Aggregate contributions    		 (d)
    Type of contribution
    3
     
     

    GDO INVESTMENTS LLC    
    P O BOX 72
       
    TRAVERSE CITY, MI   49685

    		$73,028




    (Complete Part II if there is
    a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Aggregate contributions    		 (d)
    Type of contribution
    4
     
     

    GDO INVESTMENTS LLC    
    P O BOX 72
       
    TRAVERSE CITY, MI   49685

    		$10,483




    (Complete Part II if there is
    a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Aggregate contributions    		 (d)
    Type of contribution
    5
     
     

    GDO INVESTMENTS LLC    
    P O BOX 72
       
    TRAVERSE CITY, MI   49685

    		$70,694




    (Complete Part II if there is
    a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Aggregate contributions    		 (d)
    Type of contribution
    6
     
     

    GDO INVESTMENTS LLC    
    P O BOX 72
       
    TRAVERSE CITY, MI   49685

    		$301,000




    (Complete Part II if there is
    a noncash contribution.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2010)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2010)
    Page 2 of 3 of Part I
    Name of organization
    OLESON FOUNDATION
          		Employer identification number

    38-6083080
    Part I
    Contributors (see Instructions)
    		     
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Aggregate contributions    		 (d)
    Type of contribution
    7
     
     

    GDO INVESTMENTS LLC    
    P O BOX 72
       
    TRAVERSE CITY, MI   49685

    		$192,390




    (Complete Part II if there is
    a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Aggregate contributions    		 (d)
    Type of contribution
    8
     
     

    GDO INVESTMENTS LLC    
    P O BOX 72
       
    TRAVERSE CITY, MI   49685

    		$42,680




    (Complete Part II if there is
    a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Aggregate contributions    		 (d)
    Type of contribution
    9
     
     

    GDO INVESTMENTS LLC    
    P O BOX 72
       
    TRAVERSE CITY, MI   49685

    		$21,495




    (Complete Part II if there is
    a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Aggregate contributions    		 (d)
    Type of contribution
    10
     
     

    GDO INVESTMENTS LLC    
    P O BOX 72
       
    TRAVERSE CITY, MI   49685

    		$67,614




    (Complete Part II if there is
    a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Aggregate contributions    		 (d)
    Type of contribution
    11
     
     

    GDO INVESTMENTS LLC    
    P O BOX 72
       
    TRAVERSE CITY, MI   49685

    		$76,487




    (Complete Part II if there is
    a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Aggregate contributions    		 (d)
    Type of contribution
    12
     
     

    GDO INVESTMENTS LLC    
    P O BOX 72
       
    TRAVERSE CITY, MI   49685

    		$8,875




    (Complete Part II if there is
    a noncash contribution.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2010)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2010)
    Page 3 of 3 of Part I
    Name of organization
    OLESON FOUNDATION
          		Employer identification number

    38-6083080
    Part I
    Contributors (see Instructions)
    		     
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Aggregate contributions    		 (d)
    Type of contribution
    13
     
     

    GDO INVESTMENTS LLC    
    P O BOX 72
       
    TRAVERSE CITY, MI   49685

    		$40,100




    (Complete Part II if there is
    a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Aggregate contributions    		 (d)
    Type of contribution
     
     
     

         
     
       

    		$  




    (Complete Part II if there is
    a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Aggregate contributions    		 (d)
    Type of contribution
     
     
     

         
     
       

    		$  




    (Complete Part II if there is
    a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Aggregate contributions    		 (d)
    Type of contribution
     
     
     

         
     
       

    		$  




    (Complete Part II if there is
    a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Aggregate contributions    		 (d)
    Type of contribution
     
     
     

         
     
       

    		$  




    (Complete Part II if there is
    a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Aggregate contributions    		 (d)
    Type of contribution
     
     
     

         
     
       

    		$  




    (Complete Part II if there is
    a noncash contribution.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2010)

    Schedule B (Form 990, 990-EZ, or 990-PF) (2010)
    Page 1 of 3 of Part II
    Name of organization
    OLESON FOUNDATION
          		Employer identification number

    38-6083080
    Part II
    Noncash Property (see Instructions)
    		     
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
    1
    		 1,000 SHARES OF AMSTERDAM COMMODITIES (MARKETABLE SECURITY)   $10,593 2010-08-06
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
    2
    		 18,600 SHARES OF CRITERIA CAIXCORP ORD F (MARKETABLE SECURITY)   $95,725 2010-08-06
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
    3
    		 26,175 SHARES OF D C A TOTAL RETURN FUND (MARKETABLE SECURITY)   $73,028 2010-08-06
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
    4
    		 22,000 SHARES OF EU YAN SAN INTL ORD (MARKETABLE SECURITY)   $10,483 2010-08-06
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
    5
    		 7,000 SHARES OF GUOCO GROUP LTD ORD (MARKETABLE SECURITY)   $70,694 2010-08-06
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
    6
    		 12,500 SHARES OF JARDINE STRAT HLDG ORD (MARKETABLE SECURITY)   $301,000 2010-08-06
    Schedule B (Form 990, 990-EZ, or 990-PF) (2010)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2010)
    Page 2 of 3 of Part II
    Name of organization
    OLESON FOUNDATION
          		Employer identification number

    38-6083080
    Part II
    Noncash Property (see Instructions)
    		     
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
    7
    		 24,200 SHARES OF NUVEEN MULTI STRAT INCM (MARKETABLE SECURITY)   $192,390 2010-08-06
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
    8
    		 550,000 SHARES OF OCEAN SKY INTL LTD ORD (MARKETABLE SECURITY)   $42,680 2010-08-06
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
    9
    		 277,000 SHARES OF OCENA SKY INTL LTD ORD (MARKETABLE SECURITY)   $21,495 2010-08-06
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
    10
    		 1,475 SHARES OF ROYAL GOLD INC (MARKETABLE SECURITY)   $67,614 2010-08-06
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
    11
    		 2,850 SHARES OF SARTORIUS AG PFD (MARKETABLE SECURITY)   $76,487 2010-08-06
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
    12
    		 19,000 SHARES OF TOTAL PRODUCE PLC ORD (MARKETABLE SECURITY)   $8,875 2010-08-06
    Schedule B (Form 990, 990-EZ, or 990-PF) (2010)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2010)
    Page 3 of 3 of Part II
    Name of organization
    OLESON FOUNDATION
          		Employer identification number

    38-6083080
    Part II
    Noncash Property (see Instructions)
    		     
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
    13
    		 1,000 SHARES OF AMG CAPITAL TR 1 (MARKETABLE SECURITY)   $40,100 2010-08-06
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    Schedule B (Form 990, 990-EZ, or 990-PF) (2010)

    Schedule B (Form 990, 990-EZ, or 990-PF) (2010)
    Page 1 of 1 of Part III
    Name of organization
    OLESON FOUNDATION
          		Employer identification number

    38-6083080
    Part III
    Exclusively religious, charitable, etc., individual contributions to section 501(c)(7), (8), or (10) organizations
    aggregating more than $1,000 for the year. (Complete columns (a) through (e) and the following line entry.)
    For organizations completing Part III, enter the total of exclusively religious, charitable, etc.,
    contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet $  
    (a) No.
    from
    Part I    		 (b)
    Purpose of gift    		 (c)
    Use of gift    		 (d)
    Description of how gift is held
     
    (e)
    Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
           
     
    (a) No.
    from
    Part I    		 (b)
    Purpose of gift    		 (c)
    Use of gift    		 (d)
    Description of how gift is held
     
    (e)
    Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
           
     
    (a) No.
    from
    Part I    		 (b)
    Purpose of gift    		 (c)
    Use of gift    		 (d)
    Description of how gift is held
     
    (e)
    Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
           
     
    (a) No.
    from
    Part I    		 (b)
    Purpose of gift    		 (c)
    Use of gift    		 (d)
    Description of how gift is held
     
    (e)
    Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
           
     
    Schedule B (Form 990, 990-EZ, or 990-PF) (2010)

    Additional Data


    Software ID:  
    Software Version:  

    TY 2010 AccountingFeesSchedule
    Name:
    OLESON FOUNDATION
    EIN: 38-6083080
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 10,023 10,023   0

    Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

    TY 2010 DepreciationSchedule
    Name:
    OLESON FOUNDATION
    EIN: 38-6083080
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
    BUILDING AND IMPROVEMENTS 1994-02-10 3,340,101 1,131,551 NC 0 % 87,563 0    
    EQUIPMENT - ASSET # 25 AND 26 2005-08-31 62,030 53,809 NC 0 % 2,716 0    
    EQUIPMENT - ASSET #27 2007-09-21 17,600 11,581 200SL 0 % 2,408 2,408    
    HVAC PREMIER - ASSET #28 2007-12-01 5,459 2,972 200SL 0 % 711 711    
    LAND 1994-02-10 800,000   L   0 0    
    EQUIPMENT - ASSET #29 2009-04-30 27,298 5,199 200SL 0 % 6,314 6,314    
    EQUIPMENT - ASSET #30 2009-06-30 7,078 1,011 200SL 0 % 1,733 1,733    
    EQUIPMENT - ASSET #31 2010-08-31 14,050   200SL 0 % 1,338 1,338    

    TY 2010 InvestmentsLandSchedule2
    Name:
    OLESON FOUNDATION
    EIN: 38-6083080
    Category/ Item Cost/Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    BUILDING AND IMPROVEMENTS 3,340,101 1,219,114 2,120,987 0
    EQUIPMENT - ASSET # 25 AND 26 62,030 56,525 5,505 0
    EQUIPMENT - ASSET #27 17,600 13,989 3,611 0
    HVAC PREMIER - ASSET #28 5,459 3,683 1,776 0
    LAND 800,000 0 800,000 0
    EQUIPMENT - ASSET #29 27,298 11,513 15,785 0
    EQUIPMENT - ASSET #30 7,078 2,744 4,334 0
    EQUIPMENT - ASSET #31 14,050 1,338 12,712 0

    TY 2010 LegalFeesSchedule
    Name:
    OLESON FOUNDATION
    EIN: 38-6083080
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 29,246 29,246   0


    TY 2010 OtherAssetsSchedule
    Name:
    OLESON FOUNDATION
    EIN: 38-6083080
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    LAND (CHARITABLE PURPOSES) 95,848 95,848 100,000
    BUILDINGS (CHARITABLE PURPOSES) 4,520 4,520  
    EQUIPMENT (CHARITABLE PURPOSES) 1,500 1,500  


    TY 2010 OtherExpensesSchedule
    Name:
    OLESON FOUNDATION
    EIN: 38-6083080
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    MEMBERSHIPS/DUES 495 247   248
    OFFICE EXPENSE 3,276 1,638   1,638
    INSURANCE 1,250 625   625
    MISCELLANEOUS EXPENSE 1,674 837   837
    INSURANCE, REPAIRS,CLEANING, UTILITIES AND MISCELLANEOUS 119,442 119,442   0


    TY 2010 OtherIncomeSchedule2
    Name:
    OLESON FOUNDATION
    EIN: 38-6083080
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    EXCISE TAX REFUND FROM 2006 689   689


    TY 2010 OtherLiabilitiesSchedule
    Name:
    OLESON FOUNDATION
    EIN: 38-6083080
    Description Beginning of Year - Book Value End of Year - Book Value
    UNEARNED REAL ESTATE GAINS 5,541,596 5,541,596


    TY 2010 OtherProfessionalFeesSchedule
    Name:
    OLESON FOUNDATION
    EIN: 38-6083080
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    TRUST & INVESTMENT FEES-IWM 13,326 13,326   0
    TRUST & INVESTMENT FEES-IPEX/SCHWAB 12,744 12,744   0
    REAL ESTATE MANAGEMENT FEES 64,244 64,244   0
    PROFESSIONAL SERVICES 3,495 3,495   0


    TY 2010 TaxesSchedule
    Name:
    OLESON FOUNDATION
    EIN: 38-6083080
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FEDERAL EXCISE TAX 5,718 0   0
    PAYROLL TAXES 3,208 802   2,406
    REAL ESTATE TAXES 98,246 98,246   0