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
Grimshaw-Gudewicz Charitable Foundation
c/o A Shabshelowitz co-trustee

Number and street (or P.O. box number if mail is not delivered to street address)263 Walnut Street   Room/suite
City or town, state, and ZIP code
Fall River, MA02720
A Employer identification number

04-6778721
B Telephone number (see page 10 of the instructions)

(508) 672-2182
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$24,765,176J 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 103 103  
4 Dividends and interest from securities...... 772,319 772,319  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 406,289
b Gross sales price for all assets on line 6a 8,426,761
7 Capital gain net income (from Part IV, line 2)... 406,289
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 -70,245 -35,099  
12 Total. Add lines 1 through 11........ 1,108,466 1,143,612  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 198,120 19,812   178,308
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 11,855 0   0
c Other professional fees (attach schedule)....        
17 Interest............... 334 334   0
18 Taxes (attach schedule) (see page 14 of the instructions) Click to see attachment 14,881 3,607   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 194 0   194
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 225,384 23,753   178,502
25 Contributions, gifts, grants paid........ 1,200,000 1,200,000
26 Total expenses and disbursements. Add lines 24 and 25 1,425,384 23,753   1,378,502
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -316,918
b Net investment income (if negative, enter -0-) 1,119,859
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.......... 1,004,136 107,443 107,443
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) 68,731    
b Investments—corporate stock (attach schedule)........ 12,559,962 Click to see attachment16,025,430 17,884,781
c Investments—corporate bonds (attach schedule)........ 9,129,988 Click to see attachment6,388,392 6,751,151
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 attachment36,282 Click to see attachment21,801 Click to see attachment21,801
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 22,799,099 22,543,066 24,765,176
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable...................    
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet) Click to see attachment0 Click to see attachment60,885
23 Total liabilities (add lines 17 through 22).......... 0 60,885
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......... 16,279,503 16,279,503
28 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
29 Retained earnings, accumulated income, endowment, or other funds 6,519,596 6,202,678
30 Total net assets or fund balances (see page 17 of the
instructions).................... 22,799,099 22,482,181
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 22,799,099 22,543,066
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 22,799,099
2 Enter amount from Part I, line 27a...................... 2 -316,918
3 Other increases not included in line 2 (itemize) bullet 3 0
4 Add lines 1, 2, and 3.......................... 4 22,482,181
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 22,482,181
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 Publicly Traded Securities P    
b Capital Gains Dividends P    
c
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 8,365,014   8,020,472 344,542
b 61,747     61,747
c
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       344,542
b       61,747
c
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 2 406,289
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 1,352,845 20,766,311 0.065146
2008 1,331,963 25,310,589 0.052625
2007 1,639,561 29,801,843 0.055015
2006 1,530,967 28,271,383 0.054153
2005 1,419,637 27,029,392 0.052522
2 Total of line 1, column (d) ...................... 2 0.279461
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 0.055892
4 Enter the net value of noncharitable-use assets for 2010 from Part X, line 5..... 4 23,559,121
5 Multiply line 4 by line 3....................... 5 1,316,766
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 11,199
7 Add lines 5 and 6......................... 7 1,327,965
8 Enter qualifying distributions from Part XII, line 4.............. 8 1,378,502
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 11,199
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 11,199
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 11,199
6 Credits/Payments:
a 2010 estimated tax payments and 2009 overpayment credited to 2010 6a 30,000
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 30,000
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 18,801
11 Enter the amount of line 10 to be: Credited to 2011 estimated taxBullet18,000 Refunded Bullet 11 801
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)bulletNH
    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
    14
    The books are in care ofbulletAndrew Shabshelowitz co-trustee Telephone no.bullet (508) 672-2182
    Located atbullet263 Walnut StreetFall RiverMA ZIP+4bullet02722
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16
    At any time during calendar year 2010, did the foundation have an interest in or a signature or other authority over
    a bank, securities, or other financial account in a foreign country? .................
    16
     
    No
    See page 20 of the instructions for exceptions and filing requirements for Form TD F 90-22.1. If "Yes", enter the name of the foreign country bullet  
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 5
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the “Yes” column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?.........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?.................
    (6) Agree to pay money or property to a government official? (Exception. Check “No”
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).........
    b
    If any answer is “Yes” to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see page 20 of the instructions)?...
    1b
     
     
    .........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2010?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2010, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2010?...............
    If “Yes,” list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer “No” and attach statement—see page 20 of the instructions.) .........
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business
    enterprise at any time during the year?.....................
    b
    If “Yes,” did it have excess business holdings in 2010 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2010.)....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2010?
    4b
     
    No
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?...............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 509(a)(1), (2), or (3), or section 4940(d)(2)? (see page 22 of the instructions)...
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?........
    b
    If any answer is “Yes” to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see page 22 of the instructions)?
    5b
     
     
    .........bullet
    c
    If the answer is “Yes” to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?............
    If “Yes,” attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay
    premiums on a personal benefit contract?....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If “Yes” to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 6
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation (see page 22 of the instructions).
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to
    employee benefit plans
    and deferred compensation     		(e) Expense account,
    other allowances
    Barry Robbins Trustee
    10.00     		39,624 0 0
    7 Harwich Road
    Providence,RI02906
    Andrew Shabshelowitz Trustee
    10.00     		39,624 0 0
    263 Walnut Street
    Fall River,MA02722
    Arthur Parker Trustee
    10.00     		39,624 0 0
    8 Harbour Road
    Barrington,RI02806
    Anne Fazendeiro Trustee
    10.00     		39,624 0 0
    173 Auburn Street
    New Bedford,MA02740
    Bernard AG Taradash Trustee
    10.00     		39,624 0 0
    PO Box 488
    Fall River,MA02722
    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
    23,414,527
    b
    Average of monthly cash balances.......................
    1b
    470,362
    c
    Fair market value of all other assets (see page 24 of the instructions)............
    1c
    33,000
    d
    Total (add lines 1a, b, and c).........................
    1d
    23,917,889
    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
    23,917,889
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) ............................
    4
    358,768
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    23,559,121
    6
    Minimum investment return. Enter 5% of line 5...................
    6
    1,177,956
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    1,177,956
    2a
    Tax on investment income for 2010 from Part VI, line 5......
    2a
    11,199
    b
    Income tax for 2010. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    11,199
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    1,166,757
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4.............................
    5
    1,166,757
    6
    Deduction from distributable amount (see page 25 of the instructions)...........
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,
    line 1.................................
    7
    1,166,757
    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
    1,378,502
    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
    1,378,502
    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
    11,199
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4...............
    6
    1,367,303
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 8
    Part XIII
    Undistributed Income (see page 26 of the instructions)
    (a)
    Corpus     		(b)
    Years prior to 2009     		(c)
    2009     		(d)
    2010
    1 Distributable amount for 2010 from Part XI, line 7 1,166,757
    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....... 101,195
    b From 2006....... 175,120
    c From 2007....... 232,531
    d From 2008....... 85,338
    e From 2009....... 327,965
    fTotal of lines 3a through e......... 922,149
    4Qualifying distributions for 2010 from Part
    XII, line 4: bullet$ 1,378,502
    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..... 1,166,757
    e Remaining amount distributed out of corpus 211,745
    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 1,133,894
    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) .............     		101,195
    9Excess distributions carryover to 2011.
    Subtract lines 7 and 8 from line 6a ......     		1,032,699
    10 Analysis of line 9:
    a Excess from 2006.... 175,120
    b Excess from 2007.... 232,531
    c Excess from 2008.... 85,338
    d Excess from 2009.... 327,965
    e Excess from 2010.... 211,745
    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:
    Ann Fazendeiro
    173 Auburn Street
    New Bedford,MA02740
    (508) 997-2297
    bThe form in which applications should be submitted and information and materials they should include:
    A letter indicating purpose for which funds requested accompanied by a copy of the federal exemption letter and evidence that the organization is currently in good standing.
    cAny submission deadlines:
    None
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    A minimum of 80% of the Foundation's income is given to charitable organizations as designated in the trust instrument. The Trustees have discretion as to 20% of the income. The Trustees' policy is to give to charitable organizations in geographical areas comprising Bristol County, MA, proximate Rhode Island areas, Peterborough, New Hampshire and vicinity and locations that can affect or benefit the inhabitants of Southeastern Massachusetts, Rhode Island, or New Hampshire areas. Generally the targeted areas for giving are the arts, education, especially those that enhance business and entrepreneurial skills, healthcare, and preservation of local culture. The Trustees also favor those organizations that will of local culture. The Trustees also favor those organizations that will provide a lasting named memorial whenever possible.
    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
    Altemont Lodge No 26 F& AM
    PO Box 138
    West Peterborough,NH03468     		None Recognized Charity General Support 1,800
    Amos Fortune Forum
    PO Box 153
    Jaffrey,NH034520193     		None Recognized Charity General Support 500
    Andy's Inc
    PO Box 601
    Wilton,NH030860601     		None Recognized Charity General Support 500
    Apple Hill Center for Chamber Music
    Apple Hill Road PO Box 217
    East Sullivan,NH034450217     		None Recognized Charity General Support 2,000
    Atlantis Charter School Corporation
    2501 South Main Street
    Fall River,MA02721     		None Recognized Charity General Support 8,000
    Beth Israel Deaconess Medical Center
    330 Brookline Ave BR
    Boston,MA02215     		None Recognized Charity Eye Research Macular Degeneration 5,000
    Blithewold Mansion Gardens and Arboretum
    101 Ferry Rd
    Bristol,RI02809     		None Recognized Charity General Support 26,000
    Boys & Girls Club of Fall River
    PO Box 5155
    Fall River,MA02723     		None Recognized Charity General Support 6,000
    Boys & Girls Club of Greater New Bedford Inc
    PO Box 1506
    New Bedford,MA02741     		None Recognized Charity General Support 4,000
    Bristol Community College
    777 Elsbree St
    Fall River,MA027207395     		None Recognized Charity Support College Art Gallery 12,000
    Brown University
    PO Box 1860
    Providence,RI02912     		None Recognized Charity Scholarships and Support of University Operations 120,000
    Buttonwood Park Zoological Society
    425 Hawthorne St
    New Bedord,MA02740     		None Recognized Charity General Support 2,000
    Charlton Memorial Hospital Auxiliary Fund
    363 Highland Ave
    Fall River,MA02720     		None Recognized Charity General Support 10,000
    Chester College of New England
    40 Chester St
    Chester,NH030364331     		None Recognized Charity General Support 11,000
    Concerts at the Point
    PO Box 3
    Westport Point,MA02791     		None Recognized Charity General Support 3,000
    ConVal High School
    184 Hancock Road
    Peterborough,NH03458     		None Recognized Charity Scholarships 7,500
    Dartmouth High School
    555 Bakerville Road
    North Dartmouth,MA02747     		None Recognized Charity Scholarships 5,000
    Dartmouth Natural Resources Trust Inc
    PO Box P-17 404 Elm St
    Dartmouth,MA02748     		None Recognized Charity Historical Restoration Project 1,000
    Dartmouth-Hitchcock Medical Center for Continuing Education in the Health S
    One Medical Center Drive
    Lebanon,NH037560001     		None Recognized Charity General Support 98,200
    Eastern Nazarene College
    23 East Elm Ave
    Quincy,MA021702999     		None Recognized Charity Scholarships 44,500
    Fall River United Jewish Appeal Inc
    385 High St
    Fall River,MA02720     		None Recognized Charity General Support 8,900
    Faxon Animal Rescue League of Greater Fall River
    474 Durfee Street
    Fall River,MA02720     		None Recognized Charity General Support 2,000
    Franklin Pierce University
    College Road PO Box 60
    Rindge,NH034610060     		None Recognized Charity General Support 120,000
    Freetown Historical Society
    3 Slab Bridge Road PO Box 253
    Assonet,MA02702     		None Recognized Charity General Support 68,500
    Happy Valley School
    130 Gulf Road
    Peterborough,NH03458     		None Recognized Charity General Support 500
    Harris Center for Conservation Education Inc
    341 Kings Highway
    Hancock,NH03449     		None Recognized Charity General Support 500
    John E Boyd Center for Child Care and Development
    2028 Rodman St
    Fall River,MA02721     		None Recognized Charity General Support 2,500
    Masonic Education and Charity Trust Inc
    186 Tremont Street
    Boston,MA02111     		None Recognized Charity Scholarships 120,000
    Massachusetts Eye & Ear Infirmary
    243 Charles St
    Boston,MA021142500     		None Recognized Charity Eye Melanoma Research 5,000
    Michael's Fund Inc
    966 Walnut St
    Fall River,MA02720     		None Recognized Charity General Support 5,000
    Monadnock Chorus and Orchestra
    PO Box 540
    Peterborough,NH03458     		None Recognized Charity General Support 500
    Monadnock Community Hospital
    452 Old Street Road
    Peterborough,NH03458     		None Recognized Charity Hospital Capital Fund 17,000
    Monadnock Day Care Center
    PO Box 262
    Peterborough,NH03458     		None Recognized Charity General Support 500
    Monadnock Music
    2A Concord St
    Peterborough,NH03458     		None Recognized Charity General Support 500
    Monadnock United Fund
    23 Center Street
    Keene,NH034313399     		None Recognized Charity General Support 500
    Monadnock Worksource Inc
    225 Concord Street PO Box 28
    Peterborough,NH03458     		None Recognized Charity General Support 500
    National Education for Assistance Dog Services Inc
    PO Box 213
    West Boylston,MA01583     		None Recognized Charity General Support 500
    New Bedford Free Public Library
    613 Pleasant St
    New Bedford,MA027406203     		None Recognized Charity General Support 3,000
    New Bedford High School
    230 Hathaway Blvd
    New Bedford,MA02740     		None Recognized Charity Scholarships 18,000
    New Bedford Neediest Family Fund
    25 Elm Street
    New Bedford,MA02740     		None Recognized Charity General Support 12,000
    New Bedford Oceanarium Corp
    PO Box 1906
    New Bedford,MA027411906     		None Recognized Charity General Support 2,000
    New Bedford Symphony Orchestra
    PO Box 2053
    New Bedford,MA02741     		None Recognized Charity General Support 12,000
    New Bedford Whaling Museum
    18 Johnny Cake Hill
    New Bedford,MA027406398     		None Recognized Charity Support Public Education Programs 13,000
    New Hampshire Association for the Blind Inc
    25 Walker Street
    Concord,NH03301     		None Recognized Charity Support Services for Blind 120,000
    New Hampshire Public Radio
    207 North Main Street
    Concord,NH033015003     		None Recognized Charity General Support 500
    Old Rochester Regional School District
    135 Marion Road
    Mattapoisett,MA02739     		None Recognized Charity Scholarships 2,000
    Peterborough Fire Rescue
    PO Box 244
    Peterborough,NH03458     		None Recognized Charity General Support 500
    Peterborough Players
    Hadley Rd PO Box 118
    Peterborough,NH03458     		None Recognized Charity General Support 4,300
    Peterborough Town Library
    2 Concord St
    Peterborough,NH034581515     		None Recognized Charity General Support 1,500
    Roger Williams University
    One Old Ferry Road
    Bristol,RI028092921     		None Recognized Charity Scholarships 3,000
    Rotch-Jones-Duff House & Garden Museum
    396 County St
    New Bedford,MA027404934     		None Recognized Charity General Support 11,000
    Saint Francis Xavier Foreign Mission Society Inc
    PO Box 5857
    Holliston,MA017465857     		None Recognized Charity General Support 38,500
    Salve Regina University
    100 Ochre Point Ave
    Newport,RI028404192     		None Recognized Charity Scholarships 3,000
    Sea Education Association
    PO Box 6
    Woods Hole,MA02543     		None Recognized Charity General Support 1,000
    Shriners Burns Hospital
    51 Blossom St
    Boston,MA021142699     		None Recognized Charity General Support 5,000
    Society for the Protection of NH Forests
    54 Portsmouth St
    Concord,NH033015400     		None Recognized Charity General Support 8,500
    St Andrews School
    Federal Road
    Barrington,RI02806     		None Recognized Charity Scholarships 6,000
    Stanley Treatment Center and Resources Inc
    386 Stanley St
    Fall River,MA027206098     		None Recognized Charity General Support 5,000
    Strawbery Banke
    PO Box 300
    Portsmouth,NH038020300     		None Recognized Charity General Support 500
    Temple Beth El
    385 High St
    Fall River,MA02720     		None Recognized Charity General Support 1,000
    The Brain Tumor Society
    124 Watertown St Suite 3H
    Watertown,MA024722500     		None Recognized Charity Medical Research 1,000
    The College Light Opera Company
    162 South Cedar Street
    Oberlin,OH44074     		None Recognized Charity General Support 1,700
    The Home for Little Wanderers Inc
    271 Huntington Ave
    Boston,MA02130     		None Recognized Charity General Support 2,500
    The Lown Cardiovascular Research Foundation
    21 Longwood Avenue
    Brookline,MA024465239     		None Recognized Charity Medical Research 11,000
    The Marine Museum at Fall River Inc
    70 Water Street
    Fall River,MA027211598     		None Recognized Charity General Support 500
    The Peterborough Historical Society
    19 Grove St PO Box 58
    Peterborough,NH03458     		None Recognized Charity General Support 5,400
    The Schepens Eye Research Institute
    20 Staniford Street
    Boston,MA021142500     		None Recognized Charity Support Eye Research for Macular Degeneration 97,500
    The Sharon Arts Center
    457 NH Route 123
    Sharon,NH034589014     		None Recognized Charity General Support 11,000
    Trustees of Fall River High School Alumni Scholarships
    PO Box 2519
    Fall River,MA02722     		None Recognized Charity Scholarships 6,000
    United Church of Assonet Inc
    North Main St PO Box 155
    Assonet,MA02702     		None Recognized Charity General Support 500
    United States Equestrian Team Inc
    PO Box 355
    Gladstone,NJ07934     		None Recognized Charity General Support 2,200
    United Way of Greater Fall River
    PO Box 2550
    Fall River,MA02722     		None Recognized Charity General Support 5,000
    University of NHNortheast Passage
    107 Hewitt Hall 4 Library Way
    Durham,NH03824     		None Recognized Charity Scholarships 10,000
    Westport High School
    19 Main Road
    Westport,MA027904201     		None Recognized Charity Scholarships 8,000
    Westport Historical Society Inc
    PO Box No 3031
    Westport,MA027900700     		None Recognized Charity General Support 8,000
    Westport Land Conservation Trust Inc
    PO Box 3975
    Westport,MA027900700     		None Recognized Charity Land Conservation 12,000
    WGBH Educational Foundation
    One Guest St
    Boston,MA02135     		None Recognized Charity General Support 500
    WHALE
    13 Hamilton Street
    New Bedford,MA02740     		None Recognized Charity General Support 3,000
    Bradley Hospital Foundation
    1011 Veterans Memorial Parkway
    East Providence,RI02915     		None Recognized Charity General Support 3,000
    Zeiterion Theatre Inc
    PO Box 4084
    New Bedford,MA02741     		None Recognized Charity Support Childrens Programs 2,000
    Fall River Historical Society
    457 Rock Street
    Fall River,MA02720     		None Recognized Charity General Support 4,000
    New Bedford Port Society
    15 Johnny Cake Hill
    New Bedford,MA02740     		None Recognized Charity General Support 3,000
    Lincoln School
    301 Butler Avenue
    Providence,RI02906     		None Recognized Charity Scholarships 10,000
    Total .................................bullet 3a 1,200,000
    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     14 103  
    4 Dividends and interest from securities....     14 772,319  
    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     18 406,289  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: aPartnership K-1s 900099 -35,146      
    bPartnership K-1s     14 -35,099  
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. -35,146 1,143,612 0
    13Total. Add line 12, columns (b), (d), and (e)...................
    131,108,466
    (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:
    Grimshaw-Gudewicz Charitable Foundation
    c/o A Shabshelowitz co-trustee
    EIN: 04-6778721
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Shabshelowitz & Co. CPA's 11,855 0   0

    TY 2010 InvestmentsCorpBondsSchedule
    Name:
    Grimshaw-Gudewicz Charitable Foundation
    c/o A Shabshelowitz co-trustee
    EIN: 04-6778721
    Name of Bond End of Year Book Value End of Year Fair Market Value
    50M Ford Motor Credit Co LLC 7.375% due 2/1/11 50,000 50,150
    100M SLM Corp 6% due 10/1/14 100,000 84,246
    25M SLM Corp 4.4% due 12/15/14 9,630 21,308
    150M SLM Corp 7.25% due 11/1/16 147,250 110,988
    367581.295 Vanguard Fixed Income Secs Fund 3,465,016 3,646,406
    231369.852 Vanguard Short Term Inv Grade Corp 2,365,387 2,491,853
    30000 Blackrock Corp Hi Yld Fd 251,109 346,200

    TY 2010 InvestmentsCorpStockSchedule
    Name:
    Grimshaw-Gudewicz Charitable Foundation
    c/o A Shabshelowitz co-trustee
    EIN: 04-6778721
    Name of Stock End of Year Book Value End of Year Fair Market Value
    10000 Ace Ltd 437,934 622,499
    10000 AT&T Inc 268,246 293,800
    11000 Abbott Labs 450,030 527,010
    2000 Air Prods & Chems Inc 143,877 181,900
    3000 Apache Corp 262,345 357,690
    27000 Bank of America Corporation 666,356 360,180
    7000 Canadian Pac Ry Ltd 353,033 453,670
    4000 Celgene Corp 222,430 236,560
    12000 Chicago Bridge & Iron Co 262,742 394,800
    30000 Cisco Sys Inc 692,215 606,900
    3000 Conocophillips 153,245 204,300
    18000 Constellation Brands Inc Cl A 335,998 398,700
    5000 Cummins Inc 185,940 550,050
    12000 Darden Restaurants Inc 518,658 557,280
    4000 Dell Inc 48,745 54,200
    37500 Double Eagle Pete Co 472,778 184,875
    12000 Dow Chem Co 297,280 409,680
    2000 Freeseas Inc 14,909 7,480
    48000 General Electric Co 1,045,505 877,920
    15000 Intl Paper Co 307,200 408,600
    12000 Johnson & Johnson 512,677 742,200
    15000 Kraft Foods Inc Cl A 432,110 472,650
    6000 Lowes Cos Inc 124,980 150,480
    10000 Marathon Oil Corp 348,575 370,300
    4000 Marsh & McLennan Cos Inc 107,700 109,360
    40000 Metabolix Inc 444,392 486,800
    22000 Microsoft Corp 559,579 614,020
    3000 Nestle SA Sponsored Adr 133,141 176,214
    22200 Oceanfreight Inc 63,630 20,424
    40000 Pfizer Inc 697,283 700,400
    4000 Plum Creek Timber Co Inc 126,822 149,800
    30000 Presidential Life Corp 413,688 297,900
    6000 Royal Dutch Shell Plc Spon Adr B 361,380 400,020
    74 Royal Dutch Shell Plc Spon Adr A 5,023 4,942
    9000 Southern Un Co 214,004 216,630
    10000 Talbots Inc 86,399 85,200
    10000 Thermo Fisher Scientific Inc 419,340 553,600
    4000 Waters Corp 262,376 310,840
    15000 Winnebago Inds Inc 194,649 228,000
    12300 General Mtrs Cap Nt Sr 7.25% 87,330 97,785
    5000 Kinder Morgan Enery Partners 39,347 351,300
    25000 WP Carey & Co LLC 644,141 782,250
    11852.385 Vanguard/Trustees Equity Fd 316,221 381,173
    6000 Vanguard Specialized Portfolio 294,099 315,780
    1500 Vanguard Scottsdale Fds Shrt-Term Corp 115,174 116,115
    6000 Vanguard Scottsdale Fds Int-Term Corp 487,706 472,104
    2000 Wisdomtree Tr Emerging Mktd 106,660 109,000
    15000 Wisdomtree India Earnings Fd 183,575 395,850
    65000 Eaton Vance Tax Mng Gbl Dv Eqt 719,434 684,450
    30000 H&Q Healthcare Fd 384,529 401,100

    TY 2010 OtherAssetsSchedule
    Name:
    Grimshaw-Gudewicz Charitable Foundation
    c/o A Shabshelowitz co-trustee
    EIN: 04-6778721
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    Federal Income Tax Refundable 36,282 21,801 21,801


    TY 2010 OtherExpensesSchedule
    Name:
    Grimshaw-Gudewicz Charitable Foundation
    c/o A Shabshelowitz co-trustee
    EIN: 04-6778721
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Office Expense 194 0   194


    TY 2010 OtherIncomeSchedule2
    Name:
    Grimshaw-Gudewicz Charitable Foundation
    c/o A Shabshelowitz co-trustee
    EIN: 04-6778721
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    Partnership K-1s -35,146   -35,146
    Partnership K-1s -35,099 -35,099 -35,099


    TY 2010 OtherLiabilitiesSchedule
    Name:
    Grimshaw-Gudewicz Charitable Foundation
    c/o A Shabshelowitz co-trustee
    EIN: 04-6778721
    Description Beginning of Year - Book Value End of Year - Book Value
    Securities Sold Short 20 Put CSCO exp 2/19/11 0 2,025
    Securities Sold Short 40 Put MBLX exp 1/22/11 0 6,000
    Securities Sold Short 10 Call TMO exp 3/19/11 0 3,050
    Securities Sold Short 30 Put BX exp 3/19/11 0 4,015
    Securities Sold Short 20 Put AVP exp 1/22/11 0 8,545
    Securities Sold Short 100 Call KFT exp 1/22/11 0 12,300
    Securities Sold Short 20 Put ACE exp 5/21/11 0 5,600
    Securities Sold Short 30 Put V exp 6/18/11 0 19,350


    TY 2010 TaxesSchedule
    Name:
    Grimshaw-Gudewicz Charitable Foundation
    c/o A Shabshelowitz co-trustee
    EIN: 04-6778721
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Foreign Taxes Withheld on Dividends 3,607 3,607   0
    New Hampshire Filing Fee 75 0   0
    Federal Excise Paid on Investment Income 11,199 0   0