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
STEVEN C LEUTHOLD FAMILY FOUNDATION
 

Number and street (or P.O. box number if mail is not delivered to street address)33 SOUTH 6TH STREETROOM/SUITE 4600Room/suite
City or town, state, and ZIP code
MINNEAPOLIS, MN55402
A Employer identification number

41-1680986
B Telephone number (see page 10 of the instructions)

(612) 332-1567
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$41,887,789J 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) 4,026,577
2 Check bullet
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities...... 897,995 897,995  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 -218,477
b Gross sales price for all assets on line 6a 40,389,206
7 Capital gain net income (from Part IV, line 2)...  
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 273,813 270,469  
12 Total. Add lines 1 through 11........ 4,979,908 1,168,464  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 45,000     45,000
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 34,231     34,231
c Other professional fees (attach schedule).... Click to see attachment 239,719 239,719    
17 Interest...............        
18 Taxes (attach schedule) (see page 14 of the instructions) Click to see attachment 38,015 26,169    
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings....... 35,005     35,005
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 3,264      
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 395,234 265,888   114,236
25 Contributions, gifts, grants paid........ 2,200,000 2,200,000
26 Total expenses and disbursements. Add lines 24 and 25 2,595,234 265,888   2,314,236
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 2,384,674
b Net investment income (if negative, enter -0-) 902,576
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............... 106,855 9,979 9,979
2 Savings and temporary cash investments..........      
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) 2,545,613 Click to see attachment1,669,831 1,535,608
b Investments—corporate stock (attach schedule)........ 15,430,173 Click to see attachment17,802,914 19,734,666
c Investments—corporate bonds (attach schedule)........      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 15,725,154 Click to see attachment16,709,745 20,607,536
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 33,807,795 36,192,469 41,887,789
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable...................    
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)..........   0
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted....................    
25 Temporarily restricted................    
26 Permanently restricted................    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds.........    
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds 33,807,795 36,192,469
30 Total net assets or fund balances (see page 17 of the
instructions).................... 33,807,795 36,192,469
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 33,807,795 36,192,469
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 33,807,795
2 Enter amount from Part I, line 27a...................... 2 2,384,674
3 Other increases not included in line 2 (itemize) bullet 3  
4 Add lines 1, 2, and 3.......................... 4 36,192,469
5 Decreases not included in line 2 (itemize) bullet 5  
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.. 6 36,192,469
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 SECURITY SALES - SEE ATTACHMENT 2 P    
b SECURITY SALES - SEE ATTACHMENT 2 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 27,592,691   28,708,288 -1,115,597
b 12,796,515   11,899,395 897,120
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       -1,115,597
b       897,120
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 -218,477
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 1,897,249 32,081,998 0.059137
2008 1,791,721 32,613,399 0.054938
2007 1,858,979 30,522,177 0.060906
2006 1,418,000 23,974,456 0.059146
2005 1,050,500 18,989,087 0.055321
2 Total of line 1, column (d) ...................... 2 0.289448
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 0.057890
4 Enter the net value of noncharitable-use assets for 2010 from Part X, line 5..... 4 38,319,878
5 Multiply line 4 by line 3....................... 5 2,218,338
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 9,026
7 Add lines 5 and 6......................... 7 2,227,364
8 Enter qualifying distributions from Part XII, line 4.............. 8 2,314,236
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 9,026
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  
3 Add lines 1 and 2............................ 3 9,026
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-). 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 9,026
6 Credits/Payments:
a 2010 estimated tax payments and 2009 overpayment credited to 2010 6a 12,000
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 12,000
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. Click to see attachment 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 2,974
11 Enter the amount of line 10 to be: Credited to 2011 estimated taxBullet2,974 Refunded Bullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of
the instructions for definition)?.............................
1b
 
No
If the answer is “Yes” to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If “Yes,” attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If “Yes,” attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If “Yes,” has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If “Yes,” attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If “Yes,” complete Part II, col. (c), and Part XV.
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see page 19 of the
    instructions)bulletMN
    b
    If the answer is “Yes” to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If “No,” attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2010 or the taxable year beginning in 2010 (see instructions for Part XIV on
    page 27)? If “Yes,” complete Part XIV...........................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If “Yes,” attach a schedule listing their names and addresses.
    10
     
    No
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see page 20 of the instructions) .......
    11
     
    No
    12
    Did the foundation acquire a direct or indirect interest in any applicable insurance contract before August 17, 2008?
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletSTEVEN C LEUTHOLD Telephone no.bullet (612) 332-1567
    Located atbullet33 SOUTH 6TH STREET SUITE 4600MINNEAPOLISMN ZIP+4bullet55402
    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
     
     
    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
     
     
    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
    STEVEN C LEUTHOLDClick to see attachment DIRECTOR
    1.00     		9,000 0 0
    1300 YALE PLACE
    SUITE 329
    MINNEAPOLIS,MN55403
    DR LINDA LEUTHOLD DONERKIELClick to see attachment DIRECTOR
    1.00     		9,000 0 0
    750 COW HORSE DRIVE
    KUNA,ID83634
    MICHAEL LEUTHOLDClick to see attachment DIRECTOR
    1.00     		9,000 0 0
    10201 E GLENN STREET
    TUCSON,AZ85749
    KURT LEUTHOLDClick to see attachment DIRECTOR
    1.00     		9,000 0 0
    1810 OAKVIEW LANE N
    PLYMOUTH,MN55441
    RUSSELL LEUTHOLDClick to see attachment DIRECTOR
    1.00     		9,000 0 0
    31357 CHAMPAGNE ROAD
    WAUKEE,IA50263
    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  
    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.............bullet  
    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 N/A  
    2  
    All other program-related investments. See page 24 of the instructions.
    3  
    Total. Add lines 1 through 3...........................bullet  
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see page 24 of the instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    34,537,813
    b
    Average of monthly cash balances.......................
    1b
    4,365,616
    c
    Fair market value of all other assets (see page 24 of the instructions)............
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    38,903,429
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) ..............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
     
    3
    Subtract line 2 from line 1d..........................
    3
    38,903,429
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) ............................
    4
    583,551
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    38,319,878
    6
    Minimum investment return. Enter 5% of line 5...................
    6
    1,915,994
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    1,915,994
    2a
    Tax on investment income for 2010 from Part VI, line 5......
    2a
    9,026
    b
    Income tax for 2010. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    9,026
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    1,906,968
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4.............................
    5
    1,906,968
    6
    Deduction from distributable amount (see page 25 of the instructions)...........
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,
    line 1.................................
    7
    1,906,968
    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
    2,314,236
    b
    Program-related investments—total from Part IX-B..................
    1b
     
    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
    2,314,236
    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
    9,026
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4...............
    6
    2,305,210
    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 1,906,968
    2 Undistributed income, if any, as of the end of 2010:
    a Enter amount for 2009 only.......  
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2010:
    a From 2005....... 150,522
    b From 2006....... 277,134
    c From 2007....... 439,432
    d From 2008....... 172,655
    e From 2009....... 316,841
    fTotal of lines 3a through e......... 1,356,584
    4Qualifying distributions for 2010 from Part
    XII, line 4: bullet$ 2,314,236
    a Applied to 2009, but not more than line 2a  
    b Applied to undistributed income of prior years
    (Election required—see page 26 of the instructions)    		  
    c Treated as distributions out of corpus (Election
    required—see page 26 of the instructions)...     		 
    d Applied to 2010 distributable amount..... 1,906,968
    e Remaining amount distributed out of corpus 407,268
    5 Excess distributions carryover applied to 2010.    
    (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 1,763,852
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ...........     		 
    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......     		 
    d Subtract line 6c from line 6b. Taxable
    amount—see page 27 of the instructions ...     		 
    e Undistributed income for 2009. Subtract line
    4a from line 2a. Taxable amount—see page 27
    of the instructions ...........     		 
    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) ...........     		 
    8Excess distributions carryover from 2005 not
    applied on line 5 or line 7 (see page 27 of the
    instructions) .............     		150,522
    9Excess distributions carryover to 2011.
    Subtract lines 7 and 8 from line 6a ......     		1,613,330
    10 Analysis of line 9:
    a Excess from 2006.... 277,134
    b Excess from 2007.... 439,432
    c Excess from 2008.... 172,655
    d Excess from 2009.... 316,841
    e Excess from 2010.... 407,268
    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).)
    STEVEN C LEUTHOLD
    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:
    STEVEN C LEUTHOLD
    33 SOUTH 6TH STREET
    SUITE 4600
    MINNEAPOLIS,MN55402
    (612) 332-1567
    bThe form in which applications should be submitted and information and materials they should include:
    LETTER STATING PURPOSE FOR WHICH FUNDS ARE REQUESTED AND RELEVANT INFORMATION ON ACTIVITIES OF ORGANIZATION
    cAny submission deadlines:
    NONE
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    NONE
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 10
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    HUMANE SOCIETY OF FREEBOR
    PO BOX 423 101 JAMES AVE
    ALBERT LEA,MN56007     		NONE   OPERATING 14,000
    NATIONAL TAXPAYERS UNION
    108 NORTH ALFRED STREET
    ALEXANDRIA,VA22314     		NONE   OPERATING 4,000
    KIDS & KINSHIP
    14870 GRANADA AVENUE 127
    APPLE VALLEY,MN55124     		NONE   OPERATING 5,000
    CONCORD COALITION
    1011 ARLINGTON BLVD STE 3
    ARLINGTON,VA22209     		NONE   OPERATING 35,000
    ENVIRONMENTAL PAPER NETWO
    16 EAGLE STREET STE 200
    ASHEVILLE,NC28801     		NONE   OPERATING 5,000
    FAMILY PLANNING ASSOCIATI
    43 GABRIEL DRIVE PO BOX 5
    AUGUSTA,ME04332     		NONE   OPERATING 2,000
    WORLD RELIEF
    7 E BALTIMORE ST
    BALTIMORE,MD21202     		NONE   OPERATING 40,000
    FLORIDA KEYS WILDLIFE RES
    1388 AVE B PO BOX 431392
    BIG PINE KEY,FL33043     		NONE   OPERATING 5,000
    BSU FOUNDATION INNOCENCE
    1910 UNIVERSITY DR
    BOISE,ID83725     		NONE   INNOCENCE PROJECT 35,000
    LIFES DOORWAYS INC
    420 S ORCHARD STREET PO
    BOISE,ID83705     		NONE   CAMP ERIN PROGRAM 6,000
    BIG BROTHERSBIG SISTERS
    2404 W BANK DRIVE STE 30
    BOISE,ID83705     		NONE   OPERATING 10,000
    FRIENDS OF XL HOSPICE
    8903 WEST LANDMARK COURT
    BOISE,ID83704     		NONE   OPERATING 7,000
    IDAHO FOODBANK
    3562 SOUTH TK AVENUE PO
    BOISE,ID83705     		NONE   OPERATING 10,000
    IDAHO PUBLIC TELEVISION (
    1455 N ORCHARD ST
    BOISE,ID83706     		NONE   OPERATING 4,000
    LIFE'S KITCHEN
    1025 S CAPITOL BLVD
    BOISE,ID83707     		NONE   OPERATING 5,000
    NORTHWEST ANIMAL COMPANIO
    PO BOX 6376
    BOISE,ID83707     		NONE   OPERATING 25,000
    SIMPLY CATS ADOPTION CENT
    2833 S VICTORY VIEW WAY
    BOISE,ID83709     		NONE   OPERATING 10,000
    SOUTHWEST IDAHO MOUNTAIN
    PO BOX 1443
    BOISE,ID83703     		NONE   OPERATING 1,000
    SPAY NEUTER IDAHO PETS IN
    1077 S GARDEN PL
    BOISE,ID83705     		NONE   OPERATING 5,000
    AMERICAN FONDOUK
    350 SOUTH HUNTINGTON AVE
    BOSTON,MA02130     		NONE   OPERATING 5,000
    NORTHEAST WILDERNESS TRUS
    14 BEACON STREET STE 506
    BOSTON,MA02108     		NONE   OPERATING 3,000
    AMERICAN PRAIRIE FOUNDATI
    104 E MAIN STREET SUITE 2
    BOZEMAN,MT59715     		NONE   OPERATING 12,000
    COASTAL HUMANE SOCIETY
    30 RANGE ROAD
    BRUNSWICK,ME04011     		NONE   OPERATING 15,000
    NATURE CONSERVANCY MAINE
    14 MAINE ST STE 401
    BRUNSWICK,ME04011     		NONE   OPERATING 30,000
    WARM THY NEIGHBOR
    PO BOX 195
    BRUNSWICK,ME04011     		NONE   OPERATING 5,000
    CROSSROADS ANIMAL SHELTER
    2800 10TH ST SE
    BUFFALO,MN55313     		NONE   SPAY/NEUTER PROGRAM 5,000
    HUMANE SOCIETY OF WRIGHT
    4375 HIGHWAY 55 SE
    BUFFALO,MN55313     		NONE   SPAY & NEUTER PROGRAM AT WRIGHT COUN 2,500
    WRIGHT COUNTY DARE PROGRA
    3800 BRADDOCK AVE
    BUFFALO,MN55313     		NONE   WRIGHT COUNTY ST MICHAEL ELEMENTARY 1,500
    NORWEGIAN LUTHERAN CHURCH
    608 ELM ST
    CALUMET,MI49913     		NONE   OPERATING 6,000
    UNION FOR CONCERNED SCIEN
    TWO BRATTLE SQUARE
    CAMBRIDGE,MA02238     		NONE   OPERATING 10,000
    GRANDPARENTS AS PARENTS I
    22048 SHERMAN WAY 217
    CANOGA PARK,CA91303     		NONE   OPERATING 10,000
    IPAS
    300 MARKET ST STE 200
    CHAPEL HILL,NC27516     		NONE   OPERATING 9,000
    FOOD ANIMAL CONCERNS TRUS
    411 WEST FULLERTON PKWY
    CHICAGO,IL60614     		NONE   OPERATING 25,000
    NEPAL SOCIAL SERVICE FUND
    77461 297TH STREET
    CLARKS GROVE,MN56016     		NONE   OPERATING 15,000
    FEED MY STARVING CHILDREN
    401 93RD AVE NW
    COON RAPIDS,MN55433     		NONE   OPERATING 75,000
    COPPER HARBOR TRAILS CLUB
    PO BOX 37
    COPPER HARBOR,MI49918     		NONE   OPERATING 6,000
    ANIMALS IN DISTRESS
    687 BEACHWOOD STREET
    EAGLE,ID83616     		NONE   OPERATING 8,000
    KEWEENAW COUNTY HISTORICA
    670 LIGHTHOUSE ROAD
    EAGLE HARBOR,MI49950     		NONE   OPERATING 15,000
    NATIONAL ASSN FOR HUMANE
    67 NORWICH-ESSEX TPKE
    EAST HADDAM,CT06423     		NONE   ADOPT A CLASSROOM FOR KIND NEWS 8,000
    MINNEAPOLIS RECREATIONAL
    7220 YORK AVENUE S 610
    EDINA,MN55435     		NONE   OPERATING 4,000
    COMMUNITY VETERINARY CENT
    PO BOX 25156
    EUGENE,OR97402     		NONE   OPERATING 4,000
    RURAL ADVANTAGE
    1243 LAKE STE 222
    FAIRMONT,MN56031     		NONE   OPERATING 5,000
    SECOND CHANCE CENTER FOR
    11665 N HIGHWAY 89
    FLAGSTAFF,AZ86004     		NONE   PLATEAU LAND MOBILE VET CLINIC 8,000
    2ND CHANCE ANIMAL SHELTER
    1708 N WHITLEY DRIVE
    FRUITLAND,ID83619     		NONE   OPERATING 5,000
    BOYS & GIRLS CLUB ADA
    610 EAST 42ND STREET
    GARDEN CITY,ID83714     		NONE   ADA B&G'S CLUB 5,000
    BOYS & GIRLS CLUB KUNA CO
    610 EAST 42ND STREET
    GARDEN CITY,ID83714     		NONE   KUNA COUNTY B&G'S CLUB 20,000
    WEST VET
    5019 N SAWYER AVENUE
    GARDEN CITY,ID83714     		NONE   NIGEL FUND 2,000
    CHILDREN'S CHANCE
    1617 INDEPENDENCE AVE N
    GOLDEN VALLEY,MN55427     		NONE   ANTIGUA PUBLIC LIBRARY, DORTHEA NELS 5,000
    CHILDREN'S CHANCE
    1617 INDEPENDENCE AVE N
    GOLDEN VALLEY,MN55427     		NONE   OPERATING 25,000
    GREATER MINNEAPOLIS CRISI
    5400 GLENWOOD AVENUE
    GOLDEN VALLEY,MN55422     		NONE   OPERATING 4,000
    NATURE CONSERVANCY IDAHO
    116 FIRST AVENUE NORTH
    HAILEY,ID83333     		NONE   OPERATING 30,000
    HANOVER FOOD SHELF
    11024 CHURCH STREET NE PO
    HANOVER,MN55341     		NONE   OPERATING 4,000
    NATURE CONSERVANCY HAWAII
    923 NUUANU AVE
    HONOLULU,HI96816     		NONE   UNGULATE CONTROL PROGRAMME 5,000
    QUAKER SCHOOL OF HORSHAM
    250 MEETINGHOUSE ROAD
    HORSHAM,PA19044     		NONE   MAGGIE FINE FUND 40,000
    INSTITUTE OF RANGE AND AM
    PO BOX 998
    HOT SPRINGS,SD57747     		NONE   OPERATING 10,000
    HOUGHTON KEWEENAW CONSERV
    600 E LAKESHORE DRIVE STE
    HOUGHTON,MI49931     		NONE   PILGRIM RIVER PROJECT 3,000
    CHIMP HAVEN
    13600 CHIMPANZEE PLACE
    KEITHVILLE,LA71047     		NONE   OPERATING 5,000
    TLC HORSE MULE AND DONKE
    PO BOX 6915
    KINGMAN,AZ86402     		NONE   OPERATING 2,000
    KUNA EDUCATION FOUNDATION
    1450 BOIXE STREET
    KUNA,ID83634     		NONE   25,000 FOR FURTHERING EDUCATIONAL O 35,000
    HOUGHTON COUNTY HISTORICA
    53150 HWY M-26
    LAKE LINDEN,MI49945     		NONE   FIRST CONGREGATIONAL HERITAGE CENTER 5,000
    NATURE CONSERVANCY MICHIG
    101 E GRAND RIVER
    LANSING,MI48906     		NONE   KEWEENAW PROJECTS 12,000
    IDAHO ENVIRONMENTAL ASSOC
    PO BOX 791
    LAVA HOT SPRINGS,ID83246     		NONE   OPERATING 10,000
    STOP PREDATORY GAMBLING
    317 SOUTH BROADWAY 148
    LAWRENCE,MA01843     		NONE   OPERATING 15,000
    MAINE PBS
    1450 LISBON STREET
    LEWISTON,ME04240     		NONE   OPERATING 8,000
    COLORADO THERAPEUTIC RIDI
    11968 MINERAL ROAD
    LONGMONT,CO80504     		NONE   OPERATING 5,000
    ALBERTINI MELANOMA RESEAR
    600 HIGHLAND AVENUE K6/53
    MADISON,WI53792     		NONE   JAY VAN SLOUN MEMORIAL RESEARCH PROG 14,500
    DODGE COUNTY HISTORICAL S
    615 N MAIN ST PO BOX 456
    MANTORVILLE,MN55955     		NONE   OPERATING 1,000
    MCPAWS REGIONAL ANIMAL SH
    PO BOX 1375
    MCCALL,ID83638     		NONE   OPERATING 5,000
    STUTTERING FOUNDATION OF
    PO BOX 11749
    MEMPHIS,TN38111     		NONE   OPERATING 10,000
    ALS ASSOCIATION MINNESOTA
    333 N WASHINGTON AVE ST
    MINNEAPOLIS,MN55401     		NONE   ALS RESEARCH SPECIFICALLY AT MAYO IN 35,000
    WORLD VISION
    4325 UPTON AVENUE SOUTH
    MINNEAPOLIS,MN55410     		NONE   WELL DRILLING 12,000
    ALLIANCE FOR SUSTAINABILI
    1521 UNIVERSITY AVE SE
    MINNEAPOLIS,MN55414     		NONE   OPERATING 9,000
    AMICUS
    15 S 5TH STREET STE 1100
    MINNEAPOLIS,MN55402     		NONE   OPERATING 13,000
    DEFENDING FARM ANIMALS
    3933 21ST AVE S
    MINNEAPOLIS,MN55407     		NONE   OPERATING 15,000
    ENGLISH LEARNING CENTER
    2315 CHICAGO AVE S
    MINNEAPOLIS,MN55405     		NONE   OPERATING 4,000
    KBEM RADIO
    1555 JAMES AVENUE N
    MINNEAPOLIS,MN55411     		NONE   OPERATING 1,000
    MAKE OLD THINGS NEW
    2120 MINNEHAHA AVE S
    MINNEAPOLIS,MN55404     		NONE   OPERATING 4,000
    NATURE CONSERVANCY MINNES
    1101 WEST RIVER PKWY STE
    MINNEAPOLIS,MN55415     		NONE   OPERATING 45,000
    NATURE CONSERVANCY NATION
    1101 WEST RIVER PKWY STE
    MINNEAPOLIS,MN55415     		NONE   OPERATING 27,000
    ONE HEARTLAND (FORMERLY C
    1221 NICOLLET AVE 501
    MINNEAPOLIS,MN55402     		NONE   OPERATING 2,000
    PLANNED PARENTHOOD IN MN
    1200 LAGOON AVE S
    MINNEAPOLIS,MN55408     		NONE   OPERATING 25,000
    SIERRA CLUB- NORTH STAR C
    2327 E FRANKLIN AVE 1
    MINNEAPOLIS,MN55406     		NONE   OPERATING 5,000
    VISION LOSS RESOURCES
    1936 LYNDALE AVENUE SOUTH
    MINNEAPOLIS,MN55403     		NONE   OPERATING 3,000
    ST DAVID'S CENTER
    3395 PLYMOUTH ROAD
    MINNETONKA,MN55305     		NONE   OPERATING 60,000
    MCCALL OUTDOOR SCIENCE SC
    PO BOX 8596
    MOSCOW,ID83843     		NONE   MCCALL OUTDOOR SCIENCE SCHOOL 10,000
    NAMPA PARKS AND RECREATIO
    131 CONSTITUTION WAY
    NAMPA,ID83686     		NONE   NAMPA DOG PARK 2,000
    GREYHOUND RESCUE OF IDAHO
    146 N MIDDLETON ROAD PMB
    NAMPA,ID83651     		NONE   OPERATING 2,000
    CAN DO CANINES
    9440 SCIENCE CENTER DRIVE
    NEW HOPE,MN55428     		NONE   OPERATING 13,000
    DREAMCHASER PMU RESCUE AN
    48019 N 7TH AVE
    NEW RIVER,AZ85087     		NONE   OPERATING 2,000
    PLANNED PARENTHOOD FEDERA
    434 WEST 33RD STREET
    NEW YORK,NY10001     		NONE   FOREIGN PROJECTS 5,000
    INTERNATIONAL PLANNED PAR
    120 WALL STREET 9TH FLOOR
    NEW YORK,NY10005     		NONE   OPERATING 7,000
    NATIONAL STUTTERING ASSOC
    119 W 40TH STREET 14TH F
    NEW YORK,NY10018     		NONE   OPERATING 9,000
    NATURAL RESOURCES DEFENSE
    40 W 20TH ST
    NEW YORK,NY10011     		NONE   OPERATING 67,000
    THE SMILE TRAIN
    41 MADISON AVENUE 28TH FL
    NEW YORK,NY10010     		NONE   OPERATING 2,000
    EARTH JUSTICE
    426 17TH ST 6TH FLOOR
    OAKLAND,CA94601     		NONE   OPERATING 126,000
    STEELE COUNTY CLOTHESLINE
    155 OAKDALE ST STE B
    OWATONNA,MN55060     		NONE   OPERATING 1,000
    JEFFERS HIGH SCHOOLSSHRC
    PO BOX 37
    PAINESDALE,MI49955     		NONE   SARAH SARGENT PAINE HISTORICAL RESEA 2,000
    PAINSDALE MINE & SHAFT
    PO BOX 332
    PAINSDALE,MI49955     		NONE   OPERATING 5,000
    NATURE CONSERVANCY COSTA
    712 ELM STREET
    PEABODY,KS66866     		NONE   OPERATING 5,000
    THE FOOD TRUST
    1617 JOHN F KENNEDY BLVDO
    PHILADELPHIA,PA19103     		NONE   OPERATING 5,000
    PLANNED PARENTHOOD ARIZON
    5651 NORTH 7TH STREET
    PHOENIX,AZ85014     		NONE   OPERATING 20,000
    SUNSET HILL ELEMENTARY NA
    13005 SUNSET TRAIL
    PLYMOUTH,MN55441     		NONE   THE NATURE CENTER 2,000
    COSAD
    4150 XIMINES LANE
    PLYMOUTH,MN55441     		NONE   OPERATING 5,000
    SALVATION ARMY OF NORTHER
    PO BOX 3647
    PORTLAND,ME04101     		NONE   OPERATING 33,000
    WEST AFRICA VILLAGE AND E
    19040 SOUTHFORK DRIVE
    PRIOR LAKE,MN55372     		NONE   VILLAGE WELLS CLEAN WATER PROJECT 4,000
    ENVIRONMENT NORTHEAST
    8 SUMMER STREET POB 0583
    ROCKPORT,ME04856     		NONE   OPERATING 7,000
    WILDLIFE REHABILITATION C
    2530 DALE ST
    ROSEVILLE,MN55113     		NONE   OPERATING 10,000
    BORN FREE
    1122 S STREET
    SACRAMENTO,CA95811     		NONE   OPERATING 4,000
    NATURE CONSERVANCY IDAHO
    559 EAST SOUTH TEMPLE
    SALT LAKE CITY,UT84102     		NONE   YELLOWSTONE 10,000
    GLEN CANYON INSTITUTE
    429 EAST 100 SOUTH
    SALT LAKE CITY,UT84111     		NONE   OPERATING 43,000
    NATURE CONSERVANCY UTAH
    559 EAST SOUTH TEMPLE
    SALT LAKE CITY,UT84102     		NONE   OPERATING 5,000
    ELECTRONIC FRONTIER FOUND
    454 SHOTWELL ST
    SAN FRANCISCO,CA94110     		NONE   OPERATING 25,000
    HUMANE FARMING ASSOCIATIO
    PO BOX 3577
    SAN RAFAEL,CA94912     		NONE   OPERATING 10,000
    PLANNED PARENTHOOD OF THE
    2201 EAST MADISON STREET
    SEATTLE,WA98122     		NONE   OPERATING 5,000
    FRIENDS OF CASSCO BAY
    43 SLOCUM DRIVE
    SOUTH PORTLAND,ME04106     		NONE   OPERATING 15,000
    CHILDREN'S HOME SOCIETY &
    1605 EUSTIS STREET
    ST PAUL,MN55108     		NONE   KORAKOVO & DORMIDONTOKVA PROJECTS 28,500
    COMPATIBLE TECHNOLOGIES I
    800 TRANSFER ROAD SUITE 6
    ST PAUL,MN55114     		NONE   OPERATING 25,000
    ECO EDUCATION
    1295 BANDANA BOULEVARD S
    ST PAUL,MN55108     		NONE   OPERATING 3,000
    FRESH ENERGY
    408 SAINT PETER STREET S
    ST PAUL,MN55102     		NONE   OPERATING 10,000
    FRIENDS OF THE MISSISSIPP
    360 N ROBERT ST STE 400
    ST PAUL,MN55101     		NONE   OPERATING 29,000
    MINNESOTA CENTER FOR ENVI
    26 E EXCHANGE ST STE 206
    ST PAUL,MN55101     		NONE   OPERATING 7,000
    MINNESOTA COUNCIL ON ECON
    DEPT OF APPLIED ECON 1994
    ST PAUL,MN55108     		NONE   OPERATING 6,000
    MINNESOTA HISTORICAL SOCI
    345 W KELLOGG BLVD
    ST PAUL,MN55102     		NONE   OPERATING 4,000
    MN STATE FAIR FOUNDATION
    1265 SNELLING AVE N
    ST PAUL,MN55108     		NONE   OPERATING 3,000
    PRESERVATION ALLIANCE OF
    416 LANDMARK CENTER 75 W
    ST PAUL,MN55102     		NONE   OPERATING 5,000
    CENTER FOR BIOLOGICAL DIV
    1333 NORTH ORACLE
    TUCSON,AZ85702     		NONE   ENDANGERED SPECIES, CONDOMS/OVERPOPU 45,000
    CENTER FOR BIOLOGICAL DIV
    1333 NORTH ORACLE
    TUCSON,AZ85702     		NONE   POPULATION CONTROL 10,000
    CHILD LANGUAGE CENTER INC
    202 E SPEEDWAY
    TUCSON,AZ85705     		NONE   WINGS ON WORDS PROGRAM 5,000
    HUMANE SOCIETY OF SOUTHER
    3450 N KELVIN BLVD
    TUCSON,AZ85716     		NONE   SPAY & NEUTER PROGRAM 5,000
    LIVE THEATER WORKSHOP
    5317 SPEEDWAY BLVD
    TUCSON,AZ85719     		NONE   SCHOLARSHIPS 5,000
    ARIZONA LAND AND WATER TR
    3127 N CHERRY AVENUE
    TUCSON,AZ85719     		NONE   OPERATING 10,000
    BIG BROTHERSBIG SISTERS
    160 E ALAMEDA ST
    TUCSON,AZ85701     		NONE   OPERATING 2,000
    BOYS & GIRLS CLUB OF TUCS
    3155 E GRANT ROAD
    TUCSON,AZ85716     		NONE   OPERATING 13,000
    CENTER FOR BIOLOGICAL DIV
    1333 NORTH ORACLE
    TUCSON,AZ85702     		NONE   OPERATING 18,000
    COALITION FOR SONORAN DES
    300 EAST UNIVERSITY BLVD
    TUCSON,AZ85705     		NONE   OPERATING 20,000
    EL RIO FOUNDATION
    839 W CONGRESS
    TUCSON,AZ85742     		NONE   OPERATING 33,000
    HERMITAGE NO KILL SHELTER
    5278 E 21ST STREET
    TUCSON,AZ85711     		NONE   OPERATING 4,000
    HUMANE SOCIETY OF SOUTHER
    3450 N KELVIN BLVD
    TUCSON,AZ85716     		NONE   OPERATING 8,000
    INTERCULTURAL CENTER FOR
    4455 N CMO CARDENAL
    TUCSON,AZ85718     		NONE   OPERATING 5,000
    MOBILE MEALS OF TUCSON
    3003 S COUNTRY CLUB ROAD
    TUCSON,AZ85713     		NONE   OPERATING 8,000
    NATIVE SEEDSSEARCH
    526 N 4TH AVENUE
    TUCSON,AZ85705     		NONE   OPERATING 18,000
    NATURE CONSERVANCY ARIZON
    1510 E FT LOWELL ROAD
    TUCSON,AZ85719     		NONE   OPERATING 50,000
    OLD PUEBLO TROLLEY
    3736 N TUCSON BLVD
    TUCSON,AZ85716     		NONE   OPERATING 5,000
    PARENT CONNECTION
    5326 E PIMA ST
    TUCSON,AZ85712     		NONE   OPERATING 15,000
    SAVE THE SCENIC SANTA RIT
    8987 E TANQUE VERDE 309-
    TUCSON,AZ85749     		NONE   OPERATING 15,000
    SONORAN INSTITUTE
    7650 E BROADWAY STE 203
    TUCSON,AZ85710     		NONE   OPERATING 10,000
    TUCSON COMMUNITY FOOD BAN
    3003 SOUTH COUNTRY CLUB R
    TUCSON,AZ85726     		NONE   OPERATING 30,000
    ONE GENERATION
    17400 VICTORY BLVD
    VAN NUYS,CA91406     		NONE   OPERATING 10,000
    ALTAI ASSISTANCE PROJECT
    2351 COUNTY ROUTE 10
    WADHAMS,NY12993     		NONE   OPERATING 5,000
    POPULATION INSTITUTE
    107 2ND ST NE
    WASHINGTON,DC20002     		NONE   SUSTAINABLE WORLD INITIATIVE 5,000
    AMERICAN RIVERS
    1101 14TH STREET NW SUITE
    WASHINGTON,DC20005     		NONE   OPERATING 48,000
    ANIMAL WELFARE INSTITUTE
    PO BOX 3650
    WASHINGTON,DC20027     		NONE   OPERATING 5,000
    CATHOLICS FOR A FREE CHOI
    1436 U STREET NW STE 301
    WASHINGTON,DC20009     		NONE   OPERATING 15,000
    CENTER FOR SCIENCE IN THE
    1875 CONNECTICUT AVENUE N
    WASHINGTON,DC20009     		NONE   OPERATING 5,000
    FRIENDS OF THE WORLD FOOD
    1819 L ST N W STE 900
    WASHINGTON,DC20005     		NONE   OPERATING 60,000
    GREEN PEACE
    702 H STREET NW SUITE 300
    WASHINGTON,DC20001     		NONE   OPERATING 1,000
    NATIONAL GEOGRAPHIC AFHGA
    1145 17TH ST NW
    WASHINGTON,DC20036     		NONE   OPERATING 10,000
    NATIONAL PARKS CONSERVATI
    1300 19TH STREET NW STE
    WASHINGTON,DC20036     		NONE   OPERATING 5,000
    NATIONAL TRUST OF HISTORI
    1785 MASSACHUSETTS AVE NW
    WASHINGTON,DC20036     		NONE   OPERATING 3,000
    POPULATION CONNECTION
    2120 L STREET NW STE 500
    WASHINGTON,DC20037     		NONE   OPERATING 15,000
    WORLD WATCH
    1776 MASSACHUSETTS AVE NW
    WASHINGTON,DC20036     		NONE   OPERATING 10,000
    PETS FOR THE ELDERLY FOUN
    PO BOX 226
    WICKLIFFE,OH44092     		NONE   OPERATING 15,000
    MICHIGAN NATURE ASSOCIATI
    326 E GRAND AVENUE
    WILLIAMSTON,MI48895     		NONE   KEWEENAW PROJECTS 11,000
    HERITAGE RADIO SOCIETY IN
    219 COUSINS ST
    YARMOUTH,ME04096     		NONE   WYAR 1,000
    Total .................................bullet 3a 2,200,000
    bApproved for future payment
    Total ..................................bullet 3b  
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 11
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See page 28 of
    the instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3Interest on savings and temporary cash investments          
    4 Dividends and interest from securities....     14 897,995  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6Net rental income or (loss) from personal property          
    7 Other investment income.....     14 270,469  
    8Gain or (loss) from sales of assets other than inventory     18 -218,477  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: aMISCELLANEOUS INCOME     14 3,344  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   953,331  
    13Total. Add line 12, columns (b), (d), and (e)...................
    13953,331
    (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
    STEVEN C LEUTHOLD FAMILY FOUNDATION
     
    Employer identification number

    41-1680986
    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 1 of Part I
    Name of organization
    STEVEN C LEUTHOLD FAMILY FOUNDATION
          		Employer identification number

    41-1680986
    Part I
    Contributors (see Instructions)
    		     
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Aggregate contributions    		 (d)
    Type of contribution
    1
     
     

    STEVEN C LEUTHOLD    
    1300 YALE PLACE SUITE 329
       
    MINNEAPOLIS, MN   55403

    		$4,015,000




    (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 1 of Part II
    Name of organization
    STEVEN C LEUTHOLD FAMILY FOUNDATION
          		Employer identification number

    41-1680986
    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
     
    		$    
    (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
    STEVEN C LEUTHOLD FAMILY FOUNDATION
          		Employer identification number

    41-1680986
    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:
    STEVEN C LEUTHOLD FAMILY FOUNDATION
    EIN: 41-1680986
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ADMINISTRATION 20,000     20,000
    LEGAL AND ACCOUNTING 14,231     14,231

    TY 2010 CompensationExplanation
    Name:
    STEVEN C LEUTHOLD FAMILY FOUNDATION
    EIN: 41-1680986
    Person Name Explanation
    STEVEN C LEUTHOLD  
    DR LINDA LEUTHOLD DONERKIEL  
    MICHAEL LEUTHOLD  
    KURT LEUTHOLD  
    RUSSELL LEUTHOLD  

    TY 2010 InvestmentsCorpStockSchedule
    Name:
    STEVEN C LEUTHOLD FAMILY FOUNDATION
    EIN: 41-1680986
    Name of Stock End of Year Book Value End of Year Fair Market Value
    SEE ATTACHMENT 1 17,802,914 19,734,666

    TY 2010 InvestmentsGovtObligationsSch
    Name:
    STEVEN C LEUTHOLD FAMILY FOUNDATION
    EIN: 41-1680986
    US Government Securities - End of Year Book Value:

    1,669,831
    US Government Securities - End of Year Fair Market Value:

    1,535,608
    State & Local Government Securities - End of Year Book Value:


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


     


    TY 2010 InvestmentsOtherSchedule2
    Name:
    STEVEN C LEUTHOLD FAMILY FOUNDATION
    EIN: 41-1680986
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    SEE ATTACHMENT 1 AT COST 16,709,745 20,607,536

    TY 2010 OtherExpensesSchedule
    Name:
    STEVEN C LEUTHOLD FAMILY FOUNDATION
    EIN: 41-1680986
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXPENSES        
    MISCELLANEOUS 3,264      


    TY 2010 OtherIncomeSchedule2
    Name:
    STEVEN C LEUTHOLD FAMILY FOUNDATION
    EIN: 41-1680986
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    PORTFOLIO INCOME 270,469 270,469  
    MISCELLANEOUS INCOME 3,344    


    TY 2010 OtherProfessionalFeesSchedule
    Name:
    STEVEN C LEUTHOLD FAMILY FOUNDATION
    EIN: 41-1680986
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    MANAGEMENT FEES 206,314 206,314    
    PORTFOLIO DEDUCTIONS 33,405 33,405    


    TY 2010 TaxesSchedule
    Name:
    STEVEN C LEUTHOLD FAMILY FOUNDATION
    EIN: 41-1680986
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INCOME TAXES 11,846      
    FOREIGN TAXES 26,169 26,169