Form990-PF
Click to see attachment

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
WILLIAM S PALEY FOUNDATION INC
co BENCIVENGA WARD & COMPANY CPAs PC

Number and street (or P.O. box number if mail is not delivered to street address)420 COLUMBUS AVENUE   Room/suite
City or town, state, and ZIP code
VALHALLA, NY10595
A Employer identification number

13-6085929
B Telephone number (see page 10 of the instructions)

(914) 769-5005
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$109,935,817J 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 5,190 5,190  
4 Dividends and interest from securities...... 2,269,907 2,269,907  
5a Gross rents.............. 695,856 695,856  
b Net rental income or (loss) -58,152
6a Net gain or (loss) from sale of assets not on line 10 4,176,090
b Gross sales price for all assets on line 6a 32,567,333
7 Capital gain net income (from Part IV, line 2)... 4,176,090
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule).......      
12 Total. Add lines 1 through 11........ 7,147,043 7,147,043  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 40,000 20,000   20,000
14 Other employee salaries and wages......        
15 Pension plans, employee benefits....... 4,719 2,360   2,360
16a Legal fees (attach schedule)......... Click to see attachment 30,000      
b Accounting fees (attach schedule)....... Click to see attachment 124,567 12,457   115,869
c Other professional fees (attach schedule).... Click to see attachment 662,674 662,674   30,000
17 Interest...............        
18 Taxes (attach schedule) (see page 14 of the instructions) Click to see attachment 245,423 42,295    
19 Depreciation (attach schedule) and depletion... Click to see attachment 5,398    
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see list of attachments 762,287 757,772   -19,965
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 1,875,068 1,497,558   148,264
25 Contributions, gifts, grants paid........ 3,953,394 4,883,997
26 Total expenses and disbursements. Add lines 24 and 25 5,828,462 1,497,558   5,032,261
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 1,318,581
b Net investment income (if negative, enter -0-) 5,649,485
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............... 4,996,028 899,319 899,319
2 Savings and temporary cash investments.......... 4,582,266 7,289,246 7,289,246
3 Accounts receivable bullet95,226
Less: allowance for doubtful accounts bullet   84,650 95,226 95,226
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........... 21,879 74,165 74,165
10a Investments—U.S. and state government obligations (attach schedule) 1,499,895 Click to see attachment4,069,186 4,069,186
b Investments—corporate stock (attach schedule)........ 58,839,713 Click to see attachment52,870,539 52,870,539
c Investments—corporate bonds (attach schedule)........ 12,250,132 Click to see attachment23,638,136 23,638,136
11 Investments—land, buildings, and equipment: basis bullet1,457,158
Less: accumulated depreciation (attach schedule) bullet1,090,131 372,425 Click to see attachment367,027 21,000,000
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)...........      
14 Land, buildings, and equipment: basis bullet14,640
Less: accumulated depreciation (attach schedule) bullet14,640      
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 82,646,988 89,302,844 109,935,817
Liabilities 17 Accounts payable and accrued expenses.......... 926,097 997,481
18 Grants payable................... 4,475,251 3,544,648
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 attachment52,811,203 Click to see attachment57,550,712
23 Total liabilities (add lines 17 through 22).......... 58,212,551 62,092,841
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......... 24,434,437 27,210,003
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds    
30 Total net assets or fund balances (see page 17 of the
instructions).................... 24,434,437 27,210,003
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 82,646,988 89,302,844
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 24,434,437
2 Enter amount from Part I, line 27a...................... 2 1,318,581
3 Other increases not included in line 2 (itemize) bulletClick to see attachment 3 6,196,494
4 Add lines 1, 2, and 3.......................... 4 31,949,512
5 Decreases not included in line 2 (itemize) bulletClick to see attachment 5 4,739,509
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.. 6 27,210,003
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.)
1a
b
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
b
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
b
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 4,176,090
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 4,834,392 72,036,161 0.06711
2008 15,765,007 94,984,184 0.16598
2007 5,318,950 113,146,209 0.04701
2006 6,520,305 109,185,780 0.05972
2005 3,961,846 116,375,608 0.03404
2 Total of line 1, column (d) ...................... 2 0.37386
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 0.07477
4 Enter the net value of noncharitable-use assets for 2010 from Part X, line 5..... 4 81,657,593
5 Multiply line 4 by line 3....................... 5 6,105,702
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 56,495
7 Add lines 5 and 6......................... 7 6,162,197
8 Enter qualifying distributions from Part XII, line 4.............. 8 5,032,261
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 1 112,990
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............................ 3 112,990
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- ..... 5 112,990
6 Credits/Payments:
a 2010 estimated tax payments and 2009 overpayment credited to 2010 6a 179,856
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.............. 7 179,856
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. Click to see attachment 8 415
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 66,451
11 Enter the amount of line 10 to be: Credited to 2011 estimated taxBullet66,451 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
 
No
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)bulletNY
    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 ofbulletLEONARD J BENCIVENGA CPA Telephone no.bullet (914) 769-5005
    Located atbullet420 COLUMBUS AVENUE SUITE 304VALHALLANY ZIP+4bullet105951382
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16
    At any time during calendar year 2010, did the foundation have an interest in or a signature or other authority over
    a bank, securities, or other financial account in a foreign country? .................
    16
     
    No
    See page 20 of the instructions for exceptions and filing requirements for Form TD F 90-22.1. If "Yes", enter the name of the foreign country bullet  
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 5
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the “Yes” column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?.........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?.................
    (6) Agree to pay money or property to a government official? (Exception. Check “No”
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).........
    b
    If any answer is “Yes” to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see page 20 of the instructions)?...
    1b
     
    No
    .........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2010?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2010, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2010?...............
    If “Yes,” list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer “No” and attach statement—see page 20 of the instructions.) .........
    2b
     
    No
    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
     
    No
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2010?
    4b
     
    No
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?...............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 509(a)(1), (2), or (3), or section 4940(d)(2)? (see page 22 of the instructions)...
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?........
    b
    If any answer is “Yes” to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see page 22 of the instructions)?
    5b
     
    No
    .........bullet
    c
    If the answer is “Yes” to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?............
    If “Yes,” attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay
    premiums on a personal benefit contract?....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If “Yes” to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
    No
    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
    GEORGE J GILLESPIE III Director
    3.00     		0    
    420 COLUMBUS AVENUE SUITE 304
    VALHALLA,NY10595
    DANIEL L MOSLEY TREAS&SEC/DIR
    5.00     		0    
    420 COLUMBUS AVENUE SUITE 304
    VALHALLA,NY10595
    WILLIAM C PALEY VICE PRES/DIR
    2.00     		0    
    420 COLUMBUS AVENUE SUITE 304
    VALHALLA,NY10595
    HENRY A KISSINGER CHAIRMAN/DIR
    1.00     		0    
    420 COLUMBUS AVENUE SUITE 304
    VALHALLA,NY10595
    PATRICK S GALLAGHER Executive Direc
    6.00     		40,000    
    420 COLUMBUS AVENUE SUITE 304
    VALHALLA,NY10595
    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
    TWEEDY BROWNE CO ADVISORY & CUSTODY 209,611
    350 PARK AVENUE
    NEW YORK,NY10022
    BENCIVENGA WARD & COMPANY CPAs PC TAX & ACCOUNTING 75,600
    420 COLUMBUS AVE STE 304
    VALHALLA,NY10595
    RUANE CUNNIFF & CO ADVISORY & CUSTODY 382,420
    767 FIFTH AVENUE
    NEW YORK,NY10153
    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  
    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
    79,832,575
    b
    Average of monthly cash balances.......................
    1b
    3,068,535
    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
    82,901,110
    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
     
    3
    Subtract line 2 from line 1d..........................
    3
    82,901,110
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) ............................
    4
    1,243,517
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    81,657,593
    6
    Minimum investment return. Enter 5% of line 5...................
    6
    4,082,880
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    4,082,880
    2a
    Tax on investment income for 2010 from Part VI, line 5......
    2a
    112,990
    b
    Income tax for 2010. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    112,990
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    3,969,890
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4.............................
    5
    3,969,890
    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
    3,969,890
    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
    5,032,261
    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
    5,032,261
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see page 26 of the instructions)............
    5
     
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4...............
    6
    5,032,261
    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 3,969,890
    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.......  
    b From 2006....... 1,177,674
    c From 2007.......  
    d From 2008....... 11,143,388
    e From 2009....... 1,271,705
    fTotal of lines 3a through e......... 13,592,767
    4Qualifying distributions for 2010 from Part
    XII, line 4: bullet$ 5,032,261
    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)...     		0
    d Applied to 2010 distributable amount..... 3,969,890
    e Remaining amount distributed out of corpus 1,062,371
    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 14,655,138
    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) .............     		 
    9Excess distributions carryover to 2011.
    Subtract lines 7 and 8 from line 6a ......     		14,655,138
    10 Analysis of line 9:
    a Excess from 2006.... 1,177,674
    b Excess from 2007....  
    c Excess from 2008.... 11,143,388
    d Excess from 2009.... 1,271,705
    e Excess from 2010.... 1,062,371
    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:
    PATRICK S GALLAGHER
    420 COLUMBUS AVENUE SUITE 304
    VALHALLA,NY105951382
    bThe form in which applications should be submitted and information and materials they should include:
    NO PARTICULAR FORM REQUIRED, BUT FULL FINANCIAL INFORMATION SHOULD BE DISCLOSED.
    cAny submission deadlines:
    NONE
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    UNDER THE PROVISION OF THE FOUNDATION'S CHARTER, NO GRANTS MAY BE MADE TO INDIVIDUALS.
    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
    FAMILY SUPPORT CENTER
    4308 MONTGOMERY AVENUE
    BETHESDA,MD20814     		NONE PUBLIC GENERAL OPERATING SUPPORT 5,000
    COLUMBIA UNIVERSITY
    475 RIVERSIDE DRIVE
    NEW YORK,NY10015     		NONE PUBLIC DEPT OF OPHTHALMOLOGY 10,000
    THE SMILE TRAIN
    41 MADISON AVENUE 28TH FLOOR
    NEW YORK,NY10010     		NONE PUBLIC GENERAL OPERATING SUPPORT 1,000
    THELONIOUS MONK INSTITUTE
    5225 WISCONSIN AVENUE NW SUITE 605
    WASHINGTON,DC20015     		NONE PUBLIC GENERAL OPERATING SUPPORT 5,000
    DRUG POLICY ALLIANCE
    925 15TH STREET NW 2ND FLOORT
    WASHINGTON,DC20005     		NONE PUBLIC GENERAL OPERATING SUPPORT 5,000
    BOYS GIRLS CLUB OF GREENWICH
    4 HORSENECK LANE
    GREENWICH,CT06830     		NONE PUBLIC GENERAL OPERATING SUPPORT 15,000
    PORTLAND MUSEUM OF ART
    SEVEN CONGRESS SQUARE
    PORTLAND,ME04101     		NONE PUBLIC ANNUAL FUND 25,000
    WEST HILL POND ASSOCIATION INC
    29 WHITE PINE LANE
    WEST HARTFORD,CT06107     		NONE PUBLIC GENERAL OPERATING SUPPORT 5,000
    JEFFERSON SCHOLARS FOUNDATION
    P O BOX 3446
    CHARLOTTESVILLE,VA22903     		NONE PUBLIC STANLEY G. MORTIMER II SCHOLARSHIP 10,000
    DC CENTRAL KITCHEN
    425 2ND STREET NW
    WASHINGTON,DC20001     		NONE PUBLIC GENERAL OPERATING SUPPORT 5,000
    GREENWICH LIBRARY
    101 WEST PUTNAM AVENUE
    GREENWICH,CT06830     		NONE PUBLIC GENERAL OPERATING SUPPORT 5,000
    GREENWICH EMERGENCY MEDICAL SERVICE
    111 EAST PUTNAM
    RIVERSIDE,CT06878     		NONE PUBLIC GENERAL OPERATING SUPPORT 2,500
    THE PALEY CENTER FOR MEDIA
    25 WEST 52ND STREET
    NEW YORK,NY10019     		NONE PUBLIC PCM AWARDS 10,000
    THE WARNER THEATRE
    58 MAIN STREET
    TORRINGTON,CT06790     		NONE PUBLIC GENERAL OPERATING SUPPORT 5,000
    THE CATHOLIC UNIVERISTY OF AMERICA
    620 MICHIGAN AVENUE NE
    WASHINGTON,DC20064     		NONE PUBLIC ANNUAL FUND 5,000
    THE PALEY CENTER FOR MEDIA
    25 WEST 52ND STREET
    NEW YORK,NY10019     		NONE PUBLIC PALEY TELEVISION FESTIVAL 500,000
    YALE SCHOOL OF MEDICINE
    333 CEDAR STREET
    NEW HAVEN,CT06510     		NONE PUBLIC DYSLEXIA PROGRAM 5,000
    THE PALEY CENTER FOR MEDIA
    25 WEST 52ND STREET
    NEW YORK,NY10019     		NONE PUBLIC DIGITIZATION 487,997
    WASHINGTON PROJECT FOR THE ART
    500 SEVENTEENTH STREET NW
    WASHINGTON,DC20006     		NONE PUBLIC GENERAL PROGRAM 5,000
    SAVANNAH COLLEGE OF ART DESI
    P O BOX 3146
    SAVANNAH,GA31402     		NONE PUBLIC GENERAL PROGRAM 5,000
    OXFORD HOUSE
    1010 WAYNE AVENUE
    SILVER SPRING,MD20910     		NONE PUBLIC GENERAL PROGRAM 5,000
    NATIONAL CTR ON ADDICTION
    633 THIRD AVENUE
    NEW YORK,NY10017     		NONE PUBLIC GENERAL PROGRAM 15,000
    THE PALEY CENTER FOR MEDIA
    25 WEST 52ND STREET
    NEW YORK,NY10019     		NONE PUBLIC DEFICIT SUPPORT 1,000,000
    THE PALEY CENTER FOR MEDIA
    25 WEST 52ND STREET
    NEW YORK,NY10019     		NONE PUBLIC GENERAL PROGRAM 2,100,000
    THE MUSEUM OF MODERN ART
    11 WEST 53RD STREET
    NEW YORK,NY10019     		NONE PUBLIC GENERAL PROGRAM 110,000
    THE METROPOLITAN MUSEUM OF ART
    1000 FIFTH AVENUE
    NEW YORK,NY10028     		NONE PUBLIC GENERAL PROGRAM 15,000
    MADISON SQ BOYS GIRLS CLUB
    250 FIFTH AVENUE
    NEW YORK,NY10118     		NONE PUBLIC GENERAL PROGRAM 5,000
    LEGAL ACTION CENTER
    153 WAVERLY PLACE
    NEW YORK,NY10014     		NONE PUBLIC GENERAL PROGRAM 5,000
    KREEGER MUSEUM
    2401 FOXHALL ROAD NW
    WASHINGTON,DC20007     		NONE PUBLIC GENERAL PROGRAM 1,000
    KATONAH VILLAGE LIBRARY
    26 BEDFORD ROAD
    KATONAH,NY10536     		NONE PUBLIC CAPITAL CAMPAIGN 2,500
    KATONAH MUSEUM OF ART
    ROUTE 22 AT JAY STREET
    KATONAH,NY10536     		NONE PUBLIC GENERAL PROGRAM 2,500
    KATONAH COMMUNITY CENTER
    84 BEDFORD ROAD
    KATONAH,NY10536     		NONE PUBLIC GENERAL PROGRAM 2,500
    THE JERUSALEM FOUNDATION
    60 EAST 42ND STREET
    NEW YORK,NY10165     		NONE PUBLIC PALEY ART CENTER 75,000
    CLEAN SOBER STREETS INC
    P O BOX 77114
    WASHINGTON,DC20013     		NONE PUBLIC GENERAL PROGRAM 4,000
    THE GREENPARK FOUNDATION
    420 COLUMBUS AVENUE SUITE 304
    VALHALLA,NY10595     		COMMON DIRECTORS PRIV PALEY PARK - PROGRAM SUPPORT 425,000
    Total .................................bullet 3a 4,883,997
    bApproved for future payment
    THE PALEY CENTER FOR MEDIA
    25 WEST 52ND STREET
    NEW YORK,NY10019     		NONE PUBLIC PCM AWARDS 112,000
    THE PALEY CENTER FOR MEDIA
    25 WEST 52ND STREET
    NEW YORK,NY10019     		NONE PUBLIC DIGITAL ASSET MANAGEMENT 285,325
    TULANE UNIVERSITY
    218 GIBSON HALL
    NEW ORLEANS,LA70118     		NONE PUBLIC HISTORY PROFESSOR SUPPORT 20,000
    THE MUSEUM OF MODERN ART
    11 WEST 53RD STREET
    NEW YORK,NY10019     		NONE PUBLIC GENERAL OPERATING SUPPORT 110,000
    THE JERUSALEM FOUNDATION
    60 EAST 42ND STREET
    NEW YORK,NY10165     		NONE PUBLIC PALEY ART CENTER 75,000
    THE PALEY CENTER FOR MEDIA
    25 WEST 52ND STREET
    NEW YORK,NY10019     		NONE PUBLIC REFURBISHMENT RESERVE 403,127
    THE PALEY CENTER FOR MEDIA
    25 WEST 52ND STREET
    NEW YORK,NY10019     		NONE PUBLIC DEFICIT SUPPORT 1,498,901
    THE CENTER FOR DESIGN STUDY
    400 TRABERT AVENUE
    ATLANTA,GA30309     		NONE PUBLIC SAVE LOU'S WALL 25,000
    THE PALEY CENTER FOR MEDIA
    25 WEST 52ND STREET
    NEW YORK,NY10019     		NONE PUBLIC PALEY TELEVISION FESTIVAL 1,000,000
    NATIONAL CTR ON ADDICTION
    633 THIRD AVE
    NEW YORK,NY10017     		NONE PUBLIC GENERAL PROGRAM 25,000
    JEFFERSON SCHOLARS FOUNDATION
    PO BOX 3446
    CHARLOTTESVILLE,VA22903     		NONE PUBLIC STANLEY G. MORTIMER II SCHOLARSHIP 10,000
    Total ..................................bullet 3b 3,564,353
    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 5,190  
    4 Dividends and interest from securities....     14 2,269,907  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....     16 -58,152  
    6Net rental income or (loss) from personal property          
    7 Other investment income.....          
    8Gain or (loss) from sales of assets other than inventory         4,176,090
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   2,216,945 4,176,090
    13Total. Add line 12, columns (b), (d), and (e)...................
    136,393,035
    (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: 10000105
    Software Version: 2010v3.2


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2010 AccountingFeesSchedule
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:10000105
    Software Version:2010v3.2
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    TAX & ACCOUNTING 75,600 7,560 0 68,040
    AUDIT 48,967 4,897 0 47,829

    TY 2010 ContractorCompensationExpln
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:10000105
    Software Version:2010v3.2
    Contractor Explanation
    TWEEDY BROWNE CO  
    RUANE CUNNIFF & CO  
    BENCIVENGA WARD & COMPANY CPAs PC  

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

    TY 2010 DepreciationSchedule
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:10000105
    Software Version:2010v3.2
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
    CARPETING 5TH FLOOR 2009-09-02 2,812 134 91 7.0000 402      
    BUILDING IMPROVEMENTS 2008-07-01 3,035 651 91 7.0000 434      
    PHOTOLUMINESCE 2006-05-31 10,798 4,629 91 7.0000 1,543      
    ARCHITECT 2006-09-28 7,655 4,593 91 5.0000 1,531      
    ARCHITECT 2006-05-31 2,500 1,500 91 5.0000 500      
    BUILIDING IMPROVEMENTS 2006-09-28 29,650 2,964 91 30.0000 988      

    TY 2010 GeneralExplanationAttachment
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:10000105
    Software Version:2010v3.2
    Identifier Return Reference Explanation
        STATEMENT 19FORM 990PF, PART VII-B, LINE 5CEXEMPTION FROM TAX ON TAXABLE EXPENDITURESDuring 2010 the Foundation made a grant of $425,000 to The Greenpark Foundation, Inc. (Greenpark). Greenpark is a private operating foundation and has as its sole purpose the ownership, operation, and maintenance of a park open to the public. The officers and directors of Greenpark are also officers/directors of the Foundation. As such they are under common control.During 2010, Greenpark used the grant paid to it by the Foundation for the operation and maintenance of the park. In addition, Greenpark treated none of the grant as a qualifying distribution on its tax return for 2010 (Form 990PF), thereby allowing the grant of $425,000 to be treated as such by the Foundation.Due to the common control of the foundations, the foundation has not formalized pre-grant and post-grant letters. It believes the Requirements of IRS Reg. 53.4945-5(d) are satisfied by the indicia of common control of grantor and grantee.
        STATEMENT 18FORM 990PF, PART II, LINE 22OTHER LIABILITIESFUNDS HELD FOR THE BENEFITS OF OTHERSTHE PALEY CENTER FOR MEDIA25 WEST 52ND STREETNEW YORK, NY 10019 $44,301,210THE GREENPARK FOUNDATION, INCC/O BENCIVENGA WARD & COMPANY, CPAS, PC420 COLUMBUS AVENUE, SUITE 304VALHALLA, NY 10595 $13,235,602TOTAL $57,536,812

    TY 2010 InvestmentsCorpBondsSchedule
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:10000105
    Software Version:2010v3.2
    Name of Bond End of Year Book Value End of Year Fair Market Value
    RIDGEWORTH INTERMEDIATE BOND FUND 1,201,774 1,201,774
    PIMCO TOTAL RETURN FUND 298,596 298,596
    JP MORGAN TOTAL RETURN FUND 5,952,207 5,952,207
    JP MORGAN STRATEGIC INCOME 1,291,904 1,291,904
    JP MORGAN HIGH YIELD BOND FUND 1,060,173 1,060,173
    HARBOR HIGH YIELD BOND FUND 320,298 320,298
    EATON VANCE MUTUAL FUNDS 521,185 521,185
    JP MORGAN SHORT TERM BOND FUND 2,549,720 2,549,720
    TWEEDY BROWNE GLOBAL VALUE FUND 10,442,279 10,442,279

    TY 2010 InvestmentsCorpStockSchedule
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:10000105
    Software Version:2010v3.2
    Name of Stock End of Year Book Value End of Year Fair Market Value
    WORLD FUEL SERVICE CORP 120,847 120,847
    WELLS FARGO 85,532 85,532
    VISA INC 358,586 358,586
    VALENT PHARAMACEUTICALS 4,004,308 4,004,308
    TOWERS WATSON & COMPANY 343,856 343,856
    PERRIGO CO 417,028 417,028
    INTERNATIONAL BUSINESS MACHINES 891,273 891,273
    HISCOX LTD 467,619 467,619
    GOOGLE INC 977,081 977,081
    GOLDMAN SACHS GROUP INC 949,095 949,095
    CRODA INTERNATIONAL PLC 67,149 67,149
    COSTCO WHOLESALE CORP 725,711 725,711
    BAXTER INTERNATIONAL 490,002 490,002
    BANK OF NEW YORK MELLON CORP 144,658 144,658
    QINETIQ GROUP PLC 590,809 590,809
    CANADIAN NATURAL RESOURCES LTD 114,071 114,071
    WATSON WYATT & CO HOLDINGS    
    W R BERKLEY CORP    
    PRECISION CASTPARTS CORP 1,756,830 1,756,830
    PRAXAIR INC 447,181 447,181
    PHILIP MORRIS INTERNATIONAL 1,031,006 1,031,006
    OMNICOM GROUP INC 560,729 560,729
    JOHNSON & JOHNSON 455,216 455,216
    BECTON DICKINSON & CO 466,973 466,973
    ADVANCED AUTO PARTS, INC 1,403,769 1,403,769
    HENRY SCHEIN INC 296,821 296,821
    3M CO 426,322 426,322
    WELLPOINT INC    
    UNION PACIFIC CORP 547,621 547,621
    RICHIE BROTHERS AUCTIONEERS INC 521,253 521,253
    EMERSON ELECTRIC CO 780,942 780,942
    DEVON ENERGY CORP 298,731 298,731
    DE LA RUE PLC    
    CONOCO PHILLIPS 569,997 569,997
    AVATAR HOLDINGS INC 290,859 290,859
    VULCAN MATERIALS CO    
    ROLLS ROYCE GROUP PLC 1,365,560 1,365,560
    NORFOLK SOUTHERN CORP 454,503 454,503
    MARTIN MARIETTA MATERIALS INC    
    BURLINGTON NORTHERN SANTA FE CORP    
    UNIFIRST CORP 510,479 510,479
    COCA COLA FEMSE 72,126 72,126
    TARGET 1,195,204 1,195,204
    SK TELECOM LTD 497,328 497,328
    PACCAR INC    
    HOME DEPOT    
    WAL MART STORES INC 866,871 866,871
    WALGREEN CO    
    UNILEVER N V 656,197 656,197
    UNILEVER PLC A/D/R 92,640 92,640
    TRANSATLANTIC HOLDINGS INC 753,704 753,704
    TJX COMPANIES INC 3,339,460 3,339,460
    PORSCHE AG    
    NOVARTIS A G A/D/R 986,764 986,764
    NESTLE S A A/D/R 1,440,667 1,440,667
    NATIONAL WESTERN LIFE INSURANCE 306,265 306,265
    MOHAWK INDUSTRIES 1,965,258 1,965,258
    LEUCADIA NATIONAL CORP 61,278 61,278
    IDEXX LABORATORIES, INC 2,656,802 2,656,802
    HEINEKEN N V 1,160,458 1,160,458
    GLAXOSMITHKLINE PLC 231,398 231,398
    FEDERATED INVESTORS INC 187,691 187,691
    FASTENAL CORP 2,770,778 2,770,778
    EXPEDITORS INT'L WASHINGTON, INC    
    DIAGEO PLC 1,140,966 1,140,966
    DANAHER CORP 1,301,892 1,301,892
    COSTCO WHOLESALE CORP    
    COMCAST CORP 335,832 335,832
    COCA COLA CO. 368,312 368,312
    BROWN & BROWN, INC 505,206 505,206
    BERKSHIRE HATHAWAY, INC 5,132,832 5,132,832
    AMERICAN NATIONAL INSURANCE COMPANY 140,502 140,502
    AMERICAN EXPRESS CO 1,459,881 1,459,881
    AKZO NOBEL N V A/D/R 311,810 311,810

    TY 2010 InvestmentsGovtObligationsSch
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:10000105
    Software Version:2010v3.2
    US Government Securities - End of Year Book Value:

    4,069,186
    US Government Securities - End of Year Fair Market Value:

    4,069,186
    State & Local Government Securities - End of Year Book Value:


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


     


    TY 2010 InvestmentsLandSchedule2
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:10000105
    Software Version:2010v3.2
    Category/ Item Cost/Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    Miscellaneous 10,155 8,124 2,031 2,031
    Land 330,446   330,446 20,963,419
    Improvements 726,304 696,380 29,924 29,924
    Buildings 379,455 379,455    
    Furniture and Fixtures 10,798 6,172 4,626 4,626

    TY 2010 LandEtcSchedule2
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:10000105
    Software Version:2010v3.2
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    Machinery and Equipment 14,640 14,640    


    TY 2010 LegalFeesSchedule
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:10000105
    Software Version:2010v3.2
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ADMINISTRATION 30,000 0 0 0


    TY 2010 OtherDecreasesSchedule
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:10000105
    Software Version:2010v3.2
    Description Amount
    NET CHANGE FOR PALEY CENTER ENDOWMENT 3,503,397
    NET CHANGE FOR GREENPARK ENDOWMENT 1,236,112


    TY 2010 OtherExpensesSchedule
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:10000105
    Software Version:2010v3.2
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Rental Expenses 754,008 754,008    
    QUAL DIST (GPFF) SEE NOTE PART XII       -25,000
    PAYROLL PROCESSING FEES 720 360   360
    OFFICE SUPPLIES & OTHER EXP 4,885 2,442   2,442
    GENERAL INSURANCE 1,924 962   1,483
    FILING FEES 750     750


    TY 2010 OtherIncreasesSchedule
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:10000105
    Software Version:2010v3.2
    Description Amount
    UNREALIZED GAINS ON INVESTMENTS 6,196,492
    Rounding 2


    TY 2010 OtherLiabilitiesSchedule
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:10000105
    Software Version:2010v3.2
    Description Beginning of Year - Book Value End of Year - Book Value
    SEE STATEMENT #18 52,797,303 57,536,812
    SECURITY DEPOSITS 13,900 13,900


    TY 2010 OtherProfessionalFeesSchedule
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:10000105
    Software Version:2010v3.2
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN EXCHANGE 299 299 0 0
    CUSTODY FEES 662,375 662,375 0 0
    ADMINISTRATION   0 0 30,000


    TY 2010 TaxesSchedule
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:10000105
    Software Version:2010v3.2
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 42,295 42,295    
    EXCISE TAX - DEFERRED 121,407      
    EXCISE TAX - CURRENT 81,721