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
2011
For calendar year 2011, or tax year beginning 01-01-2011 , and ending 12-31-2011
G
Check all that apply:
Name of foundation
The Shadow Funders Inc
 

Number and street (or P.O. box number if mail is not delivered to street address)Foundation Source 501 Silverside Rd   Room/suite
City or town, state, and ZIP code
Wilmington, DE198091377
A Employer identification number

20-2031200
B Telephone number (see page 10 of the instructions)

(800) 839-1754
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$813,250J 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 78 78  
4 Dividends and interest from securities...... 23,895 23,895  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 Click to see attachment 22,372
b Gross sales price for all assets on line 6a 597,381
7 Capital gain net income (from Part IV, line 2)... 22,372
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 11 11  
12 Total. Add lines 1 through 11........ 46,356 46,356  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc.        
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment 10,528 10,528    
17 Interest...............        
18 Taxes (attach schedule) (see page 14 of the instructions) Click to see attachment 1,891 500    
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 8,689 170   8,519
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 21,108 11,198   8,519
25 Contributions, gifts, grants paid........ 119,250 119,250
26 Total expenses and disbursements. Add lines 24 and 25 140,358 11,198   127,769
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -94,002
b Net investment income (if negative, enter -0-) 35,158
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 (2011)
Form 990-PF (2011)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing...............      
2 Savings and temporary cash investments.......... 29,376 22,423 22,423
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) 162,781 Click to see attachment128,295 129,994
b Investments—corporate stock (attach schedule)........ 540,431 Click to see attachment505,591 574,436
c Investments—corporate bonds (attach schedule)........ 98,478 Click to see attachment80,755 86,397
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)...........      
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 831,066 737,064 813,250
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 831,066 737,064
30 Total net assets or fund balances (see page 17 of the
instructions).................... 831,066 737,064
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 831,066 737,064
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)............... 1 831,066
2 Enter amount from Part I, line 27a..................... 2 -94,002
3 Other increases not included in line 2 (itemize) bullet 3  
4 Add lines 1, 2, and 3.......................... 4 737,064
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. 6 737,064
Form 990-PF (2011)
Form 990-PF (2011)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.) 		(b) How acquired
P—Purchase
D—Donation 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1 a Publicly-traded Securities      
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 597,381   575,009 22,372
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       22,372
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 22,372
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))
2010 36,524 876,206 000.041684
2009 63,645 788,414 000.080725
2008 25,650 938,298 000.027337
2007 76,940 1,060,832 000.072528
2006 23,795 1,027,102 000.023167
2 Total of line 1, column (d) ...................... 2 000.245441
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. . . 		3 000.049088
4 Enter the net value of noncharitable-use assets for 2011 from Part X, line 5..... 4 860,230
5 Multiply line 4 by line 3....................... 5 42,227
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 352
7 Add lines 5 and 6......................... 7 42,579
8 Enter qualifying distributions from Part XII, line 4.............. 8 127,769
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 (2011)
Form 990-PF (2011)
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 1 352
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............................ 3 352
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- ..... 5 352
6 Credits/Payments:
a 2011 estimated tax payments and 2010 overpayment credited to 2011 6a 700
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.............. Tax Paid Original Return: 700 7 700
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 348
11 Enter the amount of line 10 to be: Credited to 2012 estimated taxBullet348 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)bullet
    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 2011 or the taxable year beginning in 2011 (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 addressbullet  
    14
    The books are in care ofbulletFoundation Source Telephone no.bullet (800) 839-1754
    Located atbullet501 Silverside Road Suite 123WilmingtonDE ZIP+4bullet198091377
    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 2011, 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 (2011)
    Form 990-PF (2011)
    Page 5
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the “Yes” column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?.........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?.................
    (6) Agree to pay money or property to a government official? (Exception. Check “No”
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).........
    b
    If any answer is “Yes” to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see page 20 of the instructions)?...
    1b
     
     
    .........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2011?.............
    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 2011, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2011?...............
    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 2011 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 2011.)....................
    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 2011?
    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
    Yes
     
    Form 990-PF (2011)
    Form 990-PF (2011)
    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
    Christina E Haglund Vice President / Director
    001.00     		0    
    Foundation Source 501 Silverside Rd
    Wilmington,DE19809
    Erick J Haglund Vice President / Director
    001.00     		0    
    Foundation Source 501 Silverside Rd
    Wilmington,DE19809
    Melissa Haglund Vice President / Director
    001.00     		0    
    Foundation Source 501 Silverside Rd
    Wilmington,DE19809
    Michael E Haglund President / Director / Secretary
    001.00     		0    
    Foundation Source 501 Silverside Rd
    Wilmington,DE19809
    Molly G Haglund Vice President / Director
    001.00     		0    
    Foundation Source 501 Silverside Rd
    Wilmington,DE19809
    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
     
    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 (2011)
    Form 990-PF (2011)
    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
    842,318
    b
    Average of monthly cash balances.......................
    1b
    31,012
    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
    873,330
    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
    873,330
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) Click to see attachment...........................
    4
    13,100
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    860,230
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    43,012
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    43,012
    2a
    Tax on investment income for 2011 from Part VI, line 5......
    2a
    352
    b
    Income tax for 2011. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    352
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    42,660
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    42,660
    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
    42,660
    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 Click to see attachment..........
    1a
    127,769
    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
    127,769
    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
    352
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    127,417
    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 (2011)
    Form 990-PF (2011)
    Page 8
    Part XIII
    Undistributed Income (see page 26 of the instructions)
    (a)
    Corpus     		(b)
    Years prior to 2010     		(c)
    2010     		(d)
    2011
    1 Distributable amount for 2011 from Part XI, line 7 42,660
    2 Undistributed income, if any, as of the end of 2011:
    a Enter amount for 2010 only....... 17,841
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2011:
    a From 2006.......  
    b From 2007.......  
    c From 2008.......  
    d From 2009.......  
    e From 2010.......  
    fTotal of lines 3a through e.........  
    4Qualifying distributions for 2011 from Part
    XII, line 4: bullet$ 127,769
    a Applied to 2010, but not more than line 2a 17,841
    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 2011 distributable amount..... 42,660
    e Remaining amount distributed out of corpus 67,268
    5 Excess distributions carryover applied to 2011.    
    (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 67,268
    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 2010. Subtract line
    4a from line 2a. Taxable amount—see page 27
    of the instructions ...........     		 
    f Undistributed income for 2011. 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 2006 not
    applied on line 5 or line 7 (see page 27 of the
    instructions) .............     		 
    9Excess distributions carryover to 2012.
    Subtract lines 7 and 8 from line 6a ......     		67,268
    10 Analysis of line 9:
    a Excess from 2007....  
    b Excess from 2008....  
    c Excess from 2009....  
    d Excess from 2010....  
    e Excess from 2011.... 67,268
    Form 990-PF (2011)
    Form 990-PF (2011)
    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 2011, 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) 2011 (b) 2010 (c) 2009 (d) 2008
             
    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).)
    Melissa Haglund
    Michael E Haglund
    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:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2011)
    Form 990-PF (2011)
    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
    ALL SAINTS PARISH
    3847 NE GLISAN ST
    PORTLAND,OR97232     		N/A 509(a)(1) General Unrestricted 26,500
    ALL SAINTS PARISH
    3847 NE GLISAN ST
    PORTLAND,OR97232     		N/A 509(a)(1) All Saints School Program 5,000
    ALL SAINTS PARISH
    3847 NE GLISAN ST
    PORTLAND,OR97232     		N/A 509(a)(1) All Saints School Scholarship Program 3,000
    BLANCHET HOUSE OF HOSPITALITY
    1500 NE IRVING ST STE 440
    PORTLAND,OR97232     		N/A 509(a)(1) General Unrestricted 5,000
    CATHOLIC CHARITIES OF THE ARCHDIOCE
    2740 SE POWELL BLVD STE 5
    PORTLAND,OR97202     		N/A 509(a)(1) General Unrestricted 11,250
    CENTRAL CATHOLIC HIGH SCHOOL
    2401 SE STARK ST
    PORTLAND,OR97214     		N/A 509(a)(1) 75th Anniversary Capital Campaign 50,000
    COLUMBIA RIVER MARITIME MUSEUM INC
    1792 MARINE DR
    ASTORIA,OR97103     		N/A 509(a)(2) General Unrestricted 16,500
    ST ANDREW NATIVITY SCHOOL
    4925 NE 9TH AVE
    PORTLAND,OR97211     		N/A 509(a)(1) General Unrestricted 2,000
    Total .................................bullet 3a 119,250
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2011)
    Form 990-PF (2011)
    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 78  
    4 Dividends and interest from securities....     14 23,895  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6Net rental income or (loss) from personal property          
    7 Other investment income.....          
    8Gain or (loss) from sales of assets other than inventory     18 22,372  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: aForeign Tax Refund     01 11  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   46,356  
    13Total. Add line 12, columns (b), (d), and (e)..................
    1346,356
    (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 (2011)
    Form 990-PF (2011)
    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 (2011)
    Additional Data


    Software ID: 11000218
    Software Version: 2011.0.0
    Part VI Line 7 - Tax Paid Original Return: 700


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2011 GeneralExplanationAttachment
    Name:
    The Shadow Funders Inc
    EIN: 20-2031200
    Software ID:11000218
    Software Version:2011.0.0
    Identifier Return Reference Explanation

    TY 2011 InvestmentsCorpBondsSchedule
    Name:
    The Shadow Funders Inc
    EIN: 20-2031200
    Software ID:11000218
    Software Version:2011.0.0
    Name of Bond End of Year Book Value End of Year Fair Market Value
    ABBOTT LABORATORIE - 5.875 - 05/15/2016 002824AT7 300000.00% 3,096 3,529
    ASTRAZENECA PLC NT - 5.900 - 09/15/2017 046353AB4 300000.00% 3,024 3,632
    BP CAPITAL MARKETS PLC NT - 1.700 - 12/05/2014 05565QBX5 200000.00% 2,016 2,019
    CANADIAN NAT RES LTD NT - 5.700 - 05/15/2017 136385AK7 300000.00% 2,947 3,547
    CATERPILLAR FINL SVCS MTNS - 7.150 - 02/15/2019 14912L4E8 200000.00% 2,536 2,562
    CITIGROUP INC SUB NT - 5.000 - 09/15/2014 172967CQ2 400000.00% 3,913 3,976
    COMCAST CORP NT - 6.300 - 11/15/2017 20030NAU5 200000.00% 2,025 2,366
    CONCOPHILLIPS NOTES 04.75000 02/01/2014 20825CAS3 200000.00% 2,098 2,162
    CVS CAREMARK - 5.750 - 06/01/2017 126650BH2 300000.00% 2,905 3,503
    DAIMLERCHRYSLER N. AMER - 6.500 - 11/15/2013 233835AW7 500000.00% 5,278 5,442
    DIRECTV HLDGS LLC / DIRECTV - 3.500 - 03/01/2016 25459HAY1 300000.00% 3,045 3,093
    ENTERPRISE PRODUCTS BD - 5.200 - 09/01/2020 29379VAP8 200000.00% 2,088 2,214
    EXELON CORP NT - 4.900 - 06/15/2015 30161NAD3 200000.00% 1,881 2,163
    GENERAL ELEC - 5.250 - 10/19/2012 36962G3K8 300000.00% 3,099 3,116
    GLAXOSMITHKLINE CAP INC 05.65000 05/15/2018 377372AD9 200000.00% 2,027 2,450
    GOLDMAN SACHS GROUP INC - 5.375 - 03/15/2020 38141EA58 200000.00% 2,087 1,974
    IBM - 4.750 - 11/29/2012 459200BA8 400000.00% 4,004 4,162
    JOHN DEERE CAPITAL CORP - 7.000 - 03/15/2012 244217BG9 300000.00% 3,301 3,041
    JPMORGAN CHASE CO GLBL - 4.750 - 03/01/2015 46625HCE8 500000.00% 5,460 5,316
    KRAFT FOODS INC NT 5.37500 02/10/2020 50075NBA1 300000.00% 3,039 3,462
    METLIFE INC SR NT - 5.375 - 12/15/2012 59156RAD0 200000.00% 1,954 2,084
    MORGAN STANLEY - 4.750 - 04/01/2014 61748AAE6 200000.00% 1,898 1,991
    PFIZER INC - 6.200 - 03/15/2019 717081DB6 300000.00% 3,659 3,709
    TELEFONICA EMISIONESSAU - 3.992 - 02/16/2016 87938WAN3 300000.00% 2,976 2,923
    TIME WARNER CABLE INC - 8.750 - 02/14/2019 88732JAP3 200000.00% 2,012 2,554
    TIME WARNER INC DTD 3/11/2010 4.875 3/15/2020 887317AF2 200000.00% 2,151 2,167
    UNITED PARCEL SRVC NT - 5.500 - 01/15/2018 911312AH9 300000.00% 3,052 3,573
    WAL MART STORES INC NT - 5.800 - 02/15/2018 931142CJ0 300000.00% 3,184 3,667

    TY 2011 InvestmentsCorpStockSchedule
    Name:
    The Shadow Funders Inc
    EIN: 20-2031200
    Software ID:11000218
    Software Version:2011.0.0
    Name of Stock End of Year Book Value End of Year Fair Market Value
    208 shares of AFLAC INC. AFL 7,419 8,998
    160 shares of AGILENT TECHNOLOGIES INC A 4,377 5,589
    76 shares of ALASKA AIR GROUP INC ALK 5,269 5,707
    255 shares of ALTRIA GROUP INC MO 6,088 7,561
    416 shares of AMERICAN EXPRESS CO AXP 18,885 19,622
    62 shares of AMERIPRISE FINANCIAL INC AMP 2,246 3,078
    55 shares of ANHEUSER BUSCH COS INC BUD 3,014 3,354
    137 shares of APOLLO GROUP INC CL A APOL 5,546 7,380
    164 shares of ASSA ABLOY UNSP/ADR ASAZY.PK 1,779 2,043
    141 shares of ATLANTIA SPA ADR ATASY.PK 1,072 1,115
    45 shares of AXA ADS AXAHY.PK 796 579
    150 shares of BANCO DO BRASIL S A SPONSORED ADR BDORY.PK 2,336 1,890
    613 shares of BANK NEW YORK MELLON CORP COM BK 16,649 12,205
    162 shares of BAXTER INTERNATIONAL INC. BAX 8,366 8,016
    81 shares of BAYERISCHE MOTOREN WERKE BAMXY.PK 1,988 1,801
    38 shares of BECTON DICKINSON CO BDX 2,553 2,839
    115 shares of BED BATH BEYOND INC. BBBY 3,964 6,667
    130 shares of BERKSHIRE HATHAWAY INC. CLASS B BRK-B 7,894 9,919
    16 shares of BG GROUP PLC ADS BRGYY.PK 1,654 1,712
    39 shares of BHP BILLITON LIMITED BHP 3,080 2,755
    46 shares of BNP PARIBAS SPONS ADR BNPQY.PK 1,081 904
    32 shares of BRITISH AMERICAN TOBACCO PLC BTI 2,880 3,036
    16 shares of BRITISH SKY BROADCASTING ADR BSYBY.PK 736 725
    275 shares of CANADIAN NATURAL RESOURCES LTD CNQ 8,133 10,277
    46 shares of CANON INC. CAJ 2,151 2,026
    100 shares of CIELO SA ADR CIOXY.PK 2,434 2,592
    140 shares of COACH INC COH 6,187 8,546
    166 shares of COCA-COLA CO KO 10,326 11,615
    223 shares of COSTCO WHOLESALE CORP NEW COST 11,751 18,579
    372 shares of CVS CAREMARK CORP. CVS 12,065 15,169
    86 shares of DAITO TRUST CONSTRUC DITFY.PK 1,898 1,832
    96 shares of DEERE CO DE 8,487 7,426
    523 shares of DELL INC DELL 6,841 7,651
    226 shares of DEVON ENERGY CORPORATION DVN 13,857 14,012
    70 shares of DIAGEO PLC ADS DEO 4,412 6,119
    112 shares of DIRECTV GROUP DTV 5,826 4,789
    215 shares of DISCOVER FINL SVCS COM DFS 5,836 5,160
    146 shares of DU PONT DE NEMOURS DD 6,761 6,684
    136 shares of EASTMAN CHEMICAL CO. EMN 5,237 5,312
    139 shares of EOG RESOURCES INC EOG 8,577 13,693
    110 shares of EXPRESS SCRIPTS INC. ESRX 4,884 4,916
    88 shares of FANUC LIMITED UNSPONSORED FANUY.PK 2,270 2,226
    17 shares of GEA GROUP AG ADR GEAGY.PK 440 478
    103 shares of GEN DYNAMICS CP GD 6,773 6,840
    133 shares of GILEAD SCIENCES INC GILD 5,229 5,444
    64 shares of GLAXOSMITHKLINE PLC GSK 2,751 2,920
    10 shares of GOOGLE INC CL A GOOG 4,043 6,459
    74 shares of GROUPE DANONE ADS DANOY.PK 1,002 935
    123 shares of GRUPO TELEVISA ADR TV 1,746 2,590
    114 shares of H.J. HEINZ COMPANY HNZ 5,521 6,161
    146 shares of HARLEY DAVIDSON INC. HOG 6,503 5,675
    1830 shares of HAWAIIAN HOLDINGS INC. HA 7,427 10,614
    148 shares of HERSHEY FOODS CORP COMMON HSY 6,116 9,143
    95 shares of HEWLETT PACKARD CO HPQ 3,473 2,447
    132 shares of INFORMA PLC UNSPONSORED ADR IFPJY.PK 1,459 1,473
    149 shares of ING GROUP N V SPONSORED ADR ING 1,167 1,068
    236 shares of IRON MOUNTAIN NEW IRM 4,989 7,269
    144 shares of JOHNSON JOHNSON JNJ 8,665 9,444
    29 shares of JS GROUP CORP-UNSPON ADR JSGCF.PK 1,441 1,102
    68 shares of JULIUS BAER GROUP LTD JBAXY.PK 467 527
    45 shares of KASIKORNBANK PUB CO LTD ADR CMN 485785109 726 711
    49 shares of KOC HOLDINGS AS UNSP/ADR KHOLY.PK 877 729
    82 shares of KRAFT FOODS INC KFT 2,505 3,064
    130 shares of LEAR CORP LEA 4,646 5,174
    33 shares of LOCKHEED MARTIN CORP LMT 2,320 2,670
    267 shares of LOEWS CORP L 7,158 10,053
    92 shares of LORILLARD INC COMMON STOCK LO 7,352 10,488
    49 shares of LVMH MOET HENN UNSP LVMUY.PK 1,543 1,377
    295 shares of MERCK CO INC. MRK 8,238 11,122
    35 shares of MERCK KGAA U/ADR MKGAY.PK 1,041 1,163
    121 shares of MICROSOFT CORPORATION MSFT 3,569 3,141
    80 shares of MITSUBISHI ESTATE CO ADR MITEY.PK 1,254 1,191
    64 shares of MOBILE TELSYS OJSC MBT 1,000 940
    24 shares of MONSANTO CO MON 1,826 1,682
    47 shares of MR PRICE GROUP LTD UNSPONSORED ADR MRZPY.PK 943 931
    87 shares of MRV ENGENHARIA SPONSORED ADR MRVNY.PK 1,201 1,025
    59 shares of NOVARTIS AG ADR NVS 3,053 3,373
    177 shares of OCCIDENTAL PETE CORP OXY 7,747 16,584
    62 shares of P P G IND PPG 5,274 5,176
    127 shares of PETROFAC LTD UNSPONS ADR POFCY.PK 1,295 1,421
    169 shares of PFIZER INC. PFE 3,060 3,657
    75 shares of PHILIP MORRIS INTL PM 3,221 5,886
    437 shares of PROGRESSIVE CORP OHIO PGR 8,216 8,526
    85 shares of PRUDENTIAL PLC SC PUK 1,632 1,678
    44 shares of PT TELEKOM. IND. TBK ADR TLK 1,521 1,353
    55 shares of REXAM PLC ADR REXMY.PK 1,543 1,499
    31 shares of ROGERS COMM CL B RCI 1,166 1,194
    42 shares of ROYAL DUTCH SHELL PLC RDS-A 2,398 3,070
    48 shares of RYANAIR HOLDINGS PLC-ADR COM RYAAY.PK 1,243 1,337
    89 shares of SAMPO OYJ UNSPONSORED ADR SAXPY.PK 1,216 1,097
    90 shares of SANOFI-AVENTIS SPONSORED ADR SNY 3,321 3,289
    50 shares of SAP AKTIENGESELL ADS SAP 2,543 2,648
    171 shares of SBERBANK SPONSORED ADR SBRCY.PK 1,829 1,700
    287 shares of SEALED AIR CP NEW SEE 6,712 4,939
    36 shares of STANDARD BANK GP UNSP/ADR SBGOY.PK 1,070 885
    266 shares of SUMITOMO MITSUI FINCL GRP SMFG 3,014 1,466
    91 shares of SWEDBANK AB S/ADR SWDBY.PK 1,156 1,169
    214 shares of TAIWAN SEMICONDUCTOR MFG CO LTD TSM 2,516 2,763
    197 shares of TAL INTERNATIONAL GROUP INC TAL 5,235 5,672
    43 shares of TECHNIP ADS TKPPY.PK 944 1,015
    164 shares of TELSTRA CORPORATION TLSYY.PK 2,560 2,796
    179 shares of TENNECO INC TEN 5,243 5,331
    213 shares of TEXAS INSTRUMENTS INC. TXN 5,319 6,200
    124 shares of TIMKEN CO COM TKR 5,222 4,800
    51 shares of TOTAL FINA ELF S.A. TOT 2,866 2,607
    75 shares of TRANSATLANTIC HLDS TRH 4,441 4,105
    32 shares of TRANSOCEAN LTD. RIG 3,037 1,228
    112 shares of TULLOW OIL PLC ADR UK TUWOY.PK 877 1,204
    54 shares of TURKCELL ILET NEW TKC 559 635
    181 shares of TURKIYE GARANTI BANK TKGBY.PK 624 563
    81 shares of UNILEVER PLC AMER UL 2,271 2,715
    74 shares of UNITED PARCEL SERVICE UPS 5,271 5,416
    73 shares of VALE SA VALE 1,882 1,566
    41 shares of VALEO SA SPONS ADR VLEEY.PK 932 811
    118 shares of WAL-MART STORES INC. WMT 6,184 7,052
    84 shares of WALT DISNEY HOLDINGS CO. DIS 2,738 3,150
    58 shares of WEICHAI POWER CO LTD WEICY.PK 1,024 1,128
    95 shares of WELLPOINT INC WLP 5,862 6,294
    612 shares of WELLS FARGO CO. WFC 13,145 16,866
    49 shares of WM MORRISON UNSPON ADR MRWSY.PK 1,155 1,232
    270 shares of WOLSELEY PLC ADR WOSYY.PK 757 878
    668 shares of XSTRATA PLC UNSP/ADR XSRAY.PK 2,115 1,977
    180 shares of YAHOO JAPAN CORP YAHOY.PK 1,733 1,913
    176 shares of YUM BRANDS INC YUM 5,833 10,403

    TY 2011 InvestmentsGovtObligationsSch
    Name:
    The Shadow Funders Inc
    EIN: 20-2031200
    Software ID:11000218
    Software Version:2011.0.0
    US Government Securities - End of Year Book Value:

    128,295
    US Government Securities - End of Year Fair Market Value:

    129,994
    State & Local Government Securities - End of Year Book Value:


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


     


    TY 2011 OtherExpensesSchedule
    Name:
    The Shadow Funders Inc
    EIN: 20-2031200
    Software ID:11000218
    Software Version:2011.0.0
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Administrative Fees 8,494     8,494
    Bank Charges 170 170    
    State or Local Filing Fees 25     25


    TY 2011 OtherIncomeSchedule2
    Name:
    The Shadow Funders Inc
    EIN: 20-2031200
    Software ID:11000218
    Software Version:2011.0.0
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    Foreign Tax Refund 11 11  


    TY 2011 OtherProfessionalFeesSchedule
    Name:
    The Shadow Funders Inc
    EIN: 20-2031200
    Software ID:11000218
    Software Version:2011.0.0
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Investment Management Services 10,528 10,528    


    TY 2011 TaxesSchedule
    Name:
    The Shadow Funders Inc
    EIN: 20-2031200
    Software ID:11000218
    Software Version:2011.0.0
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Estimated Tax for 2011 700 0 0 0
    Excise Tax for 2010 691 0 0 0
    Foreign Tax Paid 500 500 0 0