Form990-PF

Department of the Treasury
Internal Revenue Service
Return of Private Foundation
or Section 4947(a)(1) Nonexempt Charitable Trust
Treated as a Private Foundation
Note. The foundation may be able to use a copy of this return to satisfy state reporting requirements.
OMB No. 1545-0052
2010
For calendar year 2010, or tax year beginning 07-01-2010 , and ending 06-30-2011
G
Check all that apply:
Name of foundation
LINCOLN INSTITUTE OF LAND POLICY
 

Number and street (or P.O. box number if mail is not delivered to street address)11010 N TATUM BLVD No D101   Room/suite
City or town, state, and ZIP code
Phoenix, AZ85028
A Employer identification number

86-6021106
B Telephone number (see page 10 of the instructions)

(617) 661-3016
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$444,530,626J Accounting method:
MODIFIED CASH
(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      
4 Dividends and interest from securities...... 6,171,182 6,157,740 6,157,740
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 11,336,175
b Gross sales price for all assets on line 6a 123,653,872
7 Capital gain net income (from Part IV, line 2)... 12,118,768
8 Net short-term capital gain......... 768,986
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 110,576 0 110,576
12 Total. Add lines 1 through 11........ 17,617,933 18,276,508 7,037,302
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 998,920 242,438 242,438 756,482
14 Other employee salaries and wages...... 2,785,851 1,220 1,220 2,784,631
15 Pension plans, employee benefits....... 1,189,158 66,327 66,327 1,122,831
16a Legal fees (attach schedule)......... Click to see attachment 100,107 11,884 11,884 88,223
b Accounting fees (attach schedule)....... Click to see attachment 48,652 12,220 12,220 36,432
c Other professional fees (attach schedule).... Click to see attachment 2,457,160 2,423,158 2,423,158 94,752
17 Interest............... 405,703 32,756 32,756 335,515
18 Taxes (attach schedule) (see page 14 of the instructions) Click to see attachment 168,116 168,116 168,116 0
19 Depreciation (attach schedule) and depletion... Click to see attachment 368,169 31,576 31,576
20 Occupancy.............. 458,416 55,684 88,024 366,149
21 Travel, conferences, and meetings....... 543,854 37,662 37,662 506,192
22 Printing and publications.......... 592,096 0 75,836 516,260
23 Other expenses (attach schedule)....... Click to see attachment 6,907,431 103,297 105,697 6,884,414
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 17,023,633 3,186,338 3,296,914 13,491,881
25 Contributions, gifts, grants paid........ 409,610 409,610
26 Total expenses and disbursements. Add lines 24 and 25 17,433,243 3,186,338 3,296,914 13,901,491
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 184,690
b Net investment income (if negative, enter -0-) 15,090,170
c Adjusted net income (if negative, enter -0-)... 3,740,388
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............... 228,601 460,838 460,838
2 Savings and temporary cash investments.......... 10,911,910 10,082,759 10,082,759
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) 15,747,799 Click to see attachment15,455,601 15,455,601
b Investments—corporate stock (attach schedule)........ 201,900,872 Click to see attachment266,667,633 266,667,633
c Investments—corporate bonds (attach schedule)........ 36,089,342 Click to see attachment37,222,910 37,222,910
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 99,731,224 Click to see attachment101,418,146 101,418,146
14 Land, buildings, and equipment: basis bullet17,313,081
Less: accumulated depreciation (attach schedule) bullet4,090,342 9,274,119 Click to see attachment13,222,739 13,222,739
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 373,883,867 444,530,626 444,530,626
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)...... 6,467,266 Click to see attachment6,416,580
22 Other liabilities (describe bullet) Click to see attachment12,264 Click to see attachment4,034,998
23 Total liabilities (add lines 17 through 22).......... 6,479,530 10,451,578
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted.................... 367,404,337 434,079,048
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    
30 Total net assets or fund balances (see page 17 of the
instructions).................... 367,404,337 434,079,048
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 373,883,867 444,530,626
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)............... 1 367,404,337
2 Enter amount from Part I, line 27a...................... 2 184,690
3 Other increases not included in line 2 (itemize) bulletClick to see attachment 3 66,490,024
4 Add lines 1, 2, and 3.......................... 4 434,079,051
5 Decreases not included in line 2 (itemize) bulletClick to see attachment 5 3
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.. 6 434,079,048
Form 990-PF (2010)
Form 990-PF (2010)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.) 		(b) How acquired
P—Purchase
D—Donation 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1 a PUBLICLY TRADED SECURITIES P    
b PUBLICLY TRADED SECURITIES P    
c ROBECO FUNDS P    
d MORGAN CREEK THRU K-1 P    
e SPHINX ACCESS P    
CARLYLE PARTNERS THRU K-1 P    
ACADIAN PARTNERS P    
ACADIAN PARTNERS P    
MORGAN CREEK THRU K-1 P    
CLASS ACTIONS P    
ADJUSTMENT TO BASIS STEP UP FROM MERGER P    
(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 52,606,403   50,780,331 1,826,072
b 68,685,601   59,441,160 9,244,441
c     23,272 -23,272
d 29,483     29,483
e 302,240   1,000,000 -697,760
299,769     299,769
1,622,543     1,622,543
    1,072,934 -1,072,934
15,848     15,848
91,985     91,985
782,593     782,593
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l) Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i) F.M.V. as of 12/31/69 (j) Adjusted basis
as of 12/31/69 		(k) Excess of col. (i)
over col. (j), if any
a       1,826,072
b       9,244,441
c       -23,272
d       29,483
e       -697,760
      299,769
      1,622,543
      -1,072,934
      15,848
      91,985
      782,593
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 12,118,768
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 3 768,986
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 13,991,625 367,112,591 0.038113
2008 16,846,013 356,824,941 0.047211
2007 17,433,367 477,184,993 0.036534
2006 11,818,037 467,545,580 0.025277
2005      
2 Total of line 1, column (d) ...................... 2 0.147135
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 0.036784
4 Enter the net value of noncharitable-use assets for 2010 from Part X, line 5..... 4 404,360,408
5 Multiply line 4 by line 3....................... 5 14,873,993
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 150,902
7 Add lines 5 and 6......................... 7 15,024,895
8 Enter qualifying distributions from Part XII, line 4.............. 8 18,035,156
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 1 150,902
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2............................ 3 150,902
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-). 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 150,902
6 Credits/Payments:
a 2010 estimated tax payments and 2009 overpayment credited to 2010 6a 425,489
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.............. 7 425,489
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 10 274,587
11 Enter the amount of line 10 to be: Credited to 2011 estimated taxBullet274,587 Refunded Bullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of
the instructions for definition)?.............................
1b
 
No
If the answer is “Yes” to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If “Yes,” attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If “Yes,” attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
Yes
 
b
If “Yes,” has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
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)bulletAZ, MA
    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
    Yes
     
    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 addressbulletWWW.LINCOLNINST.EDU
    14
    The books are in care ofbulletLincoln Institute of Land Policy Telephone no.bullet (617) 661-3016
    Located atbullet113 Brattle StreetCambridgeMA ZIP+4bullet021383400
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16
    At any time during calendar year 2010, did the foundation have an interest in or a signature or other authority over
    a bank, securities, or other financial account in a foreign country? .................
    16
     
    No
    See page 20 of the instructions for exceptions and filing requirements for Form TD F 90-22.1. If "Yes", enter the name of the foreign country bullet  
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 5
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the “Yes” column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?.........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?.................
    (6) Agree to pay money or property to a government official? (Exception. Check “No”
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).........
    b
    If any answer is “Yes” to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see page 20 of the instructions)?...
    1b
     
    No
    .........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2010?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2010, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2010?...............
    If “Yes,” list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer “No” and attach statement—see page 20 of the instructions.) .........
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business
    enterprise at any time during the year?.....................
    b
    If “Yes,” did it have excess business holdings in 2010 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2010.)....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2010?
    4b
     
    No
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?...............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 509(a)(1), (2), or (3), or section 4940(d)(2)? (see page 22 of the instructions)...
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?........
    b
    If any answer is “Yes” to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see page 22 of the instructions)?
    5b
     
    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
     
     
    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
    KATHRYN J LINCOLN CHAIRMAN AND CIO/ DIRECTOR
    37.50     		162,800 42,577 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    GREGORY K INGRAM CEO AND PRESIDENT /DIRECTOR
    37.50     		376,759 16,298 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    DENNIS W ROBINSON TREAS. & VP-FIN. & OPERATIONS
    37.50     		173,500 59,926 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    LEVERING F T WHITE ASSIST. SEC. & VP ADMIN & HR
    37.50     		121,500 53,454 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    DIONE A ETTER SECRETARY
    37.50     		85,000 37,091 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    DAVID C LINCOLN ASSIST. TREASURER/DIRECTOR
    1.00     		5,500 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    GARY CORNIA DIRECTOR
    2.00     		9,500 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    ROY W BAHL DIRECTOR
    2.00     		11,111 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    HENRY COLEMAN DIRECTOR
    1.00     		5,750 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    ALBERTO HARTH DIRECTOR
    1.00     		4,500 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    JOHN G LINCOLN III DIRECTOR
    1.00     		4,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    DOUG WHEELER DIRECTOR
    1.00     		4,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    CAROL WHITESIDE DIRECTOR
    1.00     		4,750 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    ANDREA TAYLOR DIRECTOR
    1.00     		3,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    KENNETH PANG DIRECTOR
    2.00     		8,750 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    THOMAS BECKER DIRECTOR
    1.00     		6,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    BRUCE LINCOLN DIRECTOR
    1.00     		2,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    BRUCE BABBITT DIRECTOR
    1.00     		4,500 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    THOMAS NECHYBA DIRECTOR
    1.00     		6,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    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
    JOAN YOUNGMAN SR. FELLOW
    37.50     		215,500 52,365 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    MARTIM SMOLKA SR. FELLOW
    37.50     		173,000 52,123 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    JOYCE MAN SR. FELLOW
    37.50     		164,000 53,865 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    ARMANDO CARBONELL SR. FELLOW
    37.50     		160,500 49,008 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    ANTHONY FLINT PUB RELATIONS
    37.50     		116,000 47,090 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    Total number of other employees paid over $50,000...................bullet 21
    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
    DREMAN VALUE MANAGEMENT INVESTMENT ADVICE 406,738
    HARBORSIDE FINANCIAL PLAZA 10
    JERSEY CITY,NJ07311
    MERRILL LYNCH INVESTMENT ADVICE 343,085
    2555 E CAMELBACK RD
    PHOENIX,AZ85016
    EAGLE CAPITAL MANAGEMENT INVESTMENT ADVICE 259,547
    499 PARK AVENUE
    NEW YORK,NY10222
    ROBECO SAGE INVESTMENT ADVICE 216,393
    909 THIRD AVENUE
    NEW YORK,NY10022
    ALETHEIA RESEARCH & MGMT INVESTMENT ADVICE 214,168
    100 WILSHIRE BLVD
    SANTA MONICA,CA90401
    Total number of others receiving over $50,000 for professional services.............bullet16
    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 DEPARTMENT OF PLANNING AND URBAN FORM SEE STATEMENT 8 FOR DETAILED DESCRIPTION 3,037,531
    2 DEPARTMENT OF VALUATION AND TAXATION SEE STATEMENT 8 FOR DETAILED DESCRIPTION 2,924,550
    3 PROGRAM ON LATIN AMERICA AND THE CARIBBEAN SEE STATEMENT 8 FOR DETAILED DESCRIPTION 2,284,315
    4 PROGRAM ON PEOPLE'S REPUBLIC OF CHINA SEE STATEMENT 8 FOR DETAILED DESCRIPTION 1,814,486
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 7
    Part IX-B
    Summary of Program-Related Investments (see page 23 of the instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See page 24 of the instructions.
    3  
    Total. Add lines 1 through 3...........................bullet0
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see page 24 of the instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    408,405,535
    b
    Average of monthly cash balances.......................
    1b
    344,719
    c
    Fair market value of all other assets (see page 24 of the instructions)............
    1c
    1,767,927
    d
    Total (add lines 1a, b, and c).........................
    1d
    410,518,181
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) ..............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d..........................
    3
    410,518,181
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) ............................
    4
    6,157,773
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    404,360,408
    6
    Minimum investment return. Enter 5% of line 5...................
    6
    20,218,020
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
     
    2a
    Tax on investment income for 2010 from Part VI, line 5......
    2a
     
    b
    Income tax for 2010. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
     
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
     
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4.............................
    5
     
    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
     
    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
    13,901,491
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes................................
    2
    4,133,665
    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
    18,035,156
    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
    150,902
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4...............
    6
    17,884,254
    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  
    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.......  
    c From 2007.......  
    d From 2008.......  
    e From 2009.......  
    fTotal of lines 3a through e.........  
    4Qualifying distributions for 2010 from Part
    XII, line 4: bullet$  
    a Applied to 2009, but not more than line 2a  
    b Applied to undistributed income of prior years
    (Election required—see page 26 of the instructions)    		  
    c Treated as distributions out of corpus (Election
    required—see page 26 of the instructions)...     		 
    d Applied to 2010 distributable amount.....  
    e Remaining amount distributed out of corpus  
    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  
    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 ..........     		 
    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 ......     		 
    10 Analysis of line 9:
    a Excess from 2006....  
    b Excess from 2007....  
    c Excess from 2008....  
    d Excess from 2009....  
    e Excess from 2010....  
    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
    2006-11-01
    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
    3,740,388 11,499,448 4,134,338 8,847,790 28,221,964
    b 85% of line 2a ......... 3,179,330 9,774,531 3,514,187 7,520,622 23,988,669
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		18,035,156 14,030,445 16,887,356 17,699,068 66,652,025
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ....     		0 0 0 0 0
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		18,035,156 14,030,445 16,887,356 17,699,068 66,652,025
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets” alternative test—enter:
    (1) Value of all assets ......         0
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		         0
    b “Endowment” alternative test— enter 2⁄3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		13,478,680 12,237,087 11,894,165 15,906,167 53,516,099
    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) ....     		        0
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		        0
    (3) Largest amount of support
    from an exempt organization    		         0
    (4) Gross investment income         0
    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:
    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 (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
    Anna Chabaeva
    1158 Hartford Turnpike Unit 34
    Vernon,CT06066     		none none Urban density - urban agglomerations in Argentina 28,300
    Il-Hwan Chung
    Syracuse University 426 Eggers Hall
    Syracuse,NY132441020     		none none School Finance Reform, School Choice, and Residential Sorting 10,000
    Diago Rosenthal Coutinho
    University of Sao Paulo Faculty of
    Sao Paulo   01005-010
    BR     		none none Social Function of Property in Brazil: Housing Policies, Legal Tools 13,500
    Lauren Coyle
    1003 E 53rd Street Apt 2H
    Chicago,IL60615     		none none Dual Sovereignties in Golden Twilight: Law, Land, Labor in Ghana 10,000
    William M Doerner
    1886-A Darryl Drive
    Tallahassee,FL32301     		none none The Effects of House Prices on Taxation and Property Valuation 10,000
    Jay Espy
    28 Salt Brook Road
    Freeport,ME04032     		none none Effective Practice in Funding Land Conservation for Impact 10,000
    Carlos E Ferrufino Martinez
    University of Centro America Jose
    San Salvador   01-168
    ES     		none none How the Poor are Provided Access to El Salvador's Urbanized Land 11,000
    Fundacion Universidad Torcuato Di Tella
    Calle Minones 2177
    Buenos Aires   C1428ATG
    AR     		none none A better understanding of land use regulation 29,500
    Sebastian Galiani
    Washington University in St Louis
    Campus Box 1208
    St Louis,MO631304899     		none none Impact of railways' expansion ON urban spatial patterns 13,700
    Alfredo Maximo Garay
    Ugarteche 2879
    Buenos Aires CABA   1425
    AR     		none none Large Projects in Urban Development: Puerto Madero, Buenos Aires 13,400
    George Homsy
    702 1/2 N Cayuga Street
    Ithaca,NY148503610     		none none Small City Sustainability: Exploring Climate Change Innovation 10,000
    Danilo Igliori
    University of Sao Paulo Av Prof
    Sao Paulo   05508-900
    BR     		none none Sao Paulo Urban Evolution: Density, Industrial Location, Economics 11,700
    Luis Inostroza Pino
    Nezamyslova 274/10 Praha 2 Nusle
    Bohemia   12800
    EZ     		none none Urban expansion and fragmentation in Latin America 16,700
    Olha Krupa
    3400 S Sare Rd Apt 911
    Bloomington,IN47401     		none none Analysis of Indiana Property Tax Reform: Equity, Cost Considerations 10,000
    J Richard Kuzmyak
    Transportation Consultant LLC 9509
    Woodstock Ct
    Silver Spring,MD20910     		none none Quantifying Importance of Land Use for Travel Trip Destinations 14,960
    Lauren Lambie-Hanson
    150 Bunker Hill Street Apt 1B
    Charlestown,MA02129     		none none Foreclosure Resolution: Asset Disposition: Efficiency and Impacts 10,000
    Stanley D Longhofer
    104 N Crestway
    Wichita,KS67205     		none none Less than Nothing: Land Value Taxation with Negative Values 10,000
    Amy Joanne Lynch
    1365 Crease Street
    Philadelphia,PA19125     		none none Is it Good to be Green?:Assessment of Green Infrastructure Planning 10,000
    Northern Illinois University
    Department of Economics Zulaf Hall
    515
    DeKalb,IL61068     		none none Responsiveness of Residential Capital Investment to Property Tax 10,000
    Christopher Palmer
    11 Audry Street A4
    Cambridge,MA02139     		none none What's in a Neighborhood? The Local Effects of Housing Policy 10,000
    Ernesto Schargrodsky
    Saenz Valiente 1010
    Buenos Aires    
    AR     		none none Titling in the process of regularization and de-regularization 11,500
    Trust for Public Land
    660 Pennsylvania Ave SE
    Washington,DC20003     		none none Large Landscape GIS Project, or LLGP 13,000
    University of Oklahoma
    Department of Economics 729 Elm
    Room 329 Hester
    Norman,OK73019     		none none Development Impact Fees and the Price of Land 18,000
    University of Tennessee
    TAES Grants Contract Admin 2621
    Morgan Circle 103 Morgan
    Knoxville,TN379964506     		none none Moderating Urban Sprawl through a Two-Rate Property Tax 20,000
    University of Utah
    Research Accounting 201 S President
    Circle Rm 406
    Salt Lake City,UT841129022     		none none Urban land expansion, spatial restructuring: Yangtze River Delta 10,000
    Caroline Weber
    1605 S State Street
    Ann Arbor,MI48104     		none none Three Essays in Taxation 10,000
    Jamie Williams
    1000 Orange Place
    Boulder,CO80304     		none none A View from the Field on Large Landscape Conservation 10,000
    Juan Felipe Pinilla Pineda
    Carrera 12 78-71 Apto 301
    Bogota    
    CO     		none none Experience and innovation in fiscal culture: Bogota 14,000
    P Universidad Catolica- Chile
    Av Libertador Bernardo OHiggins 340
    Santiago    
    CI     		none none Use of land readjustment in the recontruction of Chile 10,350
    Governing Council of the University of Toronto
    150 St George St Room 326
    Toronto,Ontario  
    CA     		none none Estimating the Regulatory Land Tax in Boom and Bust 30,000
    Total .................................bullet 3a 409,610
    bApproved for future payment
    Total ..................................bullet 3b 0
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 11
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See page 28 of
    the instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    aPUBLICATIONS         75,836
    bSONORAN INSTITUTE         27,000
    cEMPLOYEE PARKING         5,340
    dOTHER         2,400
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3Interest on savings and temporary cash investments          
    4 Dividends and interest from securities.... 900000 13,442 14 6,157,740  
    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 11,336,175  
    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).. 13,442 17,493,915 110,576
    13Total. Add line 12, columns (b), (d), and (e)...................
    1317,617,933
    (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.)
    1A SALES OF SCHOLARLY PUBLICATIONS IN VARIOUS PROGRAM AREAS
    1B CHARGE FOR OCCUPANCY BY NON-PROFIT ENGAGED IN JOINT PROGRAM
    1C PARKING PROVIDED FOR EMPLOYEE CONVENIENCE
    1D USE OF CLASSROOM SPACE BY CHARITABLE ORGANIZATION ENGAGED IN EDUCATION
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 12
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section
    Yes
    No
    501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash....................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements............................
    1b(4)
     
    No
    (5) Loans or loan guarantees..............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is “Yes,” complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If “Yes,” complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    SignHere
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer or fiduciary) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    Signature of officer or trustee Date Title
    PaidPreparersUseOnly Preparer's SignatureBullet Date PTIN
    Firm's namebullet



    Firm's addressbullet







         		Firm's EINbullet
    Phone no.
    Form 990-PF (2010)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2010 AccountingFeesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    OWEN J. FLANAGAN & CO, CPAS 48,652 12,220 12,220 36,432

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

    TY 2010 DepreciationSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    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
    LAND AND BUILDINGS   10,082,406 3,232,509 VAR 0 % 268,594 0 0  
    FURNITURE   169,069 146,490 VAR 0 % 22,579 0 0  
    EQUIPMENT   235,187 209,921 VAR 0 % 6,459 0 0  
    OFFICE CONDO - PHOENIX   2,119,729 108,342 VAR 0 % 56,526 0 0  
    CONDOMINIUM IMPROVEMENTS - PHOENIX   389,901 24,911 VAR 0 % 12,997 0 0  
    CONDOMINIUM IMPROVEMENTS - PHOENIX   30,980   VAR 0 % 1,014 0 0  
    CONDOMINIUM IMPROVEMENTS - PHOENIX (In progress)   21,106   VAR 0 % 0 0 0  
    PHILLIPS PLACE, CAMBRIDGE - LAND   2,500,000   VAR 0 % 0 0 0  
    PHILLIPS PLACE, CAMBRIDGE - BUILDINGS   1,550,255   VAR 0 % 0 0 0  
    PHILLIPS PLACE, CAMBRIDGE - CAPITALIZED EXP   214,448   VAR 0 % 0 0 0  

    TY 2010 InvestmentsCorpBondsSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Name of Bond End of Year Book Value End of Year Fair Market Value
    $630000 AGILENT TECHNOLOGIES INC - 04.450% SEP 14 2012 652,535 652,535
    $610000 AIR PRODUCTS & CHEMICALS - 04.150% FEB 01 2013 640,561 640,561
    $550000 ANHEUSER-BUSCH INBEV WOR COMPANY GUARNT GLB 03.000% OCT 15 2012 564,729 564,729
    $300000 ARCELORMITTAL GLB 05.375% JUN 01 2013 319,416 319,416
    $500000 AT&T INC GLB 04.950% JAN 15 2013 530,010 530,010
    $475000 BANK OF NEW YORK MELLON SER MTN GLB 04.950% NOV 01 2012 501,885 501,885
    $920000 BERKSHIRE HATHAWAY INC SER 0001 GLB 02.125% FEB 11 2013 943,975 943,975
    $450000 BMW VEHICLE TR ABS 2009 1 A3 02.910%MAR15 12 AMORTIZED FCR 45,108 45,108
    $335000 BROADCOM CORP 144A 01.500% NOV 01 2013 335,781 335,781
    $400000 BS COMML MTGE CMO 2002 PBW1 A1 03.970%NOV11 35 AMORTIZED FCR 6,482 6,482
    $650000 BS COMML MTGE CMO 2006 PW11 A1 05.314%MAR11 39 AMORTIZED FCR 97,456 97,456
    $570000 CAPITAL ONE BANK SER MTN 05.700% SEP 15 2011 575,723 575,723
    $500000 CASE NEWHOLLAND ABS 2009 A A4 07.210%DEC16 13 AMORTIZED FCR 522,933 522,933
    $250000 CASE NEWHOLLAND ABS 2009 B A4 05.170%OCT15 14 AMORTIZED FCR 231,729 231,729
    $1000000 CATERPILLAR FINANCIAL SE SER MTN 05.750% FEB 15 2012 1,032,940 1,032,940
    $575000 CISCO SYSTEMS INC GLB 01.625% MAR 14 2014 580,612 580,612
    $655000 CITIGROUP INC GLB 05.300% OCT 17 2012 687,423 687,423
    $755000 CNH 2010-C A3 ABS 2010 C A3 01.170%MAR15 14 AMORTIZED FCR 1.0000 757,310 757,310
    $625000 COCA-COLA CO/THE GLB 00.750% NOV 15 2013 621,825 621,825
    $1120000 COMM CMO 2005 LP5 A2 04.630%MAY10 43 AMORTIZED FCR 168,940 168,940
    $675000 CONCOCOPHILLIPS COMPANY GUARNT GLB 04.750% OCT 15 2012 710,411 710,411
    $725000 COUNTRYWIDE FINL CORP COMP GUARNT SER MTN GLB 05.800% JUN 07 2012 756,262 756,262
    $655000 COVIDIEN INTL FINANCE SA COMPANY GUARNT GLB 01.875% JUN 15 2013 666,181 666,181
    $920000 CREDIT SUISSE NEW YORK SER MTN 05.000% MAY 15 2013 982,017 982,017
    $350000 CVS CORP - 05.750% AUG 15 2011 352,013 352,013
    $600000 EXPRESS SCRIPTS INC COMPANY GUARNT GLB 05.250% JUN 15 2012 624,228 624,228
    $300000 FORD CR AUT ABS 2007 A A4A 05.470%JUN15 12 AMORTIZED FCR 60,793 60,793
    $300000 FORD CR AUT ABS 2007 B A4A 05.240%JUL15 12 AMORTIZED FCR 128,779 128,779
    $150000 FORD CR AUT ABS 2009 D A4 02.980%AUG15 14 AMORTIZED FCR 154,850 154,850
    $155000 FORD CR AUT ABS 2009 E A4 01.000%NOV15 14 AMORTIZED FCR 159,122 159,122
    $495000 GATX CORP - 04.750% OCT 01 2012 515,092 515,092
    $720000 GEORGIA POWER COMPANY - 01.300% SEP 15 2013 724,745 724,745
    $720000 GMAC INC FDIC TLGP GUARANTEED 01.750% OCT 30 2012 732,226 732,226
    $675000 GOLDMAN SACHS GROUP INC GLB 06.600% JAN 15 2012 695,844 695,844
    $400000 HONDA AUTO REC ABS 2009 2 A3 02.790%JAN15 13 AMORTIZED FCR 176,438 176,438
    $250000 HONDA AUTO REC ABS 2010 1 A3 01.250%NOV21 12 AMORTIZED FCR 236,701 236,701
    $220000 HONDA AUTO RECE ABS 2011 2 A4 01.550%AUG18 17 AMORTIZED FCR 1.00 220,708 220,708
    $810000 HOUSEHOLD FINANCE GLB 06.375% OCT 15 2011 822,830 822,830
    $475000 HUSKY ENERGY INC - 06.250% JUN 15 2012 499,311 499,311
    $500000 HYUNDAI AUTO RE ABS 2008 A A3 04.930%DEC17 12 AMORTIZED FCR 126,230 126,230
    $305000 JOHN DEERE OWN ABS 2009 A A3 02.590%OCT15 13 AMORTIZED FCR 62,599 62,599
    $560000 JOHNSON & JOHNSON GLB 01.200% MAY 15 2014 561,675 561,675
    $550000 JPMORGAN CHASE & CO NOTES SER 2 01.650% SEP 30 2013 555,863 555,863
    $1075000 MORGAN STANLEY GLB 05.300% MAR 01 2013 1,136,608 1,136,608
    $560000 NATIONAL RURAL UTIL COOP COLLATERAL TRUST 01.125% NOV 01 2013 560,381 560,381
    $515000 NBC UNIVERSAL 144A 02.100% APR 01 2014 521,834 521,834
    $300000 NISSAN OWNER TR ABS 2009 A A3 03.200%FEB15 13 AMORTIZED FCR 126,005 126,005
    $1000000 NM GENL ELEC CAP CORP BE SER MTNA GLB 06.000% JUN 15 2012 1,051,448 1,051,448
    $500000 ONCOR ELECTRIC ABS 2003 1 A3 04.950%FEB15 15 AMORTIZED FCR 313,136 313,136
    $435000 OHIO POWER COMPANY SER F GLB 05.500% FEB 15 2013 463,658 463,658
    $545000 PEPSICO INC - 02.500% MAY 10 2016 550,761 550,761
    $575000 PFIZER INC. 4.45% DUE 3/15/2012 591,382 591,382
    $645000 PRINCIPAL LIFE INC FDG SER MTN FLT% NOV 08 2013 639,060 639,060
    $575000 PROCTER & GAMBLE CO GLB 04.950% AUG 15 2014 643,695 643,695
    $400000 PSE&G TRANS BDS ABS 2001 1 A6 06.610%JUN15 15 AMORTIZED FCR 384,255 384,255
    $350000 PSNH FUND LLC ABS 2001 1 A3 06.480%MAY01 15 AMORTIZED FCR 176,338 176,338
    $545000 ROYAL BK OF SCOTLAND PLC BANK GUARANTEED 03.250% JAN 11 2014 552,499 552,499
    $545000 SANOFI-AVENTIS GLB 01.625% MAR 28 2014 551,338 551,338
    $670000 SHELL INTERNATIONAL FIN COMPANY GUARNT GLB 01.875% MAR 25 2013 684,412 684,412
    $185000 SOVEREIGN BANK FDIC TLGP GUARANTEED 02.750% JAN 17 2012 187,438 187,438
    $115000 STATE STREET CAPITAL TRU FDIC TLGP GUARANTEED 02.150% APR 30 2012 116,833 116,833
    $650000 STATE STREET CORP GLB 04.300% MAY 30 2014 702,936 702,936
    $520000 TELEFONICA EMISIONES SAU COMPANY GUARNT GLB 02.582% APR 26 2013 525,376 525,376
    $470000 TEVA PHARM FIN III COMPANY GUARNT 01.700% MAR 21 2014 472,608 472,608
    $385000 TEXAS INSTRUMENT INC GLB 00.875% MAY 15 2013 385,793 385,793
    $490000 TIME WARNER CABLE INC COMPANY GUARNT GLB 06.200% JUL 01 2013 537,485 537,485
    $630000 US BANCORP SER MTN 01.375% SEP 13 2013 632,854 632,854
    $390000 US CENTRAL FEDERAL CRED US GOVT GUARANT 01.900% OCT 19 2012 396,926 396,926
    $130000 USAA AUTO OWNER ABS 2009 2 A4 02.530%JUN17 13 AMORTIZED FCR 133,691 133,691
    $385000 USD BANK OF MONTREAL 2.125% JUN 28 2013 394,109 394,109
    $500000 VERIZON VIRGINIA INC SER A GLB 04.625% MAR 15 2013 527,330 527,330
    $450000 VOLKSWAGON AUTO ABS 2009 A A3 03.410%APR16 12 AMORTIZED FCR 99,559 99,559
    $525000 WACHOVIA BANK CMO 2003 C5 A1 02.986%JUN15 35 AMORTIZED FCR 43,156 43,156
    $410000 WAL MART STORES INC - 07.250% JUN 01 2013 459,827 459,827
    $500000 WELLS FARGO & COMPANY SER I GLB 03.750% OCT 01 2014 526,955 526,955
    $575000 WESTPAC BANKING CORP GLB 02.250% NOV 19 2012 585,971 585,971
    $575000 WORLD OMNI AUTO ABS 2011 A A3 01.110%MAY15 15 AMORTIZED FCR 1.00 575,937 575,937
    $605000 XEROX CORPORATION - 05.500% MAY 15 2012 629,025 629,025

    TY 2010 InvestmentsCorpStockSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Name of Stock End of Year Book Value End of Year Fair Market Value
    17300 SHS 3M COMPANY 1,640,905 1,640,905
    7695 SHS AAR CORP 208,458 208,458
    10015 SHS AARON'S INC SHS A 283,024 283,024
    19060 SHS ABB LTD SPON ADR 494,607 494,607
    2160 SHS ACME PACKET INC 151,481 151,481
    6885 SHS ACTUANT CORP CL A 184,725 184,725
    5560 SHS AECOM TECH CORP 152,010 152,010
    1950 SHS AFFILIATED MANAGERS GRP 197,828 197,828
    5329 SHS AGRIUM INC 467,673 467,673
    22310 SHS AIRCASTLE LTD 283,783 283,783
    11835 SHS AKAMAI TECHNOLOGIES INC 372,447 372,447
    7075 SHS ALERE INC 259,087 259,087
    21345 SHS ALEXION PHARMS INC 1,003,855 1,003,855
    5335 SHS ALIGN TECH INC DEL COM 121,638 121,638
    17000 SHS ALLERGAN INC 1,415,250 1,415,250
    7100 SHS ALLETE INC NEW 291,384 291,384
    3550 SHS ALLIANT TECHSYSTEMS INC 253,222 253,222
    34492 SHS ALLIANZ SE SPD ADR 483,578 483,578
    4905 SHS ALLIED WORLD ASSURANCE CO HOLDINGS 282,430 282,430
    31700 SHS ALTERA CORP COM 1,469,295 1,469,295
    13700 SHS AMAZON COM INC COM 2,801,500 2,801,500
    9250 SHS AMEDISYS INC 246,328 246,328
    20875 SHS AMERICAN AXLE&MFG HLDGS 237,558 237,558
    1330 SHS AMERICAN CAP AGY CORP 38,716 38,716
    2565 SHS AMERIGROUP CORP COM 180,756 180,756
    2283 SHS AMERON INTL CORP DEL 149,947 149,947
    5190 SHS AMETEK INC NEW 233,031 233,031
    23750 SHS AMGEN INC COM PV $0.0001 1,385,813 1,385,813
    37525 SHS AMKOR TECH INC 231,529 231,529
    10625 SHS AMSURG CORP TENN COM 277,631 277,631
    31909 SHS ANGLOGOLD ASHANTI LTD 1,343,050 1,343,050
    7540 SHS ANN INC SHS 196,794 196,794
    31700 SHS ANWORTH MORTGAGE ASSET 238,067 238,067
    25870 SHS AOL INC 513,778 513,778
    60680 SHS AON CORP 3,112,884 3,112,884
    19200 SHS APACHE CORP 2,369,076 2,369,076
    23525 SHS APOLLO INVESTMENT CORP 240,190 240,190
    6500 SHS APPLE INC 2,181,855 2,181,855
    6910 SHS ARCH COAL INC 184,221 184,221
    13450 SHS ARCHER DANIELS MIDLD 405,518 405,518
    20725 SHS ARRIS GROUP INC 240,617 240,617
    6080 SHS ASCENA RETAIL GROUP INC 207,024 207,024
    18500 SHS ASML HLDG N.V. NEW YORK REGISTRY SHAR 683,760 683,760
    7900 SHS ASPEN INSURANCE HLDS LTD 203,267 203,267
    19675 SHS ASSOCIATED BANC CRP .01 273,483 273,483
    9991 SHS ASTRAZENECA PLC SPND ADR 500,249 500,249
    13145 SHS ATMEL CORP COM 184,950 184,950
    34790 SHS ATP OIL AND GAS CORP COM 532,635 532,635
    7085 SHS ATWOOD OCEANICS INC 312,661 312,661
    32900 SHS AURICO GOLD INC COM 361,571 361,571
    12485 SHS AURICO GOLD INC COM 137,210 137,210
    5765 SHS AUXILIUM PHARMACEUTICALS INC 112,994 112,994
    6950 SHS AXA -SPONS ADR 158,321 158,321
    23051 SHS BAE SYS PLC SPN ADR 471,462 471,462
    42595 SHS BANCO BILBAO VIZCAYA ARGENTARIA S A ADR 500,065 500,065
    45995 SHS BANCO SANTANDER SA ADR 529,402 529,402
    17900 SHS BANCORPSOUTH INC 222,139 222,139
    6000 SHS BANK HAWAII CORP 279,120 279,120
    23695 SHS BANK OF AMERICA CORP 259,697 259,697
    27015 SHS BARCLAYS PLC ADR 443,856 443,856
    36185 SHS BARNES & NOBLE INC 599,947 599,947
    23125 SHS BARNES GROUP INC DE $.01 573,732 573,732
    50481 SHS BARRICK GOLD CORPORATION 2,286,285 2,286,285
    10641 SHS BASF SE SPONSORED ADR 1,043,457 1,043,457
    15859 SHS BHP BILLITON LTD ADR 1,500,737 1,500,737
    12495 SHS BOEING COMPANY 923,755 923,755
    15301 SHS BP PLC SPON ADR 677,681 677,681
    23325 SHS BRANDYWNE RLTY T SBI NEW REIT 270,337 270,337
    14300 SHS BRIGGS & STRATTON WIS1CT 283,998 283,998
    7700 SHS BRIGHAM EXPL INC COM 230,461 230,461
    12545 SHS BRINKER INTL INC 306,851 306,851
    10020 SHS BRINKS CO 298,897 298,897
    11957 SHS BRITISH AMN TOBACO SPADR 1,052,216 1,052,216
    7875 SHS BROOKFIELD ASSET MGMT INC CL A 261,214 261,214
    8150 SHS BRUKER CORP 165,934 165,934
    3080 SHS BRUNSWICK CORP 62,832 62,832
    73400 SHS CA INC 1,676,456 1,676,456
    5430 SHS CACI INTL INC CL A 342,524 342,524
    19865 SHS CADENCE DESIGN SYS INC 209,774 209,774
    43925 SHS CAL DIVE INTL INC DEL 262,672 262,672
    7300 SHS CANADIAN NATL RAILWAY CO 583,270 583,270
    55760 SHS CANADIAN NATURAL RES LTD 2,334,114 2,334,114
    11425 SHS CANADIAN PACIFIC RAILWAY LTD 712,006 712,006
    4040 SHS CARMAX INC 133,603 133,603
    9967 SHS CARNIVAL PLC ADR 387,118 387,118
    2565 SHS CATALYST HEALTH SOLUTION 143,178 143,178
    6975 SHS CATERPILLAR INC DEL 742,559 742,559
    15625 SHS CBL & ASSOC PPTYS INC REIT 283,281 283,281
    13150 SHS CENTRAL EUROPEAN DSTRBTN 147,280 147,280
    7050 SHS CHARLES RIVER LABS INTL 286,583 286,583
    12683 SHS CHICAGO BRDG &IRON CO NV 493,369 493,369
    2455 SHS CHILDRENS PL RETL STRS 109,223 109,223
    64707 SHS CHINA DIGITAL TV HLDG CO LTD SPON ADR 330,006 330,006
    11486 SHS CHINA MOBILE LTD SPN ADR 537,315 537,315
    9340 SHS CHIQUITA BRANDS INTL INC 121,607 121,607
    9000 SHS C.H. ROBINSON WORLDWIDE, INC. NEW 709,560 709,560
    3995 SHS CHURCH&DWIGHT CO INC 161,957 161,957
    5545 SHS CIENA CORP 101,917 101,917
    31700 SHS CISCO SYSTEMS INC COM 494,837 494,837
    6325 SHS CIT GROUP INC NEW 279,945 279,945
    35731 SHS CITIGROUP INC COM NEW 1,487,839 1,487,839
    2210 SHS CLEAN HARBORS INC 228,183 228,183
    47040 SHS COCA COLA COM 3,165,322 3,165,322
    31160 SHS COEUR D'ALENE MINES CORP 755,942 755,942
    13300 SHS COLLECTIVE BRANDS INC 195,377 195,377
    77000 SHS COMCAST CRP NEW CL A SPL 1,865,710 1,865,710
    9915 SHS COMMONWEALTH REIT 256,204 256,204
    5644 SHS COMPANHIA D SNMNTO BSCO D ESTDO SAO PAULO ADR 336,777 336,777
    2815 SHS CONCUR TECHNOLOGIES INC 140,947 140,947
    5220 SHS CONTANGO OIL-GAS COM NEW 305,057 305,057
    13710 SHS CONTINENTAL RESOURCES INC 889,916 889,916
    9750 SHS COOPER INDUSTRIES PLC 581,783 581,783
    11500 SHS COOPER TIRE RUBBER 227,585 227,585
    4250 SHS CORE LAB N.V. COM 474,045 474,045
    5225 SHS CORN PRODS INTL INC 288,838 288,838
    5590 SHS COVENTRY HEALTH CARE INC 203,867 203,867
    10036 SHS COVIDIEN PLC SHS NEW 534,216 534,216
    6340 SHS CROWN CASTLE INTL CORP 258,609 258,609
    5265 SHS CROWN HLDGS INC 204,387 204,387
    3985 SHS CUBIST PHARMACEUTICALS 143,420 143,420
    8125 SHS CURTISS WRIGHT 263,006 263,006
    19200 SHS CVS CAREMARK CORP 721,536 721,536
    7045 SHS CYPRESS SEMICNDTR PV1CTS 148,931 148,931
    2270 SHS CYTEC INDUSTRIES INC 129,821 129,821
    12875 SHS DANA HLDG CORP 235,613 235,613
    8785 SHS DEERE CO 724,323 724,323
    6112 SHS DELHAIZE GROUP SPONS ADR 460,600 460,600
    8102 SHS DEUTSCHE BK AG REG SHS 479,962 479,962
    3825 SHS DEVON ENERGY CORP NEW 301,448 301,448
    12465 SHS DIAGEO PLC SPSD ADR NEW 1,020,510 1,020,510
    22625 SHS DIANA SHIPPING INC 247,970 247,970
    10600 SHS DIRECTV GROUP HLDNGS CLA 538,692 538,692
    33098 SHS DOLE FOOD COMPANY INC 447,485 447,485
    1740 SHS DOLLAR TREE INC. 115,919 115,919
    2515 SHS DRIL QUIP 170,592 170,592
    5305 SHS DST SYSTEMS INC DEL 280,104 280,104
    29400 SHS EARTHLINK INC COM 226,233 226,233
    35900 SHS EBAY INC COM 1,158,493 1,158,493
    25600 SHS ECOLAB INC 1,443,328 1,443,328
    8735 SHS EMCOR GROUP INC 256,023 256,023
    6210 SHS EMERSON ELEC CO 349,313 349,313
    8600 SHS ENERSYS 296,012 296,012
    10389 SHS ENI S P A SPONSORED ADR 493,997 493,997
    7973 SHS ENSCO PLC-SPON ADR 424,961 424,961
    3880 SHS ESTERLINE TECHNLOGIES CP 296,432 296,432
    17285 SHS EXXON MOBIL CORP COM 1,406,653 1,406,653
    11700 SHS F5 NETWORKS INC COM 1,289,925 1,289,925
    14700 SHS FIDELITY NATL INFO SVCS INC 452,613 452,613
    4705 SHS FINISAR CORPORATION 84,831 84,831
    1450 SHS FINNING INTL INC NEW 42,970 42,970
    13412 SHS FIRSTMERIT CORP 221,432 221,432
    5175 SHS FLUOR CORP NEW DEL COM 334,616 334,616
    23000 SHS FMC TECHS INC COM 1,030,170 1,030,170
    5010 SHS FOCUS MEDIA HLDG LTD ADR 155,811 155,811
    6820 SHS FORTINET INC 186,118 186,118
    31060 SHS FORTRESS INVT GROUP LLC 149,709 149,709
    20310 SHS FREEPRT-MCMRAN CPR & GLD 1,074,399 1,074,399
    26125 SHS FULTON FINL CORP PA 279,799 279,799
    15975 SHS GAP INC DELAWARE 289,148 289,148
    4920 SHS GARTNER INC 198,227 198,227
    4205 SHS GAYLORD ENTMT CO NEW COM 126,150 126,150
    6425 SHS GENERAL CABLE CORP 273,577 273,577
    20700 SHS GENERAL MOTORS CO COMMON SHARES 628,452 628,452
    3710 SHS GENESEE & WYOM CL A 217,554 217,554
    71100 SHS GENWORTH FINL INC COM CL A 730,908 730,908
    17545 SHS GEO GROUP INC 404,062 404,062
    12905 SHS GLAXOSMITHKLINE PLC ADR 553,625 553,625
    7180 SHS GNC HOLDINGS INC SHS CL A 156,596 156,596
    8005 SHS GOLDCORP INC 386,401 386,401
    9900 SHS GOLDMAN SACHS GROUP INC 1,317,592 1,317,592
    4250 SHS GOOGLE INC CL A 2,152,115 2,152,115
    8690 SHS GRAFTECH INTL LTD 176,146 176,146
    2615 SHS GREENHILL COMPANY INC 140,739 140,739
    4645 SHS HAIN CELESTIAL GROUP INC 154,957 154,957
    8300 SHS HALLIBURTON COMPANY 423,300 423,300
    31000 SHS HARTFORD FINL SVCS GROUP 817,470 817,470
    6275 SHS HANCOCK HOLDING CO 194,400 194,400
    6030 SHS HANESBRANDS INC 172,157 172,157
    5340 SHS HANOVER INS GROUP INC 201,371 201,371
    6705 SHS HEALTHSPRING INC 309,168 309,168
    9010 SHS HELEN OF TRY LTD 311,115 311,115
    10815 SHS HOSPITALITY PPTYS TRUST REIT 262,264 262,264
    3625 SHS HEALTHSOUTH CORP 95,156 95,156
    1560 SHS HELMERICH PAYNE INC 103,147 103,147
    15370 SHS HESS CORP 1,149,061 1,149,061
    1895 SHS HMS HLDGS CORP 145,669 145,669
    1285 SHS HOLLY CORP COM $0 01 89,179 89,179
    10113 SHS HSBC HLDG PLC SP ADR 501,807 501,807
    17645 SHS HUMAN GENOME SCIENCS INC 433,008 433,008
    6425 SHS IAC INTERACTIVECORP 245,242 245,242
    6570 SHS IDACORP INC COM 259,515 259,515
    1780 SHS IHS INC 148,488 148,488
    22000 SHS ILLUMINA INC COM 1,653,300 1,653,300
    3625 SHS INCYTE CORPORATION 68,658 68,658
    3695 SHS INFORMATICA CORP CA 215,899 215,899
    27950 SHS INGERSOLL-RAND PLC 1,269,210 1,269,210
    44582 SHS ING GP NV SPSD ADR 551,479 551,479
    2780 SHS INTERMUNE INC 99,663 99,663
    26965 SHS INTEL CORP 597,544 597,544
    7900 SHS INTERCONTINENTALEXCHANGE INC 985,209 985,209
    8550 SHS INTL BUSINESS MACHINES CORP IBM 1,466,753 1,466,753
    8515 SHS INTL SPEEDWAY CORP CL A 241,911 241,911
    13345 SHS INTRPUBLIC GRP OF CO 166,813 166,813
    4400 SHS INTUITIVE SURGICAL INC NEW 1,637,284 1,637,284
    25868 SHS IRIDIUM COMMUNICATIONS INC 223,758 223,758
    21920 SHS ISHARES SILVER TR 741,773 741,773
    3220 SHS ITC HLDGS CORP 231,099 231,099
    1430 SHS ITT EDUCATIONAL SVCES 111,883 111,883
    12750 SHS JAKKS PACIFIC INC 234,728 234,728
    12450 SHS JAMES RIV COAL CO 259,209 259,209
    8750 SHS JARDEN CORP 301,963 301,963
    9750 SHS JDA SOFTWARE GROUP INC 301,178 301,178
    4365 SHS JDS UNIPHASE CORP 72,721 72,721
    5380 SHS JOHNSON AND JOHNSON COM 357,878 357,878
    10445 SHS JONES (THE) GROUP INC 113,328 113,328
    14700 SHS JPMORGAN CHASE & CO 601,818 601,818
    8989 SHS KB FINL GROUP INC SPN AD 429,674 429,674
    17135 SHS KINROSS GOLD CORP 270,733 270,733
    34700 SHS KRAFT FOODS INC VA CL A 1,222,481 1,222,481
    21300 SHS LAS VEGAS SANDS CORP 899,073 899,073
    17150 SHS LAS VEGAS SANDS CORP 723,902 723,902
    23835 SHS LENNAR CORP CL A 432,605 432,605
    6350 SHS LEXMARK INTL INC CL A 185,801 185,801
    52387 SHS LIBERTY GLOBAL INC-C 2,236,925 2,236,925
    7280 SHS LIFEPOINT HOSPS INC COM 284,502 284,502
    7365 SHS LIFE TIME FITNESS INC 293,938 293,938
    1003244 SHS LINCOLN ELEC HLDGS INC 35,966,297 35,966,297
    16700 SHS LINCOLN NTL CORP IND NPV 475,783 475,783
    7360 SHS LKQ CORP 192,022 192,022
    7350 SHS LOCKHEED MARTIN CORP 595,130 595,130
    39550 SHS LOEWS CORP 1,664,660 1,664,660
    7216 SHS LUKOIL SPONSORED ADR 460,020 460,020
    2671 SHS MACERICH CO REIT 142,899 142,899
    9975 SHS MANULIFE FINANCIAL CORP 176,159 176,159
    32390 SHS MARVELL TECHNOLOGY GROUP 478,238 478,238
    7280 SHS MCDERMOTT INTL INC 144,217 144,217
    18085 SHS MCDONALDS CORP COM 1,524,927 1,524,927
    31630 SHS MCMORAN EXPLORATION CO 584,522 584,522
    23910 SHS MEDICAL PPTYS TR INC 274,965 274,965
    5080 SHS MEDICIS PHARMS CL A COM 193,904 193,904
    3875 SHS MEDNAX INC 279,736 279,736
    9530 SHS MEDTRONIC INC COM 367,191 367,191
    5750 SHS MELLANOX TECHNOLOGIES LTD 171,408 171,408
    23835 SHS MERCK AND CO INC SHS 841,137 841,137
    8300 SHS MEREDITH CORP 258,379 258,379
    7250 SHS METROPCS COMM INC 124,773 124,773
    25100 SHS METLIFE INC COM 1,101,137 1,101,137
    34715 SHS MGM RESORTS INTERNATIONL SHS 458,585 458,585
    12375 SHS MICROSEMI CORP 253,688 253,688
    4065 SHS MICROS SYSTEMS INC 202,071 202,071
    88700 SHS MICROSOFT CORP 2,306,200 2,306,200
    40602 SHS MINEFINDERS CP LTD COM 528,233 528,233
    1785 SHS MOLYCORP INC DEL 108,992 108,992
    33775 SHS MOTOROLA MOBILITY HOLDINGS INC SHS 744,401 744,401
    22171 SHS MOTOROLA SOLUTIONS INC 1,020,753 1,020,753
    37775 SHS NABORS INDUSTRIES LTD 930,776 930,776
    5860 SHS NASH FINCH COM 209,847 209,847
    20000 SHS NATIONAL-OILWELL VARCO INC 1,564,200 1,564,200
    18350 SHS NCR CORP NEW 346,632 346,632
    21950 SHS NESTLE S A REP RG SH ADR 1,369,241 1,369,241
    4800 SHS NETFLIX COM INC 1,260,912 1,260,912
    4545 SHS NETLOGIC MICROSYSTEMS 183,709 183,709
    20570 SHS NEWMONT MINING CORP 1,110,163 1,110,163
    81800 SHS NEWS CORP CL A 1,447,860 1,447,860
    19401 SHS NEXEN INC CANADA COM 436,523 436,523
    5415 SHS NICE SYSTS LTD SPSD ADR 196,889 196,889
    13000 SHS NIKE INC CL B 1,169,740 1,169,740
    22806 SHS NIPPON TELG&TEL SPDN ADR 551,449 551,449
    26025 SHS NOBLE CORP NAMEN-AKT 1,025,645 1,025,645
    38465 SHS NOBLE ENERGY INC 3,447,618 3,447,618
    104819 SHS NOMURA HLDGS INC ADR 516,758 516,758
    7915 SHS NORTHWEST BANCSHARES INC MD COM 99,571 99,571
    107415 SHS NOVAGOLD RESOURCES INC 988,218 988,218
    6125 SHS NOVARTIS ADR 374,299 374,299
    4670 SHS NOVELLUS SYS INC 168,774 168,774
    17800 SHS NRG ENERGY INC 437,524 437,524
    18400 SHS NV ENERGY INC 282,440 282,440
    31464 SHS OAO GAZPROM SPON ADR 459,563 459,563
    7900 SHS OCCIDENTAL PETE CORP CAL 821,916 821,916
    8280 SHS O M GROUP INC 336,499 336,499
    12825 SHS OMEGA HEALTHCARE INVS REIT 269,453 269,453
    16725 SHS ON SEMICONDUCTOR CRP COM 175,111 175,111
    7650 SHS OPENTABLE INC 635,868 635,868
    10755 SHS OPTIMER PHARMACEUTICALS INC 127,877 127,877
    8350 SHS OWENS &MINOR INC NEW COM 287,992 287,992
    1730 SHS PALL CORP PV $0.10 97,278 97,278
    6345 SHS PAREXEL INTRNL CORP 149,488 149,488
    2275 SHS PARTNERRE LTD 156,634 156,634
    6795 SHS PATRIOT COAL CORP 151,257 151,257
    18700 SHS PENN RL EST INV TR REIT 293,590 293,590
    19900 SHS PEPSICO INC 1,401,557 1,401,557
    14306 SHS PETRLEO BRAS VTG SPD ADR 484,401 484,401
    4410 SHS PETSMART INC 200,082 200,082
    78500 SHS PFIZER INC 1,617,100 1,617,100
    6700 SHS PHILIP MORRIS INTL INC 447,359 447,359
    2720 SHS PHILLIPS VAN HEUSEN 178,078 178,078
    20200 SHS PITNEY BOWES INC 464,398 464,398
    7500 SHS PLANTRONICS INC NEW COM 273,975 273,975
    5445 SHS PLATINUM UNDRWRITRS HLDG 180,992 180,992
    35650 SHS PMC SIERRA INC 269,871 269,871
    11855 SHS PORTLAND GEN ELEC CO 299,694 299,694
    19550 SHS POTASH CORP SASKATCHEWAN 1,114,155 1,114,155
    13020 SHS POWERSHARES DB AGRICULTURE FUND 413,255 413,255
    21700 SHS PRAXAIR INC 2,352,063 2,352,063
    1500 SHS PRICELINE COM INC 767,895 767,895
    2215 SHS PROCTER & GAMBLE CO 140,808 140,808
    48339 SHS PROGRESSIVE CRP OHIO 1,033,488 1,033,488
    7600 SHS PROSPERITY BANCSHARES 333,032 333,032
    10875 SHS PROTECTIVE LIFE CORP COM 251,539 251,539
    21015 SHS PRUDENTIAL PLC ADR 486,077 486,077
    6395 SHS QLIK TECHNOLOGIES INC 217,814 217,814
    15600 SHS QLOGIC CORP 248,352 248,352
    7635 SHS QUICKSILVER RES INC 112,693 112,693
    41000 SHS QUALCOMM INC 2,328,390 2,328,390
    8600 SHS RAYTHEON CO DELAWARE NEW 428,710 428,710
    1085 SHS RALCORP HLDGS INC NEW 93,939 93,939
    2190 SHS REGAL BELOIT CORP WIS 146,226 146,226
    15700 SHS RIO TINTO PLC SPNSRD ADR 1,135,424 1,135,424
    3550 SHS RIVERBED TECHNOLOGY INC COM 140,545 140,545
    4255 SHS ROBERTHALF INTL INC COM 115,013 115,013
    4765 SHS ROCKWOOD HLDGS INC 263,457 263,457
    6917 SHS ROYAL DUTCH SHELL PLC SPONS ADR A 492,006 492,006
    5300 SHS RYDER SYSTEM INC 301,305 301,305
    20515 SHS SAIC INC 345,062 345,062
    19000 SHS SALESFORCE COM INC 2,830,620 2,830,620
    50355 SHS SANOFI ADR 2,022,760 2,022,760
    5095 SHS SBA COMMUNICATIONS CRP A 194,578 194,578
    31000 SHS SCHLUMBERGER LTD 2,678,400 2,678,400
    60000 SHS SCHWAB CHARLES CORP NEW 987,000 987,000
    26322 SHS SEASPAN CORP 384,564 384,564
    3745 SHS SIEMENS AG ADR 515,050 515,050
    2890 SHS SIGNATURE BANK 165,308 165,308
    1880 SHS SILGAN HLDGS INC COM 77,024 77,024
    6270 SHS SILVER WHEATON CORP 206,910 206,910
    18765 SHS SIRIUS XM RADIO INC 41,095 41,095
    2355 SHS SIRONA DENTAL SYSTEMS INC 125,051 125,051
    6795 SHS SKYWORKS SOLUTIONS INC 156,149 156,149
    24339 SHS SK TELECOM ADR 455,139 455,139
    2570 SHS SM ENERGY CO SHS 188,844 188,844
    9037 SHS SMITH-NPHW PLC SPADR NEW 489,444 489,444
    3505 SHS SOLERA HOLDINGS INC 207,356 207,356
    7470 SHS SOLUTIA INC NEW 170,690 170,690
    24500 SHS SONIC CORP 260,435 260,435
    3225 SHS SOTHEBY'S (DELAWARE) 140,288 140,288
    16000 SHS SOUTHWESTERN ENERGY CO 686,080 686,080
    4060 SHS SPDR GOLD TRUST 592,764 592,764
    8335 SHS SPIRIT AEROSYSTEMS HLDGS INC 183,370 183,370
    2770 SHS SPX CORP COM 228,968 228,968
    30000 SHS STARBUCKS CORP 1,184,700 1,184,700
    19235 SHS STATOIL ASA SHS 489,531 489,531
    7575 SHS STERIS CORP 264,974 264,974
    4645 SHS STILLWATER MINING 102,236 102,236
    85929 SHS SUMITOMO MITSUI-UNSPONS ADR 528,463 528,463
    40990 SHS SUNCOR ENERGY INC NEW 1,602,710 1,602,710
    34670 SHS SUNPWR CORP CL A 670,171 670,171
    11305 SHS SUPERIOR ENERGY SVCS INC 419,868 419,868
    7700 SHS SYNAPTICS INC 198,198 198,198
    4775 SHS TALEO CORP CL A 176,818 176,818
    35600 SHS TALISMAN ENERGY INC COM 729,444 729,444
    14900 SHS TECO ENERGY INC 281,461 281,461
    7040 SHS TEJON RANCH CO PV 0.50 240,064 240,064
    4475 SHS TELEFLEX INC 273,244 273,244
    34782 SHS TELSTRA CORP ADR 542,947 542,947
    16450 SHS TENARIS S A ADR 752,259 752,259
    18895 SHS TENET HEALTHCARE CORP 117,905 117,905
    1205 SHS TENNECO INC DEL 53,104 53,104
    11850 SHS TESORO CORP 271,484 271,484
    6380 SHS TETRA TECH INC NEW 143,550 143,550
    31903 SHS TEVA PHARMACTCL INDS ADR 1,538,363 1,538,363
    8935 SHS THE MOSAIC COMPANY COMMON SHARES 605,168 605,168
    16900 SHS THERMO FISHER SCIENTIFIC INC 1,088,191 1,088,191
    2525 SHS THE SCOTTS MIRACLE GRO CO 129,558 129,558
    3600 SHS THOMAS&BETTS CP TENN NPV 193,860 193,860
    20575 SHS THOMPSON CREEK METALS CO INC 205,339 205,339
    3475 SHS THORATEC CORP COM NEW 114,050 114,050
    21700 SHS TIME WARNER INC SHS 789,229 789,229
    8423 SHS TOTAL S.A. SP ADR 487,186 487,186
    3180 SHS TOWERS WATSON & CO CL A 208,958 208,958
    12850 SHS TRANSOCEAN LTD 829,596 829,596
    4360 SHS TRIMBLE NAV LTD 172,830 172,830
    3285 SHS TUPPERWARE BRANDS CORP 221,573 221,573
    11600 SHS TUTOR PERINI CORP 222,488 222,488
    21175 SHS UBS AG REG 386,656 386,656
    12025 SHS UNILEVER NV NY REG SHS 395,021 395,021
    16243 SHS UNILEVER PLC NEW ADR 526,111 526,111
    6750 SHS UNION PACIFIC CORP 704,700 704,700
    12164 SHS UNITED CONTL HLDGS INC 275,271 275,271
    27900 SHS UNITEDHEALTH GROUP INC 1,439,082 1,439,082
    4065 SHS UNITED NAT FOODS INC 173,454 173,454
    4820 SHS UNITED RENTALS INC COM 122,428 122,428
    5950 SHS UNIVERSAL CORP VA 224,137 224,137
    3445 SHS UNIVERSAL HEALTH SVCS B 177,521 177,521
    35100 SHS UNUM GROUP 894,348 894,348
    10910 SHS U S AWYS GROUP INC 97,208 97,208
    21825 SHS VALE SA 697,309 697,309
    11500 SHS VARIAN MEDICAL SYS INC 805,230 805,230
    8345 SHS VECTREN CORP INDIANA COM 232,492 232,492
    1680 SHS VERIFONE SYSTEMS INC 74,508 74,508
    31200 SHS VIACOM INC NEW CL B 1,591,200 1,591,200
    28500 SHS VISA INC CL A SHRS 2,401,410 2,401,410
    3970 SHS VISTAPRINT NV 189,965 189,965
    54875 SHS VODAFONE GROP PLC SP ADR 1,466,260 1,466,260
    11050 SHS VOLKSWAGEN A G SPONS ADR 406,972 406,972
    7105 SHS WADDELL & REED FINL A 258,267 258,267
    45630 SHS WAL-MART STORES INC 2,424,778 2,424,778
    980 SHS WALTER ENERGY INC 113,484 113,484
    16000 SHS WASHINGTON FEDL INC 262,880 262,880
    7122 SHS WASTE CONNECTIONS INC 225,981 225,981
    31700 SHS WASTE MANAGEMENT INC NEW 1,181,459 1,181,459
    51475 SHS WEATHERFORD INTL LTD. REG. 965,156 965,156
    1240 SHS WEBSENSE INC COM 32,203 32,203
    32100 SHS WELLS FARGO & CO NEW DEL 900,726 900,726
    4450 SHS WILLIAMS SONOMA INC 162,381 162,381
    10400 SHS WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY 427,544 427,544
    6185 SHS WINTRUST FINL CP ILL COM 199,033 199,033
    7255 SHS WOLVERINE WORLD WIDE 302,896 302,896
    6095 SHS WOODWARD INC 212,472 212,472
    13950 SHS WORTHINGTON INDSTRS OHIO 322,245 322,245
    38200 SHS W R BERKLEY CORP 1,239,208 1,239,208
    4410 SHS WRIGHT EXPRESS CORP 229,629 229,629
    10660 SHS W & T OFFSHORE INC 278,439 278,439
    6000 SHS W W GRAINGER INCORP 921,900 921,900
    5580 SHS WYNDHAM WORLDWIDE CORP W I 187,767 187,767
    2535 SHS WYNN RESORTS LTD 363,874 363,874
    37150 SHS YAMANA GOLD INC 432,055 432,055
    800 SHS YARA INTL ASA SP ADR 45,344 45,344

    TY 2010 InvestmentsGovtObligationsSch
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    US Government Securities - End of Year Book Value:

    15,455,601
    US Government Securities - End of Year Fair Market Value:

    15,455,601
    State & Local Government Securities - End of Year Book Value:


    0
    State & Local Government Securities - End of Year Fair Market Value:


    0


    TY 2010 InvestmentsOtherSchedule2
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    Anchorage Capital Partners Offshore Ltd. FMV 2,278,761 2,278,761
    Artha Emerging Markets Fund Ltd. FMV 1,675,259 1,675,259
    Aurelius Capital International, Ltd. FMV 2,525,202 2,525,202
    Brevan Howard Emerging Markets Stategies Fund Ltd. FMV 1,456,327 1,456,327
    Broad Peak Fund Ltd. FMV 843,456 843,456
    Finisterre Global Opportunity Fund, Ltd. FMV 1,382,426 1,382,426
    Harbinger Credit Distressed Blue Line Offshore Fund FMV 1,414,877 1,414,877
    Henderson Asia Pacific Select Absolute Return Fund, Ltd. FMV 1,135,556 1,135,556
    Knighthead Offshore Fund Ltd. FMV 1,917,528 1,917,528
    QFR Victoria Fund Ltd FMV 1,617,856 1,617,856
    Redwood Offshore Fund Ltd. FMV 1,758,693 1,758,693
    York Credit Opportunities Unit Trust FMV 2,216,716 2,216,716
    Arcadian ADR Fund FMV 13,000 13,000
    CARLYLE PARTNERS FMV 3,407,804 3,407,804
    BLACKSTONE MARKET OPPORTUNITIES OFFSHORE FUND FMV 33,809,775 33,809,775
    ROBECO-SAGE CAPITAL INTERNATIONAL, LTD FMV 39,728,140 39,728,140
    MORGAN CREEK PARTNERS FMV 1,444,071 1,444,071
    VANGUARD INTERNATIONAL EQUITY FUND FMV 91,442 91,442
    GLG EMERGING MARKETS FUND FMV 441,312 441,312
    PRINCE STREET FUND LTD FMV 1,043,717 1,043,717
    ECO SYSTEM PARTNERS FMV 765,923 765,923
    1454475 SHS SPHINX ACCESS LTD CL DH FMV 450,305 450,305

    TY 2010 LandEtcSchedule2
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    LAND AND BUILDINGS 10,082,406 3,501,103 6,581,303 0
    FURNITURE 169,069 169,069   0
    EQUIPMENT 235,187 216,380 18,807 0
    OFFICE CONDO - PHOENIX 2,119,729 164,868 1,954,861 0
    CONDOMINIUM IMPROVEMENTS - PHOENIX 389,901 37,908 351,993 0
    CONDOMINIUM IMPROVEMENTS - PHOENIX 30,980 1,014 29,966 0
    CONDOMINIUM IMPROVEMENTS - PHOENIX (In progress) 21,106 0 21,106 0
    PHILLIPS PLACE, CAMBRIDGE - LAND 2,500,000 0 2,500,000 0
    PHILLIPS PLACE, CAMBRIDGE - BUILDINGS 1,550,255 0 1,550,255 0
    PHILLIPS PLACE, CAMBRIDGE - CAPITALIZED EXP 214,448 0 214,448 0


    TY 2010 LegalFeesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    SNELL & WILMER 19,984 11,884 11,884 8,100
    SUTHERLAND ASBILL & BRENNAN 414 0 0 414
    MARSH MORIARTY ONTELL AND GOLDER PC 8,284 0 0 8,284
    ROPES AND GRAY 54,815 0 0 54,815
    PARKER BROWN & MACAULAY PC 410 0 0 410
    CHIN AND CURTIS LLP 2,561 0 0 2,561
    FOX ROTHCHILD LLP 1,579 0 0 1,579
    HANIFY & KING 1,024 0 0 1,024
    JONES DAY 2,814 0 0 2,814
    OTHER LEGAL 2,210 0 0 2,210
    JAMES J RAFFERTY PC 6,012 0 0 6,012


    TY 2010 MortgagesAndNotesPayableSch 
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Total Mortgage Amount: 1536580

    Item No. 1
    Lender's Name ARIZONA BUSINESS BANK
    Lender's Title  
    Relationship to Insider NONE
    Original Amount of Loan 4880000
    Balance Due 4880000
    Date of Note 2008-06
    Maturity Date 2018-06
    Repayment Terms PRINCIPAL AT MATURITY
    Interest Rate 5.670000000000
    Security Provided by Borrower MARKETABLE SECURITIES
    Purpose of Loan REFINANCE LOAN FOR PURCHASE OF REAL ESTATE
    Description of Lender Consideration CASH
    Consideration FMV  


    TY 2010 OtherDecreasesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Description Amount
    ROUNDING 3


    TY 2010 OtherExpensesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    CURRICULUM DEVELOPMENT AND RESEARCH 912,691 0 0 912,691
    EVALUATION 71,852 0 0 71,852
    GENERAL OFFICE 117,083 13,906 16,306 100,777
    BOARD TRAVEL AND MEETING COSTS 136,527 32,900 32,900 103,627
    INSURANCE 48,012 0 0 48,012
    JOINT/DEMONSTRATION PROJECTS 2,981,883 0 0 2,981,883
    TEMPORARY SUPPORT STAFF 42,576 0 0 42,576
    PUBLIC AFFAIRS 145,466 0 0 145,466
    INFORMATION TECHNOLOGY 463,284 56,540 56,540 406,744
    MULTI-MEDIA 115,868 0 0 115,868
    DISTANCE EDUCATION 229,696 0 0 229,696
    COURSES, CONFERENCES AND MEETINGS 1,399,869 0 0 1,399,869
    PROGRAM AWARDS UNDER $10,000 325,353 0 0 325,353
    CAPITALIZED INTEREST AND LEGAL FEES -82,680 0 0 0
    REFUND OF PROFESSIONAL FEES -49 -49 -49 0


    TY 2010 OtherIncomeSchedule2
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    PUBLICATIONS 75,836   75,836
    SONORAN INSTITUTE 27,000   27,000
    EMPLOYEE PARKING 5,340   5,340
    OTHER 2,400   2,400


    TY 2010 OtherIncreasesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Description Amount
    CHANGE IN UNREALIZED APPRECIATION FOR YEAR 66,490,024


    TY 2010 OtherLiabilitiesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Description Beginning of Year - Book Value End of Year - Book Value
    PAYROLL RELATED 12,264 24,711
    TENANT DEPOSIT 0 3,014
    LOAN MANAGEMENT ACCOUNT 0 4,007,273


    TY 2010 OtherProfessionalFeesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    DREMAN VALUE MGMT- INV. ADVICE 406,738 406,738 406,738 0
    SANDS - INV. ADVICE 210,676 210,676 210,676 0
    FRED ALGER - INV. ADVICE 147,912 147,912 147,912 0
    NWQ - INV ADVICE 151,587 151,587 151,587 0
    MERRILL LYNCH - INV ADVICE 343,085 343,085 343,085 0
    ACADIAN ASSET MANAGEMENT-INVESTMENT ADV 106,800 106,800 106,800 0
    EAGLE CAPITAL MANAGEMENT - INV ADVICE 259,547 259,547 259,547 0
    ALETHEIA RESEARCH & MGMT- INV ADVICE 214,168 214,168 214,168 0
    CARLYLE GROUP - INV ADVICE 58,421 58,421 58,421 0
    MISC ADMIN CONSULTING FEES 8,294 0 0 8,294
    BARROW HANLEY - INV ADVICE 122,467 122,467 122,467 0
    WENTWORTH HAUSER - INV ADVICE 79,889 79,889 79,889 0
    ROBECO SAGE - INV ADVICE 216,393 216,393 216,393 0
    MORGAN CREEK - INV ADVICE 58,114 58,114 58,114 0
    ECOSYSTEMS - INV ADVICE 47,361 47,361 47,361 0
    PRM 15,000 0 0 15,000
    NEXT PHASE STUDIOS 9,958 0 0 9,958
    GREATER BOSTON VALUATION 750 0 0 750
    RICHARD F PERKINS - REAL ESTATE CONSULTANT 0 0 0 60,750


    TY 2010 TaxesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 168,116 168,116 168,116 0