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
ELSTER FOUNDATION
 

Number and street (or P.O. box number if mail is not delivered to street address)35 WATERGATE DRIVEROOM/SUITE 1504Room/suite
City or town, state, and ZIP code
SARASOTA, FL342364501
A Employer identification number

16-6054742
B Telephone number (see page 10 of the instructions)

(941) 308-3081
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$5,299,336J 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 53,169 53,169 53,169
4 Dividends and interest from securities...... 77,609 77,609 77,609
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 -13,702
b Gross sales price for all assets on line 6a 1,669,272
7 Capital gain net income (from Part IV, line 2)...  
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment -8,908 153 -8,908
12 Total. Add lines 1 through 11........ 108,168 130,931 121,870
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 36,166 3,617   32,549
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 1,070 895    
c Other professional fees (attach schedule).... Click to see attachment 45,467 45,467    
17 Interest...............        
18 Taxes (attach schedule) (see page 14 of the instructions) Click to see attachment 2,131 2,131    
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 250     250
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 85,084 52,110   32,799
25 Contributions, gifts, grants paid........ 301,380 301,380
26 Total expenses and disbursements. Add lines 24 and 25 386,464 52,110   334,179
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -278,296
b Net investment income (if negative, enter -0-) 78,821
c Adjusted net income (if negative, enter -0-)... 121,870
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.......... 300,965 385,657 385,657
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)   Click to see attachment109,076 109,076
b Investments—corporate stock (attach schedule)........ 4,543,488 Click to see attachment3,647,841 3,647,841
c Investments—corporate bonds (attach schedule)........ 982,150 Click to see attachment1,156,762 1,156,762
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) 5,826,603 5,299,336 5,299,336
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 5,826,603 5,299,336
30 Total net assets or fund balances (see page 17 of the
instructions).................... 5,826,603 5,299,336
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 5,826,603 5,299,336
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 5,826,603
2 Enter amount from Part I, line 27a..................... 2 -278,296
3 Other increases not included in line 2 (itemize) bullet 3  
4 Add lines 1, 2, and 3.......................... 4 5,548,307
5 Decreases not included in line 2 (itemize) bulletClick to see attachment 5 248,971
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 5,299,336
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 PIMCO TOTAL RETURN FUND INST CL-1486 P 2009-01-16 2011-02-03
b ARTIO INTERNATIONAL EQUITY-3470.954 P 2004-02-05 2011-06-06
c FLIR SYSTEMS INC-300 P 2009-11-17 2011-08-15
d CEMEX SAB DE CV ADR-0.76 P 2009-02-12 2011-04-01
e ARTIO INTERNATIONAL EQUITY-139.831 P 2004-12-30 2011-06-06
FLIR SYSTEMS INC-1400 P 2009-11-17 2011-08-15
DIAMOND HILL LONG-SHORT CLASS A-1978 P 2008-08-22 2011-04-19
ARTIO INTERNATIONAL EQUITY-197.037 P 2004-12-31 2011-06-06
MASTERCARD INC-220 P 2010-01-27 2011-08-15
JACOBS ENGINEERING GROUP, INC-1250 P 2009-02-12 2011-04-19
ARTIO INTERNATIONAL EQUITY-2265.035 P 2006-06-15 2011-06-06
ABBOTT LABORATORIES-150 P 2001-05-01 2011-11-10
JOHNSON & JOHNSON-1200 P 2005-04-25 2011-04-19
FEDERATED TOTAL RETURN BOND INSTL-47 P 2007-11-29 2011-07-18
AFFILATED MANAGERS GROUP INC.-295 P 2010-01-27 2011-11-10
JOHNSON & JOHNSON-595 P 2008-10-06 2011-04-19
CISCO SYSTEMS INC.-50 P 2004-12-01 2011-08-03
CHURCH & DWIGHT INC.-620 P 2010-04-30 2011-11-10
NAKOMA ABSOLUTE RETURN FUND-4819.109 P 2007-11-28 2011-04-19
CISCO SYSTEMS INC.-600 P 2010-01-27 2011-08-03
IBM CORPORATION-30 P 2008-12-29 2011-11-10
NAKOMA ABSOLUTE RETURN FUND-2293.321 P 2008-04-18 2011-04-19
CISCO SYSTEMS INC.-1850 P 2010-01-28 2011-08-03
MCDONALD'S-90 P 2009-10-19 2011-11-10
INTEL CORP-95 P 2007-08-08 2011-04-25
FEDERATED HIGH YIELD TRUST 38-PRN-8 P 2010-03-02 2011-08-03
MONSANTO COMPANY-260 P 2005-11-10 2011-11-10
INTEL CORP-800 P 2010-01-27 2011-04-25
ADOBE SYSTEMS INC.-1600 P 2010-01-27 2011-08-15
RS EMERGING MARKETS FUND CLA-2492.07 P 2009-10-06 2011-11-10
INTEL CORP-900 P 2010-01-27 2011-04-25
DIAMOND HILL FOCUS LONG-SHORT I-9315 P 2007-03-14 2011-08-15
TJX COMPANIES INC-100 P 2009-11-17 2011-11-10
INTEL CORP-1005 P 2010-01-27 2011-05-06
DIAMOND HILL FOCUS LONG-SHORT I-419. P 2007-11-28 2011-08-15
TJX COMPANIES INC-55 P 2009-11-17 2011-11-10
CEMEX SAB DE CV ADR-400 P 2009-02-12 2011-05-06
DIREXION COMMODITY TRENDS STRTGY INV P 2009-10-06 2011-08-15
FEDERATED HIGH YIELD TRUST 38-PRN-8 P 2010-03-02 2011-11-10
CEMEX SAB DE CV ADR-2973 P 2009-02-13 2011-06-06
FLIR SYSTEMS INC-100 P 2009-11-17 2011-08-15
ARTIO INTERNATIONAL EQUITY-2423.772 P 2002-07-16 2011-06-06
FLIR SYSTEMS INC-200 P 2009-11-17 2011-08-15
(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 160,732   153,177 7,555
b 105,309   95,000 10,309
c 7,171   8,975 -1,804
d 7   5 2
e 4,242   4,459 -217
33,464   41,871 -8,407
33,180   35,000 -1,820
5,978   6,284 -306
73,032   55,362 17,670
61,231   49,799 11,432
68,721   87,096 -18,375
7,993   7,095 898
74,874   82,335 -7,461
54,055   51,412 2,643
26,135   18,769 7,366
37,125   37,837 -712
771   956 -185
26,731   21,532 5,199
87,997   110,471 -22,474
9,251   13,754 -4,503
5,462   2,402 3,060
41,876   49,173 -7,297
28,523   42,378 -13,855
8,340   5,336 3,004
2,082   2,314 -232
50,000   46,934 3,066
18,905   8,488 10,417
17,534   16,000 1,534
38,766   53,170 -14,404
55,000   55,100 -100
19,726   17,990 1,736
149,786   170,185 -20,399
5,927   3,876 2,051
22,027   20,086 1,941
6,739   8,040 -1,301
3,260   2,127 1,133
3,236   2,850 386
143,035   166,200 -23,165
50,000   47,992 2,008
24,121   21,179 2,942
2,390   2,989 -599
73,537   50,996 22,541
4,781   5,980 -1,199
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       7,555
b       10,309
c       -1,804
d       2
e       -217
      -8,407
      -1,820
      -306
      17,670
      11,432
      -18,375
      898
      -7,461
      2,643
      7,366
      -712
      -185
      5,199
      -22,474
      -4,503
      3,060
      -7,297
      -13,855
      3,004
      -232
      3,066
      10,417
      1,534
      -14,404
      -100
      1,736
      -20,399
      2,051
      1,941
      -1,301
      1,133
      386
      -23,165
      2,008
      2,942
      -599
      22,541
      -1,199
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 -13,702
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 328,469 5,469,790 0.060051
2009 314,855 4,977,375 0.063257
2008 353,363 6,052,507 0.058383
2007 382,423 6,854,438 0.055792
2006 360,983 6,411,841 0.056299
2 Total of line 1, column (d) ...................... 2 0.293782
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 0.058756
4 Enter the net value of noncharitable-use assets for 2011 from Part X, line 5..... 4 5,593,871
5 Multiply line 4 by line 3....................... 5 328,673
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 788
7 Add lines 5 and 6......................... 7 329,461
8 Enter qualifying distributions from Part XII, line 4.............. 8 334,179
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 1 788
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............................ 3 788
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- ..... 5 788
6 Credits/Payments:
a 2011 estimated tax payments and 2010 overpayment credited to 2011 6a 6,285
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 6,285
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 5,497
11 Enter the amount of line 10 to be: Credited to 2012 estimated taxBullet5,497 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)bulletNY
    b
    If the answer is “Yes” to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If “No,” attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 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 addressbulletN/A
    14
    The books are in care ofbulletSYDNEY E GOLDSTEIN Telephone no.bullet (941) 308-3081
    Located atbullet35 WATERGATE DRIVE - 1504SARASOTAFL ZIP+4bullet342364501
    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
     
     
    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
     
     
    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
     
     
    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
    SYDNEY E GOLDSTEINClick to see attachment TRUSTEE
    5.50     		7,234 0 0
    35 WATERGATE DRIVE - 1504
    SARASOTA,FL342364501
    JEROME E GOLDSTEINClick to see attachment TRUSTEE
    5.50     		7,233 0 0
    35 WATERGATE DRIVE
    SARASOTA,FL342364501
    AMY GEROME-ACUFFClick to see attachment TRUSTTE
    5.50     		7,233 0 0
    10 BATTLE RIDGE DRIVE
    ATLANTA,GA30342
    DOUGLAS R GOLDSTEINClick to see attachment TRUSTEE
    5.50     		7,233 0 0
    816 MULBERRY ROAD
    MARTINSVILLE,VA24112
    ELIZABETH GEER GOLDSTEINClick to see attachment TRUSTEE
    5.50     		7,233 0 0
    816 MULBERRY ROAD
    MARTINSVILLE,VA24112
    2 Compensation of five highest-paid employees (other than those included on line 1—see page 23 of the instructions).
    If none, enter “NONE.”
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet  
    3 Five highest-paid independent contractors for professional services (see page 23 of the instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet  
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1
     
    2  
    3  
    4  
    Form 990-PF (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 N/A  
    2  
    All other program-related investments. See page 24 of the instructions.
    3  
    Total. Add lines 1 through 3..........................bullet  
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see page 24 of the instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    5,466,584
    b
    Average of monthly cash balances.......................
    1b
    212,473
    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
    5,679,057
    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
    5,679,057
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) ...........................
    4
    85,186
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    5,593,871
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    279,694
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    279,694
    2a
    Tax on investment income for 2011 from Part VI, line 5......
    2a
    788
    b
    Income tax for 2011. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    788
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    278,906
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    278,906
    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
    278,906
    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
    334,179
    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
    334,179
    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
    788
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    333,391
    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 7 278,906
    2 Undistributed income, if any, as of the end of 2011:
    a Enter amount for 2010 only.......  
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2011:
    a From 2006....... 50,425
    b From 2007....... 57,555
    c From 2008....... 52,012
    d From 2009....... 68,126
    e From 2010....... 56,915
    fTotal of lines 3a through e......... 285,033
    4Qualifying distributions for 2011 from Part
    XII, line 4: bullet$ 334,179
    a Applied to 2010, 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 2011 distributable amount..... 278,906
    e Remaining amount distributed out of corpus 55,273
    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 5 340,306
    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) .............     		50,425
    9Excess distributions carryover to 2012.
    Subtract lines 7 and 8 from line 6a ......     		289,881
    10 Analysis of line 9:
    a Excess from 2007.... 57,555
    b Excess from 2008.... 52,012
    c Excess from 2009.... 68,126
    d Excess from 2010.... 56,915
    e Excess from 2011.... 55,273
    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).)
    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
    ALLIANCE THERATRE
    1280 PEACHTREE ST NE
    ATLANTA,GA30309     		NONE PUBLIC CHARITABLE 2,500
    ALTANTA BALLET
    1400 W PEACHTREE ST NW
    ATLANTA,GA303099651     		NONE PUBLIC CHARITABLE 5,000
    AMERICA JEWISH COMMITTEE
    165 EAST 56TH ST
    ROOM 614
    NEW YORK,NY101260103     		NONE PUBLIC CHARITABLE 1,000
    ATLANTA SYMPHONY ORCHESTRA
    1280 PEACHTREE ST NE
    ATLANTA SYMPHONY HALL
    ATLANTA,GA30309     		NONE PUBLIC CHARITABLE 3,500
    CHASTAIN PARK CONSERVANCY
    1001 POWERS FERRY RD
    ATLANTA,GA30342     		NONE PUBLIC CHARITABLE 2,500
    CHATHAM HALL
    800 CHATHAM HALL CIRCLE
    CHATHAM,VA245313085     		NONE PUBLIC CHARITABLE 33,750
    CHILDRENS HEALTHCARE OF ATLANTA
    1687 TULLIE CIRCLE
    ATLANTA,GA30329     		NONE PUBLIC CHARITABLE 25,000
    ELON COLLEGE
    2600 CAMPUS BOX
    ELON,NC27244     		NONE PUBLIC CHARITABLE 2,500
    FIRST PRESBYTERIAN CHURCH
    1901 PATRICK HENRY AVE
    MARTINVILLE,VA24112     		NONE PUBLIC CHARITABLE 5,000
    FLORIDA STUDIO THEATER
    1241 NORTH PALM AVE
    SARASOTA,FL34236     		NONE PUBLIC CHARITABLE 22,500
    HABITAT FOR HUMANITY
    519 MEMORIAL DRIVE SE
    ATLANTA,GA303122218     		NONE PUBLIC CHARITABLE 2,500
    JEWISH FAMILY AND CHILDRENS CENTER
    2688 FRUITVILLE RD
    SARASOTA,FL34237     		NONE PUBLIC CHARITABLE 26,000
    WAKE FOREST UNIVERSITY
    BABCOCK FUND
    PO BOX 7227
    REYNOLDA STATION
    WINSTONSALEM,NC271992221     		NONE PUBLIC CHARITABLE 2,500
    PIEDMONT PARK CONSERVACY
    PO BOX 7795
    ATLANTA,GA30357     		NONE PUBLIC CHARITABLE 2,500
    RON CLARK ACADEMY
    228 MARGARET ST
    ATLANTA,GA30315     		NONE PUBLIC CHARITABLE 18,000
    SARASOTA BALLET
    5555 NORTH TAMIAMI TRAIL
    SARASOTA,FL34243     		NONE PUBLIC CHARITABLE 57,500
    SARASOTA ORCHESTRA
    709 NORTH TAMIAMI TRAIL
    SARASOTA,FL34236     		NONE PUBLIC CHARITABLE 20,000
    SPCA OF MARTINSVILLE & HENRY COUNTY
    PO BOX 326
    COLLINSVILLE,VA24078     		NONE PUBLIC CHARITABLE 5,000
    THE PARK SCHOOL OF BUFFALO
    4625 HARLEM RD
    BUFFALO,NY14226     		NONE PUBLIC CHARITABLE 25,000
    THE SALVATION ARMY
    PO BOX 551
    MARTINSVILLE,VA24114     		NONE PUBLIC CHARITABLE 500
    TREES ATLANTA
    96 POPLAR ST NW
    ATLANTA,GA303032142     		NONE PUBLIC CHARITABLE 1,500
    WUSF PUBLIC RADIO
    USF SARASOTA-MANATEE
    8350 NORTH TAMIAMI TRAIL
    SMC C305
    SARASOTA,FL342432049     		NONE PUBLIC CHARITABLE 2,500
    WDAV DAVIDSON COLLEGE
    PO BOX 8990
    DAVIDSON,NC280358990     		NONE PUBLIC CHARITABLE 1,000
    WVTF
    PROCESSING CENTER
    PO BOX 0602
    MCLEAN,VA221090602     		NONE PUBLIC CHARITABLE 1,000
    NORTH CAROLINA STATE STUDENT AID
    PO BOX 7001
    RALEIGH,NC27695     		NONE PUBLIC CHARITABLE 630
    THE AMERICAN CANCER SOCIETY
    SOUTH ATLANTIC DIVISION
    PO BOX 2483
    SARASOTA,FL34237     		NONE PUBLIC CHARITABLE 1,000
    GLASSERSCHOENBAUM HUMAN SERVICES C
    1750 17TH STREET BLDG J1
    SARASOTA,FL34234     		NONE PUBLIC CHARITABLE 2,500
    GULF COAST COMMUNITY FOUNDATION
    601 TAMIAMI TRAIL SOUTH
    VENICE,FL34285     		NONE PUBLIC CHARITABLE 13,000
    JEWISH REPERTORY THEATRE
    BENDERSON FAMILY BUILDING
    2640 N FOREST ROAD
    GETZVILLE,NY14068     		NONE PUBLIC CHARITABLE 1,000
    WEDDINGTON MIDDLE SCHOOL PTO
    5903 DEAL ROAD
    MATTHEWS,NC28104     		NONE PUBLIC CHARITABLE 1,000
    PRESBYTERIAN HEALTHCARE FOUNDATION
    PO BOX 33549
    CHARLOTTE,NC282333549     		NONE PUBLIC CHARITABLE 2,500
    THE UNITED WAY
    875 WALNUT ST
    SUITE 150B
    CARY,NC27511     		NONE PUBLIC CHARITABLE 500
    YMCA OF MARTINSVILLE
    ONE SOUTH SCHOOL AVENUE
    SARASOTA,FL34237     		NONE PUBLIC CHARITABLE 10,500
    Total .................................bullet 3a 301,380
    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 53,169  
    4 Dividends and interest from securities....     14 77,609  
    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.....     18 153  
    8Gain or (loss) from sales of assets other than inventory     18 -13,702  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: aKINDER MORGAN ENERGY PTNRS LP 211110 -8,212      
    bKINDER MORGAN - IDC 211110 -849      
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. -9,061 117,229  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13108,168
    (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:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2011 AccountingFeesSchedule
    Name:
    ELSTER FOUNDATION
    EIN: 16-6054742
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING & TAX PREPARATION FEE 1,070 895    

    TY 2011 CompensationExplanation
    Name:
    ELSTER FOUNDATION
    EIN: 16-6054742
    Person Name Explanation
    SYDNEY E GOLDSTEIN  
    JEROME E GOLDSTEIN  
    AMY GEROME-ACUFF  
    DOUGLAS R GOLDSTEIN  
    ELIZABETH GEER GOLDSTEIN  

    TY 2011 InvestmentsCorpBondsSchedule
    Name:
    ELSTER FOUNDATION
    EIN: 16-6054742
    Name of Bond End of Year Book Value End of Year Fair Market Value
    OXFORD CT 6.50% DUE 11-01-12-50000    
    SBC COMMUNICATIONS 5.875% DUE 05/15/    
    JP MORGAN CHASE & CO 5.750% DUE 01-0    
    TARGET CORP. 5.125% DUE 01-15-13-600    
    DUPONT E.I. DENENIOURS 5.0% DUE 07-1    
    PFIZER INC. GLOBAL SR NT 4.50% DUE 0    
    BELLSOUTH CORP. 5.20% DUE 09-15-14-6    
    GOLDMAN SACHS GROUP NOTES 5.50% DUE    
    JP MORGAN CHASE SR NT 5.25% DUE 05-0    
    INTERNATIONAL BUSINESS MACHINE 8.375    
    SBC COMMUNICATIONS 5.875% DUE 05/15/ 67,102 67,102
    JP MORGAN CHASE & CO 5.750% DUE 01-0 103,734 103,734
    TARGET CORP. 5.125% DUE 01-15-13-600 62,806 62,806
    DUPONT E.I. DENENIOURS 5.0% DUE 07-1 63,739 63,739
    GENERAL ELECTRIC CAP COR 2.1% DUE 01 150,675 150,675
    PFIZER INC. GLOBAL SR NT 4.50% DUE 0 269,530 269,530
    BELLSOUTH CORP. 5.20% DUE 09-15-14-6 66,329 66,329
    GOLDMAN SACHS GROUP NOTES 5.50% DUE 103,027 103,027
    JP MORGAN CHASE SR NT 5.25% DUE 05-0 105,901 105,901
    DONNELLY RR & SONSCO 6.125% DUE 1/15 93,000 93,000
    INTERNATIONAL BUSINESS MACHINE 8.375 70,919 70,919

    TY 2011 InvestmentsCorpStockSchedule
    Name:
    ELSTER FOUNDATION
    EIN: 16-6054742
    Name of Stock End of Year Book Value End of Year Fair Market Value
    KINDER MORGAN ENERGY    
    L-3 COM. HOLDINGS    
    LEUTHOLD ASSET ALLOCATION    
    MCDONALD'S    
    MEDTRONICS    
    MONSANTO COMPANY    
    NAKOMA ABSOLUTE RETURN FUND    
    PARADIGM VALUE    
    FEDERATED HIGH YIELD TRUST 38-18148    
    FEDERATED TOTAL RETURN BOND INSTL-47    
    PIMCO ALL ASSET INSTL-17836.402    
    PIMCOTOTAL RETURN FUND INST CL-14868    
    AHSOLULE STRATEGIES INSTL FUND-12371    
    ARTIO INTERNATIONAL EQUITY FUND-8496    
    DIAMOND HILL FOCUS LONG-SHORT I-9734    
    DIAMOND HILL LONG-SHORT CLASS A-1978    
    DIREXION COMMODITY TRENDS STRLGY INV    
    DODGE & COX INTERNATIONAL STOCK-5896    
    FEDERATED KAUFMANN SMALL CAP FUND-53    
    FEDERATED STRATEGIC VALUE FUND I-292    
    GOLDMAN SACHS MID CAP VALUE INSTITUT    
    LAZARD EMERGING MKTS PORTFOLIO-5632.    
    LEUTHOLD ASSET ALLOCATION-20114.235    
    NAKOMAABSOLUTE RETURN FUND-7112.43    
    PARADIGM VALUE-3637.529    
    RS EMERGING MARKETS-12176.793    
    RAINIER MID CAP EQUITY I-3406.242    
    ABBOTT LABORATORIES-2050    
    ADOBE SYSTEMS INC.-1600    
    AFFILIATED MANAGERS GROUP INC.-850    
    CATERPILLAR, INCORPORATED-700    
    CEMEX SAB DE CV ADR-3244    
    CHURCH & DWIGHT INC.-900    
    CISCO SYSTEMS INC.-2500    
    EXXON MOBIL-850    
    FLIRSYSTEMS INC-2000    
    FRAWLEY CORP.-20    
    IBM CORPORATION-450    
    INTEL CORP-2800    
    JACOBS ENGINEERING GROUP, INC.-1250    
    JOHNSON & JOHNSON-1795    
    KINDER MORGAN ENERGY-1700    
    MASTERCARD INC-220    
    MCDONALD'S-1000    
    MONSANTO COMPANY-850    
    STRYKER CORP-1500    
    TJX COMPANIES INC-1450    
    TEVAPHAMIINDUSTRY-1575    
    WASTE MANAGEMENT INC.-1845    
    FEDERATED HIGH YIELD TRUST 38-37446 214,566 214,566
    PIMCO ALL ASSET INSTL-17836.402 205,832 205,832
    ABSOLULE STRATEGIES INSTL FUND-12371 136,701 136,701
    DODGE & COX INTERNATIONAL STOCK-5896 172,403 172,403
    FEDERATED KAUFMANN SMALL CAP FUND-53 111,866 111,866
    FEDERATED STRATEGIC VALUE FUND I-292 142,302 142,302
    GOLDMAN SACHS MID CAP VALUE INSTITUT 181,748 181,748
    LAZARD EMERGING MKTS PORTFOLIO-5632. 94,630 94,630
    LEUTHOLD ASSET ALLOCATION-20114.235 199,131 199,131
    PARADIGM VALUE-3637.529 191,116 191,116
    PERMANENT PORTFOLIS-2931.192 135,099 135,099
    RS EMERGING MARKETS-9684.722 204,638 204,638
    RAINIER MID CAP EQUITY I-3406.242 133,014 133,014
    THE OAKMARK INTERNATIONAL FUND-12768 211,312 211,312
    ABBOTT LABORATORIES-1900 106,837 106,837
    AFFILIATED MANAGERS GROUP INC.-555 53,252 53,252
    ALCOA, INC.-3285 28,415 28,415
    ANHEUSER BUSCH CO., INC.-600 36,594 36,594
    APPLE COMPUTER, INC.-160 64,800 64,800
    BERKSHIRE HATHAWAY INC. CL B HLDG. C 35,861 35,861
    BUNGE LIMITED-800 45,760 45,760
    CATERPILLAR, INCORPORATED-700 63,420 63,420
    CHURCH & DWIGHT INC.-1180 53,997 53,997
    DANAHER CORP-700 32,928 32,928
    EMC CORP-2150 46,311 46,311
    EXXON MOBIL-850 72,046 72,046
    FRAWLEY CORP.-20    
    IBM CORPORATION-420 77,230 77,230
    KINDER MORGAN ENERGY-1700 144,415 144,415
    MCDONALD'S-910 91,300 91,300
    MONSANTO COMPANY-590 41,341 41,341
    STRYKER CORP-1500 74,565 74,565
    SUNCOR ENERGY INC.-1280 36,902 36,902
    TJX COMPANIES INC-1295 83,592 83,592
    TEVAPHAMIINDUSTRY-1575 63,567 63,567
    WASTE MANAGEMENT INC.-1845 60,350 60,350

    TY 2011 InvestmentsGovtObligationsSch
    Name:
    ELSTER FOUNDATION
    EIN: 16-6054742
    US Government Securities - End of Year Book Value:

     
    US Government Securities - End of Year Fair Market Value:

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


    109,076
    State & Local Government Securities - End of Year Fair Market Value:


    109,076


    TY 2011 OtherDecreasesSchedule
    Name:
    ELSTER FOUNDATION
    EIN: 16-6054742
    Description Amount
    CHANGE IN UNREALIZED GAIN ON SECURITIES 240,424
    KINDER MORGAN ADJUSTMENT BASIS 8,547


    TY 2011 OtherExpensesSchedule
    Name:
    ELSTER FOUNDATION
    EIN: 16-6054742
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXPENSES        
    NYS DEPT. OF LAW FEES 250     250


    TY 2011 OtherIncomeSchedule2
    Name:
    ELSTER FOUNDATION
    EIN: 16-6054742
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    NET SECTION 1231 GAIN - KINDE 153 153 153
    KINDER MORGAN ENERGY PTNRS LP -8,212   -8,212
    KINDER MORGAN - IDC -849   -849


    TY 2011 OtherProfessionalFeesSchedule
    Name:
    ELSTER FOUNDATION
    EIN: 16-6054742
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTSMENT MANAGEMENT FEES 45,467 45,467    


    TY 2011 TaxesSchedule
    Name:
    ELSTER FOUNDATION
    EIN: 16-6054742
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES PAID 1,872 1,872    
    NYS DEPT. OF TAXATION 250 250    
    FOREIGN TAXES PAID - KINDER MORG 9 9