Form990-PF
Click to see attachment

Department of the Treasury
Internal Revenue Service
Return of Private Foundation
or Section 4947(a)(1) Nonexempt Charitable Trust
Treated as a Private Foundation
Note. The foundation may be able to use a copy of this return to satisfy state reporting requirements.
OMB No. 1545-0052
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
WILLIAM S PALEY FOUNDATION INC
co BENCIVENGA WARD & COMPANY CPAs PC

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

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

(914) 769-5005
C bullet
D 1. bullet
H Check type of organization:
2. bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$111,051,277J 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 3,793 3,793  
4 Dividends and interest from securities...... 1,480,509 1,480,509  
5a Gross rents.............. 705,973 705,973  
b Net rental income or (loss) -69,075
6a Net gain or (loss) from sale of assets not on line 10 2,794,568
b Gross sales price for all assets on line 6a 12,155,623
7 Capital gain net income (from Part IV, line 2)... 2,794,568
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule).......      
12 Total. Add lines 1 through 11........ 4,984,843 4,984,843  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 40,000 20,000   20,000
14 Other employee salaries and wages......        
15 Pension plans, employee benefits....... 4,735 2,367   2,357
16a Legal fees (attach schedule)......... Click to see attachment 14,588 7,294   15,000
b Accounting fees (attach schedule)....... Click to see attachment 118,317 11,832   111,024
c Other professional fees (attach schedule).... Click to see attachment 714,510 714,510   30,000
17 Interest...............        
18 Taxes (attach schedule) (see page 14 of the instructions) Click to see attachment 170,710 36,371    
19 Depreciation (attach schedule) and depletion... Click to see attachment 4,723    
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see list of attachments 782,499 778,398   2,843
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 1,850,082 1,570,772   181,224
25 Contributions, gifts, grants paid........ 4,572,507 5,210,298
26 Total expenses and disbursements. Add lines 24 and 25 6,422,589 1,570,772   5,391,522
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -1,437,746
b Net investment income (if negative, enter -0-) 3,414,071
c Adjusted net income (if negative, enter -0-)...  
For Privacy Act and Paperwork Reduction Act Notice, see page 30 of the instructions.
Cat. No. 11289X Form 990-PF (2011)
Form 990-PF (2011)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............... 899,319 106,193 106,193
2 Savings and temporary cash investments.......... 7,289,246 6,298,597 6,298,597
3 Accounts receivable bullet107,033
Less: allowance for doubtful accounts bullet   95,226 107,033 107,033
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........... 74,165 6,488 6,488
10a Investments—U.S. and state government obligations (attach schedule) 4,069,186    
b Investments—corporate stock (attach schedule)........ 52,870,539 Click to see attachment60,035,468 60,035,468
c Investments—corporate bonds (attach schedule)........ 23,638,136 Click to see attachment23,448,723 23,448,723
11 Investments—land, buildings, and equipment: basis bullet1,457,158
Less: accumulated depreciation (attach schedule) bullet1,094,854 367,027 Click to see attachment362,304 21,000,000
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)...........      
14 Land, buildings, and equipment: basis bullet14,640
Less: accumulated depreciation (attach schedule) bullet14,640      
15 Other assets (describe bullet)   Click to see attachment48,775 Click to see attachment48,775
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 89,302,844 90,413,581 111,051,277
Liabilities 17 Accounts payable and accrued expenses.......... 997,481 1,022,153
18 Grants payable................... 3,544,648 2,906,857
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet) Click to see attachment57,550,712 Click to see attachment58,919,230
23 Total liabilities (add lines 17 through 22).......... 62,092,841 62,848,240
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......... 27,210,003 27,565,341
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).................... 27,210,003 27,565,341
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 89,302,844 90,413,581
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 27,210,003
2 Enter amount from Part I, line 27a..................... 2 -1,437,746
3 Other increases not included in line 2 (itemize) bulletClick to see attachment 3 3,153,533
4 Add lines 1, 2, and 3.......................... 4 28,925,790
5 Decreases not included in line 2 (itemize) bulletClick to see attachment 5 1,360,449
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 27,565,341
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.)
1a
b
c
d
e
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a
b
c
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l) Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i) F.M.V. as of 12/31/69 (j) Adjusted basis
as of 12/31/69 		(k) Excess of col. (i)
over col. (j), if any
a
b
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 2,794,568
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 2,794,568
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 5,032,261 81,657,593 0.06163
2009 4,834,392 72,036,161 0.06711
2008 15,765,007 94,984,184 0.16598
2007 5,318,950 113,146,209 0.04701
2006 6,520,305 109,185,780 0.05972
2 Total of line 1, column (d) ...................... 2 0.40144
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 0.08029
4 Enter the net value of noncharitable-use assets for 2011 from Part X, line 5..... 4 88,327,794
5 Multiply line 4 by line 3....................... 5 7,091,662
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 34,141
7 Add lines 5 and 6......................... 7 7,125,803
8 Enter qualifying distributions from Part XII, line 4.............. 8 5,440,297
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 68,281
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 68,281
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 68,281
6 Credits/Payments:
a 2011 estimated tax payments and 2010 overpayment credited to 2011 6a 111,451
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.............. 7 111,451
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. Click to see attachment 8 23
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 43,147
11 Enter the amount of line 10 to be: Credited to 2012 estimated taxBullet43,147 Refunded Bullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of
the instructions for definition)?............................
1b
 
No
If the answer is “Yes” to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If “Yes,” attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If “Yes,” attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If “Yes,” has it filed a tax return on Form 990-T for this year?...................
4b
 
No
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If “Yes,” attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If “Yes,” complete Part II, col. (c), and Part XV.
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see page 19 of the
    instructions)bulletNY
    b
    If the answer is “Yes” to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If “No,” attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 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 ofbulletLEONARD J BENCIVENGA CPA Telephone no.bullet (914) 769-5005
    Located atbullet420 COLUMBUS AVENUE SUITE 304VALHALLANY ZIP+4bullet105951382
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16
    At any time during calendar year 2011, did the foundation have an interest in or a signature or other authority over
    a bank, securities, or other financial account in a foreign country? .................
    16
     
    No
    See page 20 of the instructions for exceptions and filing requirements for Form TD F 90-22.1. If "Yes", enter the name of the foreign country bullet  
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 5
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the “Yes” column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?.........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?.................
    (6) Agree to pay money or property to a government official? (Exception. Check “No”
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).........
    b
    If any answer is “Yes” to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see page 20 of the instructions)?...
    1b
     
    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 2011?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2011, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2011?...............
    If “Yes,” list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer “No” and attach statement—see page 20 of the instructions.) .........
    2b
     
    No
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business
    enterprise at any time during the year?.....................
    b
    If “Yes,” did it have excess business holdings in 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
     
    No
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 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
     
    No
    .........bullet
    c
    If the answer is “Yes” to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?............
    If “Yes,” attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay
    premiums on a personal benefit contract?....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If “Yes” to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
    No
    Form 990-PF (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
    GEORGE J GILLESPIE III Director
    3.00     		0    
    420 COLUMBUS AVENUE SUITE 304
    VALHALLA,NY10595
    DANIEL L MOSLEY TREAS&SEC/DIR
    5.00     		0    
    420 COLUMBUS AVENUE SUITE 304
    VALHALLA,NY10595
    WILLIAM C PALEY VICE PRES/DIR
    2.00     		0    
    420 COLUMBUS AVENUE SUITE 304
    VALHALLA,NY10595
    HENRY A KISSINGER CHAIRMAN/DIR
    1.00     		0    
    420 COLUMBUS AVENUE SUITE 304
    VALHALLA,NY10595
    PATRICK S GALLAGHER Executive Direc
    6.00     		40,000    
    420 COLUMBUS AVENUE SUITE 304
    VALHALLA,NY10595
    2 Compensation of five highest-paid employees (other than those included on line 1—see page 23 of the instructions).
    If none, enter “NONE.”
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet  
    3 Five highest-paid independent contractors for professional services (see page 23 of the instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    TWEEDY BROWNE CO ADVISORY & CUSTODY 210,249
    350 PARK AVENUE
    NEW YORK,NY10022
    BENCIVENGA WARD & COMPANY CPAs PC TAX & ACCOUNTING 75,621
    420 COLUMBUS AVE STE 304
    VALHALLA,NY10595
    RUANE CUNNIFF & CO ADVISORY & CUSTODY 432,081
    767 FIFTH AVENUE
    NEW YORK,NY10153
    Total number of others receiving over $50,000 for professional services.............bullet  
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1
     
    2  
    3  
    4  
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 7
    Part IX-B
    Summary of Program-Related Investments (see page 23 of the instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See page 24 of the instructions.
    3  
    Total. Add lines 1 through 3..........................bullet  
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see page 24 of the instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    89,242,205
    b
    Average of monthly cash balances.......................
    1b
    430,682
    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
    89,672,887
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
     
    3
    Subtract line 2 from line 1d.........................
    3
    89,672,887
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) ...........................
    4
    1,345,093
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    88,327,794
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    4,416,390
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    4,416,390
    2a
    Tax on investment income for 2011 from Part VI, line 5......
    2a
    68,281
    b
    Income tax for 2011. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    68,281
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    4,348,109
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    4,348,109
    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
    4,348,109
    Part XII
    Qualifying Distributions (see page 25 of the instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    5,391,522
    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
    48,775
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    5,440,297
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see page 26 of the instructions)............
    5
     
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    5,440,297
    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 4,348,109
    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....... 1,177,674
    b From 2007.......  
    c From 2008....... 11,143,388
    d From 2009....... 1,271,705
    e From 2010....... 1,062,371
    fTotal of lines 3a through e......... 14,655,138
    4Qualifying distributions for 2011 from Part
    XII, line 4: bullet$ 5,440,297
    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)...     		0
    d Applied to 2011 distributable amount..... 4,348,109
    e Remaining amount distributed out of corpus 1,092,188
    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 15,747,326
    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) .............     		1,177,674
    9Excess distributions carryover to 2012.
    Subtract lines 7 and 8 from line 6a ......     		14,569,652
    10 Analysis of line 9:
    a Excess from 2007....  
    b Excess from 2008.... 11,143,388
    c Excess from 2009.... 1,271,705
    d Excess from 2010.... 1,062,371
    e Excess from 2011.... 1,092,188
    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:
    PATRICK S GALLAGHER
    420 COLUMBUS AVENUE SUITE 304
    VALHALLA,NY105951382
    bThe form in which applications should be submitted and information and materials they should include:
    NO PARTICULAR FORM REQUIRED, BUT FULL FINANCIAL INFORMATION SHOULD BE DISCLOSED.
    cAny submission deadlines:
    NONE
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    UNDER THE PROVISION OF THE FOUNDATION'S CHARTER, NO GRANTS MAY BE MADE TO INDIVIDUALS.
    Form 990-PF (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
    THE PALEY CENTER FOR MEDIA
    25 WEST 52ND STREET
    NEW YORK,NY10019     		NONE PUBLIC DEFICIT SUPPORT 498,901
    THE PALEY CENTER FOR MEDIA
    25 WEST 52ND STREET
    NEW YORK,NY10019     		NONE PUBLIC BENNACK THEATER 25,000
    DOMUS FOUNDATION
    83 LOCKWOOD AVENUE
    STAMFORD,CT06902     		NONE PUBLIC GENERAL OPERATING SUPPORT 5,000
    FACES VOICES OF RECOVERY
    1010 VERMONT AVENUE NW 618
    WASHINGTON,DC20005     		NONE PUBLIC GENERAL OPERATING SUPPORT 5,000
    COLUMBIA UNIVERSITY
    475 RIVERSIDE DRIVE
    NEW YORK,NY10015     		NONE PUBLIC DEPT OF OPHTHALMOLOGY 10,000
    SEMINARY OF THE IMMACULATE CONCEPTI
    440 WEST NECK ROAD
    HUNTINGTON,NY11743     		NONE PUBLIC GENERAL OPERATING SUPPORT 1,000
    THELONIOUS MONK INSTITUTE
    5225 WISCONSIN AVENUE NW SUITE 605
    WASHINGTON,DC20015     		NONE PUBLIC GENERAL OPERATING SUPPORT 5,000
    DRUG POLICY ALLIANCE
    925 15TH STREET NW 2ND FLOORT
    WASHINGTON,DC20005     		NONE PUBLIC GENERAL OPERATING SUPPORT 5,000
    BOYS GIRLS CLUB OF GREENWICH
    4 HORSENECK LANE
    GREENWICH,CT06830     		NONE PUBLIC GENERAL OPERATING SUPPORT 10,000
    PORTLAND MUSEUM OF ART
    SEVEN CONGRESS SQUARE
    PORTLAND,ME04101     		NONE PUBLIC ANNUAL FUND 25,000
    WEST HILL POND ASSOCIATION INC
    29 WHITE PINE LANE
    WEST HARTFORD,CT06107     		NONE PUBLIC GENERAL OPERATING SUPPORT 5,000
    JEFFERSON SCHOLARS FOUNDATION
    P O BOX 3446
    CHARLOTTESVILLE,VA22903     		NONE PUBLIC STANLEY G. MORTIMER II SCHOLARSHIP 10,000
    DC CENTRAL KITCHEN
    425 2ND STREET NW
    WASHINGTON,DC20001     		NONE PUBLIC GENERAL OPERATING SUPPORT 5,000
    GREENWICH LIBRARY
    101 WEST PUTNAM AVENUE
    GREENWICH,CT06830     		NONE PUBLIC GENERAL OPERATING SUPPORT 2,500
    GREENWICH EMERGENCY MEDICAL SERVICE
    111 EAST PUTNAM
    RIVERSIDE,CT06878     		NONE PUBLIC GENERAL OPERATING SUPPORT 2,500
    THE PALEY CENTER FOR MEDIA
    25 WEST 52ND STREET
    NEW YORK,NY10019     		NONE PUBLIC PCM AWARDS 52,135
    THE WARNER THEATRE
    58 MAIN STREET
    TORRINGTON,CT06790     		NONE PUBLIC GENERAL OPERATING SUPPORT 5,000
    THE PALEY CENTER FOR MEDIA
    25 WEST 52ND STREET
    NEW YORK,NY10019     		NONE PUBLIC PALEY TELEVISION FESTIVAL 500,000
    YALE SCHOOL OF MEDICINE
    333 CEDAR STREET
    NEW HAVEN,CT06510     		NONE PUBLIC DYSLEXIA PROGRAM 5,000
    THE PALEY CENTER FOR MEDIA
    25 WEST 52ND STREET
    NEW YORK,NY10019     		NONE PUBLIC DIGITIZATION 238,262
    WASHINGTON PROJECT FOR THE ART
    500 SEVENTEENTH STREET NW
    WASHINGTON,DC20006     		NONE PUBLIC GENERAL PROGRAM 5,000
    OXFORD HOUSE
    1010 WAYNE AVENUE
    SILVER SPRING,MD20910     		NONE PUBLIC GENERAL PROGRAM 5,000
    NATIONAL CTR ON ADDICTION
    633 THIRD AVENUE
    NEW YORK,NY10017     		NONE PUBLIC GENERAL PROGRAM 25,000
    THE PALEY CENTER FOR MEDIA
    25 WEST 52ND STREET
    NEW YORK,NY10019     		NONE PUBLIC DEFICIT SUPPORT 1,000,000
    THE PALEY CENTER FOR MEDIA
    25 WEST 52ND STREET
    NEW YORK,NY10019     		NONE PUBLIC GENERAL PROGRAM 2,100,000
    THE MUSEUM OF MODERN ART
    11 WEST 53RD STREET
    NEW YORK,NY10019     		NONE PUBLIC GENERAL PROGRAM 110,000
    THE METROPOLITAN MUSEUM OF ART
    1000 FIFTH AVENUE
    NEW YORK,NY10028     		NONE PUBLIC GENERAL PROGRAM 15,000
    MADISON SQ BOYS GIRLS CLUB
    250 FIFTH AVENUE
    NEW YORK,NY10118     		NONE PUBLIC GENERAL PROGRAM 12,500
    LEGAL ACTION CENTER
    153 WAVERLY PLACE
    NEW YORK,NY10014     		NONE PUBLIC GENERAL PROGRAM 10,000
    KATONAH VILLAGE LIBRARY
    26 BEDFORD ROAD
    KATONAH,NY10536     		NONE PUBLIC CAPITAL CAMPAIGN 2,500
    KATONAH MUSEUM OF ART
    ROUTE 22 AT JAY STREET
    KATONAH,NY10536     		NONE PUBLIC GENERAL PROGRAM 2,500
    KATONAH COMMUNITY CENTER
    84 BEDFORD ROAD
    KATONAH,NY10536     		NONE PUBLIC GENERAL PROGRAM 2,500
    THE JERUSALEM FOUNDATION
    60 EAST 42ND STREET
    NEW YORK,NY10165     		NONE PUBLIC PALEY ART CENTER 75,000
    CLEAN SOBER STREETS INC
    P O BOX 77114
    WASHINGTON,DC20013     		NONE PUBLIC GENERAL PROGRAM 5,000
    THE GREENPARK FOUNDATION
    420 COLUMBUS AVENUE SUITE 304
    VALHALLA,NY10595     		COMMON DIRECTORS PRIV PALEY PARK - PROGRAM SUPPORT 425,000
    Total .................................bullet 3a 5,210,298
    bApproved for future payment
    THE PALEY CENTER FOR MEDIA
    25 WEST 52ND STREET
    NEW YORK,NY10019     		NONE PUBLIC PCM AWARDS 59,865
    THE PALEY CENTER FOR MEDIA
    25 WEST 52ND STREET
    NEW YORK,NY10019     		NONE PUBLIC DIGITAL ASSET MANAGEMENT 47,063
    TULANE UNIVERSITY
    218 GIBSON HALL
    NEW ORLEANS,LA70118     		NONE PUBLIC HISTORY PROFESSOR SUPPORT 20,000
    THE MUSEUM OF MODERN ART
    11 WEST 53RD STREET
    NEW YORK,NY10019     		NONE PUBLIC GENERAL OPERATING SUPPORT 110,000
    THE JERUSALEM FOUNDATION
    60 EAST 42ND STREET
    NEW YORK,NY10165     		NONE PUBLIC PALEY ART CENTER 75,000
    THE PALEY CENTER FOR MEDIA
    25 WEST 52ND STREET
    NEW YORK,NY10019     		NONE PUBLIC REFURBISHMENT RESERVE 553,127
    THE PALEY CENTER FOR MEDIA
    25 WEST 52ND STREET
    NEW YORK,NY10019     		NONE PUBLIC DEFICIT SUPPORT 1,000,000
    THE CENTER FOR DESIGN STUDY
    400 TRABERT AVENUE
    ATLANTA,GA30309     		NONE PUBLIC SAVE LOU'S WALL 25,000
    THE PALEY CENTER FOR MEDIA
    25 WEST 52ND STREET
    NEW YORK,NY10019     		NONE PUBLIC PALEY TELEVISION FESTIVAL 1,000,000
    NATIONAL CTR ON ADDICTION
    633 THIRD AVE
    NEW YORK,NY10017     		NONE PUBLIC GENERAL PROGRAM 15,000
    JEFFERSON SCHOLARS FOUNDATION
    PO BOX 3446
    CHARLOTTESVILLE,VA22903     		NONE PUBLIC STANLEY G. MORTIMER II SCHOLARSHIP 10,000
    Total .................................bullet 3b 2,915,055
    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 3,793  
    4 Dividends and interest from securities....     14 1,480,509  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....     16 -69,075  
    6Net rental income or (loss) from personal property          
    7 Other investment income.....          
    8Gain or (loss) from sales of assets other than inventory     18 2,794,568  
    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)..   4,209,795  
    13Total. Add line 12, columns (b), (d), and (e)..................
    134,209,795
    (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: 11000144
    Software Version: 2011v1.2


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2011 AccountingFeesSchedule
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:11000144
    Software Version:2011v1.2
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    TAX & ACCOUNTING 75,621 7,562 0 68,059
    AUDIT 42,696 4,270 0 42,965

    TY 2011 ContractorCompensationExpln
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:11000144
    Software Version:2011v1.2
    Contractor Explanation
    TWEEDY BROWNE CO  
    RUANE CUNNIFF & CO  
    BENCIVENGA WARD & COMPANY CPAs PC  

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

    TY 2011 DepreciationSchedule
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:11000144
    Software Version:2011v1.2
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
    CARPETING 5TH FLOOR 2009-09-02 2,812 536 91 7.0000 402      
    BUILDING IMPROVEMENTS 2008-07-01 3,035 1,085 91 7.0000 434      
    PHOTOLUMINESCE 2006-05-31 10,798 6,172 91 7.0000 1,543      
    ARCHITECT 2006-09-28 7,655 6,124 91 5.0000 1,148      
    ARCHITECT 2006-05-31 2,500 2,000 91 5.0000 208      
    BUILIDING IMPROVEMENTS 2006-09-28 29,650 3,952 91 30.0000 988      

    TY 2011 GeneralExplanationAttachment
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:11000144
    Software Version:2011v1.2
    Identifier Return Reference Explanation
        STATEMENT 19FORM 990PF, PART VII-B, LINE 5CEXEMPTION FROM TAX ON TAXABLE EXPENDITURESDuring 2011 the Foundation made a grant of $425,000 to The Greenpark Foundation, Inc. (Greenpark). Greenpark is a private operating foundation and has as its sole purpose the ownership, operation, and maintenance of a park open to the public. The officers and directors of Greenpark are also officers/directors of the Foundation. As such they are under common control.During 2011, Greenpark used the grant paid to it by the Foundation for the operation and maintenance of the park. In addition, Greenpark treated none of the grant as a qualifying distribution on its tax return for 2011 (Form 990PF), thereby allowing the grant of $425,000 to be treated as a qualifying distribution by the Foundation.Due to the common control of the foundations, the foundation has not formalized pre-grant and post-grant letters. It believes the Requirements of IRS Reg. 53.4945-5(d) are satisfied by the indicia of common control of grantor and grantee.
        STATEMENT 18FORM 990PF, PART II, LINE 22OTHER LIABILITIESFUNDS HELD FOR THE BENEFITS OF OTHERSTHE PALEY CENTER FOR MEDIA25 WEST 52ND STREETNEW YORK, NY 10019 $45,230,305THE GREENPARK FOUNDATION, INCC/O BENCIVENGA WARD & COMPANY, CPAS, PC420 COLUMBUS AVENUE, SUITE 304VALHALLA, NY 10595 $13,666,956TOTAL $58,897,261

    TY 2011 InvestmentsCorpBondsSchedule
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:11000144
    Software Version:2011v1.2
    Name of Bond End of Year Book Value End of Year Fair Market Value
    RIDGEWORTH INTERMEDIATE BOND FUND 1,211,036 1,211,036
    PIMCO TOTAL RETURN FUND 299,147 299,147
    JP MORGAN TOTAL RETURN FUND 5,971,355 5,971,355
    JP MORGAN STRATEGIC INCOME 1,237,301 1,237,301
    JP MORGAN HIGH YIELD BOND FUND 814,126 814,126
    HARBOR HIGH YIELD BOND FUND 456,125 456,125
    EATON VANCE MUTUAL FUNDS 708,674 708,674
    JP MORGAN SHORT TERM BOND FUND 2,739,538 2,739,538
    TWEEDY BROWNE GLOBAL VALUE FUND 10,011,421 10,011,421

    TY 2011 InvestmentsCorpStockSchedule
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:11000144
    Software Version:2011v1.2
    Name of Stock End of Year Book Value End of Year Fair Market Value
    CORNING INC 404,807 404,807
    WATERS CORP 409,645 409,645
    TRIMBLE NAVIGATION LTD 30,988 30,988
    TOTAL SA 68,743 68,743
    SMA SOLAR TECHNOLOGY AG 43,868 43,868
    WORLD FUEL SERVICE CORP 546,873 546,873
    WELLS FARGO 778,019 778,019
    VISA INC 517,295 517,295
    VALENT PHARAMACEUTICALS 6,608,736 6,608,736
    TOWERS WATSON & COMPANY    
    PERRIGO CO 640,721 640,721
    INTERNATIONAL BUSINESS MACHINES 1,116,703 1,116,703
    HISCOX LTD 454,555 454,555
    GOOGLE INC 1,062,506 1,062,506
    GOLDMAN SACHS GROUP INC 510,387 510,387
    CRODA INTERNATIONAL PLC 425,390 425,390
    COSTCO WHOLESALE CORP 837,366 837,366
    BAXTER INTERNATIONAL 368,131 368,131
    BANK OF NEW YORK MELLON CORP 457,034 457,034
    QINETIQ GROUP PLC 598,180 598,180
    CANADIAN NATURAL RESOURCES LTD 95,966 95,966
    MASTERCARD INC 35,418 35,418
    IMI PLC 337,114 337,114
    PRECISION CASTPARTS CORP 2,079,650 2,079,650
    PRAXAIR INC 650,914 650,914
    PHILIP MORRIS INTERNATIONAL 991,202 991,202
    OMNICOM GROUP INC 545,793 545,793
    JOHNSON & JOHNSON 895,167 895,167
    BECTON DICKINSON & CO 412,828 412,828
    ADVANCED AUTO PARTS, INC 1,773,755 1,773,755
    HENRY SCHEIN INC 218,418 218,418
    3M CO 403,746 403,746
    IFI-ISTITUTO FINANZIARIO IND 13,415 13,415
    UNION PACIFIC CORP 626,105 626,105
    RICHIE BROTHERS AUCTIONEERS INC 499,317 499,317
    EMERSON ELECTRIC CO 276,512 276,512
    DEVON ENERGY CORP 595,510 595,510
    FIRST SOLAR INC 124,034 124,034
    CONOCO PHILLIPS 609,922 609,922
    AVATAR HOLDINGS INC 105,367 105,367
    EXOR SPA 67,059 67,059
    ROLLS ROYCE GROUP PLC 1,624,190 1,624,190
    NORFOLK SOUTHERN CORP 356,650 356,650
    EXOR RSP 4,693 4,693
    EMCOR GROUP INC 172,227 172,227
    UNIFIRST CORP 526,150 526,150
    COCA COLA FEMSE 83,309 83,309
    TARGET 1,018,100 1,018,100
    SK TELECOM LTD    
    CISCO SYSTEMS INC 306,185 306,185
    AMPHENOL CORP 62,774 62,774
    WAL MART STORES INC 960,582 960,582
    UNILEVER N V 718,264 718,264
    UNILEVER PLC A/D/R 100,560 100,560
    TRANSATLANTIC HOLDINGS INC    
    TJX COMPANIES INC 4,856,097 4,856,097
    NOVARTIS A G A/D/R 956,969 956,969
    NESTLE S A A/D/R 1,114,652 1,114,652
    NATIONAL WESTERN LIFE INSURANCE 250,126 250,126
    MOHAWK INDUSTRIES 2,072,246 2,072,246
    LEUCADIA NATIONAL CORP    
    IDEXX LABORATORIES, INC 1,667,954 1,667,954
    HEINEKEN N V 720,122 720,122
    GLAXOSMITHKLINE PLC 256,441 256,441
    FEDERATED INVESTORS INC    
    FASTENAL CORP 4,033,838 4,033,838
    DIAGEO PLC 1,341,897 1,341,897
    DANAHER CORP 1,298,304 1,298,304
    SIRONA DENTAL SYSTEMS INC 107,898 107,898
    COMCAST CORP 380,211 380,211
    COCA COLA CO. 391,832 391,832
    BROWN & BROWN, INC 477,561 477,561
    BERKSHIRE HATHAWAY, INC 4,971,700 4,971,700
    AMERICAN NATIONAL INSURANCE COMPANY 119,842 119,842
    AMERICAN EXPRESS CO 1,604,440 1,604,440
    AKZO NOBEL N V A/D/R 242,495 242,495

    TY 2011 InvestmentsLandSchedule2
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:11000144
    Software Version:2011v1.2
    Category/ Item Cost/Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    Miscellaneous 10,155 9,480 675 675
    Land 330,446   330,446 20,968,142
    Improvements 726,304 698,204 28,100 28,100
    Buildings 379,455 379,455    
    Furniture and Fixtures 10,798 7,715 3,083 3,083

    TY 2011 LandEtcSchedule2
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:11000144
    Software Version:2011v1.2
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    Machinery and Equipment 14,640 14,640    


    TY 2011 LegalFeesSchedule
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:11000144
    Software Version:2011v1.2
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ADMINISTRATION 14,588 7,294 0 15,000


    TY 2011 OtherAssetsSchedule
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:11000144
    Software Version:2011v1.2
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    CONSTRUCTION IN PROCESS   48,775 48,775


    TY 2011 OtherDecreasesSchedule
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:11000144
    Software Version:2011v1.2
    Description Amount
    NET CHANGE FOR PALEY CENTER ENDOWMENT 431,354
    NET CHANGE FOR GREENPARK ENDOWMENT 929,095


    TY 2011 OtherExpensesSchedule
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:11000144
    Software Version:2011v1.2
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Rental Expenses 775,048 775,048    
    PAYROLL PROCESSING FEES 720 360   360
    OFFICE SUPPLIES & OTHER EXP 4,057 2,028   1,169
    GENERAL INSURANCE 1,924 962   564
    FILING FEES 750     750


    TY 2011 OtherIncreasesSchedule
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:11000144
    Software Version:2011v1.2
    Description Amount
    UNREALIZED GAINS ON INVESTMENTS 3,153,533


    TY 2011 OtherLiabilitiesSchedule
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:11000144
    Software Version:2011v1.2
    Description Beginning of Year - Book Value End of Year - Book Value
    SEE STATEMENT #18 57,536,812 58,897,261
    SECURITY DEPOSITS 13,900 21,969


    TY 2011 OtherProfessionalFeesSchedule
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:11000144
    Software Version:2011v1.2
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN EXCHANGE 712 712 0 0
    CUSTODY FEES 713,798 713,798 0 0
    ADMINISTRATION   0 0 30,000


    TY 2011 TaxesSchedule
    Name:
    WILLIAM S PALEY FOUNDATION INC
    co BENCIVENGA WARD & COMPANY CPAs PC
    EIN: 13-6085929
    Software ID:11000144
    Software Version:2011v1.2
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 36,371 36,371    
    EXCISE TAX - DEFERRED 63,077      
    EXCISE TAX - CURRENT 71,262